Palantir (PLTR) 8 Aug 222022 Q2 Earnings call transcript

Good morning. Welcome to Palantir's Second 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.

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. is market our our open risks distributed press SEC those to prior today concerning available earnings in release filings. Information and in as no by undertake obligation update statements, We to law. except forward-looking required adjusted course of we to Further, during financial today's the measures. will call, refer certain substitute These a should not measures isolation in financial considered in or non-GAAP to, from addition be as for GAAP measures.

included investor non-GAAP measures, to measures, is non-GAAP presentation including comparable and release today. of these in reconciliation about press information Additional provided our GAAP

presentation filings SEC investor on available investors.palantir.com. Relations Investor release, our press Our and are at website

to of growth These Over call, unless the course the year-over-year reflect when we otherwise business. will our refer various discussing stated. comparisons rates rates

Alex Legal Business Development. Joining Kawasaki, Ryan Financial over Officer; Chief of Officer; Executive Chief Officer; Global Chief Head turn Glazer, now me to call Shyam Affairs Business and Alex. Chief on Taylor, are Kevin and Karp, call the Operating today's I'll Sankar, Officer; Dave

for. look XXX and USG very the And business our -- we that last on which is live with contracts. strong price of many XX growth, XX% you million deal of I contracts, in took years, towards and grown a millions by $X.X lot we But of that large unusual. a like last hundreds but with we our some nature very out. end revisioning today large the advantage the XXth now And the up have In disappear. year, with made flow, free years, remain no year years the to cash cash that reasons optimistic chunky X business a the its the in pushed been the largest the continue that billion. from bank in is because pay you very are we will very, There money-losing guidance will the for CAGR and this X $XXX has where represents CAGR. and a dollars X same $X.X off the billion throws actual next down have again, $X.XX debt, large of contracts a we're a sword in of because that loss revenue uncertainty in contracts to where an months, personally XX% they business these of last and to, business do business with not billion as part ended of in be flow, free large a Palantir the

are Sometimes, they put off.

with we made they fleeting, CAGR interesting, this flow. PG, third-party large measured of and Peering, their we them Foundry, free all by which possible. disrupt measured make $X of end, to chain. technical and the or get and is their could range actually of and but actually distribution, politically a have replaced Sometimes, highly have they distributed larger thick all durable incumbents difficult of replaceable, to were billion be in massive built be take revenue, taking baller, their software at impactful and could products the most the by important all underlying these sometimes and it a get the the Moreover, products free are outsized to Nexus which importantly, products cash before platform to uncertain to flow, control paid MetaConstellation integrate, Apollo, difficult, highly you is should have of feature at them. bug contracts on, long easy for how get they generate long us But too attribute then that time, quintessential actually replaced, too the that distribution most a you distribution products. the through and are In or their easily copy of off just be crazy cannot world too X ability not tumultuous cash working throw have These that in the XX% which in world: if companies, all, essentially and

closely Apollo, take market. are, as and build PG, and we've look of at improved it as one as engineers them Nexus would Foundry, best Peering, in and Thank take have you be it you. you many, they as we them would If world's capture the MetaConstellation they the many thing years common, building them different would to --

Alex. you, Thank

our great revised most Ukraine opportunity enormous, monkeypox. We us in to that and close being the the us. more matter all of Across representing on problems have before opportunity famine come government the and forefront the to of fighting from It the privilege ambition in war the in the of near-term is and commercial, the front which disappointing. the outlook, doesn't makes world

new same the contracts the environment of needs While guidance any can and timing requirements underlying opportunity by large government major presented awards. the be government revised have time, seen U.S. this It's in the worth At excludes noting frustrating, that our enduring. before. we are

longer the this pain, As in we accelerates most sales most of these of build emerged a results representing We not revenue time expanded XX% a our important experience investing that been pressure and upheaval, lengthening pandemic, generated in in more there sequential. software term, footprint. months. but crisis, developed during days, million and it gaps financial Europe, cycles, revenue and ahead organizations In it customers we It QX stronger business. less in has an times Each software platforms will in our COVID means inflection Palantir, in solve. To which year-over-year more periods and is partnerships. the exactly revenue we global our slowdown horizons, results. each these spending a impactful through for of world now. delivering pathbreaking our our in of rate be on point can in time the $XXX The around substantially growth X% and attacks ISIS like XXXX, short the enterprises our But will and by Gaps also face operations. reveal rate of

increased Our customer from to ago. XXX a count XXX, year up

$X more XX-month over on I'll Shyam. United than representing Our alone to it business trailing growth. billion in the hand now XX% generated a States basis,

Thanks, Ryan.

revenue the commercial momentum. Our be focus market is continues our U.S. gathering growth to and in

rising $XX business Our QX to quarter. million XXX%, in U.S. $XX from commercial XXXX grew million this

Our core U.S. growth. strategic or grew XX% commercial quarter-over-quarter the quarters, investments, greater X XX% $XX.X business, million, recently which past excludes reaching sequential for most

ACV commercial quarter our U.S. ever. core Our X.Xx, grew best

count customer XX grew XXX customers year-over-year. Our to U.S. commercial from

a Our overall QX. in continued the for reaching basis, revenue to row and XX% million ninth commercial a in increase on quarter-over-quarter $XXX grew quarter

customers, some transportation, banking return with and our options, increasing have world's in largest the periods retail and including experimentation approaches. have they're to because of of the our deliver platforms not results. and of We the operations, are enterprises options seeing platforms tried merely software former customers, in expansion particularly needed they those after our These other returning because those sales U.S., they of which other does to failed platforms often returning are continue, to numbers

in factor effective of commercial continues expand States although business Europe a the the significantly cost exceptional United the has outside and the been increased of strength dollar elsewhere given goods. Our to U.S. well, as

our and China including Sea, in have at the the pipeline we the facing the center of on we front working and everything Europe The South remains reach the lines in of key of challenges work Eastern and with The built expansion world, West. in continues. government that have agencies that conflicts motivates to contracts us. our Our everything around front are the

and driving generating the first X% growing government at commercial pandemic. million of More up QX, business, in in onset to government first sectors, a $XXX a as business of become $XXX rapidly the the has compounded XX% XXXX half approximately from care opportunities rising agencies the million business technology health such growth building organizations broadly, revenue quarter-over-quarter. companies, transformation see substantial work Our of the grew in the That care U.S. the on half research across Palantir as in CDC, biotechnology regulatory in NIH, SOMPO’s in represents health companies, care for million Merck U.K.'s a revenue XXXX, NHS, $XX and and across HHS, insurers, Japan. the We Sanofi, our providers, pharmaceutical substantial FDA, annual the health organizations, with and major company, rate.

continue the Eastern Europe. in scenes some around significant connection and events world, in of most ongoing with software distribution to the of including vaccines platforms war operate an behind Our to the the products in millions

strong data engineer production analyst particularly One to language turn recent the bed no-code seconds, OpenAI's users XX,XXX most showing allows Foundry, experimental launched new application have natural brings recent that logic, pipelines, a no-code of than with turning little our building of is applications more pipeline minutes business limited experience next transformed the Pipeline to Foundry. within our that standard me within coding in sentence authoring development all like growth offerings a to every hospitals that no-code. ICU into most a platform. the availability in approach feature just with a pipeline same leverages weeks” this And into a data X into We applications GPT-X environment in Builder, top Workshop on human warehouses is as in within no developers offering, data an “find now build operational or known

performance, the in Wave scores and Platform’s highest received platforms Forrester system criteria. Foundry Forrester as operating report. AI approach named part leader in the Foundry QX the the Palantir's of AIML possible applications vision, market product

innovation AI-driven the driving our integrated heroes portable comms like in Turning software a combine to software test TITAN. human operational satellite to small Gotham. collection. factor are building on hardware products in low-latency, will on MetaConstellation Palantir's with needs Starlink Urgent to offerings, enable field Skykit form

it value. the to Dave time principal Foundry of the in platforms, Apollo, focus us short our software turn on to making market through available take segments to financials. unbeatable the I'll with Gotham, and Our term to remains broader over X

Shyam. Thanks,

U.S. trailing $XX commercial basis, strong. and to As year-over-year business grew million, is $X.XX U.S. on $XXX billion. revenue grew XX% XXX% million. a to revenue we've year-over-year remarkably U.S. to revenue highlighted, grew U.S. our XX-month

Our core commercial excludes our strategic U.S. sequentially. revenue, XX% program, investment grew which

new year customer XX% up XX% year-over-year sequentially. from government in revenue the first million, our U.S. ago a to the period quarter. the increased net customers U.S. increase commercial $XXX grew XX% On side, versus

Turning top line results. to our global

revenue ahead total year-over-year, of XX% $XXX guidance grew million. quarter prior Second our to

revenue $XXX Government million. the revenue Our was year-over-year Commercial million. retention to $XXX XX% to XX% increased XXX%. period year ago overall increased net versus dollar

XX XX customers bringing quarter, which net We customers, acquisition growth net remains QX XXX, to new customer year-over-year. year-over-year. added We in new global count XX% our increase second the XXXX represents an XXX% strong. customer commercial Our added

increased Our remain XX-month to to customers growth from revenue with $XX also top XX year-over-year XX% million. existing customers our continues strong. Trailing

$XXX were million. Second year-over-year. booked million, quarter second was In million. was TCV U.S. $XXX quarter, $XXX booked X% up the billings TCV

that have new contract saw large we mentioned, USG out. Alex awards As pushed been

the terminated ended billion We primarily commitments grew a with XXX% $X.X driven U.S. increasing remaining excellent that X from this forward decided additional number deal in billion flat remaining not Despite roughly deal government deal While We remaining value of performance total quarter-over-quarter, renewals. quarter conversion overall commercial value, One, included bookings in several year-over-year. obligations, are secured customer was the successful with years. quarter-over-quarter. we investment total move XX% was up voluntarily ended second years resulting to commitment the we $X.X lower sequentially, Two, to our value that things. related impacted quarter, for contracts primarily quarter by option with. TCV the by contract TCV in second

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

margin, our XX%. gross Turning Adjusted to excludes was expense. which compensation and stock-based margins expense

employer of operating operations, stock-based related from and representing XX% excluding million, our adjusted income prior of adjusted of XX%. was quarter ahead payroll guidance compensation $XXX Second taxes, margin

Second $XXX million, XX% up quarter adjusted expenses sequentially. were

positive was million flow quarter cash we XX-month term on adding a a loan and trailing we from representing basis, and a by free provides of Second negative entirely $XXX driven marketable was seventh for free On securities. primarily quarter undrawn. liquidity $XXX up operations, $X.XX cash consecutive flow on XX% negative adjusted million million, which and earnings $XX in and $XXX adjusted basis. which impact draw In credit includes cash million delayed free $XX share per million with debt. new adjusted our adjusted We of losses an equivalents billion facility ended We no our cash the second have additional revolving remains facility, July, cash margin incremental cash generated our a expanded generated by in quarter flow. $X.X to in and $X.XX,

us environment. leaves positioned may As arise balance our macroeconomic the opportunities to uniquely highlighted last take quarter, sheet we the of that from advantage larger

to to XXXX. presently Now are year we and quarter full guiding outlook, our the third turning

expect revenue million. and adjusted third $XXX the and of million million $XX quarter, to $XX between operating For million we $XXX of income

For of With excludes Q&A. full and to government any $XXX and year between that, revised guidance awards, Ana to XXXX, million we adjusted now operating billion, we the $X.XXX income billion I'll new to over and This expect to case. $XXX believe U.S. this start it major base the $X.X of turn revenue be million.

Thanks, Dave.

Our first who are question become comes asks, from expecting to Martin you when profitable?

views oddly macro pay of converging on with of you Thank That allow you our think kind is we perceive and in our optionality which company mainly expenses by be Alto political luxury a pay ability for costs what question. the comfort driven having we because and of interest of with control products left Palo high general, be somewhat and profitable Yes, left us primarily to course, American in radical see by product we a of product, will your cost. pay Palo meaning for reasons, for we XXXX. -- inelastic must to and to political and X we Alto, but misaligned what combination conditions conditions

Thanks, Great. Alex.

who Jose your from comes XX-year question for next future? plan what Our asks, is the

them some and some countries. XX products. well don't other Britain built us because well. you're at if anti-terror for even you responsible know our following who you a especially a to products. follow know or America product; of number listening are know Those X PG, war life, is of this other influenced of any from our your we who and Those of had distance, you Well, which follow products the vaccination they've who Foundry, of us you've them Those other

way, have a real $X We to We've software. products. a the the question, we've By to could now America. time cross was Palantir a DPO-ed. billion deploy noticed, This crossed $X are mark mark when you we enterprise massive continue now in second may billion mark? software those going the crossed as There is for this

will We Obviously, multibillion-dollar that products. our Foundry be all for X a product. cross will of

do fight the which to have of institutions the will will win, the service in past West, we we help in this numerous way fronts. on We the rejuvenizing

better product. these product as use We will distribution new will with network products. a to Apollo them, the institutions we be built have multibillion-dollar and standalone provide a

Our company a -- which as essentially, another our company. like XX% to way, not the of do years, in us dollar to be this do will next going very we company, X and is culture. revenue be, long-term preserve will And focus, we a our expect are

We will make goals. aspirational

West. the single as and push there's better company we of I West products. but one will products. stronger the already believe lot our the modeling the these each the By the new by of we're products. We're of software number for goals could in make on we to working and learn, a of awards think we'll and and -- top way, the on on world way, And multibillion-dollar we best attributes forward with a build that, build

to Peering things, We to well. not are have those kind products power Nexus build very the world and we'll important like that continue of that products as apparent

Thank you, Alex.

your Our who John are successful? allowing is you question you asks, doing from to be from is that differently competition next what

mean, to pretty not we're I orthogonal -- doing we're competition. our Well, -- we're

of perfect a hit XX% they're year -- for than us, very, company thin and that kind sales financials that the to less XX% with being products, of Street, our going strong, which of total almost the proclamations forces which we by organic less It's as specs. of with lot sales of the in their a U.S. Total say are are So competitive people XX driven I perfect built this commercial, The unanimously compete X.X% wouldn't have Wall have have very standard like are people. what even any and without and revenue. of companies salespeople, would growth our than by I -- way, we're competition most credit. by

this have the our there's is have U.S. real believe learned features, -- our market. -- are that growth to the built the of close some it. we've can company have and product are this product ahead actually this We we but trend specs. able because without the This line The We doubling product. tell is those a sell I ones you obviously in is mean, of or more, again and now

how this this completely or unique double in be next doing way. year. we're see that You a again, could And range in could again

replicated basically things as paid by that Wonderous, competition, in get very not I are And and offering this them worthless. all -- truly company the of great investing a at the have is of long say, ways, take some the is one normal the of products relatively in be, companies, fact companies? so by basic like products will then over a will the And is also normal just into end, product to that attention the fact, big and interesting, in distribution. period but better their that time, thin would

sell a a get you back will years, company of growth thin product. selling high to not and longer useful and a in or it selling going taking into because it either because a the product, built basically no which So and replicate equity force going couple will a of is and big be -- sales be and around equity buying same on

there's deployable and a quickly. to which which very of defense integrated Nexus Nobody be understand, like efforts powering not products take do is hundreds globally. that. endeavoring of PG are -- and or Foundry essentially and Peering, thick, is can is don't really products people Our -- version to

very, Apollo, very You these have unique are products.

is we people some our different products. thing how space. on on say what advantages. that from I see it has enormous And would speaking, in are is competition the same surprising and broadly the so And other traction We

a will a this to we lot of very X them? they we owners, and we built? be Who's they, market? they make quarter-to-quarter. be getting fact, because deployment. pay are of and not run going to attention be do don't I to company So where happy the How like I'm people at products And also price purely are front company in actually as attention to have what in will in this it You're adopted? run this building be that. the paying honestly the years in unique hybrid. Will

look company as unique well, not have to I do You like? like? set do a at it feature as, what assess and I it What set bugs

what you, Palantir Thanks, for Great. becoming open for shareholders the become and the to sixth turn one prime Shyam, the this the U.S. of for the Christopher U.S. we government the you before company? timeline can call. prime prime Also, Alex. explain you to targeting to first next sort would first software I'll asks, government? are up the mean of software what

Thanks, Christopher.

programs integrated U.S. CDX, Apollo. government ambition products partner trusted platforms. the are programs want would built Project our Foundry, The with means at about of by sixth do TITAN, platform we that that prime, government, CDC, built offerings or of requirements to CDX, example, be, next-generation, at record, But And platform Foundry scalable is low-latency, combat extension, of This are. compute At first fighters was here. Brown Environment. to Force, assets, the would with MetaConstellation, government fusing no large-scale DCIPHER Warp that contractor. Deep and with customers. what a solution the to built space offering is for The we and satellites gap AI-driven it's think to Mission and is maneuverable that prime the of one our needs that to to management and just Gotham, capable That's vaccine the software prime purpose-built is terms, we're willing address war expeditionary, purpose-built operations, their as in the and Tiberius. platform to exactly are truck this Starlink, Speed's Skykit, We specific with we're how the theater receive still and drive the U.S. and already all Air Partner the ongoing. Operation kinetic as connects They're than Army, hardware the the in think products number democracy. Heron field and and for in deeply we Our that force. the end-to-end deliver from massive task we invest at be satellites Vantage, platforms delivering exercise armored that In the further detections sixth these way Warp and with software this enable the Taiwan Sensing. operations. at we're Core TITAN that arsenal it's a the an Look to we Army's doing intimidation being INDOPACOM, end-to-end rebuild an CCP's is simpler in

Shyam. Thanks,

Brent, Our turn next prompt a line. from please on question camera, your your comes unmute receive Jefferies. to you'll Brent at and then

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to -- take the this, I'll Do and give want my then I'll -- and do you

on programs. competition fronts we're needs that future The that to we're after, of West ongoing. potential are vital enduring Sure. the of these servicing The conflicts. the the is going Look, the programs are both here

clarity to We have have when we're them. given we that guidance get revised around the likely we think

in But the both contracting pipeline invest obviously continues domestically The certainty we a experience. these frustrating really things. robust, more And so also have what to continue to business is we internationally. government be around around and

Let on me different a give you riff this.

our of that government has calls know, -- that over a shared decade U.S. our more think number XX%. a CAGR was or business we one of don't a So earnings I I in

would number prefer years more for and a but even it's is frustrating more CAGR, flat, certainty. we've because we that Believe frustrating. time, me, lower that of an having this were During us else than had anyone

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positioning hard sublime. as in our macro the the so and government period internally the sounding future good past. positing at it obviously, was I both So talk am about that's And like over position, the least externally why be kind without it's and warmongering. growth we're to in in as of U.S. micro It's multiyear a will

The where XX% that and a years even kind it that's about part negative, are wait. at flat you was or the so number level. of However, got our frustrating CAGR just that big contracting meaty of contracts to included and

on overall what you number software are quick Or Any think of you stay a When about discuss -- slowdown commercial that companies, seeing macro you're just to be conditions side? you can seem there? seeing the follow-up. And the hitting the business a other

sure said would then one currency. of these we analyst things of which we our way have exactly say, in go company single then and are Obviously, to the is contracts not put this, I when by impacted paying after And just outside those of us goals, not we're almost like precise this interact to get with, we're dollars. and ought we XX% a because, in Every that say going is things could would the people them, how we not call, them. but local have of typical would being on that America. is it's business One

percent sometimes can't are facto our and many de impact paying things Europe. paying though, more does on my our the them life dollars, If business. It's it in Those impacting are, you. you're not spent XX I quickly. as are you've when show things bad, we I is more primary can't us that Europe say positive. of balance which to capture would actually of a and U.S. adapt our business, adapts to in adapts -- quickly. lot very sheet

seeing America ago is future adapting and X we're at what and scale. so very we -- to believed the buying what way like was beginning of years product really at a And the it anomalous at

So now million $XXX we're not talking $XXX $XX million, million. million $XXX $XXX million. $XXX to million, We're talking to

and how it's and business. that our very, problems seeing on fact So yes. and commercial, that and tech And government. in the negatively gloom is is political low, frankly, the side it and accelerating our impact We're very we we're blight the doom to we're seeing business a outside so society, that embarrassingly in slower it, of believe, wants quite positively hard to on everyone call the leaders entrenched America, people acquisition both are particularly -- we're in in economic legitimacy solve Europe seeing that because

Great. you, Alex. Thank

Morgan comes from next Stanley. at Our question Sanjit

I view, your of but framework. much the XX% so not the longer-term sort that quarter, wanted guys I get the outlook. noticed reiterate didn't to on Alex, you

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it. Got

of this the where contract So -- with I'm some going I at think you know

at with and reasons we time because were be is believe that in not and in I -- we basically future last I billion they’re that have simply IG the to parity because USG that company is war macro am products they on the driving I both XXXX. for products. likely way. that believe the believe the do way, to deployed what And by decade to $X.X get were the built I company not driving

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Alex. Thanks,

Our next Mariana, turn with prompt your comes from Bank you'll camera on a your unmute then and to please line. question of receive Mariana America.

Good Can hear? you everyone. morning,

hear we Yes, can you.

So my contracting the a environment. government U.S. follow-up is on question

it mentioned trading. is You still

the I of is defense think the services most company same.

like any to I'd urgency what you have like seen rights from approach However, given from customer data change technologies? to new hear the traditional the approach is and you to adopt the today

on have large fact that our the first a we all, frustration built integral. again, Well, the of very is --

is going way, largest over we smaller base our orthogonal – fact, starting asking. is What So years. our not are of big That in year’s business, you're seeing last doing, just up the exactly subject linear, strategy question FX in adjustment. contracting. so less important. so By Part commercial we planet mean, U.S. you're grow and things business vicissitudes XX%. are the don't grow accelerating. should The our do, at European especially going now U.S. to of these many, is the and of be to to that it's been what very see our your business is shift. to and like, is told actually I've into part that, still without business But I to that That's I XXX to where course, from large without grow contracts is the on growing and want requires we off almost is to many doing everybody even which currency, FX in of

vicissitudes X years didn't ago you're at embrace that because if business, important. a this again, just now America, continues where So willingness sense to adaptation that now, at things in in which then you the business that sense America a makes looking our are just less of to and look make

the in societies dearth get operational going paid most interesting mean could political We -- in situation have in U.S. for but and where leadership. but happen. the unlikely is saying, the and everyone. to would what the quicker, On do? West thing, money around I a there less." you in save noble are just we real "Look, we we can course, government virtuous a contract obviously good will be That's by That general the Of West,

building issue contracts. so is bigger both less we're and at trying to bigger and into and And bigger But locked it's happen business how get doing this our what year so forecasting important will the be on and will better in this be an of getting ongoing believe Europe less strength severity will simply for the it our later, every sales. We because handoff Palantir. U.S. and commercial of the of function the

Thanks, Alex.

your a on turn Bank. prompt at unmute Deutsche Brad next to your please comes question Brad, then receive Our you'll and line. camera, from

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there about partnerships, versus their meeting of government the spoken own ask What are and to governments. points these other contractors proof Excellent. with coming I -- to IP for and about you've recent qualifies government quarters, particularly USG requirements government the that confidence that your are on bid in reusable global to choosing traditional far which providers with that and support wanted up business streamlined to providers Palantir maybe with

is the of on It the And of produce But top things have this provider do not that they I single not software. dig space produce a love. Shyam software software. comparable in can't belief there's this specifics. I can our let my providers we of world produce. think can that believe I'll marriage into a is our does that don't

some of of both I would wouldn't they or with marriage the a we think the built with Honestly, built, If can navigate is build build software partner American they not international quite we there, that and the partner could navigate us. products could they frankly, networks we this they if them. necessity. hardware

on is much specifics, the of. Now Shyam very top

Yes, absolutely.

X can lot maturity faster. failed. with the are longer. a offering. we -- a broadly, have where and they're that's a of the and going that and we eyes offer partners partnering tried software a we're this of built takes we prime this That's within more large U.S. aspect to they're differentiator the deliver prime, this. or they've lot point, also key the and hardware be that years our And Alex's places are collaboration opportunities have us, There's where build to So a that There X software to integrated this where of opening led on with pipeline are productive on brought

the And so for they where be up them of it a of as necessity would coming many much go to partner better realized faster. to matter them to point are

especially our on commercial of most build way, important is people driving the point, but our that the this and tried in and By one tried product. tried have software, to is, things

value bringing want the bring spent U.S. this And imagine our delivering of those of product that the government inherently year billion people buy billion. being lot of product brought to they frankly, product that you to A but And that, the $X government not to brought -- is has tried lo years able on out could hang not We that brought Because and back with are we've often especially, Palantir. U.S. We not have have available. product the this number behold, the And us. everything people in to spending is quite -- $X ago, like actually sue to with do spend has on otherwise why And us, back. customers been back? product. you but them bring it's $XX government the product twice. didn't And did U.S. the had a million board back. X like could instead them them

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