Palantir Technologies Inc. (PLTR) today announced financial results for the first quarter ended March 31, 2024.
Q1 2024 Highlights
- GAAP net income of $106 million, representing a 17% margin
- Sixth consecutive quarter of GAAP profitability
- GAAP income from operations of $81 million, representing a 13% margin
- Fifth consecutive quarter of GAAP operating profitability
- GAAP earnings per share (“EPS”) of $0.04
- Adjusted EPS of $0.08
- Revenue grew 21% year-over-year and 4% quarter-over-quarter to $634 million
- US commercial highlights
- US commercial revenue grew 40% year-over-year and 14% quarter-over-quarter to $150 million
- US commercial customer count grew 69% year-over-year and 19% quarter-over-quarter to 262 customers
- US commercial remaining deal value (“RDV”) grew 74% year-over-year and 14% quarter-over-quarter
- Commercial revenue grew 27% year-over-year and 5% quarter-over-quarter to $299 million
- Government revenue grew 16% year-over-year and 3% quarter-over-quarter to $335 million
- US government revenue grew 12% year-over-year and 8% quarter-over-quarter to $257 million
- Customer count grew 42% year-over-year and 11% quarter-over-quarter
- Adjusted income from operations of $226 million, representing a margin of 36%
- Sixth consecutive quarter of expanding adjusted operating margins
- Rule of 40 score of 57%
- Cash from operations of $130 million, representing a 20% margin
- Adjusted free cash flow of $149 million, representing a 23% margin
- Cash, cash equivalents, and short-term US treasury securities of $3.9 billion
| PLTR Q1 2024 Financial Summary | |||||||
| (Unaudited)(Amounts in thousands, except percentages and per share amounts) | First Quarter | ||||||
| Amount | |||||||
| Revenue | $ | 634,338 | |||||
| Year-over-year growth | 21 | % | |||||
| Amount | Margin | ||||||
| Income from Operations | $ | 80,881 | 13 | % | |||
| Adjusted Income from Operations | $ | 226,458 | 36 | % | |||
| Cash from Operations | $ | 129,579 | 20 | % | |||
| Adjusted Free Cash Flow | $ | 148,634 | 23 | % | |||
| Net Income Attributable to Common Stockholders | $ | 105,530 | 17 | % | |||
| Adjusted Net Income Attributable to Common Stockholders | $ | 196,937 | |||||
| Adjusted EBITDA | $ | 234,896 | 37 | % | |||
| GAAP EPS, Diluted | $ | 0.04 | |||||
| Adjusted EPS, Diluted | $ | 0.08 | |||||
Palantir (PLTR) Outlook
For Q2 2024, we expect:
- Revenue of between $649 – $653 million.
- Adjusted income from operations of between $209 – $213 million.
For full year 2024:
- We are raising our revenue guidance to between $2.677 – $2.689 billion.
- We are raising our US commercial revenue guidance to in excess of $661 million, representing a growth rate of at least 45%.
- We are raising our adjusted income from operations guidance to between $868 – $880 million.
- We continue to expect adjusted free cash flow of between $800 million – $1 billion.
- And we continue to expect GAAP operating income and net income in each quarter of this year.
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