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     500  0 Kommentare Palantir Reports 49% Revenue Growth; $117M in Cash Flow from Operations, up $404M Y/Y; and $151M in Adj. Free Cash Flow, up $441M Y/Y for Q1 2021

    Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the first quarter ended March 31, 2021.

    Q1 2021 Highlights

    • Total revenue grew 49% year-over-year to $341 million
    • US commercial revenue grew 72% year-over-year
    • US government revenue grew 83% year-over-year
    • Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% margin
    • Adjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin
    • GAAP net loss per share, diluted of $(0.07)
    • Adjusted earnings per share, diluted of $0.04

    Q1 2021 Financial Summary

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    (in thousands, except percentages and per share amounts)

    First Quarter 2021

    Amount

    Revenue

    $

    341,234

     

    Year-over-year growth

     

    49

    %

     

    Amount

    Margin

    Loss from Operations

    $

    (114,014

    )

    (33

    )%

    Adjusted Income from Operations

    $

    116,583

     

    34

    %

    Cash Flow from Operations

    $

    116,881

     

    34

    %

    Adjusted Free Cash Flow

    $

    150,975

     

    44

    %

    Net Loss

    $

    (123,474

    )

    Adjusted Net Income

    $

    82,651

     

    Adjusted EBITDA

    $

    119,820

     

    GAAP Net Loss Per Share, Diluted

    $

    (0.07

    )

    Adjusted Earnings Per Share, Diluted

    $

    0.04

     

    Outlook

    For Q2 2021, we expect:

    • $360 million in revenue, representing year-over-year revenue growth of 43%.
    • Adjusted operating margin of 23%.

    For full year 2021, we expect:

    • Adjusted free cash flow in excess of $150 million.

    Per long-term guidance policy, as provided by our Chief Executive Officer, Alex Karp, we continue to expect:

    • Annual revenue growth of 30% or greater for 2021 through 2025.

    Earnings Webcast

    A public webcast will be held at 6:00 a.m. MT / 8:00 a.m. ET today to discuss the results for our first quarter ended March 31, 2021 and financial outlook. The live public call can be accessed by registering online at https://event.on24.com/wcc/r/3081658/AE03B253254D0E44DB21687E3F277890. A replay of the webcast will be available at https://investors.palantir.com following the event.

    A slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures will be available through Palantir’s Investor Relations website at https://investors.palantir.com.

    Forward-Looking Statements

    This press release and statements on our earnings webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, product development, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating to our sales force and partnerships), market trends and market size, opportunities (including growth opportunities), and positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securities and Exchange Commission (the “SEC”), including in our annual report on Form 10-K for the fiscal year ended December 31, 2020 and other filings and reports that we may file from time to time with the SEC, including our quarterly report on Form 10-Q for the quarter ended March 31, 2021. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficiency of our cash and cash equivalents to meet our liquidity needs; the demand for our platforms in general; our ability to increase our number of new customers and revenue generated from customers; our ability to realize some or all of the total contract value of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; our long and unpredictable sales cycle; our ability to successfully grow our direct salesforce and to successfully execute our channel sales and other strategic initiatives with third parties; our ability to retain and expand our customer base; the fluctuation of our results of operations and our key business measures on a quarterly basis in future periods; the seasonality of our business; the implementation process for our platforms, which may be complex and lengthy; our ability to successfully develop and deploy new technologies to address the needs of our customers; our ability to make our platforms easier to install and consume; our ability to maintain and enhance our brand and reputation; news or social media coverage about us, including but not limited to coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information; and any breach or access to customer or third-party data.

    The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results.

    Non-GAAP Financial Measures

    This press release and the accompanying tables contain the non-GAAP financial measures income (loss) from operations excluding stock-based compensation and related employer payroll taxes (also referred to as “adjusted income (loss) from operations”); adjusted operating margin; adjusted free cash flow; adjusted free cash flow margin; adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted net income (loss); and adjusted earnings (loss) per share (“EPS”), diluted.

    We believe these non-GAAP financial measures help us evaluate our business, identify trends affecting Palantir’s business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation, as it is difficult to predict and outside of Palantir’s control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. For example, adjusted free cash flow does not reflect our future contractual commitments or the total increase or decrease in our cash balances for a given period. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

    We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.

    A reconciliation table of the most comparable GAAP financial measure to each non-GAAP financial measure used in this press release is included at the end of this release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as stock-based compensation, and related employer payroll taxes, the effect of which may be significant.

    Available Information

    Palantir uses its Investor Relations website at https://investors.palantir.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Palantir’s Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, and webcasts.

    About Palantir Technologies Inc.

    Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at https://www.palantir.com.

    Palantir Technologies Inc.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share amounts)

    (unaudited)

     

     

    Three Months Ended
    March 31,

     

    2021

     

    2020

    Revenue

    $

    341,234

     

     

    $

    229,327

     

    Cost of revenue (1)

    74,111

     

     

    64,294

     

    Gross profit

    267,123

     

     

    165,033

     

    Operating expenses:

     

     

     

    Sales and marketing (1)

    136,097

     

     

    98,653

     

    Research and development (1)

    98,471

     

     

    65,800

     

    General and administrative (1)

    146,569

     

     

    70,765

     

    Total operating expenses

    381,137

     

     

    235,218

     

    Loss from operations

    (114,014

    )

     

    (70,185

    )

    Interest income

    376

     

     

    3,267

     

    Interest expense

    (1,840

    )

     

    (4,594

    )

    Change in fair value of warrants

     

     

    13,695

     

    Other income (expense), net

    (4,894

    )

     

    6,100

     

    Loss before provision for income taxes

    (120,372

    )

     

    (51,717

    )

    Provision for income taxes

    3,102

     

     

    2,557

     

    Net loss

    $

    (123,474

    )

     

    $

    (54,274

    )

    Net loss per share attributable to common stockholders, basic

    $

    (0.07

    )

     

    $

    (0.09

    )

    Net loss per share attributable to common stockholders, diluted

    $

    (0.07

    )

     

    $

    (0.10

    )

    Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic

    1,821,158

     

     

    591,850

     

    Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted

    1,821,158

     

     

    594,363

     

    —————

    (1) Includes stock-based compensation expense as follows (in thousands):

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Cost of revenue

    $

    15,977

     

     

    $

    8,068

     

    Sales and marketing

    57,286

     

     

    18,463

     

    Research and development

    37,874

     

     

    15,032

     

    General and administrative

    82,594

     

     

    12,544

     

    Total stock-based compensation

    $

    193,731

     

     

    $

    54,107

     

    Palantir Technologies Inc.

    Condensed Consolidated Balance Sheets

    (in thousands)

    (unaudited)

     

     

    March 31,

     

    December 31,

     

    2021

     

    2020

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    2,339,437

     

     

    $

    2,011,323

     

    Restricted cash

    37,106

     

     

    37,285

     

    Accounts receivable

    151,400

     

     

    156,932

     

    Prepaid expenses and other current assets

    61,755

     

     

    51,889

     

    Total current assets

    2,589,698

     

     

    2,257,429

     

    Property and equipment, net

    27,378

     

     

    29,541

     

    Restricted cash, noncurrent

    71,933

     

     

    79,538

     

    Operating lease right-of-use assets

    213,331

     

     

    217,075

     

    Other assets

    111,845

     

     

    106,921

     

    Total assets

    $

    3,014,185

     

     

    $

    2,690,504

     

    Liabilities and Stockholders’ Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    17,234

     

     

    $

    16,358

     

    Accrued liabilities

    181,603

     

     

    158,546

     

    Deferred revenue

    186,498

     

     

    189,520

     

    Customer deposits

    250,181

     

     

    210,320

     

    Operating lease liabilities

    32,110

     

     

    29,079

     

    Total current liabilities

    667,626

     

     

    603,823

     

    Deferred revenue, noncurrent

    44,998

     

     

    50,525

     

    Customer deposits, noncurrent

    70,768

     

     

    81,513

     

    Debt, noncurrent, net

    198,185

     

     

    197,977

     

    Operating lease liabilities, noncurrent

    222,429

     

     

    229,800

     

    Other noncurrent liabilities

    4,236

     

     

    4,316

     

    Total liabilities

    1,208,242

     

     

    1,167,954

     

    Stockholders’ equity:

     

     

     

    Common stock

    1,860

     

     

    1,792

     

    Additional paid-in capital

    6,892,046

     

     

    6,488,857

     

    Accumulated other comprehensive income (loss)

    865

     

     

    (2,745

    )

    Accumulated deficit

    (5,088,828

    )

     

    (4,965,354

    )

    Total stockholders’ equity

    1,805,943

     

     

    1,522,550

     

    Total liabilities and stockholders’ equity

    $

    3,014,185

     

     

    $

    2,690,504

     

    Palantir Technologies Inc.

    Condensed Consolidated Statements of Cash Flows

    (in thousands)

    (unaudited)

     

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Operating activities

     

     

     

    Net loss

    $

    (123,474

    )

     

    $

    (54,274

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

    Depreciation and amortization

    3,237

     

     

    3,671

     

    Stock-based compensation

    193,731

     

     

    54,107

     

    Change in fair value of warrants

     

     

    (13,695

    )

    Non-cash operating lease expense

    6,477

     

     

    10,160

     

    Other operating activities

    771

     

     

    514

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

    4,480

     

     

    (51,403

    )

    Prepaid expenses and other current assets

    (9,753

    )

     

    (7,974

    )

    Other assets

    (4,865

    )

     

    (8,403

    )

    Accounts payable

    51

     

     

    (40,790

    )

    Accrued liabilities

    44,488

     

     

    (39,368

    )

    Deferred revenue, current and noncurrent

    (11,952

    )

     

    8,599

     

    Customer deposits, current and noncurrent

    20,825

     

     

    (132,077

    )

    Operating lease liabilities, current and noncurrent

    (7,132

    )

     

    (16,251

    )

    Other noncurrent liabilities

    (3

    )

     

     

    Net cash provided by (used in) operating activities

    116,881

     

     

    (287,184

    )

    Investing activities

     

     

     

    Purchases of property and equipment

    (708

    )

     

    (3,016

    )

    Net cash used in investing activities

    (708

    )

     

    (3,016

    )

    Financing activities

     

     

     

    Proceeds from the exercise of common stock options

    208,860

     

     

    6,710

     

    Repurchase of common stock

     

     

    (3,777

    )

    Other financing activities

    (2,506

    )

     

    (439

    )

    Net cash provided by financing activities

    206,354

     

     

    2,494

     

    Effect of foreign exchange on cash, cash equivalents, and restricted cash

    (2,197

    )

     

    (1,627

    )

    Net increase (decrease) in cash, cash equivalents, and restricted cash

    320,330

     

     

    (289,333

    )

    Cash, cash equivalents, and restricted cash - beginning of period

    2,128,146

     

     

    1,401,962

     

    Cash, cash equivalents, and restricted cash - end of period

    $

    2,448,476

     

     

    $

    1,112,629

     

    Palantir Technologies Inc.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (unaudited)

     

    Non-GAAP Reconciliations

     

    Adjusted Income (Loss) from Operations and Adjusted Operating Margin (in thousands, except percentages)

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Loss from operations

    $

    (114,014

    )

     

    $

    (70,185

    )

    Add: stock-based compensation

    193,731

     

     

    54,107

     

    Add: employer payroll taxes related to stock-based compensation

    36,866

     

     

     

    Adjusted income (loss) from operations

    $

    116,583

     

     

    $

    (16,078

    )

    Adjusted operating margin

    34

    %

     

    (7

    )%

    Adjusted Free Cash Flow (in thousands, except percentages)

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Net cash provided by (used in) operating activities

    $

    116,881

     

     

    $

    (287,184

    )

    Less: purchases of property and equipment

     

    (708

    )

     

     

    (3,016

    )

    Add: cash paid for employer payroll taxes related to stock-based compensation

     

    34,802

     

     

     

     

    Adjusted free cash flow

    $

    150,975

     

     

    $

    (290,200

    )

    Adjusted free cash flow margin

     

    44

    %

     

     

    (127

    )%

    Adjusted EBITDA (in thousands)

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Net Loss

    $

    (123,474

    )

     

    $

    (54,274

    )

    Less: interest income

    (376

    )

     

    (3,267

    )

    Add: interest expense

    1,840

     

     

    4,594

     

    Less: change in fair value of warrants

    --

     

     

    (13,695

    )

    Add: other (income) expense, net

    4,894

     

     

    (6,100

    )

    Add: provision for income taxes

    3,102

     

     

    2,557

     

    Add: depreciation and amortization

    3,237

     

     

    3,671

     

    Add: stock-based compensation

    193,731

     

     

    54,107

     

    Add: employer payroll taxes related to stock-based compensation

    36,866

     

     

     

    Adjusted EBITDA

    $

    119,820

     

     

    $

    (12,407

    )

    Adjusted Earnings (Loss) per Share, Diluted (in thousands, except per share amounts)

     

    Three Months Ended March 31,

     

    2021

     

    2020

    Net loss attributable to common stockholders

    $

    (123,474

    )

     

    $

    (54,274

    )

    Less: change in fair value attributable to participating securities

     

     

     

    (7,773

    )

    Net loss attributable to common stockholders, diluted

    (123,474

    )

     

     

    (62,047

    )

    Add: stock-based compensation

    193,731

     

     

    54,107

     

    Add: employer payroll taxes related to stock-based compensation

    36,866

     

     

     

    Less: income tax effect related to adjustments (1)

    (24,472

    )

     

    (528

    )

    Adjusted net income (loss) attributable to common stockholders, diluted

    $

    82,651

     

     

    $

    (8,468

    )

    Weighted-average shares used in computing GAAP net loss per share, diluted

    1,821,158

     

     

    594,363

     

    Adjusted weighted-average shares used in computing adjusted earnings (loss) per share, diluted (2)

    2,330,865

     

     

    594,363

     

    Adjusted earnings (loss) per share, diluted

    $

    0.04

     

     

    $

    (0.01

    )

    ——————

    (1) Income tax effect is based on long-term estimated annual effective tax rates of 22.2% and 22.1% for the periods ended 2021 and 2020, respectively.

     

    (2) Includes an additional 510 million dilutive securities for the three months ended March 31, 2021 that are excluded from a GAAP perspective due to the Company’s net loss position. For the three months ended March 31, 2020, there were no such securities as the Company was in a net loss position on a GAAP and adjusted basis.

     



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    Palantir Reports 49% Revenue Growth; $117M in Cash Flow from Operations, up $404M Y/Y; and $151M in Adj. Free Cash Flow, up $441M Y/Y for Q1 2021 Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the first quarter ended March 31, 2021. Q1 2021 Highlights Total revenue grew 49% year-over-year to $341 million US commercial revenue grew 72% year-over-year US government …

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