Palantir Technologies Inc (PLTR) 2022 Q1 法說會逐字稿

Good morning. Welcome to Palantir's First Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

早安.歡迎參加 Palantir 2022 年第一季財報電話會議。我們將在市場開盤前發布的新聞稿中討論宣布的結果，並將其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 second quarter and fiscal 2022 results, 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.

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們第二季度和 2022 財年的業績、管理層對我們未來財務和營運業績的預期，以及有關我們的計劃、前景和期望的其他聲明。這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天開市前發布的收益新聞稿和提交給美國證券交易委員會的文件中查閱。除非法律要求，否則我們不承擔更新前瞻性聲明的義務。

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

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而非替代或孤立存在。有關這些非公認會計準則 (non-GAAP) 指標的更多資訊（包括非公認會計準則 (non-GAAP) 與可比較公認會計準則 (GAAP) 指標的調節）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。

Joining me today on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; and Kevin Kawasaki, Global Head of Business Development. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated.

今天與我一起參加電話會議的還有執行長 Alex Karp； Shyam Sankar，營運長；戴夫‧格雷澤 (Dave Glazer)，財務長；以及全球業務發展主管 Kevin Kawasaki。在通話過程中，我們將在討論業務時參考各種成長率。除非另有說明，這些比率反映的是同比情況。

I'll turn the call over to Alex.

我會把電話轉給亞歷克斯。

Welcome to our earnings. We are in London. In past earnings calls and over the course of 2 decades, we've been involved in many of the most important things that have affected Western society. But what makes these times special is the trends that we believed would happen are happening at an accelerating rate. And what's super interesting is why is the broader world so late in recognizing how these things are accelerating. What's happening? What is the genesis of the escapism that our broader institutions, financial, cultural, legal, technical, why are they escaping to the metaverse or faculty lounge jargon or political structures that are clearly not solving problems where inputs and outputs are totally anti, if at all, correlated?

歡迎來到我們的收益。我們在倫敦。在過去的收益電話會議中以及過去二十年中，我們參與了許多影響西方社會的最重要的事情。但這個時代的特別之處在於，我們認為會發生的趨勢正在加速發生。非常有趣的是，為什麼外界如此遲遲沒有意識到這些事情是如何加速發展的。發生什麼事了？我們的更廣泛的機構，包括金融、文化、法律、技術，逃避現實的起源是什麼？為什麼它們要逃避到元宇宙或教職員休息室的術語或政治結構中，而這些顯然無法解決輸入和輸出完全相反（如果有的話）的問題？

Why is it that we are unable to see the violence that is occurring as truly something that it will be part of our ongoing future and not as episodic? Why do we describe these things as uncertainty when they are certain and are happening? Why is it that our institutions are not even pretending that they will be able to hold the center while simultaneously pretending the center will coagulate to a center independent of new structures, new ways of doing things, of new products, new institutions, new ideas?

為什麼我們不能真正認識到正在發生的暴力事件是我們未來的一部分，而不是偶發事件？為什麼當這些事情是確定的並且正在發生時，我們要將它們描述為不確定性？為什麼我們的機構甚至不假裝它們能夠保持中心地位，同時又假裝中心將凝聚成一個獨立於新結構、新做事方式、新產品、新機構、新思想的中心？

Part of that is we have theological structures around how we build, for example, in our space, products. And that theology presupposes that the world will be stable. So specialized things we build for both commercial and, for example, special forces, things that are powering current events now were built over the last 2 decades precisely because if you are in the periphery doing the most sensitive and important work in the world as you need to be able to interact with your software in a way where it's disconnected and reconnects simple problem, normal software sucks at it, you need a very specialized product. We've been supplying this to the world's most important elite soldiers for nearly a decade under the context of what we call Nexus Peering.

其中一部分是，我們有關於如何在我們的空間中建構產品的神學結構。而該神學預設世界將會穩定。因此，我們為商業和特種部隊等建造的專門的東西，以及現在為時事提供動力的東西都是在過去 20 年裡建造的，正是因為如果你在邊緣做著世界上最敏感和最重要的工作，你需要能夠以一種方式與你的軟體進行交互，在這種模式下，斷開連接並重新連接一個簡單的問題，普通的專業軟體近十年來，我們一直在所謂的 Nexus Peering 背景下向世界上最重要的精銳士兵提供這種服務。

You need an ability to interact with space where you solve certain problems involving compute and involving the reduction of data using colloquially defined AI tuned by Foundry getting that to the soldier. You need to be able to, in the context of commercial entities, rebuild the supply chain because there's war. Obviously, there's going to be food shortages. There's disruptions. You can no longer get certain resources from countries. You have to get them from others overnight. The systems literally presupposed that will never happen, and therefore, fall completely apart when it does happen.

您需要具有與空間互動的能力，在這種能力中，您可以解決涉及計算的某些問題，並使用由 Foundry 調整的通俗定義的 AI 來減少數據，並將其傳遞給士兵。由於戰爭的存在，你需要能夠在商業實體的背景下重建供應鏈。顯然，將會出現糧食短缺。有中斷。您無法再從國家/地區取得某些資源。你必須連夜從別人那裡得到它們。這些系統實際上預設了這種情況永遠不會發生，因此，當這種情況發生時，系統就會徹底崩潰。

There is no plan for when it doesn't happen. This is why -- even though we've been a completely focused product company that is only focused on building these building products and we have new products coming and not as focused on actually convincing people that we're right. They still sell because the other products are not built for this world. You have a financial context. It's like we have raging inflation. We are very likely to see this will increase. The risk of a nuclear event is so much higher than it's being presented in the public world that it's almost surreal to watch the coverage. And yet, there's really no idea of what you would do with evaluating the quality of revenue.

當這種情況沒有發生時，就沒有應對計劃。這就是為什麼——儘管我們是一家完全專注於產品的公司，只專注於製造這些建築產品，並且我們有新產品推出，而不是真正專注於讓人們相信我們是正確的。它們仍然暢銷，因為其他產品不是為這個世界而製造的。您有財務背景。就像我們正經歷嚴重的通貨膨脹一樣。我們很可能會看到這一數字會增加。核事件的風險比民眾所了解的要高得多，觀看報道幾乎讓人感覺不真實。然而，我們確實不知道該如何評估收入品質。

So that Palantir, for example, we're a company to thrive in good times and we thrive in bad times. We are not built in the way the theologians of our financial institutions would love us to be built. So that you're built exactly like if we had listened to them, we would only be growth and no free cash flow. We're a company that throws off free cash flow. We're a company that expected inflation. We're obviously super committed to the mission. But it was obvious to us even at inception in bad times, the quality of government revenues would be crucial because other revenues would be -- would suffer from inflation.

以 Palantir 為例，我們是一家在順境和逆境中都能蓬勃發展的公司。我們的建立方式並不像金融機構的神學家所希望的那樣。因此，如果我們聽取了他們的意見，那麼我們的業務就只會成長，而不會有自由現金流。我們是一家產生自由現金流的公司。我們是一家預期通貨膨脹的公司。我們顯然非常致力於這項使命。但我們很清楚，即使在經濟困難時期，政府收入的品質也至關重要，因為其他收入將受到通貨膨脹的影響。

They would have a lower quality. They'd be less sticky. We built these products for the right reasons. And we're not ashamed to say that we're winning maybe because we were right. We didn't want to be right. But some of this stuff was so obvious. It was obvious that these institutions, the theology of how we model these things in every context is just corrosive. So you end up with the wrong products, the wrong quality of revenue. So you have growth without free cash flow or free cash flow without growth. You have products that work now that can be hyped up with sales, but clearly are not going to work the day after tomorrow. No ability to build new products. Why would you build new products? You're going to have this perfectly tinkered model, get the institutions to invest in you and acquire all these companies that actually build product. Yes, but it's neatly impossible to build products for tomorrow.

它們的品質會較低。它們就不會那麼黏了。我們製造這些產品的初衷是好的。我們並不羞於說我們贏了，也許是因為我們是對的。我們不想證明自己是對的。但其中有些東西太明顯了。顯然，這些機構，以及我們在各種情況下如何塑造這些事物的神學都是腐蝕性的。所以你最終會得到錯誤的產品和錯誤品質的收入。因此，沒有自由現金流就實現了成長，或者沒有成長就實現了自由現金流。你現在擁有的產品可以透過大肆宣傳來提高銷量，但顯然後天就不會再有效果了。沒有能力打造新產品。為什麼要開發新產品？你將擁有這個完美修補的模型，讓機構對你進行投資並收購所有實際生產產品的公司。是的，但為明天製造產品幾乎是不可能的。

There aren't companies to acquire. You actually have to do it yourself. Sure, here and there, you can look for things to accelerate. Palantir has done that. So we -- you have to -- we at Palantir are not fleeing to a different world, whether it's the metaworld or a theological world or a financial version of theological world or a grad school version of theological world, which isn't even actually academic because academic presupposes interacting with the object from a theoretical perspective, differentiate from the object, not importing a theological, preconceived version of the object onto the theory and reimporting that onto the object.

沒有公司可供收購。事實上你必須自己做。當然，你可以四處尋找可以加速的事情。 Palantir 已經做到了這一點。因此，我們必須這樣做，Palantir 不會逃往另一個世界，無論是元世界、神學世界、金融版神學世界還是研究生院版神學世界，這些都不是真正的學術，因為學術預設從理論角度與對象進行交互，與對象區分開來，而不是將對象的神學、先入為主的版本引入理論，然後再將其重新引入對象。

Products don't work like that. Reality doesn't work like that. Palantir, we are playing a critical, crucial and much bigger role than we're allowed to mention or would ever discuss in public in current events, obviously, commercially, because our partners and other future partners are being disrupted. Their supply chains are disrupted. There's a threat of a disruption in the broader economy. And we are -- and many realize that the reality of a truly monumental, epic and horrific disruption in the form of a nuclear attack is much higher than is being reported. But also in the government context where we are playing an outsized role, and we're very proud of that and we're proud of the people we're able to support. And we're also eager to continue to help to support them.

產品並不是這樣運作的。但現實並非如此。 Palantir，我們在時事中扮演著至關重要的角色，比我們被允許提及或在公開場合討論的角色要大得多，顯然，在商業上，因為我們的合作夥伴和其他未來的合作夥伴正在受到干擾。他們的供應鏈中斷了。整體經濟面臨混亂的威脅。我們和許多人都意識到，核攻擊所造成的真正巨大、史詩般和可怕的破壞的現實比報導的要嚴重得多。但在政府層面，我們也發揮著巨大的作用，我們對此感到非常自豪，也為我們能夠支持的人民感到自豪。我們也渴望繼續幫助和支持他們。

I must also say the people who've -- watching this, many of whom share our belief that the future is to be won by people who accept the reality of what it is and not what it ought to be. That you can only change the ought by accepting what is. That you've stuck with us and I hope will stick with us, and we are going to continue supplying the world's most important products to the most interesting, creative and effectual people in the world and continue to thrive as this hybrid company that is both bull and baron comes into full stride in both environments, but in absolutely anomalous stride when times are rough and people are hiding.

我還必須說，觀看此片的人們中有很多人和我們一樣相信，未來將屬於那些接受現實而不是接受現實應該是什麼樣子的人。接受現狀，才能改變現狀。感謝您一直以來的支持，我希望您能繼續支持我們，我們將繼續向世界上最有趣、最有創造力和最有影響力的人提供世界上最重要的產品，並繼續蓬勃發展，因為這家既是牛市又是大亨的混合型公司在兩種環境中都全力前進，但在步伐時期和人們躲藏時，其絕對異常。

Palantir's products are on the absolute front line and you see them in the news every day. And we would love someday to discuss exactly what we're doing. But we are playing a good role in your support and buying into the world as it is, is enormously important to us. Thank you.

Palantir 的產品絕對處於前沿，你每天都能在新聞中看到它們。我們希望有一天能夠討論一下我們到底在做什麼。但是，在您的支持下我們發揮了良好的作用，並且接受這個世界的現狀，這對我們來說非常重要。謝謝。

In Q1, revenue grew 31%. Commercial revenue grew 54%, accelerating for the fifth quarter in a row. U.S. commercial revenue grew 136%, also accelerating for the fifth quarter in a row. We added 40 new customers, growing customer count 86% year-over-year.

第一季度，營收成長了31%。商業收入成長54%，連續第五個季度加速成長。美國商業收入成長136%，連續第五個季度加速成長。我們增加了 40 個新客戶，客戶數量年增 86%。

We had GAAP operating margins of negative 9% versus negative 33% a year ago, reflecting our continued march to GAAP profitability. And we had adjusted operating margins of 26%. We have been building our company and our products for this world. The stability on which so many models that purported to explain the world rely, it's vanished, if it ever existed at all. We have built a company for the world that is not the world that ought to be. And it is instability not its absence that makes our software all the more essential. As our customers confront an extraordinarily significant and rapidly escalating conflict in Eastern Europe, runaway inflation-disrupted supply chains and a new wave of refugees, our products have become more essential than ever.

我們的 GAAP 營業利潤率為-9%，而去年同期為-33%，這反映出我們繼續向 GAAP 獲利邁進。我們已將營業利潤率調整為 26%。我們一直在為這個世界打造我們的公司和產品。許多旨在解釋世界的模型所依賴的穩定性，即使曾經存在過，也已經消失了。我們為這個世界建立了一個不該有的世界。正是不穩定性而不是不穩定性的缺失使得我們的軟體變得更加重要。當我們的客戶面臨東歐極其嚴重且迅速升級的衝突、失控的通貨膨脹破壞的供應鏈以及新一波難民潮時，我們的產品變得比以往任何時候都更加重要。

At our last earnings call, the invasion of Ukraine had not yet occurred. From the moment those tanks rolled into Ukraine, we have been delivering our capabilities to the front. We have been continuously shipping innovation over the course of the conflict to provide western militaries the software that they need to fulfill their missions. Every product and capability has been employed by our customers from Gaia, Gotham, Edge AI, Foundry, Nexus Peering and more. And the newest of them, MetaConstellation, continues to deliver value in making space-based collection truly operational, delivering significant mission outcomes.

在我們上次的收益電話會議上，入侵烏克蘭尚未發生。從這些坦克開進烏克蘭的那一刻起，我們就一直在向前線提供我們的能力。在衝突期間，我們不斷提供創新，為西方軍隊提供完成任務所需的軟體。我們的客戶包括 Gaia、Gotham、Edge AI、Foundry、Nexus Peering 等，都採用了我們的每款產品和功能。其中最新的項目 MetaConstellation 繼續發揮價值，使太空收集真正投入運營，並取得重大的任務成果。

And we have been working across Poland, Lithuania, the U.K. and other nations to power refugee relief operations. Our software is powering the World Food Programme's Ukraine response, getting aid as Far East as possible. And across our commercial customers, we are powering resilience to a whole new set of supply chain shocks.

我們一直在波蘭、立陶宛、英國和其他國家進行難民救援行動。我們的軟體為世界糧食計劃署對烏克蘭的援助提供支持，並盡可能地向遠東地區提供援助。我們正在為商業客戶增強抵禦一系列全新供應鏈衝擊的能力。

Real-world events are driving enormous and long-term opportunities for growth. We are on the front lines, seeing what needs to exist, hearing from commanders and users and building now what is needed and what will power the next decade of U.S. and allied defense programs. We did this a decade ago in Afghanistan with Nexus Peering. We did this a year ago with MetaConstellation whose impact writes headlines in The New York Times. And we will continue building this offer of the future, ramping our investment heavily across the business in the face of these Palantir-shaped macro conditions.

現實世界的事件正在推動巨大的、長期的成長機會。我們身處前線，了解需要存在什麼，聽取指揮官和用戶的意見，並立即構建所需的東西以及為美國和盟國未來十年的防禦計劃提供動力的東西。十年前，我們在阿富汗透過 Nexus Peering 實現了這一目標。一年前，我們與 MetaConstellation 合作完成了這項工作，其影響力登上了《紐約時報》的頭條。我們將繼續建立未來的產品，在 Palantir 塑造的宏觀條件下大力增加對整個業務的投資。

This focus has delivered tremendous depth in our R&D and our full stack IP. We now have this opportunity, in addition to releasing new products at pace to bring an increasing amount of that innovation to market. And that's what you're seeing with Apollo. We believe Apollo will fundamentally change how software is deployed, anticipating a future where multi-tenant SaaS is dead and is clearly dying in the present, a trend that is accelerated by geopolitical events.

這種專注為我們的研發和全端 IP 帶來了巨大的深度。我們現在有這個機會，除了快速發布新產品之外，還可以將越來越多的創新推向市場。這就是你在阿波羅計劃中看到的。我們相信 Apollo 將從根本上改變軟體的部署方式，預計未來多租戶 SaaS 將會消亡，目前顯然正在消亡，而地緣政治事件加速了這一趨勢。

Every software company will need to be able to deploy their software into their customers' environments, requiring them to manage fleets of heterogeneous environments across public clouds, on-premises, sovereign clouds and growing data jurisdictional boundaries and to do all of that seamlessly. Apollo will take customers from a world of continuous deployment to autonomous deployment. And we have been pleased with the market reception to Apollo in our Demo Day event, really being received by a completely new buying audience.

每家軟體公司都需要能夠將其軟體部署到客戶的環境中，這要求他們管理跨公有雲、本地、主權雲和不斷增長的資料管轄邊界的異質環境，並無縫地完成所有這些工作。 Apollo 將帶領客戶從持續部署走向自主部署。我們對演示日活動中 Apollo 的市場反應感到非常滿意，它確實受到了全新的購買群體的歡迎。

We are also now offering Nexus Peering as a stand-alone capability for customers to build their own data fabrics on top of. Over a decade ago, we pioneered a technology that enabled Gotham to reason about the causality of a distributed system of many, many different Gotham nodes. These nodes could all have independent concurrent edits to the same objects and Nexus Peering meant that we could synchronize these edits across the network, either in real time with consistent comps as well as across unreliable, intermittent and disconnected environments.

我們現在也提供 Nexus Peering 作為獨立功能，讓客戶在其上建立自己的資料結構。十多年前，我們率先開發了一項技術，使 Gotham 能夠推理由眾多不同的 Gotham 節點組成的分散式系統的因果關係。這些節點都可以對相同的物件進行獨立的並發編輯，而 Nexus Peering 意味著我們可以透過網路同步這些編輯，既可以即時同步，也可以在不可靠、間歇性和斷開連接的環境中同步。

Nexus Peering means that you have a distributed data fabric that is survivable and resilient. The loss of any number of nodes or facilities won't impact the whole. This is a core and fundamental hard technology breakthrough that has powered Gotham's unique success across coalition information sharing for defense and intelligence agencies. And by enabling Nexus Peering to be sold as a separate capability, we can enable every program in the Department of Defense to leverage this distributed data synchronization and data fabric as we further demonstrate our own commitment to DoD's modular open systems approach.

Nexus Peering 意味著您擁有一個具有生存力和彈性的分散式資料結構。任何數量的節點或設施的損失都不會影響整體。這是一項核心且基礎性的硬技術突破，為 Gotham 在國防和情報機構聯盟資訊共享方面取得的獨特成功提供了動力。透過將 Nexus Peering 作為一項單獨的功能出售，我們可以使國防部的每個專案都能利用這種分散式資料同步和資料結構，進一步展示我們對國防部模組化開放系統方法的承諾。

The greatest opportunity for Foundry continues to be the application development infrastructure platform. We believe that Foundry will become the place that you go to build the applications of the future. With AWS or Azure, with their highly unopinionated collection of services, most of the work remains in front of you to get to value. And all of that onus is on you, the customer, to get to that value.

Foundry 的最大機會仍然是應用程式開發基礎設施平台。我們相信 Foundry 將成為您建立未來應用程式的地方。透過 AWS 或 Azure，憑藉其高度不受約束的服務集合，大部分工作仍待您完成，以實現價值。而所有這些責任都落在您——客戶——身上，以實現這一價值。

With Foundry, you're 90% of the way there on day 1. Software-defined data integration, native multi-tenancy for your applications, the OPIs, version pipelines, applications, artifacts, to just name some of the components that make Foundry work from the start.

有了 Foundry，您在第一天就完成了 90% 的工作。軟體定義的資料整合、應用程式的原生多租戶、OPI、版本管道、應用程式、工件，這些只是使 Foundry 從一開始就發揮作用的一些元件。

That's why U.S. Space Force's Kobayashi Maru software factory realized their ambition, building 13 operationally accepted applications on top of Foundry in months while sunsetting legacy $100 million-plus programs. That's why Airbus rolled out an internally developed supply chain network control tower, a suite built on top of Foundry's application development infrastructure. And this set of applications, it mitigates supply chain issues and is working towards saving hundreds of millions of euros annually by speeding up production against existing fixed capacity and reducing inventory across all parts. What AWS was in the last decade, Foundry will be in the next.

這就是為什麼美國太空部隊的小林丸軟體工廠實現了他們的雄心壯志，在幾個月的時間裡在 Foundry 之上構建了 13 個可運行的應用程序，同時淘汰了價值 1 億多美元的遺留項目。這就是為什麼空中巴士公司推出了內部開發的供應鏈網路控制塔，這是一套建立在 Foundry 應用程式開發基礎架構之上的套件。這套應用程式可以緩解供應鏈問題，並透過加快現有固定產能的生產和減少所有零件的庫存，每年節省數億歐元。 Foundry 在未來十年將會像 AWS 在過去十年中一樣。

Turning to the highlights in our commercial business. We added 37 net new customers in Q1. We saw continued growth in automotive, in financial services, in energy, including a new super major customer and in life sciences. In April, we closed a renewal with a major U.S. Fortune 100 company for over $150 million. This customer hosted a hackathon with over 600 participants featuring applications built in under 4 days across finance, build planning, network resiliency and customer experience. This was a good and telling example of how scaled customers built better on Palantir as application development infrastructure. Last quarter, we saw continued interest in our modular offerings.

談談我們商業業務的亮點。我們在第一季新增了 37 位淨客戶。我們看到汽車、金融服務、能源（包括一位新的超級大客戶）和生命科學領域持續成長。今年 4 月，我們與一家美國財富 100 強企業達成了超過 1.5 億美元的續約協議。該客戶舉辦了一場黑客馬拉松，有 600 多名參與者，展示了在 4 天內建立的應用程序，涉及財務、建立規劃、網路彈性和客戶體驗。這是一個很好的例子，說明了規模客戶如何在 Palantir 上更好地建立應用程式開發基礎架構。上個季度，我們看到人們對我們的模組化產品持續感興趣。

Hospitals need to improve operational efficiencies surrounding patient flow and staffing processes in order to decrease the length of stay and ensure patients have access to proper care. Palantir's hospital operation suite has proven a unique ability to solve these problems through collaborative decision-making based on real-time data with targeted, event-driven notifications and actionable AI. Palantir's hospital operations suite is now used by hospitals covering over 37,000 beds across the U.S., up from just over 1,000 on January 1.

醫院需要提高病患流動和人員配備流程的運作效率，以減少住院時間並確保病患能夠獲得適當的照護。 Palantir 的醫院營運套件已證明具有獨特的能力，可以透過基於即時數據的協作決策、有針對性的事件驅動通知和可操作的人工智慧來解決這些問題。目前，Palantir 的醫院營運套件已被美國各地超過 37,000 張床位的醫院使用，而 1 月 1 日時僅為 1,000 多張。

Turning to government. As instability in the world increases, we continue to double down on our support of the missions of the West's most critical foundational institutions. Our ambition is to be the sixth prime contractor for the U.S. federal government, a trusted partner to deliver complex, end-to-end, integrated hardware and software solutions, building on the legacy of programs that we prime today. But we seek to be the first company to do this as a software prime, using software innovation and our unmatched expertise to deliver new, integrated hardware software capabilities faster than the pace of conflict.

轉向政府。隨著世界不穩定性加劇，我們繼續加倍支持西方最關鍵的基礎機構的使命。我們的目標是成為美國聯邦政府的第六大總承包商，成為值得信賴的合作夥伴，在今天所承接的專案的基礎上，提供複雜的、端到端的整合硬體和軟體解決方案。但我們力求成為第一家以軟體為主營業務的公司，利用軟體創新和我們無與倫比的專業知識，以比衝突速度更快的速度提供新的整合硬體軟體功能。

In Q1, we launched our U.S. Federal Advisory Board, an important milestone in this journey. The war is not just happening on the ground in Ukraine, but also in space. And accordingly, our opportunities in the space universe continue to expand. U.S. Space Force continues to deliver new operational capabilities to America's space guardians who have set the gold standard for allies. This is leading to substantial interest in U.S. Space Force's Warp Core platform, which was built on Foundry amongst allied nations.

第一季度，我們成立了美國聯邦顧問委員會，這是這一歷程中的一個重要里程碑。戰爭不僅發生在烏克蘭地面，也發生在太空。因此，我們在太空宇宙中的機會不斷擴大。美國太空部隊繼續向美國的太空守護者提供新的作戰能力，這些守護者為盟友樹立了黃金標準。這引起了盟國對美國太空部隊基於 Foundry 構建的 Warp Core 平台的極大興趣。

At Space Symposium in Colorado Springs to an audience of U.S. and allied governments, Peter Marquez, the former Head of Space Policy at the National Security Council and the Head of Space Policy at AWS, presented Project Argus, a new space situational awareness platform built on Foundry. We closed a GBP 10 million enterprise expansion with the U.K. Royal Navy. Palantir's software is used by the Royal Navy across a broad spectrum of areas from strategic workforce planning to supply chain management.

在科羅拉多斯普林斯舉行的太空研討會上，前國家安全委員會太空政策負責人、AWS 太空政策負責人 Peter Marquez 向美國及其盟國政府介紹了基於 Foundry 構建的新型太空態勢感知平台 Project Argus。我們與英國皇家海軍完成了價值 1000 萬英鎊的企業擴張合作。英國皇家海軍在從戰略勞動力規劃到供應鏈管理等廣泛領域中使用 Palantir 的軟體。

And world events have accelerated our opportunity in Western and Northern Europe. In Germany, we were awarded a framework agreement for state and federal government organizations to purchase Gotham and Foundry with an initial order coming from the Bavarian Police, adding to our existing German security customers in North-Rhine Westphalia and Hesse. Our government health care business grew with an expansion with the Centers for Disease Control and Prevention. The growth of the work is reflected in the doubling of the run rate. Over the past year, while continuing to deliver on the CDC's food-borne pathogen program, which we have been powering since 2009, the CDC expanded Foundry's pathogen surveillance and response work and deployed generalized modules built on top of a common Foundry ontology against new pathogens, including measles, mumps, Legionella and novel flu. The CDC is also using Foundry to process genetic sequence data derived from wastewater samples.

世界事件加速了我們在西歐和北歐的機會。在德國，我們獲得了州和聯邦政府組織購買 Gotham 和 Foundry 的框架協議，首筆訂單來自巴伐利亞警察局，這進一步擴大了我們在北萊茵威斯特法倫州和黑森州的現有德國安全客戶。隨著疾病管制與預防中心的擴張，我們的政府醫療保健業務也隨之成長。工作量的成長體現在運作率的翻倍。在過去的一年裡，在繼續執行我們自 2009 年以來一直支持的 CDC 食源性病原體計畫的同時，CDC 擴大了 Foundry 的病原體監測和應對工作，並部署了基於通用 Foundry 本體構建的通用模組，以針對麻疹、腮腺炎、軍團菌和新型流感等新病原體。疾病預防控制中心也使用 Foundry 處理來自廢水樣本的基因序列資料。

On the other side of the Atlantic, our continued investments in software-defined data integration with our newest pipeline builder product continues to pay off at the NHS where they were able to roll out Foundry to 38 hospitals, integrating hundreds of data sets in March alone to enable them to work through the national care backlog.

在大西洋彼岸，我們持續投資於軟體定義資料集成，並推出了最新的管道建構器產品，這在 NHS 中繼續獲得回報，他們能夠將 Foundry 推廣到 38 家醫院，僅在 3 月就集成了數百個資料集，使他們能夠處理國家護理積壓問題。

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

我將把這個交給戴夫，讓他帶我們了解財務狀況。

As Alex and Shyam highlighted, we're uniquely positioned for unstable times. We work with some of the most crucial and important institutions in the world. The U.S. government was 42% of our first quarter revenue and has been a leading driver of growth for 8 years, with a 30% CAGR from 2013 to 2021, which we view as a long-term trend.

正如 Alex 和 Shyam 所強調的，我們在動盪時期處於獨特的地位。我們與世界上一些最關鍵、最重要的機構合作。美國政府占我們第一季營收的 42%，並且八年來一直是成長的主要推動力，2013 年至 2021 年的複合年增長率為 30%，我們認為這是一個長期趨勢。

More fundamentally, we believe supplying our products to the U.S. government and her allies is a core pillar of our business. As Alex mentioned, in the face of substantial macroeconomic and geopolitical challenges and uncertainty, the quality of our revenue as viewed through growth, margin performance and durability and especially resilience is unique to Palantir.

更重要的是，我們相信向美國政府及其盟友提供產品是我們業務的核心支柱。正如 Alex 所提到的，面對巨大的宏觀經濟和地緣政治挑戰和不確定性，從成長、利潤率表現和持久性，特別是彈性來看，我們的收入品質是 Palantir 獨有的。

As Alex wrote in his letter, we combine the resilience of the defense industrial sector with the growth of a software company. In the face of our customers' challenges, we have and will continue to incur expenses prior to having contracts in the delivery of mission-critical capabilities. Following these investments, we expect acceleration of our U.S. government revenue into the second half of the year. In Q2 to date, we've already seen the reacceleration of U.S. government revenue and expect acceleration of the overall government segment to follow in the next quarter or shortly thereafter.

正如亞歷克斯在信中所寫，我們將國防工業部門的彈性與軟體公司的成長結合在一起。面對客戶的挑戰，我們在簽訂合約之前就已經並將繼續承擔交付關鍵任務能力的費用。透過這些投資，我們預計今年下半年美國政府收入將會加速成長。截至目前，在第二季度，我們已經看到美國政府收入再次加速成長，並預計整個政府部門的收入將在下個季度或不久後加速成長。

I'll now review our first quarter performance, followed by our outlook. First quarter revenue grew 31% year-over-year ahead of our prior guidance to $446 million. Overall net dollar retention was 124%. Commercial revenue growth accelerated for the fifth consecutive quarter. First quarter commercial revenue increased 54% year-over-year to $205 million, up from a 47% increase in the fourth quarter. Commercial growth continues to be driven by our U.S. business as U.S. commercial revenue growth accelerated to 136% in the first quarter, up from 132% in Q4.

我現在將回顧我們第一季的業績，然後介紹我們的展望。第一季營收年增 31%，達到 4.46 億美元，高於我們先前的預期。整體淨美元保留率為 124%。商業收入連續第五個季度加速成長。第一季商業收入年增 54% 至 2.05 億美元，高於第四季 47% 的增幅。商業成長繼續受到美國業務的推動，第一季美國商業收入成長率從第四季的 132% 加速至 136%。

International commercial revenue growth accelerated in Q1 to 24% year-over-year, up from 22% in Q4 and 7% a year ago. Our U.S. business revenue grew 38% versus the year ago period. Government revenue increased 16% versus the year ago period to $242 million. Adjusted operating margin was 26%, ahead of our prior guidance by roughly 300 basis points.

第一季國際商業收入年增 24%，高於第四季的 22% 和去年同期的 7%。我們的美國業務收入比去年同期成長了 38%。政府營收較去年同期成長 16%，達到 2.42 億美元。調整後的營業利益率為 26%，比我們先前的預期高出約 300 個基點。

Our customer acquisition continues to accelerate. We added 40 net new customers in the first quarter, up from 34 in the fourth quarter. We had our strongest quarter of net commercial customer adds, adding 37 commercial net adds, which equals 25% sequential growth and 207% year-over-year growth. We expect continued growth in commercial customer acquisition throughout the year. Our growth with existing customers remains strong. Trailing 12-month revenue from our top 20 customers increased 24% year-over-year to nearly $45 million.

我們的客戶獲取速度持續加快。我們第一季新增了 40 位淨客戶，高於第四季的 34 位。本季度，我們的商業客戶淨增數量創歷史新高，新增 37 個商業客戶，季增 25%，年增 207%。我們預計全年商業客戶獲取量將持續成長。我們與現有客戶的成長依然強勁。過去 12 個月，來自我們前 20 名客戶的營收年增 24%，達到近 4,500 萬美元。

First quarter billings were $490 million, up 35% year-over-year. First quarter ACV closed increased 35% year-over-year on the back of 208 deals versus 81 deals in the year ago period. First quarter TCV closed was $248 million. The U.S. government's businesses TCV has been impacted by the continuing resolution. But now that a new budget has been passed, we're already seeing Q2 U.S. government revenue reaccelerate.

第一季的營業額為 4.9 億美元，年增 35%。第一季 ACV 成交量年增 35%，共 208 筆交易，去年同期為 81 筆。第一季的 TCV 為 2.48 億美元。美國政府的企業 TCV 受到了持續決議的影響。但現在新預算已經通過，我們已經看到第二季美國政府收入再次加速成長。

Additionally, with the geopolitical landscape outlined by Alex, we expect government bookings activity to increase for the remainder of the year, resulting in stronger government revenue growth in the second half of 2022. We ended the first quarter with $3.5 billion in total remaining deal value, up 26% year-over-year, while duration shortened 4% over the same period. We ended the first quarter with $1.2 billion in remaining performance obligations, up 86% year-over-year.

此外，考慮到亞歷克斯概述的地緣政治格局，我們預計今年剩餘時間政府預訂活動將會增加，從而導致 2022 年下半年政府收入增長更強勁。第一季結束時，剩餘交易總價值為 35 億美元，年增 26%，而持續時間同期縮短了 4%。截至第一季末，我們剩餘的履約義務為 12 億美元，年增 86%。

As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in our government business.

提醒一下，RPO 主要由我們的商業業務組成，因為它不考慮初始期限少於 12 個月的合約以及超出便利條款終止範圍的合約義務，這兩者在我們的政府業務中都很常見。

Margins and expenses are on an adjusted basis, which excludes stock-based compensation. Adjusted gross margin was 81%. Contribution margin was 57%. First quarter adjusted income from operations, excluding stock-based compensation and related employer payroll taxes was $117 million, representing an adjusted operating margin of 26%, ahead of our prior guidance of 23%.

利潤率和費用是經過調整的，不包括股票薪酬。調整後毛利率為81%。貢獻利潤率為57%。第一季調整後的營業收入（不含股票薪資和相關雇主薪資稅）為 1.17 億美元，調整後的營業利潤率為 26%，高於我們先前預期的 23%。

First quarter adjusted expenses were $329 million, up 7% sequentially. We are spending to position the company and our customers to win in the current geopolitical environment. These investments in product and our customers will continue over the balance of 2022.

第一季調整後支出為 3.29 億美元，季增 7%。我們正在投入資金，以使公司和客戶在當前的地緣政治環境中取得勝利。我們將在 2022 年餘下時間繼續對產品和客戶進行投資。

First quarter adjusted earnings per share were $0.02, which includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities. We generated $35 million in cash from operations and $30 million in adjusted free cash flow. Cash flows vary quarter-to-quarter, but it's worth noting the $66 million increase in our accounts receivable balance.

第一季調整後每股收益為 0.02 美元，其中包括主要由有價證券未實現損失造成的 0.02 美元的負影響。我們從營運中產生了 3500 萬美元的現金和 3000 萬美元的調整後自由現金流。現金流每季都有變化，但值得注意的是我們的應收帳款餘額增加了 6,600 萬美元。

At the end of Q1, we had a very strong war chest, $2.3 billion in cash and no debt. In march, we expanded our revolving credit facility to $500 million, up from $400 million previously. And our credit facility remains entirely undrawn. Our balance sheet leaves us ideally positioned to take advantage of the opportunities that may arise from further deterioration of global conditions.

在第一季末，我們擁有非常雄厚的資金，現金 23 億美元，並且沒有債務。 3 月份，我們將循環信貸額度從先前的 4 億美元擴大至 5 億美元。我們的信貸額度仍未全部提取。我們的資產負債表使我們處於理想的位置，可以利用全球情勢進一步惡化可能帶來的機會。

Turning to our outlook. We are guiding to a base case of $407 million in revenue for Q2. There's a wide range of potential upside above our guidance, including those driven by our role in responding to developing geopolitical events. We expect second quarter adjusted operating margin of 20% in the base case as we accelerate investments to support our customers' mission in advance of anticipated contract awards and continue to expect full year adjusted operating margin of 27%. We expect and are already seeing an acceleration of our U.S. government revenue resulting from these investments.

轉向我們的展望。我們預計第二季的營收為 4.07 億美元。我們的預期還存在著許多潛在的上漲空間，包括我們在應對不斷發展的地緣政治事件中所扮演的角色所推動的上漲空間。我們預計第二季調整後的營業利潤率為 20%，因為我們將在預期的合約授予之前加快投資以支持客戶的使命，並繼續預計全年調整後的營業利潤率為 27%。我們預計，並且已經看到這些投資將增加美國政府的收入。

Continuing to execute the guidance strategy set forth by our CEO, Alex Karp, in our year-end 2020 earnings call with regard to long-term revenue guidance, we are providing and will continue to provide guidance of 30% or greater revenue growth for this year and the next 3 years at each earnings call.

我們繼續執行執行長 Alex Karp 在 2020 年年終收益電話會議上就長期收入指導提出的指導策略，在每次收益電話會議上，我們都將提供並將繼續提供今年及未來 3 年收入增長 30% 或更高的指導。

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

說完這些，我將把電話轉給羅德尼，開始問答環節。

Thanks, Dave. Joining me for Q&A are Shyam Sankar, Dave Glazer and Kevin Kawasaki.

謝謝，戴夫。與我一起參與問答的還有 Shyam Sankar、Dave Glazer 和 Kevin Kawasaki。

Shyam, this first question is for you, Kernish P. asks, are there any new products you're looking to launch in the near future?

Shyam，第一個問題是問你的，Kernish P. 問，您是否希望在不久的將來推出任何新產品？

Thank you, Kernish. We have released so much new product. Pipeline Builder has improved data integration productivity 2 to 3x at the NHS, autonomous sales and operation planning and execution, the hospital operations suite, MetaConstellation, Edge AI and Edge stream. And beyond new product, we are bringing to market 15 years of deep tech that we built to power Gotham and Foundry. Nexus Peering, our distributed data fabric is going to power the next decade of DoD programs. Apollo is going to take our customers from continuous deployment to autonomous deployment. And this is what we're focused on. Everything else, financials, performance, those are the consequences of our execution on this focus.

謝謝你，Kernish。我們已經發布了許多新產品。 Pipeline Builder 將 NHS 的數據整合生產力、自主銷售和營運規劃與執行、醫院營運套件、MetaConstellation、Edge AI 和 Edge stream 提高了 2 到 3 倍。除了新產品之外，我們還將把為 Gotham 和 Foundry 提供支援的 15 年深度技術推向市場。 Nexus Peering，我們的分散式資料結構將為國防部未來十年的計畫提供支援。 Apollo 將帶領我們的客戶從持續部署走向自主部署。這正是我們所關注的。其他一切，財務、業績，都是我們執行這重點的結果。

We build software the world needs before the world knows it needs it. The prescience of our software arises from a deep love and respect for the institutions that are acquired for the world to function and a deep understanding of the macro and geopolitical shifts that some might say are coming, but we would say have already arrived.

我們在世界意識到需要軟體之前就已經建立了世界需要的軟體。我們的軟體的預見性源於對世界正常運作所建立的機構的深愛和尊重，以及對宏觀和地緣政治變化的深刻理解，有些人可能會說這些變化即將到來，但我們認為這些變化已經到來。

And the practicality of our software arises from the deep love of our users, the humans who are at the coal face who do the hard work day in and day out from the factory floors of Detroit to the cold concrete floors that refugees are sleeping on in Warsaw. We build software for the world as it is today to help our customers and their humans manage to get to the world that ought to be.

我們軟體的實用性源自於使用者的深愛，這些使用者是從底特律工廠車間到華沙難民睡覺的冰冷水泥地板，日復一日在一線辛勤工作的人們。我們為當今的世界建立軟體，以幫助我們的客戶及其人類設法實現應有的世界。

Thanks, Sean. Dave, this next question is for you. Daniel L. asks, what is Palantir doing to reduce share dilution?

謝謝，肖恩。戴夫，下一個問題是問你的。 Daniel L. 問道，Palantir 正在採取什麼措施來減少股權稀釋？

Thank you, Daniel. This is actually something that is repeatedly misunderstood. If you take a look at last year, we only added 0.4% in fully diluted shares outstanding in the entire year. If you flip to the first quarter of this year, that fully diluted number actually declined for the quarter. So you literally ended Q1 with fewer shares than when it started.

謝謝你，丹尼爾。這其實是一個經常被誤解的事情。如果你回顧去年，我們全年僅增加了 0.4% 的完全稀釋流通股。如果你翻到今年第一季度，你會發現該季度的完全稀釋數字實際上是下降的。因此，第一季結束時的股票數量實際上比開始時要少。

Thanks, Dave. Shyam, this next question is for you. Noah A. asks, Alex Karp said bad times are good for Palantir. What is Palantir doing during this time of war, inflation and hyperpartisanship to back up Karp's words? How is Palantir solving the world's current greatest problems?

謝謝，戴夫。 Shyam，下一個問題是問你的。 Noah A. 問道，Alex Karp 說，壞時期對 Palantir 來說是好事。在戰爭、通貨膨脹和黨派紛爭猖獗的時期，Palantir 做了什麼來支持卡普的言論？ Palantir 如何解決當今世界面臨的最大問題？

Thanks, Noah. This question is really important. The answer to it is literally Palantir. It is the reason that we exist. As Alex has mentioned many times, we have been building our company and our products for this world. As our customers confront rapidly escalating conflict in Eastern Europe, runaway inflation, disrupted supply chains and a new wave of refugees, our products have become more essential than ever.

謝謝，諾亞。這個問題確實很重要。答案就是 Palantir。這就是我們存在的原因。正如亞歷克斯多次提到的，我們一直在為這個世界打造我們的公司和產品。隨著我們的客戶面臨東歐迅速升級的衝突、失控的通貨膨脹、中斷的供應鏈和新一波難民潮，我們的產品變得比以往任何時候都更重要。

I've already talked about how we are helping governments respond to Russia's invasion and the resulting humanitarian disaster from MetaConstellation and Edge AI to powering refugee and relief operations. But it's also important to understand that a chain of events has been set in motion, a Rube Goldberg set of bangs, boings and ricochets that extend and will continue to extend into every facet of the world.

我已經談到我們如何幫助各國政府應對俄羅斯的入侵以及由此造成的人道主義災難，從 MetaConstellation 和 Edge AI 到為難民和救援行動提供動力。但同樣重要的是要理解，一系列事件已經啟動，一系列魯布·戈德堡式的爆炸、迴響和反彈正在延伸並將繼續延伸到世界的各個方面。

Food is short and prices are exploding. The availability of fertilizer required to grow more food is disrupted. Commodity prices are skyrocketing. Neon gas, CF46, palladium, all disrupted, all crucial in the semiconductor supply chain.

食物短缺，價格飛漲。種植更多糧食所需的肥料供應受到干擾。大宗商品價格飛漲。氖氣、CF46、鈀，全部受到干擾，它們都是半導體供應鏈中至關重要的元素。

Ukraine is a major regional center for clinical trials. All of those trials and the life-saving medicines behind them are now disrupted. Simple, but essential automotive components like wiring harnesses and seatbelts are disrupted. All of this is coming on the back of a set of dynamic disturbances from COVID and the resulting supply and demand shocks people are still coping with and the emergent wave of shocks that will come from extended and severe lockdowns in China.

烏克蘭是主要的區域臨床試驗中心。所有這些試驗以及背後的救命藥物現在都受到了乾擾。線束和安全帶等簡單但必不可少的汽車部件受到干擾。這一切都發生在新冠疫情引發的一系列動態擾動以及人們仍在應對的供需衝擊，以及中國長期嚴格封鎖將帶來的新一波衝擊之後。

To solve these problems, you cannot operate on software that was built to assume a stable world. In the stable world, you can make plans and you edit it occasionally. The plan is static. The assumptions are fixed and immutable. In the real world, in this world, you only make a plan so you can change it. You need all of your data ontologized into your digital twin, flowing into dynamically delivered applications that connect to each other. You need your AI to move faster than the rate of disruption. When something goes wrong, it needs to tell the person at the call phase what to do next.

為了解決這些問題，您不能使用假設世界穩定的軟體。在穩定的世界中，您可以製定計劃並偶爾進行修改。該計劃是靜態的。這些假設是固定的、不可改變的。在現實世界中，在這個世界上，你制定計畫只是為了能夠改變它。您需要將所有資料本體化到數位孿生中，並流入相互連接的動態交付的應用程式中。你需要讓你的人工智慧的移動速度比中斷的速度更快。當出現問題時，它需要告訴呼叫階段的人員下一步該做什麼。

Inflation flowing through your supply chain means you need an entirely different approach to manage suppliers, logistics, production S&OP. Our work with Tyson Foods is delivering $10 million of value realization every week by moving them from legacy approaches like integrated business planning to autonomous sales and operations execution by moving from a static plan that was assumed to be right to autonomously planning where you go turn by turn as they are dynamically updated to navigate around unforeseen obstacles.

通貨膨脹貫穿您的供應鏈意味著您需要採用完全不同的方法來管理供應商、物流、生產 S&OP。我們與泰森食品合作，每週實現 1000 萬美元的價值，透過將其從綜合業務規劃等傳統方法轉變為自主銷售和營運執行，透過從假定正確的靜態計劃轉變為自主規劃逐個方向，因為它們會動態更新以繞過不可預見的障礙。

Literally, every function of every business is breaking under the stress of these events, events where the aftershocks are strong and more profound than the initial earthquake. And Foundry was built for this.

從字面上看，每個企業的每個功能都在這些事件的壓力下崩潰，這些事件的餘震比最初的地震更強烈、更深刻。 Foundry 就是為此而設立的。

Thanks, Shyam. Dave, this next question is for you. Deepak C. asks, when is the company targeting to be GAAP profitable?

謝謝，Shyam。戴夫，下一個問題是問你的。 Deepak C. 問道，公司何時實現 GAAP 獲利目標？

Thank you, Deepak. We had a negative 9% GAAP operating margin in Q1, an improvement from negative 14% in Q4 and from negative 33% in Q1 2021. So we're making significant progress. And Q1 was our strongest GAAP quarter-to-date. And not to mention, last year, for the full year, we posted $424 million in adjusted free cash flow with a 31% adjusted operating margin. And we're already off to a strong start this year. But with that said, we're preparing for a world that has the highest chance of a nuclear war in my lifetime, let alone since my parents were kids. And as Alex discussed, the quality of our government revenue as viewed through growth, margin performance, durability and resilience is unique to Palantir. We think this uniqueness will be incredibly important in the quarters to come.

謝謝你，迪帕克。我們第一季的 GAAP 營業利潤率為負 9%，較第四季的負 14% 和 2021 年第一季的負 33% 有所改善。因此，我們正在取得重大進展。第一季是我們迄今表現最強勁的 GAAP 季度。更不用說，去年全年，我們的調整後自由現金流為 4.24 億美元，調整後營業利潤率為 31%。今年我們已經有了一個好的開始。但話雖如此，我們正在為一個在我有生之年，甚至在我父母還是孩子的時候，最有可能爆發核戰的世界做準備。正如亞歷克斯所討論的，從成長、利潤表現、持久性和彈性來看，我們的政府收入的品質是 Palantir 獨有的。我們認為這種獨特性在未來幾季將非常重要。

Thanks, Dave. Kevin, this next question is for you. Jackson K. asks, can you comment on the SPAC partnership strategy and its impact on the financials?

謝謝，戴夫。凱文，下一個問題是問你的。 Jackson K. 問道，您能否評論一下 SPAC 合作策略及其對財務的影響？

Sure. Thanks, Jackson. Revenue from these contracts has peaked in Q1 at around $39 million. And we will not have additional new customers from this program as we've wound the program down. Going forward, expect about $30 million of revenue per quarter from these customers, revenue in Q1 is higher as a result of some catch-up of about $9 million recognized in the quarter, reflecting work we started last year. We also saw roughly a negative $0.02 impact on earnings per share from the marketable securities.

當然。謝謝，傑克遜。這些合約的收入在第一季達到峰值，約為 3900 萬美元。由於我們已經結束該計劃，因此我們不會再從該計劃中獲得更多新客戶。展望未來，預計這些客戶每季的收入約為 3,000 萬美元，第一季的收入更高，因為本季確認了約 900 萬美元的追趕，反映了我們去年開始的工作。我們還發現有價證券的每股收益受到了約 0.02 美元的負面衝擊。

When you look at this by geography, you'll see continued strength and growth in the U.S. business, ex SPACs, growing at 65% year-over-year and 9% sequentially quarter-over-quarter. We had our strongest quarter for winning new commercial customers overall. Commercial customer count up 25% sequentially and up 207% from a year ago. And in the United States, commercial customer count grew 368%. We expect continued growth in commercial customer acquisition. And as Alex mentioned, we see a path to double our U.S. commercial revenue again.

從地理來看，你會看到美國業務（不包括 SPAC）持續保持強勁成長勢頭，較去年同期成長 65%，較上季成長 9%。總體而言，我們在本季贏得了最強勁的新商業客戶。商業客戶數量較上季成長 25%，較去年同期成長 207%。在美國，商業客戶數量增加了 368%。我們預計商業客戶獲取量將持續成長。正如亞歷克斯所提到的，我們看到了一條讓美國商業收入再次翻倍的途徑。

Great. Thanks, Kevin. Shyam, one more for you before we open up the call. Michael P. asks, in the FY 2021 business update, there was a reference to Ops PI as a Foundry capability or perhaps module. Could you elaborate on the problem this solves and what value it delivers to Foundry users?

偉大的。謝謝，凱文。 Shyam，在我們開始通話之前，還有一件事想問您。 Michael P. 問道，在 2021 財政年度業務更新中，提到了 Ops PI 作為 Foundry 功能或模組。您能詳細說明這解決了什麼問題以及它為 Foundry 用戶帶來了什麼價值嗎？

Thanks, Michael. When you think about Foundry, there are really 3 high-level massively differentiated capabilities. The first is that Foundry makes the marginal cost of data integration approach 0. With software-defined data integration, with pipeline builder with all this data integration technology, we have software that writes its own data pipelines for you. This gets you to the starting line quickly. It helps you answer the question, how am I going to bring all my data together? How long is that going to take? And how do I deal with the fact that there's new types of data created every single day?

謝謝，麥可。當您考慮 Foundry 時，實際上有 3 種高級大規模差異化能力。首先，Foundry 使資料整合的邊際成本趨近於 0。透過軟體定義的資料集成，透過管道建構器以及所有這些資料集成技術，我們擁有可以為您編寫自己的資料管道的軟體。這可以讓您快速到達起跑線。它可以幫助您回答這個問題：我該如何將所有數據整合在一起？這需要多長時間？我該如何應對每天都會產生新類型資料的事實？

The second capability is that Foundry makes the marginal cost of application development approach 0. No code, WYSIWYG application builders for robust interconnected applications. Importantly, these are not dashboards. These are applications that read and write to your existing enterprise transactional systems like your ERP, your general ledger, your warehouse management system.

第二個功能是 Foundry 使應用程式開發的邊際成本接近 0。無需程式碼，所見即所得的應用程式建構器可用於建立強大的互連應用程式。重要的是，這些不是儀表板。這些應用程式可以讀取和寫入您現有的企業交易系統，如 ERP、總帳、倉庫管理系統。

And third, Foundry has native modeling and simulation capability that lets you interact with the digital twin of your enterprise. So yes, you can compute something like an optimized production plan. But even much more importantly, you can respond to real-world surprises in real time. The best analogy I have for this is that the current technology is like most people are using something like MapQuest where you put in a destination and then you print out the map. Foundry is like wait. It's where, yes, you put in the destination, but we are dynamically computing the best way to get there all the time, turn by turn, based on the ever-changing facts on the ground: traffic, construction, accidents, road closures. While the competition is stuck in the traffic jam, you're racing across the finish line.

第三，Foundry 具有原生建模和模擬功能，可讓您與企業的數位孿生互動。所以是的，您可以計算出類似優化生產計劃的東西。但更重要的是，您可以即時應對現實世界的意外情況。對此，我能想到的最好的比喻是，目前的技術就像大多數人正在使用 MapQuest 之類的工具，輸入目的地，然後列印地圖。鑄造廠就像等待。是的，你輸入目的地，但我們會根據不斷變化的地面情況（交通、施工、事故、道路封閉）動態計算到達目的地的最佳路線。當競爭對手陷入交通堵塞時，你卻在衝過終點線。

So all of this is possible because Foundry is a digital twin of your business, and that is powered by Foundry's ontology. So with our ontology, we're modeling not just the nouns, but also the verbs of your business, the actions that you can take. So that means you cannot only realize that there is a's problem with your production plan based on real-time data, but also compute the correct answer, the correct plan and push that transaction to your ERP system. And all of that amazing capability has historically only been available for applications built inside of Foundry.

所有這一切都是可能的，因為 Foundry 是您業務的數位孿生，並由 Foundry 的本體提供支援。因此，透過我們的本體，我們不僅為名詞建模，還為您的業務的動詞、您可以採取的操作建模。這意味著您不僅可以根據即時數據意識到生產計劃存在問題，還可以計算出正確的答案、正確的計劃並將該交易推送到您的 ERP 系統。而所有這些令人驚嘆的功能歷來只適用於在 Foundry 內部建立的應用程式。

The OPIs, they change all of that. The power of the ontology can now be used by any application in the enterprise, whether it's first-party apps developed by IT or third-party apps developed by IT suppliers and independent software vendors. The OPIs are clean, syntactically sugary sets of restful APIs. I like to think about it as serverless enterprise orchestration. It's a Lambda, but for your enterprise, simple abstractions that make the authentic complexity of the real-world businesses manageable and programmable.

OPI 改變了這一切。本體的強大功能現在可供企業中的任何應用程式使用，無論是 IT 開發的第一方應用程式還是 IT 供應商和獨立軟體供應商開發的第三方應用程式。 OPI 是一組乾淨的、語法清晰的 RESTful API。我喜歡將其視為無伺服器企業編排。它是一個 Lambda，但對於您的企業來說，簡單的抽象使得現實世界業務的真實複雜性變得可管理和可編程。

Thanks, Shyam. Our next question comes from Brent Thill with Jefferies.

謝謝，Shyam。我們的下一個問題來自 Jefferies 的 Brent Thill。

Regarding the government business, can you talk to the acceleration that you're seeing in the business? And I think you called out the United States as where you're seeing the reacceleration. Can you also speak to the rest of the world and what you're seeing there?

關於政府業務，您能談談您在業務中看到的加速發展嗎？我認為您指出美國正經歷經濟再加速成長的階段。您能否也談談世界其他地方以及您在那裡看到的情況？

Absolutely. Thanks, Brent. We've been working with the U.S. government for 15 years. And over the last decade, we've seen a 30% CAGR, and that covers times at peace and times of conflict. And I've already talked about our involvement with current events and the role that we're playing there. And you can kind of see the reacceleration starting to happen with the wins. The work that we're doing with DSG CD2, which was literally built for a landlord in Europe.

絕對地。謝謝，布倫特。我們已經與美國政府合作了15年。在過去十年中，我們看到了 30% 的複合年增長率，涵蓋了和平時期和衝突時期。我已經談到了我們參與時事的情況以及我們在其中發揮的作用。隨著勝利的到來，你可以看到重新加速的現象開始出現。我們正在進行的 DSG CD2 工作實際上是為歐洲的一位房東建造的。

The expansion of the work that we have with the U.K. Royal Navy, the framework agreement that we have in Germany with state and local police covering Bavaria, North-Rhine Westphalia, Hesse, the work that we're doing in space with U.S. Space Command and Warp Core, but really the knock-on opportunities that creates for us with allies as they approach space. And so the end result of this is that in Q2, we've started to see the U.S. government business reaccelerate. We're doing a substantial amount of work right now where we are investing in our customers, and we expect that work to have both short term but also longer-term payouts. We're doing work now that matters and will likely be contracted. But we're also doing work that is defining the requirements for defense procurements over the decades to come here.

我們與英國皇家海軍合作的擴展，我們與德國巴伐利亞、北萊茵-威斯特法倫、黑森的州和地方警察達成的框架協議，我們與美國太空司令部和曲速核心在太空開展的合作，但實際上，當盟友接近太空時，這些合作為我們創造了連鎖機會。因此，最終的結果是，在第二季度，我們開始看到美國政府業務重新加速。我們目前正在做大量的工作，投資我們的客戶，我們期望這項工作不僅能帶來短期回報，還能帶來長期回報。我們現在正在做重要的事情，而且很可能會簽約。但我們也在做一些工作，確定未來幾十年國防採購的要求。

Thanks, Shyam. Our next question comes from Brad Zelnick with Deutsche Bank.

謝謝，Shyam。下一個問題來自德意志銀行的布拉德‧澤爾尼克。

I'm hoping that you can. I think you guys might have come cut out on me. But I wanted to double-click on the range of upside that you referred to in your Q2 guidance. How much of that variability is coming from commercial versus government? And how should we think about the variability and what it means for your 30% revenue and 27% margin guide for the full year?

我希望你能。我想你們可能已經拋棄我了。但我想再次強調您在第二季指引中提到的上行範圍。這種差異有多少是來自於商業還是政府？我們應該如何看待這種變化，以及它對您全年 30% 的收入和 27% 的利潤率指導意味著什麼？

Thank you. So in this macro environment, we feel very well positioned for the full year and beyond. Our U.S. government revenue represented 42% of our Q1 revenue, and a significant amount of this is in the defense space. Our commercial business has been outpacing the government business, accelerating in each of the last 5 quarters to a 54% growth rate in Q1. And as Shyam just mentioned, in Q2, we've already seen some reacceleration in the U.S. government business, which we think is a long-term trend and expect acceleration of the overall government segment this quarter or shortly after.

謝謝。因此，在這種宏觀環境下，我們感覺對全年及以後的情況非常有利。我們從美國政府獲得的收入佔第一季總收入的 42%，其中很大一部分來自國防領域。我們的商業業務一直超過政府業務，在過去 5 個季度中每季都加速成長，第一季的成長率達到 54%。正如 Shyam 剛才提到的，在第二季度，我們已經看到美國政府業務有所回升，我們認為這是一個長期趨勢，預計本季度或不久之後整個政府部門的業務將加速成長。

Great. Thanks, Kevin. Our next question comes from Mark Cash with Morningstar. Mark, you can go ahead.

偉大的。謝謝，凱文。我們的下一個問題來自晨星的馬克·卡什。馬克，你可以繼續了。

Our next question comes from Rishi Jaluria with RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

I really appreciate it. Maybe I just wanted to go a little bit more into understanding the range of outcomes in Q2. You talked about maybe where you can get a little bit more upside. Can you walk us through maybe a full set of assumptions there? And more importantly, when there's a base case and you're hinting at a bull case, what is a potential bear case that you would be thinking about in Q2, just given everything that you're seeing going on from a macro perspective?

我真的很感激。也許我只是想更深入地了解第二季的一系列結果。您談到了也許可以從哪裡獲得更多好處。您能否向我們詳細解釋其中的一整套假設？更重要的是，當有一個基本情況並且您暗示牛市情況時，考慮到您從宏觀角度看到的一切，您會在第二季度考慮什麼潛在的熊市情況？

Look, the base case is really establishing how we're thinking about the visibility that we have. The upside is quite large. I mean a lot of this comes down to contract timing and the acceleration of events. There's a fair amount of work that's in flight here. The way that we engage with customers is we're not going to deprive you of help in your moments of greatest need when you're at war because paperwork isn't in yet. And so we think we have visibility into the upside. We're not going to comment on the specifics of it, but it's meaningful. But it's also hard to predict.

看起來，基本情況實際上確定了我們如何看待我們所擁有的可見性。其好處相當大。我的意思是，這在很大程度上取決於合約時間和事件的加速。這裡正在進行大量工作。我們與客戶互動的方式是，當您處於困境中，最需要幫助的時候，我們不會因為文件尚未到位而拒絕為您提供幫助。因此我們認為我們可以看到其上行潛力。我們不會對其具體細節發表評論，但它很有意義。但這也很難預測。

And what we need to be focused on right now is just delivering not only because of what it implies for this quarter, the next quarter and this full year, but what it implies for the long-term growth of the business and the relevance we have to solving the most important problems in the world.

我們現在需要關注的是實現目標，這不僅因為它對本季、下一季和全年的意義，還因為它對業務的長期成長以及我們與解決世界上最重要問題的相關性的意義。

Great. Thanks, Shyam. That concludes Q&A on today's call. I'll turn the call back over to Shyam Sankar for closing remarks.

偉大的。謝謝，Shyam。今天的電話問答到此結束。我將把電話轉回給 Shyam Sankar 做最後發言。

Thank you, Rodney. Look, we feed our culture every day through the direct exposure that we have to our mission from the factory floors of European manufacturers to the cold concrete floors that so many refugees are sleeping on. In Q1, many of our people had the chance to go to Poland, Romania and Lithuania to stand up to software infrastructure to power refugee operations, processing nearly 100,000 people a day. And we are involved in supporting the military as they execute their sacred duty. Much as we positioned the entire company around COVID and delivered outsized impact to global health agencies and health delivery organizations, as we stabilize production and supply chains now, we will throw our entire company behind the most significant set of geopolitical and macroeconomic situations and generations. Our company was built for this. Our software was built for this. Back to work.

謝謝你，羅德尼。你看，我們每天都透過直接接觸我們的使命來滋養我們的文化，從歐洲製造商的工廠車間到許多難民睡覺的冰冷水泥地板。在第一季度，我們的許多員工有機會前往波蘭、羅馬尼亞和立陶宛，建立軟體基礎設施來支援難民行動，每天處理近 10 萬名難民。我們也致力於支持軍隊履行他們的神聖職責。正如我們將整個公司定位於 COVID，並對全球衛生機構和醫療服務組織產生了巨大影響一樣，隨著我們現在穩定生產和供應鏈，我們將把整個公司置於最重要的地緣政治和宏觀經濟形勢和世代之中。我們的公司就是為此而建立的。我們的軟體就是為此而建構的。回去工作。