PLTR 10-Q

Palantir Technologies Inc. (PLTR)

10-Q 2022-08-08 For: 2022-06-30

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Delaware						68-0551851
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
1555 Blake Street, Suite 250 Denver, Colorado						80202
(Address of principal executive offices)						(Zip Code)


		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities	83
Item 3.	Defaults Upon Senior Securities	83
Item 4.	Mine Safety Disclosures	83
Item 5.	Other Information	83
Item 6.	Exhibits	84


	As of June 30,		As of December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	2,358,393	$	2,290,674
Restricted cash	28,125		36,628
Accounts receivable, net	265,826		190,923
Marketable securities	99,210		234,153
Prepaid expenses and other current assets	150,885		110,872
Total current assets	2,902,439		2,863,250
Property and equipment, net	47,644		31,304
Restricted cash, noncurrent	28,647		39,612
Operating lease right-of-use assets	211,410		216,898
Other assets	92,198		96,386
Total assets	$	3,282,338	$	3,247,450
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	56,798	$	74,907
Accrued liabilities	187,568		155,806
Deferred revenue	219,441		227,816
Customer deposits	161,026		161,605
Operating lease liabilities	40,909		39,927
Total current liabilities	665,742		660,061
Deferred revenue, noncurrent	34,143		40,217
Customer deposits, noncurrent	15,412		33,699

Operating lease liabilities, noncurrent	216,059		220,146
Other noncurrent liabilities	2,158		2,297
Total liabilities	933,514		956,420
Commitments and Contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2022 and December 31, 2021; 1,962,382 and 1,926,589 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; 2,700,000 Class B shares authorized as of June 30, 2022 and December 31, 2021; 99,354 and 99,880 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2022 and December 31, 2021	2,063		2,027
Additional paid-in capital	8,119,876		7,777,085
Accumulated other comprehensive loss	(6,674)		(2,349)
Accumulated deficit	(5,766,441)		(5,485,733)
Total stockholders’ equity	2,348,824		2,291,030
Total liabilities and stockholders’ equity	$	3,282,338	$	3,247,450


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue	$	473,010	$	375,642	$	919,367	$	716,876
Cost of revenue	102,224		90,926		196,627		165,037
Gross profit	370,786		284,716		722,740		551,839
Operating expenses:
Sales and marketing	168,875		162,379		329,360		298,476
Research and development	88,171		110,524		176,772		208,995
General and administrative	155,485		157,961		297,792		304,530
Total operating expenses	412,531		430,864		803,924		812,001
Loss from operations	(41,745)		(146,148)		(81,184)		(260,162)
Interest income	1,472		372		2,019		748
Interest expense	(670)		(590)		(1,264)		(2,430)
Other income (expense), net	(135,798)		2,125		(195,668)		(2,769)
Loss before provision for (benefit from) income taxes	(176,741)		(144,241)		(276,097)		(264,613)
Provision for (benefit from) income taxes	2,588		(5,661)		4,611		(2,559)
Net loss	$	(179,329)	$	(138,580)	$	(280,708)	$	(262,054)
Net loss per share attributable to common stockholders, basic	$	(0.09)	$	(0.07)	$	(0.14)	$	(0.14)
Net loss per share attributable to common stockholders, diluted	$	(0.09)	$	(0.07)	$	(0.14)	$	(0.14)
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic	2,054,799		1,894,606		2,045,604		1,858,085
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted	2,054,799		1,894,606		2,045,604		1,858,085


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(179,329)	$	(138,580)	$	(280,708)	$	(262,054)
Other comprehensive income (loss)
Foreign currency translation adjustments	(2,630)		(800)		(4,325)		2,810
Comprehensive loss	$	(181,959)	$	(139,380)	$	(285,033)	$	(259,244)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2022	2,045,876	$	2,046	$	7,953,856	$	(4,044)	$	(5,587,112)	$	2,364,746
Issuance of common stock from the exercise of stock options	4,780	5		20,311		—		—		20,316
Issuance of common stock upon vesting of RSUs	12,085	12		(12)		—		—		—
Stock-based compensation	—	—		145,721		—		—		145,721
Other comprehensive loss	—	—		—		(2,630)		—		(2,630)
Net loss	—	—		—		—		(179,329)		(179,329)
Balance as of June 30, 2022	2,062,741	$	2,063	$	8,119,876	$	(6,674)	$	(5,766,441)	$	2,348,824

	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2021	2,027,474	$	2,027	$	7,777,085	$	(2,349)	$	(5,485,733)	$	2,291,030
Issuance of common stock from the exercise of stock options	11,434	12		47,529		—		—		47,541
Issuance of common stock upon vesting of RSUs	23,833	24		(24)		—		—		—
Stock-based compensation	—	—		295,286		—		—		295,286
Other comprehensive loss	—	—		—		(4,325)		—		(4,325)
Net loss	—	—		—		—		(280,708)		(280,708)
Balance as of June 30, 2022	2,062,741	$	2,063	$	8,119,876	$	(6,674)	$	(5,766,441)	$	2,348,824


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of March 31, 2021	1,860,607	$	1,860	$	6,892,046	$	865	$	(5,088,828)	$	1,805,943
Issuance of common stock from the exercise of stock options	59,171	59		167,769		—		—		167,828
Issuance of common stock upon vesting of RSUs	12,872	13		(13)		—		—		—
Issuance of common stock upon net exercise of common stock warrants and other	3,928	5		1,707		—		—		1,712
Stock-based compensation	—	—		232,860		—		—		232,860
Other comprehensive loss	—	—		—		(800)		—		(800)
Net loss	—	—		—		—		(138,580)		(138,580)
Balance as of June 30, 2021	1,936,578	$	1,937	$	7,294,369	$	65	$	(5,227,408)	$	2,068,963

	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2020	1,792,140	$	1,792	$	6,488,857	$	(2,745)	$	(4,965,354)	$	1,522,550
Issuance of common stock from the exercise of stock options	114,471	114		376,574		—		—		376,688
Issuance of common stock upon vesting of RSUs	23,832	24		(24)		—		—		—
Issuance of common stock upon vesting of growth units	1,471	1		(1)		—		—		—
Issuance of common stock upon net exercise of common stock warrants and other	4,664	6		1,706		—		—		1,712
Stock-based compensation	—	—		427,257		—		—		427,257
Other comprehensive income	—	—		—		2,810		—		2,810
Net loss	—	—		—		—		(262,054)		(262,054)
Balance as of June 30, 2021	1,936,578	$	1,937	$	7,294,369	$	65	$	(5,227,408)	$	2,068,963


	As of June 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	385,721	$	385,721	$	—	$	—
Certificates of deposit	9,358		—		9,358		—
Restricted cash, current and noncurrent
Certificates of deposit	32,292		—		32,292		—
Marketable securities:
Marketable securities	99,210		99,210		—		—
Total	$	526,581	$	484,931	$	41,650	$	—

	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	507,317	$	507,317	$	—	$	—
Certificates of deposit	6,844		—		6,844		—
Restricted cash, current and noncurrent
Certificates of deposit	45,048		—		45,048		—
Marketable securities:
Marketable securities	234,153		234,153		—		—
Total	$	793,362	$	741,470	$	51,892	$	—


	As of June 30, 2022		As of December 31, 2021
Leasehold improvements	$	71,834	$	72,834
Computer equipment, software, and other	29,467		16,916
Furniture and fixtures	10,137		8,358
Construction in progress	7,591		3,126
Total property and equipment, gross	119,029		101,234
Less: accumulated depreciation and amortization	(71,385)		(69,930)
Total property and equipment, net	$	47,644	$	31,304


	As of June 30, 2022		As of December 31, 2021
Accrued payroll and related expenses	$	47,046	$	60,732
Accrued legal	42,912		13,086
Accrued other liabilities	97,610		81,988
Total accrued liabilities	$	187,568	$	155,806


	As of June 30, 2022		As of December 31, 2021
	Authorized	Issued and Outstanding	Authorized	Issued and Outstanding
Class A Common Stock	20,000,000	1,962,382	20,000,000	1,926,589
Class B Common Stock	2,700,000	99,354	2,700,000	99,880
Class F Common Stock	1,005	1,005	1,005	1,005
Total	22,701,005	2,062,741	22,701,005	2,027,474


	Options Outstanding	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Balance as of December 31, 2021	349,952	$	7.81	9.06	$	3,638,685

Options exercised	(11,434)	4.16		—	—
Options canceled and forfeited	(1,942)	4.93		—	—
Balance as of June 30, 2022	336,576	$	7.95	8.74	$	750,129
Options vested and exercisable as of June 30, 2022	175,943	$	5.46	7.68	$	676,872


	RSUs Outstanding	Weighted Average Grant Date Fair Value per Share
Balance as of December 31, 2021	153,749	$	9.56
RSUs granted	11,209	13.96
RSUs vested and converted to shares	(23,833)	8.59
RSUs canceled	(4,415)	9.07
Balance as of June 30, 2022	136,710	$	10.11


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Contribution:
Government	$	153,642	$	143,253	$	293,452	$	274,999
Commercial	108,885		75,121		221,493		147,664
Total contribution	$	262,527	$	218,374	$	514,945	$	422,663


	Three Months Ended June 30,				Change				Six Months Ended June 30,				Change
	2022		2021		Amount		%		2022		2021		Amount		%
Cost of revenue	$	11,211	$	24,029	$	(12,818)	(53)	%	$	22,888	$	40,006	$	(17,118)	(43)	%
Sales and marketing	49,405		72,008		(22,603)		(31)	%	98,677		129,294		(30,617)		(24)	%
Research and development	24,978		50,630		(25,652)		(51)	%	51,883		88,504		(36,621)		(41)	%
General and administrative	60,175		86,075		(25,900)		(30)	%	121,644		168,669		(47,025)		(28)	%
Total stock-based compensation expense	$	145,769	$	232,742	$	(86,973)	(37)	%	$	295,092	$	426,473	$	(131,381)	(31)	%


	Three Months Ended June 30,				Change		Six Months Ended June 30,			Change
	2022		2021		Amount			2022		2021		Amount
Interest income	$	1,472	$	372	$	1,100		$	2,019	$	748	$	1,271



	PALANTIR TECHNOLOGIES INC.

Date: August 8, 2022	By:	/s/ Alexander C. Karp
		Alexander C. Karp
		Chief Executive Officer
		(Principal Executive Officer)

Date: August 8, 2022	By:	/s/ David Glazer
		David Glazer
		Chief Financial Officer
		(Principal Financial Officer)

Date: August 8, 2022	By:	/s/ Jeffrey Buckley
		Jeffrey Buckley
		Chief Accounting Officer
		(Principal Accounting Officer)