$Palantir Technologies Inc.(PLTR)$
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Palantir Technologies Inc. (NYSE:PLTR) Q4 2023 Earnings Conference Call February 5, 2024 5:00 PM ET
Company Participants
Ana Soro - Finance Team
Ryan Taylor - Chief Revenue Officer and Chief Legal Officer
Shyam Sankar - Chief Technology Officer
Dave Glazer - Chief Financial Officer
Alex Karp - Chief Executive Officer
Conference Call Participants
Mariana Perez - Bank of America
Dan Ives - Wedbush
Ana Soro
Good afternoon. I'm Ana Soro from Palantir's Finance Team, and I'd like to welcome you to our Fourth Quarter 2023 Earnings Call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website.
During the call, we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our first quarter and fiscal 2024 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release, distributed after the market closed today, and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law.
Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com.
Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons, unless otherwise stated.
Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.
I'll now turn it over to Ryan to start the call.
Ryan Taylor
2023 was a tremendous year of opportunity and growth for our company, with US commercial at the forefront, which was meaningfully driven by AIP as the product and bootcamps as the go-to-market motion. We closed out the year with $608 million in fourth quarter revenue, representing 20% year-over-year and 9% sequential growth. Our commercial business surpassed $1 billion in revenue over the last 12 months, a noteworthy milestone. And our fourth quarter commercial revenue grew 32% year-over-year.
AIP and bootcamps are accelerating our business, particularly in US commercial, where fourth quarter revenue grew 70% year-over-year, evidencing a significantly expanding addressable market. In October, we set a goal of executing 500 AIP bootcamps within one year. We have already blown that goal out of the water, having completed more than 560 bootcamps across 465 organizations to-date.
We are deploying AIP to implement hundreds of real tangible use cases in production for our customers. One bootcamp attendee remarked, "What your team did in just two days was incredible. We can already think of 100 use cases for this." While another said, "It seems there are endless solutions. It seems there's nothing Palantir cannot do." When combining LLMs with Foundry through AIP, the ability to deploy use cases becomes much more widely accessible, so the addressable market expands considerably. We're seeing initial momentum as a result of that expansion, while also still being at the starting line in the journey to capture that market.
In our US commercial business, the expanding addressable market, driven by AIP, is propelling growth both through new customer acquisitions and expansions with existing customers. I've never before seen the level of customer enthusiasm and demand that we are currently seeing from AIP in US commercial.
With regard to new customer acquisition, the expanding addressable market is reflected in the greater scale of the top of our sales funnel. And now we're doubling down on how we're converting bootcamps to enterprise deals. We're already seeing evidence of bootcamps helping to significantly compress sales cycles and accelerate the rate of new customer acquisition, which rose to 22% sequentially for US commercial in Q4 versus 12% and 4% in Q3 and Q2, respectively. And we more than doubled the number of US commercial deals with TCV of $1 million or more from the fourth quarter in 2022 to 2023. We're also seeing a meaningful increase in our US commercial TCV on a dollar-weighted duration basis, which is up 107% year-over-year and 42% sequentially.
We signed a multitude of US commercial deals last quarter. Just to name a few, we signed deals over $25 million each with one of the largest car rental companies, one of the largest telecommunication companies, and one of the largest pharmaceutical and biotechnology corporations in the world. And then, we also signed deals over $10 million each with an American consumer packaged goods holding company, an American automotive seat and electrical systems manufacturer, a comprehensive health network in the Midwest, and a large scale battery manufacturer. In addition, we signed deals over $5 million each with an American bank holding company, a horse racing regulatory organization, one of the world's largest equipment rental companies, and one of the largest independent non-profit cooperatives in the quick-service restaurant industry. And these are just a few of the examples.
Palantir Technologies Inc. (NYSE:PLTR) Q4 2023 Earnings Conference Call February 5, 2024 5:00 PM ET
Company Participants
Ana Soro - 财务团队
Ryan Taylor - 首席营收官和首席法务官
Shyam Sankar - 首席技术官
戴夫·格莱泽-首席财务官
Alex Karp - 首席执行官
Conference Call Participants
玛丽安娜·佩雷斯-美国银行
丹·艾夫斯-威博夏
Ana Soro
下午好。我是Palantir财务团队的Ana Soro，我想欢迎大家参加我们2023年第四季度收益电话会议。我们将会讨论我们在市场收盘后发布的新闻稿中公布的结果，并且在我们的投资者关系网站上发布。
在通话过程中，我们将就我们的业务进行陈述，这些陈述可能根据适用的证券法被视为前瞻性陈述，包括我们2024财年第一季度和整个财年的业绩陈述、管理层对我们未来财务和运营绩效的预期，以及其他计划、前景和期望的陈述。这些陈述并非承诺或担保，可能受到风险和不确定性的影响，从而导致实际结果与之存在重大差异。关于这些风险的信息可在我们今天收盘后发布的盈利新闻稿以及我们提交给美国证券交易委员会的文件中找到。除了法律要求外，我们不承担更新前瞻性陈述的义务。
在今天的电话会议中，我们还将涉及某些调整后的财务指标。这些非通用会计原则（GAAP）的财务指标应被视为补充而非替代或孤立地使用GAAP指标。有关这些非GAAP指标的详细信息，包括非GAAP指标与可比GAAP指标的对账，已经包含在我们今天发布的新闻稿和投资者介绍中。我们的新闻稿、投资者介绍和美国证券交易委员会（SEC）的备案资料可在我们的投资者关系网站investors.palantir.com上获取。
在通话过程中，我们会在讨论业务时提及各种增长率。除非另有说明，这些率反映了同比增长情况。
今天的电话会议上有首席执行官Alex Karp、首席技术官Shyam Sankar、首席财务官Dave Glazer以及首席营收官兼首席法务官Ryan Taylor。
我现在将把话筒交给 Ryan 开始通话。
Ryan Taylor
2023年对我们公司来说是一个巨大的机遇和增长之年，其中美国商业市场处于前沿，这主要得益于AIP产品和启动专项培训营的推广。我们以第四季度6.08亿美元的营收收官，同比增长20%，环比增长9%。我们的商业业务在过去12个月实现了超过10亿美元的收入，这是一个值得关注的里程碑。第四季度商业营收同比增长32%。
AIP 和特训营正在加快我们的业务发展，尤其在美国商业领域，第四季度收入同比增长了 70%，证明了市场规模显著扩大。十月份，我们设定了一年内执行 500 个 AIP 特训营的目标。我们已经远远超越了这个目标，在至今已经完成了超过 560 个特训营项目，涉及 465 个组织。
我们正在部署 AIP 来为我们的客户在生产环境中实现数百个真实且切实可行的用例。一位参加培训的人士评论说：“你们团队在短短两天内所做的事情令人难以置信。我们已经可以想到 100 个用例。”另一位说：“看来可以无穷尽地找到解决方案。貌似蓬莱泰尔无所不能。”通过将 LLM 与 Foundry 结合使用 AIP，部署用例的能力变得更加广泛可及，因此可寻址的市场范围大大扩展。我们正在看到这种扩展带来的初步势头，同时也仍处在抢占市场的征程起跑线上。
在我们美国的商业业务中，由AIP推动的可寻址市场的扩张正在推动增长，通过新客户获取和现有客户的扩展。我以前从未见过客户对AIP在美国商业业务中表现出的热情和需求程度。
关于新客户获取，可拓展的可寻址市场规模反映在我们销售漏斗顶部的规模增长上。现在我们正在加倍努力将训练营转化为企业交易。我们已经看到训练营有助于显著缩短销售周期并加速新客户获取速度的证据，美国商业部门在2022年第四季度与2023年相比，新客户获取率从Q3的12％和Q2的4％递增至22％。我们还将美国商业部门的TCV价值超过100万美元的交易数量从2022年第四季度增加了一倍以上。另外我们也看到美国商业部门的TCV在加权美元时长基础上有了明显增加，同比增长107%，环比增长42%。
上个季度我们签署了多项美国商业协议。举几个例子，我们分别与全球最大的汽车租赁公司、最大的电信公司和最大的制药生物技术公司签署了每项超过2500万美元的协议。此外，我们还与一家美国消费品包装公司、一家汽车座椅及电气系统制造商、密西根州的综合医疗网络和一家大规模电池制造商分别签订了每项超过1000万美元的协议。另外，我们还分别与一家美国银行控股公司、一家赛马监管机构、全球最大的设备租赁公司以及快餐行业最大的独立非营利合作社签署了每项超过500万美元的协议。这只是其中的几个例子。
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