$PLTR
Palantir Technologies Inc.

2024 Q3 Form 10-Q Financial Statement

#000132165524000209 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $725.5M
YoY Change 29.98%
Cost Of Revenue $146.6M
YoY Change 35.87%
Gross Profit $578.9M
YoY Change 28.57%
Gross Profit Margin 79.79%
Selling, General & Admin $348.2M
YoY Change 14.33%
% of Gross Profit 60.15%
Research & Development $117.6M
YoY Change 11.21%
% of Gross Profit 20.31%
Depreciation & Amortization $6.100M
YoY Change -3.17%
% of Gross Profit 1.05%
Operating Expenses $465.7M
YoY Change 13.52%
Operating Profit $113.1M
YoY Change 182.97%
Interest Expense $46.72M
YoY Change 6196.5%
% of Operating Profit 41.29%
Other Income/Expense, Net -$8.110M
YoY Change -309.89%
Pretax Income $157.2M
YoY Change 96.51%
Income Tax $7.800M
% Of Pretax Income 4.96%
Net Earnings $143.5M
YoY Change 100.72%
Net Earnings / Revenue 19.78%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.06
COMMON SHARES
Basic Shares Outstanding 2.250B shares
Diluted Shares Outstanding 2.460B shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.565B
YoY Change 39.01%
Cash & Equivalents $768.7M
Short-Term Investments $3.796B
Other Short-Term Assets $119.2M
YoY Change 24.81%
Inventory
Prepaid Expenses
Receivables $668.1M
Other Receivables $0.00
Total Short-Term Assets $5.352B
YoY Change 40.49%
LONG-TERM ASSETS
Property, Plant & Equipment $40.35M
YoY Change -19.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $164.2M
YoY Change 14.28%
Total Long-Term Assets $416.1M
YoY Change 8.36%
TOTAL ASSETS
Total Short-Term Assets $5.352B
Total Long-Term Assets $416.1M
Total Assets $5.768B
YoY Change 37.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.02M
YoY Change 185.18%
Accrued Expenses $265.2M
YoY Change 51.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $943.5M
YoY Change 36.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $14.50M
YoY Change 26.99%
Total Long-Term Liabilities $14.50M
YoY Change 26.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $943.5M
Total Long-Term Liabilities $14.50M
Total Liabilities $1.177B
YoY Change 27.7%
SHAREHOLDERS EQUITY
Retained Earnings -$5.266B
YoY Change -8.3%
Common Stock $2.270M
YoY Change 4.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.498B
YoY Change
Total Liabilities & Shareholders Equity $5.768B
YoY Change 37.55%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $143.5M
YoY Change 100.72%
Depreciation, Depletion And Amortization $6.100M
YoY Change -3.17%
Cash From Operating Activities $419.8M
YoY Change 214.67%
INVESTING ACTIVITIES
Capital Expenditures $3.985M
YoY Change 149.06%
Acquisitions
YoY Change
Other Investing Activities -$316.7M
YoY Change 62.68%
Cash From Investing Activities -$320.7M
YoY Change 63.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 151.4M
YoY Change 197.5%
NET CHANGE
Cash From Operating Activities 419.8M
Cash From Investing Activities -320.7M
Cash From Financing Activities 151.4M
Net Change In Cash 250.5M
YoY Change -2187.27%
FREE CASH FLOW
Cash From Operating Activities $419.8M
Capital Expenditures $3.985M
Free Cash Flow $415.8M
YoY Change 215.47%

Facts In Submission

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Organization<div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers.</span></div>
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1200 17th Street, Floor 15
dei Entity Address State Or Province
EntityAddressStateOrProvince
CO
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
80202
dei City Area Code
CityAreaCode
(720)
dei Local Phone Number
LocalPhoneNumber
358-3679
dei Security12b Title
Security12bTitle
Class A Common Stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
PLTR
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Shell Company
EntityShellCompany
false
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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831047000 usd
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3795949000 usd
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2843132000 usd
CY2024Q3 us-gaap Accounts Receivable Net Current
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364784000 usd
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119193000 usd
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5351962000 usd
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4138618000 usd
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Assets
Assets
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1477000 usd
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CY2023Q4 us-gaap Common Stock Value
CommonStockValue
2200000 usd
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Comprehensive Income Net Of Tax
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CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Stock Repurchased During Period Value
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3035138000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2023Q3 us-gaap Stockholders Equity Other
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CY2023Q3 us-gaap Profit Loss
ProfitLoss
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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343298000 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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pltr Noncash Operating Lease Cost
NoncashOperatingLeaseCost
32041000 usd
pltr Noncash Operating Lease Cost
NoncashOperatingLeaseCost
34810000 usd
us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
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us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
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pltr Noncash Consideration
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pltr Noncash Consideration
NoncashConsideration
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us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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pltr Proceeds From Sales Of Alternative Investments
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. </span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the collectability of contract consideration, including accounts receivable. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations.</span></div>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Concentrations of Credit Risk</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. Treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of September 30, 2024 and December 31, 2023 were $668.1 million and $364.8 million, respectively. Customer I represented 21% and 15% of total accounts receivable as of September 30, 2024 and December 31, 2023, respectively, and Customer J represented 17% of total accounts receivable as of September 30, 2024. No other customer represented more than 10% of total accounts receivable as of September 30, 2024 or December 31, 2023.</span></div>For the three and nine months ended September 30, 2024 and 2023, no customer represented more than 10% of total revenue.
CY2024Q3 us-gaap Accounts Receivable Net Current
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RevenueRemainingPerformanceObligation
1600000000 usd
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
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CY2024Q3 us-gaap Assets Fair Value Disclosure
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34000 usd
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
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CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2023Q4 us-gaap Common Stock Shares Outstanding
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3908239000 usd
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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10400000 usd
CY2024Q3 us-gaap Increase Decrease In Income Taxes
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us-gaap Increase Decrease In Income Taxes
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7300000 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
143525000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
71505000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
383181000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
116434000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2250032000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2162530000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2231790000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2134045000 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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209557000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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193074000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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147302000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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2459589000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2325600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2424864000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2281347000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6748000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19983000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6748000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
187074000 shares
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
38943000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19456000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19487000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
38943000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13041000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25902000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1429000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4597000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4597000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4250000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2517000 usd
CY2024Q3 pltr Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
2097000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19487000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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