🚀🚀_老虎社区_美港股上老虎

2021-08-14

🚀🚀

Palantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":897249587,"tweetId":"897249587","gmtCreate":1628929112249,"gmtModify":1633688423153,"author":{"id":4090594976982710,"idStr":"4090594976982710","authorId":4090594976982710,"authorIdStr":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>🚀🚀</body></html>","htmlText":"<html><head></head><body>🚀🚀</body></html>","text":"🚀🚀","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/897249587","repostId":1196882604,"repostType":4,"repost":{"id":"1196882604","kind":"news","pubTimestamp":1628898125,"share":"https://www.laohu8.com/m/news/1196882604?lang=zh_CN&edition=full","pubTime":"2021-08-14 07:42","market":"us","language":"en","title":"Palantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196882604","media":"seekingalpha","summary":"Summary\n\nFirst, I briefly review the big news and highlights from PLTR's Q2 2021 business update.\nSe","content":"Summary<blockquote>总结</blockquote> <ul> <li>First, I briefly review the big news and highlights from PLTR's Q2 2021 business update.</li> <li>Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call.</li> <li>Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared.</li> <li>Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.</li> </ul> <img src=\"https://static.tigerbbs.com/028b3e3b1d2c99f3ee26f213c2fc069f\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\">zirconicusso/iStock via Getty Images<blockquote><ul><li>首先，我简要回顾一下PLTR 2021年第二季度业务更新中的重大新闻和亮点。</li><li>其次，我介绍了一些鲜为人知的细节，包括领导层对收益看涨期权的评论。</li><li>第三，深入了解亚历克斯·卡普薪酬的一些重要细节，包括他的内幕销售活动；领导层已经准备好了回应。</li><li>最后，我访问了我关注的几个指标，包括基于股票的薪酬、边际贡献和交易价值。</li></ul>zirconicusso/iStock来自Getty Images</blockquote> It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and&nbsp;increased cash flow outlook.<blockquote>您可能已经听说Palantir(PLTR)刚刚报告了2021年第二季度业绩强劲的消息。我确信将会有大量的实证结果报道，包括巨大的增长和增加的现金流前景。</blockquote> Here, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.<blockquote>在这里，我将重点介绍这些数字，然后我将转向收益看涨期权上直接出现的一些让我感到惊讶的事情。</blockquote> First, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.<blockquote>首先，收入增长49%，超出预期。值得注意的是，商业收入增长了令人瞠目结舌的90%，因为这是看空者抱怨的领域。这在很大程度上粉碎了PLTR仅由秘密政府合同驱动的想法。</blockquote> Second, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:<blockquote>其次，PLTR在第二季度完成了大量交易。具体来说，他们达成了62笔价值100万美元或以上的交易。我喜欢这个观点：</blockquote> <img src=\"https://static.tigerbbs.com/37ecc00151018d803161b75c01bb4571\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Source:Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> Of course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with&nbsp;30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.<blockquote>当然，同比剩余交易价值很有趣，但我喜欢直率地看待交易规模，30笔交易超过500万美元，21笔交易超过1000万美元，因为它表明客户范围不断扩大。这正是推动长期收入增长和稳定性所需要的。</blockquote> Third, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.<blockquote>第三，看起来第三季度的表现会相当不错。销售额预计比预期高出约500万美元。而且，正如我已经提到的，PLTR提高了自由现金流前景。需要明确的是，增幅相当大，从超过1.5亿美元增加到现在的超过3亿美元。</blockquote> I didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.<blockquote>我没有看到或听到太多关于年收入增长的变化，但有一点是非常清楚的——我预计增长不会放缓.而且，根据演示和收益看涨期权，预计今年的增长率将达到30%或更高，然后到2025年。</blockquote> Interestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by&nbsp;what I previously wrote about PLTR sandbagging:<blockquote>有趣的是，第一季度的收入同比增长了49%，政府和商业收入为341美元。现在，第二季度收入同比增长49%，达到3.76亿美元。这是连续两个季度达到49%。正是出于这个原因，我坚持我之前写的关于PLTR沙袋的内容：</blockquote> In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss&nbsp;andbagging&nbsp;to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025. I'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.<blockquote>换句话说，当我们从2021年的8亿美元开始时，很明显30%的增长并不能削减它。如果“仅”增长30%，我们不可能在2025年达到40亿美元。PLTR可能会降低预期。很难确定。也可能是他们预计2022年至2025年的增长会更快。我将不得不在未来的文章中更深入地探讨当前和未来的增长预测与已经出现的硬数据之间的确切关系。就目前而言，我的观点很简单，他们已经将标准设定在一个合理但保守的水平，看到这样的节拍并不太令人震惊，但也令人鼓舞。他们对华尔街和分析师的管理相当好。</blockquote> Fourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.<blockquote>第四，除了新客户获取外，PLTR前20名客户的收入美元价值持续上升。</blockquote> <img src=\"https://static.tigerbbs.com/6fba540de7f84e50e602dc943d5e985f\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> If it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.<blockquote>如果不是很明显，这是值得关注的，因为它给了我们一些信心顾客很高兴，他们坚持下去.这不是一个完美的指标，但它仍然很好，因为不满意的客户不会一遍又一遍地继续支付PLTR。其他公司倾向于要么过于关注榨取现有的“摇钱树”客户，要么对新客户过于咄咄逼人。在2021年第二季度的更新中，我们看到了大量的新客户，然后是长期客户价值不断增长的指标。这是一种微妙但关键的平衡。我会在第三季度继续看这个。</blockquote> Fifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:<blockquote>第五，在第一季度，我们听说了“零日”客户。这里有一个味道：</blockquote> We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&amp;D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers. In Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.<blockquote>我们看到了公司从第一天起就围绕foundry构建数字基础设施的机会，他们可以通过经济高效地站在15年和超过20亿美元的R&amp;D的肩膀上，减少数年的坡道和路线图上的风险。我们认为这是将foundry分销扩展到更广泛的市场和更广泛的客户的第一枪。在第二季度，PLTR领导层继续推动这一主题，例如强调Roivant、Celularity和Wejo。这个想法是让这些公司在刚刚起步或非常小的时候使用Foundry。他们将代工视为这些业务的“操作系统”。</blockquote> Supporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.<blockquote>支撑着这股推力，PLTR又增加了60名销售人员如果我没记错的话，他们在第一季度雇佣了大约50名销售人员，因此他们正在稳步增加销售和营销人员的数量，但并没有大幅增加。也就是说，他们的管道正在加速，自4月底以来，活跃的商业试点增加了26%。</blockquote> Sixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.<blockquote>第六，我很快听到领导说他们已经还清了欠款，而且PLTR现已无债务.在以后的文章中，我将不得不进行更深入的探讨，但我想在这里报告它，因为我对极其强劲的资产负债表有一种亲和力。有可能我没有理解关于看涨期权的评论，但我很确定我是对的。我查看了Q2 2021年业务演示，但没有看到任何关于这方面的注释，因此我将不得不在稍后重新讨论这一点。但是，我想我做对了，这是个好消息。</blockquote> Lastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background&nbsp;reported by CNBC back in April 2021:<blockquote>最后，还有一个关于亚历克斯·卡普的高管薪酬的问题，特别是关于无情的内幕交易。在我开始之前，先介绍一下CNBC在2021年4月报道的一些快速背景：</blockquote> Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest. Now, here's just a quick peek about what that selling looks like:<blockquote>Palantir首席执行官Alex Karp在2020年获得了价值约11亿美元的薪酬，主要是通过其软件公司上市前不久授予的股权奖励。Palantir在周四提交的委托书中表示，卡普的大部分薪酬与价值7.979亿美元的期权挂钩，另外2.964亿美元用于股票奖励。这一巨额计划是去年达成的股权激励计划的结果，为卡普提供了1.41亿份期权，将于2021年8月开始归属。每个季度，2.5%的股权将归属。现在，让我们快速了解一下销售情况：</blockquote> <img src=\"https://static.tigerbbs.com/e9b2c725b59681121eec807c4650b5ad\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Source:Nasdaq<blockquote>资料来源：纳斯达克</blockquote> Obviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.<blockquote>显然，这里的行动是相当激烈的，这就是为什么它被提出来考虑。现在，为了简单起见，我将解释一下大声朗读的脚本响应。简而言之，亚历克斯·卡普有大量的选择。这些期权是“旧的”，显然现在必须行使；我相信在2021年底之前。此外，销售是自动的，这似乎与我上面捕获的数据非常一致。换句话说，卡普的抛售并不是因为他对公司失去了信心.</blockquote> Karp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.<blockquote>卡普的薪水刚刚超过100万美元，不算太差，但也不算疯狂。显然，PLTR股票和期权推动了他令人难以置信的薪酬方案。然而，跟踪这一点有点令人沮丧，当期权授予、行使然后出售时，还需要支付巨额税款。因此，在某种程度上，卡普必须完成行使长期期权的过程，同时按照合理的时间表处理纳税义务。</blockquote> Again, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.<blockquote>再说一次，所有这些都是在说两件事。卡普赚了很多钱，但与此同时，他并没有放弃PLTR。在我看来，他的出售并不能说明PLTR的未来有任何实质性的意义。这是他自己令人难以置信的个人理财流程，作为PLTR的首席执行官公开展示。</blockquote> Summarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:<blockquote>总而言之，PLTR在2021年第三季度表现强劲，看起来也应该很强劲：</blockquote> <img src=\"https://static.tigerbbs.com/7e76043e7ef8c08556e6972aa0b37d66\" tg-width=\"640\" tg-height=\"286\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> And, very quickly,per my previous article:<blockquote>而且，很快，根据我上一篇文章：</blockquote> I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with&nbsp;49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2. <ul> <li>Stock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.</li> <li>Q2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.</li> <li>Deal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.</li> <li>Lastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.</li> </ul><blockquote>我将寻求股票薪酬支出的减速。我将寻求政府和商业领域的强劲增长。考虑到2021年第一季度49%的高增长标准，我将关注第二季度的增长。我将关注剩余交易总价值，第一季度末约为28亿美元（同比增长40%）。我预计贡献率将保持在较高水平，希望在第二季度超过60%。<ul><li>基于股票的薪酬增加。我将在以后的文章中更仔细地回顾这一点。它仍然是我的眼中钉。几乎每张图表的脚注中都有这样的短语：“……不包括股票薪酬和相关雇主工资税。”这是我对PLTR的头号问题。</li><li>正如我所指出的，第二季度的增长非常出色。政府和商业都做得很好。而且，长期客户不断坚持和消费，越来越多。我喜欢我所看到的增长。</li><li>交易价值增长63%，达到34亿美元。所以，他们在那个部门做得很好。这让我们得以一窥未来的销售和相关增长。</li><li>最后，贡献率没有达到我60%的大目标，但仍从2020年第二季度的55%强劲提高到2021年第二季度的58%。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-08-14 07:42\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>First, I briefly review the big news and highlights from PLTR's Q2 2021 business update.</li> <li>Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call.</li> <li>Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared.</li> <li>Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.</li> </ul> <img src=\"https://static.tigerbbs.com/028b3e3b1d2c99f3ee26f213c2fc069f\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\">zirconicusso/iStock via Getty Images<blockquote><ul><li>首先，我简要回顾一下PLTR 2021年第二季度业务更新中的重大新闻和亮点。</li><li>其次，我介绍了一些鲜为人知的细节，包括领导层对收益看涨期权的评论。</li><li>第三，深入了解亚历克斯·卡普薪酬的一些重要细节，包括他的内幕销售活动；领导层已经准备好了回应。</li><li>最后，我访问了我关注的几个指标，包括基于股票的薪酬、边际贡献和交易价值。</li></ul>zirconicusso/iStock来自Getty Images</blockquote> It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and&nbsp;increased cash flow outlook.<blockquote>您可能已经听说Palantir(PLTR)刚刚报告了2021年第二季度业绩强劲的消息。我确信将会有大量的实证结果报道，包括巨大的增长和增加的现金流前景。</blockquote> Here, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.<blockquote>在这里，我将重点介绍这些数字，然后我将转向收益看涨期权上直接出现的一些让我感到惊讶的事情。</blockquote> First, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.<blockquote>首先，收入增长49%，超出预期。值得注意的是，商业收入增长了令人瞠目结舌的90%，因为这是看空者抱怨的领域。这在很大程度上粉碎了PLTR仅由秘密政府合同驱动的想法。</blockquote> Second, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:<blockquote>其次，PLTR在第二季度完成了大量交易。具体来说，他们达成了62笔价值100万美元或以上的交易。我喜欢这个观点：</blockquote> <img src=\"https://static.tigerbbs.com/37ecc00151018d803161b75c01bb4571\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Source:Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> Of course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with&nbsp;30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.<blockquote>当然，同比剩余交易价值很有趣，但我喜欢直率地看待交易规模，30笔交易超过500万美元，21笔交易超过1000万美元，因为它表明客户范围不断扩大。这正是推动长期收入增长和稳定性所需要的。</blockquote> Third, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.<blockquote>第三，看起来第三季度的表现会相当不错。销售额预计比预期高出约500万美元。而且，正如我已经提到的，PLTR提高了自由现金流前景。需要明确的是，增幅相当大，从超过1.5亿美元增加到现在的超过3亿美元。</blockquote> I didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.<blockquote>我没有看到或听到太多关于年收入增长的变化，但有一点是非常清楚的——我预计增长不会放缓.而且，根据演示和收益看涨期权，预计今年的增长率将达到30%或更高，然后到2025年。</blockquote> Interestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by&nbsp;what I previously wrote about PLTR sandbagging:<blockquote>有趣的是，第一季度的收入同比增长了49%，政府和商业收入为341美元。现在，第二季度收入同比增长49%，达到3.76亿美元。这是连续两个季度达到49%。正是出于这个原因，我坚持我之前写的关于PLTR沙袋的内容：</blockquote> In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss&nbsp;andbagging&nbsp;to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025. I'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.<blockquote>换句话说，当我们从2021年的8亿美元开始时，很明显30%的增长并不能削减它。如果“仅”增长30%，我们不可能在2025年达到40亿美元。PLTR可能会降低预期。很难确定。也可能是他们预计2022年至2025年的增长会更快。我将不得不在未来的文章中更深入地探讨当前和未来的增长预测与已经出现的硬数据之间的确切关系。就目前而言，我的观点很简单，他们已经将标准设定在一个合理但保守的水平，看到这样的节拍并不太令人震惊，但也令人鼓舞。他们对华尔街和分析师的管理相当好。</blockquote> Fourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.<blockquote>第四，除了新客户获取外，PLTR前20名客户的收入美元价值持续上升。</blockquote> <img src=\"https://static.tigerbbs.com/6fba540de7f84e50e602dc943d5e985f\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> If it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.<blockquote>如果不是很明显，这是值得关注的，因为它给了我们一些信心顾客很高兴，他们坚持下去.这不是一个完美的指标，但它仍然很好，因为不满意的客户不会一遍又一遍地继续支付PLTR。其他公司倾向于要么过于关注榨取现有的“摇钱树”客户，要么对新客户过于咄咄逼人。在2021年第二季度的更新中，我们看到了大量的新客户，然后是长期客户价值不断增长的指标。这是一种微妙但关键的平衡。我会在第三季度继续看这个。</blockquote> Fifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:<blockquote>第五，在第一季度，我们听说了“零日”客户。这里有一个味道：</blockquote> We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&amp;D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers. In Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.<blockquote>我们看到了公司从第一天起就围绕foundry构建数字基础设施的机会，他们可以通过经济高效地站在15年和超过20亿美元的R&amp;D的肩膀上，减少数年的坡道和路线图上的风险。我们认为这是将foundry分销扩展到更广泛的市场和更广泛的客户的第一枪。在第二季度，PLTR领导层继续推动这一主题，例如强调Roivant、Celularity和Wejo。这个想法是让这些公司在刚刚起步或非常小的时候使用Foundry。他们将代工视为这些业务的“操作系统”。</blockquote> Supporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.<blockquote>支撑着这股推力，PLTR又增加了60名销售人员如果我没记错的话，他们在第一季度雇佣了大约50名销售人员，因此他们正在稳步增加销售和营销人员的数量，但并没有大幅增加。也就是说，他们的管道正在加速，自4月底以来，活跃的商业试点增加了26%。</blockquote> Sixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.<blockquote>第六，我很快听到领导说他们已经还清了欠款，而且PLTR现已无债务.在以后的文章中，我将不得不进行更深入的探讨，但我想在这里报告它，因为我对极其强劲的资产负债表有一种亲和力。有可能我没有理解关于看涨期权的评论，但我很确定我是对的。我查看了Q2 2021年业务演示，但没有看到任何关于这方面的注释，因此我将不得不在稍后重新讨论这一点。但是，我想我做对了，这是个好消息。</blockquote> Lastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background&nbsp;reported by CNBC back in April 2021:<blockquote>最后，还有一个关于亚历克斯·卡普的高管薪酬的问题，特别是关于无情的内幕交易。在我开始之前，先介绍一下CNBC在2021年4月报道的一些快速背景：</blockquote> Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest. Now, here's just a quick peek about what that selling looks like:<blockquote>Palantir首席执行官Alex Karp在2020年获得了价值约11亿美元的薪酬，主要是通过其软件公司上市前不久授予的股权奖励。Palantir在周四提交的委托书中表示，卡普的大部分薪酬与价值7.979亿美元的期权挂钩，另外2.964亿美元用于股票奖励。这一巨额计划是去年达成的股权激励计划的结果，为卡普提供了1.41亿份期权，将于2021年8月开始归属。每个季度，2.5%的股权将归属。现在，让我们快速了解一下销售情况：</blockquote> <img src=\"https://static.tigerbbs.com/e9b2c725b59681121eec807c4650b5ad\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Source:Nasdaq<blockquote>资料来源：纳斯达克</blockquote> Obviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.<blockquote>显然，这里的行动是相当激烈的，这就是为什么它被提出来考虑。现在，为了简单起见，我将解释一下大声朗读的脚本响应。简而言之，亚历克斯·卡普有大量的选择。这些期权是“旧的”，显然现在必须行使；我相信在2021年底之前。此外，销售是自动的，这似乎与我上面捕获的数据非常一致。换句话说，卡普的抛售并不是因为他对公司失去了信心.</blockquote> Karp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.<blockquote>卡普的薪水刚刚超过100万美元，不算太差，但也不算疯狂。显然，PLTR股票和期权推动了他令人难以置信的薪酬方案。然而，跟踪这一点有点令人沮丧，当期权授予、行使然后出售时，还需要支付巨额税款。因此，在某种程度上，卡普必须完成行使长期期权的过程，同时按照合理的时间表处理纳税义务。</blockquote> Again, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.<blockquote>再说一次，所有这些都是在说两件事。卡普赚了很多钱，但与此同时，他并没有放弃PLTR。在我看来，他的出售并不能说明PLTR的未来有任何实质性的意义。这是他自己令人难以置信的个人理财流程，作为PLTR的首席执行官公开展示。</blockquote> Summarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:<blockquote>总而言之，PLTR在2021年第三季度表现强劲，看起来也应该很强劲：</blockquote> <img src=\"https://static.tigerbbs.com/7e76043e7ef8c08556e6972aa0b37d66\" tg-width=\"640\" tg-height=\"286\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021年第二季度业务更新</blockquote> And, very quickly,per my previous article:<blockquote>而且，很快，根据我上一篇文章：</blockquote> I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with&nbsp;49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2. <ul> <li>Stock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.</li> <li>Q2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.</li> <li>Deal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.</li> <li>Lastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.</li> </ul><blockquote>我将寻求股票薪酬支出的减速。我将寻求政府和商业领域的强劲增长。考虑到2021年第一季度49%的高增长标准，我将关注第二季度的增长。我将关注剩余交易总价值，第一季度末约为28亿美元（同比增长40%）。我预计贡献率将保持在较高水平，希望在第二季度超过60%。<ul><li>基于股票的薪酬增加。我将在以后的文章中更仔细地回顾这一点。它仍然是我的眼中钉。几乎每张图表的脚注中都有这样的短语：“……不包括股票薪酬和相关雇主工资税。”这是我对PLTR的头号问题。</li><li>正如我所指出的，第二季度的增长非常出色。政府和商业都做得很好。而且，长期客户不断坚持和消费，越来越多。我喜欢我所看到的增长。</li><li>交易价值增长63%，达到34亿美元。所以，他们在那个部门做得很好。这让我们得以一窥未来的销售和相关增长。</li><li>最后，贡献率没有达到我60%的大目标，但仍从2020年第二季度的55%强劲提高到2021年第二季度的58%。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4448920-palantir-seven-interesting-things-from-q2-2021-earnings-call\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4448920-palantir-seven-interesting-things-from-q2-2021-earnings-call","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196882604","content_text":"Summary\n\nFirst, I briefly review the big news and highlights from PLTR's Q2 2021 business update.\nSecond, I cover some of the details that are less well-known, including comments made by leadership on the earnings call.\nThird, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared.\nLastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.\n\nzirconicusso/iStock via Getty Images\nIt's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and increased cash flow outlook.\nHere, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.\nFirst, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.\nSecond, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:\nSource:Palantir Q2 2021 Business Update\nOf course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with 30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.\nThird, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.\nI didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.\nInterestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by what I previously wrote about PLTR sandbagging:\n\n In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss andbagging to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025.\n\nI'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.\nFourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.\nSource: Palantir Q2 2021 Business Update\nIf it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.\nFifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:\n\n We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers.\n\nIn Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.\nSupporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.\nSixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.\nLastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background reported by CNBC back in April 2021:\n\n Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest.\n\nNow, here's just a quick peek about what that selling looks like:\nSource:Nasdaq\nObviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.\nKarp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.\nAgain, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.\nSummarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:\nSource: Palantir Q2 2021 Business Update\nAnd, very quickly,per my previous article:\n\n I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with 49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2.\n\n\nStock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.\nQ2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.\nDeal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.\nLastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":2087,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/897249587"}