Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39540 | |
Entity Registrant Name | Palantir Technologies Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 68-0551851 | |
Entity Address, Address Line One | 1200 17th Street, Floor 15 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | (720) | |
Local Phone Number | 358-3679 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | PLTR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001321655 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,069,437,665 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 105,546,704 | |
Class F Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,005,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,040,310 | $ 2,598,540 |
Marketable securities | 2,243,264 | 35,135 |
Accounts receivable, net | 430,269 | 258,346 |
Prepaid expenses and other current assets | 95,554 | 149,556 |
Total current assets | 3,809,397 | 3,041,577 |
Property and equipment, net | 50,133 | 69,170 |
Operating lease right-of-use assets | 190,191 | 200,240 |
Other assets | 143,696 | 150,252 |
Total assets | 4,193,417 | 3,461,239 |
Current liabilities: | ||
Accounts payable | 9,475 | 44,788 |
Accrued liabilities | 174,753 | 172,715 |
Deferred revenue | 223,507 | 183,350 |
Customer deposits | 228,986 | 141,989 |
Operating lease liabilities | 52,204 | 45,099 |
Total current liabilities | 688,925 | 587,941 |
Deferred revenue, noncurrent | 34,880 | 9,965 |
Customer deposits, noncurrent | 2,234 | 3,936 |
Operating lease liabilities, noncurrent | 184,067 | 204,305 |
Other noncurrent liabilities | 11,414 | 12,655 |
Total liabilities | 921,520 | 818,802 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock | 2,174 | 2,099 |
Additional paid-in capital | 8,938,050 | 8,427,998 |
Accumulated other comprehensive loss, net | (7,205) | (5,333) |
Accumulated deficit | (5,743,004) | (5,859,438) |
Total stockholders’ equity | 3,190,015 | 2,565,326 |
Noncontrolling interests | 81,882 | 77,111 |
Total equity | 3,271,897 | 2,642,437 |
Total liabilities and equity | $ 4,193,417 | $ 3,461,239 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, authorized (in shares) | 22,701,005,000 | 22,701,005,000 |
Common stock, issued (in shares) | 2,175,241,000 | 2,099,075,000 |
Common stock, outstanding (in shares) | 2,175,241,000 | 2,099,075,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 20,000,000,000 | 20,000,000,000 |
Common stock, issued (in shares) | 2,068,689,000 | 1,995,414,000 |
Common stock, outstanding (in shares) | 2,068,689,000 | 1,995,414,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 2,700,000,000 | 2,700,000,000 |
Common stock, issued (in shares) | 105,547,000 | 102,656,000 |
Common stock, outstanding (in shares) | 105,547,000 | 102,656,000 |
Class F Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 1,005,000 | 1,005,000 |
Common stock, issued (in shares) | 1,005,000 | 1,005,000 |
Common stock, outstanding (in shares) | 1,005,000 | 1,005,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 558,159 | $ 477,880 | $ 1,616,662 | $ 1,397,247 |
Cost of revenue | 107,922 | 107,611 | 322,466 | 304,238 |
Gross profit | 450,237 | 370,269 | 1,294,196 | 1,093,009 |
Operating expenses: | ||||
Sales and marketing | 176,373 | 182,918 | 547,629 | 512,278 |
Research and development | 105,708 | 100,863 | 295,341 | 277,635 |
General and administrative | 128,173 | 148,679 | 397,054 | 446,471 |
Total operating expenses | 410,254 | 432,460 | 1,240,024 | 1,236,384 |
Income (loss) from operations | 39,983 | (62,191) | 54,172 | (143,375) |
Interest income | 36,864 | 5,540 | 88,027 | 7,559 |
Interest expense | (742) | (1,082) | (3,334) | (2,346) |
Other income (expense), net | 3,864 | (65,046) | (8,021) | (260,714) |
Income (loss) before provision for income taxes | 79,969 | (122,779) | 130,844 | (398,876) |
Provision for income taxes | 6,530 | 1,096 | 10,382 | 5,707 |
Net income (loss) | 73,439 | (123,875) | 120,462 | (404,583) |
Less: Net income attributable to noncontrolling interests | 1,934 | 0 | 4,028 | 0 |
Net income (loss) attributable to common stockholders | $ 71,505 | $ (123,875) | $ 116,434 | $ (404,583) |
Net earnings (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.05 | $ (0.20) |
Net earnings (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.05 | $ (0.20) |
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, basic (in shares) | 2,162,530,000 | 2,073,265,000 | 2,134,045,000 | 2,054,926,000 |
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, diluted (in shares) | 2,325,600,000 | 2,073,265,000 | 2,281,347,000 | 2,054,926,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 73,439 | $ (123,875) | $ 120,462 | $ (404,583) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (2,164) | (3,161) | (1,268) | (7,486) |
Net unrealized gain (loss) on available-for-sale securities | 168 | 0 | (604) | 0 |
Comprehensive income (loss) | 71,443 | (127,036) | 118,590 | (412,069) |
Less: Comprehensive income attributable to noncontrolling interests | 1,934 | 0 | 4,028 | 0 |
Comprehensive income (loss) attributable to common stockholders | $ 69,509 | $ (127,036) | $ 114,562 | $ (412,069) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest | Parent |
Beginning balance (in shares) at Dec. 31, 2021 | 2,027,474,000 | ||||||
Beginning balance at Dec. 31, 2021 | $ 2,291,030 | $ 2,027 | $ 7,777,085 | $ (2,349) | $ (5,485,733) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 16,341,000 | ||||||
Issuance of common stock from the exercise of stock options | 72,108 | $ 17 | 72,091 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 35,849,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 36 | (36) | ||||
Stock-based compensation | 435,546 | 435,546 | |||||
Other comprehensive loss | (7,486) | (7,486) | |||||
Net income (loss) | (404,583) | (404,583) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 2,079,664,000 | ||||||
Ending balance at Sep. 30, 2022 | 2,386,615 | $ 2,080 | 8,284,686 | (9,835) | (5,890,316) | ||
Beginning balance (in shares) at Jun. 30, 2022 | 2,062,741,000 | ||||||
Beginning balance at Jun. 30, 2022 | 2,348,824 | $ 2,063 | 8,119,876 | (6,674) | (5,766,441) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 4,907,000 | ||||||
Issuance of common stock from the exercise of stock options | 24,567 | $ 5 | 24,562 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 12,016,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 12 | (12) | ||||
Stock-based compensation | 140,260 | 140,260 | |||||
Other comprehensive loss | (3,161) | (3,161) | |||||
Net income (loss) | (123,875) | (123,875) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 2,079,664,000 | ||||||
Ending balance at Sep. 30, 2022 | $ 2,386,615 | $ 2,080 | 8,284,686 | (9,835) | (5,890,316) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 2,099,075,000 | 2,099,075,000 | |||||
Beginning balance at Dec. 31, 2022 | $ 2,642,437 | $ 2,099 | 8,427,998 | (5,333) | (5,859,438) | $ 77,111 | $ 2,565,326 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 35,332,000 | 35,332,000 | |||||
Issuance of common stock from the exercise of stock options | $ 166,829 | $ 35 | 166,794 | 166,829 | |||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 40,834,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 40 | (40) | ||||
Stock-based compensation | 343,298 | 343,298 | 343,298 | ||||
Other comprehensive loss | (1,872) | (1,872) | (1,872) | ||||
Other, net | 743 | 743 | |||||
Net income (loss) | $ 120,462 | 116,434 | 4,028 | 116,434 | |||
Ending balance (in shares) at Sep. 30, 2023 | 2,175,241,000 | 2,175,241,000 | |||||
Ending balance at Sep. 30, 2023 | $ 3,271,897 | $ 2,174 | 8,938,050 | (7,205) | (5,743,004) | 81,882 | 3,190,015 |
Beginning balance (in shares) at Jun. 30, 2023 | 2,149,980,000 | ||||||
Beginning balance at Jun. 30, 2023 | 3,035,138 | $ 2,149 | 8,773,043 | (5,209) | (5,814,509) | 79,664 | 2,955,474 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 10,889,000 | ||||||
Issuance of common stock from the exercise of stock options | 50,556 | $ 11 | 50,545 | 50,556 | |||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 14,372,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 14 | (14) | ||||
Stock-based compensation | 114,476 | 114,476 | 114,476 | ||||
Other comprehensive loss | (1,996) | (1,996) | (1,996) | ||||
Other, net | 284 | 284 | |||||
Net income (loss) | $ 73,439 | 71,505 | 1,934 | 71,505 | |||
Ending balance (in shares) at Sep. 30, 2023 | 2,175,241,000 | 2,175,241,000 | |||||
Ending balance at Sep. 30, 2023 | $ 3,271,897 | $ 2,174 | $ 8,938,050 | $ (7,205) | $ (5,743,004) | $ 81,882 | $ 3,190,015 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income (loss) | $ 120,462 | $ (404,583) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 25,382 | 15,149 |
Stock-based compensation | 343,295 | 435,400 |
Noncash operating lease expense | 34,810 | 30,130 |
Unrealized and realized (gain) loss from marketable securities, net | 11,810 | 260,720 |
Noncash consideration | (34,852) | (7,971) |
Other operating activities | (13,328) | 9,001 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (159,752) | (154,591) |
Prepaid expenses and other current assets | (75) | (4,497) |
Other assets | 1,941 | 10,490 |
Accounts payable | (32,387) | (15,165) |
Accrued liabilities | 2,552 | (828) |
Deferred revenue, current and noncurrent | 64,464 | (44,912) |
Customer deposits, current and noncurrent | 84,272 | 44,263 |
Operating lease liabilities, current and noncurrent | (37,767) | (27,437) |
Other noncurrent liabilities | 184 | (195) |
Net cash provided by operating activities | 411,011 | 144,974 |
Investing activities | ||
Purchases of property and equipment | (10,254) | (35,109) |
Purchases of marketable securities | (4,791,670) | (124,500) |
Proceeds from sales and redemption of marketable securities | 2,608,898 | 41,101 |
Proceeds from sales of alternative investments | 51,072 | 0 |
Net cash used in investing activities | (2,141,954) | (118,508) |
Financing activities | ||
Proceeds from the exercise of common stock options | 166,829 | 72,108 |
Other financing activities | 778 | (269) |
Net cash provided by financing activities | 167,607 | 71,839 |
Effect of foreign exchange on cash, cash equivalents, and restricted cash | (2,113) | (12,470) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,565,449) | 85,835 |
Cash, cash equivalents, and restricted cash - beginning of period | 2,627,335 | 2,366,914 |
Cash, cash equivalents, and restricted cash - end of period | $ 1,061,886 | $ 2,452,749 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | OrganizationPalantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income (loss) from operations, net income (loss), or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 21, 2023. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts; the valuation of deferred tax assets and uncertain tax positions; the collectability of contract consideration, including accounts receivable; the useful lives of intangible assets; and the valuation of assets acquired and liabilities assumed from business combinations, including intangible assets and goodwill. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 21, 2023. There have been no significant changes to these policies during the nine months ended September 30, 2023, except for the changes noted below. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and available-for-sale debt securities. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749 Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of September 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $10.5 million and $10.1 million, respectively. Debt Securities Debt securities are primarily comprised of U.S. treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its condensed consolidated balance sheets. Debt securities included in marketable securities on the condensed consolidated balance sheets consist of U.S. treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the condensed consolidated statements of operations. The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions for other than temporary impairment by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive loss, net in the condensed consolidated balance sheets until realized. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of September 30, 2023 and December 31, 2022 |
Contract Liabilities and Remain
Contract Liabilities and Remaining Performance Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities and Remaining Performance Obligations | Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of September 30, 2023 and December 31, 2022, the Company's contract liability balances were $489.6 million and $339.2 million, respectively. Revenue of $314.9 million and $353.8 million was recognized during the nine months ended September 30, 2023 and 2022, respectively, that was included in the contract liability balances as of December 31, 2022 and 2021, respectively. Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $987.7 million as of September 30, 2023, of which the Company expects to recognize approximately 57% as revenue over the next 12 months, 35% as revenue over the subsequent 13 to 36 months, and the remainder thereafter. Disaggregation of Revenue See Note 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | Investments and Fair Value Measurements The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 599,605 $ 599,605 $ — $ — U.S. treasury securities 141,946 — 141,946 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 7,577 — 7,577 — Marketable securities: U.S. treasury securities 2,233,198 — 2,233,198 — Publicly-traded equity securities 10,066 10,066 — — Total $ 2,993,330 $ 609,671 $ 2,383,659 $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 1,149,302 $ 1,149,302 $ — $ — Certificates of deposit 6,791 — 6,791 — Prepaid expenses and other current assets and other assets: Certificates of deposit 18,707 — 18,707 — Marketable securities: Publicly-traded equity securities 35,135 35,135 — — Total $ 1,209,935 $ 1,184,437 $ 25,498 $ — Certificates of Deposit The Company’s certificates of deposit are Level 2 instruments. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Debt Securities As of September 30, 2023, available-for-sale debt securities consisted of the following (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Total debt securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Included in cash and cash equivalents $ 141,925 $ 21 $ — $ 141,946 Included in marketable securities $ 2,233,822 $ 102 $ (726) $ 2,233,198 The Company did not sell any available-for-sale debt securities during the three months ended September 30, 2023. The Company sold $694.6 million of available-for-sale debt securities during the nine months ended September 30, 2023 and immediately reinvested such proceeds into additional available-for-sale debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to available-for sale debt securities were recorded as of September 30, 2023. As of September 30, 2023, available-for-sale debt securities of $1.4 billion were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of September 30, 2023 were in a continuous unrealized loss position for greater than 12 months. The decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no credit-related impairment losses were recorded as of September 30, 2023. All of the Company’s U.S. treasury securities had contractual maturities due within one year. As of December 31, 2022, the Company held an immaterial amount of debt securities. Equity Securities Equity securities primarily consist of shares held in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $17.3 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company recorded net unrealized losses of $18.0 million and $192.8 million, respectively, and realized losses of $41.3 million and $67.9 million, respectively, within other income (expense), net on the condensed consolidated statements of operations. For the three months ended September 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $0.7 million and $57.2 million, respectively. For the nine months ended September 30, 2023 and 2022, net unrealized losses from publicly-traded equity securities held at the end of each period were $5.6 million and $223.4 million, respectively. Investments From 2021 through 2022, the Company approved and entered into certain agreements (“Investment Agreements”) to purchase shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, the “Investments”). During the year ended December 31, 2022, the Company purchased shares for a total investment of $124.5 million. No Investments were purchased under such Investment Agreements during the nine months ended September 30, 2023. In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services (collectively, the “Strategic Commercial Contracts”). The Company assesses the concurrent agreements under the noncash consideration paid or payable to a customer guidance within Accounting Standards Codification 606, Revenue from Contracts with Customers, as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under each contract. As currently assessed, the total value of Strategic Commercial Contracts was $392.1 million as of September 30, 2023, which is inclusive of $43.7 million of contractual options. The original terms of Strategic Commercial Contracts with remaining deal value as of September 30, 2023, including contractual options, range from two seven Alternative Investments |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, Leasehold improvements $ 82,214 $ 80,378 Computer equipment, software, and other 48,353 52,688 Furniture and fixtures 13,725 13,010 Construction in progress 1,389 5,506 Total property and equipment, gross 145,681 151,582 Less: accumulated depreciation and amortization (95,548) (82,412) Total property and equipment, net $ 50,133 $ 69,170 Depreciation and amortization expense related to property and equipment, net was $6.3 million and $5.5 million for the three months ended September 30, 2023 and 2022, respectively, and $18.2 million and $13.9 million for the nine months ended September 30, 2023 and 2022, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, Accrued payroll and related expenses $ 62,410 $ 43,495 Accrued taxes 36,479 41,326 Accrued other liabilities 75,864 87,894 Total accrued liabilities $ 174,753 $ 172,715 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”). As of September 30, 2023, the Company had no outstanding debt balances, and undrawn revolving commitments of $500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027. Outstanding balances under the 2014 Credit Facility would incur interest at the Secured Overnight Financing Rate (“SOFR”) as administered by the Federal Reserve Bank of New York, or a successor administrator of the SOFR (or the applicable benchmark replacement), plus 2.00% or a base rate plus 1.00%, subject to certain adjustments. The Company incurs a commitment fee of 0.30% assessed on the daily average undrawn portion of revolving commitments. Applicable interest and commitment fees are payable quarterly or more or less frequently in certain circumstances. The 2014 Credit Facility also allows for an incremental loan facility of additional term loans or revolving loans in an aggregate principal amount up to the amount and upon the terms and conditions set forth therein with one or more existing or new lenders upon mutual agreement between the Company and such lenders. The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of September 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments In September 2023, the Company amended one of its third-party cloud hosting services agreements. Under this amendment, the Company has a commitment to spend at least $1.95 billion over ten Litigation and Legal Proceedings From time to time, third parties may assert patent infringement claims against the Company. In addition, from time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of trademarks, copyrights, and other intellectual property rights; employment claims; securities claims; investor claims; corporate claims; class action claims; and general contract, tort, or other claims. The Company may from time to time also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, allegations, or investigations related to warranty; refund; breach of contract; breach, leak, or misuse of personal data or confidential information; employment; government procurement; intellectual property; government regulation or compliance (including but not limited to anti-corruption requirements, export or other trade controls, data privacy or data protection, cybersecurity requirements, or antitrust/competition law requirements); securities; investor; corporate; or other matters. The Company establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable. On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al., Case No. 1:22-cv-02805, and S hijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al., Case No. 1:22- cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al., Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On November 21, 2022 and January 13, 2023, stockholder derivative actions were filed in the United States District Court for the District of Colorado, captioned Li v. Karp, et al., Case No. 22-cv-3028 and Parmenter v. Karp, et al., Case No. 23-cv-118, and on January 27, 2023, a stockholder derivative action was filed in the United States District Court for the District of Delaware captioned Miao v. Karp, et al., Case No. 1:23-cv-00103-MN, each against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive remedies under Section 14(a) of the Exchange Act and Delaware law. On August 22, 2023, a stockholder derivative action was filed in the Court of Chancery of the State of Delaware captioned Central Laborers’ Pension Fund v. Karp, et al. , Case No. 2023-0864 against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive relief under Delaware law. Because the litigation is in early stages, the Company is unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters. As of September 30, 2023, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements. Letters of Credit and Guarantees The Company had irrevocable standby letters of credit and guarantees, including bank guarantees, outstanding in the amounts of $21.6 million and $28.8 million as of September 30, 2023 and December 31, 2022, respectively, which were fully collateralized. The Company is required to maintain these letters of credit and guarantees primarily in connection with operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. As of September 30, 2023, these letters of credit and guarantees had expiration dates through August 2031. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of September 30, 2023 and December 31, 2022. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of September 30, 2023 and December 31, 2022. The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described herein and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company's capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of September 30, 2023. Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of September 30, 2023. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of September 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,068,689 20,000,000 1,995,414 Class B Common Stock 2,700,000 105,547 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,175,241 22,701,005 2,099,075 Share Repurchase Program |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2022 326,913 $ 8.05 8.33 $ 272,603 Options exercised (35,332) 4.72 Options canceled and forfeited (1,844) 5.18 Balance as of September 30, 2023 289,737 $ 8.47 7.82 $ 2,181,036 Options vested and exercisable as of September 30, 2023 166,761 $ 6.41 7.07 $ 1,598,629 As of September 30, 2023, the total unrecognized stock-based compensation expense related to options outstanding was $625.7 million, which is expected to be recognized over a weighted-average service period of seven years. RSUs The following table summarizes the RSU activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share RSUs unvested and outstanding as of December 31, 2022 126,426 $ 10.07 RSUs granted 14,601 9.47 RSUs vested and converted to shares (40,834) 9.53 RSUs canceled (7,580) 10.60 RSUs unvested and outstanding as of September 30, 2023 92,613 $ 10.11 As of September 30, 2023, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $565.1 million, which the Company expects to recognize over a weighted-average service period of three years. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 7,814 $ 10,525 $ 24,995 $ 33,413 Sales and marketing 39,290 48,824 116,956 147,501 Research and development 21,952 25,113 65,068 76,996 General and administrative 45,324 55,846 136,276 177,490 Total stock-based compensation expense $ 114,380 $ 140,308 $ 343,295 $ 435,400 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $6.5 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and a provision for income taxes of $10.4 million and $5.7 million for the nine months ended September 30, 2023 and 2022, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of September 30, 2023 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions . The provision for income taxes increased by $5.4 million and $4.7 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022 primarily related to higher foreign income taxes as the result of higher foreign taxable income and higher withholding taxes in the current year. |
Net Earnings (Loss) Per Share A
Net Earnings (Loss) Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Share Attributable to Common Stockholders | Net Earnings (Loss) Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 71,505 $ (123,875) $ 116,434 $ (404,583) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,162,530 2,073,265 2,134,045 2,054,926 Effect of dilutive shares 163,070 — 147,302 — Diluted 2,325,600 2,073,265 2,281,347 2,054,926 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.03 $ (0.06) $ 0.05 $ (0.20) Diluted $ 0.03 $ (0.06) $ 0.05 $ (0.20) The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (loss) per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Options issued and outstanding — 331,121 162,000 331,121 RSUs outstanding 6,941 128,182 12,032 128,182 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 19,983 472,345 187,074 472,345 |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level. These unallocated costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue: Government $ 307,603 $ 273,834 $ 898,178 $ 778,622 Commercial 250,556 204,046 718,484 618,625 Total revenue $ 558,159 $ 477,880 $ 1,616,662 $ 1,397,247 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Contribution: Government $ 185,867 $ 153,552 $ 526,330 $ 447,004 Commercial 135,101 93,148 362,188 314,641 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from operations $ 39,983 $ (62,191) $ 54,172 $ (143,375) Research and development expenses (1) 83,756 75,750 230,273 200,639 General and administrative expenses (1) 82,849 92,833 260,778 268,981 Total stock-based compensation expense 114,380 140,308 343,295 435,400 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 ————— (1) Excludes stock-based compensation expense. Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 345,479 62 % $ 296,650 62 % $ 1,010,336 62 % $ 859,786 62 % United Kingdom 64,390 11 % 59,435 12 % 177,198 11 % 161,477 11 % Rest of world (1) 148,290 27 % 121,795 26 % 429,128 27 % 375,984 27 % Total revenue $ 558,159 100 % $ 477,880 100 % $ 1,616,662 100 % $ 1,397,247 100 % ————— (1) No other country represents 10% or more of total revenue for the three and nine months ended September 30, 2023 or 2022. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets subject to amortization that are not fully amortized are as follows (in thousands): Weighted average useful life As of September 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 4.08 $ 10,400 $ (1,907) $ 8,493 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.08 17,619 (2,306) 15,313 17,619 (420) 17,199 Backlog 1.08 6,700 (3,071) 3,629 6,700 (558) 6,142 Other 0.52 4,224 (3,347) 877 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (10,631) $ 28,312 $ 40,436 $ (4,897) $ 35,539 Amortization expense of intangible assets was not material for the three and nine months ended September 30, 2023 or 2022. As of September 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2023 $ 2,410 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 28,312 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 71,505 | $ (123,875) | $ 116,434 | $ (404,583) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Peter Thiel [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 15, 2023, Mithril PAL-SPV 1, LLC, a stockholder whose shares may be deemed to be beneficially owned by Peter Thiel (the Chairman of our Board of Directors), and its affiliated entity adopted Rule 10b5-1 arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), subject to the satisfaction of certain price and/or other conditions, as follows: (i) Mithril PAL-SPV 1, LLC adopted a Rule 10b5-1 distribution arrangement for the potential distribution of an aggregate of up to 17,861,224 shares of our Class A common stock to its sole member, Mithril LP (the “Distribution”), and (ii) Mithril LP adopted a Rule 10b5-1 distribution arrangement providing for the potential sub-distribution of all the shares received in the Distribution to its partners or members (the “Sub-Distribution”). The duration of the Distribution and Sub-Distribution arrangements is until August 15, 2024, or earlier, upon the completion or expiration of all transactions subject to the arrangement. | |
Name | Peter Thiel | |
Title | Chairman of our Board of Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 15, 2023 | |
Arrangement Duration | 366 days | |
Aggregate Available | 17,861,224 | 17,861,224 |
Alexandra Schiff [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 17, 2023, Alexandra Schiff, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 26,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until May 31, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement. | |
Name | Alexandra Schiff | |
Title | member of our Board of Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 17, 2023 | |
Arrangement Duration | 288 days | |
Aggregate Available | 26,000 | 26,000 |
Lauren Friedman Stat [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 21, 2023, Lauren Friedman Stat, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 11,150 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement. | |
Name | Lauren Friedman Stat | |
Title | member of our Board of Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 21, 2023 | |
Arrangement Duration | 498 days | |
Aggregate Available | 11,150 | 11,150 |
Shyam Sankar [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 31, 2023, Shyam Sankar, our Chief Technology Officer and Executive Vice President, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 9,372,618 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions, less any shares to be withheld and/or sold to satisfy applicable tax withholdings. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until June 30, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement. | |
Name | Shyam Sankar | |
Title | Chief Technology Officer and Executive Vice President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 31, 2023 | |
Arrangement Duration | 669 days | |
Aggregate Available | 9,372,618 | 9,372,618 |
Stephen Cohen [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On September 1, 2023, Stephen Cohen, our President, Secretary, and a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 6,894,355 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 1, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement. | |
Name | Stephen Cohen | |
Title | President, Secretary, and a member of our Board of Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 1, 2023 | |
Arrangement Duration | 457 days | |
Aggregate Available | 6,894,355 | 6,894,355 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income (loss) from operations, net income (loss), or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 21, 2023. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts; the valuation of deferred tax assets and uncertain tax positions; the collectability of contract consideration, including accounts receivable; the useful lives of intangible assets; and the valuation of assets acquired and liabilities assumed from business combinations, including intangible assets and goodwill. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and available-for-sale debt securities. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of September 30, 2023 and December 31, 2022, the Company recorded an allowance for credit losses of $10.5 million and $10.1 million, respectively. |
Debt Securities | Debt Securities Debt securities are primarily comprised of U.S. treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its condensed consolidated balance sheets. Debt securities included in marketable securities on the condensed consolidated balance sheets consist of U.S. treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the condensed consolidated statements of operations. The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions for other than temporary impairment by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the condensed consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive loss, net in the condensed consolidated balance sheets until realized. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of September 30, 2023 and December 31, 2022 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of September 30, 2023 2022 Cash and cash equivalents $ 1,040,310 $ 2,411,290 Restricted cash included in prepaid expenses and other current assets 3,132 20,557 Restricted cash included in other assets 18,444 20,902 Total cash, cash equivalents, and restricted cash $ 1,061,886 $ 2,452,749 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis | The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 599,605 $ 599,605 $ — $ — U.S. treasury securities 141,946 — 141,946 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 7,577 — 7,577 — Marketable securities: U.S. treasury securities 2,233,198 — 2,233,198 — Publicly-traded equity securities 10,066 10,066 — — Total $ 2,993,330 $ 609,671 $ 2,383,659 $ — As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 1,149,302 $ 1,149,302 $ — $ — Certificates of deposit 6,791 — 6,791 — Prepaid expenses and other current assets and other assets: Certificates of deposit 18,707 — 18,707 — Marketable securities: Publicly-traded equity securities 35,135 35,135 — — Total $ 1,209,935 $ 1,184,437 $ 25,498 $ — |
Debt Securities, Available-for-Sale | As of September 30, 2023, available-for-sale debt securities consisted of the following (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Total debt securities $ 2,375,747 $ 123 $ (726) $ 2,375,144 Included in cash and cash equivalents $ 141,925 $ 21 $ — $ 141,946 Included in marketable securities $ 2,233,822 $ 102 $ (726) $ 2,233,198 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, Leasehold improvements $ 82,214 $ 80,378 Computer equipment, software, and other 48,353 52,688 Furniture and fixtures 13,725 13,010 Construction in progress 1,389 5,506 Total property and equipment, gross 145,681 151,582 Less: accumulated depreciation and amortization (95,548) (82,412) Total property and equipment, net $ 50,133 $ 69,170 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, Accrued payroll and related expenses $ 62,410 $ 43,495 Accrued taxes 36,479 41,326 Accrued other liabilities 75,864 87,894 Total accrued liabilities $ 174,753 $ 172,715 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Total Authorized, Issued, And Outstanding Shares | The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of September 30, 2023 As of December 31, 2022 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,068,689 20,000,000 1,995,414 Class B Common Stock 2,700,000 105,547 2,700,000 102,656 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,175,241 22,701,005 2,099,075 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): Options Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2022 326,913 $ 8.05 8.33 $ 272,603 Options exercised (35,332) 4.72 Options canceled and forfeited (1,844) 5.18 Balance as of September 30, 2023 289,737 $ 8.47 7.82 $ 2,181,036 Options vested and exercisable as of September 30, 2023 166,761 $ 6.41 7.07 $ 1,598,629 |
Summary of RSU Activity | The following table summarizes the RSU activity for the nine months ended September 30, 2023 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share RSUs unvested and outstanding as of December 31, 2022 126,426 $ 10.07 RSUs granted 14,601 9.47 RSUs vested and converted to shares (40,834) 9.53 RSUs canceled (7,580) 10.60 RSUs unvested and outstanding as of September 30, 2023 92,613 $ 10.11 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 7,814 $ 10,525 $ 24,995 $ 33,413 Sales and marketing 39,290 48,824 116,956 147,501 Research and development 21,952 25,113 65,068 76,996 General and administrative 45,324 55,846 136,276 177,490 Total stock-based compensation expense $ 114,380 $ 140,308 $ 343,295 $ 435,400 |
Net Earnings (Loss) Per Share_2
Net Earnings (Loss) Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 71,505 $ (123,875) $ 116,434 $ (404,583) Denominator Weighted-average shares used in computing net earnings (loss) per share: Basic 2,162,530 2,073,265 2,134,045 2,054,926 Effect of dilutive shares 163,070 — 147,302 — Diluted 2,325,600 2,073,265 2,281,347 2,054,926 Net earnings (loss) per share Net earnings (loss) per share attributable to common stockholders: Basic $ 0.03 $ (0.06) $ 0.05 $ (0.20) Diluted $ 0.03 $ (0.06) $ 0.05 $ (0.20) |
Summary of Antidilutive Securities | The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (loss) per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Options issued and outstanding — 331,121 162,000 331,121 RSUs outstanding 6,941 128,182 12,032 128,182 Warrants to purchase common stock 13,042 13,042 13,042 13,042 Total 19,983 472,345 187,074 472,345 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue: Government $ 307,603 $ 273,834 $ 898,178 $ 778,622 Commercial 250,556 204,046 718,484 618,625 Total revenue $ 558,159 $ 477,880 $ 1,616,662 $ 1,397,247 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Contribution: Government $ 185,867 $ 153,552 $ 526,330 $ 447,004 Commercial 135,101 93,148 362,188 314,641 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 |
Summary of Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from operations $ 39,983 $ (62,191) $ 54,172 $ (143,375) Research and development expenses (1) 83,756 75,750 230,273 200,639 General and administrative expenses (1) 82,849 92,833 260,778 268,981 Total stock-based compensation expense 114,380 140,308 343,295 435,400 Total contribution $ 320,968 $ 246,700 $ 888,518 $ 761,645 ————— (1) Excludes stock-based compensation expense. |
Summary of Revenue by Geography | Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Amount % Amount % Amount % Amount % Revenue: United States $ 345,479 62 % $ 296,650 62 % $ 1,010,336 62 % $ 859,786 62 % United Kingdom 64,390 11 % 59,435 12 % 177,198 11 % 161,477 11 % Rest of world (1) 148,290 27 % 121,795 26 % 429,128 27 % 375,984 27 % Total revenue $ 558,159 100 % $ 477,880 100 % $ 1,616,662 100 % $ 1,397,247 100 % ————— (1) No other country represents 10% or more of total revenue for the three and nine months ended September 30, 2023 or 2022. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets subject to amortization that are not fully amortized are as follows (in thousands): Weighted average useful life As of September 30, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 4.08 $ 10,400 $ (1,907) $ 8,493 $ 10,400 $ (347) $ 10,053 Reacquired rights 6.08 17,619 (2,306) 15,313 17,619 (420) 17,199 Backlog 1.08 6,700 (3,071) 3,629 6,700 (558) 6,142 Other 0.52 4,224 (3,347) 877 5,717 (3,572) 2,145 Total intangible assets $ 38,943 $ (10,631) $ 28,312 $ 40,436 $ (4,897) $ 35,539 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of September 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2023 $ 2,410 2024 7,844 2025 4,597 2026 4,597 2027 4,250 Thereafter 4,614 Total $ 28,312 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,040,310 | $ 2,598,540 | $ 2,411,290 | |
Total cash, cash equivalents, and restricted cash | 1,061,886 | $ 2,627,335 | 2,452,749 | $ 2,366,914 |
Prepaid Expenses and Other Current Assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash | 3,132 | 20,557 | ||
Other Current Assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash | $ 18,444 | $ 20,902 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Line Items] | ||
Allowance for credit losses | $ 10,500 | $ 10,100 |
Accounts receivable, net | $ 430,269 | $ 258,346 |
Accounts Receivable Benchmark | Customer Concentration Risk | Customer J | ||
Accounting Policies [Line Items] | ||
Percentage concentration | 22% | |
Accounts Receivable Benchmark | Customer Concentration Risk | Customer I | ||
Accounting Policies [Line Items] | ||
Percentage concentration | 12% |
Contract Liabilities and Rema_2
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with customer, liability | $ 489.6 | $ 339.2 | |
Revenue recognized from contract liability balances | 314.9 | $ 353.8 | |
Remaining performance obligation | $ 987.7 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as percent) | 57% | ||
Expected timing of satisfaction (in months) | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as percent) | 35% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected timing of satisfaction (in months) | 13 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Expected timing of satisfaction (in months) | 36 months |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Marketable securities: | |||||
Debt securities | $ 2,375,144,000 | $ 2,375,144,000 | $ 0 | ||
Total | 2,993,330,000 | 2,993,330,000 | 1,209,935,000 | ||
Revenue | 558,159,000 | $ 477,880,000 | 1,616,662,000 | $ 1,397,247,000 | |
Level 1 | |||||
Marketable securities: | |||||
Total | 609,671,000 | 609,671,000 | 1,184,437,000 | ||
Level 2 | |||||
Marketable securities: | |||||
Total | 2,383,659,000 | 2,383,659,000 | 25,498,000 | ||
Level 3 | |||||
Marketable securities: | |||||
Total | 0 | 0 | 0 | ||
U.S. treasury securities | |||||
Marketable securities: | |||||
Debt securities | 2,375,144,000 | 2,375,144,000 | |||
Cash and Cash Equivalents | Money market funds | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 599,605,000 | 599,605,000 | 1,149,302,000 | ||
Cash and Cash Equivalents | Money market funds | Level 1 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 599,605,000 | 599,605,000 | 1,149,302,000 | ||
Cash and Cash Equivalents | Money market funds | Level 2 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Cash and Cash Equivalents | Money market funds | Level 3 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Cash and Cash Equivalents | U.S. treasury securities | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 141,946,000 | 141,946,000 | |||
Marketable securities: | |||||
Debt securities | 141,946,000 | 141,946,000 | |||
Cash and Cash Equivalents | U.S. treasury securities | Level 1 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | |||
Cash and Cash Equivalents | U.S. treasury securities | Level 2 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 141,946,000 | 141,946,000 | |||
Cash and Cash Equivalents | U.S. treasury securities | Level 3 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | |||
Cash and Cash Equivalents | Certificates of deposit | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 938,000 | 938,000 | 6,791,000 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 1 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 2 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 938,000 | 938,000 | 6,791,000 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 3 | |||||
Cash and cash equivalents: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | |||||
Prepaid expenses and other current assets and other assets: | |||||
Certificates of deposit | 7,577,000 | 7,577,000 | 18,707,000 | ||
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 1 | |||||
Prepaid expenses and other current assets and other assets: | |||||
Certificates of deposit | 0 | 0 | 0 | ||
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 2 | |||||
Prepaid expenses and other current assets and other assets: | |||||
Certificates of deposit | 7,577,000 | 7,577,000 | 18,707,000 | ||
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3 | |||||
Prepaid expenses and other current assets and other assets: | |||||
Certificates of deposit | 0 | 0 | 0 | ||
Marketable Securities | U.S. treasury securities | |||||
Marketable securities: | |||||
Debt securities | 2,233,198,000 | 2,233,198,000 | |||
Marketable Securities | U.S. treasury securities | Level 1 | |||||
Marketable securities: | |||||
Debt securities | 0 | 0 | |||
Marketable Securities | U.S. treasury securities | Level 2 | |||||
Marketable securities: | |||||
Debt securities | 2,233,198,000 | 2,233,198,000 | |||
Marketable Securities | U.S. treasury securities | Level 3 | |||||
Marketable securities: | |||||
Debt securities | 0 | 0 | |||
Marketable Securities | Publicly-traded equity securities | |||||
Marketable securities: | |||||
Publicly-traded equity securities | 10,066,000 | 10,066,000 | 35,135,000 | ||
Marketable Securities | Publicly-traded equity securities | Level 1 | |||||
Marketable securities: | |||||
Publicly-traded equity securities | 10,066,000 | 10,066,000 | 35,135,000 | ||
Marketable Securities | Publicly-traded equity securities | Level 2 | |||||
Marketable securities: | |||||
Publicly-traded equity securities | 0 | 0 | 0 | ||
Marketable Securities | Publicly-traded equity securities | Level 3 | |||||
Marketable securities: | |||||
Publicly-traded equity securities | $ 0 | $ 0 | $ 0 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 2,375,747,000 | |
Unrealized Gains | 123,000 | |
Unrealized Losses | (726,000) | |
Fair Value | 2,375,144,000 | $ 0 |
U.S. treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 2,375,747,000 | |
Unrealized Gains | 123,000 | |
Unrealized Losses | (726,000) | |
Fair Value | 2,375,144,000 | |
U.S. treasury securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 141,925,000 | |
Unrealized Gains | 21,000 | |
Unrealized Losses | 0 | |
Fair Value | 141,946,000 | |
U.S. treasury securities | Current Marketable Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 2,233,822,000 | |
Unrealized Gains | 102,000 | |
Unrealized Losses | (726,000) | |
Fair Value | $ 2,233,198,000 |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 33 Months Ended | |||
Sep. 30, 2023 USD ($) security | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) security | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) oz | Sep. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 694,600,000 | |||||
Credit or non-credit losses related to debt securities | 0 | ||||||
Available-for-sale debt securities in unrealized loss position | $ 1,400,000,000 | $ 1,400,000,000 | $ 1,400,000,000 | ||||
Number of securities in an unrealized loss position for greater than 12 months | security | 0 | 0 | 0 | ||||
Debt securities | $ 2,375,144,000 | $ 2,375,144,000 | $ 2,375,144,000 | $ 0 | |||
Equity securities received as noncash consideration | 17,300,000 | $ 6,400,000 | |||||
Unrealized gain (loss) from equity securities | $ (18,000,000) | (192,800,000) | |||||
Realized loss from equity securities | 41,300,000 | 67,900,000 | |||||
Aggregate purchase price | 0 | 0 | 0 | $ 124,500,000 | |||
Revenue | 558,159,000 | 477,880,000 | 1,616,662,000 | 1,397,247,000 | |||
Publicly-Traded Equity Securities Held | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Unrealized gain (loss) from equity securities | (700,000) | $ (57,200,000) | (5,600,000) | $ (223,400,000) | |||
Alternative Investment | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investment in physical commodities | $ 50,900,000 | ||||||
Weight of commodities purchased | oz | 100 | ||||||
Proceeds from sales of alternative investments | 51,100,000 | ||||||
Commercial Contract | Investment Agreement | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Maximum contract value | 392,100,000 | 392,100,000 | 392,100,000 | ||||
Revenue | 14,700,000 | 67,400,000 | 234,100,000 | ||||
Commercial Contract | Investment Agreement | Maximum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contractual option amounts | $ 43,700,000 | $ 43,700,000 | $ 43,700,000 | ||||
Subscription contract term | 7 years | ||||||
Commercial Contract | Investment Agreement | Minimum | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Subscription contract term | 2 years |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Line Items] | ||
Total property and equipment, gross | $ 145,681 | $ 151,582 |
Less: accumulated depreciation and amortization | (95,548) | (82,412) |
Total property and equipment, net | 50,133 | 69,170 |
Leasehold improvements | ||
Balance Sheet Related Disclosures [Line Items] | ||
Total property and equipment, gross | 82,214 | 80,378 |
Computer equipment, software, and other | ||
Balance Sheet Related Disclosures [Line Items] | ||
Total property and equipment, gross | 48,353 | 52,688 |
Furniture and fixtures | ||
Balance Sheet Related Disclosures [Line Items] | ||
Total property and equipment, gross | 13,725 | 13,010 |
Construction in progress | ||
Balance Sheet Related Disclosures [Line Items] | ||
Total property and equipment, gross | $ 1,389 | $ 5,506 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations | $ 6.3 | $ 5.5 | $ 18.2 | $ 13.9 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and related expenses | $ 62,410 | $ 43,495 |
Accrued taxes | 36,479 | 41,326 |
Accrued other liabilities | 75,864 | 87,894 |
Total accrued liabilities | $ 174,753 | $ 172,715 |
Debt (Detail)
Debt (Detail) - 2014 Revolving Credit Facility - Line of Credit | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Short-Term Debt [Line Items] | |
Debt instrument maximum borrowing capacity | $ 500,000,000 |
Revolving Credit Facility | |
Short-Term Debt [Line Items] | |
Debt instrument carrying amount | $ 0 |
Line of credit facility commitment fee percentage | 0.30% |
Line of credit minimum liquidity to be maintained | $ 50,000,000 |
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |
Short-Term Debt [Line Items] | |
Basis spread on variable rate | 2% |
Revolving Credit Facility | Base Rate | |
Short-Term Debt [Line Items] | |
Basis spread on variable rate | 1% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Letter of credit outstanding amount | $ 21.6 | $ 28.8 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Letter of credit outstanding amount | 21.6 | $ 28.8 |
Purchase Commitment Two | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Long-term purchase commitment, amount | $ 1,950 | |
Period for purchase price commitment (in years) | 10 years | |
Purchase commitment for year one | $ 154 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 USD ($) vote shares | Aug. 31, 2023 USD ($) | |
Class of Stock [Line Items] | |||
Minimum ownership threshold (in shares) | shares | 100,000,000 | 100,000,000 | |
Dividends declared | $ | $ 0 | $ 0 | |
Stock repurchase program, authorized amount | $ | $ 1,000,000,000 | ||
Stock repurchased during period (in shares) | shares | 0 | ||
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Voting rights | vote | 1 | ||
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Voting rights | vote | 10 | ||
Common stock, convertible, conversion ratio | 1 | ||
Class F Common Stock | |||
Class of Stock [Line Items] | |||
Control of total voting power | 50% | 50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 22,701,005,000 | 22,701,005,000 |
Common stock, issued (in shares) | 2,175,241,000 | 2,099,075,000 |
Common stock, outstanding (in shares) | 2,175,241,000 | 2,099,075,000 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 20,000,000,000 | 20,000,000,000 |
Common stock, issued (in shares) | 2,068,689,000 | 1,995,414,000 |
Common stock, outstanding (in shares) | 2,068,689,000 | 1,995,414,000 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 2,700,000,000 | 2,700,000,000 |
Common stock, issued (in shares) | 105,547,000 | 102,656,000 |
Common stock, outstanding (in shares) | 105,547,000 | 102,656,000 |
Class F Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 1,005,000 | 1,005,000 |
Common stock, issued (in shares) | 1,005,000 | 1,005,000 |
Common stock, outstanding (in shares) | 1,005,000 | 1,005,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Options Outstanding | ||
Beginning balance (in shares) | shares | 326,913,000 | |
Options exercised (in shares) | shares | (35,332,000) | |
Options canceled and forfeited (in shares) | shares | (1,844,000) | |
Ending balance (in shares) | shares | 289,737,000 | 326,913,000 |
Options vested and exercisable, end of period (in shares) | shares | 166,761,000 | |
Weighted-Average Exercise Price Per Share | ||
Beginning balance (in dollars per share) | $ / shares | $ 8.05 | |
Options exercised (in dollars per share) | $ / shares | 4.72 | |
Options canceled and forfeited (in dollars per share) | $ / shares | 5.18 | |
Ending balance (in dollars per share) | $ / shares | 8.47 | $ 8.05 |
Options vested and exercisable, end of period (in dollars per share) | $ / shares | $ 6.41 | |
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value | ||
Options outstanding, Weighted-average remaining contractual life (years) | 7 years 9 months 25 days | 8 years 3 months 29 days |
Options vested and exercisable (in years) | 7 years 25 days | |
Options outstanding, aggregate intrinsic value | $ | $ 2,181,036 | $ 272,603 |
Options vested and exercisable, end of period | $ | $ 1,598,629 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 625.7 |
Unrecognized share based compensation expense, period for recognition | 7 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 565.1 |
Unrecognized share based compensation expense, period for recognition | 3 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
RSUs Outstanding | |
RSUs unvested and outstanding, beginning balance (in shares) | shares | 126,426,000 |
RSUs granted (in shares) | shares | 14,601,000 |
RSUs vested and converted to shares (in shares) | shares | (40,834,000) |
RSUs canceled (in shares) | shares | (7,580,000) |
RSUs unvested and outstanding, ending balance (in shares) | shares | 92,613,000 |
Weighted Average Grant Date Fair Value per Share | |
RSUs unvested and outstanding, beginning balance (in dollars per share) | $ / shares | $ 10.07 |
RSUs granted (in dollars per share) | $ / shares | 9.47 |
RSUs vested and converted to shares (in dollars per share) | $ / shares | 9.53 |
RSUs cancelled (in dollars per share) | $ / shares | 10.60 |
RSUs unvested and outstanding, ending balance (in dollars per share) | $ / shares | $ 10.11 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 114,380 | $ 140,308 | $ 343,295 | $ 435,400 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 7,814 | 10,525 | 24,995 | 33,413 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 39,290 | 48,824 | 116,956 | 147,501 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 21,952 | 25,113 | 65,068 | 76,996 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 45,324 | $ 55,846 | $ 136,276 | $ 177,490 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 6,530 | $ 1,096 | $ 10,382 | $ 5,707 |
Increase (decrease) in income taxes | $ 5,400 | $ 4,700 |
Net Earnings (Loss) Per Share_3
Net Earnings (Loss) Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator | ||||
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share | $ 71,505 | $ (123,875) | $ 116,434 | $ (404,583) |
Denominator | ||||
Weighted-average shares used in computing net earnings (loss) per share, basic (in shares) | 2,162,530,000 | 2,073,265,000 | 2,134,045,000 | 2,054,926,000 |
Effect of dilutive shares | 163,070,000 | 0 | 147,302,000 | 0 |
Weighted-average shares used in computing net earnings (loss) per share, diluted (in shares) | 2,325,600,000 | 2,073,265,000 | 2,281,347,000 | 2,054,926,000 |
Net earnings (loss) per share | ||||
Basic (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.05 | $ (0.20) |
Diluted (in dollars per share) | $ 0.03 | $ (0.06) | $ 0.05 | $ (0.20) |
Net Earnings (Loss) Per Share_4
Net Earnings (Loss) Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 19,983 | 472,345 | 187,074 | 472,345 |
Options issued and outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 331,121 | 162,000 | 331,121 |
RSUs outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 6,941 | 128,182 | 12,032 | 128,182 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 13,042 | 13,042 | 13,042 | 13,042 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 558,159 | $ 477,880 | $ 1,616,662 | $ 1,397,247 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 558,159 | 477,880 | 1,616,662 | 1,397,247 |
Contribution | 320,968 | 246,700 | 888,518 | 761,645 |
Operating Segments | Government | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 307,603 | 273,834 | 898,178 | 778,622 |
Contribution | 185,867 | 153,552 | 526,330 | 447,004 |
Operating Segments | Commercial | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 250,556 | 204,046 | 718,484 | 618,625 |
Contribution | $ 135,101 | $ 93,148 | $ 362,188 | $ 314,641 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | $ 39,983 | $ (62,191) | $ 54,172 | $ (143,375) |
Total stock-based compensation expense | 114,380 | 140,308 | 343,295 | 435,400 |
Reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | 39,983 | (62,191) | 54,172 | (143,375) |
Research and development expenses | 83,756 | 75,750 | 230,273 | 200,639 |
General and administrative expenses | 82,849 | 92,833 | 260,778 | 268,981 |
Total stock-based compensation expense | 114,380 | 140,308 | 343,295 | 435,400 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total contribution | $ 320,968 | $ 246,700 | $ 888,518 | $ 761,645 |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 558,159 | $ 477,880 | $ 1,616,662 | $ 1,397,247 |
Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 558,159 | $ 477,880 | $ 1,616,662 | $ 1,397,247 |
Geographic Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage concentration | 100% | 100% | 100% | 100% |
Geographic Concentration Risk | Revenue Benchmark | Minimum | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage concentration | 10% | 10% | 10% | 10% |
United States | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 345,479 | $ 296,650 | $ 1,010,336 | $ 859,786 |
United States | Geographic Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage concentration | 62% | 62% | 62% | 62% |
United Kingdom | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 64,390 | $ 59,435 | $ 177,198 | $ 161,477 |
United Kingdom | Geographic Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage concentration | 11% | 12% | 11% | 11% |
Rest of world | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 148,290 | $ 121,795 | $ 429,128 | $ 375,984 |
Rest of world | Geographic Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage concentration | 27% | 26% | 27% | 27% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 38,943 | $ 40,436 |
Accumulated Amortization | (10,631) | (4,897) |
Total | $ 28,312 | 35,539 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 4 years 29 days | |
Gross Carrying Amount | $ 10,400 | 10,400 |
Accumulated Amortization | (1,907) | (347) |
Total | $ 8,493 | 10,053 |
Reacquired rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 6 years 29 days | |
Gross Carrying Amount | $ 17,619 | 17,619 |
Accumulated Amortization | (2,306) | (420) |
Total | $ 15,313 | 17,199 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 1 year 29 days | |
Gross Carrying Amount | $ 6,700 | 6,700 |
Accumulated Amortization | (3,071) | (558) |
Total | $ 3,629 | 6,142 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 6 months 7 days | |
Gross Carrying Amount | $ 4,224 | 5,717 |
Accumulated Amortization | (3,347) | (3,572) |
Total | $ 877 | $ 2,145 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2023 | $ 2,410 | |
2024 | 7,844 | |
2025 | 4,597 | |
2026 | 4,597 | |
2027 | 4,250 | |
Thereafter | 4,614 | |
Total | $ 28,312 | $ 35,539 |