Palantir Technologies Inc. (NYSE:PLTR) Q3 2024 Earnings Conference Call

For the period ending September 30, 2024

November 4, 2024 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Ana Soro

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our Third Quarter 2024 Earnings Call. We'll be discussing the results announced in our press release issued after the market closed and posted on our investor relations website.

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth quarter and fiscal 2024 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations.

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. 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 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

Our results are exceptionally strong. Revenue grew 30% year-over-year in Q3, driven by an intensifying AI revolution that the U.S. is rapidly driving. Our U.S. business achieved 44% year-over-year and 14% sequential revenue growth. We are focused on deploying AI models in production, amidst the commoditization of cognition caused by the rapid advancement in AI models.

Our U.S. government business revenue growth accelerated to 40% year-over-year and 15% sequentially, while our U.S. commercial business momentum continued with 54% year-over-year and 13% sequential revenue growth. This AI revolution that is transforming industry, as well as government is also transforming markets.