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CLAIM #49451 · Palantir Technologies Inc. (PLTR) · 2023Q1 earnings call · May 8, 2023 · due Dec 31, 2023

While we have a strong pipeline of opportunities in our U.S. government business, we acknowledge that there are uncertainties associated with the timing of these contract expansions and renewals. Nonetheless, we remain confident in the growth of our U.S. government business.

Dave Glazer · CFO

CANNOT_DETERMINE
versus commitment · official band 5 percent
Committed
we remain confident in the growth of our U.S. government business
Reported
Full year US government revenue grew 11% year-over-year to $921 million.

In context

the third and fourth quarter. Our expectations of full year revenue from these customers remains unchanged at approximately 3% of total full year revenue. In the first quarter, our international commercial business grew 8% year-over-year and declined 7% sequentially. The results were impacted in part due to a tough comparison to the prior quarter as a result of the timing of revenue recognition on certain contracts in the fourth quarter and the seasonal headwinds we often see in the first quarter with some of our largest international enterprise customers. Turning to our government segment. First quarter government revenue grew 20% year-over-year and declined 1% sequentially to $289 million. First quarter U.S. government revenue grew 22% year-over-year and 2% sequentially to $230 million. While we have a strong pipeline of opportunities in our U.S. government business, we acknowledge that there are uncertainties associated with the timing of these contract expansions and renewals. Nonetheless, we remain confident in the growth of our U.S. government business. First quarter international government revenue grew 11% year-over-year and declined 13% sequentially to $59 million. The sequential decline was driven by the non-recurring revenue catch-up that we saw in the fourth quarter, as well as some challenges with the timing of contract awards in the first quarter. Turning to bookings. TCV booked in the first quarter was $397 million, up 60% year-over-year. U.S. commercial TCV grew 170% year-over-year to $124 million, again demonstrating the strength of our U.S. commercial business. We ended the first quarter with $3.4 billion in total remaining deal value and $936 million in remaining performance obligations. As a reminder, RPO is primarily comprised of our commercial business, as it does not take into account contracts with an initial term of le

Verify independently

SEC filings for PLTR · Claim quote is verbatim from the 2023Q1 earnings call.