Palantir Technologies Inc (PLTR) 2020 Q4 法說會逐字稿

Good morning. Welcome to Palantir's Fourth Quarter 2020 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.

早上好。歡迎來到 Palantir 的 2020 年第四季度財報電話會議。我們將討論我們在市場開盤前發布的新聞稿中公佈的結果，並發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter 2021 and multiyear outlook, 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發表在適用證券法中可能被視為前瞻性的陳述，包括關於我們 2021 年第一季度和多年展望的陳述、管理層對我們未來財務和運營業績的預期以及關於我們計劃的其他陳述，前景和期望。這些陳述不是承諾或保證，存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息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找到。除法律要求外，我們不承擔更新前瞻性陳述的義務。

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 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措施。這些非公認會計原則財務措施應作為公認會計原則措施的補充而不是替代或孤立考慮。有關這些非公認會計原則措施的其他信息，包括非公認會計原則與可比公認會計原則措施的對賬，包含在我們今天提供的新聞稿和投資者介紹中。我們的新聞稿、投資者介紹和 SEC 文件可在我們的投資者關係網站 Investors.palantir.com 上查閱。

Welcome. Palantir had a very strong year last year. And then because of the strength of the year, it might be worth taking a second and asking, well, what do the numbers actually mean? Obviously, on the face of them, they're strong and even curiously strong. We believe, I believe, that Palantir's numbers are a lagging indicator of several macro trends that we got right.

歡迎。 Palantir 去年的表現非常強勁。然後由於今年的實力，可能值得花點時間問一下，好吧，這些數字到底意味著什麼？很顯然，在他們的臉上，他們是強大的，甚至是出奇的強大。我們相信，我相信，Palantir 的數據是我們正確的幾個宏觀趨勢的滯後指標。

First is the obvious macro trend that has almost become banality that the world is becoming a software world. And the institutions that survive and thrive and provide benefits to their citizens, both in terms of actual output, but also real output, meaning output that includes data protection, that make sure that the data is actually preserved in a way that guarantees its veracity, that gives comfort to his citizens, that make sure the citizens aren't merely a product to be monetized.

首先是明顯的宏觀趨勢，世界正在變成一個軟件世界，這幾乎已經成為陳詞濫調。生存和繁榮並為其公民提供利益的機構，無論是在實際產出方面，還是在實際產出方面，即包括數據保護在內的產出，確保以保證其真實性的方式實際保存數據，這讓他的公民感到安慰，確保公民不僅僅是要貨幣化的產品。

And second, that as diverse as the institutions are that we work in, from clandestine services, to providing AI in the most sensitive military context, to working with oil and gas companies, to airlines, to pharmaceutical research, to all aspects of helping to ameliorate the plague that is COVID, there's one trend: Institutions, countries, individuals that can assess the value of software that can work now are the institutions that survive and provide value, both in the government, commercial and even moral context. Moral as defined by they increase the legitimacy of institutions.

其次，我們工作的機構多種多樣，從秘密服務到在最敏感的軍事環境中提供人工智能，再到與石油和天然氣公司合作，再到航空公司，再到藥物研究，再到幫助緩解 COVID 的瘟疫，有一個趨勢：能夠評估現在可以運行的軟件價值的機構、國家和個人是能夠在政府、商業甚至道德環境中生存並提供價值的機構。它們所定義的道德提高了製度的合法性。

One of the primary issues we have in the West is the dearth of legitimacy of commercial and government institutions, of experts. And this makes it very impossible to navigate issues around how do you rebuild your company internally and externally to conform and thrive in a very difficult context where there's COVID, rebuilding the supply chain, political volatility, uncertainty and general skepticism about anything you say. That is a software problem.

我們在西方面臨的主要問題之一是缺乏商業和政府機構以及專家的合法性。這使得圍繞如何在內部和外部重建公司以在一個非常困難的環境中適應和發展的問題變得非常不可能，其中有 COVID、重建供應鏈、政治動盪、不確定性和對你所說的任何話的普遍懷疑。那是軟件問題。

How do you actually look at the data, understand that the data is actually true, understand the veracity of the model? How do you -- how can you prove to people that their data is not being abused, monetized, used to discriminate against them, where the people listening to you have a great deal of skepticism? How do people who are on this call presumably trying to evaluate the actual value and meaning of our numbers? It's very hard for them to do -- to understand this without understanding what is the actual background of the numbers. Are they a forward indicator or a lagging indicator of a macro trend that you've either got it right or wrong?

您如何實際查看數據，了解數據實際上是真實的，了解模型的真實性？你怎麼——你怎麼能向人們證明他們的數據沒有被濫用、貨幣化、被用來歧視他們，而聽你的人有很大的懷疑？參加這次電話會議的人可能會如何評估我們數字的實際價值和意義？他們很難做到——在不了解數字的實際背景的情況下理解這一點。它們是宏觀趨勢的前瞻指標還是滯後指標，您認為它是對還是錯？

One of the interesting things about philosophy, history and software is that when something becomes crucial to a society, absolutely determinative, it sets off a dialectic of learning so that what we understand about what it means to procure software, use software, integrate into a world that is defined by software, is very different than what we would have thought about it when it was a luxury product. And that's largely how software has been viewed here before. It's something that can augment your enterprise, your government. It can make your enterprise slightly better than your competitor in a myriad of context. It can make your military slightly more efficacious, slightly more transparent or in some context, less transparent. It can make things more cost effective.

關於哲學、歷史和軟件的一個有趣的事情是，當某些東西對一個社會變得至關重要、絕對具有決定性時，它會引發一種學習辯證法，以便我們理解採購軟件、使用軟件的意義，並將其融入由軟件定義的世界與我們在它是奢侈品時所想的完全不同。這在很大程度上是以前在這裡查看軟件的方式。它可以增強您的企業、您的政府。它可以使您的企業在各種情況下都比競爭對手略勝一籌。它可以使你的軍隊更有效、更透明，或者在某些情況下，更不透明。它可以使事情更具成本效益。

But that's not the context we're in now. We're in a context where it is basically binary. Institutions and societies, which implement software effectively will dramatically outperform and in every context: in the military context, in the clandestine context, in the COVID context, in the context of every commercial entity that we're involved in and everyone I've ever seen and everyone you've seen.

但這不是我們現在所處的環境。我們所處的環境基本上是二進制的。有效實施軟件的機構和社會將在任何情況下都表現出色：在軍事環境中，在秘密環境中，在 COVID 環境中，在我們參與的每個商業實體以及我曾經接觸過的每個人的環境中見過的和你見過的每個人。

And then the real question's like, well, what does it mean to survive in a COVID-like context? Or how do you stop the next pandemic in a western constellation where civil liberties, data protection is crucial. You can't just re-orchestrate the society and re-orchestrate the data without having buy-in from the people that nominally or, hopefully, completely control the society. Those are software problems.

然後真正的問題是，在類似 COVID 的環境中生存意味著什麼？或者你如何在公民自由和數據保護至關重要的西方國家阻止下一次流行病。你不能只是重新編排社會和重新編排數據，而沒有名義上或希望完全控制社會的人的支持。這些都是軟件問題。

And then the people who are in charge have to -- are going to learn, and will learn over time, well, what does it mean when someone says that software works? What does it mean for software to be implemented effectively? What is the actual alpha? Is the alpha just the output? Or is it the output, also measured against the moral context, the moral imperatives that allow us to unify in a society?

然後負責人必須要學習，並且會隨著時間的推移學習，好吧，當有人說軟件有效時，這是什麼意思？有效實施軟件意味著什麼？什麼是實際的阿爾法？阿爾法只是輸出嗎？或者是輸出，也是根據道德背景、道德要求來衡量的，使我們能夠在一個社會中團結起來？

There's a very famous quote from Wittgenstein, (foreign language), which means roughly paraphrased, "to believe you're following the rule isn't to follow a rule." This is typically used to explain an important trend in language philosophy. But you could also look at this as like, to use software, it doesn't mean to actually use software.

維特根斯坦（Wittgenstein）有一句非常著名的名言（外語），意思是粗略的解釋，“相信你遵守規則並不是遵守規則。”這通常用於解釋語言哲學中的一個重要趨勢。但是你也可以這樣看，使用軟件並不意味著實際使用軟件。

If software is absolutely determinative of the current condition, just like language was. It's like in a philosophical sense, you could say we've had a shift from the language imperative or language is actually what deferred -- determines meaning, to a software context, where it's actually software is determining meaning, value and legitimacy.

如果軟件絕對決定了當前的狀況，就像語言一樣。就像在哲學意義上，你可以說我們已經從語言命令或語言實際上是延遲的東西 - 決定意義，到軟件上下文，它實際上是軟件決定意義、價值和合法性。

Why do commercial and government institutions struggle with legitimacy? Because in many cases, it's very hard to understand what is the output. How did it happen? Under what context? What was paid for it? What did we get? The structures we've built are treating software as a cosmetic, augmentive attribute when, in fact, software is the language of our time. And a mastery of software will determine what works and what doesn't.

為什麼商業和政府機構要與合法性作鬥爭？因為在很多情況下，很難理解輸出是什麼。這是怎麼發生的？在什麼背景下？為此付出了什麼？我們得到了什麼？我們建立的結構將軟件視為一種裝飾性的、增強的屬性，而事實上，軟件是我們這個時代的語言。對軟件的掌握將決定什麼有效，什麼無效。

The numbers that you've seen are a reflection of our bet that this would happen. They are a lagging indicator. And we believe that the transformation which is happening in the world now will accelerate. And that the way in which we're providing software, both Foundry, Gotham and our ability to scale this through Apollo will be the way that everyone at some point will actually try to build software and the way in which institutions will procure software. Because of a dialectic of macro and micro condition, a dialectic which will force change because the winners will figure this out.

您看到的數字反映了我們認為這會發生的賭注。它們是一個滯後指標。我們相信，現在世界正在發生的轉變將會加速。我們提供軟件的方式，包括 Foundry、Gotham 以及我們通過 Apollo 進行擴展的能力，將是每個人在某個時候實際嘗試構建軟件的方式以及機構採購軟件的方式。由於宏觀和微觀條件的辯證法，一種將迫使改變的辯證法，因為獲勝者會弄清楚這一點。

On today's call, you'll hear from Alex Karp, Founder and Chief Executive Officer; Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; and Kevin Kawasaki, Global Head of Business Development. With that, I'll turn it over to Shyam.

在今天的電話會議上，您將聽到創始人兼首席執行官 Alex Karp 的講話； Shyam Sankar，首席運營官； Dave Glazer，首席財務官；和全球業務發展主管 Kevin Kawasaki。有了這個，我會把它交給Shyam。

Thank you, Rodney. First, I'd like to congratulate the NHS and the U.K. for a stunningly successful vaccine rollout. The NHS is truly a national treasurer. I'd also like to congratulate HHS Protect on winning Gartner's Eye on Innovation Award for government in 2020. And finally, I'd like to congratulate U.S. Space Force's Kobayashi Maru, their cutting-edge software factory, for winning the Software Innovation Team and Gears of Government awards.

謝謝你，羅德尼。首先，我要祝賀 NHS 和英國成功推出疫苗。 NHS 是真正的國家財務主管。我還要祝賀 HHS Protect 在 2020 年獲得 Gartner 的政府創新之眼獎。最後，我要祝賀美國太空部隊的尖端軟件工廠 Kobayashi Maru 贏得了軟件創新團隊和政府獎項的齒輪。

To 2020 results. 2020 was a seminal year for Palantir. We helped 100 commercial organizations and 10 national governments respond to the COVID crisis. We were able to solve incredibly complex problems in 3 days and enabled our customers to reinvent themselves amidst these continuous shocks. But of course, that's not just 3 days. It's 15 years of product development, more than $2 billion on R&D and 3 days.

到 2020 年的結果。 2020 年對 Palantir 來說是開創性的一年。我們幫助 100 個商業組織和 10 個國家政府應對 COVID 危機。我們能夠在 3 天內解決極其複雜的問題，並使我們的客戶能夠在這些持續的衝擊中重塑自我。但當然，這不僅僅是 3 天。這是 15 年的產品開發，超過 20 億美元的研發和 3 天的時間。

And for many of those customers, in a short period, we became their default operating system. We became critical to the core functioning of their operations. In meeting that moment, our business grew significantly in 2020, resulting in 47% revenue growth on a full year. And we created and continue to create substantial opportunities for growth over the next year and beyond.

對於其中許多客戶，我們在短時間內成為他們的默認操作系統。我們對他們運營的核心功能至關重要。在那一刻，我們的業務在 2020 年顯著增長，全年收入增長 47%。我們在明年及以後創造並繼續創造大量增長機會。

Last week, we announced a groundbreaking partnership with IBM, where IBM will OEM a number of Foundry modules in its Cloud Pak for Data offering, enabling commercial customers to easily build AI-infused applications, leveraging a trusted data foundation in enterprise AI. This partnership dramatically expands our distribution capabilities leveraging IBM's data in AI's 2,500 sellers. For context, that is a sales force that is larger than all of Palantir, along with an already large installed base of Cloud Pak customers. We're very excited about what this partnership means for our go to market in 2021 and beyond.

上週，我們宣布與 IBM 建立開創性的合作夥伴關係，IBM 將在其 Cloud Pak for Data 產品中 OEM 多個 Foundry 模塊，使商業客戶能夠輕鬆構建注入 AI 的應用程序，並利用企業 AI 中的可信數據基礎。這種合作關係極大地擴展了我們利用 IBM 在 AI 的 2,500 名賣家中的數據的分銷能力。就上下文而言，這是一支比所有 Palantir 都要龐大的銷售隊伍，以及已經龐大的 Cloud Pak 客戶安裝群。我們對這種合作夥伴關係對我們在 2021 年及以後進入市場的意義感到非常興奮。

The response since the announcement from prospective customers has been incredibly strong. There's a lot of momentum, a lot of energy. And we will continue to pursue channel partnerships to enhance our distribution. The product-driven momentum is clear and building across both segments of our business. We invested in technologies that would help our customers get value fast and create enduring operational value that compounds. Continuously delivered upgrades to our software become upgrades to our customers' businesses.

自潛在客戶宣布以來，反應非常強烈。有很大的動力，有很多的能量。我們將繼續尋求渠道合作夥伴關係，以加強我們的分銷。產品驅動的勢頭很明顯，並且在我們業務的兩個領域都建立起來。我們投資的技術可以幫助我們的客戶快速獲得價值並創造複合的持久運營價值。對我們軟件的持續升級成為我們客戶業務的升級。

Our Foundry 21 launch represents the culmination of that work. With software-defined data integration, we're automating away the complexity of integrating systems. With a drag and drop interface frontline, business users can build production-grade, AI-infused applications. Modularity allows customers to take what they need and build on what they have. Archetypes bring point-and-click use cases to accelerate outcomes, all part of how upgrading our software upgrades their business.

我們的 Foundry 21 發射代表了這項工作的高潮。通過軟件定義的數據集成，我們可以自動消除集成系統的複雜性。通過前端的拖放界面，業務用戶可以構建生產級、注入 AI 的應用程序。模塊化允許客戶獲取他們需要的東西並在他們擁有的東西的基礎上進行構建。原型帶來了點擊式用例來加速結果，這是升級我們的軟件如何升級他們的業務的所有部分。

As we move into 2021, these innovations are not only helping our customers generate value much faster, they're also allowing us to broaden our go to market. We expect to add triple-digit headcount to our sales function this year. In our commercial segment, we generated greater than 100% U.S. revenue growth in 2020 on the back of investments in our direct sales force. And in the fourth quarter, we signed several large deals with customers across a variety of sectors, including automotive, energy, health care, insurance, mining and shipping.

隨著我們進入 2021 年，這些創新不僅幫助我們的客戶更快地創造價值，還讓我們能夠擴大市場範圍。我們預計今年我們的銷售部門將增加三位數的員工人數。在我們的商業部門，由於對直銷團隊的投資，我們在 2020 年實現了超過 100% 的美國收入增長。在第四季度，我們與汽車、能源、醫療保健、保險、採礦和航運等多個行業的客戶簽署了幾項大宗交易。

We signed a multiyear enterprise agreement with Rio Tinto in the fourth quarter. This partnership is the culmination of several Foundry deployments, integrating data from across Rio Tinto's operations, spanning 90-plus systems, including machines, sensors and instruments. These initiatives helped Rio Tinto transform Borates into a digital business across the value chain, to increase production and enhance profitability and connect people in Rio Tinto's underground operations with data. Foundry will be both a single source of truth, combining operational and transactional data and a digital twin that will enable Rio Tinto's employees to make data-driven decisions and take action from headquarters to the mine phase.

我們在第四季度與力拓簽署了一份多年期企業協議。此次合作是多項 Foundry 部署的成果，整合了 Rio Tinto 業務的數據，涵蓋 90 多個系統，包括機器、傳感器和儀器。這些舉措幫助力拓將硼酸鹽轉變為跨價值鏈的數字業務，以提高產量和盈利能力，並將力拓地下業務中的人員與數據聯繫起來。 Foundry 將既是一個單一的事實來源，結合了運營和交易數據，也是一個數字雙胞胎，這將使 Rio Tinto 的員工能夠做出數據驅動的決策，並從總部到礦山階段採取行動。

We signed a multiyear contract with Pacific Gas and Electric to help it streamline operations across the company. PG&E collects 10 billion data points every day, expanding both structured and unstructured data, which will be the digital twin of PG&E's network within Foundry to enable root cause analysis and upgrade monitoring. We expect this will allow them to improve their electric operations and asset management, resulting in enhanced safety and grid reliability. PG&E will have a single, integrated platform, providing a complete operating picture to make fast, effective, data-driven decisions in its Public Safety Power Shutoff program, which will help mitigate future wildfire risks. And this is just the beginning of our joint enterprise vision.

我們與 Pacific Gas and Electric 簽訂了一份多年期合同，以幫助其簡化整個公司的運營。 PG&E 每天收集 100 億個數據點，擴展結構化和非結構化數據，這將成為 PG&E 在 Foundry 內網絡的數字孿生，以實現根本原因分析和升級監控。我們預計這將使他們能夠改善其電力運營和資產管理，從而提高安全性和電網可靠性。 PG&E 將擁有一個單一的集成平台，提供完整的運營情況，以便在其公共安全停電計劃中做出快速、有效、數據驅動的決策，這將有助於減輕未來的野火風險。而這僅僅是我們共同企業願景的開始。

In addition, we signed a significant expansion with a Fortune 50 health care company in the fourth quarter. Across the health care industry, there are increasing market pressures, ranging from reimbursements that are becoming tied to value-based care, increasing cost of pharmaceuticals as well as an expanding number of competitors. Managing unit profitability at a granular level becomes much more important in this environment. And this customer was facing the inability to model their complex contract and pricing models in order to make actionable decisions for their negotiations and payments management.

此外，我們在第四季度與一家財富 50 強醫療保健公司簽署了一項重大擴張協議。在整個醫療保健行業，市場壓力越來越大，包括與基於價值的醫療相關的報銷、藥品成本的增加以及競爭對手數量的增加。在這種環境下，細化管理單位盈利能力變得更加重要。該客戶面臨無法為其複雜的合同和定價模型建模，以便為他們的談判和支付管理做出可操作的決策。

This issue is wildly complex as it involves managing the balance between revenue and cost of goods sold models that are managing the network of suppliers, supply chain, labor, payers and regulatory coefficients. By integrating these disparate sources into foundry, the customer now has a contract management solution that automates away this complexity, allowing the company to focus on operational decision-making and outcomes. And this has already led to $50 million of annualized value.

這個問題非常複雜，因為它涉及管理供應商網絡、供應鏈、勞動力、付款人和監管係數的銷售模型的收入和成本之間的平衡。通過將這些不同的資源整合到代工廠中，客戶現在擁有了一個合同管理解決方案，可以自動消除這種複雜性，使公司能夠專注於運營決策和結果。這已經帶來了 5000 萬美元的年化價值。

We continue to deepen our partnership with BP. And in the fourth quarter, we signed a 5-year, 9-figure enterprise renewal. We have worked with BP since 2014. Our software is the backbone of BP's digital twin applications, which has generated over $1 billion of value in 2020. As part of our ongoing partnership, our software will help BP continue its transformation as they work towards their net zero ambition. These applications will accelerate BP's initiatives in wind power, electric charging network, solar power generation and other initiatives to deliver energy more safely and efficiently for years to come.

我們將繼續深化與 BP 的合作夥伴關係。並且在第四季度，我們簽訂了一份 5 年 9 位數的企業續約合同。自 2014 年以來，我們一直與 BP 合作。我們的軟件是 BP 數字孿生應用程序的支柱，該應用程序在 2020 年創造了超過 10 億美元的價值。作為我們持續合作的一部分，我們的軟件將幫助 BP 在努力實現其淨零野心。這些應用將加速 BP 在風力發電、充電網絡、太陽能發電和其他計劃方面的舉措，以在未來幾年更安全、更高效地提供能源。

We are also deepening our work with a Fortune 200 industrials manufacturing customer, and our relationship rapidly evolved over the course of 2020 to incorporate several use cases within Foundry. As a manufacturer of personal protective equipment, this customer faced substantial supply-and-demand shocks into the onset of COVID, accentuating the need to reimagine the firm's supply chain management and order processing practices.

我們還在深化與財富 200 強工業製造客戶的合作，我們的關係在 2020 年迅速發展，將多個用例納入 Foundry。作為個人防護設備的製造商，該客戶在 COVID 爆發時面臨巨大的供需衝擊，這凸顯了重新構想公司供應鏈管理和訂單處理實踐的必要性。

After integrating its baseline supply chain performance models and order fulfillment records, the customer was able to move away from its first in, first out order fulfillment and deliver PPE to those who are most in dire need, all in under a couple of weeks. The customer is using our software to address enduring challenges, including modeling supply chain scenarios and conducting forecasting and demand sensing to alert users to future bottlenecks and inventory risks. The net result is a decision-making engine at the intersection of a connected supply chain with connected manufacturing.

在整合其基線供應鏈績效模型和訂單履行記錄後，客戶能夠在幾週內擺脫先進先出的訂單履行並將 PPE 交付給最急需的人。客戶正在使用我們的軟件來應對持久的挑戰，包括對供應鏈場景進行建模以及進行預測和需求感知，以提醒用戶注意未來的瓶頸和庫存風險。最終結果是一個決策引擎，位於互聯供應鏈與互聯製造的交匯處。

Turning to our government segment. Our Gotham 21 launch underscores both our ongoing vision to provide the central operating platform for government as well as our focus on the near peer fight in the defense context. We made extraordinary progress on these initiatives in 2020 overall.

轉向我們的政府部門。我們的 Gotham 21 發射強調了我們為政府提供中央運營平台的持續願景，以及我們對國防背景下的近距離對等戰鬥的關注。總體而言，我們在 2020 年的這些舉措上取得了非凡的進展。

The full year government revenue rose 77%, led by ongoing momentum in the U.S., which grew 91%. As tremendous of a year as 2020 was for the government segment, we believe we are just at the tip of the iceberg, and we are well positioned to capture significant new opportunities in 2021 and beyond. Our intensive product investments in developing an end-to-end sensor-to-shooter and space-to-mud capability are paying off. We are creating unique opportunities to enable the warfighter with AI superiority, and that technology is starting to create large program-of-record opportunities across the services.

全年政府收入增長了 77%，這得益於美國的持續增長勢頭，增長了 91%。與 2020 年對政府部門來說是巨大的一年，我們相信我們只是處於冰山一角，我們已做好準備在 2021 年及以後抓住重要的新機遇。我們在開發端到端傳感器到射手和空間到泥漿能力方面的密集產品投資正在獲得回報。我們正在創造獨特的機會，使作戰人員擁有人工智能優勢，並且該技術開始在各軍種創造大型的記錄計劃機會。

Our partnership with the U.S. Army continues to expand. Vantage is a critical asset for the Army to support both readiness and financial management. Vantage helped the Army free up $3.3 billion for reinvestment. In December, the Army exercised its first option year, and we are excited to continue this work with Army Vantage.

我們與美國陸軍的伙伴關係繼續擴大。 Vantage 是陸軍支持戰備和財務管理的重要資產。 Vantage 幫助陸軍騰出 33 億美元用於再投資。 12 月，陸軍執行了第一個選項年，我們很高興能與 Army Vantage 繼續這項工作。

We recently won a pair of new contracts with the Army to accelerate its modernization efforts. In November, Palantir was selected to provide a prototype for the Army's Common Data Fabric and Data Security solution to support Capability Set 23. This is yet another opportunity for our software to be used in the mission command space, operating at the intersection of intelligence, mission planning and execution. It is a true honor to have the opportunity to aid the Army in its efforts to provide an integrated solution that will ultimately improve access to critical data for commanders and soldiers, deliver efficient use of networks in denied and degraded environments and increase the collaboration with joint and allied partners.

我們最近贏得了與陸軍的兩份新合同，以加速其現代化工作。 11 月，Palantir 被選中為陸軍通用數據結構和數據安全解決方案提供原型，以支持 Capability Set 23。這是我們的軟件在任務指揮空間中使用的又一個機會，在情報交匯處運行，任務規劃和執行。很榮幸有機會幫助陸軍努力提供集成解決方案，該解決方案最終將改善指揮官和士兵對關鍵數據的訪問，在拒絕和退化的環境中有效使用網絡，並加強與聯合和同盟夥伴。

In January, we were down-selected to deliver a prototype as part of Army's Ground Station modernization in support of the TITAN program. Under the $8.5 million Phase I contract, Palantir will collaborate with the Army to demonstrate a solution that integrates space, high alt, aerial and terrestrial sensors for use in intelligence command and control. The overall solution, which carries a total potential contract value of $250 million across all phases, will provide operators down range with shortened targeting time lines by incorporating data integration, sensor fusion and advanced analytic capabilities using AI.

一月份，我們被選中交付原型，作為陸軍地面站現代化的一部分，以支持 TITAN 計劃。根據價值 850 萬美元的第一階段合同，Palantir 將與陸軍合作展示一種集成空間、高空、空中和地面傳感器的解決方案，用於情報指揮和控制。整個解決方案在所有階段的潛在合同總價值為 2.5 億美元，通過結合數據集成、傳感器融合和使用 AI 的高級分析能力，將為運營商提供更短的目標時間線。

We were built for this. Those years of product investments I was just mentioning, that's this. We are looking forward to continuing our work in this area with the Army as well as pursuing similar programs with other services.

我們為此而生。我剛才提到的那些年的產品投資，就是這樣。我們期待繼續與陸軍在這一領域開展工作，並與其他軍種開展類似計劃。

And while a lot of new 2020 U.S. defense opportunities started as crisis response to COVID, almost all of it is relevant to enduring problems and needs. For example, we started working with the Air Force in May of 2020 to support their COVID response. The engagement has supported COVID-19 testing, PPE availability, helping plan vaccine distribution and personnel availability. But it's also clear to the Air Force how it can scale to fleet availability, combat readiness and equipment readiness.

儘管 2020 年美國的許多新防禦機會始於對 COVID 的危機應對，但幾乎所有這些機會都與持久的問題和需求有關。例如，我們於 2020 年 5 月開始與空軍合作，以支持他們的 COVID 響應。該參與支持了 COVID-19 測試、PPE 可用性、幫助規劃疫苗分發和人員可用性。但空軍也很清楚它如何擴展到機隊可用性、戰備狀態和裝備就緒狀態。

In the U.K., Palantir software is powering 3 of the country's most important national priorities: PPE, vaccines and managing trade post Brexit. In December, we signed a 2-year contract with the NHS worth up to $31 million, where Foundry will serve as the core platform for secure, reliable and timely data processing to enable decision-makers to efficiently plan and distribute resources, improve patient care and protect patient privacy. Additionally, the highly successful U.K. vaccines program ordered, allocated, tracked and delivered their vaccines in Foundry.

在英國，Palantir 軟件正在為該國三個最重要的國家優先事項提供支持：PPE、疫苗和英國退歐後的貿易管理。 12 月，我們與 NHS 簽訂了一份為期 2 年的合同，價值高達 3100 萬美元，Foundry 將作為安全、可靠和及時數據處理的核心平台，使決策者能夠有效地規劃和分配資源，改善患者護理並保護患者隱私。此外，非常成功的英國疫苗計劃在 Foundry 訂購、分配、跟踪和交付疫苗。

While we continue to partner with the world's leading health care institutions to combat COVID-19, we closed deals that are focused on supporting their ongoing transformation in a post-COVID world. In the fourth quarter, we expanded our relationship with the FDA with a 3-year, $44 million contract.

在我們繼續與世界領先的醫療保健機構合作對抗 COVID-19 的同時，我們完成了專注於支持他們在後 COVID 世界中持續轉型的交易。在第四季度，我們通過一份為期 3 年、價值 4400 萬美元的合同擴大了與 FDA 的關係。

Our partnership with the FDA began in 2017 to aid the Oncology Center of Excellence and regulatory research across clinical trial data. Our relationship evolved over time to include the Center for Drug Evaluation and Research, CDER, which we assisted in the fight against the opioid crisis and supported regulatory review activities.

我們與 FDA 的合作始於 2017 年，旨在幫助腫瘤學卓越中心和臨床試驗數據的監管研究。我們的關係隨著時間的推移而發展，包括 CDER 藥物評估和研究中心，我們協助對抗阿片類藥物危機並支持監管審查活動。

This new agreement will continue our work with the FDA in mission-critical, enduring workflows, such as ensuring manufacturers are complying with agency rules and regulations and enhancing drug reviews to speed up time to market while maintaining the highest safety standards. And there is significant opportunity for further expansion as our work today touches on just 2 of 16 centers and offices at the FDA.

這項新協議將繼續我們與 FDA 在關鍵任務、持久的工作流程中的合作，例如確保製造商遵守機構規則和法規，並加強藥物審查以加快上市時間，同時保持最高的安全標準。由於我們今天的工作僅涉及 FDA 16 個中心和辦公室中的 2 個，因此存在進一步擴展的重要機會。

We closed out the year with strong momentum. In the fourth quarter, we signed many significant deals, 21 deals worth $5 million or more; including 12 deals, each worth $10 million or more. In aggregate, we generated 47% annual revenue growth. We saw customer concentration and revenue concentration decrease even as the number of significant deals grew.

我們以強勁的勢頭結束了這一年。第四季度，我們簽署了許多重大交易，其中 21 筆交易價值 500 萬美元或以上；包括 12 筆交易，每筆價值 1000 萬美元或更多。總的來說，我們實現了 47% 的年收入增長。即使重大交易數量增加，我們也看到客戶集中度和收入集中度下降。

Our pipeline is substantial and growing. These deals, they start in the Acquire phase of our 3-phase model and with new customers who were acquired in the year that had yet to even join a phase. Both of these groups performed exceptionally, a very positive forward-looking indicator.

我們的管道數量龐大且不斷增長。這些交易從我們的 3 階段模型的“獲取”階段開始，並且在當年獲得的新客戶甚至還沒有加入一個階段。這兩個組的表現都異常出色，這是一個非常積極的前瞻性指標。

Additionally, the intensive growth of existing customers continued with average revenue per customer growing 41% to $7.9 million. We grew the number of accounts with $10 million of annual revenue or more by 50%. We're continuing to demonstrate our ability to grow customer relationships at scale as we add ever-increasing value to our customers' enterprises.

此外，現有客戶繼續快速增長，每位客戶的平均收入增長 41% 至 790 萬美元。我們將年收入 1000 萬美元或以上的賬戶數量增加了 50%。隨著我們為客戶的企業增加不斷增加的價值，我們將繼續展示我們大規模發展客戶關係的能力。

And it's still very clear that we're just at the beginning. Our customers include only 8 of the Fortune 100, 12 of the Global 100 and only 24 of the Global 300. The opportunity in front of us is immense and growing.

很明顯，我們才剛剛開始。我們的客戶僅包括財富 100 強中的 8 家、全球 100 強中的 12 家和全球 300 強中的 24 家。擺在我們面前的機會是巨大的，而且還在不斷增長。

And finally, I'd like to thank each and every Hobbit for their exceptional efforts in 2020. You went where you were needed most from the front lines of the vaccine to the factory floors at PPE manufacturers, from the breathing rooms of prime ministers to the war rooms where the nitty-gritty work actually got done. You built the products that met their moment. And you did all of this while driving the operational changes and support functions that executed the business. You supported each other through the ongoing trials and tribulations of the pandemic. You are all a constant reminder that not all who wander are lost.

最後，我要感謝每一位霍比特人在 2020 年的非凡努力。從疫苗的前線到 PPE 製造商的工廠車間，從總理的呼吸室到最需要的地方，你們去了最需要的地方。實際完成基本工作的作戰室。你製造了符合他們時代的產品。您在推動執行業務的運營變更和支持功能的同時完成了所有這些工作。你們在大流行的持續考驗和磨難中相互支持。你們都在不斷地提醒著，並非所有流浪的人都迷失了。

I am proud of what you accomplished, and I'm so very honored to call you coworkers. And I'm very grateful and often in disbelief for the joint opportunities that we have for impact. This truly is only the beginning. Thank you.

我為你所取得的成就感到自豪，我非常榮幸地稱你為同事。我非常感激，而且常常不相信我們有共同的機會來產生影響。這真的只是一個開始。謝謝你。

To kick off the discussion on financial results, I'll now pass it off to Karp.

為了開始關於財務結果的討論，我現在將其轉交給卡普。

There are many insights, indeed, some secrets that have powered Palantir and got us from a company that in the beginning no one will believe would succeed because we're heavily focused on strengthening the West through a near-fanatical fixation on data integration and data protection. When we transferred to the commercial world, people didn't believe that would succeed because there's no history of anybody going from government to commercial. When we went -- when we became a global company, people didn't believe that we'd succeed because the global -- typically companies that started with -- in the American government or in America do not succeed or thrive abroad.

確實，有許多見解，一些秘密為 Palantir 提供了動力，並使我們從一家一開始沒人相信會成功的公司，因為我們非常專注於通過對數據集成和數據的近乎狂熱的關注來加強西方保護。當我們轉移到商業世界時，人們不相信這會成功，因為沒有任何人從政府轉向商業的歷史。當我們去的時候——當我們成為一家全球性公司時，人們並不相信我們會成功，因為全球——通常是開始於美國政府或美國的公司——在國外沒有成功或繁榮。

When we went and did our DPO, people thought we should IPO because that is the best and quickest way to transfer money to Wall Street. But we believe we should be focused on allowing the average person to participate and, therefore, absorb that risk. And now as we've had a pretty sublime year based on any conventional metric, and as you've seen the results, we want to underscore this relentless focus, what you could call an inside secret, which should be a banality of business of a long-term focus on the health of what we believe is and will continue to be one of and will become the most important software business in the world.

當我們去做 DPO 時，人們認為我們應該 IPO，因為這是將資金轉移到華爾街的最佳和最快方式。但我們認為，我們應該專注於讓普通人參與並因此承擔風險。現在，根據任何傳統指標，我們已經度過了非常輝煌的一年，正如你所看到的結果，我們想強調這種不懈的關注，你可以稱之為內部秘密，這應該是平庸的業務長期關注我們認為並將繼續成為並將成為世界上最重要的軟件業務之一的健康。

And to do that, we are providing long-term guidance, pretty radical in the sense that we are committing to keeping a growth threshold of above 30% for the next 5 years, but not focused on the day-to-day, quarter-to-quarter, near-term focus that, quite frankly, destroys businesses. It's one of the main reasons why so many of our businesses, especially in tech, are actually only serving Wall Street and not serving their clients, not serving an everyday investor and generate suboptimal returns over time because they, too, are a lagging indicator of the suboptimal performance, near-term myopia-ism of running a business.

為此，我們正在提供長期指導，從某種意義上說，我們承諾在未來 5 年內將增長閾值保持在 30% 以上，但不專注於日常、季度-坦率地說，這會摧毀企業。這也是為什麼我們的許多企業，尤其是科技企業，實際上只為華爾街服務，而不為他們的客戶服務，不為日常投資者服務，並且隨著時間的推移產生次優回報，因為它們也是一個滯後指標經營企業的次優表現，近期近視。

And in Palantir, obviously, we have rejected this in every way, both from the way we've produced software, from the way we interact with clients, from the bets we've made that tend to be bets to come to fruition years after very, very significant investment. Any case, we hope those of you on this call who are current investors stay with us; and those of you who'd prefer a more short-term focus, that you choose companies that are more appropriate for you.

顯然，在 Palantir，我們在各個方面都拒絕了這一點，無論是從我們生產軟件的方式，從我們與客戶互動的方式，從我們所做的賭注，這些賭注往往會在幾年後取得成果非常非常重要的投資。無論如何，我們希望本次電話會議中的當前投資者留在我們身邊；以及那些更喜歡短期關注的人，你選擇更適合你的公司。

Thanks, Karp. I'll review our fourth quarter and full year 2020 performance followed by our outlook. Full year 2020 revenue was $1.093 billion, up 47% year-over-year. Fourth quarter revenue was $322 million, up 40% year-over-year and roughly $21 million above the high end of our prior guidance range. In addition, for the full year 2020, average revenue per customer was $7.9 million, up 41% year-over-year. Average revenue for top 20 customer was $33 million, up 34% year-over-year, with our top 20 customers representing roughly 61% of our total 2020 revenue, down from roughly 67% in 2019 as we continue to broaden our revenue and customer base.

謝謝，卡普。我將回顧我們第四季度和 2020 年全年的業績，然後是我們的展望。 2020 年全年收入為 10.93 億美元，同比增長 47%。第四季度收入為 3.22 億美元，同比增長 40%，比我們先前指導範圍的高端高出約 2100 萬美元。此外，2020 年全年，每位客戶的平均收入為 790 萬美元，同比增長 41%。前 20 名客戶的平均收入為 3300 萬美元，同比增長 34%，我們的前 20 名客戶約占我們 2020 年總收入的 61%，低於 2019 年的約 67%，因為我們繼續擴大收入和客戶根據。

For the full year 2020, 43% of our revenue was generated from new customers in 2018 or later, exemplifying our improving ability to rapidly onboard customers to our software and realize compounding value as their data assets grow and use cases develop. We see this scaling taking place across our customer base. In 2020, the number of customers generating more than $1 million in revenue annually grew 32% year-over-year, customers generating more than $5 million annually grew 54% year-over-year, and customers generating more than $10 million annually grew 50% year-over-year. In the fourth quarter alone, we closed 21 deals of $5 million or more in total contract value, including 12 deals worth $10 million or more.

在 2020 年全年，我們 43% 的收入來自 2018 年或以後的新客戶，這證明了我們在客戶數據資產增長和用例開發時快速將客戶加入我們的軟件並實現複合價值的能力正在提高。我們看到這種擴展發生在我們的客戶群中。 2020 年，年收入超過 100 萬美元的客戶數量同比增長 32%，年收入超過 500 萬美元的客戶數量同比增長 54%，年收入超過 1000 萬美元的客戶數量增長 50 ％ 一年又一年。僅在第四季度，我們就完成了 21 筆總合同價值在 500 萬美元或以上的交易，其中 12 筆交易價值在 1000 萬美元或以上。

Looking at revenue by segment. Government revenue accelerated in the fourth quarter, growing 85% year-over-year to $190 million. We signed several large deals in the quarter, including a 3-year $44 million expansion with the U.S. Food and Drug Administration and a 2-year $31 million agreement with the NHS. In addition, we announced that the U.S. Army executed its first option year with approximately $114 million as part of our partnership on the Army Vantage program. For the full year 2020, government segment revenue grew 77% year-over-year to $610 million and represented roughly 56% of our total revenue.

按部門查看收入。第四季度政府收入加速增長，同比增長 85% 至 1.9 億美元。我們在本季度簽署了幾項大宗交易，包括與美國食品和藥物管理局簽訂的 3 年 4400 萬美元的擴張協議以及與 NHS 的 2 年 3100 萬美元的協議。此外，我們還宣布，作為我們與 Army Vantage 計劃合作的一部分，美國陸軍以約 1.14 億美元執行了其第一個選項年。 2020 年全年，政府部門收入同比增長 77% 至 6.1 億美元，約占我們總收入的 56%。

Fourth quarter commercial segment revenue totaled $132 million, up 4% year-over-year, while full year commercial segment revenue grew 22% year-over-year to $482 million, and we continue to see strong momentum in our U.S. commercial business heading into 2021. U.S. commercial revenue rose 107% year-over-year in fiscal 2020 aided by our ongoing investments in our account-based sales force and channel partnerships.

第四季度商業部門收入總計 1.32 億美元，同比增長 4%，而全年商業部門收入同比增長 22% 至 4.82 億美元，我們繼續看到我們的美國商業業務進入強勁勢頭2021 年。得益於我們對基於客戶的銷售隊伍和渠道合作夥伴關係的持續投資，2020 財年美國商業收入同比增長 107%。

In the fourth quarter, we signed several large deals, including a 9-figure renewal with BP, exemplifying our software's enduring impact and value even in a sector that has been fundamentally challenged as of late. Also in the fourth quarter, we signed 8 additional deals worth at least $10 million in our commercial segment.

在第四季度，我們簽署了幾筆大宗交易，包括與 BP 的 9 位數續約，這證明了我們軟件的持久影響和價值，即使在最近受到根本挑戰的行業也是如此。同樣在第四季度，我們在商業領域又簽了 8 筆價值至少 1000 萬美元的交易。

I will next discuss our margins and expenses on an adjusted basis, which includes stock-based compensation. Fourth quarter adjusted gross margin was 84%, up 1,200 basis points versus the year ago period. And full year adjusted gross margin was 81%, up 1,000 basis points compared with full year 2019. The year-over-year improvement in gross margin was driven by increased automation and efficiency in the delivery of our software. Contribution margin was 62% in the fourth quarter, nearly double the contribution margin of 33% in the year ago quarter, which highlights the efficiencies we have generated in customer acquisition and contract execution.

接下來，我將在調整後的基礎上討論我們的利潤率和費用，其中包括基於股票的薪酬。第四季度調整後毛利率為 84%，比去年同期增長 1,200 個基點。全年調整後的毛利率為 81%，與 2019 年全年相比上升 1,000 個基點。毛利率的同比改善是由我們軟件交付的自動化和效率提高推動的。第四季度的貢獻率為 62%，幾乎是去年同期 33% 的貢獻率的兩倍，這凸顯了我們在客戶獲取和合同執行方面產生的效率。

Turning to our operating expenses. Total fourth quarter adjusted operating expenses were $186 million, which includes approximately $19 million in employer payroll taxes related to stock-based compensation. Excluding these expenses, total fourth quarter adjusted operating expenses would have been $167 million.

談到我們的運營費用。第四季度調整後的運營費用總額為 1.86 億美元，其中包括與股票薪酬相關的約 1900 萬美元的雇主工資稅。不計這些費用，第四季度調整後的總運營費用為 1.67 億美元。

Fourth quarter operating income, excluding stock-based compensation and related employer payroll taxes, was $104 million, representing adjusted operating margin of 32%. The outperformance in adjusted operating income was primarily driven by higher-than-expected revenue in the quarter, continued efficiencies in our go-to-market and delivery and maintenance in our software as well as reductions in cloud hosting costs. Full year 2020 adjusted operating income, which excludes stock-based compensation, related employer payroll taxes and nonrecurring expenses related to our direct listing, was $190 million, representing a margin of 17%.

第四季度營業收入（不包括股票薪酬和相關雇主工資稅）為 1.04 億美元，調整後營業利潤率為 32%。調整後營業收入的優異表現主要是由於本季度收入高於預期、我們的軟件進入市場和交付和維護的持續效率以及雲託管成本的降低。 2020 年全年調整後營業收入（不包括股票薪酬、相關雇主工資稅和與我們直接上市相關的非經常性費用）為 1.9 億美元，利潤率為 17%。

As we noted last quarter, we have historically pursued multiyear, upfront payments from our customers, which has led to significant growth in contract liabilities in prior periods, such that billings and cash collections often exceeded revenue. Over the course of 2020, we have moved away from our practice of collecting multiple years of upfront payments, which has led to lower 2020 cash collections and a greater portion of our revenue coming from the recognition of such contract liabilities. We expect this to begin to normalize over the course of 2021 with cash collections and revenue moving more in parallel over time, which will drive positive cash flow from operations for the year.

正如我們上個季度所指出的，我們歷來追求客戶的多年預付款，這導致前期合同負債顯著增長，以至於賬單和現金收款經常超過收入。在 2020 年期間，我們已經擺脫了收取多年預付款的做法，這導致 2020 年的現金收款減少，而我們的大部分收入來自確認此類合同負債。我們預計這將在 2021 年開始正常化，隨著時間的推移，現金收集和收入將更加同步，這將推動本年度的運營現金流為正。

We measure revenue visibility across several metrics. First, we ended 2020 with total deal value across the business of $2.8 billion, while year-end dollar-weighted average contract duration was 3.6 years. This growth rate is particularly strong when considering government customers entered into shorter-than-usual contracts in 2020 to accelerate procurement as they responded to the COVID crisis and moved quickly on various modernization efforts across both defense and civilian agencies. We expect a tailwind for government as these customers renew and expand.

我們通過多個指標衡量收入可見性。首先，截至 2020 年，我們的業務總交易價值為 28 億美元，而年終美元加權平均合同期限為 3.6 年。考慮到政府客戶在 2020 年簽訂了比往常更短的合同以加快採購，因為他們對 COVID 危機做出反應並在國防和民用機構的各種現代化工作中迅速採取行動，這一增長率尤其強勁。隨著這些客戶的更新和擴張，我們預計政府將順風順水。

Second, our remaining performance obligations as of December 31, 2020, was $597 million, up 124% year-over-year, while current RPO increased 114% year-over-year. Although RPO provides a limited view into our business, as many of our contracts across our government and commercial segments feature termination for convenience clauses, the growth in these metrics is representative of the ongoing momentum we are seeing in our business.

其次，截至 2020 年 12 月 31 日，我們的剩餘履約義務為 5.97 億美元，同比增長 124%，而當前 RPO 同比增長 114%。儘管 RPO 對我們業務的看法有限，但由於我們在政府和商業部門的許多合同都具有終止便利條款，但這些指標的增長代表了我們在業務中看到的持續發展勢頭。

Third, we look at annual contract value booked in year on a dollar-weighted duration basis. In 2020, the dollar-weighted annualized contract value we closed increased 49% year-over-year, providing a strong foundation for fueling growth in 2021 and beyond across both our commercial and government segments.

第三，我們以美元加權久期為基礎查看當年入賬的年度合同價值。 2020 年，我們完成的美元加權年化合同價值同比增長 49%，為推動 2021 年及以後商業和政府部門的增長奠定了堅實的基礎。

Looking at the business through the lens of our 3-phase model, we ended the year with strong performance across all 3 cohorts. Our Acquire phase customers ended 2020 generating $77 million in revenue with 17% contribution margin, with nearly half of the revenue from these customers coming in the fourth quarter. This rapid scaling and expanding contribution margin demonstrates the increasing efficiency of our customer acquisition and onboarding process, which we believe will help fuel an expanding pipeline into 2021 and beyond.

從我們的 3 階段模型的角度來看業務，我們在所有 3 個隊列中都取得了強勁的表現。我們的收購階段客戶在 2020 年底創造了 7700 萬美元的收入，貢獻率為 17%，其中近一半來自這些客戶的收入來自第四季度。這種快速擴展和擴大的邊際貢獻證明了我們的客戶獲取和入職流程的效率不斷提高，我們相信這將有助於推動擴大到 2021 年及以後的管道。

Expand phase customers continue to see increasing value in our software platforms, fueling consistent up-sell and cross-sell opportunities. These customers generated $360 million in revenue for the full year 2020 with a contribution margin of 47%. This represents over 100% year-over-year growth for this customer cohort, and this growth was extremely efficient as these customers generated a contribution margin of negative 43% in fiscal year 2019.

擴展階段客戶繼續在我們的軟件平台中看到不斷增加的價值，從而推動一致的追加銷售和交叉銷售機會。這些客戶在 2020 年全年創造了 3.6 億美元的收入，貢獻率為 47%。這代表該客戶群體的同比增長超過 100%，而且這種增長非常有效，因為這些客戶在 2019 財年產生了 43% 的負邊際貢獻。

Finally, our Scale phase customers continue to demonstrate a strong combination of growth and profitability as these customers generated $613 million in revenue and 70% contribution margin in 2020, representing 8% year-over-year growth and a 1,500 basis point expansion in contribution margin compared with the same customers in fiscal year 2019. In addition, for the full year 2020, we generated $42 million in revenue from new customers we acquired in year, of which $19 million was recognized in the fourth quarter. This compares with $4 million in the fourth quarter of fiscal year 2019 and represents 375% growth year-over-year.

最後，我們的規模階段客戶繼續表現出強勁的增長和盈利能力，因為這些客戶在 2020 年創造了 6.13 億美元的收入和 70% 的邊際貢獻，同比增長 8%，邊際貢獻擴大了 1,500 個基點與 2019 財年的相同客戶相比。此外，在 2020 年全年，我們從當年獲得的新客戶中產生了 4200 萬美元的收入，其中 1900 萬美元是在第四季度確認的。相比之下，2019 財年第四季度為 400 萬美元，同比增長 375%。

You heard from Karp about our long-term orientation. As we move into the future, we believe our investments will help us sustain elevated growth rates for the next 5 years and beyond as we pursue a broad range of opportunities across our commercial and government segments. For our 5-year outlook, we expect greater than $4 billion in revenue in 2025.

您從卡普那裡聽說了我們的長期定位。隨著我們邁向未來，我們相信我們的投資將幫助我們在未來 5 年及以後保持較高的增長率，因為我們在商業和政府部門尋求廣泛的機會。對於我們的 5 年展望，我們預計 2025 年的收入將超過 40 億美元。

Starting in 2021, we expect greater than 30% annual revenue growth each year for the next 5 years. And in Q1 of this year, we expect revenue growth of 45% or $332 million at the midpoint. And we expect adjusted operating margin of 23% for the quarter.

從 2021 年開始，我們預計未來 5 年的年收入增長率將超過 30%。在今年第一季度，我們預計收入增長 45%，即中點 3.32 億美元。我們預計本季度調整後的營業利潤率為 23%。

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

有了這個，我會把電話轉給羅德尼來打開問答環節。

Thank, Dave. Shyam, Dave and Kevin will join me for Q&A today. And we'll begin with some shareholder questions from Say.

謝謝，戴夫。 Shyam、Dave 和 Kevin 今天將和我一起進行問答。我們將從薩伊的一些股東問題開始。

Now Shyam, I'll start with you on this first question. Palantir is guiding for double-digit percentage growth this year. Can Palantir sustain such a compound growth rate, barring any unforeseen negative economic impacts? Or should investors expect choppy yearly growth numbers? Can you comment on the long-term expected growth rate?

現在Shyam，我將從第一個問題開始。 Palantir 正在指導今年實現兩位數的百分比增長。 Palantir 能否在沒有任何不可預見的負面經濟影響的情況下維持這樣的複合增長率？還是投資者應該期待波動的年度增長數據？您能否評論長期預期增長率？

I'll build on what Karp said earlier in the call on long-term guidance. We are very much at the beginning here. We just did 45% growth in 2020. We expect to do -- I'm sorry, 47% growth in 2020. We expect to do 45% growth in Q1 of 2021. And we are only in 24 of the Global 300. But I think looking at that kind of misses the point around the TAM expansion that's currently happening.

我將在卡普早些時候在長期指導電話會議上所說的基礎上再接再厲。我們還處於起步階段。我們在 2020 年剛剛實現了 45% 的增長。我們預計會——對不起，2020 年增長 47%。我們預計在 2021 年第一季度實現 45% 的增長。我們僅在全球 300 強中排名第 24 位。但是我認為這種觀點忽略了當前正在發生的 TAM 擴張。

Look at the channel partnership with Fujitsu and IBM, amongst others, where we're not just distributing to the top 300 or the top 1,000. But really, we have the ability now to distribute to the entire market, potentially tens of thousands of customers. And with our investments in the end-to-end, sensor-to-shooter workflows from space-to-mud, we're not just going after the roughly $60 billion of government IT spend anywhere. We're talking about the $0.25 trillion of U.S. DoD weapon system spend in 2020.

看看與富士通和 IBM 等的渠道合作夥伴關係，我們不只是向前 300 名或前 1000 名進行分銷。但實際上，我們現在有能力分銷到整個市場，可能有成千上萬的客戶。通過我們對從太空到泥漿的端到端、傳感器到射擊者工作流程的投資，我們不僅要在任何地方追求大約 600 億美元的政府 IT 支出。我們談論的是 2020 年美國國防部武器系統的 0.25 萬億美元支出。

And our product investment mean that we are uniquely positioned to seize those opportunities. Broadening the market is not about Palantir. Life is about Palantir automated. It's about the power of Apollo, it's about software that manages itself. Look at our archetypes investments. Like this means with a few clicks you can deploy end-to-end powerful use cases. Use cases that would have cost millions of dollars and taken many months can now be deployed in minutes.

我們的產品投資意味著我們具有獨特的優勢來抓住這些機會。擴大市場與 Palantir 無關。生活與 Palantir 自動化有關。這是關於 Apollo 的力量，是關於自我管理的軟件。看看我們的原型投資。就像這意味著只需單擊幾下，您就可以部署端到端的強大用例。原本需要花費數百萬美元並花費數月時間的用例現在可以在幾分鐘內完成部署。

It's about software-defined data integration and modularity. That means that you get 100% of the power of Palantir, but with the ease of self-managing software. And these are examples of why we're confident in our long-term growth of being greater than $4 billion in 2025.

它是關於軟件定義的數據集成和模塊化。這意味著您可以獲得 Palantir 100% 的強大功能，同時還擁有易於管理的軟件。這些就是為什麼我們對 2025 年超過 40 億美元的長期增長充滿信心的例子。

Great. So this next question is on Demo Day. I'll stick with you, Shyam. Can you please share how Demo Day was received by potential customers and whether Palantir experienced a surge of interest in its products, specifically on the commercial side of the business?

偉大的。所以下一個問題是在演示日。我會堅持你的，Shyam。您能否分享一下潛在客戶是如何接受 Demo Day 的，以及 Palantir 是否對其產品產生了濃厚的興趣，特別是在業務的商業方面？

Yes, Demo Day was a hit with potential customers. We were very excited by the marked uptick in inbound inquiries, and these have led to some great generative conversations with prospective customers. Demo Day really helped customers understand if they have a problem that Palantir can solve, and it's kept our growing sales force pretty busy. But it really underscores the tremendous opportunity in front of us and how much we are at the beginning.

是的，演示日很受潛在客戶歡迎。我們對入站查詢的顯著增加感到非常興奮，這些都導致了與潛在客戶的一些偉大的生成對話。 Demo Day 確實幫助客戶了解他們是否有 Palantir 可以解決的問題，並且讓我們不斷增長的銷售團隊非常忙碌。但這確實強調了擺在我們面前的巨大機會以及我們在開始時的成就。

One of the reflections that I had about Demo Day is that we try to do an all-purpose Foundry demo. But the truth is that Foundry can solve so many, many problems. So we're going to be hosting another event in April, Demo Day doubleclick, where we're going to spend more time on Foundry, focused on more use cases across more industries. So stay tuned for that formal announcement and registration details.

我對 Demo Day 的反思之一是我們嘗試做一個通用的 Foundry 演示。但事實是，Foundry 可以解決很多很多問題。因此，我們將在 4 月舉辦另一場活動，Demo Day doubleclick，我們將在 Foundry 上花費更多時間，專注於更多行業的更多用例。因此，請繼續關注正式公告和註冊細節。

Great. Kevin, I'll come to you on this next one. Will big company deals, such as the IBM announcement, become more common as Foundry's products become more apparent to the public? Also, is there any time frame or chance for widely available but less technical, medium-sized businesses or consumer-level software?

偉大的。凱文，下一個我會來找你的。隨著 Foundry 的產品對公眾越來越明顯，大公司的交易，比如 IBM 的聲明，會變得越來越普遍嗎？此外，對於廣泛可用但技術含量較低的中型企業或消費者級軟件是否有任何時間框架或機會？

Thank you, Rodney. So yes, we're excited about this partnership as well. I'll start with the small and medium-sized businesses. In short, yes, Shyam just talked about how our TAM is expanding. But we're automating the delivery of Foundry. This means you can have full end-to-end use cases with no code, just drag and drop. And the result of this is that we can deliver the full power of our products, the small, medium and, of course, large institutions. And I think important to note here is that the unit economics really allow for us to do this: 84% adjusted gross margin in Q4 last year, 62% contribution margin in Q4. So of course, partnerships, like IBM, adding salespeople to scale our distribution just makes a lot of sense for us.

謝謝你，羅德尼。所以，是的，我們也對這種夥伴關係感到興奮。我將從中小型企業開始。簡而言之，是的，Shyam 剛剛談到了我們的 TAM 是如何擴展的。但我們正在自動化 Foundry 的交付。這意味著您無需代碼即可擁有完整的端到端用例，只需拖放即可。這樣做的結果是，我們可以提供我們產品的全部功能，小型、中型，當然還有大型機構。我認為需要注意的是，單位經濟學確實允許我們這樣做：去年第四季度調整後的毛利率為 84%，第四季度的毛利率為 62%。所以當然，像 IBM 這樣的合作夥伴關係，增加銷售人員來擴大我們的分銷規模對我們來說很有意義。

Great. Shyam, I'll come back to you on this next one. It seems like the bulk of your channel partnerships are focused on the enterprise or the commercial segment. Where are the near-term opportunities to broaden the channel on the government side? Or will growth there need to be directly sourced?

偉大的。 Shyam，我會在下一個問題上回复你。您的大部分渠道合作夥伴似乎都集中在企業或商業領域。政府方面拓寬渠道的近期機會在哪裡？或者那裡的增長需要直接來源？

We are aggressively pursuing partnerships with large primes, but these partnerships, they're specifically focused on partnering with the divisions that build hardware platforms, the folks that build aircraft, submarines, land vehicles, space-based platforms, drones, ships and other weapon systems. And the focus of these partnerships is to explore putting Palantir's unique AI capabilities, capabilities that have already been proven in the field, and retrofitting them onto existing programs of record and baking them in from inception into future programs. And so this is going to manifest in something that looks like Palantir inside of every missile, inside of every drone. Palantir at the edge, inside of every sensor and every shooter.

我們正在積極尋求與大型素數的合作夥伴關係，但這些合作夥伴關係，他們特別專注於與構建硬件平台的部門、製造飛機、潛艇、陸地車輛、天基平台、無人機、船舶和其他武器的部門合作系統。這些合作夥伴關係的重點是探索將 Palantir 獨特的人工智能能力、已經在該領域證明的能力，並將它們改造到現有的記錄程序中，並將它們從一開始就融入未來的程序中。因此，這將在每枚導彈、每架無人機內部看起來像 Palantir 的東西中體現出來。 Palantir 在邊緣，在每個傳感器和每個射手內部。

And we're approaching these partnerships in a unique way with the commercial item. So that means, of course, we get to leverage the commercial item preference, 2377. But I think much more importantly, this creates a massive opportunity for the primes themselves to generate high-margin, recurring software revenue businesses by partnering with us against their installed base.

我們正在以獨特的方式與商業項目建立這些夥伴關係。所以這意味著，當然，我們可以利用商業項目偏好，2377。但我認為更重要的是，這為 Prime 自身創造了一個巨大的機會，通過與我們合作對抗他們的安裝基地。

And in talking with them, it seems like one of the reasons that they're most excited about this is that they see this in the face of shrinking defense budgets as a way of driving their own multiple expansion and growing their market cap. This is massively TAM expanding for Palantir, as I mentioned earlier. This is us not just going after government IT spend. But actually, we're now entering into and able to address the roughly $0.25 trillion of DoD weapon system spend. And I think this represents a revolutionary opportunity for our joint customers in terms of capabilities that they can get.

在與他們交談時，他們對此感到最興奮的原因之一似乎是，在國防預算縮減的情況下，他們認為這是推動自身多重擴張和增加市值的一種方式。正如我之前提到的，這是對 Palantir 的大規模 TAM 擴展。這不僅是我們追求政府 IT 支出的目標。但實際上，我們現在正在著手解決大約 0.25 萬億美元的國防部武器系統支出問題。我認為這對我們的共同客戶來說是一個革命性的機會，就他們可以獲得的能力而言。

Great. Dave, I'll come to you on this next one. In terms of profitability, when does Palantir expect to achieve a level where it can repeatedly and continually achieve profitability? Does Palantir need to hit the targeted 6,000 Foundry clients along with other revenue sources from other platforms to become meaningfully profitable?

偉大的。戴夫，下一個我會來找你的。在盈利能力方面，Palantir 預計什麼時候可以達到可以反复持續盈利的水平？ Palantir 是否需要吸引 6,000 個 Foundry 目標客戶以及來自其他平台的其他收入來源才能實現有意義的盈利？

On profitability -- and Kevin just briefly touched on it. But I'd point you to our margins today: 84% adjusted gross margin in Q4, 81% for full year 2020, 62% contribution margin in Q4, 54% for full year 2020, 32% adjusted operating margin in Q4, 17% for the full year. We have proven the unit economics this year, and we did it in a year where we did 47% growth. And this is why we're going to continue investing in that growth. And it's just really, really like a massive opportunity ahead of us.

關於盈利能力——凱文只是簡單地談到了它。但我今天要指出我們的利潤率：第四季度調整後的毛利率為 84%，2020 年全年為 81%，第四季度為 62%，2020 年全年為 54%，第四季度調整後營業利潤率為 32%，17%全年。今年我們已經證明了單位經濟性，並且我們在增長 47% 的一年中做到了。這就是為什麼我們將繼續投資於這種增長。這真的非常非常像我們面前的巨大機會。

Great. Shyam, I'll come back to you before we open the call for more Q&A. While the IBM announcement is great, their public cloud share is relatively small. Can you commit to expanding managed offerings to other cloud providers such as Microsoft Azure, AWS, Google Cloud, et cetera?

偉大的。 Shyam，在我們開啟更多問答的電話之前，我會回复你。雖然 IBM 的聲明很棒，但他們的公共雲份額相對較小。您能否承諾將託管產品擴展到其他雲提供商，例如 Microsoft Azure、AWS、Google Cloud 等？

Let's start with Apollo because it's crucial technology. Apollo means that we can run our software efficiently anywhere, in your cloud, in my cloud and their cloud, in space, on a drone, on a Humvee. The customer of the future should not have to worry about this. It will run wherever you need it to seamlessly.

讓我們從 Apollo 開始，因為它是關鍵技術。 Apollo 意味著我們可以在任何地方高效地運行我們的軟件，在您的雲中，在我的雲和他們的雲中，在太空中，在無人機上，在悍馬上。未來的客戶不必擔心這一點。它將在您需要的任何地方無縫運行。

It's also important to understand though that the vast majority of our new customers are taking advantage of the speed, security and reliability of our SaaS offering. And we have committed to spending over $1 billion on cloud providers, so we're operating these offerings at scale with the providers.

同樣重要的是要了解，我們的絕大多數新客戶都在利用我們 SaaS 產品的速度、安全性和可靠性。我們已承諾在雲提供商上花費超過 10 億美元，因此我們正在與提供商一起大規模運營這些產品。

And I mean, just to give you a sense of that, it turns out, actually, there are limits to how elastic compute actually is. We got a call we never thought we'd get, one of the providers calling us to let us know that they were out of service. So of course, we're working with all these providers in all these places.

我的意思是，只是為了讓您了解這一點，事實證明，實際上，彈性計算的實際程度是有限度的。我們接到了一個我們從未想過會接到的電話，其中一個供應商打電話給我們，讓我們知道他們已經停止服務。因此，當然，我們正在與所有這些地方的所有這些提供商合作。

But maybe more interestingly is to think about how do we think about these providers. To us, they're channels. Our offering is an end-to-end solution that: one, delivers a rapid amount of value to our customers; but two, it drives a massive amount of cloud consumption for these providers. And so we're going to continue focusing on working with the providers that generate the most growth for us, where we have a joint go to market. So it's worth watching the space.

但也許更有趣的是想想我們如何看待這些供應商。對我們來說，它們是渠道。我們的產品是一種端到端的解決方案，它： 一，為我們的客戶提供快速的價值；但第二，它為這些提供商帶來了大量的雲消費。因此，我們將繼續專注於與為我們帶來最大增長的供應商合作，我們共同進入市場。所以值得關注的空間。

Great. Operator, we'll turn it over to you for our next question.

偉大的。接線員，我們將把它交給你來回答我們的下一個問題。

(Operator Instructions) Your first question comes from the line of Brent Thill from Jefferies.

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

The $4 billion revenue target for '25, can you just walk through the assumptions that you're making to achieve that target? And what gives you the confidence to achieve this? This is obviously a pretty big target, and few companies in the industry give this type of target. Maybe if you could just talk to that.

25 年 40 億美元的收入目標，你能簡單介紹一下你為實現該目標所做的假設嗎？是什麼讓您有信心實現這一目標？這顯然是一個相當大的目標，業內很少有公司給出這樣的目標。也許如果你能和那個談談。

You bet. Thanks, Brent. So just kind of starting off, reiterating some of the numbers that we gave here. 47% revenue growth last year, we expected 45% growth in Q1. What's driving this? And that gives us the confidence looking forward. So the product investments that we've made, along with direct sales force, now channel partnerships, really fuels the distribution. And you could see this in the data: 107% revenue growth in our U.S. commercial market, 91% revenue growth in U.S. government, both last year.

你打賭。謝謝，布倫特。所以只是開始，重申我們在這裡給出的一些數字。去年收入增長 47%，我們預計第一季度增長 45%。是什麼驅動了這一切？這給了我們向前看的信心。因此，我們所做的產品投資，以及直銷隊伍，現在的渠道合作夥伴關係，真正推動了分銷。您可以在數據中看到這一點：去年，我們美國商業市場的收入增長了 107%，美國政府的收入增長了 91%。

Revenues from new accounts, as Dave mentioned, in Q4 grew 375%. Our Acquire phase customers were over 200% in the second half of 2020 alone. The Expand phase customers were 100%. So that's showing a lot about the strength of our new account pipeline and how we land and expand.

正如戴夫所說，第四季度來自新賬戶的收入增長了 375%。僅在 2020 年下半年，我們的收購階段客戶就超過 200%。擴展階段的客戶是 100%。這充分展示了我們新客戶渠道的實力以及我們如何登陸和擴張。

Our average revenue per customer grew 41% to $7.9 million. And I think we talked about this already, but probably worth reiterating. We did our 47% growth last year while increasing our margin: 84% adjusted gross margin; 62% contribution margin, up from 33% last year, so nearly doubling in 1 year.

我們每位客戶的平均收入增長了 41%，達到 790 萬美元。我認為我們已經討論過這個問題，但可能值得重申。去年我們實現了 47% 的增長，同時提高了利潤率：調整後的毛利率為 84%； 62% 的貢獻率，高於去年的 33%，因此在 1 年內幾乎翻了一番。

Your next question comes from the line of Keith Weiss from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

Excellent. A very nice quarter. I think this is probably a question for Dave. And just kind of helping us better understand the income statement. On one side of the equation, can you help us better understand kind of some of the volatility we see in revenue growth? Commercial revenue growth slowed down a lot into Q4 versus Q3. It sounds like over the full year you did really well.

出色的。一個非常好的季度。我想這可能是戴夫的問題。只是幫助我們更好地理解損益表。在等式的一方面，您能否幫助我們更好地了解我們在收入增長中看到的一些波動？與第三季度相比，第四季度的商業收入增長大幅放緩。聽起來你整整一年都做得很好。

So can you explain to us how we see that volatility? Because I think software investors are used to seeing a lot of recurring revenues and pretty smooth revenue trends there. So one, can you help us understand kind of that bouncing around the revenue growth? And two, on the OpEx side of the equation, OpEx for the quarter was down -- the adjusted OpEx was down almost 30% year-on-year. For the full year, it's down 20%. I know T&E is a big chunk of that, probably about half of it.

那麼你能向我們解釋一下我們是如何看待這種波動的嗎？因為我認為軟件投資者習慣於看到大量的經常性收入和相當平穩的收入趨勢。那麼，你能幫助我們了解收入增長的那種反彈嗎？第二，在等式的運營支出方面，本季度的運營支出下降——調整後的運營支出同比下降近 30%。全年，它下降了20%。我知道 T&E 佔了很大一部分，大概是其中的一半。

But given like the huge opportunity, still very early days, you guys have such a lead in terms of technology, why is investment so low, right? Like why is OpEx down on a year-on-year basis versus really aggressively investing for this opportunity on a go-forward basis?

但是像這樣巨大的機會，還很早，你們在技術方面有這樣的領先優勢，為什麼投資這麼低，對吧？比如為什麼運營支出同比下降，而不是在前進的基礎上真正積極地投資這個機會？

Well, I'll start with -- thanks, Keith. This is Shyam. I'm jumping in on the OpEx one. Really, what you're seeing there is the payoff of our long-term investments in the product. So last year, Apollo delivered a massive step change in terms of both cost of revenue and the efficiency around sales and marketing and how we acquire customers in our 3-phase model. On top of that was the software-defined data integration and the investment in archetypes allowing us to capture business, shrinking the duration of pilot, shrinking the investment that was required, which drove down sales and marketing. And that reduced, of course, on the other end, the cost of revenue.

好吧，我先開始-- 謝謝，Keith。這是夏姆。我正在加入 OpEx 項目。真的，你所看到的是我們對產品的長期投資的回報。因此，去年，Apollo 在收入成本、銷售和營銷效率以及我們如何在三階段模式中獲取客戶方面都實現了巨大的進步。最重要的是軟件定義的數據集成和對原型的投資，使我們能夠捕獲業務，縮短試點持續時間，減少所需的投資，從而降低了銷售和營銷。當然，另一方面，這也降低了收入成本。

And then the second component that you're seeing outside of product is the investment in the direct sales force, which, for us, has paradoxically, reduced the unit cost around sales and marketing. It's cheaper for us to acquire customers by building out the direct sales force. So you should expect to see, of course, a very significant investment in that going forward, but it's invested on a much more efficient base, and you'll see that spend go up here.

然後你在產品之外看到的第二個組成部分是對直銷團隊的投資，對我們來說，這自相矛盾地降低了銷售和營銷的單位成本。通過建立直銷隊伍來獲得客戶對我們來說更便宜。因此，您當然應該期望看到在這方面進行非常重大的投資，但它的投資效率要高得多，而且您會看到這裡的支出增加。

Now in terms of commercial customers there, it was a big year for commercial customers, a lot of expansion. The right way to look at this from our perspective is the amount of growth that we had in U.S. commercial, the place that we have invested significantly in our direct sales force here. And that resulted in 107% growth.

現在就那裡的商業客戶而言，這是商業客戶的重要一年，有很多擴展。從我們的角度來看，正確的方法是我們在美國商業的增長量，我們在這裡對我們的直銷團隊進行了大量投資。這導致了 107% 的增長。

And then when you look at the investments that we're making with channel partnerships, Fujitsu in Japan, IBM worldwide, distribution in 180 countries, adding as many folks in effectively a week to our sales force as we have employees at Palantir, we're feeling really good about what we should be expecting from commercial going forward.

然後，當您查看我們與渠道合作夥伴、日本富士通、IBM 全球、在 180 個國家/地區的分銷方面進行的投資時，我們的銷售團隊在一周內有效地增加了與我們在 Palantir 的員工一樣多的人，我們對我們對商業未來的期望感到非常滿意。

Your next question comes from the line of Christopher Merwin from Goldman Sachs.

您的下一個問題來自高盛的 Christopher Merwin。

Okay. I wanted to ask about the modularization of Foundry. Obviously, it's a very powerful platform, and you're prepackaging these solutions, which it sounds like it can be sold much more easily that way. Can you talk a bit about how that might change the competitive set for you, if at all? Are you mainly focused on use cases that are generally not served by other horizontal SaaS vendors today?

好的。我想問一下Foundry的模塊化。顯然，它是一個非常強大的平台，並且您正在預先打包這些解決方案，聽起來這樣可以更容易地銷售。如果有的話，您能否談談這將如何改變您的競爭格局？您是否主要關注當今其他橫向 SaaS 供應商通常不提供服務的用例？

Thanks, Chris. It's a great question. We're very much focused on modularizing Foundry in a way that creates a unique set of offerings underneath this. I've personally been talking with customers and prospective customers around these modules, and there's a huge amount of excitement from them around it.

謝謝，克里斯。這是一個很好的問題。我們非常專注於模塊化 Foundry，從而在此基礎上創建一組獨特的產品。我個人一直在圍繞這些模塊與客戶和潛在客戶交談，他們對此感到非常興奮。

Because really, it allows them to leverage their existing investments, things that they've spent many years building that they're quite happy with, that are core components of their business. But it also allows them to accelerate their modernization journey by leveraging components that we offer that are completely unique. And we're going to continue to be focused on offering modules that we perceive as being unique, the market perceives as being unique and that allow us to meet the customers where they are.

因為真的，它允許他們利用他們現有的投資，他們花了很多年建立他們非常滿意的東西，這是他們業務的核心組成部分。但它也允許他們通過利用我們提供的完全獨特的組件來加速他們的現代化之旅。我們將繼續專注於提供我們認為是獨特的、市場認為是獨特的並且使我們能夠滿足客戶所在位置的模塊。

Your final question comes from the line of Brad Zelnick from Crédit Suisse.

您的最後一個問題來自瑞士信貸的 Brad Zelnick。

Great. And congrats. Really strong results, guys. I guess I wanted to ask more about the triple-digit growth in sales headcount that you mentioned. Can you just maybe remind us how much demand in Q4 or perhaps in 2020 was captured explicitly by sales heads versus forward-deployed engineers? How does that progress? And how should we think about the hiring cadence and productivity ramp of these reps that you intend to hire?

偉大的。恭喜。真的很強大的結果，伙計們。我想我想更多地了解您提到的銷售人數的三位數增長。您能否提醒我們，在第四季度或 2020 年，銷售主管與前沿部署的工程師明確捕獲了多少需求？那進展如何？我們應該如何考慮您打算僱用的這些代表的招聘節奏和生產力提升？

Yes. So I think, roughly, I do think a good way of thinking about this is about half of incremental growth is now being driven by our investments in the direct sales force and channel partnerships. And we expect that to grow pretty substantially here. But the places where we've had the most growth, U.S. government, U.S. commercial, that's -- it's way more than half.

是的。所以我認為，粗略地說，我確實認為一個很好的思考方式是，現在大約一半的增量增長是由我們對直銷團隊和渠道合作夥伴的投資推動的。我們預計這將在這里大幅增長。但是我們增長最快的地方，美國政府，美國商業，那是——超過一半。

In terms of productivity ramp, I think we'll be ready to comment on that in future periods. But what we're seeing is a marked compression in how long it's taking to ramp our reps and get them to be productive. And we're also seeing -- this is happening at a time where there's just a lot more demand in the market. There's a lot more inbound coming to us. So we're pretty excited about ramping the reps and ramping the hiring as quickly as possible to meet that demand.

在生產力提升方面，我認為我們將準備好在未來時期對此發表評論。但是我們看到的是，在增加我們的代表並讓他們變得富有成效所需的時間方面，明顯壓縮。而且我們也看到 - 這發生在市場需求更多的時候。有更多的入境來找我們。因此，我們對盡快增加代表和增加招聘以滿足這一需求感到非常興奮。

That concludes Q&A. And I would like to take this time to thank everybody for joining, and you may now disconnect. Have a wonderful day, everybody.

問答環節到此結束。我想藉此機會感謝大家的加入，您現在可以斷開連接。祝大家有美好的一天。