Palantir Technologies Inc. (PLTR) 2021 Q1 法說會逐字稿

Welcome to Palantir's earnings call. We will be discussing the results announced in our press release issued prior to today's call and posted on our Investor Relations website.

歡迎參加 Palantir 的財報電話會議。我們將討論在今日電話會議前發布並刊登於我們投資人關係網站之新聞稿中所公布的業績結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our outlook for the current quarter and other future periods, management's expectations about 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 today's call and in our SEC filings. Palantir undertakes no obligation to update forward-looking statements, except as required by law.

在本次電話會議中，我們將就本公司業務發表若干聲明；依適用之證券法規，該等聲明可能被視為前瞻性陳述，包括關於本季及其他未來期間之展望、管理層對未來財務與營運表現之預期，以及其他關於我們計畫、前景與期待之陳述。此等陳述並非承諾或保證，且受風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。有關該等風險之資訊，載於我們於今日電話會議前發布之財報新聞稿以及我們向 SEC 提交之文件中。除法律另有規定外，Palantir 不承擔更新前瞻性陳述之義務。

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 reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided prior to today's call. Palantir's press release, investor presentation and SEC filings are available on Palantir's Investor Relations website at investors.palantir.com.

此外，在今日電話會議過程中，我們將提及若干經調整之財務衡量指標。此等非 GAAP 財務衡量指標應與 GAAP 指標一併考量，而非作為其替代，亦不應單獨或孤立地解讀。關於此等非 GAAP 指標之更多資訊（包括非 GAAP 與可比 GAAP 指標之調節表）已包含於我們在今日電話會議前提供之新聞稿與投資人簡報中。Palantir 的新聞稿、投資人簡報及 SEC 申報文件可於 Palantir 投資人關係網站 investors.palantir.com 查閱。

With that, I'll turn it over to Rodney.

接下來，我把時間交給 Rodney。

Thanks, Jaco. 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. 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.

謝謝你，Jaco。今天與我一同參與電話會議的有：營運長 Shyam Sankar；財務長 Dave Glazer；以及全球業務發展主管 Kevin Kawasaki。在本次電話會議中，當我們討論業務時，將引用各種成長率。除非另有說明，這些成長率均為年對年比較。

I'll turn the call over to Shyam to get us started.

我把電話會議交給 Shyam 來為我們開場。

Thank you, Rodney. Cutting-edge product and continued efficiencies and distribution drove exceptionally strong Q1 results. Adjusted free cash flow was $151 million, a 44% margin, and this was an increase of $441 million over the year ago quarter. Revenue was up 49%. Billings grew 248%. RPO grew 129%. We had 76% growth in duration adjusted commercial deal value. We had an adjusted operating margin of 34%, and our U.S. business across government and commercial continues to be on fire, growing at 81%.

謝謝你，Rodney。尖端產品、持續提升的效率與分銷能力，推動第一季（Q1）取得格外強勁的成果。經調整自由現金流為 1.51 億美元，利潤率為 44%，較去年同期增加 4.41 億美元。營收成長 49%。帳單金額（Billings）成長 248%。剩餘履約義務（RPO）成長 129%。經存續期間調整之商業合約價值成長 76%。經調整營業利益率為 34%，而我們在美國的政府與商業業務持續火熱，成長達 81%。

These results, and for that matter, future results, wouldn't be possible without our relentless focus on product innovation. The area I'm most excited about is the development of Apollo for Edge AI. This was demonstrated at the Dugway Proving Grounds in Utah this past April, just last month. This is live now. We are pioneering an approach that we call micro models. Just like micro services are the basis of modern software architectures, we believe that micro models are how you operational AI at scale for enduring advantage.

若沒有我們對產品創新的不懈專注，這些成果——以及未來的成果——都不可能實現。我最興奮的領域是 Apollo for Edge AI 的開發。這項成果已於今年四月、也就是上個月，在猶他州的 Dugway 試驗場進行展示。目前已正式上線。我們正在開創一種我們稱之為「微模型（micro models）」的方法。正如微服務是現代軟體架構的基礎，我們相信微模型將是以規模化方式將 AI 落地運營、以取得持久優勢的關鍵。

There is no place this is more true than in our U.S. government work on some of the hardest and most important problems facing our nation. Apollo for Edge AI is the next evolution to transform AI into alpha, enabling customers to train, manage and deploy multiple independently versioned chained models to the edge with ease. Customers will have maximum flexibility to decompose a task into multiple models where each component can be improved and upgraded in isolation. And subsequently dynamically change together even if links in that chain are running across multiple platforms, from space to mud and across different sensors and shooters, making the sum of the parts greater than the whole.

在我們為美國政府處理一些最艱難且最重要的國家級問題時，這一點最為明顯。Apollo for Edge AI 是下一階段的演進，將 AI 轉化為超額報酬（alpha），使客戶能輕鬆在邊緣端訓練、管理並部署多個可獨立版本控管、可串接的模型。客戶將擁有最大的彈性，把一項任務拆解為多個模型，使每個組件都能在彼此獨立的情況下改進與升級。並且之後可動態地協同變更，即使該鏈條中的連結分布於多個平台之上——從太空到泥地——並跨越不同的感測器與射手系統，使整體效益大於各部分之和。

This is operational AI in action at the edge. It's decision advantage delivered. And we are seeing incredible interest here from commercial customers to leverage this same innovation using AI models in the factory floor to augment human workers or more efficiently detecting wildfire risk from space to next generation of predictive maintenance occurring at the edge, onboard the airplane while still in flight, understand, decide and act at the edge.

這就是邊緣端的營運化 AI 實戰。這是所交付的決策優勢。我們也看到商業客戶對此展現極大興趣，期望運用同樣的創新：在工廠現場使用 AI 模型以增強人工作業、或更有效率地從太空偵測野火風險、以及下一代的預測性維護在邊緣端發生——在飛機仍在飛行中、於機上完成——在邊緣端理解、決策並採取行動。

Turning to results. Where the government response to the pandemic has been efficacious, we are seeing a commercial tailwind. In the U.S., in particular, we continue to generate exceptional results, where revenue grew 83% in the U.S. government and 72% in commercial. And we have a lot of headroom for growth in these markets. We only have a handful of Fortune 500 customers and less than 0.1% of annual defense spending.

回到業績表現。在政府對疫情的應對卓有成效之處，我們看到商業端的順風。特別是在美國，我們持續創造卓越成果：美國政府業務營收成長 83%，商業業務成長 72%。而我們在這些市場仍有很大的成長空間。我們僅有少數《財富》500 強客戶，且僅占年度國防支出的不到 0.1%。

We have widened and are continuing to widen our capability to distribute our product. We see strength in forward-looking indicators and customer interest. Since the beginning of February, qualified commercial opportunities in the U.S. and the U.K. are up 2.5x. Active commercial pilots across the business have more than doubled, and opportunities across the U.S. and U.K. government continue to develop at pace.

我們已擴大、並將持續擴大我們分銷產品的能力。我們在前瞻性指標與客戶興趣方面看到強勁動能。自二月初以來，美國與英國的合格商業機會增加至 2.5 倍。全公司範圍內的活躍商業試點（pilots）數量已超過倍增，而美國與英國政府端的機會也持續快速推進。

We added 11 new commercial customers, and we also announced our partnership with MD Anderson and Syntropy. And it's not just established industry players where we are winning, we are seeing opportunities for companies to build their digital infrastructure around Foundry from day 0 where they can shave years off their ramps and mountains of risk off their road maps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&D. And we see this as the first salvo in expanding distribution of Foundry to broader markets and a broader set of customers.

我們新增了 11 家新的商業客戶，並宣布與 MD Anderson 及 Syntropy 的合作夥伴關係。而且我們不僅在既有的產業領導者中取得勝利；我們也看到一些公司有機會從第 0 天起就以 Foundry 為核心打造其數位基礎設施，藉由以具成本效益的方式站在 15 年、超過 20 億美元研發成果的肩膀上，將導入爬坡期縮短數年，並從其路線圖中移除大量風險。我們將此視為把 Foundry 的分銷擴展至更廣泛市場與更廣泛客群的第一波攻勢。

In Q1, we entered into a partnership with Lilium, a revolutionary eVTOL transportation company that will use Foundry to build an integrated business from the ground up, incorporating design and engineering, procurement, testing, production, quality, logistics and in-service operations. We have also partnered with Sarcos.

在第一季（Q1），我們與 Lilium 建立合作夥伴關係；Lilium 是一家具革命性的 eVTOL 空中交通公司，將使用 Foundry 從零開始打造一個整合式企業，涵蓋設計與工程、採購、測試、生產、品質、物流以及在役營運。我們也與 Sarcos 建立了合作關係。

We have always talked about Gotham as the digital Iron Man suit. Well, these guys, they're building the physical Iron Man suit. Sarcos will leverage Foundry for all of Palantir's well-understood industrials and manufacturing use cases. But you can see how Sarcos can leverage all the capabilities of Apollo for Edge AI to push AI into their exoskeletons. This is Jarvis, Tony Stark's digital assistant, but in real life. These customers and even more prospects in our pipeline are at the forefront of the next major sea change software, architecting an entire organization around a common operating picture to deliver a connected company from the very beginning, eliminating the chains of silo data systems.

我們一直把 Gotham 形容為數位版的鋼鐵人戰衣。而這些人，他們正在打造實體版的鋼鐵人戰衣。Sarcos 將運用 Foundry 來支援 Palantir 已充分驗證的各種工業與製造業使用情境。但你也可以看到 Sarcos 如何運用 Apollo for Edge AI 的全部能力，把 AI 推進到他們的外骨骼裝置中。這就像是東尼·史塔克的數位助理 Jarvis，但在現實世界中。這些客戶，以及我們管線中更多的潛在客戶，正站在下一次重大軟體巨變的最前沿：以共同的作戰圖像（common operating picture）為核心來架構整個組織，從一開始就交付互聯企業，消除資料孤島系統的枷鎖。

We are investing in innovation in the west, backing companies with ambitious goals and executing on our ability to move down market. And the fit is natural, our software can radically accelerate production ramps and time to market and help these companies get to scale on dramatically shorter time horizons.

我們正在西方投資創新，支持具雄心壯志目標的公司，並落實我們向中小型市場下沉（move down market）的能力。而這種契合是自然而然的：我們的軟體能大幅加速量產爬坡與上市時程，並協助這些公司在顯著更短的時間範圍內達到規模化。

In parallel, the momentum in our government business continues unabated. First quarter government revenue increased 76% year-over-year, fueled in large part by the 83% year-over-year growth we generated in the U.S. government. We continue to play a critical role in helping governments respond to the pandemic and further our mission to become the central operating system for defense. The scope of our government work is broadening on the back of cutting-edge product like Apollo for Edge AI and investments in distribution.

同時，我們在政府業務上的動能持續不減。第一季政府營收年增 76%，主要由我們在美國政府業務所創造的年增 83% 成長所帶動。我們持續在協助各國政府因應疫情方面扮演關鍵角色，並推進我們成為國防中央作業系統的使命。在 Apollo for Edge AI 等尖端產品以及對通路佈局的投資帶動下，我們的政府工作範疇正在擴大。

In the first quarter, we were awarded a 5-year contract worth up to $90 million with the National Nuclear Security Administration to provide the operating platform to safeguard America's nuclear stockpile. Of course, our nation's nuclear assets are of crucial importance to the future of our nations and broader western security, and we are proud to partner on this. As we look forward, over the balance of the year, we continue to have tailwinds as we pursue opportunities across both defense and civilian agencies in our government business.

在第一季，我們獲得美國國家核安全管理局（National Nuclear Security Administration）一份為期 5 年、總額最高可達 9,000 萬美元的合約，用以提供作業平台以保護美國的核武庫存。當然，我國的核資產對我們國家未來以及更廣泛的西方安全至關重要，我們很榮幸能在此合作。展望未來，在今年剩餘期間，隨著我們在政府業務中同時於國防與民用機構持續尋求機會，我們仍將受惠於有利趨勢。

In Q1, our software was leveraged in the global information dominance experiment, enabling all 11 DoD combatant commands to generate globally integrated strategic decision advantage from intelligence, operations, logistics and supply data, all advanced by AI. This work dovetails with the strong pipeline we see in our government business across a variety of defense initiatives, and we expect deal activity to increase over the course of the year.

在第一季，我們的軟體被運用於全球資訊優勢實驗（global information dominance experiment），使全部 11 個美國國防部作戰司令部能夠從情報、作戰、後勤與供應資料中，在 AI 的加持下產生全球整合的策略決策優勢。這項工作與我們在政府業務中、跨多項國防計畫所看到的強勁案源相互呼應，我們預期全年交易活動將逐步升溫。

As we outlined in February, our plans to increase distribution include building a direct sales force, and we've made massive strides so far this year. In the first quarter alone, we've made nearly 50 hires into our sales team, and the pipeline to continue growing this team remains robust. This puts us well on our way to achieving the goal of adding triple-digit sales headcount this year and applying much more force behind our business' momentum.

如同我們在 2 月所說明的，我們提升通路佈局的計畫包含建立直銷團隊，而今年迄今我們已取得巨大進展。僅第一季，我們就為銷售團隊新增近 50 名員工，且持續擴編該團隊的招募管道仍然強勁。這使我們正穩步達成今年新增三位數銷售人力的目標，並為公司業務動能投入更強的推進力。

I mentioned earlier the growth of our customers and pilots. Our sales force, combined with outreach and events are generating more high-quality opportunities. What's more? Customers are coming to us with a much deeper understanding of our products and the value they unlock. To the point where the first meeting today really now feels like the fourth or fifth meeting from a year ago. The flywheel is turning faster.

我先前提到我們客戶與試點（pilot）專案的成長。我們的銷售團隊結合外部拓展與活動，正在產生更多高品質機會。更重要的是？客戶帶著對我們產品及其所釋放價值更深入的理解主動找上門。以至於今天的第一次會議，實際感受已經像是一年前的第四或第五次會議。飛輪轉得更快了。

In addition to our direct sales force, expansion of channels is a critical element to our distribution strategy. We continue to pursue and invest in our channel partners across the spectrum from complementary software companies to system integrators and cloud providers across both the government and commercial segments.

除了直銷團隊之外，擴展通路也是我們通路策略的關鍵要素。我們持續在政府與商業兩大領域，從互補型軟體公司到系統整合商與雲端供應商，全面尋求並投資我們的通路夥伴。

We announced our IBM partnership last quarter. The pace here is tremendous. We booked our first customers within 16 days of bringing the product to market. We believe there are significantly more opportunities with ISP partners in our future. We have continued to develop our reach with system integrators, developing targeted joint go to markets and geographies, industries and functional areas. Today, 15 different SIs are partnering with our customers to deliver work on our products.

我們在上一季宣布與 IBM 的合作夥伴關係。這裡的推進速度非常驚人。我們在產品上市後 16 天內就拿下第一批客戶。我們相信未來與 ISP 夥伴將有顯著更多的機會。我們也持續擴大與系統整合商的觸及範圍，針對特定市場推出聯合上市策略（joint go-to-market），並聚焦於地理區域、產業與職能領域。目前已有 15 家不同的 SI 與我們的客戶合作，交付基於我們產品的專案。

We continue to view cloud providers as channels. We have seen a mark shift where cloud providers are integrating Foundry into their reference architectures and core go-to-market activities. At the end of the day, you can either go to market with an architecture that theoretically solves a problem in, for example, health care, but has never actually been deployed or you can take the architecture, the NHS use to execute one of the world's most successful at scale vaccination programs, where the architecture used by NIH's N3C to integrate a huge amount of clinical data for research on COVID in record time. These are battle-tested blueprints for success that drive outcomes for customers in days and, importantly, for the cloud providers drive a rapid amount of consumption very, very quickly.

我們仍將雲端供應商視為通路。我們看到一個顯著轉變：雲端供應商正把 Foundry 整合進其參考架構與核心上市活動中。歸根結底，你可以選擇用一個理論上能解決例如醫療保健問題、但從未真正部署過的架構來推向市場；或者你也可以採用一個已被英國 NHS 用來執行全球最成功之一的大規模疫苗接種計畫的架構，或是 NIH 的 N3C 用於在創紀錄時間內整合大量臨床資料、以進行 COVID 研究的架構。這些都是經過實戰驗證的成功藍圖，能在數天內為客戶帶來成果；更重要的是，對雲端供應商而言，能非常、非常快速地帶來大量使用量（consumption）。

On the government side, we are seeing more and more traditional defense contractors buying into our architecture, both for internal production and manufacturing of large programs, the same way that we would help say any manufacturer but also to leverage our Apollo for Edge AI architecture into their AI-enabled platforms to extend the life of these platforms and to create software monetization for themselves through a joint offering.

在政府端，我們看到越來越多傳統國防承包商採用我們的架構：一方面用於大型計畫的內部生產與製造（就像我們會協助任何製造商一樣）；另一方面也將我們的 Apollo for Edge AI 架構導入其 AI 賦能平台，以延長這些平台的生命週期，並透過聯合方案為其自身創造軟體變現。

Really our successful channel partners across government and commercial are the ones that are realizing that they're going to draft off our software's world-class performance that has always met its movement. The blinding pace of both cutting-edge product development and customer wins that drove these results, they are delivered because every hobbit's unquestionable resolve in the face of adversity and categorical dedication to our customers and their mission. Thank you, all Palantirians.

事實上，政府與商業領域中成功的通路夥伴，都是那些意識到他們將能借力我們軟體的世界級效能、並始終兌現其承諾的人。推動這些成果的，是尖端產品開發與客戶勝利的驚人速度；而這些交付之所以能實現，是因為每一位 hobbit 在逆境面前無可動搖的決心，以及對我們客戶與其使命的全然投入。謝謝你們，所有 Palantir 夥伴。

A final note, while restarting is on our mind, the vicissitudes of the pandemic and continuing to respond is where our hearts are. I want to reiterate that we stand ready to help, as always, any country or company at any phase. There are many regions in industries that still face existential crises and overcoming the pandemic and reforging their operations in this new reality. We stand ready to help any and all.

最後補充一點：雖然重啟經濟在我們的考量之中，但我們的心仍放在疫情的反覆無常以及持續的應對上。我想再次強調，我們一如既往，隨時準備在任何階段協助任何國家或公司。仍有許多地區與產業正面臨生存危機，需要克服疫情並在這個新現實中重塑其營運。我們隨時準備協助任何人、所有人。

With that, I'll turn it over to Dave to take us through the financials.

接下來，我把時間交給 Dave，帶我們回顧財務表現。

Thanks, Shyam. I'll now review our first quarter performance followed by our outlook. Cutting-edge product and increased efficiencies and distribution drove exceptionally strong Q1 results. We generated revenue growth of 49%, bringing Q1 revenue to $341 million. Adjusted operating income increased to $117 million, representing a margin of 34%. And adjusted free cash flow increased to $151 million, representing a margin of 44% and a $441 million improvement from Q1 2020. This was backed by strong first quarter billings of $362 million, up 248% year-over-year.

謝謝你，Shyam。我接下來將回顧我們第一季的表現，並說明我們的展望。尖端產品、更高的效率以及通路佈局推動了第一季極為強勁的成果。我們的營收成長 49%，使第一季營收達到 3.41 億美元。調整後營業利益提升至 1.17 億美元，對應 34% 的利潤率。調整後自由現金流提升至 1.51 億美元，對應 44% 的利潤率，較 2020 年第一季改善 4.41 億美元。這些表現由第一季強勁的帳單金額（billings）所支撐，達 3.62 億美元，年增 248%。

Looking at our revenue performance. Our total first quarter revenue growth was 49%, ahead of our prior guidance of 45%. The combination of 49% revenue growth and 44% adjusted free cash flow margin is indicative of the unique underlying unit economics of our business. Our U.S. business ended the first quarter with a nearly $800 million annualized revenue run rate as total first quarter U.S. revenue increased 81%, representing 72% U.S. commercial growth and 83% U.S. government growth.

來看我們的營收表現。第一季總營收成長 49%，高於我們先前 45% 的指引。49% 的營收成長與 44% 的調整後自由現金流利潤率相結合，反映出我們業務獨特的底層單位經濟（unit economics）。我們在美國的業務於第一季結束時，年化營收 run rate 接近 8 億美元；第一季美國總營收成長 81%，其中美國商業營收成長 72%，美國政府營收成長 83%。

Looking at revenue by segment. First quarter government revenue was $208 million, up 76%. U.S. government revenue increased 83% year-over-year in the first quarter, and international government revenue increased 57% year-over-year. We expect this momentum to continue as we have a significant pipeline of government deals building in Q2 and beyond that we believe will fuel durable, elevated growth in our government segment.

按部門來看營收。第一季政府部門營收為 2.08 億美元，成長 76%。第一季美國政府營收年增 83%，國際政府營收年增 57%。我們預期這股動能將持續，因為我們在第二季及之後正累積大量政府交易案源，我們相信這將推動政府部門持久且更高水準的成長。

First quarter commercial segment revenue totaled $133 million, up 19% year-over-year, and we are seeing particular strength in the U.S., as U.S. commercial revenue increased 72% year-over-year. In addition to that revenue growth, we're also seeing substantial increases in leads and new opportunities, and we've more than doubled the number of active pilots in our commercial business since February.

第一季商業部門營收合計 1.33 億美元，年增 19%；我們在美國市場表現尤為強勁，美國商業營收年增 72%。除了營收成長之外，我們也看到潛在客戶（leads）與新機會大幅增加，自 2 月以來，我們在商業業務中的活躍試點（pilot）數量已增加一倍以上。

Abroad, and particularly in Europe, we're seeing more muted commercial growth in countries that are still facing significant health and economic challenges stemming from the pandemic. But as Shyam mentioned, we are continuing to invest in these regions to assist in their recovery, and we expect our business will accelerate as these regions recover.

在海外，尤其是在歐洲，我們看到在仍面臨由疫情引發之重大健康與經濟挑戰的國家，商業成長較為溫和。但如 Shyam 所提到的，我們仍持續在這些地區投資以協助其復甦，並預期隨著這些地區復甦，我們的業務將加速成長。

In the first quarter, we closed 15 deals of $5 million or more in total contract value, including 6 deals worth $10 million or more. We ended the first quarter with total remaining value of $2.8 billion, up 40% year-over-year. Remaining performance obligation was $626 million at the end of the first quarter, up 129% year-over-year. Average contract duration was 3.7 years, up from 3.6 years at the end of 2020. These results are particularly strong when considering government customers entered into shorter-than-usual contracts in 2020 to accelerate procurement as they responded to the COVID crisis.

第一季，我們完成了 15 筆總合約價值達 500 萬美元以上的交易，其中包含 6 筆價值達 1,000 萬美元以上的交易。第一季結束時，我們的總剩餘價值為 28 億美元，年增 40%。第一季末的剩餘履約義務為 6.26 億美元，年增 129%。平均合約期間為 3.7 年，高於 2020 年底的 3.6 年。考量到政府客戶在 2020 年為了因應 COVID 危機、加速採購而簽訂了較以往更短期的合約，這些結果尤其強勁。

Moving through 2021, we expect these deals to renew and expand, which we believe will create tailwinds for both duration and deal value. First quarter trailing 12-month revenue per customer increased 29% year-over-year to $8.1 million. First quarter trailing 12-month revenue per top 20 customers increased 34% year-over-year to $36.1 million and represented 60% of trailing 12-month revenue compared with 65% in the year ago period. As we move through 2021 and beyond, an increased distribution across multiple channels, especially into new market segments, such as middle market and SMBs, we expect average revenue per customer growth to taper, reflecting our broadening customer base.

隨著 2021 年推進，我們預期這些交易將續約並擴大，我們相信這將為合約期間與交易價值帶來順風。第一季過去 12 個月（TTM）每位客戶營收年增 29%，達 810 萬美元。第一季過去 12 個月前 20 大客戶營收年增 34%，達 3,610 萬美元，並占過去 12 個月營收的 60%，相較於去年同期的 65%。隨著我們在 2021 年及之後透過多元通路擴大分銷，尤其進入新的市場區隔（如中型市場與中小企業 SMB），我們預期每位客戶平均營收成長將趨緩，反映我們客戶基礎的擴大。

Next, I'll discuss our margins and expenses on an adjusted basis, which excludes stock-based compensation. First quarter adjusted gross margin was 83%, up 800 basis points versus the year ago period. Contribution margin was 60%, up 1,900 basis points versus the year ago period. First quarter income from operations, excluding stock-based compensation and related employer payroll taxes was $117 million, representing adjusted operating margin of 34%, significantly ahead of our prior guidance of 23%.

接下來，我將以調整後基礎（排除以股票為基礎之薪酬）說明我們的毛利率與費用。第一季調整後毛利率為 83%，較去年同期提高 800 個基點。貢獻毛利率為 60%，較去年同期提高 1,900 個基點。第一季營業利益（排除以股票為基礎之薪酬及相關雇主薪資稅）為 1.17 億美元，代表調整後營業利益率為 34%，顯著優於我們先前 23% 的指引。

In the first quarter, we generated $151 million in adjusted free cash flow, representing adjusted free cash flow margin of 44%. As we continue to invest in our sales team, we expect related expenses to increase over the course of the year as these new heads come onboard. With over $2.3 billion in cash on the balance sheet and strong free cash flow in Q1, we paid down our outstanding debt in early April and expanded the availability under our revolver by $200 million for a total capacity of $400 million, all of which remains undrawn. This provides us with substantial flexibility to pursue investment initiatives in support of our long-term growth targets.

第一季我們產生 1.51 億美元的調整後自由現金流，代表調整後自由現金流利潤率為 44%。隨著我們持續投資銷售團隊，預期相關費用將在今年隨著這些新增人員到位而逐步增加。資產負債表上擁有超過 23 億美元現金，加上第一季強勁的自由現金流，我們在 4 月初償還了未償債務，並將循環信貸額度（revolver）的可用額度增加 2 億美元至總額 4 億美元，目前仍全數未動用。這使我們在支持長期成長目標的投資計畫上具備相當大的彈性。

For our Q2 revenue guidance, we expect year-over-year revenue growth of 43% or $360 million, and we expect adjusted operating margin of 23% for the quarter. Additionally, for the full year 2021, we are raising our adjusted free cash flow guidance from breakeven to in excess of $150 million on the strength of our first quarter. 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 revenue guidance of greater than 30% for this year and the next 4 years at each earnings call.

就第二季營收指引而言，我們預期營收年增 43%，或達 3.60 億美元，並預期本季調整後營業利益率為 23%。此外，就 2021 全年而言，基於第一季的強勁表現，我們將調整後自由現金流指引由損益兩平上調至超過 1.50 億美元。延續我們執行長 Alex Karp 在 2020 年年終財報電話會議中所提出、關於長期營收指引的策略，我們在今年以及未來 4 年，將在每次財報電話會議提供並持續提供高於 30% 的營收成長指引。

And with that, I'll turn it over to Rodney for Q&A.

接下來，我把時間交給 Rodney 進行問答。

Great. Thanks, Dave. So we'll begin Q&A with questions from our 1.5 million shareholders submitted through. And Shyam, I'll start with you on this first one. Ave E asks, does the company intend to turn profit in 2021 or keep using the current resources to expand?

很好。謝謝你，Dave。我們將從 150 萬名股東透過提交的問題開始 Q&A。Shyam，我先從第一個問題請你回答。Ave E 問，公司是否打算在 2021 年轉為獲利，或是繼續運用目前資源來擴張？

First of all, congrats, Ave, on having the most voted on question. There are 2 numbers that we focus on. The first is adjusted free cash flow, which really is the business' ability to generate money -- generate cash. And the other is adjusted operating income, which is a measure of profitability, excluding stock-based comp primarily. On cash flow, we had a swing of $441 million to deposit, generating $151 million of positive cash flow, a 44% adjusted cash flow margin. So this shows the business' underlying financial strength.

首先，恭喜你，Ave，你的問題獲得最高票。我們主要關注兩個數字。第一個是調整後自由現金流，這真正反映企業創造資金——創造現金的能力。另一個是調整後營業利益，這是衡量獲利能力的指標，主要排除以股票為基礎之薪酬。在現金流方面，我們出現了 4.41 億美元的正向變動，產生 1.51 億美元的正現金流，調整後現金流利潤率為 44%。因此，這顯示了公司基本面的財務實力。

And on operating income, we had a 34% margin. This is demonstrating a software company that is efficiently distributing its products and shows tons and tons of product leverage. Not to mention, we're 1 point shy of our long-term targets that we established around the time of the listing. So it really shows that we can hit that. And so if you look at these 2 things together, we're proving the profitability and cash generation potential of the business.

在營業利益方面，我們的利潤率為 34%。這展現了一家能有效分銷其產品的軟體公司，並顯示出極高的產品槓桿效應。更不用說，我們距離上市前後所建立的長期目標只差 1 個百分點。因此這確實顯示我們能達成該目標。綜合這兩點來看，我們正在證明公司具備獲利能力與現金創造的潛力。

Sometimes in software, people talk about the rule of 40. The sum of your adjusted free cash flow margin and sum of your revenue growth should be greater than 40, right. Well, for us, that's 49% revenue growth in Q1, 44% adjusted free cash flow margin. That's 93%. That puts us in incredibly rare site area. We're in the top 3 of software companies for Q1. But I think actually, the most important thing is to realize that we're just at the beginning. We only have a handful of Fortune 500 companies. We are just starting to move down market to medium-size enterprises.

在軟體產業中，有時人們會談到「40 法則」（rule of 40）。也就是你的調整後自由現金流利潤率加上你的營收成長率，應該要大於 40，對吧。而我們第一季營收成長率為 49%，調整後自由現金流利潤率為 44%。合計是 93%。這讓我們處於極其罕見的區間。我們在第一季位居軟體公司前 3 名。但我認為其實最重要的是要意識到，我們才剛開始。我們目前只有少數幾家《財富》500 大公司客戶。我們才剛開始往下沉市場，進入中型企業。

Our government revenue is less than 10 basis points, less a 0.1% of U.S. defense spending. We have so much exciting product vision to invest in. There's just a huge market to go after. And the most prudent thing to do is to invest aggressively to go after. And that's what we're doing. We are focused on profitability. We're focused on growth. We're focused on generating in excess of $4 billion in revenue in 2025, as Alex outlined earlier this year.

我們的政府營收不到 10 個基點，不到美國國防支出的 0.1%。我們有許多令人振奮的產品願景值得投入。可攻占的市場非常龐大。而最審慎的做法就是積極投資去爭取這個市場。這正是我們正在做的。我們專注於獲利能力。我們專注於成長。我們專注於在 2025 年創造超過 40 億美元的營收，正如 Alex 今年稍早所概述的。

Great. Thanks, Shyam. I'll stick with you on this next one. We've gotten a few questions around the announcement, the investments that we've announced. So Jackson K. asks, why is Palantir choosing to invest in companies such as Lilium and Sarcos Robotics? Can you speak to the motivation behind these decisions and if investors can anticipate future corresponding investments? How do you view risk, investment size and potential return?

很好。謝謝你，Shyam。下一題我繼續請你回答。我們收到一些關於公告、以及我們已宣布之投資的問題。Jackson K. 問，為什麼 Palantir 選擇投資像 Lilium 與 Sarcos Robotics 這樣的公司？你能談談這些決策背後的動機，以及投資人是否可以預期未來還會有相應的投資嗎？你如何看待風險、投資規模與潛在報酬？

Thanks, Jackson, for the question. As I mentioned throughout the call, we are relentlessly focused on increasing distribution. And here, we see a unique opportunity with ambitious companies to invest in both compelling management teams and compelling businesses and to partner with them on using our software from day 0. These are folks that are focused on winning. There is no entrenched IT bureaucracy that wants to build their own toy like solution.

謝謝你，Jackson，提出這個問題。正如我在整場電話會議中提到的，我們始終不懈地專注於提升分銷能力。在這裡，我們看到一個獨特的機會：與有雄心的公司合作，投資於出色的管理團隊與出色的業務，並從第 0 天起就與他們攜手使用我們的軟體。這些人專注於取勝。他們沒有那種根深蒂固、想要自己打造玩具式解決方案的 IT 官僚體系。

They viscerally understand the value of buying the best operating system for their enterprise, shaving years and mountains of risk off their road map. That's not even to make mention of all the money they would have otherwise wasted buying traditionally siloed systems from CRM to ERP to manufacturing execution systems to some homegrown mini monster. Overall, we think this is a really compelling opportunity to accelerate our business, to accelerate our distribution and to bet on our customers.

他們從直覺上深刻理解：為企業購買最好的作業系統的價值在於，能從路線圖中削去數年時間並大幅降低風險。更不用說，他們原本可能會把大量資金浪費在購買傳統上各自為政的系統上——從 CRM 到 ERP、到製造執行系統，再到一些自家開發的小型怪物系統。總體而言，我們認為這是一個極具吸引力的機會，可加速我們的業務、加速我們的分銷，並押注於我們的客戶。

Great. And maybe 1 more for you, Shyam, before going to the rest of the group. Jeffrey T. asks, what are your plans to compete with Microsoft in the coming quarters?

很好。在交給其他人之前，Shyam，我再問你一個問題。Jeffrey T. 問：你們在接下來幾個季度有哪些計畫與 Microsoft 競爭？

Thanks, Jeffrey. Well, we don't compete with Microsoft or other software vendors or system integrators. We compete against our customers. We compete against our customers' desire to build their own bespoke solution. This is build versus buy. And you aren't actually buying with Microsoft or these other vendors. I mean, with Microsoft, remember Ballmer's famous meme, developers, developers, developers, or with AWS, look at their product marketing, it's about build, build better, build faster, build on AWS.

謝謝你，Jeffrey。嗯，我們不與 Microsoft 或其他軟體供應商或系統整合商競爭。我們是與我們的客戶競爭。我們是在與客戶想要自行打造客製化解決方案的慾望競爭。這是「自建」對「採購」的選擇。而你其實不是在跟 Microsoft 或其他供應商「買」什麼。我的意思是，以 Microsoft 為例，記得 Ballmer 那個著名的迷因：developers, developers, developers；或是 AWS，看看他們的產品行銷，講的是 build、build better、build faster、build on AWS。

The same for GCP and with system integrators, by definition, you're building. And yes, that's a challenge because our software shamanism means that we build something radically in the future, holistic in approach and stunning in its results. But it's also something that comes across as both heterodox to the high priest of IT and their reference architecture. But the proof is in the pudding when the pandemic hit and tore through our health systems and supply chain, the IT orthodoxes failed to deliver anything ameliorate.

GCP 也是一樣；而系統整合商按定義就是在「建」。是的，這是一個挑戰，因為我們的軟體「薩滿式」作法意味著：我們打造的是一個面向未來、方法論整體且成果驚人的東西。但它同時也會在 IT 的「大祭司」及其參考架構眼中，顯得既非正統又離經叛道。然而，疫情來襲並席捲我們的醫療體系與供應鏈時，IT 正統派未能交付任何能改善局勢的成果，這就是最好的證明。

Foundry and Gotham delivered revolutionary capabilities in jaw droopingly short periods of time. Our battle-tested, and I mean that literally, our battle-tested architecture is competing against DIY market. And the pace we are innovating at continues to put distance between us and the next best alternative from archetypes that allow you to replace a year of custom integration with a few clicks over a few hours to Apollo for Edge AI that allows you to deliver the most sophisticated operational AI that is, frankly, just a few steps shy of Skynet.

Foundry 與 Gotham 在短得令人瞠目結舌的時間內交付了革命性的能力。我們經過實戰驗證——我指的是字面意義上的實戰驗證——的架構，正在與 DIY（自行打造）市場競爭。而我們持續創新的速度，讓我們與「次佳替代方案」之間的距離不斷拉大：從可讓你用幾小時、點幾下就取代一年客製整合的原型（archetypes），到 Apollo 的 Edge AI，使你能交付最先進的營運型 AI，坦白說，距離天網（Skynet）只差幾步。

And as I mentioned earlier, we see the cloud providers, in particular, starting to incorporate these battle-tested architectures into their go-to-market motion and their offerings to their customers, precisely because selling undifferentiated LEGO bots isn't enough.

如我先前提到的，我們看到雲端供應商，特別是，開始把這些經過實戰驗證的架構納入其市場推進（go-to-market）動作與對客戶的產品供給中，原因正是：只賣沒有差異化的樂高積木機器人是不夠的。

Great. Thanks, Shyam. Kevin, I'll come to you with this next one. It's kind of in the similar vein. Donatas asks, do you see Palantir becoming as crucial and impactful as Microsoft Office for businesses? If so when do you expect to reach that kind of adoption?

很好。謝謝你，Shyam。Kevin，下一題我想請你回答。這題有點類似。Donatas 問：你是否認為 Palantir 會像 Microsoft Office 對企業一樣關鍵且具有影響力？如果是，你預期何時能達到那種採用程度？

Thanks for the question. People should expect more from the modern operating purpose. For our customers, particularly in a time of great need, we're the most crucial and the most impactful software for any type of business. Our users aren't just in the office. They're on the front line, on the factory floor, at an airport, doctors office, in a war zone. People use our product for their day-to-day job, their day-to-day mission.

謝謝提問。人們應該對現代作業用途（operating purpose）有更高的期待。對我們的客戶而言，尤其是在高度迫切的時刻，我們是任何類型企業最關鍵、最具影響力的軟體。我們的使用者不只在辦公室。他們在第一線、在工廠現場、在機場、在醫師診間、在戰區。人們用我們的產品來完成他們的日常工作、日常任務。

I think about a nursing home worker in Japan, who's caring for an aging population and needs to deliver preventative care. Workers at an airline routing thousands of flights or last year needing to find parking for thousands of aircraft. One of our customers is fighting wildfires in California, fire risk experts doing on the ground inspection with Foundry. The United States and the United Kingdom governments are running 2 of the most successful vaccination programs in the world, and both are using Foundry.

我會想到日本的安養機構工作者，他們照護高齡人口並需要提供預防性照護。也想到航空公司的員工要為數千個航班做航線規劃，或去年需要為數千架飛機尋找停放位置。我們有一位客戶在加州對抗野火，火災風險專家使用 Foundry 進行地面勘查。美國與英國政府正在運行全球最成功的兩個疫苗接種計畫，而兩者都在使用 Foundry。

In the U.K. thousands of users from physicians to administrators, nearly 2,500 vaccination sites, nearly 44 million vaccines. And every vaccine is ordered, allocated, tracked and delivered in Foundry. In the United States, 257 million vaccines over 1,600 data sets, 50 states, 14 jurisdictions, pharmacies, manufacturers, Foundry is the place for the federal government to understand vaccine supply and distribution chain from manufacturing to the jabs. Our products help our customers win, which is what is required of the modern operating system.

在英國，從醫師到行政人員共有數千名使用者，近 2,500 個接種站點，接近 4,400 萬劑疫苗。而每一劑疫苗都在 Foundry 中被下單、分配、追蹤並交付。在美國，2.57 億劑疫苗、超過 1,600 個資料集、50 個州、14 個轄區、藥局、製造商——Foundry 是聯邦政府用來理解從製造到施打的疫苗供應與分銷鏈的地方。我們的產品幫助客戶取勝，而這正是現代作業系統所必須做到的。

Thanks, Kevin. Shyam, I'll come back to you on this next one. Johan asks, your recent partnership with Faurecia, and the one before with Airbus shows your ability to work with that manufacturing clients. Is there any plan to develop that sector even further?

謝謝你，Kevin。Shyam，下一題我再回到你這邊。Johan 問：你們近期與 Faurecia 的合作，以及之前與 Airbus 的合作，顯示你們有能力與製造業客戶合作。是否有計畫進一步深耕這個產業？

Thank you, Johan. Absolutely. Manufacturing is a huge focus for us, and it's an area of deep, deep strength historically. Just look at Chrysler. Every factory in North America on the factory floor, you will find Foundry open to manage quality in real time. Manufacturing with chemical companies, mining, energy, suppliers across ecosystems in automotive, aerospace, I'll announce a new customer, auto manufacturing with Fuzhou.

謝謝你，Johan。當然。製造業是我們的重點之一，而且歷史上我們在這個領域有非常、非常深厚的實力。看看 Chrysler 就知道了。在北美的每一座工廠、在工廠現場，你都會看到 Foundry 開著，用來即時管理品質。在製造領域，我們與化工公司、礦業、能源、以及汽車與航太生態系中的供應商合作；我也會宣布一位新客戶——福州的汽車製造。

We have cutting-edge products and archetypes that deliver rapid value in managing working capital, procurement, production, demand forecast, supply chain management, quality, logistics, all the whole chain around manufacturing. And I call out companies like Lilium and Sarcos again that are going to build their operations around Foundry from day 0, using Foundry for ERP, CRM, manufacturing execution, for quality and much more. And our value here extends beyond manufacturing into sales and aftersales, turning IoT and telemetry data into real value, not only for the OEMs, for the manufacturers, but for their suppliers and their customers.

我們擁有最前沿的產品與原型（archetypes），能在管理營運資金、採購、生產、需求預測、供應鏈管理、品質、物流等製造全鏈條上快速交付價值。我也再次點名 Lilium 與 Sarcos 這類公司：他們將從第 0 天起就以 Foundry 為核心打造其營運，使用 Foundry 來做 ERP、CRM、製造執行、品質管理等更多事項。而我們在此的價值不僅止於製造，還延伸到銷售與售後：把 IoT 與遙測資料轉化為真正的價值，不只為 OEM 與製造商，也為其供應商與客戶創造價值。

Great. Dave, I'll come to you on this next question. We've gotten a few on these lines. Brian L asks, could you ever see Palantir having Bitcoin or any other type of cryptocurrency on its balance sheet?

很好。Dave，下一題我想請你回答。我們收到幾個類似的問題。Brian L 問：你是否可能看到 Palantir 的資產負債表上持有比特幣或其他類型的加密貨幣？

Brian, thanks for the question. The short answer is yes. We're thinking about it, and we've even discussed it internally. Take a look at our balance sheet, $2.3 billion in cash at quarter end, including $151 million in adjusted free cash flow in Q1. So it's definitely on the table from a treasury perspective as well as other investments as we look across our business and beyond. On the other side of that, in terms of accepting Bitcoin from our customers, we do accept it. That's more [convenient]. We're open for business there.

Brian，謝謝你的提問。簡短的答案是：會。我們正在思考這件事，內部也確實討論過。看看我們的資產負債表：季度末現金 23 億美元，其中包含第一季 1.51 億美元的調整後自由現金流。因此，從財務資金管理（treasury）的角度，以及我們在檢視公司內外其他投資時，這確實都在考量範圍內。另一方面，至於是否接受客戶以比特幣付款，我們是接受的。那比較是出於[便利性]。我們在那方面也對外開放做生意。

Great. Shyam, coming back to your question about our work in health care, Conrad asks, does Foundry have presence in early-stage drug discovery and compound identification, not clinical trial data, but molecular properties, especially as pharma moves from small molecules to biologics?

太好了。Shyam，回到你關於我們在醫療保健領域工作的問題，Conrad 問到：Foundry 是否在早期藥物發現與化合物辨識方面有所布局——不是臨床試驗數據，而是分子層面的性質，特別是在製藥業從小分子轉向生物製劑之際？

Thanks, Conrad. Yes, our life science work is growing very quickly, and we are absolutely working on the drug discovery end of it. I'd highlight our work with NCI, the National Cancer Institute, and the National Center for Advancing Translational Sciences at NIH, where we are doing lots of preclinical work. A small sliver, which was actually made public through published papers were Palantir and Palantirians are listed as (inaudible). You can check out some of these from past ASCOs.

謝謝你，Conrad。是的，我們的生命科學工作成長非常快，而且我們確實正在藥物發現端投入。我想特別強調我們與 NCI（美國國家癌症研究所）以及 NIH 旗下的 NCATS（國家轉譯科學推進中心）的合作，我們在那裡做了大量臨床前工作。其中有一小部分其實已透過已發表的論文公開，論文中列出了 Palantir 以及 Palantir 的同仁為（聽不清）。你可以從過去幾屆 ASCO 的資料中看到其中一些。

Our work with MD Anderson spans not only obviously, clinical, but also preclinical work that we're doing, but more head on directly to just drug discovery. I'm proud to announce new partnerships with Roivant Sciences where we will work across their portfolio on drug discovery and development. And if you know anything about Roivant, they've invested a lot in computational approaches to drug discovery. With Celularity, we're going to help accelerate science around their breakthrough cell-based therapies and their cutting-edge biotechs that's focused on translating condensate biology into medicine.

我們與 MD Anderson 的合作不僅涵蓋（顯然的）臨床，也包含我們正在進行的臨床前工作，而且更直接地面向藥物發現。我很自豪地宣布我們與 Roivant Sciences 建立新的合作夥伴關係，我們將在其產品組合中推進藥物發現與開發。如果你了解 Roivant，就會知道他們在藥物發現的計算方法上投入很多。至於 Celularity，我們將協助加速其突破性的細胞療法，以及其專注於將凝聚體生物學（condensate biology）轉化為醫療的尖端生技研發。

Great. Thanks, Shyam. Kevin, I'll come to you on this next one, a question about the go to market. Jackson K asks, how is Palantir planning to expand downstream to medium-sized businesses? Since demo day and the kickoff of Double Click, has Palantir seen an increase in the interest from smaller companies? And if not, how can Palantir better demonstrate value to these businesses?

很好。謝謝你，Shyam。Kevin，下一題我想請你回答，這是一個關於市場進入（go-to-market）的問題。Jackson K 問：Palantir 計畫如何向下延伸、擴展到中型企業？自從 demo day 以及 Double Click 啟動以來，Palantir 是否看到來自較小公司的興趣增加？如果沒有，Palantir 要如何更好地向這些企業展示價值？

I mean short answer is yes, we signed up a number of great small and medium-sized businesses recently. And I expect to see more of this because we're widening our distribution. A big driver of our Q1 results, that's 72% commercial growth in the United States and what's contributing to the revenue guide for Q2 is our increasing efficiencies of distribution. Our sales cycle is beating up.

我的意思是，簡短答案是：是的，我們最近簽下了多家很棒的中小型企業客戶。而且我預期會看到更多，因為我們正在擴大我們的分銷／觸達渠道。推動我們第一季業績的一個重要因素，是美國商業業務 72% 的成長；而支撐第二季營收指引的因素之一，是我們分銷效率的提升。我們的銷售週期正在加速。

On demo day and Double Click, demonstrating our product publicly generates interest from all over, large global multinationals tuning in across their vast organization, smaller local regional companies are turning in to -- tuning in to learn how Foundry can provide an edge for their business, too. And this generates activity.

在 demo day 和 Double Click 上公開展示我們的產品，會引發各方的興趣：大型全球跨國企業會在其龐大組織內收看；較小的在地與區域公司也會收看——收看以了解 Foundry 如何同樣能為他們的業務帶來優勢。而這會帶動後續的活動。

We mentioned that our qualified pipeline has increased by 2.5x in the U.S. and U.K. And active commercial pilots across the business have more than doubled. And I think one of the most exciting things is that our shareholders are showing up in customer meetings. Of the 1.5 million individual shareholders, some are calling so they could bring Foundry to their day-to-day job.

我們提到過，我們在美國與英國的合格商機管線（qualified pipeline）增加了 2.5 倍；而全公司範圍內正在進行的商業試點（commercial pilots）也已超過翻倍。我認為最令人興奮的一點是，我們的股東正在出現在客戶會議中。在 150 萬名個人股東之中，有些人會打電話來，希望把 Foundry 帶進他們的日常工作。

Great. Kevin, I'll stick with you as next question is in the similar vein. Christopher T asks, with the recent announcement that Palantir is going to offer software to companies for free, how is Palantir getting this information out to Fortune 500 companies? Is Palantir reaching out to individual companies? Or are they waiting for -- are we waiting for companies to come to us?

很好。Kevin，我繼續請你回答下一題，因為問題方向相近。Christopher T 問：鑑於近期宣布 Palantir 將免費向企業提供軟體，Palantir 如何把這個訊息傳達給《財富》500 大公司？Palantir 會主動聯繫個別公司嗎？還是我們在等待——等待公司來找我們？

Thanks for this question. I suppose this is this is an opportunity to get the information out there. Over this last year, many of the most successful responses to the pandemic relied on effective data access through Foundry. The purpose of Palantir unlock is to make Foundry available to those who need it. I can remember about a year ago, when we were at the beginning stages of COVID-19, we knew that Palantir can make a huge impact, but we needed to help people learn this.

謝謝這個問題。我想這正是一個把訊息傳出去的機會。在過去一年中，許多最成功的抗疫應對都仰賴透過 Foundry 進行有效的資料存取。Palantir unlock 的目的，是讓有需要的人都能使用 Foundry。我記得大約一年前，當我們還在 COVID-19 的初期階段時，我們知道 Palantir 可以帶來巨大的影響，但我們需要幫助大家了解這一點。

So we began calling and calling and called city, state, local government, hospital, university research centers just to let them know that we have a technology that could help. I remember dialing into a state government. And finally, after several calls, finding the 1 person who's essentially trying to bring together data for the entire state with nothing more than a spreadsheet and a white -- sitting in a war room, she was trying to figure out answers to critical question. How many hospital beds do we have? How long until we run out? How many ventilators? How long will they last? How do I get PPE to my health workers? And we're proud to say that this person had the power of Foundry within hours, and that is what we're offering here with unlock.

所以我們開始一通又一通地打電話，聯繫城市、州政府、地方政府、醫院、大學研究中心，只是為了讓他們知道我們有一項能提供協助的技術。我記得我曾撥進某個州政府。最後，在打了好幾通電話之後，才找到那 1 位基本上正試圖把全州資料整合起來的人；她手上只有一個試算表和一塊白——坐在作戰室裡，她正試著回答關鍵問題。我們有多少病床？多久會用完？有多少呼吸器？能撐多久？我如何把 PPE 送到第一線醫護人員手上？我們很自豪地說，這個人幾個小時內就擁有了 Foundry 的能力，而這正是我們透過 unlock 所提供的。

Great. So Shyam, on to next question, zooming out a little bit, Jose asks, what is Palantir's long-term identity, both be a data and AI company? Or will it try to be the leader in many parts of the tech industry?

很好。那麼 Shyam，下一題我們把視角拉遠一點。Jose 問：Palantir 的長期定位是什麼——會是一家資料與 AI 公司嗎？還是會嘗試成為科技產業多個領域的領導者？

Thanks, Jose. Well, we aspire to be the most important software company in the world. And some would say that we're well on our way. We help countries deter and respond to threats from totalitarian regime. We help prevent terrorism from destroying our way of life. We enhanced the protection of data (inaudible) and civil liberty to prevent the reaction to terrorism from destroying our way of life.

謝謝你，Jose。我們的志向是成為世界上最重要的軟體公司。而有些人會說，我們正走在正確的道路上。我們協助各國嚇阻並應對來自極權政權的威脅。我們協助防止恐怖主義摧毀我們的生活方式。我們強化對資料（聽不清）與公民自由的保護，以防止對恐怖主義的反應反而摧毀我們的生活方式。

We help governments manage public health. And broadly, we have helped organizations respond to the various shocks that would otherwise have been death-row. And we do this with completely unique software. Foundry is an operating system for the modern enterprise, Gotham as defense OS, these are generational shifts in capabilities and approach. Personal computing was stuck in time before the standardization of the right operating systems.

我們協助政府管理公共衛生。更廣泛地說，我們幫助各類組織應對各種衝擊，否則這些衝擊本可能是致命的。而我們是用完全獨特的軟體來做到這一點。Foundry 是現代企業的作業系統，Gotham 則是國防作業系統；這些都是能力與方法上的世代級轉變。在正確的作業系統標準化之前，個人運算曾長期停滯不前。

Similarly, enterprises are stuck in our site without the right modern enterprise operating business. They are either drowning in the collection of siloed applications or they're just being sold a bunch of LEGO bots and a do-it-yourself dream.

同樣地，企業也被困在我們所見的現狀中，因為缺少合適的現代企業作業系統。他們不是淹沒在一堆彼此孤立的應用程式之中，就是被賣了一堆 LEGO 機器人和一個自己動手做（DIY）的夢想。

Personal computer hobby has tried to make their own operating systems too. We know how well that worked out. Alex sometimes said that we are software shaman. We have this track record of seeing around the corner and building what the world needs before the need is obvious. And the ability to even have perceived the need feels mystical, and it's precedent when it meets the moment. And you're going to see this again with Apollo for Edge AI.

個人電腦的愛好者也曾試著自己打造作業系統。我們知道那結果如何。Alex 有時會說我們是「軟體薩滿」。我們有一個紀錄：能夠預見趨勢、在需求尚未明顯之前就打造世界所需要的東西。甚至能察覺到這個需求本身，都帶著某種神秘感；而當它在關鍵時刻出現並契合當下時，就成為先例。你也將在 Apollo 的 Edge AI 上再次看到這一點。

Great. Dave, I'll come to you with this next one. Louis asks, can you expand on Palantir's stock-based compensation will have further dilute the total shares of the company by increasing float each quarter and how much longer will significantly impact EPS?

太好了。Dave，下一題我先請你回答。Louis 問：你能否進一步說明 Palantir 的以股票為基礎的薪酬（SBC）是否會因每季增加流通股數而進一步稀釋公司總股數，以及這種情況還會在多長時間內對每股盈餘（EPS）造成顯著影響？

Thanks, Louis. We have very low dilution when looking at a fully diluted share count. So far this year, our share -- fully diluted share count has increased less than 0.2%. So really, really low. With respect to SBC, it will normalize over the next couple of years as we're working through this outstanding overhang. And at the same time, when you couple that with the top line growth, we're going to continue to make progress towards profitability.

謝謝你，Louis。以完全稀釋後股數來看，我們的稀釋程度非常低。截至今年目前為止，我們的完全稀釋後股數增加不到 0.2%。所以真的、真的很低。就 SBC 而言，隨著我們處理這些尚未消化的存量壓力，未來幾年會逐步回歸常態。同時，結合營收端的成長，我們將持續朝獲利能力邁進。

I would just add that, obviously, everything Dave said is right here. The 20 basis point shows the discipline with which we are managing dilution. But just to zoom us out for a second here, like, why do we have stock-based comp in the first place. Equity is the fundamental investor employee alignment. We want, and frankly, you should want employees working their asses off with a long-term orientation to grow the value of the company. And so yes, we plan to continue granting equity to our employees and providing them opportunities to share a meaningful upside in the company in order to maximize your shareholder value.

我補充一下，顯然 Dave 剛才說的都完全正確。那 20 個基點顯示我們在管理稀釋方面的紀律。但稍微拉遠一點看：我們為什麼一開始會有以股票為基礎的薪酬？股權是投資人與員工利益一致的根本機制。我們希望——坦白說，你們也應該希望——員工以長期導向拼命工作，去提升公司的價值。因此，是的，我們計畫持續向員工授予股權，並提供他們分享公司顯著上行空間的機會，以最大化你們的股東價值。

Great. Dave, I'll stick with you. Jason B asks, why does Pop Karp keep selling his shares?

很好。Dave，我繼續請你回答。Jason B 問：為什麼 Pop Karp 一直在賣他的股票？

Jason, thanks for the question, and nice Pop Karp reference. We'll call him Alex here. So first off, Alex is one of our largest stockholders, but he has 2 large option grants that are expiring at the end of December that can't be extended. And so when he goes and exercises these options, it's going to create a very, very large stock build just to exercise in holding shares. And as a result, we've seen tax motivated sales as well as many corresponding exercises for shares that he will continue to hold. And even after this, he'll continue to be one of our largest stockholders. If you're interested in the nitty-gritty, you can check our filings if you want more detail.

Jason，謝謝你的問題，也很喜歡你提到 Pop Karp 的梗。我們這裡就叫他 Alex。首先，Alex 是我們最大的股東之一，但他有兩筆大型的期權授予將在 12 月底到期，而且不能展延。因此當他去行使這些期權時，僅為了行使並持有股份，就會形成非常、非常大的持股增加。因此我們看到一些出於稅務動機的賣出，同時也有許多相對應的行權，所取得的股份他仍會繼續持有。即便在這之後，他仍將是我們最大的股東之一。如果你對細節有興趣，可以查看我們的申報文件以取得更多資訊。

Great. Shyam, I'll come to you with this next one before we open up the call. Emel asks, experience of Palantir software appears more often now on job postings. Would you consider creating courses or tutorials on how to use your software, access to, of course, we've given incentive for the employees to request the software for their companies. Could you comment on that?

很好。Shyam，在我們開放電話提問之前，下一題我先請你回答。Emel 問：Palantir 軟體的使用經驗現在在徵才公告中更常出現。你們是否會考慮建立課程或教學，教大家如何使用你們的軟體，並提供存取（當然，我們也已經給員工誘因，鼓勵他們向公司提出導入軟體的需求）。你能評論一下嗎？

Thanks, Emel. Indeed, the number of job postings for roles that require contract experience, they're growing every day, and that has really accelerated. Now that we have 15 large system integrators who are hiring, training and building practices around Foundry, and we've built robust training to enable these system integrators to build billion-dollar lines of businesses around Foundry.

謝謝你，Emel。確實，需要 Foundry 使用經驗的職缺公告數量每天都在增加，而且增速非常快。現在我們有 15 家大型系統整合商正在招募、訓練並圍繞 Foundry 建立實務團隊，而我們也建立了完善的訓練，讓這些系統整合商能以 Foundry 打造出數十億美元規模的業務線。

But to your question, we want to do even more here, especially work in help with restarting economies and returning to full employment. So we're planning to make Foundry training available free to veterans of U.S. and allied militaries, to all of our individual shareholders and to anyone who is unemployed in the markets that we operate in. We are really excited about this. And we hope that it will make a meaningful contribution to restarting and reopening. So stay tuned for more details around this in the coming weeks.

但回到你的問題，我們希望在這方面做得更多，特別是協助經濟重啟並回到充分就業。因此我們計畫將 Foundry 訓練免費提供給美國及盟國軍隊的退伍軍人、我們所有的個人股東，以及我們營運市場中任何失業者。我們對此非常興奮。也希望這能對重啟與重新開放做出有意義的貢獻。未來幾週請持續關注，我們會公布更多細節。

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

很好。接線員，我們開放電話 Q&A。

(Operator Instructions) Your first question comes from Chris Merwin from Goldman Sachs.

(接線員指示) 你的第一個問題來自高盛的 Chris Merwin。

Congrats on the quarter here. I wanted to ask about the commercial business. It looks like growth improved from last quarter, still below 20%, but I know there's a lot that you've been working on there, including the modularization of Foundry and wanted to hear how that was resonating with customers. And then just the second part of the question would be around the customer add. It looks like you added 11 new customers on the commercial side in the quarter. Did most of this come from IBM? Or are those through your direct sales force?

恭喜本季表現。我想問一下商業業務。看起來成長較上季改善，仍低於 20%，但我知道你們在那方面做了很多工作，包括將 Foundry 模組化，想聽聽客戶的反應如何。第二部分是關於新增客戶。看起來你們本季在商業端新增了 11 位新客戶。其中大多數是來自 IBM 嗎？還是透過你們的直銷團隊？

Great. Thanks, Chris. Yes, the commercial business is gaining more and more momentum. As we mentioned, it grew 72% in the U.S. So what we're seeing is where economies are opening, there's just incredible traction there. We've hired 50 sales folks in the last quarter. You're starting to see that translate through in terms of activity, 2.5x the number of qualified opportunities in the U.S. and the U.K., double the number of commercial pilots, the product investments that we've made around modularization and archetypes, those are what are translating also into increased activity. It's what's fueling our ability to do substantially more pilots here.

很好。謝謝你，Chris。是的，商業業務正獲得越來越多動能。如我們提到的，在美國成長了 72%。所以我們看到的是，在經濟開放的地方，推進力道非常驚人。我們在上一季新聘了 50 位銷售人員。你開始看到這在活動量上反映出來：美國與英國的合格商機數量增加到 2.5 倍，商業試點（pilot）數量翻倍；我們在模組化與原型（archetypes）上的產品投資，也正在轉化為更多活動量。這些正在驅動我們在此能做出大幅更多的試點。

The channel strategy is also helping us source more customers. The IBM partnership generated its first deal within 16 days of being launched there. So lots of momentum there, a place that we'll continue investing in. Overall, we're quite excited. We continue to win deals in Europe. [Faurecia], Lilium in Europe, Fuzhou, Engie. So a bunch of momentum there. And as Europe starts to open and manage through the pandemic, we're also expecting the same sort of tailwind that we've seen in the U.S. in Europe.

通路策略也在幫助我們取得更多客戶。IBM 的合作夥伴關係在推出後 16 天內就促成了第一筆交易。所以那邊動能很強，我們也會持續投入。整體而言，我們相當振奮。我們持續在歐洲拿下案子。歐洲的 [Faurecia]、Lilium、Fuzhou、Engie。所以那邊有一波動能。而隨著歐洲開始開放並逐步度過疫情，我們也預期在歐洲會出現與美國相同的順風。

And your next question will come from (inaudible) from Jefferies.

下一個問題來自 Jefferies 的（聽不清）。

It's Brent Thill at Jefferies. On the government business, there's a lot of questions about the sustainable strength post-COVID. And what you're seeing, I think you said in the past that COVID has opened the door to many conversations, but there's a considerable amount of long tail of that. If you could just talk to what you're seeing as you look out?

我是 Jefferies 的 Brent Thill。關於政府業務，市場對於 COVID 之後能否維持強勁有很多疑問。就你們所見，我想你們過去曾說 COVID 打開了許多對話的大門，但其中有相當可觀的長尾效應。你能談談你們向前看所觀察到的情況嗎？

Thanks, Brent. That's absolutely right. There are a lot of things that got started as a result of COVID, but many of those things were not related to COVID response per se. It's really the fact that something had to be delivered, and it had to work in days, it showed many of the customers where their bespoke, custom-build approach was just never going to get there and allow them to mark-to-market whether a faster buy solution was going to work. And so we've seen that across the business, of course, the work with the National Nuclear Security Administration is not directly COVID related at all, but it's certainly accelerated by this.

謝謝你，Brent。完全正確。有很多事情是因 COVID 而啟動的，但其中許多並非直接與 COVID 應對本身相關。重點其實在於：必須交付某個成果，而且必須在幾天內就能運作；這讓許多客戶看見，他們那種量身打造、客製化開發的方法根本不可能達成，也無法讓他們即時評估（mark-to-market）更快的採購方案是否可行。因此我們在整個業務中都看到了這點；當然，與國家核子安全管理局的工作完全不是直接與 COVID 相關，但確實因這件事而加速推進。

We've seen work across health care, DoD, civilian agencies, accelerate inside the U.S. and outside of the U.S. We've also seen that the pipeline is continuing to build there. We're expecting a lot of defense-related activity to build over the back half of the year and into next year. We participate in the global information dominance experiment with 11 combat command, that was not even visible during the contact that we build here. So quite excited about the pace at which these things are building. And if you think about Apollo for Edge AI, most of the capabilities we're looking at, they didn't even exist around the time of the listing, like the pace at which we are innovating on the product is probably one of the most exciting things, and that is what is creating these opportunities that are compounding.

我們已看到在醫療保健、國防部（DoD）、民用機構等領域的工作，在美國境內與境外都在加速推進。我們也看到那裡的案源管線持續在建立。我們預期今年下半年到明年，與國防相關的活動將大量增加。我們參與了全球資訊優勢實驗，涵蓋 11 個作戰司令部，而這在我們在此建立的接觸過程中甚至並不明顯。因此，對於這些事情正在形成的速度感到非常振奮。而如果你想到 Apollo 用於邊緣 AI，我們正在關注的大多數能力，在上市時期甚至都還不存在；我們在產品上的創新速度可能是最令人興奮的事情之一，而這正是在創造這些會持續疊加的機會。

(Operator Instructions) Your next question comes from Keith Weiss from Morgan Stanley.

(接線員指示) 下一個問題來自摩根士丹利（Morgan Stanley）的 Keith Weiss。

Very nice quarter, especially with those new commercial customer adds. I had a question on kind of the margin side of the equation. And how we should be thinking about expense growth throughout the remainder of the year. So maybe to you, David. You did close to over $150 million of free cash flow in Q1. You're guiding for that figure for the full year. How should we use that to sort of guide our expectations on how that OpEx cost brand throughout the year? And how should we think about that on a go-forward basis? What's the investment philosophy, if you will, behind Palantir over the next couple of years as you look to sustain that 30% plus growth?

這一季表現非常出色，尤其是新增了那些新的商業客戶。我想問一下關於利潤率這一端的問題。以及我們應該如何看待今年剩餘期間的費用成長。所以也許先請教你，David。你們在第一季產生了接近超過 1.5 億美元的自由現金流。你們對全年也以這個數字作指引。我們應該如何利用這點來引導我們對全年營業費用（OpEx）成本走勢的預期？以及從更長期的角度，我們應該如何看待？如果可以的話，Palantir 在未來幾年、在你們希望維持 30% 以上成長之際，其背後的投資理念是什麼？

Absolutely, absolutely. So as you noted, we had a very strong quarter, 49% revenue growth, 44% adjusted free cash flow margin and 34% adjusted operating margin. There's nothing noteworthy to call out on the expense side. Top line being obviously a contributor there. Overall, super pleased with the results. It shows the underlying unit economics. Let's look ahead to Q2, very strong revenue guide of 43% growth, coupled out with 23% operating margin, while at the same time, we're really going to be investing into the business, investing in sales hires, investments around the sales team, continued investment in the product and R&D, a lot of what Shyam talked about. And we're going to be focused on reopening. We think it's really important to get the company back in the offices to get people together and focus on culture.

當然，當然。如你所指出，我們這一季非常強勁：營收成長 49%，調整後自由現金流利潤率 44%，調整後營業利潤率 34%。在費用端沒有什麼特別值得提出的事項。營收端顯然是其中的貢獻因素。整體而言，我們對結果非常滿意。這顯示了底層的單位經濟效益。展望第二季，我們給出非常強勁的營收指引：成長 43%，同時搭配 23% 的營業利潤率；而在同一時間，我們也會大力投資於業務，包括招募銷售人員、對銷售團隊的投入、持續投資產品與研發（R&D），也就是 Shyam 談到的許多內容。同時我們也會專注於復工回辦公室。我們認為讓公司回到辦公室、讓大家聚在一起並聚焦文化，這非常重要。

And your next question will come from Alex Zukin from Wolfe.

下一個問題來自 Wolfe 的 Alex Zukin。

I wanted to ask, clearly, the confidence in the commercial revenue growth is high given the rep hiring that you guys are putting up. Can you talk about the divergence in pilots in the commercial sector versus the stated revenue growth? And when will those pilots convert to revenues? How visible is that conversion time line, et cetera?

我想問的是，鑑於你們正在進行的業務代表招募，顯然你們對商業營收成長很有信心。你能談談商業領域的試點（pilot）與所述營收成長之間的差異嗎？以及這些試點何時會轉換為營收？這個轉換時間表的可見度如何，等等？

Yes. We're quite excited by the teeth at which our hires are being accomplished, the ramp that we're seeing for those tires. We're also seeing just a kind of aggregate flywheel acceleration where the ramps are getting faster, the activity, converting into revenue is getting faster. So generally, I would agree, like we are feeling very bullish, and we're seeing that there.

是的。我們對於招募完成的速度感到非常振奮，以及我們看到這些招募人員的上手爬坡（ramp）情況。我們也看到一種整體的飛輪加速：上手速度更快、活動轉換為營收的速度也更快。所以總體而言，我同意你的看法：我們確實非常看多，而且我們也正在看到這些跡象。

The pilots themselves are compressing in terms of how long they're taking because of the investments made in product modularization, archetypes, these allow us to structure the products in a way that something that would have taken 3 months to 4 is now a week or less. This is giving us a lot more capacity to cost efficiently distribute the product, accomplish these pilots and turn the revenue crank here. And so we're seeing very high returns to the sales force we're building. We want to keep doing more here. Look for that to accelerate even further in the back half of the year.

試點本身在所需時間上正在被壓縮，因為我們在產品模組化、原型（archetypes）方面的投資，使我們能以一種方式來架構產品：過去可能需要 3 到 4 個月的事情，現在一週甚至更短就能完成。這讓我們有更大的產能，以具成本效率的方式分發產品、完成這些試點，並在此推動營收成長。因此，我們看到正在建立的銷售團隊帶來非常高的回報。我們希望在這方面做得更多。預期今年下半年這種加速會更為明顯。

And the conversion, we're really happy with it. I think when I just think about the 2.5x qualified pipeline that's been created since February 1, and then I think about the doubling of the pilot we're seeing about 1/3 of those have already turned into something. And so as we build bigger and bigger pipeline here, we're feeling good about how that funnel is flowing through. And if you combine that with the additional product investments, the road map that we're executing on, we have every reason to believe that we're going to continue to see acceleration across all these dimensions.

至於轉換率，我們非常滿意。我想，當我想到自 2 月 1 日以來所建立的 2.5 倍合格管線（qualified pipeline），再想到我們看到的試點數量翻倍，其中約有三分之一已經轉成了實質成果。因此，隨著我們在此建立越來越大的管線，我們對這個漏斗的流動情況感到樂觀。如果再結合額外的產品投資、我們正在執行的產品路線圖，我們完全有理由相信，我們將在所有這些面向持續看到加速。

This brings us to the end of our audio Q&A session. I turn the call back over for closing remarks.

以上是我們語音問答環節的結束。我把電話交回去進行結語。

Thank you all for joining us. We're excited about the quarter. Thank you for waking up early. We'll talk to you all soon.

感謝各位加入我們。我們對本季表現感到振奮。謝謝大家一大早起床參與。我們很快再與各位交流。

Thank you, everyone. This will conclude today's conference call. You may now disconnect.

謝謝大家。今天的電話會議到此結束。您現在可以掛線。