Palantir Technologies Inc. (NYSE) today announced financial results for the second quarter ended June 30, 2024.
Q2 2024 Highlights
Revenue Growth: Revenue grew 27% year-over-year and 7% quarter-over-quarter to $678 million.
US Commercial Segment:
US commercial revenue increased by 55% year-over-year and 6% quarter-over-quarter to $159 million.
US commercial customer count rose by 83% year-over-year and 13% quarter-over-quarter to 295 customers.
US commercial remaining deal value (RDV) surged 103% year-over-year and 11% quarter-over-quarter.
US Government Segment: US government revenue grew 24% year-over-year and 8% quarter-over-quarter to $278 million.
Overall Commercial and Government
Revenue:
Commercial revenue increased by 33% year-over-year and 3% quarter-over-quarter to $307 million.
Government revenue grew by 23% year-over-year and 11% quarter-over-quarter to $371 million.
Deals and Customer Growth:
Closed 27 deals over $10 million.
Total customer count increased by 41% year-over-year and 7% quarter-over-quarter.
Profitability:
GAAP net income reached $134 million, representing a 20% margin.
GAAP income from operations was $105 million, representing a 16% margin.
Adjusted income from operations was $254 million, representing a 37% margin.
GAAP earnings per share (EPS) increased 500% year-over-year to $0.06.
Adjusted EPS rose 80% year-over-year to $0.09.
Cash, cash equivalents, and short-term US treasury securities totaled $4.0 billion.
Cash from operations was $144 million, representing a 21% margin.
Adjusted free cash flow was $149 million, representing a 22% margin.
Financial Metrics:
Rule of 40 score of 64%.
Adjusted EBITDA of $261.6 million, representing a 39% margin.
Q2 2024 Financial Summary (Unaudited)
Revenue: $678 million (27% year-over-year growth)
Income from Operations: $105.3 million (16% margin)
Adjusted Income from Operations: $253.6 million (37% margin)
Cash from Operations: $144.2 million (21% margin)
Adjusted Free Cash Flow: $148.7 million (22% margin)
Net Income Attributable to Common Stockholders: $134.1 million (20% margin)
Adjusted Net Income Attributable to Common Stockholders: $221.4 million
GAAP EPS, Diluted: $0.06
Adjusted EPS, Diluted: $0.09
Outlook
Q3 2024 Expectations:
Revenue between $697 million and $701 million.
Adjusted income from operations between $233 million and $237 million.
Full Year 2024 Guidance:
Revenue guidance raised to between $2.742 billion and $2.750 billion.
US commercial revenue guidance raised to exceed $672 million, representing a growth rate of at least 47%.
Adjusted income from operations guidance raised to between $966 million and $974 million.
Adjusted free cash flow expected to remain between $800 million and $1 billion.
GAAP operating income and net income expected in each quarter of the year.
Q2 2024 Highlights
Revenue Growth: Revenue grew 27% year-over-year and 7% quarter-over-quarter to $678 million.
US Commercial Segment:
US commercial revenue increased by 55% year-over-year and 6% quarter-over-quarter to $159 million.
US commercial customer count rose by 83% year-over-year and 13% quarter-over-quarter to 295 customers.
US commercial remaining deal value (RDV) surged 103% year-over-year and 11% quarter-over-quarter.
US Government Segment: US government revenue grew 24% year-over-year and 8% quarter-over-quarter to $278 million.
Overall Commercial and Government
Revenue:
Commercial revenue increased by 33% year-over-year and 3% quarter-over-quarter to $307 million.
Government revenue grew by 23% year-over-year and 11% quarter-over-quarter to $371 million.
Deals and Customer Growth:
Closed 27 deals over $10 million.
Total customer count increased by 41% year-over-year and 7% quarter-over-quarter.
Profitability:
GAAP net income reached $134 million, representing a 20% margin.
GAAP income from operations was $105 million, representing a 16% margin.
Adjusted income from operations was $254 million, representing a 37% margin.
GAAP earnings per share (EPS) increased 500% year-over-year to $0.06.
Adjusted EPS rose 80% year-over-year to $0.09.
Cash, cash equivalents, and short-term US treasury securities totaled $4.0 billion.
Cash from operations was $144 million, representing a 21% margin.
Adjusted free cash flow was $149 million, representing a 22% margin.
Financial Metrics:
Rule of 40 score of 64%.
Adjusted EBITDA of $261.6 million, representing a 39% margin.
Q2 2024 Financial Summary (Unaudited)
Revenue: $678 million (27% year-over-year growth)
Income from Operations: $105.3 million (16% margin)
Adjusted Income from Operations: $253.6 million (37% margin)
Cash from Operations: $144.2 million (21% margin)
Adjusted Free Cash Flow: $148.7 million (22% margin)
Net Income Attributable to Common Stockholders: $134.1 million (20% margin)
Adjusted Net Income Attributable to Common Stockholders: $221.4 million
GAAP EPS, Diluted: $0.06
Adjusted EPS, Diluted: $0.09
Outlook
Q3 2024 Expectations:
Revenue between $697 million and $701 million.
Adjusted income from operations between $233 million and $237 million.
Full Year 2024 Guidance:
Revenue guidance raised to between $2.742 billion and $2.750 billion.
US commercial revenue guidance raised to exceed $672 million, representing a growth rate of at least 47%.
Adjusted income from operations guidance raised to between $966 million and $974 million.
Adjusted free cash flow expected to remain between $800 million and $1 billion.
GAAP operating income and net income expected in each quarter of the year.