Palantir reported a mixed 4Q, with revenue 1% above the Street, EBIT margin ~600bps above, and positive GAAP net income for the first time in the company's history. That said, the profitable quarter was largely driven by a one-time item ($44 mn gain from acquiring the Palantir Japan JV), while billings of $387 mn were flat yoy and 10 revenue was guided 3% below the Street. Palantir guided to 14-17% growth in 2023, below our model at 23% and the Street at 20% (FactSet).Core Commercial business momentum is solid. The healthcare end market continues to be a bright spot, and Palantir now works with 4 large organizations that represent nearly 10% of the entire US hospital system, including Cleveland Clinic and Tampa General. Management said that the number of healthcare deals closed doubled in 2022, and based on our conversations at February's FoundryCon, momentum in this vertical continues to be robust. On the call, Palantir also called out utilities, automotive, energy, manufacturing, and supply chain as focus areas for the evolving. DOWNLOAD...
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