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Palantir Technologies Inc.

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Palantir Technologies Inc.

Statements

Exhibits

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 2,225,012	$ 1,905,871	$ 1,541,889
Cost of revenue	431,105	408,549	339,404
Gross profit	1,793,907	1,497,322	1,202,485
Operating expenses:
Sales and marketing	744,992	702,511	614,512
Research and development	404,624	359,679	387,487
General and administrative	524,325	596,333	611,532
Total operating expenses	1,673,941	1,658,523	1,613,531
Income (loss) from operations	119,966	(161,201)	(411,046)
Interest income	132,572	20,309	1,607
Interest expense	(3,470)	(4,058)	(3,640)
Other income (expense), net	(11,977)	(216,077)	(75,415)
Income (loss) before provision for income taxes	237,091	(361,027)	(488,494)
Provision for income taxes	19,716	10,067	31,885
Net income (loss)	217,375	(371,094)	(520,379)
Less: Net income attributable to noncontrolling interests	7,550	2,611	0
Net income (loss) attributable to common stockholders	$ 209,825	$ (373,705)	$ (520,379)
Net earnings (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.10	$ (0.18)	$ (0.27)
Net earnings (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.09	$ (0.18)	$ (0.27)
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, basic (in shares)	2,147,446	2,063,793	1,923,617
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, diluted (in shares)	2,297,927	2,063,793	1,923,617

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 217,375	$ (371,094)	$ (520,379)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	33,354	22,522	14,897
Stock-based compensation	475,903	564,798	778,215
Deferred income taxes	(4,806)	(174)	43,316
Noncash operating lease expense	47,019	40,309	33,821
Unrealized and realized (gain) loss from marketable securities, net	13,160	272,108	73,311
Noncash consideration	(46,609)	(15,537)	0
Gain from step acquisition	0	(44,306)	0
Other operating activities	(29,449)	16,328	2,767
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net	(106,159)	(72,819)	(35,237)
Prepaid expenses and other current assets	(6,197)	(24,811)	(10,974)
Other assets	3,242	6,033	(3,345)
Accounts payable	(31,832)	(29,859)	57,767
Accrued liabilities	52,895	5,527	15,245
Deferred revenue, current and noncurrent	79,512	(61,154)	24,732
Customer deposits, current and noncurrent	64,347	(49,471)	(104,944)
Operating lease liabilities, current and noncurrent	(49,630)	(34,590)	(32,156)
Other noncurrent liabilities	58	(73)	(3,185)
Net cash provided by operating activities	712,183	223,737	333,851
Investing activities
Purchases of property and equipment	(15,114)	(40,027)	(12,627)
Purchases of marketable securities	(5,636,406)	(124,500)	(308,315)
Proceeds from sales and redemption of marketable securities	2,889,268	52,319	851
Business combinations, net of cash acquired	0	66,708	0
Purchases of alternative investments	0	0	(50,941)
Proceeds from sales of alternative investments	51,072	0	0
Purchases of privately-held securities	0	0	(23,009)
Other investing activities	0	73	(3,871)
Net cash used in investing activities	(2,711,180)	(45,427)	(397,912)
Financing activities
Principal payments on borrowings	0	0	(200,000)
Proceeds from the exercise of common stock options	218,238	86,089	507,455
Other financing activities	601	(93)	(708)
Net cash provided by financing activities	218,839	85,996	306,747
Effect of foreign exchange on cash, cash equivalents, and restricted cash	2,930	(3,885)	(3,918)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,777,228)	260,421	238,768
Cash, cash equivalents, and restricted cash - beginning of period	2,627,335	2,366,914	2,128,146
Cash, cash equivalents, and restricted cash - end of period	850,107	2,627,335	2,366,914
Supplemental disclosures of cash flow information
Cash paid for income taxes	$ 13,515	$ 2,904	$ 4,131

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 831,047	$ 2,598,540
Marketable securities	2,843,132	35,135
Accounts receivable, net	364,784	258,346
Prepaid expenses and other current assets	99,655	149,556
Total current assets	4,138,618	3,041,577
Property and equipment, net	47,758	69,170
Operating lease right-of-use assets	182,863	200,240
Other assets	153,186	150,252
Total assets	4,522,425	3,461,239
Current liabilities:
Accounts payable	12,122	44,788
Accrued liabilities	222,991	172,715
Deferred revenue	246,901	183,350
Customer deposits	209,828	141,989
Operating lease liabilities	54,176	45,099
Total current liabilities	746,018	587,941
Deferred revenue, noncurrent	28,047	9,965
Customer deposits, noncurrent	1,477	3,936
Operating lease liabilities, noncurrent	175,216	204,305
Other noncurrent liabilities	10,702	12,655
Total liabilities	961,460	818,802
Commitments and Contingencies (Note 8)
Stockholders’ equity:
Common stock	2,200	2,099
Additional paid-in capital	9,122,173	8,427,998
Accumulated other comprehensive income (loss), net	801	(5,333)
Accumulated deficit	(5,649,613)	(5,859,438)
Total stockholders’ equity	3,475,561	2,565,326
Noncontrolling interests	85,404	77,111
Total equity	3,560,965	2,642,437
Total liabilities and equity	$ 4,522,425	$ 3,461,239