Palantir Technologies Inc (PLTR) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Palantir Technologies Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Rodney Nelson, Head of Investor Relations. Thank you. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 Palantir Technologies 2020 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係主管 Rodney Nelson。謝謝你。請繼續。

Thank you, operator. Good afternoon, and welcome to Palantir's Third Quarter 2020 Earnings Call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website. With me on the call today is Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; and Kevin Kawasaki, Global Head of Business Development. 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 fourth quarter and full year 2020, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects and expectations.

謝謝你，接線員。下午好，歡迎來到 Palantir 的 2020 年第三季度財報電話會議。我們將討論收市後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。今天與我通話的是首席運營官 Shyam Sankar； Dave Glazer，首席財務官；和全球業務發展主管 Kevin Kawasaki。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聲明，包括關於我們對 2020 年第四季度和全年的展望、管理層對我們未來財務和運營業績的預期以及其他關於我們的計劃、前景和期望。

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 after market close today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

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收市後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 a reconciliation of non-GAAP to comparable GAAP measures, is included in our press release issued today. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com. With that, I'll turn it over to Shyam.

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 GAAP 措施的更多信息，包括非 GAAP 與可比 GAAP 措施的對賬，包含在我們今天發布的新聞稿中。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。有了這個，我會把它交給Shyam。

Thank you, Rodney, and thanks, everyone, for joining us today. At Palantir, we build software platforms for institutions whose work is essential to our way of life. Those institutions must be able to function in times of stability as well as crisis and uncertainty. And to do so, they need software that works. We were founded in 2003 and started building software originally for the intelligence community in the United States to assist in counter terrorism investigations and operations.

謝謝你，羅德尼，謝謝大家今天加入我們。在 Palantir，我們為那些工作對我們的生活方式至關重要的機構構建軟件平台。這些機構必須能夠在穩定時期以及危機和不確定時期發揮作用。為此，他們需要有效的軟件。我們成立於 2003 年，最初開始為美國情報界構建軟件，以協助反恐調查和行動。

We later began working with commercial enterprises. We have 2 principal software platforms: Gotham and Foundry. Gotham, which is our first software platform, was constructed for analysts at defense and intelligence agencies. They were hunting for needles, not in one, but in thousands of haystacks. And they did not have the software they needed to do their jobs. In Iraq and Afghanistan, soldiers were mapping networks of insurgence and makers of roadside bombs by hand. Gotham enables users to identify patterns hidden deep within data sets, ranging from signals intelligence sources to reports from confidential informant, and it helps U.S. and allied military personnel respond to those threats.

後來我們開始與商業企業合作。我們有 2 個主要的軟件平台：Gotham 和 Foundry。 Gotham 是我們的第一個軟件平台，是為國防和情報機構的分析師構建的。他們正在尋找針頭，不是在一個，而是在數千個乾草堆中。他們沒有完成工作所需的軟件。在伊拉克和阿富汗，士兵們正在手工繪製叛亂網絡和路邊炸彈製造者的地圖。 Gotham 使用戶能夠識別隱藏在數據集中深處的模式，從信號情報來源到機密線人的報告，它可以幫助美國和盟國軍事人員應對這些威脅。

We later found that the challenges faced by commercial institutions when it came to working with data were fundamentally similar, companies routinely struggle to manage, let alone generate, alpha from data involved in large projects. Foundry was built for them. The platform transforms the way in which organizations interact with information by creating a central operating system for their data. Our software is on the front line. And sometimes literally, that means so are we.

我們後來發現，商業機構在處理數據方面面臨的挑戰基本相似，公司通常難以管理大型項目所涉及的數據，更不用說產生阿爾法了。鑄造廠是為他們建造的。該平台通過為其數據創建中央操作系統來改變組織與信息交互的方式。我們的軟件在第一線。有時從字面上看，這意味著我們也是。

Gotham's use has now extended beyond intelligence analysis into defense operations and mission planning. And Foundry is becoming the central operating system, not only for individual institutions, but entire industries.

Gotham 的用途現在已從情報分析擴展到國防行動和任務規劃。 Foundry 正在成為中央操作系統，不僅適用於個別機構，而且適用於整個行業。

Turning to the third quarter. Revenue grew 52% year-over-year, driven by continued expansion within our install base and initial wins at net new 2020 customers. We are distributing our platforms more efficiently than ever as we generated adjusted gross margins of 81% and contribution margin of 56% in the third quarter.

轉眼到第三季。收入同比增長 52%，這得益於我們安裝基礎的持續擴張和 2020 年淨新客戶的初步勝利。我們比以往任何時候都更有效地分發我們的平台，因為我們在第三季度產生了 81% 的調整後毛利率和 56% 的貢獻率。

And Palantir has evolved significantly in the last several years, from the development of our second flagship platform Foundry to the acceleration in our government business to the operating leverage from Apollo, our powerful continuous delivery infrastructure, which gives us SaaS operating efficiencies in a very heterogeneous environment.

Palantir 在過去幾年中取得了長足的發展，從我們的第二個旗艦平台 Foundry 的開發到我們政府業務的加速，再到我們強大的持續交付基礎設施 Apollo 的運營槓桿，它為我們提供了非常異構的 SaaS 運營效率環境。

In many ways, our business is just getting started, and this is largely a function of the technology that we've developed over these years. And you can really see that based on what's happening in the field. Let me highlight a few wins.

在許多方面，我們的業務才剛剛起步，這在很大程度上是我們這些年來開發的技術的一個功能。您可以根據現場發生的情況真正看到這一點。讓我強調一些勝利。

An energy super major was able to leverage our ERP suite an hour and in just a few weeks, generate $57 million of cash savings, a meaningful contribution to working capital for a sector that is challenged in the pandemic. The customer has already identified an incremental $315 million in potential savings on top of that. And this project has created lasting changes in the way procurement will operate with a projected annualized savings of $1 billion. We also closed a 5-year $300 million renewal, mid-pandemic, with a large aerospace customer, further reinforcing Foundry as core infrastructure in the operating system of their business.

一個能源超級專業能夠在一小時內利用我們的 ERP 套件，並在短短幾週內節省了 5700 萬美元的現金，這對在大流行中面臨挑戰的行業的營運資金做出了有意義的貢獻。除此之外，客戶已經確定了額外的 3.15 億美元的潛在節省。該項目為採購運作方式帶來了持久的變化，預計每年可節省 10 億美元。我們還與一家大型航空航天客戶完成了為期 5 年、價值 3 億美元的續約，在大流行中期，進一步加強了 Foundry 作為其業務操作系統的核心基礎設施。

Aerospace has been significantly challenged in the pandemic, and we see this as a long-term commitment to each other. This is the largest deal we have done in the commercial space, and we anticipate strong contribution margin from a customer of this scale and maturity.

航空航天在大流行中受到了重大挑戰，我們認為這是對彼此的長期承諾。這是我們在商業領域所做的最大一筆交易，我們預計這種規模和成熟度的客戶將提供強勁的利潤率。

Another commercial example I'd like to focus on is a Q3 net new Fortune 100 U.S. consumer goods company. This customer needed immediate help understanding the impact COVID may have on its employees and its operational facilities. This company was dealing with a surge in positive COVID tests across its employee base and was scrambling to monitor the health and safety of its employees, but also the durability of its operation.

我想關注的另一個商業例子是第三季度淨新財富 100 強的美國消費品公司。該客戶需要立即獲得幫助，以了解 COVID 可能對其員工及其運營設施產生的影響。這家公司正在應對其員工群體中 COVID 檢測呈陽性的激增，並忙於監控員工的健康和安全，以及其運營的持久性。

Over the course of an 8-week pilot, we started in July, Foundry allowed this customer to monitor potential infection, alert individual at facilities where potential outbreaks were occurring and quickly triage to limit the virus' spread. This solution allows the customer to annotate CAD-based models of their facilities with data integrated in our platform to track whether specific areas were particularly conducive to outbreak or that the spread was being driven by internal, external factors. And this enabled the customer to reach out to affected individuals and provide medical assistance.

在為期 8 週的試點過程中，我們從 7 月開始，Foundry 允許該客戶監控潛在感染，提醒可能發生疫情的設施中的個人，并快速分類以限制病毒的傳播。該解決方案允許客戶使用我們平台中集成的數據對其設施的基於 CAD 的模型進行註釋，以跟踪特定區域是否特別有利於爆發，或者傳播是由內部、外部因素驅動的。這使客戶能夠聯繫受影響的個人並提供醫療援助。

But also, the customer had a long-running project, looking to extract more value out of its supply chain and ERP systems. The firm had invested hundreds of millions of dollars into these solutions, but was struggling to gain the promised economic and competitive advantage from that investment. The customer wanted to use our platform, which they came to appreciate in the context of COVID, to solve core and enduring challenges, specifically to build a real-time buying solution on top of existing investments to make optimized purchasing decisions, such as capitalizing on discounted raw materials when pricing anomalies occur.

而且，客戶有一個長期運行的項目，希望從其供應鍊和 ERP 系統中提取更多價值。該公司已在這些解決方案上投資了數億美元，但正在努力從該投資中獲得所承諾的經濟和競爭優勢。客戶希望使用我們的平台來解決核心和持久挑戰，特別是在現有投資之上構建實時購買解決方案，以做出優化的購買決策，例如利用發生定價異常時的原材料折扣。

By leveraging various components and modules in Foundry, the customer is able to model a complete view of its supply chain from upstream raw materials to downstream finished goods in a few weeks. This created hundreds of opportunities across this customer supply chain for optimization.

通過利用 Foundry 中的各種組件和模塊，客戶能夠在幾週內對其從上游原材料到下游成品的供應鏈的完整視圖進行建模。這為整個客戶供應鏈創造了數百個優化機會。

We also signed a recent expansion with a top 5 pharmaceutical company. This firm, like many large pharma companies, is awash in data from thousands of clinical trials. But it's hard to draw conclusions across those trials as data is often siloed in disparate systems of record. Leveraging Foundry, this customer is able to link and interrogate data across more than 2,000 clinical trials, including symptoms, diagnoses and treatments, to unearth valuable findings. Again, across trials, not just in a single isolated study. Our software unlocked the ability to see patient stories at a population level and answer key questions, such as how many patients suffer from a particular condition regardless of which trial they participated in? These insights will help the customer both hypotheses around biomarkers and progressions of certain diseases to optimize research and develop new therapy.

我們最近還與一家排名前 5 的製藥公司簽署了一項擴展協議。這家公司與許多大型製藥公司一樣，擁有來自數千個臨床試驗的數據。但很難在這些試驗中得出結論，因為數據通常被孤立在不同的記錄系統中。利用 Foundry，該客戶能夠鏈接和查詢 2,000 多項臨床試驗的數據，包括症狀、診斷和治療，以發掘有價值的發現。同樣，在試驗中，不僅僅是在一項單獨的研究中。我們的軟件解鎖了在人群層面查看患者故事並回答關鍵問題的能力，例如無論他們參加了哪項試驗，有多少患者患有某種特定疾病？這些見解將幫助客戶圍繞生物標誌物和某些疾病的進展進行假設，以優化研究和開發新療法。

Turning to our government segment. We continue to pursue our vision of powering U.S. and allied defense to fight current and future threats, from space to mud, and in doing so, becoming the default operating system. We generated several new government wins in the third quarter, including a 2-year $91 million contract with the U.S. Army Research Lab. This customer will be employing both Foundry and Gotham to build out artificial intelligence and machine learning capabilities. Palantir was selected amongst 999 bids, and our platform will be used to integrate, manage and prepare data for training AI models. Early related work here has shown promising results in delivering next-generation capabilities during a recent warfighter exercise. The Army has leveraged vantage to great effect across various lines of efforts from readiness to financial management. These wins illustrate our expanding partnership with the Army, and we're looking forward to pursuing future programs with both the Army and other branches of the military. In particular, I'd highlight the continued growth of opportunities that we see at U.S. Space Force and U.S. Air Force, which we are investing in.

轉向我們的政府部門。我們繼續追求我們的願景，即為美國和盟國的國防提供動力，以對抗當前和未來的威脅，從太空到泥濘，並在此過程中成為默認操作系統。我們在第三季度取得了幾項新的政府勝利，包括與美國陸軍研究實驗室簽訂的為期兩年、價值 9100 萬美元的合同。該客戶將同時使用 Foundry 和 Gotham 來構建人工智能和機器學習能力。 Palantir 在 999 個投標中被選中，我們的平台將用於集成、管理和準備用於訓練 AI 模型的數據。在最近的一次作戰演習中，這裡的早期相關工作在提供下一代能力方面顯示出了可喜的成果。陸軍利用優勢在從戰備到財務管理的各種努力中發揮了巨大作用。這些勝利表明我們與陸軍的合作夥伴關係不斷擴大，我們期待著與陸軍和其他軍隊部門一起開展未來的計劃。特別是，我要強調我們正在投資的美國太空部隊和美國空軍的機會持續增長。

Our work serving health care agencies domestically and abroad continues to deliver results. We were selected by NIH's National Center for Advancing Translational Sciences, or NCATS, for a $36 million contract to support a secure scientific platform environment. NCATS is using Foundry for integration, management, security and analysis across various initiatives supported by the platform, which include cancer and COVID-19 research.

我們為國內外醫療機構服務的工作繼續取得成果。我們被 NIH 的國家轉化科學促進中心 (NCATS) 選中，簽訂了一份價值 3600 萬美元的合同，以支持安全的科學平台環境。 NCATS 正在使用 Foundry 在平台支持的各種計劃中進行集成、管理、安全和分析，其中包括癌症和 COVID-19 研究。

Foundry is powering N3C UNITE, which is the largest COVID-19 clinical data asset in the world with over 1 million patients across more than 30 hospitals, all assembled in Foundry in a few weeks. Foundry is also the infrastructure supporting the complex supply chain and logistics for operational work speed. And this builds on our existing work at CDC, HHS, the NCI and FDA. And it intersects with our commercial work, helping retail pharmacies and drug companies coordinate plans and logistics to successfully deliver vaccines to the population.

Foundry 正在為 N3C UNITE 提供支持，這是世界上最大的 COVID-19 臨床數據資產，在 30 多家醫院擁有超過 100 萬名患者，所有患者都在幾週內在 Foundry 組裝。 Foundry 也是支持複雜供應鍊和物流以提高運營工作速度的基礎設施。這建立在我們在 CDC、HHS、NCI 和 FDA 現有工作的基礎上。它與我們的商業工作相交，幫助零售藥店和製藥公司協調計劃和物流，以成功地向民眾提供疫苗。

In the U.K., Foundry has been powering NHS England's response to the pandemic, including the allocation and distribution of more than 2.7 billion items of PPE and other critical equipment.

在英國，Foundry 一直在為 NHS England 應對大流行提供動力，包括分配和分發超過 27 億件 PPE 和其他關鍵設備。

I'd highlight that the President of Colombia recently released a video showing his country's response to the pandemic and the role both Palantir and Amazon Web Services played in rapidly deploying the infrastructure used to manage the situation. This engagement was sourced by Amazon, one of our channel partners.

我要強調的是，哥倫比亞總統最近發布了一段視頻，展示了他的國家對這一流行病的反應，以及 Palantir 和亞馬遜網絡服務在快速部署用於管理局勢的基礎設施方面所發揮的作用。這種參與是由我們的渠道合作夥伴之一亞馬遜發起的。

Importantly, we can already see how the pandemic is leading to lasting and systemic transformation of health care in various countries. We have a unique opportunity to power the holistic digital transformation of these organizations with significant improvement in the health and safety of their citizens. It may have started with COVID, but it's not going to end there as the pandemic has revealed a broad swath of challenges and opportunities these institutions are rising to meet. And taken together with our commercial health care work, we believe these developments will have far-reaching positive implications for the future of health care, and we have the opportunity to be at the center of it.

重要的是，我們已經可以看到大流行如何導致各國衛生保健的持久和系統性轉變。我們有一個獨特的機會來推動這些組織的整體數字化轉型，顯著改善其公民的健康和安全。它可能始於 COVID，但不會就此結束，因為大流行已經揭示了這些機構正在迎接的廣泛挑戰和機遇。結合我們的商業醫療保健工作，我們相信這些發展將對醫療保健的未來產生深遠的積極影響，我們有機會成為它的中心。

Before turning it over to Dave to take us through the numbers, I wanted to touch on our R&D road map. We believe the investments we are making will enable us to drive significant increases in the number of customers that we can acquire and continue to improve our time to value. Our latest R&D investments include enabling our solutions to be fully modular, a take what you want, build on what you have approach for the enterprise.

在把它交給戴夫帶我們瀏覽數字之前，我想談談我們的研發路線圖。我們相信，我們正在進行的投資將使我們能夠顯著增加我們可以獲得的客戶數量，並繼續縮短實現價值的時間。我們最新的研發投資包括使我們的解決方案能夠完全模塊化，採取你想要的，建立在你為企業提供的方法之上。

We will be hosting product deep dive for investors in the next month or two. So be on the lookout for an announcement coming soon about these sessions. We're going to showcase how our customers use our platforms across industries and across problem spaces, including defense, health care, supply chain and more. We'll also discuss the latest technical development, our road map and upcoming R&D investments. I'll pass it over to Dave.

我們將在接下來的一兩個月內為投資者舉辦產品深入研究。因此，請留意即將發布的有關這些會議的公告。我們將展示我們的客戶如何跨行業和跨問題空間使用我們的平台，包括國防、醫療保健、供應鍊等。我們還將討論最新的技術發展、我們的路線圖和即將進行的研發投資。我會把它交給戴夫。

Thanks, Shyam. I'll review our third quarter performance, followed by our outlook for the fourth quarter and full year 2020. Third quarter revenue was $289 million, up 52% year-over-year and over $9 million above the high end of the guidance we provided in connection with the direct listing. Average revenue per customer through the first 9 months of this year was $5.8 million, up 38% versus the year ago period. Average revenue for top 20 customers grew 36% year-over-year through the first 9 months of 2020, totaling $23.6 million. We are seeing greater diversification in our revenue base as our top 20 customers represented 61% of total revenue through the first 9 months of 2020 compared with 68% in the year ago period.

謝謝，夏姆。我將回顧我們第三季度的業績，然後是我們對第四季度和 2020 年全年的展望。第三季度收入為 2.89 億美元，同比增長 52%，比我們提供的指導上限高出 900 萬美元與直接上市有關。今年前 9 個月，每位客戶的平均收入為 580 萬美元，比去年同期增長 38%。到 2020 年前 9 個月，前 20 名客戶的平均收入同比增長 36%，總計 2360 萬美元。我們看到我們的收入基礎更加多樣化，因為我們的前 20 名客戶在 2020 年前 9 個月占總收入的 61%，而去年同期為 68%。

In the third quarter, we closed 15 deals of $5 million or more in total contract value, including 8 deals in excess of $10 million. Top line growth was driven by strong performance across each of our business segments.

第三季度，我們完成了 15 筆總合同價值在 500 萬美元或以上的交易，其中 8 筆交易超過了 1000 萬美元。收入增長是由我們每個業務部門的強勁表現推動的。

Third quarter commercial revenue grew 35% year-over-year to $127 million, driven by a combination of expansion with existing customers and increasing contributions from new customers. We also closed several large deals across our commercial portfolio in the third quarter, including a $300 million renewal in the aerospace industry and multiple wins, each over $5 million in the consumer, insurance and financial services industries. Especially, in the midst of the pandemic, we continue to prioritize speed of delivery and value creation. While this can lead to lumpiness in our commercial revenue on a quarter-to-quarter basis due to contract timing, we are encouraged by the pipeline we see in our commercial business.

第三季度商業收入同比增長 35% 至 1.27 億美元，這得益於現有客戶的擴張和新客戶的貢獻增加。我們還在第三季度完成了我們商業投資組合中的幾項大宗交易，包括在航空航天業的 3 億美元續約和多次贏得消費者、保險和金融服務行業的超過 500 萬美元的交易。特別是在大流行期間，我們繼續優先考慮交付速度和價值創造。儘管由於合同時間的原因，這可能導致我們的商業收入按季度出現波動，但我們對我們在商業業務中看到的管道感到鼓舞。

Total government revenue rose 68% year-over-year to $163 million, driven primarily by growth in our U.S. government business. As Shyam mentioned, we signed several new government deals in the third quarter, including a 2-year contract with the U.S. Army Research Laboratory, an IDIQ award with the National Center for Advancing Translational Sciences and several wins in our international government business as well. At the end of the third quarter, our government deal value, including contracted amounts and contractual options, totaled $1.3 billion.

政府總收入同比增長 68% 至 1.63 億美元，這主要得益於我們美國政府業務的增長。正如 Shyam 所提到的，我們在第三季度簽署了幾項新的政府交易，包括與美國陸軍研究實驗室簽訂的為期 2 年的合同、與國家轉化科學促進中心的 IDIQ 獎以及我們在國際政府業務中的多項勝利。在第三季度末，我們的政府交易價值（包括合同金額和合同選擇權）總計 13 億美元。

I will next discuss our margins and expenses on an adjusted basis, which excludes stock-based compensation. We generated adjusted gross margin of 81% in the third quarter, up 1,100 basis points year-over-year and reflecting enhanced automation in the delivery and maintenance of our software platforms as well as reduced cloud hosting expenses. Contribution margin rose to 56% in the third quarter, up roughly 100 basis points sequentially and compared to 15% contribution margin in the year ago quarter, which demonstrates the increased scale and efficiency of our 3-phase business model.

接下來，我將在調整後的基礎上討論我們的利潤率和費用，其中不包括基於股票的薪酬。我們在第三季度實現了 81% 的調整後毛利率，同比增長 1,100 個基點，這反映了我們軟件平台交付和維護的自動化程度提高以及雲託管費用的減少。第三季度貢獻率上升至 56%，環比增長約 100 個基點，而去年同期為 15%，這表明我們三階段業務模式的規模和效率有所提高。

Now I'm going to turn to operating expenses. For the third quarter, operating expenses were $235 million. Additionally, in the third quarter, we incurred roughly $54 million in expenses related to our direct listing and $18 million in employer payroll taxes related to stock-based compensation.

現在我要談談運營費用。第三季度的運營費用為 2.35 億美元。此外，在第三季度，我們與直接上市相關的費用約為 5400 萬美元，與股票薪酬相關的雇主工資稅為 1800 萬美元。

Excluding these expenses, total third quarter adjusted operating expenses would have been $164 million. Sales and marketing expense was $71 million or 25% of revenue, down from 54% of revenue in the year ago quarter, all while growing our direct sales force. The operating leverage in sales and marketing is a result of more efficient customer acquisition and more rapid scaling of our customers through our 3-phase business model and reductions in travel and office expenses. We expect to continue investing in broadening our customer acquisition efforts including growing our account-based sales force and developing channel partnerships.

不計這些費用，第三季度調整後的總運營費用為 1.64 億美元。銷售和營銷費用為 7100 萬美元，佔收入的 25%，低於去年同期收入的 54%，同時我們的直銷隊伍也在不斷壯大。銷售和營銷的運營槓桿是通過我們的三階段業務模式更有效地獲取客戶和更快速地擴展我們的客戶以及減少旅行和辦公費用的結果。我們預計將繼續投資於擴大我們的客戶獲取工作，包括發展我們基於客戶的銷售隊伍和發展渠道合作夥伴關係。

Research and development expense was $57 million or 20% of revenue, down from 32% in the year ago quarter. As delivery and maintenance of our platforms have become more automated, we are realizing greater efficiencies in developing new features and functionality across each of our core platforms, including the modularization effort Shyam discussed, allowing us to reap savings in areas such as travel and related IT expenses. We do plan to continue to grow headcount and expect R&D expenses to grow in absolute dollars moving forward.

研發費用為 5700 萬美元，佔收入的 20%，低於去年同期的 32%。隨著我們平台的交付和維護變得更加自動化，我們正在實現跨每個核心平台開發新特性和功能的更高效率，包括 Shyam 討論的模塊化工作，使我們能夠在旅行和相關 IT 等領域節省開支花費。我們確實計劃繼續增加員工人數，並預計研發費用將在未來以絕對美元的形式增長。

G&A expense was $107 million or 37% of revenue compared with 32% of revenue in the prior year period. This includes $54 million in expenses related to our direct listing. Excluding expenses related to the direct listing and employer payroll taxes related to stock-based compensation, G&A expenses would have been $49 million or 17% of revenue.

G&A 費用為 1.07 億美元，佔收入的 37%，而去年同期為 32%。這包括與我們直接上市相關的 5400 萬美元費用。不包括與直接上市相關的費用和與股票薪酬相關的雇主工資稅，G&A 費用將是 4900 萬美元或收入的 17%。

Third quarter operating loss, excluding stock-based compensation, was $1 million. After excluding expenses related to our direct listing and employer payroll taxes related to stock-based compensation, third quarter adjusted operating income was $73 million, roughly $11 million ahead of the high end of our prior guidance range. We ended the quarter with total contract liabilities of $622 million. Prior to 2020, we pursued multiyear upfront payments from our customers, leading to significant growth in customer deposits, and often, our cash collections were greater than revenue in any given year.

第三季度經營虧損（不包括股票補償）為 100 萬美元。剔除與我們直接上市相關的費用和與股票薪酬相關的雇主工資稅後，第三季度調整後的營業收入為 7300 萬美元，比我們先前指導範圍的高端高出約 1100 萬美元。我們在本季度末的合同負債總額為 6.22 億美元。在 2020 年之前，我們向客戶尋求多年的預付款，導致客戶存款顯著增長，而且我們的現金收款通常在任何一年都超過收入。

As a result, many customers have already paid for 2020 in prior years, which explains the negative cash flow we have seen through the first 9 months. We expect this to begin to normalize over the course of 2021, as we move away from multiyear upfront payments, and we expect free cash flow margin will converge with adjusted operating margin over time. We continue to have strong visibility into future revenues across our customer base, as average contract duration as of September 30 increased to 3.6 years, up from 3.5 years as of June 30.

結果，許多客戶在前幾年已經支付了 2020 年的費用，這解釋了我們在前 9 個月看到的負現金流。我們預計這將在 2021 年開始正常化，因為我們不再需要多年的預付款，並且我們預計隨著時間的推移，自由現金流利潤率將與調整後的營業利潤率趨於一致。我們繼續對我們客戶群的未來收入有很強的可見性，因為截至 9 月 30 日的平均合同期限從 6 月 30 日的 3.5 年增加到 3.6 年。

We raised roughly $500 million, primarily stemming from equity investments made by our partner, Sompo Holdings, which closed in June and July. We reduced our total outstanding debt by roughly $100 million in the third quarter. As of September 30, remaining debt is comprised of $200 million term loan under our credit facility, and we also have a $200 million undrawn revolver available to us. We ended the third quarter with $1.8 billion in cash and cash equivalents.

我們籌集了大約 5 億美元，主要來自我們的合作夥伴 Sompo Holdings 的股權投資，該投資於 6 月和 7 月關閉。我們在第三季度將未償債務總額減少了大約 1 億美元。截至 9 月 30 日，剩餘債務由我們信貸額度下的 2 億美元定期貸款組成，我們還有 2 億美元的未動用左輪手槍可供我們使用。我們在第三季度結束時擁有 18 億美元的現金和現金等價物。

Looking at the business through the lens of our 3-phase model, we continue to see strong progress at each stage. As a reminder, we cohort customers at the end of each year into 1 of 3 distinct phases. Acquire phase customers are customers we have engaged in the pilot base, often at little or no cost to them, which have generated less than $100,000 in revenue in that year. Expand phase customers are those generating greater than $100,000 in revenue in that year, and we invest significantly to scale that customer and grow revenue quickly, resulting in negative contribution margins in the period. Finally, we define scale phase customers as those generating greater than $100,000 in revenue a year as well as positive contribution margins, exhibiting self-sufficient usage and growth with our platforms.

從我們的三階段模型的角度來看業務，我們繼續看到每個階段的強勁進展。提醒一下，我們在每年年底將客戶分為三個不同階段中的一個。收購階段的客戶是我們在試點基地中參與的客戶，通常對他們來說成本很低或沒有成本，當年的收入不到 100,000 美元。擴展階段的客戶是那些在當年產生超過 100,000 美元收入的客戶，我們進行了大量投資以擴大該客戶的規模并快速增加收入，從而導致該期間的邊際貢獻為負。最後，我們將規模階段客戶定義為年收入超過 100,000 美元、邊際貢獻為正、通過我們的平台展示自給自足的使用和增長的客戶。

Acquire phase customers generated $41 million in revenue through the first 9 months of the year, while contribution from this cohort of customers is rapidly approaching breakeven with a contribution loss of only $4.2 million, a testament to the speed and efficiency with which we're deploying our software and helping our early-stage customers solve critical problems. This compares to just $19 million in revenue through the first 6 months of the year, with a contribution loss of $13.9 million. In addition, through the first 9 months of 2020, we generated $23 million in revenue from new customers that we have acquired in year, meaning, these are customers that have not yet been classified to 1 of our 3-phase customer cohorts. This compares with $8.3 million through the first 9 months of 2019 and represents nearly 200% year-over-year growth.

收購階段客戶在今年前 9 個月創造了 4100 萬美元的收入，而這批客戶的貢獻正迅速接近盈虧平衡，貢獻損失僅為 420 萬美元，這證明了我們正在部署的速度和效率我們的軟件並幫助我們的早期客戶解決關鍵問題。相比之下，今年前 6 個月的收入僅為 1900 萬美元，貢獻損失為 1390 萬美元。此外，在 2020 年的前 9 個月，我們從當年獲得的新客戶中獲得了 2300 萬美元的收入，這意味著這些客戶尚未歸類為我們的三階段客戶群之一。相比之下，2019 年前 9 個月為 830 萬美元，同比增長近 200%。

This is a testament to the speed and efficiency of our platforms and go-to-market as we shrink time to value for our customers and accelerate customers from pilot to conversion. Taken together with continued revenue growth from our acquire phase customers, we believe the rapid growth in revenue from new customers creates a strong basis for future growth to augment the consistent expansion we are generating from our install base of customers in the expand and scale basis.

這證明了我們的平台和上市的速度和效率，因為我們縮短了為客戶創造價值的時間，並加快了客戶從試點到轉換的速度。再加上我們收購階段客戶的收入持續增長，我們相信來自新客戶的收入的快速增長為未來的增長奠定了堅實的基礎，以增強我們在擴大和規模基礎上從客戶安裝基礎中產生的持續擴張。

Turning to the expand phase. We continue to demonstrate strong growth as our customers drive increased adoption of our software to yield greater value. Expand phase customers generated $254 million in revenue in the first 9 months of the year, with contribution margin for these customers at 41%. This is up from $161 million and contribution margin of 35% through the first 6 months of 2020 and a significant advancement from $176.3 million in revenue and negative contribution margin of 43% from the same accounts in full year 2019.

轉向擴展階段。隨著我們的客戶越來越多地採用我們的軟件以產生更大的價值，我們繼續表現出強勁的增長。擴展階段客戶在今年前 9 個月創造了 2.54 億美元的收入，這些客戶的邊際貢獻率為 41%。這高於 2020 年前 6 個月的 1.61 億美元和 35% 的邊際貢獻，與 2019 年全年相同賬戶的收入 1.763 億美元和 43% 的負邊際貢獻相比有了顯著提升。

Finally, we continue to see strong contribution margin from our scale phase customers. These customers generated $452 million in revenue in the first 9 months of the year, with a contribution margin of 69% compared with $296 million in revenue and contribution margin of 68% through the first half of 2020.

最後，我們繼續看到規模階段客戶的強勁貢獻。這些客戶在今年前 9 個月創造了 4.52 億美元的收入，貢獻率為 69%，而到 2020 年上半年的收入為 2.96 億美元，貢獻率為 68%。

Turning to our outlook. We are raising our full year 2020 revenue guidance to a range of $1.070 billion to $1.072 billion, up from $1.050 billion to $1.060 billion previously and representing year-over-year growth of 44%. We are also increasing full year adjusted operating income guidance to a range of $130 million to $136 million, which excludes stock-based compensation and related employer payroll taxes as well as direct listing related costs.

轉向我們的前景。我們將 2020 年全年收入指引從之前的 10.50 億美元提高到 10.60 億美元至 10.70 億美元至 10.72 億美元之間，同比增長 44%。我們還將全年調整後的營業收入指引提高到 1.3 億美元至 1.36 億美元的範圍，其中不包括基於股票的薪酬和相關的雇主工資稅以及與直接上市相關的成本。

For the fourth quarter, we expect revenue in a range of $299 million to $301 million, representing year-over-year growth of 30% to 31%, given our exceptionally strong Q4 2019 revenue. We expect fourth quarter adjusted operating income of $44 million to $50 million, which excludes stock-based compensation and related employer payroll taxes. For the full year 2021, we remain encouraged by the pace of growth we are seeing in our subscription base and the acceleration we are seeing in revenue from acquire phase and new customers that provide solid foundation for future growth. As a result, we continue to expect full year 2021 year-over-year revenue growth to be greater than 30%.

鑑於我們 2019 年第四季度的收入異常強勁，我們預計第四季度的收入在 2.99 億美元至 3.01 億美元之間，同比增長 30% 至 31%。我們預計第四季度調整後的營業收入為 4400 萬美元至 5000 萬美元，其中不包括基於股票的薪酬和相關的雇主工資稅。對於 2021 年全年，我們仍然對訂閱基礎的增長速度以及我們從收購階段看到的收入加速增長以及為未來增長提供堅實基礎的新客戶感到鼓舞。因此，我們繼續預計 2021 年全年收入同比增長將超過 30%。

With that, we'll open up the call for Q&A.

有了這個，我們將打開問答電話。

(Operator Instructions) Our first question comes from Brent Thill with Jefferies.

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

The government business has shown incredible strength this year. I think many are curious about how you think about the pipeline and the residual kind of carryover from the government business. And maybe if you could also address a big investor concern around the administration change. If that happens, does that have any impact on what you guys see in the government pipeline?

政府業務今年表現出令人難以置信的實力。我認為許多人對您如何看待管道和政府業務的剩餘結轉方式感到好奇。也許你還可以解決投資者對政府變更的擔憂。如果發生這種情況，這對你們在政府管道中看到的有什麼影響嗎？

Thank you, Brent. Yes, the government business had a great quarter. I'd say both segments are performing quite well. We're excited about the pipeline of the government business. Of course, there's the contract that we just closed with the U.S. Army. There's a number of big capture pursuits in the pipeline, things that we've mentioned previously, opportunities like DCGS, Capability Drop 2. There's a lot more behind that, that we expect. There are a couple of more programs of record that we're up for potentially in 2021. And we're investing far beyond just the Army, Space Force, the Navy, Air Force, so very robust pipeline, but that's just DoD. Like honestly, there's been enormous acceleration for a part of a business that was pretty small 18 months ago in health care. The work that we've done with the FDA, CDC, HHS, the NIH has really accelerated. And it's created enormous opportunities for us.

謝謝你，布倫特。是的，政府業務有一個很好的季度。我想說這兩個部分的表現都很好。我們對政府業務的管道感到興奮。當然，還有我們剛剛與美國陸軍簽訂的合同。我們之前已經提到過許多大型捕獲追求，例如 DCGS、Capability Drop 2 等機會。在這之後，我們期待的還有很多。到 2021 年，我們可能還有更多的記錄計劃。而且我們的投資遠遠超出了陸軍、太空部隊、海軍、空軍，如此強大的管道，但這只是國防部。老實說，對於 18 個月前在醫療保健領域還很小的業務的一部分來說，它的發展速度非常快。我們與 FDA、CDC、HHS、NIH 所做的工作確實加速了。它為我們創造了巨大的機會。

And while many of those opportunities certainly accelerated because of COVID, it may have started there, it's very clear it's not going to end there. We're seeing opportunities for large systemic transformation in health care in the U.S. but also abroad, COVID-exposed opportunities for improvement, and I think governments are going to invest there.

雖然許多這些機會肯定會因為 COVID 而加速，但它可能已經從那裡開始，但很明顯它不會到此結束。我們看到了美國和國外醫療保健領域大規模系統性轉型的機會，以及新冠病毒帶來的改善機會，我認為政府將在那裡投資。

And in terms of your other question around administration change. Look, for the 17 years that we've been around, we've served every administration in the U.S. We've worked with 5 administrations in the U.K., 4 administrations in France and 2 in Germany. We -- our users and the folks who buy our software, they've worked with many more because they are actually career civil servants. And so we don't expect any change really as a result of this.

就您關於管理變更的其他問題而言。看，在我們工作的 17 年裡，我們服務過美國的每一屆政府。我們曾與英國的 5 屆政府、法國的 4 屆政府和德國的 2 屆政府合作。我們——我們的用戶和購買我們軟件的人，他們與更多人合作過，因為他們實際上是職業公務員。因此，我們預計不會因此而發生任何變化。

Our next question comes from [Mark Landy] with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 [Mark Landy]。

This is actually Keith Weiss in for [Mark]. Looking at the metrics on sort of the new customers that were acquired in the first 9 months is up 175% year-on-year. Really impressive new customer adds. Can you talk to us a little bit about how much of that comes from sort of the ramping efforts and building out the direct sales force? So is that starting to have a positive impact? And maybe if you could help us, kind of mark-to-market, where are you with that effort in terms of like sales teams or whatnot? And how you expect that to roll out on a going-forward basis?

這實際上是 [Mark] 的 Keith Weiss。從前 9 個月獲得的新客戶類別的指標來看，同比增長了 175%。真正令人印象深刻的新客戶添加。您能否與我們談談其中有多少來自不斷加大的努力和建立直銷隊伍？那麼這是否開始產生積極影響？也許如果你能幫助我們，按市場計價，你在哪裡像銷售團隊或諸如此類的那樣努力？以及您如何期望它在未來的基礎上推出？

And then maybe just one on operating margins. Really nice sort of uplift in operating margins this year, even though you're building out the direct sales force. Can you drill down a little bit more and help us understand kind of where those expense savings come from? And how much of that is going to be kind of -- you guys aren't traveling as much this year because of the COVID environment and we should expect that to come back into the income statement on a go-forward basis?

然後也許只是一個關於營業利潤率的問題。儘管您正在建立直銷隊伍，但今年的營業利潤率確實有不錯的提升。你能再深入一點，幫助我們了解這些節省的費用是從哪裡來的嗎？其中有多少會是——由於新冠疫情的影響，你們今年旅行的次數減少了，我們應該期望這會在未來的基礎上重新出現在損益表中？

Great. Thanks, Keith. So first, the -- what we're doing with the account-based sales force. So we've talked a bit about this. We've been building the team starting with really the beginning of last year. And in hindsight, I think our main mistake was that we should have done more. It's worked very well for us last year and into this year. So we're increasing this effort. We've talked about tripling our total headcount there today, a fairly small part of the company. So we're going to continue to invest here because it's working. And you can see some of the results in some of our general categories or new accounts that we've closed this year, accounts in the acquire phase, growing revenue and the expand and scale phases really performing.

偉大的。謝謝，基思。首先，我們正在與基於帳戶的銷售人員一起做些什麼。所以我們已經談了一點。我們從去年年初就開始組建團隊。事後看來，我認為我們的主要錯誤是我們應該做得更多。去年和今年，它對我們來說都非常有效。所以我們正在加大這方面的努力。我們已經談到今天在那裡的總人數增加三倍，這只是公司的一小部分。因此，我們將繼續在這裡投資，因為它正在發揮作用。你可以在我們今年關閉的一些一般類別或新賬戶中看到一些結果，在收購階段的賬戶，不斷增長的收入以及擴張和規模階段的真正表現。

But what's really working here, I think, is a little bit more of a technology and a product story. Our speed to value for customers is getting much faster. And there are many reasons, but I'm going to highlight two. First is Foundry modules and software-defined data integration.

但我認為，真正起作用的是技術和產品故事。我們為客戶創造價值的速度越來越快。原因有很多，但我要強調兩個。首先是 Foundry 模塊和軟件定義的數據集成。

We -- Shyam talked briefly about a customer mentioned earlier that started using our ERP suite. And they've already saved over $50 million, and they were able to use the software in just a few hours. And this is important to highlight because what used to take weeks of complex data integration and ontology building can now be automated. And this is because of the advancements we've made in software-defined data integration. And that was an example in sort of the large industrial complex, a consumer goods company used that same ERP suite, connected it to our Vertex Foundry module to simulate their supply chain, and it's now helping them run their business more efficiently.

我們 -- Shyam 簡要談到了前面提到的一位開始使用我們的 ERP 套件的客戶。他們已經節省了超過 5000 萬美元，而且他們能夠在短短幾個小時內使用該軟件。這一點很重要，因為過去需要數週的複雜數據集成和本體構建現在可以自動化。這是因為我們在軟件定義的數據集成方面取得了進步。這是大型工業綜合體中的一個例子，一家消費品公司使用相同的 ERP 套件，將其連接到我們的 Vertex Foundry 模塊以模擬他們的供應鏈，現在它正在幫助他們更有效地開展業務。

So the same thing here. The software is really driving more of the work. That means time to value is faster and that equals more efficient sales. And by the way, I guess, this recent example was actually sourced by one of our more recent account salespeople. So big congrats to you and -- that team out there. You guys all know who you are. So these advancements are big opportunities for sales teams. There are also opportunities for channel partners who seem to be very excited about this. That's the Foundry modules.

所以這裡也是一樣。該軟件確實推動了更多的工作。這意味著實現價值的時間更快，這等於更有效的銷售。順便說一句，我猜這個最近的例子實際上是由我們最近的一位客戶銷售人員提供的。非常祝賀你和 - 那支球隊。你們都知道自己是誰。因此，這些進步對銷售團隊來說是巨大的機會。似乎對此非常興奮的渠道合作夥伴也有機會。那是Foundry模塊。

And we haven't talked a lot about channel partners, but I suspect we will in future periods. And so then I'll hand it back to Dave for the conversation about the operating margin.

而且我們還沒有談論太多關於渠道合作夥伴的事情，但我懷疑我們會在未來一段時間內討論。因此，我將把它交還給戴夫，以討論關於營業利潤率的問題。

Thanks, Kevin. So I'll sort of just revisit our long-term targets for margins, retargeting adjusted gross margin of [35%] plus contribution margin by 70% plus and adjusted operating margin of 35% plus. In terms of adjusted operating margin -- adjusted operating income, we raised our 2020 full year guidance to $133 million at the midpoint. And when you're looking at sort of our adjusted operating income, you can see that COVID accelerated a lot of change across the company. And this is -- it really resulted us in leveraging a lot of our previous R&D investments in things like Apollo.

謝謝，凱文。所以我會重新審視我們的長期利潤率目標，重新定位調整後的毛利率 [35%] 加上 70% 以上的貢獻利潤率和 35% 以上的調整後營業利潤率。就調整後的營業利潤率——調整後的營業收入而言，我們將 2020 年全年指引上調至中點 1.33 億美元。當您查看我們調整後的營業收入時，您會發現 COVID 加速了整個公司的許多變化。這就是——它真的讓我們利用了我們之前在阿波羅等領域的大量研發投資。

And so while there was a lot of change that happened with COVID, and you're going to see a lot of that sticking, and -- but with that said, we're going to continue to invest. As Kevin talked about, we're going to continue to invest in our direct sales force, continue to build out products, sort of like Apollo, continue to get that operating leverage. And we'll continue to see top line growth continue to outpace expense growth.

因此，雖然 COVID 發生了很多變化，你會看到很多變化，而且——但話雖如此，我們將繼續投資。正如凱文所說，我們將繼續投資於我們的直銷隊伍，繼續打造產品，有點像阿波羅，繼續獲得運營槓桿。我們將繼續看到收入增長繼續超過費用增長。

(Operator Instructions) Our next question comes from Alex Zukin with RBC.

（操作員說明）我們的下一個問題來自 RBC 的 Alex Zukin。

Congrats on a great first quarter. You mentioned a little bit about modularizing the platform componentry and something that you're going to talk about in here in the short -- in the near term. Can you talk about what kind of motion is that going to unlock? Why you're doing that now? What do you -- and where do you expect that to have a bigger impact on commercial or federal sales?

祝賀第一季度的出色表現。您提到了一些關於模塊化平台組件的內容，以及您將在短期內討論的內容——在短期內。你能談談會解鎖什麼樣的動作嗎？你為什麼現在這樣做？你怎麼看——你認為這會對商業或聯邦銷售產生更大的影響嗎？

And then just a financial question. If we think -- remind us a little bit about the seasonality of the business. And as we look to next year around top line growth specifically, how should we think about revenue linearity, specifically maybe 4Q to 1Q and then beyond?

然後只是一個財務問題。如果我們認為 - 提醒我們一點關於業務的季節性。當我們特別關註明年的收入增長時，我們應該如何考慮收入線性，特別是可能從 4Q 到 1Q 甚至更久？

Great. Thanks, Alex. So just to back up a little bit, thinking about Foundry here. We've built this over the last 5 years. We've built this end-to-end platform. And we've been investing significantly in the R&D to do that. And so -- and that really paid off. In the first 3 weeks of COVID, we started 83 new engagements. And we could do that because we had a solution that customers could start using in a matter of a few hours that can solve scaled problems in an end-to-end sort of way. And that has a premium in a crisis, and crisis have always been a tailwind for our business, whether it's the global financial crisis or ISIS attacks in Europe in '15 and '16 or the present-day pandemic.

偉大的。謝謝，亞歷克斯。所以只是稍微備份一下，在這裡考慮一下Foundry。我們在過去 5 年裡建立了這個。我們已經構建了這個端到端平台。我們一直在大力投資研發來做到這一點。所以——這真的得到了回報。在 COVID 的前 3 週，我們開始了 83 項新活動。我們之所以能做到這一點，是因為我們有一個解決方案，客戶可以在幾個小時內開始使用，它可以以端到端的方式解決規模化的問題。這在危機中具有溢價，而危機一直是我們業務的順風，無論是全球金融危機還是 15 和 16 年歐洲的 ISIS 襲擊，還是當今的大流行。

But we also recognize that many customers have made investments in IT capabilities that they are more or less happy with. And so by modularizing the offering, we're able to let them take what they need from the offering, but then build on what they already have. And that allows us to have a kind of a more nuanced land and expand motion over time. It changes the offering in a way that you can -- you have more flexibility on the price point and how you -- it gives you a new way of going to market with channel partners.

但我們也認識到，許多客戶已經對他們或多或少滿意的 IT 功能進行了投資。因此，通過對產品進行模塊化，我們能夠讓他們從產品中獲取他們需要的東西，然後在他們已經擁有的東西的基礎上進行構建。這使我們能夠擁有一種更細緻入微的土地，並隨著時間的推移擴大運動。它以一種你可以改變的方式改變產品——你在價格點和你的方式上有更多的靈活性——它為你提供了一種與渠道合作夥伴一起進入市場的新方式。

So we think it actually opens up a lot of opportunities. Customers are pretty excited about that. We've seen opportunities to leverage those modules already with new customer and the new -- at both -- and on the pipeline side, but even new customers where we're actually implementing and converting. And yes, I think that it's -- and I also -- I guess, the last part of your question, I would expect to see this both in government and commercial.

所以我們認為它實際上開闢了很多機會。客戶對此非常興奮。我們已經看到了利用這些模塊與新客戶和新客戶以及管道方面的機會，甚至是我們實際實施和轉換的新客戶。是的，我認為這是 - 而且我也 - 我想，你問題的最後一部分，我希望在政府和商業中都看到這一點。

And I'll touch base a little bit on the guidance for 2021. So 93% of our customers -- or 93% of our revenue is from existing customers, recurring and growing. So we're very focused on bringing on new accounts because that creates a starting point for this land and expand dynamic. But again, 93% coming from existing customers, recurring and growing. A little bit more -- a few more numbers there, I think, are important to focus on. Average revenue per customer through the first 9 months of this year grew 38% compared to last year. Average revenue for our top 20 customers grew 36% compared to last year. And for both these numbers, still 3 months to go here.

我將根據 2021 年的指導稍微談一談。因此，我們 93% 的客戶——或 93% 的收入來自現有客戶，經常性和增長。因此，我們非常專注於引入新客戶，因為這為這片土地創造了一個起點並擴大了動態。但同樣，93% 來自現有客戶，經常性和增長。再多一點——我認為，再多一些數字很重要。今年前 9 個月，每位客戶的平均收入與去年相比增長了 38%。與去年相比，我們前 20 名客戶的平均收入增長了 36%。對於這兩個數字，還有 3 個月的時間。

We've also reduced our customer concentration. Our top 20 customers are going from 68% of our total revenue to 61% of the total revenue through the first 9 months of 2020.

我們還降低了客戶集中度。到 2020 年的前 9 個月，我們的前 20 名客戶將從占總收入的 68% 上升到佔總收入的 61%。

Touching just briefly on the seasonality question, I think it's important. One thing you might be pointing out and focused on is that we had a very strong fourth quarter in 2019. It was about 20% sequential growth. So what you're seeing a little bit here in 2020 is that smoothing out a little bit. And so -- and what you've also seen is our guidance raising a little bit to 44% for the full year.

只是簡單地談到季節性問題，我認為這很重要。您可能要指出並關注的一件事是，我們在 2019 年第四季度的表現非常強勁。連續增長約 20%。因此，您在 2020 年在這裡看到的一點是平滑了一點。所以——你還看到我們的全年指導提高了一點點到 44%。

Our next question comes from Chris Merwin with Goldman Sachs.

我們的下一個問題來自高盛的 Chris Merwin。

I wanted to ask about the commercial business. It looks like it grew 35% in the quarter, which I think was well above the growth rate you had for last year. I know you had a very significant $300 million renewal in the quarter. Was that the main driver of the acceleration? Or was it the other wins that you called out as well? And how should we be thinking about the sustainability of that higher growth rate for the commercial business in the near term here?

我想問一下商業業務。看起來它在本季度增長了 35%，我認為這遠高於去年的增長率。我知道您在本季度進行了非常可觀的 3 億美元續約。這是加速的主要驅動力嗎？還是您也提到了其他勝利？我們應該如何考慮短期內商業業務更高增長率的可持續性？

Yes. It's been a great couple of quarters on the commercial side here. I think the drivers are really a diversified set of new deals that if you we look at the renewal here, that's really looking at '21 revenue and beyond. So we should look at that towards future periods. And so the work we've done with the U.S. consumer goods company, the work that we've done with other manufacturing companies, U.S. and abroad, the work that we've done in Japan, all of these things are building into the commercial business. And we expect to continue to close deals in this area. One thing we are leaning into significantly, as the second wave of the pandemic seems to be upon us here, is helping our customers and so we're very aggressive about getting started, working immediately. We can deploy our solution within hours and can have a meaningful impact on the durability of their operation within hours to days.

是的。在這裡的商業方面已經有好幾個季度了。我認為驅動因素確實是一組多樣化的新交易，如果我們在這裡查看續約，那真的是在看 21 年及以後的收入。因此，我們應該著眼於未來時期。因此，我們與美國消費品公司所做的工作，我們與美國和國外的其他製造公司所做的工作，我們在日本所做的工作，所有這些都融入了商業商業。我們預計將繼續完成該領域的交易。隨著第二波大流行似乎即將來臨，我們正在大力關注的一件事是幫助我們的客戶，因此我們非常積極地開始工作，立即開始工作。我們可以在幾小時內部署我們的解決方案，並且可以在幾小時到幾天內對其操作的持久性產生有意義的影響。

And so we're leaning in very hard to doing that and figuring out the specifics around payment and timing and all that stuff later. It's a great opportunity for Foundry to really be the core operating system that delivers in a big moment. It's what we spent the last 5 years investing our R&D in, and the software is there to meet that moment.

因此，我們非常努力地做到這一點，並在以後弄清楚有關付款和時間以及所有這些事情的細節。對於 Foundry 來說，這是一個真正成為關鍵時刻交付的核心操作系統的絕佳機會。這是我們在過去 5 年中投入研發的東西，而軟件就是為了迎接那個時刻。

Great. And maybe just a follow-up on the commercial as well. I think you touched on it briefly before, but I wanted to ask about how the sales motion is evolving. I know there's a lot of use cases for commercial, a growing number of use cases for commercial. But in terms of making these customers aware of the power of the platform, is that really going to be a direct sales effort? Or could we see some more investments in growing the partner ecosystem just given, I'm sure, the complexity that the issues that a lot of the commercial customers are facing?

偉大的。也許只是對商業廣告的跟進。我想您之前曾簡要介紹過，但我想問一下銷售活動是如何演變的。我知道有很多商業用例，越來越多的商業用例。但就讓這些客戶意識到平台的力量而言，這真的是一種直銷努力嗎？或者我們是否可以看到更多的投資來發展合作夥伴生態系統，我敢肯定，許多商業客戶面臨的問題的複雜性？

Sure. So the direct sales force is -- we're continuing to invest in doing quite well there. I think it's a little early here, but we're sort of feeling somewhat optimistic about the early work with some of the channel partners. We've seen some early success. I think we'll be talking more about that going forward. And I think particularly in the commercial market, it's certainly true that the more we do, and oftentimes just the faster we do it, it opens up a lot more opportunities for us. And it's something that you'll hear more about with Foundry modules, is that the customer is really able to have sort of much more opinion, not only on how they use Foundry, but what specific pieces of Foundry they would like to use.

當然。所以直銷隊伍是——我們繼續投資在那裡做得很好。我認為現在有點早，但我們對與一些渠道合作夥伴的早期合作感到有些樂觀。我們已經看到了一些早期的成功。我想我們會更多地討論這個問題。我認為特別是在商業市場上，我們做的越多，而且通常做得越快，這無疑為我們帶來了更多的機會。你會聽到更多關於 Foundry 模塊的信息，那就是客戶真的能夠有更多的意見，不僅是關於他們如何使用 Foundry，還有他們想要使用哪些特定的 Foundry。

So instead of being required to use the full Foundry stack, the customer can now choose only the part they need, so they can build on what else it is that they have. And that gives us a lot of flexibility. It gives us flexibility on pricing, but also, it does open this big, Shyam, mentioned sort of window for channel partners who seem to be quite excited about that. So look to hear more about Foundry modules. We plan to show as much of this as we're able to in the upcoming presentations.

因此，客戶現在可以只選擇他們需要的部件，而不是被要求使用完整的 Foundry 堆棧，這樣他們就可以在他們擁有的其他部件的基礎上進行構建。這給了我們很大的靈活性。它為我們提供了定價的靈活性，而且，它確實為似乎對此感到非常興奮的渠道合作夥伴打開了 Shyam 提到的這個大窗口。因此，請期待了解有關 Foundry 模塊的更多信息。我們計劃在接下來的演示中盡可能多地展示這一點。

Our next question comes from Brad Zelnick with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Brad Zelnick。

And congrats to you all on a nice, strong quarter out of the gate. My one question is actually pretty simple. I just wanted to ask about contract duration, which I think you disclosed at 3.6 years this quarter. Maybe you can comment on how that's trended year-on-year and how you expect that might trend forward into calendar '21.

並祝賀你們所有人在一個美好的，強大的季度走出大門。我的一個問題實際上很簡單。我只是想問一下合同期限，我認為您在本季度披露了 3.6 年。也許您可以評論一下這與去年同期相比的趨勢如何，以及您對 21 年日曆的預期趨勢如何。

So we're pretty happy with sort of getting additional visibility on the revenue here. I think when we're thinking about 2021, then we're really sort of looking at the portion and success we're having with the breakdown of the 3-phase model. And when we looked at just new customers that we've acquired in a year, that group has grown nearly 200%, Dave mentioned this compared to last year.

因此，我們很高興在這裡獲得額外的收入可見性。我認為，當我們考慮 2021 年時，我們實際上是在考慮我們在分解三階段模型時所獲得的部分和成功。當我們僅查看一年內獲得的新客戶時，該群體與去年相比增長了近 200%，Dave 提到了這一點。

The acquire phase has grown over 100% just the last 3 months. And the interesting thing about the acquire phase is that there are a lot more accounts in here that are not yet customers. In other words, there are many accounts that are in pilot phase that we believe will grow over time into the expand and scale phases, and you're seeing some of this in the growth of the acquirer and the new account phases. So these are kind of the early land portion going into our model here.

收購階段僅在過去 3 個月就增長了 100% 以上。獲取階段的有趣之處在於，這裡還有更多尚未成為客戶的帳戶。換句話說，我們相信有許多處於試點階段的賬戶會隨著時間的推移而增長到擴展和規模階段，您會在收購方的增長和新賬戶階段看到其中的一些。所以這些是進入我們模型的早期陸地部分。

The expand phase accounts, we did $254 million through the first 9 months of the year, and those accounts did a 41% contribution margin. So for some context, this same group did $176 million and a negative contribution margin of negative 43% in 2019. So that's 44% growth already for this year, and we still have 3 months to go. And again, worth kind of focusing on here, this account group went from negative 43% contribution margin to positive 41%, while growing revenue at this rate. And then the last portion, I think, should focus on is the scale phase customers. Scale phase accounts generated $452 million of revenue through the first 9 months of the year, contribution margin of just below 70%.

在擴展階段，我們在今年前 9 個月做了 2.54 億美元，這些賬戶的邊際貢獻率為 41%。因此，在某些情況下，同一集團在 2019 年做了 1.76 億美元，負貢獻率為負 43%。所以今年已經增長了 44%，我們還有 3 個月的時間。再次值得關注的是，這個賬戶組的貢獻率從負的 43% 變為正的 41%，同時以這個速度增長收入。最後一部分，我認為，應該關注的是規模階段的客戶。規模階段賬戶在今年前 9 個月產生了 4.52 億美元的收入，貢獻率略低於 70%。

At the limit, we think all accounts should be in the scale phase, and that scale phase should grow. And we're seeing this in the performance of the contribution margin in both the expand and acquire phases. So it looks like we will see growth in the scale category.

在極限情況下，我們認為所有賬戶都應該處於規模化階段，並且規模化階段應該增長。我們在擴展和收購階段的邊際貢獻表現中看到了這一點。所以看起來我們會看到規模類別的增長。

(Operator Instructions) Our next question comes from Tyler Radke with Citi.

（操作員說明）我們的下一個問題來自花旗的 Tyler Radke。

Shyam, I wanted to ask a couple of questions to you, and I thought it was pretty interesting, one of your comments on just saying that you wish you'd invested faster or sooner in the direct sales force. And I guess, I'm curious now that you've kind of been able to look at the successful investments, just how are you thinking about growing overall headcount from here. I think the original target was for somewhat muted headcount growth in 2020, I think, maybe 4% to 5%. But given some of the successes and some of the things you're investing in with the Foundry modules, how are you thinking about growing headcount going forward?

Shyam，我想問你幾個問題，我認為這很有趣，你的一個評論只是說你希望你更快或更早地投資於直銷團隊。而且我想，我現在很好奇您已經能夠看到成功的投資，您如何考慮從這裡增加整體員工人數。我認為最初的目標是 2020 年的員工人數增長較為緩慢，我認為可能是 4% 到 5%。但是，鑑於您在 Foundry 模塊方面取得的一些成功和一些投資，您如何看待未來增加員工人數？

And then just had a quick follow-up on the Foundry modules. How do you think that kind of changes the competitive environment for you guys? Do you think you're going to be kind of going up against some of these data and analytics point tools and kind of the best-of-breed vendors there? Maybe just give us a sense for how that changes your competitive landscape as well.

然後對 Foundry 模塊進行了快速跟進。你認為這會如何改變你們的競爭環境？您是否認為您會與其中一些數據和分析點工具以及那裡的同類最佳供應商抗衡？也許只是讓我們了解這也將如何改變您的競爭格局。

Yes. On the first question -- thanks, Tyler. So on the first question, I think we were -- what we're very confident is that top line will continue to grow much faster than operating expenses. You're right, if we find opportunities to invest, we're going to take them. But right now, I'd reiterate what we're kind of expecting around 4-or-so percent headcount growth. The -- one of the things that's in there that kind of might make that 4% seem low, but it's actually -- we're getting so much more efficient, right? What we've been able to do with our sales and marketing spend, and even though we're hiring into our direct sales force here, in some sense, it looks like sales and marketing is going down, which isn't actually what's happening. We're actually doing more sales and marketing, but we're just much more efficient at delivering it based on the investments we made around Apollo and software-defined data integration. And so I think we're getting just a big benefit from there. We're able to do a lot more with the same humans that we do have. And so we're seeing some of that benefit.

是的。關於第一個問題——謝謝，泰勒。所以在第一個問題上，我認為我們是——我們非常有信心的是，收入的增長將繼續比運營費用快得多。你是對的，如果我們找到投資機會，我們就會抓住它們。但現在，我要重申我們對員工人數增長 4% 左右的預期。 - 其中的一件事可能會讓這 4% 看起來很低，但實際上 - 我們變得更有效率了，對吧？我們已經能夠用我們的銷售和營銷支出做些什麼，即使我們在這裡招聘我們的直銷團隊，在某種意義上，看起來銷售和營銷正在下降，這實際上並不是正在發生的事情.我們實際上在做更多的銷售和營銷，但基於我們圍繞 Apollo 和軟件定義的數據集成所做的投資，我們在交付方面的效率要高得多。所以我認為我們從那裡得到了很大的好處。我們能夠與我們所擁有的相同人類做更多的事情。所以我們看到了其中的一些好處。

And in terms of Foundry modules in a competitive landscape. We think there are a couple of things that we're doing on the modules, at least that we keep hearing from customers that are really unique. I think customers will continue to pick those. The important part here is working with the customer to find what investments they really believe in that they've already made, ensuring that the architecture that we're putting forth fits with their plans, their road map going forward. And so I think of it much less as a competitive situation in terms of what the customer is evaluating this best-of-breed tool versus that tool. It's really about, look, I have things I'm happy with. I really believe in your solution. But I want to be able to leverage the investments I've already made.

就競爭格局中的鑄造模塊而言。我們認為我們在模塊上做了幾件事，至少我們不斷收到真正獨特的客戶的來信。我認為客戶會繼續選擇那些。這裡的重要部分是與客戶合作，找出他們真正相信他們已經做出的投資，確保我們提出的架構符合他們的計劃，他們的未來路線圖。因此，就客戶對這種同類最佳工具與該工具的評估而言，我認為它的競爭情況要少得多。這真的是，看，我有我滿意的事情。我真的相信你的解決方案。但我希望能夠利用我已經進行的投資。

And that's going to help us win a lot more. It's going to help the direct sales force to be more effective. It means that channel partners have a proposition that they can succeed with, both because it will integrate with their existing offerings. But because also the channel has to do less to really get this to work for the customer in terms of their enterprise architecture planning.

這將幫助我們贏得更多。這將有助於直銷隊伍更加有效。這意味著渠道合作夥伴有一個他們可以成功的主張，因為它將與他們現有的產品集成。但是，因為渠道必須做的更少，才能真正讓客戶在他們的企業架構規劃方面發揮作用。

Ladies and gentlemen, we have reached the end of the allotted time for questions. I will now turn the call back over to the Palantir management for closing remarks.

女士們，先生們，我們的提問時間已經結束。我現在將把電話轉回 Palantir 管理層以完成結束語。

Well, thank you all so much for joining us for our first quarterly conference call. We hope to have many more with this group here. I would like to end by just thanking all of our employees, past and present. It's the commitment to do the hard thing that we see from them all the time, and it's so inspiring. They built this company over years and years of hard work. And when the crisis came, when the pandemic came, they were ready. They met their moment. So thank you guys so much. Thank you all.

好吧，非常感謝大家參加我們的第一次季度電話會議。我們希望在這裡與這個小組有更多的交流。最後，我想感謝我們過去和現在的所有員工。這是我們一直從他們身上看到的做艱難事情的承諾，這非常鼓舞人心。他們經過多年的努力建立了這家公司。當危機來臨時，當大流行來臨時，他們已經做好了準備。他們遇到了他們的時刻。所以非常感謝你們。謝謝你們。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。