Palantir (PLTR) 5 Feb 242023 Q4 Earnings call transcript

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our fourth quarter 2023 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website.

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter and fiscal 2024 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 close risks distributed press SEC those the after 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 addition course isolation of from, or measures we to non-GAAP Further, during as financial considered a today's These in the measures. be in not will GAAP call, refer measures. certain to, should for financial substitute

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

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

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

Chief Officer; Taylor, Officer. Chief Executive Officer; on me Chief Officer Joining Shyam Dave and Ryan Chief Karp, Technology Financial Chief Officer; Revenue Legal and today's call Alex Glazer, Sankar, are

I'll now Ryan the start turn over it to call. to

tremendous commercial product our camps opportunity a as the the and and was forefront, of driven AIP for meaningfully motion. go-to-market the was at as growth year by XXXX U.S. boot with company which

year the out X% fourth million growth. $XXX XX% year-over-year closed We and quarter revenue, sequential in representing with

milestone. over commercial Our $X surpassed billion a in fourth revenue our last commercial XX months, revenue noteworthy grew XX% business And quarter the year-over-year.

are XXX significantly year. executing addressable of expanding market. AIP camps in U.S. we business, evidencing a a grew boot camps our goal and commercial boot revenue within particularly In accelerating year-over-year, where fourth XX% quarter AIP set X October,

water, camps XXX than boot already We across having of goal date. completed to blown have more the that out organizations XXX

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on now to addressable the With cycles to evidence rate expanding the We're acquisition, market helping compress top commercial U.S. in QX fourth regard U.S. deals XX% in And We're which increase XX% up XXX% dollar-weighted meaningful also of QX, is year-over-year respectively. a the doubled in XXXX. scale how we're of converting camps doubling versus from with TCV boot accelerate rose we and and we're in duration camps and customer for sequentially more number U.S. seeing XX% and a to than $X in significantly of on greater to new commercial acquisition, which of boot X% of new or QX our customer sales already to the reflected down more sales of seeing commercial sequentially. million funnel, is and XXXX deals. the quarter TCV the our enterprise basis,

We of commercial last signed multitude quarter. a deals U.S.

of largest one the largest the of deals companies and of companies, signed world. we few, a telecommunication name over and a battery and in million deals the seat signed biotechnology also a each one the comprehensive million rental network largest electrical manufacturer. with to packaged large-scale the holding an car And over $XX corporations American Just each goods Midwest pharmaceutical then consumer and automotive company, manufacturer, an $XX we with in American systems one health

an cooperatives company, companies American the with independent In equipment nonprofit a one million largest one the the regulatory And and addition, organization, horseracing rental few a of are the we signed bank in examples. of largest of deals service holding quick each $X just world's these industry. over restaurant

seeing architypes Out these AIP. of we're a emerge as deals, result several of

First is boot contract customer signs the a new camp who and after. shortly attends enterprise an

camp, $X pilots. instance, all For provider quarter. Then enterprise AIP-driven led signed a conversions television a cable American an outreach X-day agreement, deal that of to span last the on of in ongoing nearly following cold million LinkedIn an there's boot then

$XX large also, at existing companies telecommunication agreement for top a boot value a cases hours, results X-year Following ontology during by contract. holding demonstrated camps American in a on the little goods expansions December we as an one largest use contributing new agreed where dollar the XX to including company existing contract. of as to accounts, converted a speed which of to in pilot consumer with packaged our existing expansion AIP-driven delivering was Then there's world's introduced, then X-year prospecting to key of million AIP a effort, also in the multimillion

Within long-standing Re. renewal of of also our and includes pockets Europe, growth manufacturers a our the long-standing partnership X-year our with commercial with partnership AIP renewal international the largest European is vehicle our driving with in select customers, of in Swiss existing solidifying Continental while with X-year renewal one particularly Novartis, of business, This a partnerships markets.

to to including more In regions, boot enable them certain channels to distribution QX, opportunities In rapidly and data deepening AIP Japan. in to global seize base. client bring and to partnership we our extended addition capabilities Fujitsu integration their with we camps, are expanded

care prior to homes platform We culmination also signed real enable Sompo of and closing. deal months-long delivery to expansion Care reflected to nursing of efforts an a with data these other Both facilities. their of

The in actively across which and of of is engaged all theaters crisis muted. not In our strength we U.S. remain government business conflict. the our results, government quarter business, are fourth reflected

and realities department strength: combat, is scaling efforts to with the Some of and But modern pace up continuing software competition software. AI JADCX. function to by America's match department's large of great contract The their awards. a the responding this it's timing resolution particularly the potential in is power due to ramping also of of investments of unique

battlefield the Defense to on in innovation with large rollout and of deploying the engagement related on combined programs Industrial focused First in the and driving government and Manager is Base. are the our our which with We model Mission initiatives, Breakfast JADCX,

The publicly next Army has QX selection indicated for of occur to the down phase in they single a vendor anticipate TITAN of XXXX. to

Army our used the We announced and which the operating to extension is Army with also the for platform, enhancing data-driven of decision-making. and operations continue Vantage partnership

to vision. during onboard partners continue on year manager to value Mission option of will this We the deliver demonstrate and multi-vendor ecosystem the Army's

the then and our work programs actually that on government programs Conventional On our software acquisitions business U.S. in that to expect XXXX. reacceleration works, is we need are invest the our ground you and the wisdom that strength slow, government is government that's invested been of the of we in look time. needs Vantage has buying in acquisition our and years of by CD-X, ahead driven also But cycle, like. a what TITAN emergent predicted in urgent like and meet X- AIDP, to and that to X-year business acquisitions

services substantial to moments, rapid in As department. capabilities across three the see opportunity U.S. confronts theaters and seek the we meet those as conflict all

international our to government business. Turning

to GBP care the while information Palantir bringing and awarding consumption-based incredibly NHS patient us are million administrative deliver to chose with federated care allocated We needed plan a XXX that together deliver reducing improve data help contract the honored burden. a to platform, by

number years, past backlog. an of software the few have trusts reduce to Over NHS the the increasing used care

missed due example, Trust, on to at and XX%, Foundation and fell the half. waiting canceled day Chelsea the For NHS inpatient bring down Westminster by subsequently preoperative operations helped it by list assessments

partner related which funding In the fourth to substantial had nation our Eastern quarter, government a efforts international also we in impact results. ongoing our from received on a Europe,

take It's duty through global of our our to uphold we Palantir's Israel. where held to our conflicts support midst utmost lightly. I this month, Board of in Last dedication allies mission. current events in world firsthand continued our Tel saw our and principles our the Recent We meeting and for events. Aviv the to commitment importance illustrate founding don't

addressing defense hold. Israel. play current announce was experience to there, supply reminder partnership the were to that Israeli we in situation the we strategic While a the technology we role My the proud aid responsibility ministry our of in and humbling to there

of bring I'm to incredible conquer supporting of feel market. expanding enterprise XXXX, pride proud in customers our Reflecting with the in and of XXXX on in ongoing I'm their the will through customers. transformation transformation immense limited XXXX, we our and our enterprises shepherding in transformation we role are it just missions our the isn't AIP. about what the we as This excited ongoing

I'll Shyam. to now it turn over

Thanks, Ryan.

driven with mentioned, through existing propelling and market Ryan AIP customer customers. the by addressable growth expansions acquisitions both As new is expanding

this meets the radically integration current humans, expectations From AI the AI moment deliver continue rate AI We Expectations quickly. operational and other. customer customers. feedback, none exceed software. focus elegant and Foundry prospective recalibrated of and with at the enabling platform to software by to outcomes accelerating camps like AIP customer for of on has boot

not We is tools, system on deliver. on value a an a to Accordingly, not of business way tuning; end-to-end narrow framework, are the focus of for problem slice. agent way not focused to iotas bot, Q&A creation, AIP enterprise, dabble, a platforms operating not the not insight. seeking our on small, a transforming the technical not processes, but AI-powered

AIP provided through to best tool linear developed AIP camp plan million. and a as disruption. a the At be. customer a our impact notifications then translates and disruption X-day what the schedule. construction case They new and the the AIP production would a determine use and a to clear opportunities AI-powered production AIP, to used contextualize using to wielding days, $XX optimizer boot of to application on optimizer manager AIP $XX Automate generate build Logic to an disruption rerun LLMs of that that understanding engineering with savings. and optimized million Two company, notification disruption, recent Logic parameterize architecture respond production-ready to a processes the

we coming XXX use just are boot all and started. We have covered out these getting camps, of cases nearly

them The to that enables to LLMs operationally is surface for area value driven core and data always theory eternal integration. calls, expand us integrate complexity, context the an and bringing strategy video of decision-making of new ontology. and produces into product our nuance That conferences, power has value. data exploit data, PDFs, of incident response many time the so of relevant through types new video, rooms, images, audio, AIP slack

of of much not process images what reality. representation but is or What's process site. the a runs defines conversations, instead in process conference of calls, that factory is So latent in in this the system of actually a enterprise a that lossy, the data floor videos system

use system the approaches multimodal cases in within driver application. to blessed software always of ERP and Our that value truth the exploited not on there, are enterprise. With compound phenomenon is in proven investing the we out addressable that or that your expand AIP, market this

I've As LLMs, said with through before, your can't you way think and it. AI

You hands AIP, to AIPCon have And strength. just production. not anger your the customers to we cases flex boot taste deliver great our to the built get we'll many work At to platform in stage have In showing get proof, dirty customers. on come work, way are of a have you to pudding. concept, that X, camps proofs into use and their

X,XXX had exquisite Less Turning taking technology capabilities tech is and moment, software. security, of third-parties being innovation and to infrastructure like to it available operationally government. and XX is Palantir scale player upgrades including we services to defense so abstracts largest teams Gaia, on years supports the and week. environment XX,XXX can war fighter. delivering so software for focus the hundreds MetaConstellation. about customer our is our on infrastructure, airgap services be to over Apollo, understood This release making nearly now environments, all, experiencing build that that can build chain to a platforms their developers infrastructure X,XXX win: delivering that products the commercialized they Gotham, environments, heterogeneity away and its supply across independently for it Amazon.com-to-AWS to enable own dev well to This responsible first-party XXX

market XXXX. on capitalists into beating the compelling. creates compete billion alike. new Government quality, been Palantir tech invested capital entrants offering Services companies for and since by incumbents way time-efficient not exactly that's unlock bureaucracy. to and a want These Government defense why venture has so is back Web Web to access, And Services $XXX

for. humans. managing the But Mission Program delivering we we companies, in long hours Web CX, Palantir, with pursue strategies and way where government Services PM alone. Government set an are platforms to At asking constrained the capabilities is software suited even with integrator. with a government-owned in opportunity all typical We managed Manager this extended to by a over that a to are these have significant integration beyond see defense of ecosystem market interfaces. pursue uniquely big-tent that The they heard want data call Mission Intel acquisition Manager multi-vendor, with capabilities integrator more as billable tech we systems term offices than and do and this software the is

have launched whose U.S. We the Army, projects, already with a Mission shaped feedback needs have starting Manager and this offering. heavily customer

with mettle for their profitably invest burned wrong earnings help a contracts. in more getting the prime step is price We pulling America. Defense that they're giant efficiently. Base them relationships from in to In then continue This calls, to fixed direction substantially and America's signal back on firm Industrial the

we opportunity enormous production But their production generate day in yesterday. quality new start as lean them zero. also and to plans, against with aggressively overall for want we So margin entrants software help to contracts chains, was M-day from supply them. are their with have their delivery these working and to that Foundry optimize

We base to America's ramp have waste no to to mobilize time industrial production.

could products role our be playing Finally, a real-world not events. more for central

to AI-enabled government Our are goals maximally support being platforms U.S. East. in Middle key the leveraged

to to to and intelligence, use intelligent We the command and defense and to AIP tackle Gotham, readiness services Foundry Israel a growing visual and control, Israeli Gaia, enable of tactical production. leverage have served list support from forensics, cases forces

Palantir's DoD hardware the the very these its the through same continue same long-term from family the efforts monetization power answered moving At continue allies. remains the always software. China of At more to signal of Ukraine's invest and time. have allocation Gotham is directly to time, call. international And competition dateline. take beginning When west of of products mass time, we The the principal platform will of and goes with support mind Palantir's shift up, bat is top the we of to a efforts at that as reason great in

in example, But For command incredible U.S. Growth on of and spending U.S. is changing. 'XX. software is and is the follow. its and driven budget mere government crisis theaters, three confront will control we the dynamism in market, as a being commercial Army X.XXX% conflict by of year the fiscal this

Dave talk us I'll over the that, hand to it With to through financials.

exceptionally strong by outperformance Thanks, Shyam. profitability flow. We cash an fourth revenue, marked quarter had across and our

of grew to Adjusted our our momentum year-over-year, XX% economics fourth U.S. the to accelerated XXX operating range of revenue commercial adjusted our business. a back year-over-year the driven We expand meet in to Rule the XX growth guidance third high business, Revenue which XX% alone in increase continued our driving an result quarter from XX QX margin XX on score fourth the basis by sequential the in end on quarter, a to of the in AIP. strong operating XX% of in highlighting unit margin, and point both to quarter.

alone, of GAAP fourth million We in quarter income. generated we also GAAP consecutive GAAP $XXX the increase million profitability. from generated delivered $XXX XXXX. net our net of fifth XXXX, quarter a In $XXX million income, In we nearly

of quarter million fourth operating increase operating $XXX profit, of We also year-over-year. a million XXXX, generating income in $XXX GAAP GAAP our delivered consecutive

fourth profit in year, operating $XX GAAP GAAP last our sequentially GAAP income income. quarter million, alone, in Our and quarter accelerated highest increased each quarter of operating XX% of ever operating to the

of million over for fourth over generated cash a the full of free flow representing the margin million adjusted $XXX XX% and We flow in cash quarter, $XXX adjusted in year. free

growth in year-over-year. line billion Fourth representing to XX% year-over-year. XXXX, up rate total U.S. $XXX rate top results. We XXXX, billion of We year-over-year and generated global revenue X% growth $X.XX our in XX% in to revenue a million, XX% representing of of $X.XX Turning generated revenue accelerated sequentially. quarter a

of grew impact quarter and revenue revenue contracts, XX% and the XX% strategic full year from year-over-year revenue commercial grew sequentially, fourth year-over-year. X% Excluding

Customer XXX count largest expand. Revenue grew XX% our customers. to to year-over-year continues from and XX% sequentially customers

For million XX top to trailing $XX XX% revenue XX-month customer. customers year-over-year our from per increased

$XXX XX% the revenue the million. Now year-over-year billion, for Fourth to billion sequentially moving $X and surpassing first commercial mark grew quarter time. to over XX% $X segment. to our commercial XX% revenue grew year-over-year Full year commercial

grew and from the year sequentially, quarter year-over-year fourth commercial XX% commercial and strategic year-over-year. XX% revenue Excluding grew revenue commercial XX% contracts, impact full

Fourth history, quarter representing $XXX TCV our TCV in million, sequentially. growth highest booked was company's quarter XXX% year-over-year and XX% commercial commercial growth the

U.S. Last and quarter commercial revenue acceleration Full rapid grew $XXX demand. business year-over-year year-over-year revenue U.S. saw XX% our and to Fourth commercial XX% quarter, $XXX million. unprecedented U.S. commercial grew XX% sequentially million. year to

and and U.S. year-over-year full revenue sequentially, U.S. Excluding commercial revenue commercial quarter contracts, revenue year X% commercial strategic year-over-year. XX% grew from fourth XX% grew

conversions U.S. The AIP best backlog. Our our expansions. is our having the highlighted on both momentum customer driving that bookings In existing is U.S. in year-over-year business transformation customer and new is AIP and fourth U.S. commercial sequentially. million on TCV, grew quarter, commercial duration and of we deal Total business our a growth year-over-year commercial XX% booked remaining in dollar-weighted value $XXX representing basis. XXX% XX% in

grew customer commercial growth sequentially. and year-over-year reflecting count XX% XX% U.S. XXX Our growth to customers,

quarter to year-over-year XX% as opportunities beyond. sequentially Asia, to and targeted capitalize commercial Fourth East and in we revenue continue on million Middle $XXX grew international XX% growth the

As Ryan to These last mentioned, capturing work quarter. and for and value months Sompo. deal's are examples AIP from customers been two with the revenue closing, footprint AIP momentum, been Fujitsu using some catch-up and in resulting from prior have we've our

of year million decline XXXX. approximately X% to from compared million X% revenue XXXX full first approximately $XX We revenue quarter of of in to in contracts first compared to quarter revenue Full grew decline to between customers $XXX these We from commercial X% to year million revenue quarter. commercial international was to for million. the million anticipate to XXXX revenue to $XX year-over-year from Revenue $XX the customers these $XX strategic anticipate XXXX.

$X.XX Fourth and grew government sequentially billion. revenue to Shifting Full X% XX% XX% revenue $XXX to million. to year year-over-year our government government grew year-over-year quarter segment.

X% year-over-year government $XXX U.S. $XXX million. to grew revenue and sequentially government X% XX% quarter U.S. year-over-year to revenue grew Full year million. Fourth

while quarter of awards, contract Ryan to reaccelerate to government expect mentioned, timing fourth U.S. we our due larger As in our are the government business XXXX. muted results U.S.

Fourth million from care catch-up our and defense. in Eastern grew quarter which the government our bolstered sequentially international year-over-year This to to Europe a the health XX% $XX partner XX% and efforts for year year-over-year in ongoing related international receipt government by to work $XXX in resulted nation a million. revenue grew Full XX% funding quarter. included revenue revenue of

was bookings. sequentially. was of and booked quarter remaining therefore outstanding increase new last sequentially. does our an $X.XX yet basis up XX% an XX% that we dollar XXX deal had an remaining include quarter in customers of of total months points does $X.X an in XXX%, Net and increase $X.X XXX% from retention sequentially; and the Fourth revenue ended U.S. Net retention quarter dollar quarter. TCV We billion acceleration billion not and We the year-over-year fully from past billion, X% XX% acquired in business. in the commercial performance increase fourth capture XX with year-over-year of obligations, not value,

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

for quarter stock-based and and margin Turning excludes XX% compensation expense. which margin, expense, year. to the was for the Adjusted gross XX%

expanding operating and margins. XX% Adjusted Full $XXX consecutive the was increase representing adjusted expense operations, XX% of million, quarter was year a operating compared basis income and and point related XXXX. adjusted which employer to taxes operations an XXX margin income margin adjusted stock-based from representing marking $XXX from million, payroll of a excludes of compensation fifth

up year and was X% $XXX Full $X.X year-over-year. was X% X% up adjusted QX expense year-over-year. adjusted sequentially expense million, billion, up

be to to XXXX Our bottom to us positioned resources and outperformance able in AIP. escalate line investment has

expenses revenue focused operating As profitability we in to delivering GAAP remain the year increase a growth QX, calibrating continue for goals income. our below expect and full expense order on of to but result, we sustained on growth in

million. generated the a of quarter of generated We income operating $XX was consecutive net our GAAP XX% fourth income. GAAP year $XXX fifth million, $XX million. of quarter XX% quarter, $XXX margin, GAAP consecutive an fourth Full operating profitability. income Full income was fourth operating representing we income million, quarter In GAAP net of margin, year representing our GAAP GAAP

earnings $X.XX $X.XX. adjusted GAAP was was earnings Fourth $X.XX. adjusted per year and earnings and quarter earnings share share per share Full was per $X.XX per was GAAP share

in revenue XX% operating our our and growth to XX fourth basis from an increase quarter, Additionally, point adjusted Rule to score prior the accelerated margin XXX combined of the quarter.

maintain line to and top We balance continue performance. strive its of to exceptional bottom

cash cash adjusted to margin Turning XXXX, and In the $XXX fourth we flow, in cash and generated flow of both In representing quarter, a free our cash million million and operations U.S. cash million $XXX liquidity in operations from generated free from in flow. adjusted in $XXX with in XX%. entirely through facility, short-term to additional QX securities. which revolving up undrawn. access million to remains We million ended cash billion of $XXX flow. retain $XXX We our Treasury $X.X cash, equivalents credit we

our Now outlook. turning to

between XXXX, and income $XXX QX adjusted we of $XXX revenue expect million $XXX million between from million. For operations of $XXX and million,

For income billion year $X.XXX U.S. income and $X.XXX each operations XX%; and between from of cash excess a quarter adjusted $XXX of in we billion; in and of expect operating least commercial this net $XXX flow million at of XXXX, between million; between $XXX GAAP billion; income $XXX rate representing free $X million, adjusted year. full growth of revenue and of million revenue

With the turn then few to a kick Alex and that, for Q&A. remarks, it I'll over off Ana will

much in our so Obviously, is to say. to really our earnings. commercial extraordinary. Welcome There's U.S. performance

million used $XX to and do inconceivable It's almost turn Some the would them roughly are given The numbers contracts to many to growth that that almost had $X XXX be. way XX% fly that off product I year-on-year million. just the XX The $X say over bombastic. in were the XX numbers over when the million, contracts QX. over the I page over saw our screen

driven the the foundry to language easier so broader AI, its by And market. make see approachable models, a what developments which you product augmentation large product to is use, of our both in an charisma, of being convergence

run to want, And You enormous and boot our approach and "Take ability transform XX compare and years meet camp. we're people buy you Two started, with demand to mostly boot done for of year, now, valuable, and that AI data go camp product to at your last call million telling to their we're just the also show camps. to time boot at the in see a that enterprise, XXX we you $X our you've has critical a best the pilots. it up did around on a going did really we year, to your we new put everything any CEO, going results. and this second you self-pleasuring XX your over hours. CTOs relevant, And operationally piloting commercially demand your then half I country our whoever enterprise since ago,

your hours, any hyperscaler want, them, you XX Our you up." we'll Any want, you vendor want, XX products any months. pick show you

of the we I'm real. million total But it defining results XXX $X you to are are operational, as the people it for or how they'll meaning our that would that of this customers doing less is because than algebra, of have kind, is probably -- define obviously total it be took America creating reaction any number using it. AIP; you want, more including operational and pay XXX, said -- if has this realized number what enterprises -- The AI

interfaces. inconceivable after Palantir after interface until And after have number for number number, is So real. you up pace a And and recently. that it's this a we're doing just at scale

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some our are internally. system, whole the to us for having company, with this caveats to whole We're deal rebuild There demand.

sales latent can water put force a that in has have it has around. move noticed its that nascent and the toe tiny We

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caveats. doing positive There are some this our way. We're

proud are the on front. work We of our

We proud support U.S. the are we that

U.S. We military. are we the that proud support

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or These are monster infrastructures so what foundry a ontology of military AIP. whether assumption not or events Frankenstein Silicon assumptions I would approach investment only narrow, an software momentous reality. it product rejecting products, If or say or business, software, sales-driven say to built a have never they're be back our they're meaning, on popular software, as define would sophism the -- "I believe." Valley, understood winners matter rejecting that that The our only doesn't those linear, XX-year "I been historically I into what believe." that for Those have in seeped

best think is to way, our strategy crazy, listening the your those for now. Palantir people who By are of applying many

who to A want get call, an work does into day Bombarded. be So by people getting by being go we not may with company. this XX where are our while not bombarded e-mail, we a attempts crazy, company. to I'm

are and intend We behind and values, from That historically stand to values that's which with recruiting. we XX-year we're because seen competitive we had is approving. strongest razor, the those Silicon because a world, in hot, I've the we company strongest are win recruiting with We're most in our company the Valley. environment a the ever white recruiting

So this was an extraordinary, extraordinary last year.

comp. We also internally aligned took of we're care sure on making

movement, the way our aligned our the perspective to internally. of CEO of from we we go And streamlining this events, I also the market. say are been never called We have nominally of the would company, leader our

the company in engages a talented, world. are most that people and difficult We the interesting

never are And them a unison at of motivated, accomplishments. of and company been there Some our this have been time has this we in where proud this table. our this and

a foresee keep are I'm and especially proud them, in with commercial. our be I U.S. proud on so very, going And very we on, And strong year, to to efforts.

the say as a of in used going the commercial. successful and difficult being will be will to and function also function there commercial important U.S. products as handoff into I'm and world would our happen, we are in is the of the have that our handoff in U.S. I war we zones most strength strength USG. And optimistic most

we'll shareholders With few begin with up open our that, we from the call. a questions before

Our first question Andrew. from is

advancements significant for the demand the the in could monetization Given these elaborate strategy made AIP, in increase formulating team offerings. management for on

the boot for Great. delivery is market yes, charts seeing expanding AIP, camps drive you're seeing. and with right we're AIP for to as we're mechanism comment the addressable off the that the AIP demand

Alex on I've our And we here. those million. beginnings in Palantir customers, feeling, results. anything the directly been that. that XXX the QX involved We excitement over the in over a tell closed unlike seen we of with is the QX I've over been the in As feel I see in on XX and the commented, AIP and demand, can Having to ground way the feel that tangible years in we're our ground, starting and of alone, deals $X you many

top for the funnel In goal boot for AIP. of of camps executing October, set we XXX

Then has it's that customers introduction it's, XXX see in boot And later, the are customers U.S. it's maybe And of emerging exceeded in momentum. already the archetypes commercial, we've first, for same growth an the adjusted year-over-year, revenue, monetization, from accelerated. been customers converting that of and process been the whole that the beginning. and, XXX% types continuing only of expansion to XX% or the addressable and on year-over-year where increase noted, you camps we're paying growth X months closed about yet, over question that we've the see while it's in really is at existing with then monetization TCV we've in to that AIP, camps that growth that that As a board. the the we're quickly to of with XX% touched market, of only just seeing engaged either archetypes you in customer QX, basis. seeing, or count We're at across barely time, boot results

takes that where see to us. excited So

Ryan. Thanks,

Tanner the Has a made to program Our these from relatedly, Apollo significant Palantir's is contributor late? market when to revenue? to marketing asks, you as And be towards seen next question of be ] has do FedStart And there the this? who interest what will start-ups? of responded [ expect additional kind

Tanner and allies. Great. hit. X Yes, one into flowed Thanks, at can achieve There's community And afford has why. defense a that's early easy intense focus of This capital it's to provides our the accreditation. to the to Fed DoD I the this we're understand [ QX, large. at to started this We've taking takes release FedStart ILX, And bringing been always an think ILX and ]. market the also No plan end $X tech We been on of at High FedRAMP with QX. of million folks it $XXX years to to market. billion an be access. the QX end going

secret later to network we intend launch this the above secret year. top and U.K. network So the FedStart with on

moment. its having is Apollo

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Thank you both.

competitor Keith, still IT your Our your department? own question potential changed? from is is has greatest next that Or customer's

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Thanks.

from with Our is of question Bank next America. Mariana

two and questions, one second on financials. government one So U.S. today have the in I

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Thank Alex. you,

next from is Our Wedbush. Dan with question

be, are even think just not produced would see you question AIP is QX starting from but acceleration everything in terms I this an of in word the terms customer actually inconceivable XXXX? even starting right My of that to you engagement quarter.

handle the frontline? to that you the want Do as man on

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So thank you.

for Thanks, Alex. Q&A call. That concludes today's