PLTR DCF Valuation

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
1	Palantir Financial Trends
2		4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23E	2Q23A	3Q23E	FY19	FY20	FY21	FY22	FY23E in Q2	Chg from prev qtr
3	Revenue ($m)	322	341	376	392	433	446	473	478	509	525	530	533	555	743	1,093	1,542	1,907	2,212	$2m
4	YoY Growth	40%	49%	49%	36%	34%	31%	26%	22%	18%	18%	12%	13%	16%	25%	47%	41%	24%	16%
5	Annualised growth (Qtr * 4)		24%	41%	17%	42%	12%	24%	4%	26%	13%	4%	6%	19%
6	Billings	322	329	379	392	462	489	396	509	387	614		603				1473	1781
7	YoY Growth					43%	49%	4%	30%	-16%	26%		52%					21%
8	Customer count	138	?	169	203	237	277	304	337	367	391		421			138	237	367
9	Annualised growth (Qtr * 4)				80%	67%	68%	39%	43%	36%	26%		31%				72%	55%
10	Government revenue ($m)	190	208	232	218	239	242	263	274	293	289		302		346	610	897	1072
11	YoY Growth					26%	16%	13%	26%	23%	19%		15%			76%	47%	20%
12	Commercial revenue ($m)	132	133	144	174	194	205	210	204	215	236		232		397	482	645	834
13	YoY Growth					47%	54%	46%	17%	11%	15%		10%			21%	34%	29%
14	Commercial customer count			79	115	147	184	203	228	260	280		n/a				147	260
15	Annualised growth (Qtr * 4)				182%	111%	101%	41%	49%	56%	31%		n/a					77%
16	Net Dollar Retention	n/a	n/a	n/a	n/a	*150%	124%	119%	119%	115%	n/a		n/a
17	Average Contract Value	2.33	?	2.22	1.93	1.83	1.61	1.56	1.42	1.39	1.34		1.27			7.92	6.51	5.20
18	Gross margin	78.1%	78.3%	75.8%	77.9%	79.8%	78.9%	78.4%	77.5%	79.5%	79.5%		80.0%		67.4%	67.7%	78.0%	78.6%
19	Non-GAAP Gross margin			82.0%	82.0%	83.0%	81.0%	81.0%	80.0%	82.0%	81.0%		81.0%		71.0%	81.0%	82.0%	81.0%
20	S&M %	46%	40%	43%	39%	38%	36%	36%	38%	37%	36%		35%		61%	63%	40%	37%
21	R&D %	29%	29%	29%	24%	19%	20%	19%	21%	16%	17%		19%		41%	51%	25%	19%
22	SBC %	75%	57%	62%	47%	39%	33%	31%	29%	25%	22%		21%		33%	116%	50%	30%
23	EBIT margin	-65%	-33%	-39%	-23%	-14%	-9%	-9%	-13%	-4%	1%		2%		-78%	-107%	-27%	-9%
24	Non-GAAP EBIT margin	32%	34%	31%	30%	29%	26%	23%	17%	22%	24%	23%	18%		-45%	17%	31%	20%	26%	24%
25	Net margin	-46%	-36%	-37%	-26%	-36%	-23%	-38%	-26%	6%	3%		5%		-78%	-107%	-34%	-20%
26	FCF margin	-7%	34%	6%	24%	20%	5%	12%	7%	17%	35%		16%		-24%	-28%	21%	10%
27	Rule of 40	33%	83%	55%	60%	54%	36%	38%	29%	35%	52%		29%		1%	19%	62%	34%
28	Cash balance	2,011	2,339	2,341	2,534	2,525	2,522	2,458	2,469	2634	2905		3104		1,079	2,011	2,525	2634
29	* casually stated by Karp in 4Q21 earnings call
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100