Palantir Technologies Inc. (NYSE:PLTR) Q1 2024 Earnings Call Transcript May 6, 2024
Palantir Technologies Inc. beats earnings expectations. Reported EPS is $0.08, expectations were $0.07728. Palantir Technologies Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Ana Soro: Good afternoon. I’m Ana Soro from Palantir’s Finance Team, and I’d like to welcome you to our First Quarter 2024 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 second 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 close 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 a 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 other earnings materials 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: We started the year exceedingly strong with revenue of $634 million, an increase of 21% year-over-year, driven by the momentum of AIP and our continued strong performance in US commercial. Our results also highlight the growing strength of our US government business and our enduring mission-critical work. The continued interest in AIP is loud and clear in the conversations I’m having across our customer base. We’ve shared our plans to capture the market with AIP and our results show that our strategy is not only succeeding, it is accelerating. While still early days, our focus is on building the foundations of a long-term business. We intend to relentlessly continue landing new customers and subsequently expanding those engagements as our products gain traction and have meaningful impact within enterprises.
Not only are we increasing the volume of new customers, but I’m pleased with our ability to grow these new customers as well. With regards to landing new customers, we’ve sustained our high volume of bootcamps with over 915 organizations participating to date to meet inbound demand. We are also seeing substantial deal cycle compression. As one example, a leading utility company signed a seven-figure deal just five days after completing a bootcamp. Another customer immediately signed a paid engagement after just one day of their multi-day bootcamp and then converted to a seven-figure deal three weeks later. We expect the favorable unit economics and higher throughput to continue to accelerate our business. US commercial is where we’re seeing the greatest transformation.
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