(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.

早上好。歡迎來到 Palantir 的 2022 年第一季度財報電話會議。我們將討論我們在市場開盤前發布的新聞稿中公佈的結果，並發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our 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，包括關於我們第二季度和 2022 財年業績的聲明、管理層對我們未來財務和運營業績的預期，以及關於我們計劃的其他聲明，前景和期望。這些陳述不是承諾或保證，存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天開市前發布的收益新聞稿和我們提交給美國證券交易委員會的文件中找到。除法律要求外，我們不承擔更新前瞻性陳述的義務。

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

此外，在今天的電話會議中，我們將參考某些調整後的財務措施。這些非公認會計原則財務措施應作為公認會計原則措施的補充而不是替代或孤立考慮。有關這些非公認會計原則措施的更多信息，包括非公認會計原則與可比公認會計原則措施的對賬，包含在我們今天提供的新聞稿和投資者介紹中。我們的新聞稿、投資者介紹和 SEC 文件可在我們的投資者關係網站 Investors.palantir.com 上查閱。

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.

今天和我一起參加今天電話會議的是首席執行官 Alex Karp； Shyam Sankar，首席運營官； Dave Glazer，首席財務官；和全球業務發展主管 Kevin Kawasaki。在電話會議期間，我們將在討論我們的業務時提到各種增長率。除非另有說明，否則這些比率反映了同比比較。

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。在過去的財報電話會議中以及過去 2 年的時間裡，我們參與了許多影響西方社會的最重要的事情。但是，使這些時代變得特別的是我們認為會發生的趨勢正在加速發生。超級有趣的是，為什麼更廣闊的世界這麼晚才認識到這些事情是如何加速的。發生了什麼？我們更廣泛的機構、金融、文化、法律、技術等逃避現實的起源是什麼，為什麼他們會逃到虛擬世界或教職員工休息室行話或政治結構，這些顯然無法解決投入和產出完全相反的問題，如果在所有，相關的？

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?

為什麼我們無法將正在發生的暴力視為真正的某種東西，它將成為我們未來的一部分，而不是偶發的？當這些事情是確定的並且正在發生時，為什麼我們將它們描述為不確定性？為什麼我們的機構甚至不假裝他們將能夠控制中心，同時假裝中心將凝結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.

部分原因是我們有圍繞我們如何建造的神學結構，例如，在我們的空間、產品中。而那個神學的前提是世界將是穩定的。因此，我們為商業和特種部隊製造的專門的東西，現在為時事提供動力的東西是在過去 2 年裡建造的，正是因為如果你在外圍做著世界上最敏感和最重要的工作需要能夠以斷開連接並重新連接簡單問題的方式與您的軟件進行交互，普通軟件很糟糕，您需要一個非常專業的產品。近十年來，在我們稱之為 Nexus Peering 的背景下，我們一直在為世界上最重要的精英士兵提供此服務。

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.

您需要一種與空間交互的能力，您可以在其中解決某些涉及計算的問題，並使用由 Foundry 調整的通俗定義的 AI 將其傳遞給士兵來減少數據。你需要能夠在商業實體的背景下重建供應鏈，因為有戰爭。很明顯，食物將短缺。有乾擾。您無法再從國家/地區獲得某些資源。你必須在一夜之間從別人那裡得到它們。這些系統從字面上預設了這永遠不會發生，因此當它發生時會完全崩潰。

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.

沒有計劃何時不發生。這就是為什麼——儘管我們一直是一家完全專注的產品公司，只專注於構建這些建築產品，而且我們有新產品即將推出，而不是專注於讓人們相信我們是對的。他們仍然銷售，因為其他產品不是為這個世界製造的。你有一個財務背景。這就像我們有肆虐的通貨膨脹。我們很可能會看到這會增加。核事件的風險比在公共世界中呈現的要高得多，以至於觀看報導幾乎是超現實的。然而，你真的不知道你會如何評估收入的質量。

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.

因此，以 Palantir 為例，我們是一家在順境中茁壯成長、在逆境中茁壯成長的公司。我們不是按照金融機構的神學家希望我們建造的方式建造的。因此，如果我們聽取了他們的意見，您的構建完全一樣，我們只會增長，沒有自由現金流。我們是一家拋棄自由現金流的公司。我們是一家預期通貨膨脹的公司。我們顯然對這項使命非常投入。但對我們來說很明顯，即使在經濟不景氣的初期，政府收入的質量也至關重要，因為其他收入會——會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.

他們的質量會更低。他們會不那麼粘。我們出於正確的原因製造這些產品。我們並不羞於說我們贏了，也許是因為我們是對的。我們不想做對。但是其中一些東西是如此明顯。很明顯，這些機構，我們如何在各種情況下模擬這些東西的神學只是具有腐蝕性。所以你最終得到了錯誤的產品，錯誤的收入質量。所以你有沒有自由現金流的增長或沒有增長的自由現金流。你有現在可以使用的產品，可以通過銷售大肆宣傳，但顯然後天不會起作用。沒有能力開發新產品。你為什麼要開發新產品？你將擁有這個完美修補的模型，讓機構投資於你，並收購所有這些實際生產產品的公司。是的，但是完全不可能為明天製造產品。

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.

沒有公司可以收購。你實際上必須自己做。當然，在這里和那裡，你可以尋找加速的東西。 Palantir 做到了這一點。所以我們——你必須——我們在 Palantir 並沒有逃到另一個世界，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，這甚至不是真的學術，因為學術預設從理論的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並將其重新引入對象。

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.

產品不是這樣工作的。現實並非如此。 Palantir，我們正在扮演一個至關重要的角色，而且比我們在當前事件中被允許提及或永遠不會在公開場合討論的要大得多，顯然是在商業上，因為我們的合作夥伴和其他未來的合作夥伴正在被打亂。他們的供應鏈被打亂了。更廣泛的經濟存在中斷的威脅。我們是——而且許多人意識到，以核攻擊形式發生的真正具有紀念意義的、史詩般的和可怕的破壞的現實比報導的要高得多。但在政府環境中，我們發揮著巨大的作用，我們為此感到非常自豪，我們為我們能夠支持的人感到自豪。我們也渴望繼續幫助支持他們。

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.

我還必須說那些看過這個的人，他們中的許多人都同意我們的信念，即未來將由接受現實而不是應該成為現實的人來贏得。你只能通過接受什麼來改變應該。你一直支持我們，我希望能繼續支持我們，我們將繼續為世界上最有趣、最有創造力和最有影響力的人提供世界上最重要的產品，並作為這家兼具兩者的混合公司繼續蓬勃發展公牛和男爵在這兩種環境中都全力以赴，但當時代艱難，人們躲藏起來時，步伐絕對反常。

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 的產品處於絕對前沿，您每天都能在新聞中看到它們。我們希望有一天能準確地討論我們正在做什麼。但是，我們在您的支持中發揮了很好的作用，並且按現狀購買世界對我們來說非常重要。謝謝你。

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，收入增長了 31%。商業收入增長 54%，連續第五個季度加速增長。美國商業收入增長 136%，也連續第五個季度加速增長。我們增加了 40 個新客戶，客戶數量同比增長 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 營業利潤率為負 9%，而一年前為負 33%，這反映了我們繼續向 GAAP 盈利能力邁進。我們調整了 26% 的營業利潤率。我們一直在為這個世界建設我們的公司和我們的產品。許多聲稱解釋世界的模型所依賴的穩定性，如果它曾經存在過，它就消失了。我們為這個不應該成為的世界建立了一家公司。使我們的軟件變得更加重要的是不穩定而不是缺乏。隨著我們的客戶在東歐面臨異常嚴重且迅速升級的衝突、失控的通貨膨脹中斷的供應鍊和新一波難民，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.

在我們上次的財報電話會議上，還沒有發生對烏克蘭的入侵。從那些坦克滾入烏克蘭的那一刻起，我們就一直在前線提供我們的能力。在衝突過程中，我們一直在不斷提供創新，為西方軍隊提供完成任務所需的軟件。我們來自 Gaia、Gotham、Edge AI、Foundry、Nexus Peering 等的客戶已經使用了每一種產品和功能。其中最新的 MetaConstellation 繼續提供價值，使基於空間的收集真正可操作，並提供重要的任務成果。

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、英國和其他國家開展工作，為難民救濟行動提供動力。我們的軟件正在為世界糧食計劃署的烏克蘭應對行動提供動力，盡可能在遠東地區獲得援助。在我們的商業客戶中，我們正在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增長機會。我們在前線，看到需要存在的東西，聽取指揮官和用戶的意見，現在建立需要的東西，以及未來十年美國和盟國國防計劃的動力。十年前，我們在阿富汗通過 Nexus Peering 做到了這一點。一年前，我們通過 MetaConstellation 做到了這一點，其影響力登上了《紐約時報》的頭條新聞。面對這些 Palantir 形的宏觀條件，我們將繼續構建未來的報價，在整個業務中大力增加投資。

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棧 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以將越來越多的創新推向市場。這就是你在阿波羅看到的。我們相信 Apollo 將從根本上改變軟件的部署方式，預計未來多租戶 SaaS 已經消亡並且顯然正在消亡，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.

每個軟件公司都需要能夠將他們的軟件部署到客戶的環境中，這要求他們管理跨公共雲、本地、主權雲和不斷增長的數據管轄範圍的異構環境群，並無縫地完成所有這些工作。 Apollo 將帶領客戶從持續部署的世界走向自主部署。我們很高興在我們的演示日活動中對 Apollo 的市場接待，真正受到全新購買觀眾的歡迎。

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.

我們現在還提供 Nexus Peering 作為獨立功能，供客戶在其上構建自己的數據結構。十多年前，我們開創了一項技術，使 Gotham 能夠推理由許多不同 Gotham 節點組成的分佈式系統的因果關係。這些節點都可以對相同的對象進行獨立的並發編輯，而 Nexus Peering 意味著我們可以通過網絡同步這些編輯，既可以使用一致的合成實時同步，也可以跨不可靠、間歇性和斷開連接的環境。

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 意味著您擁有一個可生存且具有彈性的分佈式數據結構。任何數量的節點或設施的損失都不會影響整體。這是一項核心和根本性的硬技術突破，為 Gotham 在國防和情報機構的聯盟信息共享方面取得了獨特的成功。通過將 Nexus Peering 作為單獨的功能出售，我們可以讓國防部的每個項目都利用這種分佈式數據同步和數據結構，因為我們進一步展示了我們對 DoD 模塊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 最大的機會仍然是應用程序開發基礎設施平台。我們相信 Foundry 將成為您構建未來應用程序的地方。使用 AWS 或 Azure，以及它們高度無主見的服務集合，大部分工作仍然擺在您面前，以實現價值。而所有這些責任都在於您，客戶，以實現該價值。

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.

使用 Foundry，您在第一天就完成了 90% 的工作。軟件定義的數據集成、應用程序的原生多租戶、OPI、版本管道、應用程序、工件，僅列舉一些構成 Foundry 的組件從頭開始工作。

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 Kobayashi Maru 軟件工廠實現了他們的雄心壯志，幾個月內在 Foundry 之上構建了 13 個可操作的應用程序，同時淘汰了價值超過 1 億美元的遺留項目。這就是為什麼空中客車公司推出了內部開發的供應鍊網絡控制塔，這是一個建立在 Foundry 應用程序開發基礎設施之上的套件。這套應用程序可以緩解供應鏈問題，並通過加快現有固定產能的生產和減少所有零件的庫存，努力每年節省數億歐元。過去十年中的 AWS 是什麼，下一個十年將是 Foundry。

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.

轉向我們商業業務的亮點。我們在第一季度增加了 37 個淨新客戶。我們看到汽車、金融服務、能源（包括新的超級主要客戶）和生命科學領域的持續增長。 4 月，我們以超過 1.5 億美元的價格完成了與美國財富 100 強公司的續約。該客戶舉辦了一場黑客馬拉松，有 600 多名參與者參加，其中包括在 4 天內構建的應用程序，涵蓋財務、構建規劃、網絡彈性和客戶體驗。這是一個很好的例子，說明了規模化的客戶如何在 Palantir 作為應用程序開發基礎設施上更好地構建。上個季度，我們看到對我們的模塊化產品的持續興趣。

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.

醫院需要提高圍繞患者流動和人員配備流程的運營效率，以縮短住院時間並確保患者獲得適當的護理。 Palantir 的醫院手術套件已被證明具有獨特的能力，可以通過基於實時數據的協作決策、有針對性的、事件驅動的通知和可操作的人工智能來解決這些問題。 Palantir 的醫院運營套件現在被覆蓋美國 37,000 多張床位的醫院使用，高於 1 月 1 日的 1,000 多張床位。

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。隨著世界不穩定的加劇，我們繼續加倍支持西方最重要的基礎機構的使命。我們的目標是成為美國聯邦政府的第六個主要承包商，成為值得信賴的合作夥伴，以我們今天主要的項目為基礎，提供複雜的、端到端的、集成的硬件和軟件解決方案。但我們力求成為第一家以軟件為核心的公司，利用軟件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集成硬件軟件功能。

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.

在第一季度，我們成立了美國聯邦顧問委員會，這是這一旅程中的一個重要里程碑。戰爭不僅發生在烏克蘭的地面上，也發生在太空中。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為盟友設定黃金標準的美國太空守護者提供新的作戰能力。這引起了對美國太空部隊的 Warp Core 平台的極大興趣，該平台建立在盟國的 Foundry 之上。

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的太空研討會上，美國和盟國政府的聽眾，前國家安全委員會太空政策負責人兼 AWS 太空政策負責人 Peter Marquez 介紹了 Project Argus，這是一個新的太空態勢感知平台，基於鑄造廠。我們與英國皇家海軍完成了一項價值 1000 萬英鎊的企業擴張計劃。 Palantir 的軟件被皇家海軍廣泛用於從戰略勞動力規劃到供應鏈管理的廣泛領域。

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 and Foundry 的框架協議，初始訂單來自巴伐利亞警方，增加了我們在北萊茵威斯特法倫州和黑森州現有的德國安全客戶。我們的政府醫療保健業務隨著疾病控制和預防中心的擴張而增長。工作的增長體現在運行率的翻倍上。在過去的一年裡，在繼續實施 CDC 的食源性病原體計劃（我們自 2009 年以來一直在推動該計劃）的同時，CDC 擴大了 Foundry 的病原體監測和響應工作，並部署了基於通用 Foundry 本體之上的通用模塊，以對抗新的病原體，包括麻疹、腮腺炎、軍團菌和新型流感。 CDC 還使用 Foundry 處理來自廢水樣本的基因序列數據。

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.

在大西洋的另一邊，我們在軟件定義數據集成方面的持續投資與我們最新的管道構建器產品繼續在 NHS 獲得回報，他們能夠將 Foundry 推廣到 38 家醫院，僅在 3 月份就集成了數百個數據集使他們能夠通過國家護理積壓工作。

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

我會把它交給戴夫，讓我們了解財務狀況。

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 強調的那樣，我們在不穩定時期處於獨特的位置。我們與世界上一些最重要和最重要的機構合作。美國政府占我們第一季度收入的 42%，8 年來一直是增長的主要驅動力，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.

更根本的是，我們相信向美國政府及其盟友供應我們的產品是我們業務的核心支柱。正如亞歷克斯所提到的，面對巨大的宏觀經濟和地緣政治挑戰和不確定性，從增長、利潤率表現和持久性，尤其是彈性來看，我們的收入質量對於 Palantir 來說是獨一無二的。

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件公司的發展相結合。面對客戶的挑戰，在簽訂交付關鍵任務能力的合同之前，我們已經並將繼續產生費用。在這些投資之後，我們預計我們的美國政府收入將加速到今年下半年。迄今為止，在第二季度，我們已經看到美國政府收入的重新加速，並預計整個政府部門將在下一季度或此後不久加速增長。

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度的表現，然後是我們的展望。第一季度收入同比增長 31%，高於我們之前的預期，達到 4.46 億美元。總體淨美元保留率為 124%。商業收入增長連續第五個季度加速。第一季度商業收入同比增長 54% 至 2.05 億美元，高於第四季度的 47%。商業增長繼續由我們的美國業務推動，第一季度美國商業收入增長從第四季度的 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.

第一季度國際商業收入同比增長加速至 24%，高於第四季度的 22% 和一年前的 7%。我們的美國業務收入與去年同期相比增長了 38%。政府收入與去年同期相比增長 16%，達到 2.42 億美元。調整後的營業利潤率為 26%，比我們之前的指導高出約 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.

我們的客戶獲取繼續加速。我們在第一季度增加了 40 個淨新客戶，高於第四季度的 34 個。我們有最強勁的季度淨商業客戶增加，增加了 37 個商業淨增加，相當於 25% 的環比增長和 207% 的同比增長。我們預計全年商業客戶獲取將持續增長。我們與現有客戶的增長依然強勁。我們前 20 名客戶過去 12 個月的收入同比增長 24%，達到近 4500 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.

第一季度的賬單為 4.9 億美元，同比增長 35%。由於 208 筆交易與去年同期的 81 筆交易相比，第一季度的 ACV 成交量同比增長 35%。第一季度 TCV 關閉為 2.48 億美元。美國政府的企業 TCV 受到持續決議的影響。但現在新預算已經通過，我們已經看到第二季度美國政府的收入重新加速。

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，根據 Alex 概述的地緣政治格局，我們預計政府預訂活動將在今年剩餘時間內增加，從而導致 2022 年下半年政府收入增長更強勁。我們在第一季度結束時的剩餘交易總價值為 35 億美元，同比增長 26%，而同期持續時間縮短 4%。我們在第一季度結束時剩餘的履約義務為 12 億美元，同比增長 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 個月的合同和超出便利條款終止的合同義務，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%.

利潤率和費用是在調整後的基礎上計算的，不包括基於股票的補償。調整後的毛利率為 81%。貢獻率為57%。第一季度調整後的運營收入（不包括基於股票的薪酬和相關的雇主工資稅）為 1.17 億美元，調整後的營業利潤率為 26%，高於我們之前 23% 的指導。

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.

第一季度調整後費用為 3.29 億美元，環比增長 7%。我們正在花錢為公司和我們的客戶定位，以在當前的地緣政治環境中取勝。這些對產品和我們客戶的投資將持續到 2022 年剩餘時間。

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.

第一季度調整後每股收益為 0.02 美元，其中包括 0.02 美元的負面影響，主要由有價證券的未實現虧損驅動。我們從運營中產生了 3500 萬美元的現金和 3000 萬美元的調整後自由現金流。現金流量每個季度都有所不同，但值得注意的是我們的應收賬款餘額增加了 6600 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.

在第一季度末，我們擁有非常強大的資金儲備，23 億美元的現金，沒有債務。 3 月，我們將循環信貸額度從之前的 4 億美元擴大到 5 億美元。我們的信貸額度仍然完全未動用。我們的資產負債表使我們處於理想的位置，可以利用全球狀況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.

轉向我們的前景。我們正在指導第二季度收入為 4.07 億美元的基本情況。在我們的指引之上，還有很多潛在的上行空間，包括那些由我們在應對發展中的地緣政治事件中所扮演的角色所驅動的上行空間。我們預計在基本情況下，第二季度調整後的營業利潤率為 20%，因為我們在預期合同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導致我們的美國政府收入加速增長。

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.

繼續執行我們的首席執行官亞歷克斯·卡普 (Alex Karp) 在我們的 2020 年年底收益電話會議中就長期收入指導提出的指導戰略，我們正在提供並將繼續為此提供 30% 或更高的收入增長指導年和未來 3 年在每次財報電話會議上。

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

有了這個，我會把電話轉給羅德尼來打開問答環節。

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

謝謝，戴夫。與我一起進行問答的有 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. 問道，你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，克尼什。我們發布了很多新產品。 Pipeline Builder 將 NHS、自主銷售和運營規劃與執行、醫院運營套件、MetaConstellation、Edge AI 和 Edge 流的數據集成效率提高了 2 到 3 倍。除了新產品之外，我們還將為 Gotham 和 Foundry 打造的 15 年深度技術推向市場。 Nexus Peering，我們的分佈式數據結構將為未來十年的國防部計劃提供動力。 Apollo 將帶領我們的客戶從持續部署到自主部署。這就是我們所關注的。其他一切，財務，業績，這些都是我們在這個重點上執行的結果。

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.

在世界知道它需要它之前，我們構建了世界需要的軟件。我們軟件的先見之明源於對為世界運轉而獲得的機構的熱愛和尊重，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，但我們會說已經到來。

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.

我們軟件的實用性源於對用戶的深切愛戴，這些人在煤層上日復一日地辛勤工作，從底特律的工廠車間到難民睡覺的冰冷混凝土地板華沙。我們為當今世界構建軟件，以幫助我們的客戶和他們的人類設法進入應有的世界。

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，下一個問題是給你的。 Daniel L. 問道，Palantir 正在採取哪些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。這實際上是被反复誤解的東西。如果你看一下去年，我們全年只增加了 0.4% 的完全稀釋的流通股。如果你翻到今年第一季度，這個完全稀釋的數字實際上在該季度有所下降。所以你在第一季度結束時的份額比開始時少。

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，下一個問題是給你的。 Noah A. 問，Alex Karp 說糟糕的時期對 Palantir 有好處。 Palantir 在這段戰爭、通貨膨脹和超黨派關係期間做了什麼來支持卡普的話？ Palantir 如何解決世界上當前最大的問題？

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。這個問題真的很重要。答案就是 Palantir。這就是我們存在的理由。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、供應鏈中斷和新一波難民潮，我們的產品變得比以往任何時候都更加重要。

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.

我已經談到了我們如何幫助政府應對俄羅斯的入侵以及由此產生的人道主義災難，從 MetaConstellation 和 Edge AI 到為難民和救濟行動提供動力。但同樣重要的是要了解，一系列事件已經開始，Rube Goldberg 的一系列爆炸、爆炸和彈跳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，價格暴漲。種植更多食物所需的肥料供應受到干擾。商品價格飛漲。氖氣、CF46、鈀都被破壞了，在半導體供應鏈中都至關重要。

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.

烏克蘭是臨床試驗的主要區域中心。所有這些試驗和它們背後的拯救生命的藥物現在都被打亂了。線束和安全帶等簡單但必不可少的汽車部件被破壞。所有這一切都源於 COVID 帶來的一系列動態干擾，以及由此產生的供需衝擊，人們仍在應對，以及中國長期和嚴重的封鎖將帶來的新衝擊波。

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.

要解決這些問題，您無法在為假定穩定世界而構建的軟件上進行操作。在穩定的世界中，您可以製定計劃並偶爾對其進行編輯。計劃是靜態的。假設是固定不變的。在現實世界中，在這個世界中，你只有製定一個計劃，然後才能改變它。您需要將所有數據本體化到您的數字雙胞胎中，流入相互連接的動態交付應用程序。您需要您的 AI 移動速度快於中斷速度。當出現問題時，它需要在呼叫階段告訴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.

供應鏈中的通貨膨脹意味著您需要一種完全不同的方法來管理供應商、物流、生產 S&OP。我們與泰森食品公司的合作每週實現 1000 萬美元的價值實現，通過將它們從集成業務規劃等傳統方法轉移到自主銷售和運營執行，從一個被認為是正確的靜態計劃轉移到自主規劃你要去的地方隨著它們被動態更新以繞過不可預見的障礙物。

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，每家企業的每一項職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 就是為此而建的。

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

謝謝，夏姆。戴夫，下一個問題是給你的。 Deepak C. 問道，公司的目標是何時實現 GAAP 盈利？

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。我們在第一季度的 GAAP 營業利潤率為負 9%，比第四季度的負 14% 和 2021 年第一季度的負 33% 有所改善。因此，我們正在取得重大進展。第一季度是我們迄今為止最強的 GAAP。更不用說，去年全年，我們公佈了 4.24 億美元的調整後自由現金流，調整後的營業利潤率為 31%。今年我們已經有了一個良好的開端。但話雖如此，我們正在為一個在我有生之年發生核戰爭的可能性最高的世界做準備，更不用說因為我的父母還是孩子。正如 Alex 所討論的，從增長、利潤率表現、持久性和彈性來看，我們的政府收入質量是 Palantir 獨有的。我們認為這種獨特性在未來幾個季度將非常重要。

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，下一個問題是給你的。 Jackson K. 問，您能否評論 SPAC 合作夥伴戰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。這些合同的收入在第一季度達到頂峰，約為 3900 萬美元。由於我們已經結束了該計劃，因此我們不會從該計劃中獲得額外的新客戶。展望未來，預計這些客戶每季度的收入約為 3000 萬美元，由於本季度確認的約 900 萬美元的追趕，第一季度的收入較高，這反映了我們去年開始的工作。我們還看到有價證券對每股收益的影響約為 0.02 美元。

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.

當您按地理位置查看這一點時，您會看到美國業務（除 SPAC 外）的持續實力和增長，同比增長 65%，環比增長 9%。我們有一個最強勁的季度贏得了整體新的商業客戶。商業客戶數量環比增長 25%，比一年前增長 207%。在美國，商業客戶數量增長了 368%。我們預計商業客戶獲取將持續增長。正如亞歷克斯所提到的，我們看到了一條讓我們的美國商業收入再次翻番的道路。

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，在我們打開電話之前，再給你一個。 Michael P. 問道，在 2021 財年的業務更新中，有提到 Ops PI 作為 Foundry 功能或模塊。您能否詳細說明它解決的問題以及它為 Foundry 用戶帶來的價值？

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，邁克爾。當您想到 Foundry 時，實際上有 3 個高級別的大規模差異化能力。首先是 Foundry 使數據集成的邊際成本接近 0。通過軟件定義的數據集成，以及具有所有這些數據集成技術的管道構建器，我們擁有為您編寫自己的數據管道的軟件。這可以讓您快速到達起跑線。它可以幫助您回答這個問題，我將如何將所有數據整合在一起？這需要多長時間？我該如何處理每天都會創建新類型數據的事實？

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.

第二個能力是 Foundry 使應用程序開發的邊際成本接近 0。無代碼，所見即所得的應用程序構建器，用於強大的互連應用程序。重要的是，這些不是儀表板。這些應用程序可以讀取和寫入您現有的企業交易系統，例如您的 ERP、總賬、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 具有本地建模和仿真功能，可讓您與企業的數字雙胞胎進行交互。所以是的，您可以計算出優化的生產計劃之類的東西。但更重要的是，您可以實時響應現實世界的驚喜。我對此的最佳類比是，當前的技術就像大多數人正在使用 MapQuest 之類的東西，你輸入一個目的地，然後打印出地圖。鑄造就像等待。沒錯，就是你輸入目的地的地方，但我們一直在動態計算到達目的地的最佳方式，根據不斷變化的地面情況：交通、施工、事故、道路封閉。當比賽陷入堵車時，你正在衝過終點線。

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 是您業務的數字孿生體，並且由 Foundry 的本體提供支持。因此，通過我們的本體，我們不僅對名詞進行建模，而且對您的業務的動詞以及您可以採取的行動進行建模。這意味著您不僅可以根據實時數據意識到您的生產計劃存在問題，還可以計算出正確的答案、正確的計劃並將該事務推送到您的 ERP 系統。而所有這些驚人的功能在歷史上只能用於 Foundry 內部構建的應用程序。

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，他們改變了這一切。現在，企業中的任何應用程序都可以使用本體的強大功能，無論是 IT 開發的第一方應用程序，還是 IT 供應商和獨立軟件供應商開發的第三方應用程序。 OPI 是乾淨的、語法上含糖的RESTful API 集。我喜歡將其視為無服務器企業編排。它是一個 Lambda，但對於您的企業而言，它是一種簡單的抽象，可以使真實世界業務的真正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，夏姆。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嗎？而且我認為你把美國稱為你看到重新加速的地方。您也可以與世界其他地方以及您在那裡看到的東西交談嗎？

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，這涵蓋了和平時期和衝突時期。我已經談到了我們對當前事件的參與以及我們在那裡扮演的角色。你可以看到隨著勝利開始重新加速。我們正在使用 DSG CD2 進行的工作，它實際上是為歐洲的房東建造的。

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.

擴大我們與英國皇家海軍的合作，我們在德國與覆蓋巴伐利亞、北萊茵威斯特法倫、黑森州的州和地方警察達成的框架協議，以及我們與美國太空司令部在太空中開展的工作和 Warp Core，但實際上是在盟友接近太空時為我們創造的連鎖機會。因此，最終結果是，在第二季度，我們開始看到美國政府業務重新加速。我們現在正在做大量的工作，我們正在投資於我們的客戶，我們希望這項工作既有短期的回報，也有長期的回報。我們現在正在做重要的工作，並且很可能會簽約。但我們也在做著定義未來幾十年國防採購要求的工作。

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

謝謝，夏姆。我們的下一個問題來自德意志銀行的 Brad Zelnick。

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。我想你們可能已經對我出手了。但我想雙擊你在第二季度指南中提到的上行空間。這種變化有多少來自商業與政府？我們應該如何考慮可變性以及它對全年 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.

謝謝你。因此，在這種宏觀環境下，我們感覺全年及以後都處於非常有利的位置。我們的美國政府收入佔第一季度收入的 42%，其中很大一部分是在國防領域。我們的商業業務一直超過政府業務，在過去 5 個季度中的每個季度都加速到第一季度 54% 的增長率。正如 Shyam 剛剛提到的，在第二季度，我們已經看到美國政府業務出現了一些重新加速，我們認為這是一個長期趨勢，並預計本季度或不久之後整個政府部門將加速。

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 Mark Cash 和 Morningstar。馬克，你可以繼續。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

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?

對此，我真的非常感激。也許我只是想進一步了解第二季度的結果範圍。你談到了也許你可以在哪裡獲得更多的好處。你能帶領我們完成一整套假設嗎？更重要的是，當有一個基本情況並且你暗示牛市時，考慮到你從宏觀角度看到的一切，你會在第二季度考慮的潛在熊市情況是什麼？

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，基本案例實際上是在確定我們如何考慮我們所擁有的可見性。上升空間相當大。我的意思是，這很大程度上取決於合同時間和事件的加速。這裡有相當多的工作正在進行中。我們與客戶互動的方式是，當您處於戰爭狀態時，我們不會在您最需要幫助的時候剝奪您的幫助，因為文書工作還沒有完成。因此，我們認為我們可以看到上行空間。我們不打算評論它的細節，但它是有意義的。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不僅僅是交付，不僅因為它對本季度、下一季度和全年的意義，還因為它對業務的長期增長和我們擁有的相關性意味著什麼解決世界上最重要的問題。

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，夏姆。今天電話會議的問答環節到此結束。我會將電話轉回給 Shyam Sankar 以進行結束髮言。

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。看，我們每天都通過直接接觸我們的使命來培養我們的文化，從歐洲製造商的工廠車間到許多難民睡覺的冰冷的混凝土地板。在第一季度，我們的許多人有機會前往波蘭、羅馬尼亞和立陶宛，抵禦軟件基礎設施，為難民行動提供動力，每天處理近 100,000 人。我們參與支持軍隊履行其神聖職責。正如我們圍繞 COVID 定位整個公司並對全球衛生機構和衛生服務組織產生巨大影響一樣，隨著我們現在穩定生產和供應鏈，我們將把整個公司拋在最重要的地緣政治和宏觀經濟形勢和世代之後。我們公司就是為此而建的。我們的軟件就是為此而構建的。回去工作。