Palantir Technologies Inc (PLTR) 2021 Q2 法說會逐字稿

Good morning. Welcome to Palantir's Second Quarter 2021 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

早安.歡迎參加 Palantir 2021 年第二季財報電話會議。我們將在市場開盤前發布的新聞稿中討論並發佈在我們的投資者關係網站上宣布的結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our third quarter and fiscal 2021, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

在電話會議期間，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們第三季度和 2021 財年的聲明、管理層對我們未來財務和營運業績的預期，以及有關我們的計劃、前景和期望的其他聲明。這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天開市前發布的收益新聞稿和我們提交給美國證券交易委員會的文件中查閱。除非法律要求，我們不承擔更新前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including a reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided today. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com.

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而不是替代或孤立地看待。我們今天提供的新聞稿和投資者介紹中包含了有關這些非公認會計準則指標的更多信息，包括非公認會計準則與可比公認會計準則指標的對帳。我們的新聞稿、投資者介紹和 SEC 文件可在投資者關係網站 investors.palantir.com 上查閱。

Joining me on today's call are Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; and Kevin Kawasaki, Global Head of Business Development.

參加今天電話會議的還有營運長 Shyam Sankar；戴夫‧格雷澤 (Dave Glazer)，財務長；以及全球業務發展主管 Kevin Kawasaki。

Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. I'll turn the call over to Shyam to get us started.

在通話過程中，我們在討論業務時會參考各種成長率。除非另有說明，這些比率反映的是同比變化。我將把電話轉給 Shyam，讓我們開始吧。

Thank you, Rodney. Before diving into results, I'd like to share a bit of our latest product innovation, something that we deployed at the Global Information Dominance Experiments GIDE 3 last month. We call it the meta-constellation, and it's radically changing how satellites are tasked, the latency of collection, and it's creating a fundamental link in that AI-enabled decision chain. Overnight, we orchestrated a meta-constellation of 237 satellites by working with an array of commercial space companies.

謝謝你，羅德尼。在深入探討結果之前，我想分享一些我們最新的產品創新，這是我們上個月在全球資訊主導實驗 GIDE 3 上部署的。我們稱之為元星座，它從根本上改變了衛星的任務執行方式和收集延遲，並在人工智慧決策鏈中創建了根本環節。一夜之間，我們與多家商業太空公司合作，組成了一個由 237 顆衛星組成的元星座。

These companies, they've been deploying constellations of hyperspectral, radar and [ELIT] sensors into orbit. And we are putting all of that power directly into the hands of the front lines, empowering the edge. It's one of the largest collaborative sensor constellations ever to see operational use.

這些公司一直在將高光譜、雷達和 [ELIT] 感測器星座部署到軌道上。我們將把所有這些力量直接交到前線人員的手中，增強邊緣能力。這是迄今為止投入使用的最大的協作感測器星座之一。

Here to show us more is Shannon, who has led our work defining, building the AI-enabled decision chain.

在這裡，Shannon 將向我們展示更多信息，他領導我們的工作定義並建立了人工智慧決策鏈。

(presentation)

（推介會）

Palantir's meta-constellation software harnesses the power of growing satellite constellations, deploying AI into space to provide insights to decision-makers here on Earth. Our meta-constellation integrates with existing satellites, optimizing hundreds of orbital sensors and AI models and allowing users to ask time-sensitive questions across the entire planet. Important questions like, where are the indicators of wildfires? Or how are climate changes affecting crop productivity? And when and where are naval fleets conducting operations?

Palantir 的元星座軟體利用不斷增長的衛星星座的力量，將人工智慧部署到太空，為地球上的決策者提供見解。我們的元星座與現有衛星集成，優化了數百個軌道感測器和人工智慧模型，並允許用戶向整個地球提出時間敏感的問題。重要的議題包括，野火的指標在哪裡？或是氣候變遷如何影響農作物生產力？海軍艦隊何時何地展開行動？

Meta-constellation pushes Palantir's Edge AI technology to a new frontier. As we all know, submarines present threats to the U.S. and its allies. And to protect strategic interest, allied forces need to track every submarine's deployment around the world. And at the forefront of this challenge are antisubmarine warfare officers. They turn to meta-constellation to monitor ports across the Pacific.

元星座將 Palantir 的邊緣 AI 技術推向新境界。眾所周知，潛艇對美國及其盟友構成了威脅。為了保護戰略利益，盟軍需要追蹤全球每艘潛艦的部署。而處在這場挑戰最前線的是反潛戰軍官。他們利用元星座來監視太平洋彼岸的港口。

Let me show you a little bit about what that looks like. In response to allied monitoring requests, meta-constellation dynamically determines which orbiting sensors are available. Integrated through Palantir, the constellations then collaboratively schedule coverage over each port.

讓我稍微展示一下它的樣子給你。為了回應盟軍的監視請求，元星座會動態地確定哪些軌道感測器可用。透過 Palantir 集成，這些星座隨後可以協作安排每個連接埠的覆蓋範圍。

Meanwhile, Apollo for Edge AI assigns tailored AI micro models to each satellite. Running onboard the satellite, the models will automatically find submarines and stream those insights directly to users. With the mission planned, Apollo automatically reconfigures each of the satellites, pushing the right micro models into orbit. And as a software payload on board, Palantir's Edge AI platform connects complex satellite subsystems to models, integrating new AI with the hardware.

同時，Apollo for Edge AI 為每顆衛星分配量身定制的AI微模型。該模型在衛星上運行，將自動找到潛艇並將這些見解直接傳送給用戶。根據任務計劃，阿波羅會自動重新配置每顆衛星，將正確的微型模型推入軌道。作為機載軟體有效載荷，Palantir 的 Edge AI 平台將複雜的衛星子系統連接到模型，將新的 AI 與硬體結合。

The best part, my favorite part, is that as it orbits, the Edge AI platform hot swaps the right micro models in, rapidly reconfiguring the satellite. The models process imagery, they detect submarines, geo-locate them and then determine any movement since the last collection past, all in under a second.

最好的部分，我最喜歡的部分是，當它在軌道上運行時，Edge AI 平台會熱插拔正確的微模型，快速重新配置衛星。這些模型可以在不到一秒鐘的時間內處理影像、探測潛水艇、對其進行地理定位，然後確定自上次收集以來的任何移動。

When the AI sees a submarine movement, that insight is directly down linked to allied forces as satellite passes overhead, and the anti-submarine warfare officers are notified in just minutes, empowering them to respond in a way that we've never seen before.

當人工智慧發現潛水艇動向時，衛星從上空經過，這訊息就會直接傳送給盟軍，反潛戰軍官們只需幾分鐘就能收到通知，讓他們能夠以前所未有的方式做出反應。

As you can tell, we're really excited about Palantir's meta-constellation and see it as the software that brings hundreds of satellites to bear on your hardest problems. Whether it's the anti-submarine warfare officer that I just described using it to find submarines, or first responders leveraging AI to spot wildfire signs, meta-constellation is there to empower users.

如你所知，我們對 Palantir 的元星座感到非常興奮，並將其視為能夠利用數百顆衛星來解決最棘手問題的軟體。無論是我剛剛描述的反潛戰軍官使用它來尋找潛艇，還是急救人員利用人工智慧來發現野火跡象，元星座都可以為使用者提供幫助。

Thank you, Shannon. Cutting-edge product and continued efficiencies in distribution drove exceptionally strong year-over-year Q2 results.

謝謝你，香農。先進的產品和持續的分銷效率推動第二季度業績同比大幅增長。

Total revenue grew 49% in Q2. U.S. commercial revenue accelerated to 90%. Second quarter TCV book rose 175% year-over-year to $925 million. We added 20 net new customers in Q2 alone, while generating $7.9 million of average revenue per customer. The average revenue of the top 20 customers grew sequentially quarter-over-quarter from $36 million to $39 million. The number of commercial customers grew 32% over last quarter. We closed 62 deals of $1 million or more, 30 of which were for $5 million or more, and 21 were for $10 million or more.

第二季總營收成長49%。美國商業收入加速成長90%。第二季的 TCV 帳面價值年增 175%，達到 9.25 億美元。光是第二季度，我們就新增了 20 位淨客戶，同時為每位客戶創造了 790 萬美元的平均收入。前 20 大客戶的平均收入環比成長，從 3,600 萬美元增至 3,900 萬美元。商業客戶數量比上一季增加了 32%。我們完成了 62 筆 100 萬美元或以上的交易，其中 30 筆 500 萬美元或以上的交易，21 筆 1000 萬美元或以上的交易。

For the first half, we grew revenue 49%. We generated 28% adjusted free cash flow and a 33% adjusted operating margin. And visibility into future growth is strong as total deal value increased 63% to $3.4 billion.

上半年，我們的營收成長了49%。我們產生了28%的調整後自由現金流和33%的調整後營業利益率。由於總交易價值成長 63% 至 34 億美元，未來成長前景看好。

Product innovation is at the core of these results and the momentum that's driving our business forward. You just saw how innovations on Edge AI delivered through Apollo are transforming the capabilities of our customers. We recently completed a number of crucial firsts for this technology, including running onboard advanced military helicopters and special operations fast boats. And just last week, our Edge AI was imprinting from space, 484 kilometers above our heads, truly from space to mud.

產品創新是這些成果的核心，​​也是推動我們業務向前發展的動力。您剛剛看到了透過 Apollo 實現的邊緣 AI 創新如何改變我們客戶的能力。我們最近首次實現了這項技術的多個關鍵應用，包括在先進的軍用直升機和特種作戰快艇上運行。就在上週，我們的邊緣人工智慧 (Edge AI) 正在從太空進行印記，距離我們的頭頂 484 公里，真正從太空到泥土。

Now Apollo, our third platform has always been our secret advantage. It enables us to take our SaaS offering to where no SaaS has gone before, drones, subs, satellites, classified networks and on-premises without losing the efficiencies and the scalability of a centrally managed SaaS solution.

現在，我們的第三個平台阿波羅一直是我們的秘密優勢。它使我們能夠將我們的 SaaS 產品帶到以前沒有 SaaS 涉足的領域，無人機、潛艇、衛星、機密網路和本地，同時又不失集中管理 SaaS 解決方案的效率和可擴展性。

We've been able to meet our customers where they are. And now we're going to help our customers meet their customers where they are by commercializing Apollo itself. We are hearing from established software companies that have these large installed bases of on-prem customers but they're investing all their future R&D in cloud-only solutions. They have a problem, a big one, where a core part of their key large enterprises and government customers, they're not going to upgrade to the cloud. They require on-prem deployments.

我們能夠在客戶所在地與他們會面。現在，我們將透過將 Apollo 本身商業化，幫助我們的客戶與他們的客戶見面。我們從一些知名軟體公司聽說，這些公司擁有大量本地客戶，但他們將把未來的所有研發都投資於僅限雲端的解決方案。他們面臨一個大問題，那就是他們的主要大型企業和政府客戶的核心部分不願升級到雲端。它們需要本地部署。

At one Fortune 500 prospect alone, we've identified $0.25 billion to $0.5 billion worth of upsells that they're going to have to forgo because the latest and greatest that they've developed only works in the cloud, and these specific customers require it to work on premises. This company can leverage our years of R&D in Apollo to enable their existing cloud-based SaaS software to run where the customer needs it with minimal effort, leveraging the same DevOps and SRE teams who run all of their cloud native offerings to run this as well.

僅在財富 500 強企業中，我們就發現他們將不得不放棄價值 2.5 億至 5 億美元的追加銷售，因為他們開發的最新最好的產品只能在雲端運行，而這些特定客戶要求它在本地運行。該公司可以利用我們在 Apollo 方面多年的研發經驗，以最少的努力使其現有的基於雲端的 SaaS 軟體能夠在客戶需要的地方運行，並利用運行所有雲端原生產品的相同 DevOps 和 SRE 團隊來運行它。

Apollo makes running on-prem feel like running in the cloud. We expect to start to do a lot more here as the sheer expanse of the last 15 years of R&D investments that sought to see around corners start to become commercialized. We continue to see distributional efficiencies, coupled with accelerating product innovation for established companies as well.

Apollo 讓本地運行感覺就像在雲端運行一樣。我們期望在這裡做更多的事情，因為過去 15 年來為探索新領域而進行的大量研發投資已開始商業化。我們持續看到分銷效率的提高，同時成熟公司的產品創新也不斷加速。

For instance, one of the largest banks in Europe came to us with an urgent compliance challenge facing its retail banking arm. The bank has over 10,000 branches and needed to move quickly to match new regulatory requirements and optimize anti-money laundering and compliance processes.

例如，歐洲最大的銀行之一向我們提出其零售銀行部門面臨的緊急合規挑戰。該銀行擁有超過 10,000 個分支機構，需要迅速採取行動以滿足新的監管要求並優化反洗錢和合規流程。

In just 2 days, we were able to deploy an entire solution for this customer, leveraging our out-of-the-box functionality built in Foundry, a time line previously unthinkable in the eyes of the customer. And frankly, it would have been unthinkable to us even 3 years ago, where an equivalent project might have taken 3 months. This is only possible because of our product.

在短短兩天內，我們就能夠為該客戶部署一整套解決方案，利用 Foundry 內建的開箱即用功能，這在客戶眼中是以前不可想像的時間表。坦白說，即使在 3 年前，我們也是無法想像的，當時完成相同的專案可能需要 3 個月的時間。這只有透過我們的產品才有可能。

Innovations from software-defined data integration are driving the marginal cost of data integration to 0, archetypes and our no-code technologies that are driving the marginal cost of application development to zero. All of this allows our customers to focus on solving the ever-evolving problem at hand from the outset instead of wasting time wrangling legacy systems for months or years on end. It is exciting to see our technology being tasked with increasingly complex operational challenges and to see it deliver compounding wins for these customers in these scenarios.

軟體定義資料整合的創新正在推動資料整合的邊際成本降至 0，原型和我們的無程式碼技術正在推動應用程式開發的邊際成本降至零。所有這些使我們的客戶能夠從一開始就專注於解決不斷演變的問題，而不是浪費時間連續數月或數年處理遺留系統。令人興奮的是，我們的技術正在應對日益複雜的營運挑戰，並看到它在這些場景中為這些客戶帶來複合收益。

In mining, foundries deployed at one of Rio Tinto's state-of-the-art underground mining operations, an asset made up of 5 separate mine shafts comprising 200 kilometers of tunnels and reaching a maximum depth of 1.3 kilometers below the Earth's surface. Rio is using Foundry to build a digital mine to keep its employees safe and streamline operations. Sensor data will allow Rio to have a pinpoint precision to monitor equipment performance, to measure geotechnical conditions, ensure the safety of its people underground. And they can do all of this from thousands of miles away in its Brisbane hub, where caving experts are able to assist operations in the field.

在採礦業中，鑄造廠部署在力拓最先進的地下採礦作業之一，該資產由 5 個獨立礦井組成，包含 200 公里長的隧道，最大深度達地表下 1.3 公里。 Rio 正在利用 Foundry 建立數位礦山，以確保員工安全並簡化營運。感測器數據將使裡約能夠精確地監控設備性能，測量岩土條件，確保地下人員的安全。他們可以在遠隔千里之外的布里斯班中心完成所有這些工作，那裡的洞穴探險專家可以協助現場作業。

In energy, we are pioneering more ways to empower operational users to drive strategic outcomes. Our no-code technology is extending to real-time sensor data, enabling the front line to easily create and manage their own multisource sensor fusion at the speed of their operations. This is the shortest path from data to decision, real time, high consequence, high-skill environments.

在能源領域，我們正在開拓更多方式來增強營運用戶的能力，從而推動策略成果。我們的無程式碼技術正在擴展到即時感測器數據，使前線人員能夠以其營運速度輕鬆創建和管理自己的多源感測器融合。這是從資料到決策的最短路徑，即時、高後果、高技能環境。

Whether it's edge AI or edge application, we are at the extreme edge. Our momentum in utilities continues to accelerate where the Foundry platform has a unique fit and is delivering scaled value in weeks. In Q1, we announced our partnership with ENGIE and PG&E. In Q2, we added 2 more utilities, National Grid and Southern California Edison, where we are creating a connected utility from PSPS, that's Public Safety Power Shutoff, to procurement, to grid management and safety.

無論是邊緣AI還是邊緣應用，我們都處於最邊緣。我們在公用事業領域的發展勢頭持續加速，Foundry 平台具有獨特的適應性並在數週內提供了規模價值。第一季度，我們宣布與 ENGIE 和 PG&E 建立合作關係。在第二季度，我們增加了 2 家公用事業公司，即國家電網和南加州愛迪生公司，我們正在創建從 PSPS（即公共安全斷電）到採購、到電網管理和安全的互聯公用事業。

More broadly, what we've really proven over the last few quarters, and that's really reflected in the tremendous growth of the commercial customer count, 32% growth in Q2, is that Foundry is for everyone. The market is changing. I've talked about how COVID really showed where the emperor had no clothes. It isn't just the big established companies that took notice of his bare assets. The young guns did, too. And these young guns, they see Foundry as an alternative to building bespoke solutions in AWS or Azure or any other cloud. They need software today that is ready for any tomorrow. Our software is that enabling platform, and a growing number of companies from early stage to newly public companies, they're pursuing that vision on Foundry. We refer to these organizations as day 0 companies.

更廣泛地說，我們在過去幾個季度確實證明了，Foundry 適合所有人，這在商業客戶數量的大幅增長（第二季度增長了 32%）中得到了充分體現。市場正在改變。我曾經討論過，新冠病毒如何真正顯示出皇帝沒有穿衣服。不只是大型知名公司注意到了他的資產。年輕人也這麼做。這些年輕人將 Foundry 視為在 AWS、Azure 或任何其他雲端中建立客製化解決方案的替代方案。他們今天需要的軟體能夠為未來的任何情況做好準備。我們的軟體就是那個支援平台，越來越多的公司，從早期公司到新上市公司，都在 Foundry 上追求那個願景。我們將這些組織稱為「第 0 天公司」。

The innovation in our distribution is enabling us to partner with these organizations across many industries as they build their offerings on Foundry. For example, in biotech, Cellularity is leveraging our experience in both pharma R&D and manufacturing to accelerate drug development and set a new standard for cell-based therapies. Roivant is drawing on the work that we've done, spanning pharma companies like Sanofi and Merck Group and public health platforms like N3C UNITE to pool and share trial data with development partners and build out real-world evidence capabilities to support key disease areas.

我們分銷方面的創新使我們能夠與許多行業的組織合作，在 Foundry 上建立他們的產品。例如，在生物技術領域，Cellularity 正在利用我們在製藥研發和製造方面的經驗來加速藥物開發並為基於細胞的療法設立新標準。 Roivant 正在利用我們所做的工作，跨越賽諾菲和默克集團等製藥公司以及 N3C UNITE 等公共衛生平台，與開發夥伴匯集和共享試驗數據，並建立真實世界證據能力來支持關鍵疾病領域。

In automotive, Wejo is building a SaaS ecosystem connected vehicle data spanning use cases across OEMs, suppliers, insurers and government authorities on top of foundry. In logistics, Box is building a digital twin, incorporating both shipment and sales operations, spanning raw materials all the way through to end customers, and just so much more.

在汽車領域，Wejo 正在建立一個 SaaS 生態系統，連接汽車數據，涵蓋代工廠基礎上的原始設備製造商、供應商、保險公司和政府機構的使用案例。在物流方面，Box 正在建立數位孿生，整合運輸和銷售業務，涵蓋從原材料到最終客戶的所有環節，等等。

We are making Foundry accessible to even more day 0 companies with Foundry for Builders, a program which supports early-stage companies with access to Foundry, allowing these companies to build their operations on Foundry from the outset, enabling them not just to efficiently manage, but actually to wield the increasing complexity of their growing businesses to disrupt incumbents and to win in the marketplace.

我們透過 Foundry for Builders 計畫讓更多新創公司能夠使用 Foundry，該計畫支援早期企業使用 Foundry，讓這些企業從一開始就能在 Foundry 上開展業務，不僅能高效管理，還能駕馭日益複雜的業務，打破現有企業格局，在市場上取勝。

And while competitors are bogged down by legacy IT investments and an obsession with reinventing every wheel internally, these companies, they have no IT catalog. They are just founders, entrepreneurs and engineers focused on winning, and they see Foundry as the best way to do that.

儘管競爭對手受到遺留 IT 投資和內部重新發明每個輪子的痴迷的困擾，但這些公司卻沒有 IT 目錄。他們只是專注於勝利的創辦人、企業家和工程師，他們認為 Foundry 是實現這一目標的最佳方式。

This program includes companies like Chapter, who is revolutionizing the consumer experience in Medicare plan selection and enrollment; or Gecko Robotics, who is building bada** robots for industrial inspections; and Origin Materials, which is helping companies decarbonize their supply chains to achieve net 0 and really, net negative carbon footprints. And we plan to extend this offering to more early-stage companies in a variety of industries over time. We see substantial opportunity to grow our business and push the ambition of our product with these day 0 companies, and we couldn't be more excited to power the next generation of builders.

該計劃包括像 Chapter 這樣的公司，它正在徹底改變消費者在醫療保險計劃選擇和登記方面的體驗；或 Gecko Robotics，該公司正在製造用於工業檢查的超酷機器人；以及 Origin Materials，該公司正在幫助企業實現供應鏈脫碳，以實現淨零碳足跡和真正的淨負碳足跡。我們計劃隨著時間的推移將此項服務擴展到各行業的更多早期公司。我們看到了透過這些 Day 0 公司發展我們的業務和推動我們產品目標的巨大機會，我們非常高興能夠為下一代建設者提供支援。

And this innovation is all happening in the context of ongoing investment in business strength. We continue to invest in distribution across the business. We added more than 60 hires into our sales function in the second quarter, surpassing 100 hires for the first half of the year, and the pipeline is accelerating. Active commercial pilots increased 26% just since the end of April. We added 20 net new customers in the second quarter alone. Our commercial customer count grew 32% in Q2. And we booked just over $900 million of total contract value in the second quarter, providing substantial visibility into our future growth.

而這一切創新都是在對企業實力持續投資的背景下發生的。我們將繼續對整個業務的分銷進行投資。我們第二季在銷售部門新增了 60 多名員工，上半年新增員工人數超過了 100 人，而且人才團隊建設正在加速推進。自 4 月底以來，現役商業飛行員數量增加了 26%。光是第二季度，我們就新增了 20 位淨客戶。我們商業客戶數量在第二季度增加了 32%。我們在第二季簽訂的合約總價值略高於 9 億美元，這為我們未來的成長提供了充分的可預見性。

In our government business, we continue to see a broadening scope of opportunities and expansion of work that we're doing across defense, health care and other critical initiatives. We signed new deals with the U.S. Army, Air Force and Coast Guard, including a 2-year $100 million deal with U.S. Special Operations Command. We participated in the U.S. Northern Command's third Global Information Dominance Experiment in July, where our software is driving applied AI decision-making for real-world scenarios, revolutionizing North Com's ability to wheel data to outpace adversaries.

在我們的政府業務中，我們繼續看到在國防、醫療保健和其他重要計劃領域中機會範圍的擴大和工作範圍的擴展。我們與美國陸軍、空軍和海岸防衛隊簽署了新的協議，其中包括與美國特種作戰司令部簽署的為期兩年、價值 1 億美元的協議。我們參加了 7 月美國北方司令部第三次全球資訊優勢實驗，實驗中我們的軟體正在推動應用於現實場景的 AI 決策，徹底改變了北方司令部利用數據超越對手的能力。

In health care, we signed new deals in the U.S. with HHS and the CDC. In July, we announced the doubling of our contract for the Tiberius platform, which the U.S. government uses to track vaccine production, distribution and administration. These wins, they reflect our expanding reach in both combating the pandemic and driving innovation across the health care landscape.

在醫療保健領域，我們與美國衛生與公眾服務部（HHS）和疾病預防控制中心（CDC）簽署了新的協議。 7月，我們宣布將Tiberius平台的合約金額增加一倍，美國政府使用該平台來追蹤疫苗的生產、分發和管理。這些勝利反映了我們在對抗疫情和推動整個醫療保健領域創新方面的影響力不斷擴大。

Our work in government continues to expand beyond defense and health care. In Q2, the FAA selected Palantir to provide the software backbone that will support aircraft certification and operational safety activities. The FAA will deploy Foundry to conduct critical tasks, including the ongoing monitoring of the 737 MAX fleet's return to service. This continues Palantir's thriving aerospace business with our deep partnership with Airbus and our work with the airlines through Skywise.

我們在政府的工作範圍不斷擴大，不再局限於國防和醫療保健。第二季度，美國聯邦航空管理局選擇 Palantir 提供支援飛機認證和運行安全活動的軟體主幹。美國聯邦航空管理局將部署 Foundry 執行關鍵任務，包括持續監控 737 MAX 機隊的復原服務情況。這延續了 Palantir 蓬勃發展的航空航天業務，我們與空中巴士建立了深度合作夥伴關係，並透過 Skywise 與航空公司合作。

We continue to develop our channel partnerships as well. In June, we announced a new partnership with DataRobot focused on helping customers with demand forecasts. COVID disruptions have made a fool of all the old ways of managing these forecasts and created a huge amount of urgency to transform. By leveraging DataRobot's model development and Foundry's best-in-class software-defined data integration, ontology and operational applications and workflows, brands can employ agile strategies for demand forecasting that can be deployed in minutes instead of months.

我們也持續發展我們的通路合作夥伴關係。 6 月份，我們宣布與 DataRobot 建立新的合作關係，專注於幫助客戶進行需求預測。新冠疫情的爆發讓所有管理這些預測的老方法都變得毫無意義，並帶來了巨大的轉型壓力。透過利用 DataRobot 的模型開發和 Foundry 一流的軟體定義資料整合、本體和操作應用程式和工作流程，品牌可以採用敏捷策略進行需求預測，只需幾分鐘而不是幾個月即可完成部署。

We continue to build our relationship with global SIs. Our work with Accenture Federal has really taken off. We're working across agencies from intel, defense and civilian. And Accenture is investing and scaling this momentum across all of their market units.

我們將繼續與全球 SI 建立關係。我們與埃森哲聯邦的合作確實取得了進展。我們的合作機構涉及情報、國防和民事部門。埃森哲正在其所有市場部門進行投資並擴大這一勢頭。

As a cultural note, we were very excited to hold our annual Hack Week last week back in our offices. Hack Week has a storied and lively Palantir tradition dating back to our earliest days. Hack Week is so demonstrative of our culture of innovation, one that puts the very best people next to the problems that matter, the problems that define our time. It empowers each and every one of them to tell the man who, yes, is often meaning to F off.

從文化角度來說，我們非常高興上週在辦公室舉辦了年度黑客週活動。黑客週 (Hack Week) 有著悠久而生動的 Palantir 傳統，可以追溯到我們最早期的日子。黑客週充分體現了我們的創新文化，這種文化將最優秀的人才放在重要議題、定義我們時代的問題旁邊。它賦予了每個人權力去斥責那個常常想滾開的男人。

Some of our most innovative ideas and core technologies came out of Hack Week's past, including the precursor to Apollo. And that's the interesting thing. The big ideas aren't always on the road map, that term of false comfort and polished lies that big tech companies provide as marchitecture. No, the big ideas, they come out of inspiration and perspiration. And I am keenly aware as management that the very best ideas, the most profound ideas, they start as heresy, as heterodoxies that a hierarchical structural will snuff out.

我們的一些最具創新性的想法和核心技術都源自於過去的 Hack Week，其中包括 Apollo 的前身。這就是有趣的事情。偉大的想法並不總是在路線圖上，這是大型科技公司作為架構提供的虛假安慰和精心編造的謊言。不，偉大的想法都來自於靈感和汗水。身為管理人員，我敏銳地意識到，最優秀的理念、最深刻的理念，一開始都是異端邪說，是會被等級結構扼殺的異端邪說。

We at Palantir, we're an artist colony, extraordinarily and exquisitely flat. And that is kept alive by organizing and reorganizing around our customers' problems, often with great volatility, not by gazing at our navels or calcifying road maps. We do the hard thing and the brave thing because that's the right thing for our customers.

在 Palantir，我們是一個藝術家聚居地，極其精緻的扁平。而維持這種活力的方法是圍繞著客戶的問題進行組織和重組，雖然這往往伴隨著巨大的波動，而不是只顧自己的事情或僵化的路線圖。我們願意做困難的事、勇敢的事，因為這對我們的客戶來說是正確的事。

So I just want to celebrate the hobbits who crushed Hack Weeks present and past. Long live the fellowship.

所以我只想慶祝那些粉碎了現在和過去黑客週的哈比人。團契萬歲。

Now I'll turn it over to Dave to talk through the financials.

現在我將把話題交給戴夫來討論財務問題。

Thanks, Shyam. I'll review our second quarter performance, followed by our outlook.

謝謝，Shyam。我將回顧我們第二季的業績，然後介紹我們的展望。

We had a record break in Q2 as continued product innovation and our ongoing investments in distribution through a strong financial performance as deal activity accelerated in the second quarter. We generated year-over-year revenue growth of 49% for the quarter and for the first half, bringing Q2 revenue to $376 million and first half revenue to $717 million.

由於第二季交易活動的加速，我們繼續進行產品創新並透過強勁的財務表現在分銷方面持續投資，從而打破了紀錄。本季和上半年，我們的營收年增 49%，其中第二季營收達 3.76 億美元，上半年營收達 7.17 億美元。

We generated $50 million in adjusted free cash flow in the second quarter, bringing our adjusted free cash flow for the first half of the year above $200 million; a free cash flow margin of 28% in the first half, which was a $433 million improvement year-over-year. We had a strong first half and have increasing visibility for the second half of the year, as reflected by our raised full year adjusted free cash flow guidance.

我們在第二季產生了 5,000 萬美元的調整後自由現金流，使得今年上半年的調整後自由現金流超過 2 億美元；上半年自由現金流利潤率為28%，較去年同期增加4.33億美元。我們上半年表現強勁，下半年的前景也越來越明朗，這從我們上調全年調整後自由現金流預期中可以看出。

Q2 adjusted operating income increased to $117 million, representing a margin of 31%, our third straight quarter with adjusted operating margins above 30%. Second quarter total contract value bookings grew 175% year-over-year to $925 million, providing increased visibility for durable long-term growth, while second quarter billings increased 40% year-over-year to $379 million.

第二季調整後營業收入增至 1.17 億美元，利潤率為 31%，這是我們連續第三個季度調整後營業利潤率超過 30%。第二季合約總價值訂單年增 175% 至 9.25 億美元，為長期持久增長提供了更高的可見性，而第二季的營業額同比增長 40% 至 3.79 億美元。

We added 20 net new customers in the quarter, 13% quarter-over-quarter sequential growth for our customer count. Our commercial customer count grew 32% quarter-over-quarter sequentially. Drilling down into our second quarter revenue, revenue growth was 49%, ahead of our prior guidance of 43%. We continue to see strength across our U.S. business, which grew 60% year-over-year in Q2.

本季我們新增了 20 位淨客戶，客戶數量較上季成長 13%。我們的商業客戶數量較上季成長了 32%。深入研究我們第二季的收入，收入成長率為 49%，高於我們先前預期的 43%。我們的美國業務持續保持強勁勢頭，第二季年增 60%。

Looking at revenue by segment. Second quarter government revenue was $232 million, up 66% year-over-year. The strength in our government business was driven by new deals with the U.S. Army, Air Force, Coast Guard, HHS, CDC as well as milestone revenue for an international government customer. We continue to build a strong pipeline of opportunities within our government segment, and we expect these deals to drive sustained, elevated growth in our government business moving forward.

按部門查看收入。第二季政府營收為 2.32 億美元，年增 66%。我們政府業務的強勁成長得益於與美國陸軍、空軍、海岸防衛隊、衛生與公眾服務部、疾病預防控制中心達成的新協議，以及為國際政府客戶帶來的里程碑收入。我們將繼續在政府部門內建立強大的機會管道，並期望這些交易能推動我們政府業務未來持續、快速的成長。

Second quarter commercial revenue growth accelerated to $144 million, up 28% year-over-year compared with 19% growth in the first quarter. Speed and innovation are driving strong results in our commercial business, particularly in the U.S., where commercial revenue growth accelerated to 90% year-over-year in Q2, up from 72% in Q1. We're also seeing growth in our international business as economies abroad continue to reopen.

第二季商業收入成長加速至 1.44 億美元，年增 28%，而第一季的增幅為 19%。速度和創新推動了我們商業業務的強勁業績，尤其是在美國，第二季商業收入年增 90%，高於第一季的 72%。隨著國外經濟不斷重新開放，我們的國際業務也在成長。

In the second quarter, we closed 62 deals of $1 million or more in total contract value. We closed 30 deals of $5 million or more, including 21 deals worth $10 million or more. Total contract value booked in the second quarter grew 175% year-over-year to $925 million.

第二季度，我們完成了 62 筆合約總價值在 100 萬美元或以上的交易。我們完成了 30 筆 500 萬美元或以上的交易，其中包括 21 筆 1000 萬美元或以上的交易。第二季簽訂的合約總價值年增175%，達到9.25億美元。

We ended the second quarter with total remaining deal value of $3.4 billion, up 63% year-over-year, while commercial deal value was up 122% year-over-year to $2.1 billion. Average contract duration was 3.9 years, up from 3.7 years at the end of Q1.

截至第二季度，我們剩餘交易總額為 34 億美元，年增 63%，而商業交易價值較去年同期成長 122%，達到 21 億美元。平均合約期限為 3.9 年，高於第一季末的 3.7 年。

Second quarter trailing 12-month revenue per customer was $7.9 million, up 19% year-over-year and down modestly from Q1, result of rapid customer acquisition that yielded 20 net new customers in the quarter. As we noted on our first quarter call, as new customer additions accelerate, driven by growth in our sales team and channel partners and onboarding of new innovative day 0 companies, we would expect average revenue per customer to taper, reflecting our broadening customer base. When excluding the impact of new customers added in Q2, average revenue per customer was $8.8 million, up 9% compared with Q1. Average trailing 12-month revenue for top 20 customers was $39 million, up 36% year-over-year.

第二季過去 12 個月的每位客戶收入為 790 萬美元，年增 19%，較第一季略有下降，這得益於快速的客戶獲取，導致本季度淨新增了 20 名客戶。正如我們在第一季電話會議上指出的那樣，隨著新客戶數量的增加，在我們的銷售團隊和通路合作夥伴的成長以及新的創新第 0 天公司的加入的推動下，我們預計每位客戶的平均收入將會減少，這反映了我們不斷擴大的客戶群。剔除第二季新增客戶的影響，每客戶平均收入為880萬美元，較第一季成長9%。前 20 名客戶過去 12 個月的平均收入為 3,900 萬美元，年增 36%。

Next, I'll discuss our margins and expenses on an adjusted basis, which excludes stock-based compensation. Second quarter adjusted gross margin was 82%, up 200 basis points versus the year ago period. Contribution margin was 58%, up 300 basis points versus the year ago period.

接下來，我將討論我們的調整後利潤率和費用，其中不包括股票薪酬。第二季調整後毛利率為 82%，較去年同期上升 200 個基點。貢獻利潤率為58%，較去年同期上升300個基點。

Second quarter income from operations, excluding stock-based compensation and related employer payroll taxes, was $117 million, representing a margin of 31%. Adjusted expenses were $259 million, up 16% year-over-year and reflect our ongoing scaling across the business, including both product development and sales to support durable long-term growth.

第二季營業收入（不含股票薪資及相關雇主薪資稅）為 1.17 億美元，利潤率為 31%。調整後的費用為 2.59 億美元，年成長 16%，反映了我們整個業務的持續擴張，包括產品開發和銷售，以支持長期持久的成長。

We hired more than 100 salespeople in the first half of the year and expect hiring to continue at a strong clip in the second half of 2021. Marketing spend nearly doubled in Q2 compared with Q1 as we continue to build out both brand and performance marketing to drive both sales and recruiting funnels.

我們在今年上半年招募了 100 多名銷售人員，預計 2021 年下半年招募將繼續保持強勁成長。

In the second quarter, we generated $50 million in adjusted free cash flow, representing a margin of 13%. And adjusted free cash flow exceeded $200 million in the first half of 2021. Given our strong cash flow position, we repaid our outstanding $200 million term loan facility and are currently debt-free. After paying off the debt, we ended the quarter with $2.3 billion in cash and cash equivalents.

第二季度，我們產生了 5,000 萬美元的調整後自由現金流，利潤率為 13%。 2021 年上半年調整後的自由現金流超過 2 億美元。償還債務後，我們在本季結束時擁有 23 億美元的現金和現金等價物。

With our balance sheet and a strengthening cash flow profile, we plan to continue to invest in both product innovation and broadening distribution as well as partnering with day 0 companies to help them rapidly scale their businesses while leveraging our software platforms.

憑藉我們的資產負債表和不斷加強的現金流狀況，我們計劃繼續投資於產品創新和擴大分銷，並與第一天公司合作，幫助他們利用我們的軟體平台快速擴大業務規模。

In the first half of the year, we committed to invest $250 million, and we funded approximately $20 million of those commitments to date. We have and expect to continue to make additional strategic investments in the future. In the second quarter, $3 million or less than 1% of our quarterly revenue was from companies we invested in as part of the strategic investment program we launched earlier this year.

今年上半年，我們承諾投資 2.5 億美元，迄今已兌現約 2,000 萬美元。我們已經並期望在未來繼續進行額外的策略投資。在第二季度，我們作為今年稍早啟動的策略投資計畫的一部分所投資的公司貢獻了 300 萬美元，不到季度收入的 1%。

Turning to our outlook. For our Q3 revenue guidance, we expect revenue of $385 million, and we expect adjusted operating margin of 22% and for the quarter. On the back of our strong first half adjusted free cash flow performance and continuing momentum in the second half of the year, we are raising full year adjusted free cash flow guidance to an excess of $300 million.

轉向我們的展望。對於我們的第三季營收指引，我們預計營收為 3.85 億美元，預計本季調整後營業利潤率為 22%。由於上半年調整後自由現金流表現強勁且下半年持續保持良好勢頭，我們將全年調整後自由現金流預期上調至 3 億美元以上。

Continuing to execute the guidance strategy set forth by our CEO, Alex Karp, in our year-end 2020 earnings call with regard to long-term revenue guidance, we are providing and will continue to provide guidance of greater than 30% revenue growth for this year and the next 4 years at each earnings call.

我們繼續執行執行長 Alex Karp 在 2020 年年終收益電話會議上提出的有關長期收入指導的指導策略，我們在每次收益電話會議上都提供並將繼續提供今年和未來四年收入增長超過 30% 的指導。

With that, I'll turn the call over to Rodney to open up Q&A.

說完這些，我將把電話轉給羅德尼，開始問答環節。

Thanks, Dave. We'll begin Q&A with questions submitted from our shareholders through SAY.

謝謝，戴夫。我們將開始回答股東透過 SAY 提交的問題。

Shyam, the first one is for you, Ralston asks, as Palantir deepens its relationships within the enterprise customer base to increase share of wallet, how are these customers' life cycles evolving over time as Palantir becomes their default operating system? And how is it creating a flywheel of network effects?

Shyam，第一個問題是問你的，Ralston 問道，隨著 Palantir 加深與企業客戶群的關係以增加錢包份額，隨著 Palantir 成為客戶的預設作業系統，這些客戶的生命週期會如何演變？它是如何形成網路效應飛輪的呢？

Thanks, Ralston. It took about 8 years, I'd say, for Palantir be the operating system of special operations. It took about 4 years to be the operating system of aviation. It took about 2 months to be the operating system of COVID research and collaboration. And it's taking about 2 days to be the operating system of day 0 companies and their ambitions to power their industry. Our vision remains unchanged. It's to be the default operating system for the enterprise and the industry. But customers are moving faster and faster. And the network effects are profound.

謝謝，拉爾斯頓。我想說，Palantir 花了大約 8 年的時間才成為特種作戰的作業系統。大概花了4年的時間才成為航空的作業系統。大約花了 2 個月的時間才成為 COVID 研究和協作的作業系統。大約需要兩天才能成為第 0 天公司的作業系統，並實現其為該行業提供動力的雄心壯志。我們的願景保持不變。它將成為企業和行業的預設作業系統。但顧客的行動速度越來越快。網路效應是深遠的。

Today, [55%] of the Boeing fleet is managed in Airbus' Skywise ecosystem. That is a particularly powerful testament to the network effects when you recall that Microsoft and Boeing launched a competitive ecosystem nearly a year before Palantir and Airbus launched Skywise. And this further underscores the fundamental difference between that sort of LEGO block DIY approach versus our end-to-end operating system.

如今，波音機隊的[55%]由空中巴士的Skywise生態系統管理。如果你回想一下微軟和波音在 Palantir 和空中巴士推出 Skywise 之前近一年就推出了一個競爭生態系統，那麼這就是網路效應的一個特別有力的證明。這進一步強調了樂高積木 DIY 方法與我們的端到端作業系統之間的根本差異。

Another example. One pharma company has harmonized over 2,000 clinical trials in Foundry. For context, the pool analysis of 5 clinical trials is often considered a big deal. 2,000 is the first, it's category defining. And it's their ambition to take that clinical trial asset to other pharma companies and collaborate on R&D. And if you believe that superior clinical insights will drive superior R&D outcomes, then the network effects here are going to be a game changer.

另一個例子。一家製藥公司已經在 Foundry 中協調了 2,000 多項臨床試驗。就背景而言，5 項臨床試驗的總結分析通常被認為是一件大事。 2,000 是第一個，它是類別定義。他們的目標是將臨床試驗資產帶到其他製藥公司並進行研發合作。如果你相信卓越的臨床洞察力將推動卓越的研發成果，那麼這裡的網路效應將會改變遊戲規則。

If you're a pharma company and you are participating, where does that leave you? Probably at a fundamental and compounding disadvantage. To remain relevant, you need to join. This customer has iterated from using Foundry as an operating system for their internal R&D to the operating system for the entire industry.

如果您是製藥公司並且您正在參與其中，那麼您的處境如何？可能處於根本性和複合性的劣勢。為了保持相關性，您需要加入。該客戶已經從使用Foundry作為其內部研發的作業系統迭代到作為整個產業的作業系統。

And what's distinct for us about day 0 companies is that they're starting with that ambition from the beginning. The whole vision is to transform their industry. They are starting ecosystem first.

對我們來說，第 0 天公司的獨特之處在於，他們從一開始就懷抱著這樣的野心。整個願景就是改變他們的產業。他們首先啟動的是生態系。

Great. Thanks, Shyam. Kevin, the next one is for you. Avi asks, are you satisfied with the number of new customers added in the last quarter?

偉大的。謝謝，Shyam。凱文，下一個是給你的。 Avi 問，您對上個季度新增客戶的數量滿意嗎？

Thanks, Avi. The numbers are strong. Customer count is accelerating, especially if you look at the commercial space, where we grew our customer count 32% quarter-over-quarter and up 61% for the first half of the year. So on track to more than double our commercial customer base by end of year.

謝謝，Avi。這些數字非常強勁。客戶數量正在加速成長，尤其是商業領域，我們的客戶數量較上季成長了 32％，今年上半年成長了 61％。因此，到今年年底，我們的商業客戶群將增加一倍以上。

Deal volume was also up. We closed 62 deals of $1 million or more. That is a 72% increase from last quarter, second quarter TCV grew 175% to $925 million year-over-year.

交易量也有所上升。我們完成了 62 筆 100 萬美元或以上的交易。與上一季相比，第二季的 TCV 成長了 72%，達到 9.25 億美元，年增 175%。

Our current customers also grew. We net out new customers, the average revenue per customer grew from $8.1 million to $8.8 million quarter-over-quarter. Our largest customers, top 20, also grew from $36 million to $39 million. These results are driven by investments in our product and efficiencies in distribution.

我們的現有客戶也增加了。我們扣除新客戶後，每位客戶的平均收入季增從 810 萬美元增至 880 萬美元。我們最大的客戶（前 20 名）的銷售額也從 3,600 萬美元成長到 3,900 萬美元。這些結果源自於我們對產品的投資和分銷效率的提升。

So I'll finish by reiterating what Shyam just discussed. We are now delivering the full power of Foundry to small companies through a subscription model, and we're doing this across many sectors, ranging from health care to robotics to software companies, SaaS businesses using Foundry to build their offerings.

最後，我想重申 Shyam 剛才討論的內容。我們現在透過訂閱模式向小型企業提供 Foundry 的全部功能，並且我們在許多領域開展這項業務，從醫療保健到機器人到軟體公司，SaaS 企業都使用 Foundry 來建立他們的產品。

Great. Kevin, sticking with you on the next one. (inaudible) asks, can you guys describe your long-term vision with your pipe investments into pre-revenue companies? The talk is Palantir's buying revenue, but I believe it is a clever, high-risk, high-reward strategy, enhancing network effects.

偉大的。凱文，下次我還會支持你。 (聽不清楚) 問道，你們能否描述一下你們對尚未獲利的公司進行管道投資的長期願景？人們談論的是 Palantir 的購買收入，但我相信這是一個聰明的、高風險、高回報的策略，可以增強網路效應。

Thank you. This is a huge opportunity for us to invest in our customers. And that's something we feel we've always done. Now we can do it with our balance sheet. These are companies that we think we will be working with for a very long time. Further, we think that using our product is going to help them win.

謝謝。這對我們投資客戶來說是一個巨大的機會。我們覺得我們一直在做這件事。現在我們可以用資產負債表來做這件事了。我們認為我們將會與這些公司合作很長一段時間。此外，我們認為使用我們的產品將有助於他們獲勝。

One thing we've always looked for in our customer relationships is the founder mentality. That is where we're most aligned, no bureaucracy, high speed, quality execution. So that's something that we're looking for in these deals, that founder mentality.

在與客戶的關係中，我們始終尋找的一件事就是創辦人心態。這是我們最一致的地方：沒有官僚主義，速度快，執行品質高。所以，這就是我們在這些交易中尋找的東西，即創始人心態。

So I'll also break down the numbers a little bit here. Dave already mentioned that less than 1% of our revenue came from this program in Q2. Additionally, of the $925 million of total TCV in Q2, $543 million from this program. This is a long-term strategy, and the deal is a long term as well. So we expect longer duration and time to revenue recognition.

所以我也會在這裡稍微分解這些數字。 Dave 已經提到，我們第二季的不到 1% 的收入來自該計劃。此外，第二季的 TCV 總額為 9.25 億美元，其中 5.43 億美元來自該計劃。這是一個長期策略，這筆交易也是長期的。因此，我們預期收入確認的持續時間和時間會更長。

The portion of the Q2 TCV outside of the strategic investments is also strong, totaling $382 million. This grew at a sequential rate of 33% quarter-over-quarter. So in other words, assume no investment program, TCV grows 33% sequentially from last quarter. So very pleased with that.

第二季 TCV 中戰略投資以外的部分也表現強勁，總計 3.82 億美元。與上一季相比，該數字增長了 33%。換句話說，假設沒有投資計劃，TCV 將比上一季環比成長 33%。我對此非常滿意。

And we signed a lot of great institutions, SC Edison, National Grid, Avis, John Deere, [Bampro], BNY Mellon, the FAA. We expanded with the U.S. Army, Air Force, Coastguard, CDC, HHS, Tiberius, which as you probably know by now, the U.S. government uses to track vaccine production, distribution and administration. And last but not least, we did a $100 million expansion with United States Special Forces.

我們與許多優秀機構簽約，包括南卡羅來納州愛迪生公司、國家電網、安飛士公司、約翰迪爾、Bampro、紐約梅隆銀行、美國聯邦航空管理局。我們與美國陸軍、空軍、海岸防衛隊、疾病預防控制中心、衛生與公眾服務部、Tiberius 等機構的合作不斷擴大，您可能已經知道，美國政府使用這些機構來追蹤疫苗的生產、分發和管理。最後但同樣重要的一點是，我們與美國特種部隊進行了價值 1 億美元的擴張。

Great. Thanks, Kevin. Dave, coming to you with this next one. Linda asks, when does Palantir expect to report positive GAAP EPS?

偉大的。謝謝，凱文。戴夫，接下來是這個。 Linda 詢問，Palantir 預計何時會報告正的 GAAP EPS？

We are delivering high growth with strong cash results and very few institutions can do that at our scale. Two numbers we focus on a lot, revenue and our ability to generate cash from that revenue, which is measured by adjusted free cash flow. In the first half of this year, we had 49% revenue growth, with 28% adjusted free cash flow margin. And we raised our full year adjusted free cash flow outlook by 100% to an excess of $300 million from our prior guidance of $150 million.

我們正以強勁的現金業績實現高成長，很少有機構能像我們一樣大規模地做到這一點。我們重點關注兩個數字：收入以及從收入創造現金的能力，後者透過調整後的自由現金流來衡量。今年上半年，我們的營收成長了49%，調整後的自由現金流利潤率為28%。我們將全年調整後自由現金流預期從先前的 1.5 億美元上調 100%，至 3 億美元以上。

Great. Thanks, Dave. Shyam, coming back to you, Mohamad asks, how fast is the business growing and what are some possible competitive threats to Palantir?

偉大的。謝謝，戴夫。 Shyam，回到您的問題上，Mohamad 問道，業務成長速度有多快，Palantir 可能面臨哪些競爭威脅？

Thanks, Mohamad. So for the first half, we grew revenue 49%. We generated a 28% adjusted free cash flow margin and a 33% adjusted operating income. Our commercial customer count grew 32% sequentially. It's up 61% since the beginning of the year. Our U.S. commercial revenue grew 90% year-over-year. The international commercial revenue is accelerating. Our health care work is growing.

謝謝，穆罕默德。因此，上半年我們的營收成長了 49%。我們實現了28%的調整後自由現金流利潤率和33%的調整後營業收入。我們的商業客戶數量較上季成長了 32%。自今年年初以來，該數字已上漲 61%。我們的美國商業收入年增90%。國際貿易收入不斷加速成長。我們的醫療保健工作正在不斷發展。

And what you see with all of these things is our growth is only constrained by the ambition of our customers. And on the front lines of COVID, there is no lack of ambition around the vaccination programs or brave clinical R&D projects or the transformation of commercial supply chain. And what you -- and you see that most clearly with day 0 companies. These day 0 companies, they want to accomplish in less than 5 months what the BPs and the Airbus sought to do with Foundry over 5 years. And that's the thing I'm most excited about in terms of working with them.

從所有這些因素可以看出，我們的成長僅受到客戶野心的限制。在對抗新冠疫情的前線，疫苗接種計畫、勇敢的臨床研發計畫或商業供應鏈轉型並不缺乏野心。而你在第一天成立的公司中可以最清楚地看到這一點。如今，沒有一家公司希望在不到 5 個月的時間內完成英國石油公司和空中巴士公司在 Foundry 上花費 5 年時間所做的事情。這是我和他們合作時最興奮的事。

These companies are tackling enormous problems on aggressive time lines, and they're planning to do all of that on top of Foundry. And so you should talk to them and see what they think about the competitive threats and what their alternatives were, but my distinct impression is that they either build on top of Foundry or they spend a lot more time and a lot more money building something bespoke from scratch on the road. And I think that's a pretty easy decision in their shoes.

這些公司正在緊迫的時間內解決大量問題，並且他們計劃在 Foundry 上完成所有工作。所以你應該和他們談談，看看他們對競爭威脅的看法以及他們的替代方案是什麼，但我的明顯印像是，他們要么在 Foundry 的基礎上進行構建，要么花費更多的時間和金錢從頭開始構建定制的東西。我認為，站在他們的立場上，這是一個相當容易的決定。

So simply put, the competitive threat is cowardice and laziness. And where the customer is brave and ambitious, we win every time.

簡單地說，競爭威脅就是懦弱和懶惰。只要客戶勇敢而雄心勃勃，我們每次都能獲得勝利。

Great, Shyam. Another one for you. Jason asks, it seems that not many analysts understand what Palantir does. Are there plans for the company to increase its PR presence, to increase awareness of its business model, which may lead to increased utilization of Palantir's various software platforms?

太棒了，Shyam。再給你一個。傑森問道，似乎沒有太多分析師了解 Palantir 的作用。該公司是否有計劃加強公關影響力，以提高人們對其商業模式的認識，從而提高 Palantir 各種軟體平台的使用率？

Thanks, Jason. I can't really tell you why some people don't know or understand what we do. I can tell you about the people who do know though. It's the special operator who chased down a car to give them a hug. It's the civil servants who work tirelessly to deliver vaccines in the U.S. and the U.K.. It's the French government as they race to prevent [odds] from exploding on the eve of Macron's election. It's the German's belief, who caught the suicide bombers in time, the supply chain operators at the World Food Program tackling COVID's escalating impact on global poverty and hunger, the factory workers on the assembly lines from Duluth to Detroit. The side that's driving clinical R&D among long COVID. The hostages in Nigeria who are rescued. We seem to be clear and crisp at communicating with these folks, with users at the extreme edge. And perhaps the analysts can talk to them.

謝謝，傑森。我真的無法告訴你為什麼有些人不知道或不理解我們所做的事情。不過我可以告訴你那些知道的人的情況。是特勤人員追上了一輛車，給了他們一個擁抱。在美國和英國，公務員們不知疲倦地工作，為人民提供疫苗。這是德國人的信念，是及時抓獲自殺式炸彈襲擊者的人，是世界糧食計劃署的供應鏈運營商，是應對新冠病毒對全球貧困和飢餓不斷升級的影響的人，是德盧斯到底特律裝配線上的工廠工人。在長期 COVID 中推動臨床研發的方面。獲救的尼日利亞人質。我們似乎能夠清晰而乾脆地與這些人進行溝通，尤其是與處於最前沿的用戶。分析師或許可以和他們談談。

Great. Thanks, Shyam. Dave, one for you. Benjamin asks, why has there been a significant increase of insider selling recently?

偉大的。謝謝，Shyam。戴夫，給你一個。班傑明問，為什麼最近內線交易大幅增加？

Thanks. You're referring to the scheduled sales you see from a few times a month each month that started earlier this year. As I mentioned on the call last quarter in Q1, Karp has granted a large number of options 10 years ago that expire in December at the end of this year. In short, if he doesn't exercise the options before then, he will lose all the shares.

謝謝。您指的是從今年早些時候開始的每個月幾次的預定銷售。正如我在第一季的電話會議上提到的那樣，卡普 10 年前授予了大量期權，這些期權將於今年年底 12 月到期。簡而言之，如果他在此之前不行使選擇權，他將失去所有股份。

So far in 2021, Karp has exercised roughly 40 million of those options, selling half of the shares and using the funds to exercise and hold the remaining half. To put this into perspective, Karp has paid hundreds of millions of dollars in income taxes this year as part of these transactions and will likely owe a couple of hundred million more by the end of the year. For the roughly 27 million options that are set to expire at end of December, he's scheduled to sell half of them and then use funds he receives to exercise and hold the other half.

到 2021 年為止，卡普已行使了其中約 4,000 萬股選擇權，出售了一半的股票，並利用這些資金行使和持有剩下的一半。具體來說，卡普今年已作為這些交易支付了數億美元的所得稅，到今年年底，他可能還要繳幾億美元的所得稅。對於將於 12 月底到期的約 2,700 萬份選擇權，他計劃出售其中一半，然後使用收到的資金行使並持有另一半。

Great. Thanks, Dave. Shyam, coming back to you. Ralston asks, as Karp once said, Palantir's numbers are a lagging indicator of several macro trends that management got right. What forward-looking micro and macro trends give management confidence that can be leveraged to improving shareholders' value or delivering alpha over time?

偉大的。謝謝，戴夫。 Shyam，回到你身邊。拉爾斯頓問道，正如卡普曾經說過的，Palantir 的數字是管理層正確掌握的幾個宏觀趨勢的滯後指標。哪些前瞻性的微觀和宏觀趨勢可以給予管理層信心，從而可以用來提高股東價值或隨著時間的推移帶來阿爾法收益？

Thanks, Ralston. If I told an analyst or a Wall Street investor 4 months ago that COVID was not going away, I would have been laughed at. I happened to know this because I did tell them this, and I was laughed at over and over again.

謝謝，拉爾斯頓。如果四個月前我告訴分析師或華爾街投資者，COVID 不會消失，我會被嘲笑。我恰好知道這一點，因為我確實告訴過他們，結果一次又一次地被嘲笑。

Look, Humpty Dumpty had a great fall. The world has changed and it isn't going back. We built software for the world we are in now and the world we will continue to be in. We saw that coming. We anticipated the future needs. Supply chains will never be the same. It isn't just about today's shortages. The old world is fixated on the accuracy of the forecast. The new world is all about how well you manage the error in your forecast. The error is the signal. The error is the opportunity to win.

瞧，漢普蒂·鄧普蒂摔了一跤。世界已改變並且不會再回去。我們為現在的世界以及未來將要生存的世界開發軟體。我們預見了未來的需求。供應鏈將不再一樣。這不僅關乎當今的短缺。舊世界專注於預測的準確性。新世界取決於你如何管理預測中的錯誤。錯誤就是信號。錯誤正是獲勝的機會。

Health care is never going to be the same. It's not just about the vaccine, it's going to be about working through the 18-month backlog and the impact on morbidity and mortality from delayed and deferred diagnosis. Energy will never be the same. Every industry has been transformed. Our customers, they were disappointed, and frankly, angry by how few of their IT investments over the last decade rose to its needed moment. It was a huge mark-to-market. It was ugly.

醫療保健將不再像以前一樣。這不僅關乎疫苗，還關乎解決 18 個月的積壓問題以及延遲和延期診斷對發病率和死亡率的影響。能源將不再一樣。每個行業都發生了轉變。我們的客戶感到失望，坦白說，他們對過去十年來 IT 投資中很少有達到其需要的水平感到憤怒。這是一個巨大的市價調整。它很醜。

The reality is that shocks will be more frequent. This isn't a one-off. It's the new normal. Years of investing mindlessly in efficiency has resulted in enormous fragility. We are the resilient operating system for the future champions.

現實情況是，衝擊將會更加頻繁。這並不是孤例。這是新常態。多年來盲目地投資於效率已導致極大的脆弱性。我們是未來冠軍的彈性作業系統。

Great, Shyam. One more for you before we open it up. Steve asks, how will Palantir continue to attract and keep great talent?

太棒了，Shyam。在我們打開之前，再給您講一個。史蒂夫問道，Palantir 將如何繼續吸引和留住優秀人才？

Thanks, Steve. Well, this is a question that's near and dear to my heart. I mean we have such a unique culture. And I think I can't really tell you about culture. Management can't explain our culture, it's something that has to be experienced and emanates from every pore of the institution. And that culture is fueled by our mission. We have slept on concrete floors in Baghdad. We have been on the front lines of fighting HIV, TB, Malaria and Ebola in Africa. We have coded from the factory floors from Duluth to Detroit.

謝謝，史蒂夫。嗯，這是我非常關心的問題。我的意思是我們有如此獨特的文化。我認為我無法真正告訴你有關文化的事。管理無法解釋我們的文化，它是需要體驗的，並且源自於機構的每個角落。這種文化是由我們的使命所推動的。我們曾在巴格達的水泥地上睡過。我們一直站在非洲對抗愛滋病毒、結核病、瘧疾和伊波拉病毒的前線。我們從德盧斯到底特律的工廠車間都進行了編碼。

I can't describe the culture, but I can tell you the fundamental tenet that the culture is symptomatic of. We are an artist colony, we're not a factory. People don't come to Palantir. Don't come to Palantir if you want a predictable career trajectory or some sort of methodical ladder to climb. We don't have that.

我無法形容這種文化，但我可以告訴你這種文化所體現的基本原則。我們是一個藝術家聚居地，我們不是工廠。 人們不會來 Palantir。如果您想要一個可預測的職涯發展軌跡或某種有條不紊的晉升階梯，那麼就不要來 Palantir。我們沒有這個。

Some companies are factories. You start out as a software Engineer 1, and if you work your way up, you can be a software Engineer 1.5 or something like that. But we're an artist colony. It makes no sense to tell Dalí to paint more like Monet. We are looking for unique and extraordinary people, who by definition, are going to be uneven and spiky. And we are committed to going on a journey with them, to build a bespoke role around who they are as humans.

有些公司是工廠。您從 1 級軟體工程師開始，如果不斷進步，那麼您就可以成為 1.5 級軟體工程師或類似的職位。但我們是一個藝術家聚居地。告訴達利要畫得更像莫內是沒有意義的。我們正在尋找獨特而非凡的人，按照定義，他們是參差不齊、各有特色的。我們致力於與他們一起踏上旅程，根據他們的人性客製化角色。

We spend so much time thinking critically about our people. Who are they? Who can they be? How do we maximize them and their potential. We spend time thinking about exactly what gamma radiation your incoming Bruce Banner needs to turn into the Incredible Hulk. And then we irradiate them.

我們花費大量時間批判性地思考我們的人民。他們是誰？他們是誰？我們如何最大限度地發揮它們的潛力。我們花了一些時間思考布魯斯班納到底需要什麼樣的伽瑪射線才能變成綠巨人。然後我們對它們進行照射。

Working at Palantir isn't for everyone. But if it is for you, the fellowship is charismatic beyond compare. And you don't get this culture for free. The entropy of the universe is against you, you have to wake up every day and fight for it.

並不是每個人都適合在 Palantir 工作。但如果對你來說，這個團體的魅力無與倫比。但這種文化不是免費獲得的。宇宙的熵對你不利，你必須每天醒來並為此而戰。

Great. Thanks, Shyam. Operator, we'll open up the call for Q&A.

偉大的。謝謝，Shyam。接線員，我們將開始電話問答。

(Operator Instructions) And your first question is from Brent Thill with Jefferies.

（操作員指示）您的第一個問題來自 Jefferies 的 Brent Thill。

The commercial business was impressive quarter-on-quarter. I'm curious if you could just drill in and talk to a little more of the drivers from direct sales build-out to the IBM partnership to bringing Palantir to everyone. Can you maybe just give us a little more color in terms of what's driving this and how you think about the shape of this for the back half of the year.

商業業務季比表現令人印象深刻。我很好奇，您是否可以深入談論從直接銷售建設到 IBM 合作夥伴關係再到將 Palantir 帶給每個人的驅動因素。您能否向我們詳細介紹一下這現象背後的原因，以及您對今年下半年情勢的看法。

Absolutely. Thanks, Brent. I'll start there. You're seeing the effects of our investment in the direct sales force here. We are really happy about the 100 or so folks we hired in the first half of the year here. They're ramping well. We're getting a lot more account coverage here, some really big logos in the quarter, SD Edison, National Grid, Avis, Deere. And not just, of course, commercial -- exceptional strength in the commercial sector, but also, we're seeing that in the government sector as well with new wins like with the FAA. And so you should expect to see more.

絕對地。謝謝，布倫特。我將從那裡開始。您可以看到我們對直銷隊伍的投資所產生的效果。我們對今年上半年在這裡僱用的 100 名左右的員工感到非常高興。他們進展順利。我們在這裡獲得了更多的帳戶覆蓋，本季度有一些非常大的標誌，SD Edison，National Grid，Avis，Deere。當然，這不僅是在商業領域——商業領域表現出色，而且，我們還看到在政府領域也取得了新的勝利，例如與聯邦航空管理局的合作。因此您應該會看到更多。

Of course, channel's contributing. We're really happy about that. I'd say about 10% of the adds came from the channel. But really, the impact of direct sales force is starting to take hold here.

當然，通路有貢獻。我們對此感到非常高興。我認為大約 10% 的添加來自該頻道。但事實上，直銷隊伍的影響力已開始顯現。

Your next question is from Alex Zukin with Wolfe.

您的下一個問題來自 Wolfe 的 Alex Zukin。

I guess, Shyam, maybe just first, can you talk about revisiting the question around the percentage of TCV that's coming from the strategic partnerships? How do you expect that to evolve? What are the duration of some of these contracts? That was a pretty striking metric that I think it was 50% of your TCV was from these strategic partnerships. So just want to get a better understanding of what the overall strategy is for the company there.

我想，Shyam，首先，您能否談談重新審視來自策略夥伴關係的 TCV 百分比的問題？您預計其將如何發展？其中一些合約的期限是多久？這是一個非常驚人的指標，我認為 50% 的 TCV 來自這些策略夥伴關係。所以只是想更了解那裡的公司的整體策略是什麼。

Yes. Sure. So we break down the numbers a little bit here, and Dave mentioned less than 1% of the revenue came from this program in Q2. Additionally, of the $925 million of total TCV in Q2, $543 million from the program.

是的。當然。因此，我們在這裡稍微分解一下數字，戴夫提到，第二季度只有不到 1% 的收入來自該計劃。此外，第二季的 TCV 總額為 9.25 億美元，其中 5.43 億美元來自該計劃。

To your question, the long-term strategy, the deals are very long term as well. So we expect some longer duration and time to revenue recognition. I talked about this a little bit, but just to reiterate, the portion of TCV outside of the strategic investment is also very strong, totaling $382 million. This grew at a sequential rate of 33% quarter-over-quarter. So in other words, without the investment program, TCV grows 33% sequentially.

對於您的問題，長期策略、交易也是非常長期的。因此，我們預期收入確認的持續時間和時間會更長。我稍微談了一下這一點，但只是重申一下，戰略投資以外的 TCV 部分也非常強勁，總計 3.82 億美元。與上一季相比，該數字增長了 33%。換句話說，即使沒有投資計劃，TCV 仍將環比成長 33%。

And then I think just a little bit more on sort of like the long-term vision here. Dr. Karp has discussed how we're building software for the future in the present. And Foundry is the operating system for the modern enterprise. And we're bringing Foundry to people who have the ambition to transform industries and create new ones.

然後，我會再多想這裡的長期願景。 Karp 博士討論了我們如何在現在建立面向未來的軟體。而Foundry就是現代企業的作業系統。我們將把 Foundry 帶給那些有志於改變產業和創造新產業的人。

We've talked about this, but we're looking at companies in cell-based therapeutics, biomedical health care delivery, quantum computing satellites, electric vehicles, delivering worldwide intelligence from space and a lot more. Now these are companies that have cutting-edge technology of their own, and they're choosing Foundry to help drive their vision forward. And we think many will follow and our strategic investment program accelerates this.

我們已經討論過這個問題，但我們正在關注細胞治療、生物醫學保健、量子計算衛星、電動車、從太空傳遞全球情報等領域的公司。現在，這些公司擁有自己的尖端技術，並且他們選擇 Foundry 來幫助推動他們的願景向前發展。我們認為許多人會效仿，我們的策略投資計畫將加速這一進程。

Your next question is from Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

Maybe two questions, one following on Alex's. When we think about the 20 net new commercial customers, can you give us a sense of how many of those came from the strategic partnership program?

也許有兩個問題，一個是跟在 Alex 後面的問題。當我們想到 20 個新增商業客戶時，您能否告訴我們其中有多少來自策略夥伴計畫？

And then second question, kind of more product-related. I know you guys have been doing a lot of work to increase the modularity of the overall platform. Can you talk to us about how that's been progressing and how customers have been adopting that? Has that been part of what's accelerating new customer adoption?

第二個問題與產品更相關。我知道你們為提高整個平台的模組化做了很多工作。您能否與我們談談這項進展如何以及客戶對此有何反應？這是加速新客戶採用的部分原因嗎？

Absolutely. Thanks, Keith. Yes. So 7 of the 20, I believe, came from the strategic investment program. The -- and on the product side, we absolutely are continuing to invest in the modularity there. Very excited about that. I discussed some of the evolution of Edge AI. We showed some of the video earlier on. Hopefully, you got a chance to see that.

絕對地。謝謝，基斯。是的。所以我相信這 20 個中有 7 個來自戰略投資計畫。在產品方面，我們絕對會繼續對模組化進行投資。我對此感到非常興奮。我討論了邊緣 AI 的一些發展。我們之前展示了一些影片。希望您有機會看到它。

But more broadly, everything from ERP suite, the software-defined data integration, the expansion number of systems we're integrating with, accelerating which archetypes that I talked about, the example with the EU Bank and being able to deploy production, anti-money laundering workflows, compliance workflows in 2 days, which would have taken us 3 months, 3 years ago. And I think the alternatives are years in the making there. So enabling a bank to buy just the AML answer instead of, say, all of Foundry has absolutely spent our time to market and is helping us accelerate our customer growth.

但更廣泛地說，從 ERP 套件、軟體定義的資料整合到我們正在整合的系統的擴展數量，加速我所談論的原型，歐盟銀行的例子，以及能夠在 2 天內部署生產、反洗錢工作流程、合規工作流程，而這在 3 年前需要 3 個月。我認為替代方案的製定需要花上好幾年的時間。因此，讓銀行只購買反洗錢解決方案而不是購買整個 Foundry，絕對花了我們大量的時間去行銷，並幫助我們加速客戶成長。

Your last question comes from Mark Cash with Morningstar.

您的最後一個問題來自晨星的馬克卡什 (Mark Cash)。

When thinking about the guidance, were the last 3 quarters of over 30% operating margin kind of artificially high? And then could you provide some details on the operating margin guidance for the third quarter? Are there particular line items that are expected to ramp up? And is the low to mid-20% range that we should expect as you ramp for growth in the next coming years?

當您思考這項預期時，過去 3 個季度超過 30% 的營業利潤率是否有點人為地高？那麼您能否提供一些有關第三季營業利潤率指引的詳細資訊？有哪些特定產品預計會增加產量？隨著您在未來幾年內加速成長，我們是否應該預期成長率會在 20% 到 20% 的中段？

Thanks, Mark. And thanks for pointing out the last 3 quarters above 30% and this quarter -- last 3 quarters, about 30%; this quarter, above 31%. And I think we're doing that while we are investing in the business, right? And so if you look at the first half of this year, we had 100 salespeople. Shyam talked about how we're going to really keep that pace up going into the back of the year. We're building on a structure around them, building out the operations there.

謝謝，馬克。感謝您指出過去 3 個季度的成長速度超過 30%，而本季——過去 3 個季度的成長速度約為 30%；本季度，這一比例超過31%。我認為我們在投資業務時也會這麼做，對嗎？如果你看看今年上半年，我們有 100 位銷售人員。希亞姆談到了我們將如何在年底繼續保持這樣的步伐。我們正在圍繞它們構建結構，並在那裡開展業務。

We also think about marketing spend, really almost doubled in Q2 coming off of Q1. We're going to continue to do that throughout the year and I think beyond. We're going to continue to hire aggressively into product development, into others across the business. And so as we think about the year, we think about continuing to invest. And we're really excited about the next half.

我們也考慮了行銷支出，實際上第二季的行銷支出幾乎比第一季翻了一番。我們將在全年乃至更長時間內繼續這樣做。我們將繼續積極招募人才，參與產品開發和其他業務領域的工作。因此，當我們回顧這一年時，我們會考慮繼續投資。我們對於下半場感到非常興奮。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。