PLTR - Earnings call transcript Q1 2022 | Palantir Technologies Inc.

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Operator

Good morning. Welcome to Palantir's First Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2022 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. is market our our open risks distributed press SEC those to prior today concerning available earnings in release filings. Information and in as no by undertake obligation update statements, We to law. except forward-looking required adjusted course of we to Further, during financial today's the measures. will call, refer certain substitute These a should not measures isolation in financial considered in or non-GAAP to, from addition, be as for GAAP measures.

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

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

Chief on Officer; Dave Joining call and of me today today's Financial Chief Sankar, are Kevin Officer; Alex Operating Development. Karp, Global Head Business Executive Chief Kawasaki, Officer; Shyam Glazer,

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

Alex Karp

our earnings. to Welcome

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Shyam Sankar

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highlights Turning automotive, we growth major our customers added in net XX super renewal customer, in a a April, energy, U.S. including closed with in to services, saw in new sciences. in QX. We business. the continued new financial We major in and life a In commercial

quarter, development stay efficiencies by XX,XXX targeted, the on improve telling X. operation continued hospitals to interest our as problems processes has data how need over built covering patients with in ensure applications flow ability build on XXX experience. surrounding Palantir's application just in with scaled finance, hospital customer Hospitals X,XXX order to on $XXX a proven have offerings. suite saw resiliency now used to January and based good Fortune care. access X network over the suite million. a customers of and built staffing in over days and infrastructure. across under This participants hosted real-time XXX customer decrease notifications hospital event-driven hackathon length proper better U.S., Last patient solve and was up AI. across is operational of actionable beds over to for from collaborative and we This decision-making through company featuring modular planning, Palantir's example unique these a operations Palantir

to Turning government.

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grew is an care Our the rate. reflected run Prevention. of work for growth with doubling with business Centers of the government expansion the the Control and health Disease The in

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it the Foundry enable Dave work the to turn of national On software-defined I'll to them backlog. integrating roll financials. us data where March the through in off hospitals, over our XX NHS the investments to continued the through with out in pipeline integration product able to take our alone sets to hundreds were continues side to care to newest they builder pay other of Atlantic, data at

Dave Glazer

view of government trend. CAGR XXXX for business. her X pillar XX% supplying crucial a of to first government highlighted, long-term important the with allies a Alex we XX% which and been The revenue positioned and core times. years world. from We U.S. the U.S. has to we fundamentally, unstable our uniquely and Shyam quarter growth leading is More as in driver and XXXX, believe our of for some institutions products we a most was work with the a of As are our

Palantir. durability and As margin through challenges Alex of the is as performance resilience and and unique to especially and mentioned, in geopolitical macroeconomic our revenue of the face substantial growth, quality uncertainty, viewed

have delivery wrote of In growth the incur the having challenges, a will Alex customers' resilience in letter, continue and prior his defense As combine the to we mission-critical of the our sector with the we in software company. of contracts capabilities. face to industrial expenses of

acceleration U.S. date, to our of already by second the we half these expect QX the government our revenue reacceleration performance, Following I'll to overall year. the the investments, of our expect of acceleration seen quarter first in government shortly outlook. In segment quarter the U.S. thereafter. of we've revenue review now next and followed government or follow into

consecutive ahead First was quarter retention revenue prior guidance growth the fifth XXX%. $XXX dollar revenue our of Overall grew for accelerated XX% million. year-over-year, to Commercial net quarter.

first First in driven increase quarter, in commercial XXX% growth million, a increased accelerated XX% year-over-year, year to up QX. the in $XXX quarter as U.S. year-over-year XXX% XX% our revenue continues the Commercial quarter. accelerated in commercial XX% up from fourth from from be in XX% growth business revenue to to QX QX and growth revenue by International to commercial up ago. X% U.S. a

Our XXX versus to Government by U.S. million. points. XX% roughly prior XX% revenue Adjusted our ago revenue was $XXX operating period basis ahead guidance period. grew versus of ago XX%, margin year increased the year the business

accelerate. year-over-year added in the commercial growth. sequential first had growth adds, net to quarter, the fourth customers We net Our and strongest quarter our continues in of XXX% XX quarter. adding customer equals XX adds, net new from acquisition XX% customer commercial We XX up which

commercial continued year. We expect growth acquisition throughout the in customer

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

$XXX billings year-over-year. up million, quarter XX% were First

period. close deals ACV XX% the versus year year-over-year First XXX on quarter back the XX deals in of ago increased

The been seeing $XXX passed, new already continuing impacted reaccelerate. U.S. a government now that has by been But businesses we're was has TCV closed resolution. the TCV million. U.S. revenue quarter government's QX First budget

period. XXXX. XX% in the ended deal government government in Additionally, the remainder the $X.X year-over-year, with over remaining year, We in We quarter with ended remaining of by we expect quarter $X.X bookings XX% resulting with outlined first half total the Alex, geopolitical obligations, up activity of the shortened growth duration to up revenue first the while stronger performance second in landscape for same billion the value, X% year-over-year. billion increase

As than does comprised XX contractual a and obligations take as business of it beyond account our term primarily contracts an less fall that months not with termination clauses, which Contribution for an in and government convenience both compensation. XX%. of margin Adjusted margin XX%. our common on basis, adjusted are gross excludes is was reminder, commercial expenses are initial RPO of was Margins into which stock-based business.

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

First adjusted sequentially. $XXX quarter million, up expenses were X%

the balance company over spending and position the of to to in and our investments current will geopolitical are We XXXX. continue in win product our customers customers These environment. the

First strong million, our flow. debt. up it's cash were in And free accounts quarter remains credit chest, billion negative $XX undrawn. million our in by increase the march, to very operations from balance. securities. million our unrealized share in the expanded adjusted flows previously. impact which We war $XXX a a end $X.X million driven facility At per and but we $XXX earnings had revolving losses QX, credit adjusted in from of we includes primarily quarter-to-quarter, million worth cash $X.XX $X.XX, Cash In and cash $XX generated receivable entirely noting marketable vary on $XX facility no

the of advantage take arise conditions. that to of may positioned from ideally us leaves deterioration further global opportunities sheet balance Our

outlook. our to Turning

in of revenue potential million in for QX. guiding There's above range developing base of our a geopolitical to those our case a are to responding events. including guidance, role $XXX driven by wide upside We

mission in quarter investments of awards we base as XX% advance adjusted support of year accelerate continue anticipated We contract of adjusted full our margin to and to customers' margin operating expect expect case second the in operating XX%.

call. from are acceleration long-term to to XX% regard open government and I'll year-end guidance Rodney of execute continue greater to for with will already each and up and CEO, the our strategy Q&A. guidance X growth call XXXX call Alex revenue Continuing of revenue by in an or turn forth resulting providing are seeing our we year the these investments. revenue U.S. that, years our Karp, earnings to expect We to over earnings the provide at this next guidance, With set

Rodney Nelson

Dave. Thanks,

Q&A near and first me products future? you're are the this any Shyam P. to are asks, Kevin there Shyam, launch Joining Sankar, Kernish Dave is looking Kawasaki. Glazer question for for you, in new

Shyam Sankar

you, Kernish. Thank

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Rodney Nelson

Shyam. Thanks, Palantir asks, next to is Daniel you. this for question what reduce L. Dave, doing dilution? is share

Dave Glazer

Thank you, repeatedly is something Daniel. This is misunderstood. that actually

a entire If at in in fully year. X.XXX% shares we take only outstanding year, look the you last added diluted

If the first that year, this actually to number fully of you diluted flip for the declined quarter quarter.

literally started. shares ended you it fewer than QX So with when

Rodney Nelson

time and Shyam, Karp's war, inflation problems? Palantir. current next asks, times world's for for bad hyperpartisanship up you. Dave. solving What to Thanks, is said back Karp this the Noah is words? good A. greatest are of during is doing this question How Palantir Alex Palantir

Shyam Sankar

Noah. This it literally important. It question is The that is Palantir. exist. reason the is Thanks, answer we really to

has Alex company our been our and times, many products this world. we As have for building mentioned

the semiconductor to confront has for how our wave in clinical more Ukraine become products to Europe, prices escalating helping regional governments a respond extend grow major availability Edge chain resulting powering boings is important Commodity of humanitarian bangs, and is been to ricochets also CFXX, gas, refugee and that customers essential disrupted will are The relief continue disrupted. is exploding. in AI required But Russia's operations. it's set invasion motion, of prices palladium, into center understand set short and more and to and of all events facet from the disaster inflation, world. Goldberg fertilizer MetaConstellation disrupted, ever. rocketing. that runaway trials. to talked new Food the chain. refugees, supply Neon a Rube have we and a a sky conflict in than chains and Eastern As are all extend rapidly like of supply food about crucial of are I've every already our

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Rodney Nelson

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

Dave Glazer

negative negative negative We an in GAAP Deepak. Thank XX% a from had you, XXXX. in in QX QX, and improvement operating XX% margin X% from QX

operating my our highest in progress. last But with the that a preparing the as quarters this we not we're nuclear start durability in And already quarter-to-date. a margin. And Alex our QX said, for incredibly government kids. year, quality mention, important revenue strong discussed, to in flow So strongest viewed growth significant for adjusted making will with alone and free we're through this were of lifetime, a think parents has since margin of that gap come. to off Palantir. as let resilience was And adjusted war to year, is posted be world my unique $XXX full We chance the a cash year. the And XX% we're uniqueness to performance, million

Rodney Nelson

the this on its comment you. and asks, financials? is SPAC Kevin, partnership for Dave. impact strategy Jackson Thanks, you can on the next K.

Kevin Kawasaki

has the we've Sure. wound down. this $XX at not will Thanks, new from from additional Jackson. Revenue program peaked we million. And in as program have customers QX these around contracts

about QX Revenue quarter, in in about higher is expect million million customers. quarter reflecting catch-up forward, of recognized started work Going result a the revenue of these $X from last $XX as per we some year. of

overall. customer $X.XX customers from roughly grew also And had business, quarter-over-quarter. U.S. from When quarter growing securities. year sequentially the sequentially marketable growth the X% and geography, commercial for XX% commercial in XX% share this at at customer winning impact up negative in ex-SPACs, saw count and our year-over-year a a by new per earnings We continued We on you XXX%. Commercial look you'll United see XXX% ago. the up States, count strongest and strength

to see growth our as continued in Alex commercial again. we commercial acquisition. path revenue We And double expect customer a U.S. mentioned,

Rodney Nelson

Great. delivers you to you module. problem there Thanks, FY we Ops PI what before this elaborate more a Michael in P. business capability or the call. update, Foundry Foundry Kevin. perhaps solves XXXX it value one as up to for the a users? was Shyam, the reference Could asks, open and on

Shyam Sankar

Thanks, Michael. there Foundry, massively high-level differentiated are X about really capabilities. think When you

interconnected am have first makes with with software integration Foundry This solve you. data the to integration, How the question, robust approach you technology, take? created of that the together? single I data is answer that that Foundry marginal with types all The that for approach development starting helps we gets cost long quickly. do pipelines is application builders data for its there's line X, data marginal all the software application cost of with own to zero, is going makes that this my builder, data to capability of to the fact new And I applications. The you writes data no WYSIWYG second how pipeline how bring code, integration It deal going every day?

applications warehouse digital modeling And Importantly, lets twin write these your that transactional simulation your existing and Foundry native read ledger, like you These has to capability your general enterprise. are enterprise ERP, that and system. management third, not your systems the of dashboards. your are interact with

much you print an I road most traffic, turn where, MapQuest you real to for closures. get like there the then people are surprises is in can we So ground: map. facts best to on analogy real-world turn is ever-changing Waze optimized like have the yes, using yes, destination, the more best and The on you respond where time. like can technology But time, by something that construction, but are compute this is plan. out a importantly, you based something the put put you accidents, the production current in like in Foundry destination dynamically the way all computing even

While stuck you're line. in the raising finish jam, the is competition traffic across the

because twin Foundry this digital possible business, powered of a So Foundry's and is by ontology. that is is all your of

also not just that So of nouns, with the the but our your you actions ontology, modeling can the business, we're verbs take.

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Rodney Nelson

Thanks, Shyam.

with from comes question next Our Brent Jefferies. Thill

Brent Thill

seeing I called the talk reacceleration. where you're business? seeing United there? as States can government speak you the seeing the business, the to in rest you And think you're you the of and you're the out world also Regarding the Can to acceleration what that

Shyam Sankar

space. Absolutely. The the covers we're of for government last role the playing kind And in conflict. the which of about was wins. war over we're with the have we times a talked working with the Navy, built the land decade, already space with the have framework Space doing we seen in U.S. really local with us and I've and we're covering that there. U.S. CAGR, Royal police Bavaria, doing that for expansion literally involvement Thanks, that and with North we've Brent. We've U.K. state Core, And The they happen the work allies peace XX knock-on with events and that been in Europe. Germany a that XX% Rhine-Westfalia, can and at times DSG Hesha, And our of see the with agreement with that current reacceleration Comm work to starting creates you opportunities Warp CDX, approach for the but as work that years.

the matters that now the here. procurements the investing in to our a government for the work also short and that doing we also business so in of that customers, right over term doing defining likely But now we work requirements work are that defense QX, doing decades substantial expect work to and see And We're longer-term to have amount where is end both we're come payouts. result U.S. but will contracted. be we've this is of We're started reaccelerate.

Rodney Nelson

Thanks, Shyam.

Brad from comes Zelnick question Deutsche next with Bank. Our

Brad Zelnick

can. you that hoping I'm

the that referred for guys might guidance. full government? wanted double-click the how coming you I and versus -- on out about me. revenue much think variability year? QX means of cut in I what But of margin have on How should and we your from guide is XX% your range upside to it you come to commercial XX% that for And think variability the

Dave Glazer

you. Thank

beyond. very full macro feel and this environment, we well positioned in for So the year

revenue, of XX% revenue U.S. space. Our defense and our amount a this QX represented of is the in significant government

QX, QX. which in the overall we a in business seen growth and segment business, has acceleration commercial or accelerating government each of in is shortly the long-term reacceleration expect government Our Shyam quarters the And business, already think rate to a we've X this quarter the XX% mentioned, outpacing some U.S. government just been of after. trend last as in

Rodney Nelson

Great. Thanks, Kevin.

you Our Mark from can Cash Morningstar. ahead. comes next question go with Mark,

from RBC. Jaluria question next Our comes with Rishi

Rishi Jaluria

into more in little wanted Maybe understanding range just bit go appreciate the of I a it. QX. I to outcomes really

maybe bear get full case on when a a And can a through hinting potential more talked what more everything us you upside. seeing you're that and bit macro from of a set base assumptions You where just there? importantly, you that a about about Can be you walk a case, there's maybe going thinking you're would case at is in perspective? QX, bull given little

Shyam Sankar

contract down have. Look, to There's upside the a I lot is a The we're really of is and the we that this quite visibility establishing comes thinking of work timing how acceleration war deprive case customers large. events. not base going your about in the mean in flight of because The with need we're help of greatest way in amount fair you of yet. you're moments paperwork to engage is when at we here. that that's isn't

we right have of the we also is now implies relevance think most full need what quarter we but world. to the this comment on But and in it, important to visibility problems the but into it upside. of quarter, just long-term not to solving it's we meaningful. the for delivering the it's next specifics the predict. business not so year, on only the of what the We're be and And have focused hard because this growth going implies for what And to

Rodney Nelson

Shyam Great. Thanks, Q&A I'll Sankar Shyam. concludes call. back to over That turn closing on today's remarks. call for the

Shyam Sankar

now, In many of as geopolitical to production day. processing to we they Lithuania our we on. Poland, chance direct around people supply Look, stabilize Rodney. military people so global the from supporting to culture exposure health had as to and we to will COVID the and are throw and organizations, sacred software health company that you, refugees Romania chains that significant macroeconomic infrastructure many European we and we QX, every generations. refugee the the company floors are most mission agencies stand to impact involved entire behind the up Much and operations, feed cold the the of and to entire set of floors we factory delivery as day power situations our have XXX,XXX manufacturers And our through duty. positioned our execute the Thank outsized sleeping in nearly a delivered concrete go their

Our company for built this. was

work. this. to for Our Back software was built

Palantir (PLTR) 9 May 222022 Q1 Earnings call transcript