February 24, 2024
London, UK

Palantir PLTR Q4 2023 Earnings Report

Palantir

Palantir Technologies Inc. (PLTR) announced financial results for the fourth quarter and fiscal year ended December 31, 2023.

Palantir Q4 2023 Highlights

  • GAAP net income of $93 million, representing a 15% margin
    • Fifth consecutive quarter of GAAP profitability
  • GAAP income from operations of $66 million, representing an 11% margin
    • Fourth consecutive quarter of GAAP operating profitability
  • GAAP earnings per share (“EPS”) of $0.04
  • Adjusted EPS of $0.08
  • Revenue grew 20% year-over-year and 9% quarter-over-quarter to $608 million
  • US commercial highlights
    • US commercial revenue grew 70% year-over-year and 12% quarter-over-quarter to $131 million
    • US commercial customer count grew 55% year-over-year and 22% quarter-over-quarter to 221 customers
    • US commercial total contract value (“TCV”) of $343 million, representing 107% growth year-over-year on a dollar-weighted duration basis
    • US commercial remaining deal value (“RDV”) grew 32% year-over-year and 28% quarter-over-quarter
  • Commercial revenue grew 32% year-over-year and 13% quarter-over-quarter to $284 million
  • Government revenue grew 11% year-over-year and 5% quarter-over-quarter to $324 million
  • Customer count grew 35% year-over-year
  • Adjusted income from operations of $209 million, representing a margin of 34%
    • Fifth consecutive quarter of expanding adjusted operating margins
  • Cash from operations of $301 million, representing a 50% margin
  • Adjusted free cash flow of $305 million, representing a 50% margin
  • Cash, cash equivalents, and short-term US treasury securities of $3.7 billion

Palantir (PLTR) FY 2023 Highlights

  • Revenue grew 17% year-over-year to $2.23 billion
  • Commercial revenue grew 20% year-over-year to $1.0 billion
    • US commercial revenue grew 36% year-over-year to $457 million
  • Government revenue grew 14% year-over-year to $1.2 billion
  • GAAP net income of $210 million, representing a 9% margin
  • GAAP income from operations of $120 million, representing a 5% margin
  • Cash from operations of $712 million, representing a 32% margin
  • Adjusted free cash flow of $731 million, representing a 33% margin
  • Adjusted income from operations of $633 million, representing a 28% margin

Palantir Outlook

For Q1 2024, we expect:

  • Revenue of between $612 – $616 million.
  • Adjusted income from operations of $196 – $200 million.

For full-year 2024, we expect:

  • Revenue of between $2.652 – $2.668 billion.
  • US commercial revenue in excess of $640 million, representing a growth rate of at least 40%.
  • Adjusted income from operations of $834 – $850 million.
  • Adjusted free cash flow of $800 million – $1 billion.
  • GAAP operating income in each quarter of this year.
  • GAAP net income in each quarter of this year.
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