CLAIM #49459 · Palantir Technologies Inc. (PLTR) · 2023Q1 earnings call · May 8, 2023 · due Dec 31, 2023
“In short, absolutely we do. And really on the strength of Q1, we now know -- we expect to be profitable in each quarter of this year, not just for the full year, which is obviously a big milestone for us.”
Dave Glazer · CFO
In context
“ally build products, they buy products. So, it's too late to buy a product to catch up with what has to be done now, and where the winners will really accelerate. So, we feel like we're at a -- obviously, our profitability is really important to us, particularly because, as we begin to power more and more of them, most important institutions in the world, it basically takes off the table the legitimate question, "Well, if your technology is so powerful, why can't you make any money?" So, I believe it's unique time for us, unique place for us, and we're very, very busy at work. Ana Soro: Thanks, Alex. We also received a few questions on GAAP profitability. [Vishal and Rick] (ph) ask, do you still expect to be GAAP profitable this year? Dave Glazer: Vishal and Rick, thanks for the question. In short, absolutely we do. And really on the strength of Q1, we now know -- we expect to be profitable in each quarter of this year, not just for the full year, which is obviously a big milestone for us. And to recap Q1, it was our second consecutive quarter of GAAP profitability. We did $17 million of net income. It's our first-ever GAAP operating income profitable quarter. We did $4 million of operating income. It's our strongest cash flow quarter ever, $189 million of free cash flow. And we did this all with the U.S. commercial business growing 39% sequentially. And so, profitability, it will remain core to our growth and as we mobilize our business and our resources around the AI opportunities that are in front of us. Ana Soro: Thanks, Dave. We received questions about expanding our customer base and the growth and momentum of our commercial business. Ryan, do you want to share some thoughts on the commercial business for 2023? Ryan Taylor: Yeah, absolutely. So in our results, you see”
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SEC filings for PLTR ↗ · Claim quote is verbatim from the 2023Q1 earnings call.