PLTR Q1 2023 Earnings

Call Details

• Call Title: Palantir Q1 2023 Earnings Call
• Date: May 8, 2023 at 9:00 PM UTC
• Management Team:
  • Ana Saro (Head of Investor Relations)
  • Alex Karp (Chief Executive Officer)
  • Shyam Sankar (Chief Technology Officer)
  • Dave Glazer (Chief Financial Officer)
  • Ryan Taylor (Chief Revenue Officer and Chief Legal Officer)

Call Summary

Financial Performance

• Palantir generated $525 million in revenue in Q1 2023, up 18% year-over-year.
• The U.S. business generated $337 million in Q1 2023, up 23% year-over-year and up 12% sequentially.
• Commercial revenue was $236 million in Q1 2023, up 15% year-over-year and up 10% sequentially.
• U.S. commercial revenue was $107 million in Q1 2023, up 26% year-over-year and up 39% sequentially.
• Bookings TCV in Q1 2023 was $397 million, up 60% year-over-year, and U.S. commercial TCV was $124 million, up 170% year-over-year.
• Palantir ended the quarter with $3.4 billion in total remaining deal value and $936 million in remaining performance obligations.

Guidance

• Q2 2023 revenue guidance is $528 million to $532 million and adjusted income from operations guidance is $118 million to $122 million.
• Full-year 2023 revenue guidance was raised to $2.185 billion to $2.235 billion from the prior range, representing an upward revision versus prior guidance.
• Full-year 2023 adjusted income from operations guidance was raised to $506 million to $556 million versus prior guidance.
• The company now expects GAAP net income in each quarter of 2023, representing a change from prior commentary that targeted full-year GAAP profitability.
• Q1 results were $20 million ahead of the midpoint of prior revenue guidance, and adjusted operating margin was 600 basis points ahead of prior guidance.
• Second-quarter expectations for revenue from certain strategic commercial customers are $17 million to $19 million, with material sequential decline expected in Q3 and Q4 from those customers.