Palantir (PLTR) 4 Nov 242024 Q3 Earnings call transcript

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third quarter 2024 earnings call. We'll be discussing the results announced in our press release issued after the market closed 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 fourth 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 closed 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 materials press Investor and other release, investor presentation are Relations and earnings investors@palantir.com. our available on website.

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

Karp, Technology Ryan Sankar, start over Officer; turn Alex Joining and to Chief Revenue Executive Officer; now to Glazer, and Officer; me Legal Chief on Taylor, Financial Chief Chief it Ryan Chief Officer Shyam call I'll Dave call. today's Officer. the are

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in site a Ukraine, time [ and [ military At Iran to are North solution. launching ] troops utes the Korean when missiles our to satellite night at is ] intelligence ballistic Russia is is providing allies. Maven

they fires integrated the the autonomous unfair large-scale command expand investing of to control are advanced storms of war give into logistics deserve, perimeter fighters systems. to advantage in-sensor our We multi infusion, and and aggressively

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

was end points. prior basis Thanks, high of nearly exceeding an by our revenue QX growth XX% exceptionally quarter year-over-year, the accelerated strong to Shyam. XXX as guidance

revolution, in grew U.S. the business, outperformance our rapidly XX% America As demand which year-over-year. in this embraces the increase AI AI driven has

year-over-year XX% business commercial XX% U.S. and Our sequentially. grew

sequentially, the Our prior the year-over-year we've seen business strongest increase period and U.S. government a growth growth and sevenfold quarters. XX% rate XX grew XX% to year compared in

growth midpoint the are year and billion, we to strength, strong line guidance a full representing highing XX% year-over-year economics business. of these to while this of our rate. margin We back adjusted operating delivered the expanding On increasing top outstanding our unit results XX% $X.XXX revenue

increase XX quarter second Our the in from a revenue to quarter. XX in and third of X-point drove to sequential our profitability score XX Rule the

our operations and We basis, and trailing also flow cash respectively. On million, have the quarter. million $X profitability margins growth. the cash flow over we adjusted flow had free quarter, an representing to billion in cash free for history. XXX of last We're $XXX first and proud of XX-month S&P generated from cash a XX% $XXX with the adjusted in exceptional sustained underscoring XX%, company's time joined of

top generated continues from XX% X% sequentially. line year-over-year see continued as up Turning momentum and $XXX in million We to Revenue accelerate results. revenue, we to our global AIP.

to of our to from Excluding sequentially. revenue strategic largest XX% quarter customers from X% the year-over-year Revenue continues sequentially contracts, and grew X% grew commercial customers. XXX third revenue count year-over-year expand. XX% and impact Customer

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

to moving our segment. Now commercial

XX% Third quarter and million. sequentially to X% year-over-year grew revenue $XXX commercial

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

sequentially. booked commercial growth year-over-year growth TCV was quarter representing and $XXX million, XX% XX% Third

expansions Our unprecedented U.S. U.S. commercial models AM customer business customer new production. with as in deploy demand to and the existing to in we both continue conversions continues see AIP driving

year-over-year commercial sequentially U.S. quarter XX% revenue and XX% Third grew million. $XXX to

TCV commercial revenue Total representing XX% contracts, commercial the we XX% from strategic U.S. grew and $XXX business our commercial of year-over-year U.S. quarter, revenue X% In in sequentially. and third value XX% commercial U.S. sequentially. booked deal growth grew year-over-year Excluding remaining million sequentially. XX%

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

the international commercial X% generated Europe million continued growth customers, renewal a and including revenue We signing in we revenue government-sponsored a headwinds those with sequential result from quarter, down $XXX the transformational a our in to our on a work decline in step in a as Middle but continue representing multiyear headwinds, BP. year-over-year of East. international some third build X% in with of Despite enterprise largest

growth to and East We in opportunities Middle beyond. targeted on the also continue capitalize Asia,

$X compared strategic million the million million these the quarter. quarter from quarter XXXX. $X.X from Revenue XXXX We customers between revenue contracts million anticipate for in fourth of fourth $XX decline to to to $X.X commercial to was

anticipate from of revenue to full these revenue. than less be X% We customers XXXX continue to year

Government Shifting to segment. our

to Third sequentially XX% XX% and revenue million. quarter $XXX grew Government year-over-year

XX% awards execution year-over-year and Third deal quarter coupled timing in our revenue growth sequentially. representing in quarter, programs. by driven continued reflecting software This the demand XX% growth the existing for offerings acceleration government U.S. government government new with $XXX the growing and was cycle. million, accelerated year-end AI favorable in

XX% that revenue government international QX we and quarter million, revenue last decline timing as [ catch-up of $XX was less noted result favorable year-over-year. but sequential representing growth Third ]. quarter in a a X%

AI customers year-over-year XX% government. effect in points from basis dollar up at by XXX%, billion, of QX XX% XXX last retention $X.X the was increase acquired sequentially. Net was both quarter. new increase we an The of of expansions and the see in booked driven year and TCV and both industry quarter last Third as revolution existing was customers

it retention does dollar revenue new the fully business from not capture velocity net in past months, past in customers that our over acquired were yet U.S. As the in acceleration XX does include not year. the

in year-over-year yield ended the XX% with $X.X XX% of We in the increase an sequentially of year-over-year billion billion XX% and increase quarter sequentially. total performance and remaining third and an $X.X remaining X% value, obligations,

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

and and compensation Adjusted margin of margin marking million, margin, $XXX consecutive operating quarter. and investment adjusted excludes technical expense expanding taxes continued XX% and by eighth payroll gross compensation primarily expense, operating adjusted to expense. year-over-year employer X% an excludes stock-based which was XX% income and margins. driven was operations, talent. AIP Adjusted XX% of million, $XXX adjusted sequentially expense the the for Turning QX quarter was up our stock-based which from representing related in

product fourth from the pipeline to production. through ramp to continue quarter in prototype as AI accelerate expect We we invest journey and expenses the to the

generated representing of XX% a $XXX margin. generated income third income the $XXX a quarter, In We million, we net million, margin. of representing GAAP XX% GAAP operating

Third $X.XX, and earnings quarter share earnings per adjusted GAAP per was was share $X.XX.

we've previously our As company's communicated, compensation price. its performance of with goals, the the program including stock aligned

the strong the criteria certain become expected. XXX the our stock-based compensation in S&P achieved will we continue our vesting and stock company's to monitor of price, expenses inclusion in performance, we accelerate than are increase On of if back to earlier market-based required the

prior in accelerated our Additionally, X-point our from growth combined a adjusted revenue third quarter. to to of operating quarter, XX and score margin XX% the Rule increase the

million third in margin Turning a respectively. cash and from operations cash of $XXX quarter, generated representing the XX%, In our adjusted $XXX flow. free and cash we in million flow, to XX%

ever, over flow, time basis, first cash the we $X XX-month representing margin of For on trailing free a generated XX%. in billion a adjusted

end part of million as of the program. Through repurchased our quarter, third X.X share the repurchase shares we approximately

of end million the have of the the remaining authorization. of we As $XXX quarter, original

short-term billion $X.X cash, cash with quarter in equivalents the Treasury ended We securities. and U.S.

Now turning to our outlook.

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

XXXX, X.XXX between full For $X.XXX to billion guidance raising are we revenue and year our billion.

revenue representing growth We $XXX million, are rate XX%. to of at commercial excess U.S. an a raising least our of guidance

to from guidance between our We and income raising are billion adjusted operations billion. $X.XXX $X.XXX

this cash free in expect an of adjusted our and to raising operating continue net income are each flow billion. and quarter to guidance We $X GAAP we of excess year. income

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

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camera then is unmute to a question Wedbush. from and you'll next with on please Our receive line. prompt a your turn Dan Dan,

and A great and you congrats the to quarter, team.

what So you're where and conversion camp says with a we conversions, a are in it my seeing? you coming how you sits? has -- your process think what And from question is surprised do customer quickly this revolution even about that customer deals to AI [ just camp where into boot mega boot ] Palantir

Yes.

results, indicative we're I year-over-year growth most is obviously, the XX% what seeing. impact sequential U.S. growth think, in and -- XX% U.S. commercial the in the XX% the we're year-over-year U.S., of commercial. the -- seeing growth sorry, in

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meaning say enterprise. quickly. just And ] large number that just anyone customers, a just who's they number get would I interested moving the small And increasingly involved -- is in of are surprising that [ there's the how most of this. really thing

to and So X you take then go company. if company a people a XYZ, different

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more also that many, organizations they're allows the the number many many to many, the in as And same of people scale world. so with people to us long as best

And so do we however expansion it. from this to touch it's really

quickly Some I some could can at "Hey, a product. work get camps, like, to really you case of just use it good your it's tomorrow. I here? company, is about first do." it's things want I of you the How boot heard What used but

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Our next is Mariana question Bank from of with America.

for update and as stock pickup deal on awards million, are thinking see but to logos, recent news were U.S. this XX%, what, form U.S.A. commercial these like partnership And contracts on changed actually want we [indiscernible] advertising is but giving the others the of they value Palantir is thought from about of also don't So mind line them the what some companies. What with how about a as if a up, then, Dave, first an in you payment like you strategic government, and we a government remaining in That's like one. with and were partner? you. advertising

acceleration X bit On the the seeing dimensions side. U.S. really to is government we're on first here, there's partnerships what in

revenue, accelerants I've expand something profitable is these first Manager. existing to access. software way Apollo Really, Rubix our how market to for a The their Mission talked but infrastructure, revenue software get and about which take their earlier, companies to service more is in as do we our radical and not

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for your support. you, and thank thank So you

you. concludes Q&A Thank for That today's call.