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Exam Code: PL-900 Practice exam 2022 by team
PL-900 Microsoft Power Platform Fundamentals

Exam Number : PL-900
Exam Name : Microsoft Power Platform Fundamentals

Candidates for this exam aspire to Strengthen productivity by understanding the capabilities of the Power Platform, automating basic business processes with Power Automate, performing basic data analysis with Power BI, acting more effectively by creating simple Power Apps experiences, and creating powerful chatbots by using Power Virtual Agents.

The content of this exam was updated on March 10, 2021. Please download the exam skills outline below to see what changed.
- Describe the business value of Power Platform (15-20%)
- Identify the core components of Power Platform (15-20%)
- Demonstrate the capabilities of Power BI (15-20%)
- Describe the capabilities of Power Apps (15-20%)
- Demonstrate the capabilities of Power Automate (15-20%)
- Demonstrate the business value of Power Virtual Agents (10-15%)

Describe the business value of Power Platform (15-20%)
Describe the business value of Power Platform services
 analyze data by using Power BI
 act with Power Apps
 build solutions that use Microsoft Dataverse
 create flows by using Power Automate
 use connectors to access services and data
 create powerful chatbots by using a guided, no-code graphical interface
Describe the business value of extending business solutions by using Power Platform
 describe how Dynamics 365 apps can accelerate delivery of Power Platform business solutions
 describe how Power Platform business solutions can be used by Microsoft 365 apps including Microsoft Teams
 describe how Power Platform business solutions can consume Microsoft 365 services
 describe how Power Platform business solutions can consume Microsoft Azure services including Azure Cognitive Services
 describe how Power Platform business solutions can consume third-party apps and services
Describe Power Platform administration and security
 describe how Power Platform implements security including awareness of Microsoft Dataverse security roles, Azure Identity Services, and Access Management (IAM)
 describe how to manage apps and users
 describe environments
 describe where to perform specific administrative tasks including Power Platform Admin center, Microsoft 365 admin center
 describe Data Loss Prevention (DLP) policies
 describe how the platform supports privacy and accessibility guidelines

Identify the Core Components of Power Platform (15-20%)
Describe Microsoft Dataverse
 describe the Power Apps user experience
 describe tables, columns, and relationships
 describe use cases for solutions
 describe use cases and limitations of business rules
 describe the Common Data Model (CDM)
 describe how to use common standard tables to describe people, places, and things Describe Connectors
 describe the native Dataverse connection experience
 describe triggers including trigger types and where triggers are used
 describe actions
 describe licensing options for connectors including standard or premium tier Identify use cases for custom connectors
Describe AI Builder
 identify the business value of AI Builder
 describe models including business card reader, detection model, form processing model, and prediction model
 describe how the Power Apps and Power Automate can consume AI Builder data

Demonstrate the capabilities of Power BI (15-20%)
Identify common Power BI components
 identify and describe uses for visualization controls including pie, bar, donut, and scatter plots and KPIs
 describe types of filters
 describe the Power BI Desktop Reports, Data, and Model tabs
 describe uses for custom visuals including charts or controls Compare and contrast dashboards and workspaces
 compare and contrast Power BI Desktop and Power BI Service
 compare and contrast dashboards, workspaces, and reports Connect to and consume data
 combine multiple data sources
 clean and transform data
 describe and implement aggregate functions
 identify available types of data sources including Microsoft Excel
 describe use cases for shared datasets and template apps and how to consume each Build a basic dashboard using Power BI
 design a Power BI dashboard
 design data layout and mapping
 publish and share reports and dashboards

Demonstrate the capabilities of Power Apps (15-20%)
Identify common Power Apps components
 describe differences between canvas apps and model-driven apps
 describe portal apps
 identify and describe types of reusable components including canvas component libraries and Power Apps Component Framework (PCF) components
 describe use cases for formulas
Build a basic canvas app
 describe types of data sources
 connect to data by using connectors
 combine multiple data sources
 use controls to design the user experience
 describe the customer journey
 publish and share an app
Describe Power Apps portals
 create a portal by using a template
 describe common portal customizations
 identify differences in portal behavior based on whether a user is authenticated
 apply a theme to a portal
Build a basic model-driven app
 add tables to app navigation
 modify forms and views
 publish and share an app

Demonstrate the capabilities of Power Automate (15-20%)
Identify common Power Automate components
 identify flow types
 describe use cases for flows and available flow templates
 describe how Power Automate uses connectors
 describe loops and conditions including switch, do until, and apply to each
 describe expressions
 describe approvals
Build a basic flow
 create a flow by using the button, automated, or scheduled flow template
 modify a flow
 use flow controls to perform data operations
 run a flow
 modify a flow

Demonstrate the capabilities of Power Virtual Agents (10-15%)
Describe Power Virtual Agents capabilities
 describe use cases for Power Virtual Agents
 describe where you can publish chatbots
 describe topics, entities and actions
 describe message nodes, question nodes, conditions, trigger phrases, and the authoring canvas
 identify common pre-built entities
Build and publish a basic chatbot
 create a chatbot
 create a topic
 call an action
 test a chatbot
 publish a chatbot
 monitor chatbot usage
 monitor chatbot performance

Microsoft Power Platform Fundamentals
Microsoft Fundamentals approach
Killexams : Microsoft Fundamentals approach - BingNews Search results Killexams : Microsoft Fundamentals approach - BingNews Killexams : The Fundamentals Of Influencer Marketing

What exactly is influencer marketing? How does it differ from other forms of advertising? And why should marketers care?

Influencer marketing has become a powerful tool for businesses looking to reach new audiences.

Marketers use various strategies to identify influential individuals and gain access to their followers.

In this article, we’ll discuss what influencer marketing is and the variable for incorporating influencer marketing into a brand’s strategy.

What Is Influencer Marketing?

Influencer marketing uses celebrities, athletes, bloggers, and other influential figures to market brands.

Influencers are those who have large social media followings and have the ability to influence their audience.

Brands use influencers to promote their product or service through paid advertisements, free giveaways, and endorsements. In addition, they can generate significant brand awareness and loyalty through paid or unpaid posts.

The goal is to get them to share valuable information and create excitement around a particular topic, product, or service. The key benefit for brands is that they reach a larger audience at a lower cost than traditional advertising methods.

The Right Influencer

However, this opportunity comes with some responsibility on the part of the brand.

Brands must be careful when choosing an influencer because it’s easy for them to fall in love with the idea of working with someone influential.

Unfortunately, without thorough background research, this can lead to a situation where a potentially ideal influencer promotes products that aren’t aligned with a brand’s values. Therefore, it’s important to ensure the influencer you want to work with aligns with your brand’s goals and values.

Influencer marketing also requires brands to pay influencers fairly. If you don’t pay your influencers what they deserve, they won’t promote your brand in the vision you want them to. Additionally, you can risk a potentially fruitful relationship.

Creating A Plan

When collaborating with an influencer, it’s essential to not just think of the total cost but the project’s goals and establish what you would like accomplished in the front end.

This can include a discovery call to plan out potential posts or how-to videos. Will you provide the content and supporting information, or will they? Of course, all this will affect the cost and time involved in creating the posts.

Influencer marketing has become one of the most effective ways to get people talking about your business online. It’s essential to know how to find the right influencers for your niche to ensure your message gets across.

Why We All Need Influencer Marketing & How We Can Use It

A study showed that in 2022 influencer marketing is set to reach $16.4 billion and 75% of brand marketers plan to include influencer marketing in this year’s strategy. This type of marketing is growing fast and doing well.

And this isn’t just for B2C brands, since 86% of B2B brands find influencer marketing a valuable strategy. That’s a considerable return on investment if you have the right approach.

If you’re only using traditional digital marketing (SEO, PPC, social media, etc.), you’re clearly missing out on a huge opportunity to increase your ROI.

It doesn’t matter if you’re an agency, brand, or business – everyone can benefit from trying influencer marketing.

Don’t believe me? You should. Influencer marketing is not “out of your league.” Here’s why.

Influencer Marketing For Agencies

How many clients does your agency have? That’s how many new influencing opportunities your agency has at its fingertips.

Agencies can use their clients, the ones they like and like them, to help promote their agency for them.

Think of it like receiving a referral or customer review.

If someone enjoys working with you and the business next door asks how they got so successful so quickly, they’re going to tell the next-door business all about your agency and how you helped them.

Case Studies & New Content

Capitalize on this process and ask your clients for video testimonials to become a part of your referral program (create one) and if you can use their results for case studies.

If you’ve been able to impact a client positively, they’re highly likely to approve you sharing the story of how you took them from one to 10.

Gather a dozen different case studies from your past and current clients to publish on your website, social pages, email newsletters, and ads. This isn’t only additional content but content your existing and new clients will appreciate.

You can also make the case study an appealing PDF and share it with the case study client for them to share among their peers.

If you help them reach their goals, they’ll love the PDF filled with graphics, charts, and impressive numbers to share with other business owners.

Trial By Error

Another way to utilize your clients for influencer marketing is to ask your clients to test out a new product.

If they’re a big client of yours, it’s appropriate to let them know that your agency is trying to innovate with all of the tech advances, and you want to try a new strategy or product with them as a test.

FREE Of Charge

If things work out with the test, woohoo! You’ve added another section to the contract. And you have a new service or product to charge for in the future.

If things don’t work out, you get insightful and honest feedback from the client and know how to fix the product or plan.


One of the most significant ways I see brands utilize influencer marketing is by partnering up with other brands.

Before I get too deep into this, I want to clarify that there are prominent corporate players like Sprint and Blue Apron. And they’re also individual brands like famous Instagram users and YouTube celebrities.

A brand can be an individual brand, like you trying to grow your role as a digital marketer in the industry. However, it can also represent a larger entity for cosmetics and skincare like Maybelline.

Now, back to the brands and the whole influencer marketing idea. Brands will partner together in campaigns to help widen their audience with influencer marketing.

They can use relevant brands in the same industry or reach out of the spectrum and partner with entirely different brands to increase their exposure to a new audience.

When you work with an influencer in a different industry, you get a level of influencer where you can capitalize on the new audience. Be strategic in who you reach out to and ask to partner up in a new influencing campaign.

Partnering with the wrong brand will profoundly impact your brand’s reputation and possibly ruin it.

Red Bull partnering with Coca-Cola for a new content campaign also wouldn’t be the best of ideas. On the one hand, Red Bull is heavily involved in extreme sports. But, they’ve chosen that angle due to their actual product, an energy drink named Red Bull that essentially “gives you wings,” to be extreme.

Sure, the Red Bull athletes could do an incredible stunt riding a mountain bike down the ledge of the mountain holding both a Coca-Cola and a Red Bull can, but what would be the point?

It wouldn’t make sense because, technically, the two can be seen as competitors. They both are on-the-go drink manufacturers.

Instead, Red Bull could partner with Nike and do a content campaign featuring Nike’s new apparel line, Red Bull’s energy drink, and summer sports.

Just because your brand is in the same industry as another doesn’t mean a collab will work. It’s important to research how your consumers will react to the ad.


We can most commonly recognize influencer marketing when businesses do it.

If your business makes pipes for the plumbing industry, head to that list of the most famous plumbers and start reaching out.

Doing outreach is a huge part of influencer marketing. It almost feels like putting on a public relations or journalist hat for a second as you try and narrow down your influencers.

Once you’ve found an influencer who has agreed to help promote your product, don’t just stop there. The more influencers you have, the more brand exposure you get, as well as trust.

The word will get around if one of the most famous plumbers uses your pipes for repairs. Other plumbers will trust the renowned plumber and follow in their footsteps to purchase and use only your pipes.

When To Pay An Influencer

Sometimes, you don’t need to pay an influencer. Instead, samples of the product you’re asking them to promote, discounts, or free services usually suffice.

It changes and becomes a more costly strategy when you pick who the influencer is and depends on the type of content you want.

The bigger the influencer, the more they’ll want.

If you’re aiming for that Kardashian type of exposure, you will need to break out the wallet. And the credit card. And possibly your mortgage.

Influencers Who Cost, A Lot

If you’re a brand, business, or agency with goals like a Kardashian type of exposure and the budget to match. Then, by all means, reach out to your lawyers and start preparing contracts for when you lock in those influencers.

Make sure your contracts clearly state the expectations of the influencer. For example, if you want them to run the content by you before they publish it, specify that in the contract.

If you want the influencer to only be able to promote your plumbing pipes and not work with any other pipe companies, state it in the contract.

Influencers Of Little To No Cost

For the rest of us, focus on the more affordable influencers. These people may already invest much of their time promoting your brand because they love your product or what you do.

Death Wish Coffee is an excellent example of this.

People love their product, the ridiculously strong coffee that comes with a side of sarcasm. The brand speaks its customer’s language, making it fun for customers to engage and promote the product themselves.

This coffee company can monitor its hashtag mentions and unlock hundreds of potential influencers that would love to receive a free month of coffee for posting more about their brand.

Look at what kind of mentions your brand, business, or agency is attracting online and follow the conversation. You’ll quickly discover who’s talking about you the most.

Finding An Influencer

Then, look at their followers if they have a healthy following reach out and see if they’d be interested in partnering up with you on an influencer campaign.

Don’t stop reading. I know those of you who are rolling your eyes yelling, “NO ONE MENTIONS MY BRAND!”

Don’t worry. I’ve got a solution for you, too. Look at your big competitors. Think of the Red Bulls and Coca-Colas of your industry.

See what kind of mentions they’re getting and from who. Then, reach out to those influencers and pitch away.

You never know who will say yes unless you ask.

Plus, they may not want as much as you think or even be willing to promote for free after getting to know more about you and your business.

Nowadays, there are numerous influencer marketing tools out there that can help connect you with the right people and brands. So, if you’re having trouble finding people you want to work with, it can be beneficial to provide one of the tools a try.

Final Thoughts

Influencer marketing has become much more than just a buzzword.

Marketers have been using influencers to promote their products for years, but brands are now using influencers to build customer relationships and create new revenue streams.

By leveraging the power of social media platforms like Facebook and Instagram, marketers can connect directly with consumers through influencers.

This can help to increase brand awareness and drive sales. It can also open your brand, business, or agency to new audiences.

As we get closer to the end of this year, try strategizing the influencer marketing opportunities you have out there.

More Resources:

Featured Image: Anton Vierietin/Shutterstock

Wed, 12 Oct 2022 23:52:00 -0500 en text/html
Killexams : The First 4 Fundamentals About Consciousness and the Brain

Every fall, new students join the lab, eager to learn about consciousness and the brain. At this time of the year, I always ask myself, "What are the fundamental ideas about consciousness and the brain that should be taught first?" I always find myself revising, updating, streamlining, and making clearer the ideas in introductory lectures and the lab manual (Morsella, 2022). Below are the four fundamentals that, over the years, have always been presented first, both in the manual and in lab discussions.

The first thing to learn is what a “conscious content” is. Any particular thing one is conscious of has been referred to as a “conscious content.” A conscious content could be the sight of a coffee cup, an afterimage, a song that keeps playing in one’s mind, a percept, an urge (e.g., to scratch a sunburn), the smell of an ice cream sundae, or an autobiographical memory (e.g., memory of last summer’s camping trip).

The term “conscious content” refers to the most basic form of consciousness: If a creature is capable of having an experience of any kind—pain, nausea, a pleasant dream, or the sound of a bell—then it possesses this basic form of consciousness (Morsella, 2022). In short, to have an experience of any kind is to have some kind of conscious content. Sometimes people refer to this kind of basic consciousness as “awareness,” which means the same thing: Being aware of a cup or ringing in the ears is to experience these conscious contents.

The second thing to learn is the term “conscious field.” The conscious field is made up of all the conscious contents that are activated at one moment in time: the sight of an ice cream sundae plus the smell of coffee plus the feeling of the chair on which one is sitting plus the song that one cannot get out of one’s mind plus the memory of the doctor reminding one to cut down on sweets.

We are not aware of, and have no conscious contents for, many things going on in the brain or body—peristalsis in the gut, how the pupils in the eye are controlled, and many other activities in the nervous system (e.g., motor and syntactic programming). These processes are said to be unconscious. There is usually no experience about them. We know of these processes mainly through practicing about them in textbooks. We have no direct experience about them. In short, “unconscious events are those processes that, though capable of systematically influencing behavior, cognition, motivation, and emotion, do not influence the organism’s subjective experience in such a way that the organism can directly detect, understand, or self-report the occurrence or nature of these events” (from Morsella & Bargh, 2011).

Knowledge of unconscious process leads to the third important fundamental about consciousness and the brain: Not all brain processes and regions are associated with consciousness. Consciousness is associated with only a subset of the regions and processes. Researchers are attempting to home in on these circuits associated with consciousness (e.g., Morsella et al., 2016; Morsella, 2022).

The fourth fundamental is an observation that holds some clues about why one needs a fully operational conscious field, one in which many conscious contents are presented: Each conscious content activates brain processes, including, to some extent, behavioral inclinations. Consider the classic Stroop task (Stroop, 1935). In the task, subjects are instructed to name the color in which a word is written. When the word and color are incongruent (e.g., RED presented in blue), “response conflict” leads to increased error rates and response times. The response conflict arises because, though one intends to name only the color in which the word is printed, the stimulus (RED) activates involuntarily the “word reading” action plan (to utter “red”).

Because conscious contents can activate processes that influence behavior, it is essential that one conscious content (e.g., a tasty ice cream sundae) not be presented alone to have too much influence on behavior. Such a monopoly would not lead to adaptive behavior. Each content should be “checked” by other conscious contents (e.g., the memory that the doctor recommended cutting down on sweets). (This is called a “frame check”; Morsella et al., 2016.) Because voluntary behavior is influenced by the many conscious contents in the field, we respond to a given stimulus (the tasty sundae) not in isolation but in light of the other contents (e.g., memory of doctor) composing the conscious field.

With these four fundamentals, incoming students not only understand new terms but also begin to appreciate the important role of the conscious field in yielding adaptive actions that are context-sensitive. Over the years, these four fundamentals have consistently appeared at the beginning of the lab manual (Morsella, 2022), and I can’t foresee an introduction to the lab without them.

Tue, 11 Oct 2022 12:14:00 -0500 en-US text/html
Killexams : How We Arrived At A $5 Absolute Bottom For Palantir
Palantir Technologies headquarters campus exterior view in Silicon Valley. - Palo Alto, California, USA - 2019

Michael Vi/iStock Editorial via Getty Images

While we remain optimistic on Palantir’s (NYSE:PLTR) long-term fundamentals, markets have admittedly been unforgiving to the company’s valuation – and reasonably so. The stock has at its worst point lost close to three quarters of its value since peaking in November due to broad-based market turmoil this year that has been compounded by investors’ distaste against multi-period deceleration at Palantir’s core government segment, and the company’s ultimate decision to pause its multi-year annual growth target of at least 30%, citing near-term macro uncertainties.

Amid tightening macroeconomic conditions that have shifted investors’ preference from high duration equities like Palantir to low duration equities "tied to large near-future cash flows and pay-outs," the stock remains highly prone to further downward valuation adjustments in the near term. The following analysis will revisit the factors supporting Palantir’s long-term growth trajectory and discuss immediate macro-driven risks facing its near-term fundamental performance that could potentially subject the stock to a further downtrend over coming months. Looking ahead, anticipated weakness in Palantir’s 2H22 fundamental performance – which management has cautioned upon their decision to pause the 30% annual growth target for 2022 during the second quarter – due to mounting macro headwinds beyond the company’s control is becoming increasingly prominent, putting a bear-case valuation of as low as $5 apiece in sight.

Understanding the Long-Term Opportunities and Near-Term Risks to Palantir

Government Segment

Palantir’s government segment is a core driver of the company’s fundamentals, representing more than half of the company’s quarterly sales. Elevated double-digit year-over-year growth in the segment during Palantir’s first 12 months as a publicly-listed company was a key driver to its bullish run. Yet, rapid deceleration in the segment, which began in 2H21 when pandemic-related contracts diminished, caused investors to think twice about the sustainability of Palantir’s forward growth trajectory. Paired with worsening macro conditions in 2022, the stock has been on a steady decline with no immediate respite in sight.

Revisiting Opportunities in the Government Segment

Although Palantir’s government revenues have demonstrated a decelerating trend in accurate quarters, it has continued to make favourable progress on its “acquire, expand, and scale” business model. As discussed in our previous coverage, Palantir has not only demonstrated a consistent track record in renewing government contracts, but also successfully leveraging said existing government contracts to cross sell its offerings, which is corroborated by a high volume of deal extensions that often expand beyond the initially-contracted services.

Aside from the slowdown in pandemic-related contracts, the company has yet to experience significant churn in its government segment, which also provides validation to the effectiveness of its data management, storage and analytics solutions. In fact, Palantir has effectively leveraged its pandemic-era deal wins to showcase its capacity in addressing data management and analytics requirements in healthcare, which has translated into long-term partnerships that it continues to hold with the HHS and NHS today.

Although some may view Palantir Alex Karp’s accurate commentary on the effectiveness of the company’s product offerings as arrogant, he’s got a point – Palantir’s continued demonstration of favorable progress in expanding its existing government deal portfolio serves as validation to the effectiveness of its product offerings, while also building forward visibility on the segment’s long-term fundamental prospects by driving sustained growth:

By the way, on this point, one of the most important things driving our software, but especially in commercial, is that people have tried and tried and tried to build our product. We have a number of customers that we've been able to bring on board this year that, quite frankly, didn't like us. And it's like - but the product brought them back… And why did the product bring them back? Because the product is actually delivering value that is otherwise not available. And in the U.S. government especially, the U.S. government has tried everything not to buy our product. We had to sue the U.S. government twice. Just imagine how popular I am. They still are buying the product. It's not a love relationship always. It's - we bring you back. Our products bring you back.

Source: Palantir 2Q22 Earnings Call Transcript

And while market concerns over recession risks are rising, Palantir has continued to do what it does best – extending and expanding its existing government partnerships:

  • U.S. Army Research Laboratory: Palantir was recently awarded a second deal extension with the U.S. Army Research Laboratory (“ARL”) to facilitate the build-out of AI/ML capabilities to be used across the Department of Defense (“DOD”). Valued at up to $229 million over a one-year period, the latest extension builds on earlier work commissioned by the ARL under a $100 million two-year project on the implementation of AI/ML capabilities, which stemmed from Palantir’s initial partnership with the agency dating back to 2018. The expansive undertaking, which is expected to cover all AI/ML capabilities across the DOD, will not only add to Palantir’s government top-line growth, but also play a critical role toward realizing its mission to assist critical decision-making processes "from outer space to the sea floor, and everything in between."
  • Department of Homeland Security: Palantir has secured a five-year deal extension valued at $95.9 million with the Department of Homeland Security to continue its provision of support to the Homeland Security Investigations unit (“HSI") on the “Investigative Case Management” software. Palantir’s decade-plus partnership with the HSI is, again, a validation to the effectiveness of its data solutions – the HSI has pointed to advantages such as “speed of delivery as well as leading edge access control and data protections to enforce critical security and privacy standards” enabled by Palantir’s offering for the partnership extension. The Investigative Case Management software run by Palantir has played a critical role in supporting the HSI’s mission in "combating human trafficking and child exploitation, dismantling international drug trafficking organizations, disrupting cyber criminals, preventing identity and benefit fraud, and the investigation of international war crimes." A key example of which includes the use of Investigative Case Management in enforcing accurate sanctions levied on Russian oligarchs and other key personnel tied to Russia’s invasion of Ukraine. The surge in global urgency to counter rising cybersecurity threats also underscore the critical role that the Investigative Case Management software will continue to play within, and potentially beyond, the HSI over the longer-term, building further on Palantir’s land-and-expand strategy.

While Palantir has shown favorable progress in cementing its brand as a staple service provider to some of the public sector’s largest procurement centers – primarily pertaining to the U.S. Army and homeland security – it has also ramped up efforts in expanding its presence across non-defense public agencies, including healthcare (HHS), utilities (DOE), finance and economics (TREAS), and legislature (DOJ). The company has acquired at least $342 million in contract obligations from the U.S. government alone this year, the highest on record, underscoring continued growth to its government segment especially as Palantir steps up on share gains in allied regions overseas.

Understanding Near-Term Risks in the Government Segment

While the government segment’s long-term growth outlook remains well intact based on public contract data, the choppy nature of revenue recognition on said deal wins, as well as accurate deceleration makes a sore spot for the spot, especially as investors shun high growth tech stocks with lofty valuations and negative bottom lines amid weakening economic conditions.

Although Palantir’s name has been a consistent showing across major government deal wins valued in the lofty range of hundreds of millions of dollars, the realization timeline on said contracts are often uncertain, with some even subjected to an “up to” clause with no minimum guarantee. Recall that GAAP-based accounting does not permit the recognition of revenue until the contracted services are rendered, and the prescribed transaction value has either been paid for or acknowledged by the receiving party as an obligation for services performed. In other words, a hypothetical two-year contract valued at “up to” $100 million awarded today may not even hit Palantir’s PnL until two years later; worse off, the “up to” might not even come with a minimum deal value guarantee, and end up being a nil-value contract upon expiry. But the bulk of said risks is likely driven by timing, rather than termination – meaning the uncertainties over the revenue recognition timeline on Palantir’s long-term government contracts are the primary drag on the segment’s immediate performance, instead of contracts that end in zero value. This is further corroborated by the consistent flow of government deal extensions awarded to Palantir.

I personally remain very optimistic that the next three years will look a lot like the last three years, again, where we took a money-losing business and made a business that throws off free cash flow, where we ended up as of today with $2.4 billion in the bank and no debt, and that the large and chunky nature of our contracts will continue to be in large part an advantage because these contracts do not disappear.

Sometimes, they are put off. Sometimes, they take too long for us to get them. But at the $1 billion range of the contracts that we are working on, they have the bug of sometimes taking too long and the feature of a highly difficult, tumultuous and politically uncertain world that you actually get paid and you actually make free cash flow…

While the timing of large contracts in government can be frustrating, the underlying requirements and needs are enduring.

Source: Palantir 2Q22 Earnings Call Transcript

But it's exactly this that puts investors off, especially under the risk-off environment for equities as borrowing costs surge and growth slows. As long as government revenues continue to decelerate, the stock will be punished as investors take-off at the first hint of weakness – a consistent trend observed across markets this year.

And considering management’s bold decision to pause its multi-year 30% y/y growth target for 2022, Palantir’s third quarter government segment performance has likely remained muted compared to 1H22, which is consistent with the decline in U.S. government contract obligations from more than $115 million in 2Q22 to just over $100 million in 3Q22. With the stock currently trading at 7x forward EV/sales, which exceeds the high growth SaaS peer group average of about 6x, there's likely still room for a downtrend over coming months if Palantir’s government segment deceleration persists while market sentiment continues to soften in the face of an unravelling economy.

Commercial Segment

While Palantir’s government segment performance remains a key near-term focus area, it's worth noting that its commercial segment has remained resilient despite the sector’s higher exposure to rising recession risks. Commercial revenues, though showing some deceleration in 1H22, remains robust, maintaining an average 45% of Palantir’s consolidated sales mix over the past four quarters, up from the low-40% range in the previous year.

Revisiting Opportunities in the Commercial Segment

We believe Palantir’s adoption of a “modularization” strategy over the past year helped it better penetrate the private sector by pinpointing end-users needs and improving understanding of its innovative software structures:

As mentioned in our previous coverage, Palantir has been leveraging its core Foundry operating system designed for the private sector in the development of new, industry-focused modularized solutions (e.g. Carbon Emissions Management and Anti-Money Laundry / Know Your Client solutions targeting the crypto sector) to better cater to end users’ needs. The strategy has also helped the company break the barrier of IT resistance to new software structures like Foundry, and Strengthen acceptance of the cutting-edge data analytics and management solutions that Palantir has to offer.

Source: “Palantir: Land And Expand is Working

Following Palantir’s consecutive collaborations with key industry-leading partners across various end-markets earlier in the year, spanning industrial machinery manufacturing, water infrastructure consulting, and commodity trading, the company has recently set foot in private healthcare as well as consumer goods:

  • Concordance Healthcare Solutions: Palantir has recently partnered with Concordance Healthcare Solutions to "power a fully integrated medical supply chain ecosystem." Although the specific software underpinning the ecosystem was not disclosed, the partnership likely leverages Palantir’s Foundry – its flagship platform built to enable integration of disparate data sources across the commercial sector. The jointly-built integrated medical supply chain ecosystem is effectively a real-time data one-stop-shop hub that compiles “inventory and supply chain data from manufacturers, suppliers, distributors, and providers," and can be accessible by all licensed healthcare personnel and/or OEM “regardless of compatibility." Similar to Palantir’s partnership with Hyundai Heavy on the joint development of data integration software targeting the industrial sector, the latest collaboration with Concordance Healthcare Solutions involves the co-development of an industry-specific tool aimed at better addressing end-market needs. The modularized offering is expected to Strengthen Palantir’s presence in the private healthcare sector over the longer-term, which is expected to grow into a $900 billion TAM by the end of the decade:

With technology being one of the top three items identified by frontline healthcare workers in the U.S. that can "help reduce their stress and become more effective," the sector's demand for related cloud-computing solutions is expanding rapidly. The addressable market for healthcare-focused cloud-computing solutions is expected to expand at a compounded annual growth rate ("CAGR") of close to 11% from $383 billion in 2020 towards $900 billion by the end of the decade.

Source: “Microsoft FY 2023 Outlook Signals Growth Azure’d

  • Beckett Collectibles: Beckett Collectibles, a buy-and-sell marketplace specialized for “sports card and sports memorabilia," has opted for the use of Palantir’s Foundry to integrate its disparate legacy data systems. The latest partnership draws from Beckett Collectible’s “digital transformation” efforts, which aims to “enable users (with) quick and easy access (to) data sets about cards, comics and other collectibles, as well as automating the process of grading and authenticating”. Palantir’s partnership with Beckett Collectibles is a prime example of how the company remains a key beneficiary to digital transformation trends ahead, a key driver to the stock’s long-term bullish thesis:

However, revenue growth from Palantir's commercial segment remains robust and should not be overlooked. Businesses are becoming increasingly digital, generating vast troves of data that will need to be integrated, processed and analyzed to drive key decision-making processes. And this trend will continue to propel commercial demand for Palantir's enterprise software solutions…Palantir's software solutions remain a critical function to ensuring the seamless integration of data platforms and improving decision-making in the increasingly digital world… To date, only 4% of companies claim to have a "highly sophisticated approach to leveraging data." This leaves a sizable addressable market within the private sector in which Palantir could penetrate. And the company has already deployed various strategic offerings to ensure adequate capitalization of said opportunities ahead.

Source: “Palantir: A Rebound May Be In Order With Potentially Stronger-than-Expected Earnings Ahead

Understanding Near-Term Risks in the Commercial Segment

Potential impacts from looming recession risks come to the top of mind when thinking about the near-term outlook for Palantir’s commercial segment.

Industry-leading SaaS providers already are starting to sound alarms over early observations of a tougher sales environment, underscoring that the sector is not immune to near-term macro risks despite digital transformation tailwinds. This accordingly draws uncertainties over the near-term sustainability of the commercial segment’s growth at Palantir.

Based on analyst notes compiled from accurate Investor Day presentations across SaaS leaders such as (CRM) and Autodesk (ADSK), the broad theme is that the overall spending environment remains “solid, but (with) some near-term caution”:

While we remain bullish on the LT disruptive nature of software, the macro environment remains cloudy and accurate software results have shown increased signs of macro pressures, which tended to impact different software sub-segments to varying degrees.

Source: RBC Monthly Software Valuation Recap; September 2022

Specifically, Palantir’s peer group continues to see “resilient spending intentions for digital transformation and front-office software” such as Foundry, but “upselling/cross-selling is becoming tougher in the current macro (environment)”, which spells potential challenges in the near-term for the company’s ongoing land-and-expand strategy employed for spurring growth across the commercial segment. As mentioned in our latest coverage on industry peer Datadog (DDOG), management has already observed a pickup in “noises” and “variability” on customer take-rates in the first half of the year.

As such, we expect Palantir’s ongoing efforts in penetrating mass market through initiatives such as “Foundry for Builders,” which targets start-ups and SMBs that are more recession-prone, will be temporarily stalled in the near-term due to the anticipated pullback in capital investments and back-office spending to brace for macro uncertainties ahead. But continued modularization of its flagship Foundry platform built for commercial use-cases are expected to bolster penetration across larger enterprise clients, which will likely be more resilient amid an economic downturn and inclined to continue spending on digital transformation efforts to remain both economically and operationally competitive.

Meanwhile, industry sentiment continues to favor “security spending trends, (which) remain durable and in reality, strong relative to other areas of IT spending as security remains top of mind and not as exposed to budget uncertainty." This builds on similar trends observed across Palantir’s government business due to the increasing urgency to counter rising cybersecurity threats, which is favorable to Foundry adoption and potentially offset any softness in take-rates due to macro-driven pullbacks in digital transformation investments. While Foundry is widely known for its ability in integrating disparate data sources for customers to facilitate improved decision-making processes, the platform also enables customers to “strengthen their security posture” through its risk management capabilities. With information security being Palantir’s "lifeblood," the function is largely built into its software offerings as an integral component, making protection of customers’ data a priority.

Understanding Palantir’s Near-Term Valuation Risks

Palantir’s battered valuation this year has been primarily driven by investors’ distaste for its deceleration in accurate quarters – as mentioned in our previous coverages, investors exiting positions at the first sign of weakness has been a consistent theme this year under the volatile market climate. With mounting macro uncertainties still – spanning the extent of the Fed’s monetary tightening trajectory, where inflation is headed, and whether a recession is imminent – we expect the risk-off trend to continue. And given the near-term macro-driven risks to Palantir’s fundamental performance in 2H22 discussed in the foregoing analysis, the stock could potentially be exposed to a further selloff, especially considering its higher-than-peer-average valuation premium today still on a relative basis (PLTR: approximately 7x forward EV/sales on consensus average NTM growth of 23%; high growth peer average: approximately 6x forward EV/sales on consensus average NTM growth of 22%), even after the violent declines observed in 1H22.

Although Palantir continues to expand its generous FCF margins, investors also remain focused on its path to positive GAAP-based profits, which will likely remain negative in the near term due to still-elevated stock-based compensation expenses, implying further bleakness to sustaining its premium valuation under the risk-off environment for equities. The anticipated continuation of topline deceleration, which is largely anticipated considering management’s decision to walk back on its 30% growth target for the year and near-term macro weakness discussed in earlier sections, also counters investors’ heightened focus on profitable growth under the current market climate. While we remain optimistic on Palantir’s long-term bullishness as it seeks to capitalize on digital transformation tailwinds with its disruptive software offerings, its shares are likely headed for a further decline as long as monetary tightening and macro deterioration continues, before any signs of a structural rebound happens.

To gauge the extent of which the Palantir stock could fall, we have attempted to compute the company’s steady-state value, which strips it of any arbitrary growth premium to reflect the value of its projected cash flows that can be sustained “indefinitely” regardless of whether incremental capital investments are made. We have employed the Gordon Growth model, and applied a perpetual terminal growth rate of 3.6% Palantir’s projected cash flows based on our latest forecast, which aligns with long-term economic expansion across the company’s core operating regions – namely, the U.S. and its allied regions.

Palantir Valuation Analysis

Palantir Valuation Analysis (Author)


This accordingly yields a terminal value of about $21 billion, which applied to our discounted cash flow analysis results in an implied intrinsic value of about $5 apiece. We view the $5 PT as a viable bear case scenario over coming months if Palantir’s third quarter results continue to reflect 1) deceleration and 2) distance from profitable growth – two sore spots for investors – which we consider to be likely in the near-term given adverse implications of management’s earlier decision to cancel its growth target for the year, as well as ongoing macro headwinds.

Final Thoughts

The Palantir stock has been subjected to significant volatility this year, having lost a substantial portion of its value amid the broader market selloff. Its upcoming earnings report will be a key near-term catalyst to determining whether the stock is in for another steep decline. Given Palantir’s valuation premium to peers still, we expect that there is still some room for a multiple contraction which could bring the stock lower if fundamental weakness persists in the near term.

Considering we remain optimistic on Palantir’s long-term growth prospects, we view the anticipated near-term stock decline in response to mounting macro uncertainties a favorable entry opportunity for sustained upsides once uncertainties over the broader market climate subsides. But in the meantime, investors should prepare for further volatility in the stock in the near-term as Palantir’s elevated valuation still exposes it to significant risks of a downward adjustment stemming from external factors influencing market-wide valuation multiples over coming months.

Wed, 05 Oct 2022 03:59:00 -0500 en text/html
Killexams : Intuit: Not Out Of The Woods Yet
2019 BET Experience - Genius Talks Sponsored By Credit Karma - Day 2

Frazer Harrison/Getty Images Entertainment

As inclined we all are to first rely on fundamentals when making investment decisions, the level of monetary intervention into the markets has changed the landscape dramatically.

At a time when bankruptcies are almost non-existent and the cost of capital is extremely low, management decisions at large corporations are affected just as retail and institutional investors are.

If you feel a bit confused about these statements, don't worry. I will go in detail on what all that means and why in momentum exposure is something that investors in high-growth stocks should care about more than they do about fundamentals.

Making Sense Of Its accurate Performance

Intuit brands

Intuit Investor Presentation

In its core, Intuit (NASDAQ:INTU) has built a brilliant business model with both high and sustainable margins.

Although the share of fixed costs has increased sharply in the past year due to its more aggressive acquisition strategy, the company's profitability is among the highest in the sector.

Intuit operating margin

prepared by the author, using data from SEC Filings

I covered the strengths of the business model in detail back in the summer of last year when I wrote 'Why Intuit's Premium Valuation Should Not Surprise You'. Indeed, high quality business models rarely come at a discount and premium valuations are not always a reason to stay away from the best-of-breed companies.

That is why, from June 2021 up to November of the same year Intuit delivered 37% total return at a time when the S&P 500 increased by a bit more than 11%.

Data by YCharts

The reason why I use November of 2021 as the end-date in the graph above is that on the 4th of November I changed my rating on INTU from 'Buy' to 'Hold' in a thought piece called 'Intuit: In The Epicenter Of The Market Melt-Up'.

Since then, Intuit's returns have been nothing short of disappointing, both on an absolute basis and relative to the market.

Data by YCharts

The reason for that was twofold:

  • firstly, the company has become dangerously exposed to the exuberant momentum trade, which in turn was fuelled by the unprecedented amount of liquidity available (more on that here and here);
  • secondly, Intuit's management seems to have fallen victim of the predominant market short-termism, which is usually accompanied by an M&A spree.

In this article I will focus on the first point as I have already gone in detail on the second one in my previous analyses on Intuit (see here and here).

Why Momentum Exposure Matters

The list of businesses with a strong competitive positioning and high growth that have also been hammered by the normalization of monetary conditions is very long. However, we should note that just because a business has suffered due to its high momentum exposure, does not necessarily make it a good investment.

From Nvidia (NVDA), which lost more than 40% since my thought piece 'Nvidia: Fundamentals Matter Less Than Ever'.

Nvidia share price decline

Seeking Alpha

To Adobe (ADBE) and Salesforce (CRM), which both have certain capital allocation issues that I covered here and here. Needless to say, returns of both of these high-growth companies have also been staggering.

Adobe and Salesforce share prices decline

Seeking Alpha

Interestingly enough, if we look at a broader peer group within the cloud and software space, the market exposures as measured by the beta coefficient do not differ much. The companies with the lowest market risk, such as Microsoft (MSFT), Oracle (ORCL) and IBM (IBM) have betas of between 0.9 to 0.8, while the highest risk ones, such as Workday (WDAY) and Amazon (AMZN), are only slightly higher at 1.4 and 1.3 respectively.

Cloud sector beta by company

prepared by the author, using data from Seeking Alpha

With that in mind, we can conclude that the overall market exposure is not vastly different, even though almost all of these businesses cater differ to each other in terms of service offering and customer base.

However, as we see from the graph below, returns over the past 5-year period are vastly different from business to business.

Cloud sector past 5-year performance

prepared by the author, using data from Seeking Alpha

More importantly, some group of companies reacted very different to the accurate market downturn and the worst performers were not necessarily the struggling businesses of IBM, SAP (SAP) or Hewlett Packard Enterprise (HPE). Microsoft, for example, has delivered outstanding results over the past 5 years, while at the same time remaining resilient during the market downturn. Adobe and Salesforce, on the other hand were on the other end of the spectrum.

Cloud sector 2022 performance

prepared by the author, using data from Seeking Alpha

Not surprisingly, perhaps, Intuit's strong business model fared better than those of Adobe and Workday (WDAY), although it did not endure during the accurate bear market as well as Microsoft did.

As I said above, the first reason for these massive declines has been the extent to which each of these share prices have been inflated by all the excessive liquidity in accurate years.

One way that I measure this is the exposure to momentum trades or in this case to an index comprised of a long position in the Vanguard Growth ETF (VUG) and a short position in the Vanguard Value ETF (VTV). I go in detail on that methodology and how it could be applied for the semiconductors sector in my accurate thought piece 'Why Is This Time Different And The Case Of Nvidia And AMD'.

In the graph below, I show the 6-month covariance of daily returns for each of the listed stock with this index.

Intuit, Salesforce and Adobe momentum exposure

prepared by the author, using data from Seeking Alpha

What we notice is the massive increase in their exposure since the beginning of 2022, which coincided with the broader equity market downturn.

In the graph below, however, we notice the much smaller exposure of Microsoft, even though the company is among the largest holdings of the Vanguard Growth ETF (VUG).

Intuit and Microsoft momentum exposure

prepared by the author, using data from Seeking Alpha

VUG top 10 holdings

Seeking Alpha

In addition to this high momentum exposure, Intuit's management has also made a drastic shift in its more than a decade-long strategy of developing the business predominantly through organic growth.

Intuit acquisitions

prepared by the author, using data from SEC Filings

Although M&A deals are important part of every large company's capital allocation process, in the case of Intuit this process was suddenly taken to the extreme after years of little to no deals. With that 2 out of Intuit's 6 major brands are now very accurate acquisitions that are still being integrated into the business.

Intuit brands

intuit Annual Reports

If you want to read more on all the risks associated with this strategy shift, you can have a closer look at my article called 'Intuit: A Strategy Shift And High Momentum Exposure'.

Investor Takeaway

Intuit's business model is without a doubt one of the best-in-class in the software space with the company utilizing its strong brands to drive both price premium and high customer loyalty. This strategy, however, is currently at risk of being significantly diluted by the company's sudden and very aggressive expansion approach that gravitates around total addressable markets as opposed to competitive positioning.

Intuit Total Addressable Market

Intuit Investor Presentation

At the same time, Intuit's stock was caught in the middle of the accurate momentum and high-growth mania, fuelled by years of loose monetary policy decisions. All that made the accurate poor performance of INTU an event that was plain to see. Therefore, going forward shareholders should keep a close eye on the company's capital allocation decisions, especially when it comes to more M&A deals.

As far as momentum exposure is concerned, Intuit's stock could benefit over the short-term, if there is a sudden U-turn in the current normalization of monetary policy. However, Intuit remains too exposed to outside factor for me to once again move it into the positive rating category.

Wed, 05 Oct 2022 23:51:00 -0500 en text/html
Killexams : Breast cancer awareness fundamentals

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Thu, 13 Oct 2022 19:16:00 -0500 en text/html,30321
Killexams : Tuesday's Market Minute: The Technicals and Fundamentals Collide This Week

This week may be the one that provides the catalyst for the much anticipated “capitulation” event traders have been waiting for to call a “bottom”. The economic reports this week are nothing short of monumental, geopolitical tensions have reached levels we haven’t seen since the Cuban Missile Crisis, and credit markets haven’t seen this much attention since 2008. 

The Technicals: From a technical standpoint, the market has breached the key level of support back in June and is now testing the accurate September lows, which also coincides with the August 2020 highs. This current level also aligns with the 200-Week SMA. This indicator is critical: over the last 11 years the SPX has bounced off this moving average, except for the COVID-19 market sell-off where this trend was violated for only one month before the market began its ascent to all-time highs. From a Fibonacci Retracement standpoint, a 50% retracement from the COVID lows to the January peak would settle out at the 3,503 level – a retracement level that would be considered healthy by most chart technicians. But technical trends are not enough, let’s check out the fundamentals. 

The Fundamentals: PPI and CPI data this week will be the focus. A hot practicing from either could continue this downward slide as the market will assume the Fed will have to continue its aggressive rate hiking program. Another key datapoint to keep an eye on will be the 10-year and 30-year treasury bond auction. If we see a large dealer takedown, meaning the dealers will have to purchase the remaining bonds not purchased by others in the marketplace, that could provide another sign of credit market weakness – leading to rates increasing further. Lastly, banks will begin to report earnings on Friday. A key line item to keep on your radar will be the amount of Loan Loss Reserves banks set aside. As a result of the Great Financial Crisis, banks are required to set aside cash in anticipation of perceived losses they may incur due to loan defaults from their customer base. Outside of the commentary we will hear from executives in the sector, this will be the key item to gauge where banks may see cracks in the financial system.

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Tue, 11 Oct 2022 04:24:00 -0500 text/html
Killexams : Crypto Boom Review: Unleashing The Fundamentals

In a short amount of time, the crypto exchange bot identified as Crypto Boom has become extremely popular. The software's creators have high hopes for its potential applications, outcomes, and implementation. We chose to write this evaluation of Crypto Boom to learn more about the program and see if it lives up to the claims being made by its creators. 

An in-depth examination of the accurate "Crypto Boom" will be provided below. By practicing this evaluation, you will learn about the bot's features, functionality, and pricing. 

Understanding The Origin Of Crypto Boom  

Crypto Boom is a cryptocurrency trading platform made available to investors who are looking to capitalize on the growing cryptocurrency market. The Crypto Boom platform is an automated trading application that facilitates user-friendly and adaptable trading. 

There was no information discovered about the developers of the Crypto Boom platform. However, this has minimal bearing on the efficiency of the bitcoin exchange platform. It is common practice for initiatives to have anonymous creators, especially in blockchain-related sectors. 


Trade Now in Crypto Boom 

Crypto Boom, a cryptocurrency trading platform, turned out to be a versatile option. The platform supports trading in much more than 10 various assets. Investors can use it to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), as well as other cryptocurrencies. Now more than ever, investors can take a stab in the dark and potentially reap huge rewards. Trading in cryptocurrencies requires caution due to the market's volatility. 

Due to the high volatility of cryptocurrencies, traders must exercise extreme caution while dealing with this asset class. The purpose of the Crypto Boom system, like that of many others, is to track the movements of the cryptocurrency market and predict its future direction. The goal of the Crypto Boom platform is to Strengthen the speed and accuracy with which price opportunities are identified, and trades are entered and exited. We' ve read in other reviews as well as on official websites for Crypto Boom that the machine has a 90% rate of success. We were unable to confirm any of this using a bot or external system. We advise you to trade with prudence and to risk only what you can manage to lose.