Good morning. Welcome to Palantir's Second Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2022 results, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; Ryan Taylor, Chief Business Affairs and Legal Officer; and Kevin Kawasaki, Global Head of Business Development. I'll now turn the call over to Alex.

In the last 3 years, we have grown Palantir from a 743 revenue business with hundreds of millions of dollars in actual loss to, in the last 12 months, a $1.74 billion business with $300 million in free cash flow, which represents a 41% CAGR. 41% CAGR on a business that is now in its 18th year is very unusual. There are many reasons for this strong growth, but you live by the same sword that you pay the price for. And we deal with very large contracts. And the USG has some of our largest contracts, which have been pushed out. But because of uncertainty towards the end of the year, we're revising guidance down to $1.9 billion. I personally remain very optimistic that the next 3 years will look a lot like the last 3 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 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. Moreover, we have 5 of the most interesting, important and impactful products in the world: PG, Foundry, Nexus Peering, MetaConstellation and Apollo, all of which were built before their time, all of which have made a 41% CAGR possible. These products should be measured not just in their ability to throw off free cash flow, and to generate outsized revenue, but most importantly, in their quintessential attribute that large companies, which essentially control distribution, cannot easily copy them or if at all. They are too intricate, difficult and thick to be replaced by larger incumbents and then distributed through their distribution chain. In the end, all software products actually have to be measured by is this replaceable, how easy could it get replaced, is the underlying platform durable or fleeting, and could a third-party highly technical with massive distribution disrupt these products. If you look closely at PG, Foundry, Nexus Peering, MetaConstellation and Apollo, as different as they are, they have one thing in common: it would take many, many years of the world's best engineers to build them and you would be building them as we've improved them and as we capture the market. Thank you.

Thank you, Alex. We have the great privilege of being on the forefront of the problems that matter most in the world, from the war in Ukraine to fighting famine and monkeypox. Across government and commercial, the opportunity in front of us is enormous, which makes the revised near-term outlook all the more disappointing. It doesn't come close to representing our ambition and the opportunity before us. While the timing of large contracts in government can be frustrating, the underlying requirements and needs are enduring. It's worth noting that our revised guidance excludes any new major U.S. government awards. At the same time, we have seen the opportunity presented by this environment before. As organizations around the world face more pressure and experience more pain, there will be a slowdown in the rate of spending and lengthening of sales cycles, but it will also reveal gaps in enterprises operations. Gaps our software can solve. In the short term, this means less revenue now. But on longer time horizons, it accelerates our business. The global financial crisis, ISIS attacks in Europe, the COVID pandemic, through each upheaval, we emerged substantially stronger by investing in our customers ahead of revenue and delivering results in days, not months. It is exactly in times like these that we build our most important and impactful partnerships. Each of these periods has been an inflection point for Palantir, a time during which we developed pathbreaking software platforms and expanded our footprint. To our results, we generated $473 million in revenue in Q2 2022, representing a growth rate of 26% year-over-year and 6% sequential. Our customer count increased to 304, up from 169 a year ago. Our business in the United States alone generated more than $1 billion on a trailing 12-month basis, representing 42% growth. I'll now hand it over to Shyam.

Thanks, Ryan. Our revenue growth in the U.S. commercial market continues to be our focus and is gathering momentum. Our U.S. commercial business grew 120%, rising from $39 million in Q2 2021 to $86 million this quarter. Our core U.S. commercial business, which excludes strategic investments, grew 10% quarter-over-quarter or greater for the past 4 quarters, most recently reaching $67.4 million, a 14% sequential growth. Our core U.S. commercial ACV grew 2.4x, our best quarter ever. Our U.S. commercial customer count grew from 34 to 119 customers year-over-year. Our overall commercial revenue grew 46% and continued to increase for the ninth quarter in a row on a quarter-over-quarter basis, reaching $210 million in Q2. We are seeing former customers, particularly those in the U.S., including some of the world's largest transportation, banking and retail enterprises return to our platforms in increasing numbers after periods of experimentation with other platforms and approaches. These customers, they're not returning to our software platforms merely because of the expansion of our sales operations, which does continue, they are often returning because they have tried other options, and those options have failed to deliver needed results. Our commercial business in Europe and elsewhere outside the United States continues to expand as well, although the exceptional strength of the U.S. dollar has been a factor given the significantly increased effective cost of goods. Our government work remains at the center of everything that we have built and everything that motivates us. The expansion of our reach with agencies working on the front lines and conflicts around the world, including in Eastern Europe and the South China Sea, continues. The contracts we have in our pipeline are key to facing the challenges in front of the West. Our government business grew to $263 million in revenue in Q2, rising 9% quarter-over-quarter. More broadly, across the commercial and government sectors, health care has become a substantial and rapidly growing business, generating approximately $153 million in revenue in the first half of 2022, up from $42 million in the first half of 2020 at the onset of the pandemic. That represents a 91% compounded annual growth rate. We see substantial opportunities for Palantir as a health care technology company, driving transformation across major pharmaceutical companies, biotechnology companies, insurers, providers, regulatory agencies and research organizations, building on our work with organizations such as the U.K.'s NHS, U.S. HHS, the CDC, the FDA, the NIH, Sanofi, Merck and SOMPO’s health care business in Japan. Our software products and platforms continue to operate behind the scenes in connection with some of the most significant events around the world, including the distribution of vaccines to millions in the ongoing war in Eastern Europe. One of our most recent offerings within Foundry, a no-code application development environment known as Workshop that allows users with little or no coding experience to build operational applications on top of data warehouses within minutes is showing particularly strong growth with more than 10,000 developers now building applications within the platform. And our most recent offering, Pipeline Builder, brings this same no-code approach to authoring data pipelines, turning every business analyst into a production data engineer in Foundry. We just launched an experimental feature that leverages OpenAI's GPT-3 to turn natural human language into pipeline logic, a sentence like 'find me all the hospitals that have limited ICU bed availability in the next 3 weeks' is transformed into a pipeline in seconds, a new standard in no-code. Forrester named Foundry the leader in AI platforms as part of the Forrester Wave AIML Platform’s Q3 report. Palantir's Foundry operating system received the highest possible scores in the product vision, performance, market approach and applications criteria. Turning to Gotham, urgent operational needs are driving innovation in our integrated hardware software offerings, building on products like TITAN. Scikit will combine Palantir's MetaConstellation software on a small human portable form factor with Starlink coms to enable heroes in the field to test low-latency, AI-driven satellite collection. Our focus in the short term remains on making our 3 principal software platforms, Gotham, Foundry and Apollo, available to broader segments of the market with unbeatable time to value. I'll turn it over to Dave to take us through the financials.

Thanks, Shyam. As we've highlighted, our U.S. business is remarkably strong. U.S. revenue grew 45% year-over-year to $290 million, and on a trailing 12-month basis, U.S. revenue grew to $1.04 billion. U.S. commercial revenue grew 120% year-over-year to $86 million. Our core U.S. commercial revenue, which excludes our strategic investment program, grew 14% sequentially. On the customer side, our net new U.S. commercial customers grew 16% sequentially. U.S. government revenue increased 27% versus the year-ago period to $205 million, up from a 16% year-over-year increase in the first quarter. Turning to our global top line results, in the second quarter total revenue grew 26% year-over-year, ahead of our prior guidance to $473 million. Our overall net dollar retention was 119%. Commercial revenue increased 46% year-over-year to $210 million. Government revenue increased 13% versus the year-ago period to $263 million. Our global customer acquisition remains strong. We added 27 net new customers in the second quarter, bringing our Q2 2022 customer count to 304, an 80% increase year-over-year. We added 19 net new commercial customers, which represents 157% growth year-over-year. Our growth with existing customers also continues to remain strong. Trailing 12-month revenue from our top 20 customers increased 17% year-over-year to $46 million. Second quarter billings were $396 million, up 5% year-over-year. In the second quarter, total contract value booked was $792 million. U.S. total contract value booked was $588 million. As Alex mentioned, we saw that large new USG contract awards have been pushed out. While government bookings grew quarter-over-quarter, increasing 128% sequentially, this was primarily driven by renewals. We ended the second quarter with $3.5 billion in total remaining deal value, roughly flat quarter-over-quarter. Despite the excellent total contract value quarter, total remaining deal value was impacted primarily by 2 things. One, we voluntarily terminated several contracts related to investment commitments that we decided to not move forward with. Two, our total contract value number included the successful conversion of option years from a U.S. commercial customer contract that resulted in lower overall deal value secured commitment for additional years. We ended the second quarter with $1.2 billion in remaining performance obligations, up 79% year-over-year. As a reminder, remaining performance obligations are primarily comprised of our commercial business as they do not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in our government business. Turning to our margins and expense, adjusted gross margin, which excludes stock-based compensation expense, was 81%. Second quarter adjusted income from operations, excluding stock-based compensation and related employer payroll taxes, was $108 million, representing an adjusted operating margin of 23%, ahead of our prior guidance of 20%. Second quarter adjusted expenses were $365 million, up 11% sequentially. Second quarter adjusted earnings per share was negative $0.01, which includes a negative $0.05 impact driven primarily by losses on marketable securities. We generated $62 million in cash from operations, and our adjusted free cash flow was $61 million, representing a margin of 13% and our seventh consecutive quarter of positive free cash flow on an adjusted basis. On a trailing 12-month basis, we have generated $314 million in adjusted free cash flow. We ended the second quarter with $2.4 billion in cash and cash equivalents and no debt. In July, we expanded our revolving credit facility by adding a $450 million new incremental delayed draw term loan facility, which provides for additional liquidity up to $950 million and remains entirely undrawn. As we highlighted last quarter, our balance sheet leaves us uniquely positioned to take advantage of the opportunities that may arise from the larger macroeconomic environment. Now turning to our outlook, we are presently guiding to the third quarter and full year 2022. For the third quarter, we expect revenue of between $474 million and $475 million and adjusted operating income of $54 million to $55 million. For full year 2022, we now expect revenue of between $1.9 billion and $1.902 billion, and adjusted operating income of $341 million to $343 million. This revised guidance excludes any new major U.S. government awards, and we believe this to be the base case.

Thanks, Dave. Our first question comes from Martin who asks, when are you expecting to become profitable?

Thank you for your question. Yes, driven by our 5 products and by our ability to control costs mainly because we left Palo Alto, primarily for political reasons, but of course, Palo Alto is somewhat of an inelastic luxury product, meaning you must pay and pay for the comfort of having oddly misaligned with American interest political views and, in general, high cost. That combination of radical optionality on expenses and what we perceive to be macro conditions converging with product conditions allows us to kind of see what we think will be a profitable company in 2025.

Great. Thanks, Alex. Our next question comes from Jose who asks, what is your 10-year plan for the future?

We have developed five products that you may be familiar with, and even if you aren't, their impact on your life is likely significant. For instance, our anti-terror product, PG, and Foundry, which plays a role in vaccinations you may have received in the U.S., the U.K., and over 20 other countries. Those following current events may recognize some of our other offerings. We will continue to deploy these products. Notably, we have now exceeded the $1 billion mark again, a significant milestone for enterprise software, proving that Palantir can achieve this level of success. We aim to reach this milestone with all five of our products, and it's clear that Foundry has the potential to become a multibillion-dollar product. Our mission will focus on supporting the West and revitalizing institutions, as we have done in the past. The distribution network we have established will enable us to deliver new and improved products to these institutions. Apollo is also poised to be a standalone multibillion-dollar product. Within the next two years, we expect our company to derive 70% of its revenue from dollar transactions, while maintaining our culture. We will pursue our objectives in our own way, which involves a long-term approach that differentiates us from other companies. We set ambitious goals and believe we have much to learn about articulating them effectively. We see ourselves as the premier software provider for the West and are committed to strengthening it, while also aiming to build multibillion-dollar companies based on each of our products. Additionally, we are actively developing new products, including some like Nexus Peering, which may not be widely recognized but are crucial for significant operations, and we will continue to innovate in this space.

Thank you, Alex. Our next question is from John who asks, what are you doing differently from your competition that is allowing you to be successful?

We're operating in a way that's quite distinct from our competitors. I wouldn't say we're directly competing with them. Most of the companies targeting Wall Street have flawless financials and optimistic projections, but offer very streamlined products and have a large percentage of their workforce in sales roles. In the U.S. commercial sector, our sales are remarkably strong, with nearly 80% growth this year despite lacking specific specifications. This organic revenue growth is largely driven by 42 salespeople, who are a small fraction of our overall workforce but have mastered our product and can effectively sell it. We have developed a highly advanced product that is ahead of the market. Our growth trends suggest that we could see this figure double next year without needing specifications. We're doing this in a completely unique manner. Additionally, it's worth noting that traditional investors often overlook a fundamental aspect: the potential for large companies to replicate simpler products and offer them through better distribution. While there are impressive companies out there, many focus on thin products that may not hold value over time. Our products are fundamentally different, and no one is attempting to replicate offerings like PG or Nexus Peering, which play a crucial role in global defense initiatives. Foundry is comprehensive, featuring hundreds of integrated products that can be deployed rapidly. Apollo represents yet another unique offering. The competition landscape is surprisingly varied, and many companies in the same space don't compare to us. This differentiation provides us significant advantages, and we are witnessing substantial demand for our products. We manage the company with a long-term perspective, focusing on sustainability and future product deployment rather than short-term quarterly results. My primary concern is where we'll be in two years, how our products will perform, and whether they'll be widely adopted. We have a distinctive hybrid model, and it's essential to evaluate our company not just by features, but also by understanding what might not be working.

Great. Thanks, Alex. I'll turn to you, Shyam, for this next one before we open up the call. Christopher asks, can you explain to Palantir shareholders what becoming the sixth prime for the U.S. government and the first software prime would mean for the company? Also, what sort of timeline are you targeting to become the first software prime of the U.S. government?

Thanks, Christopher. Our ambition in the U.S. government and by extension, all of government, is to be the sixth prime contractor. And that means that we're the trusted partner capable of delivering end-to-end platforms and programs that we're willing to invest deeply in the specific needs and requirements for these customers. But we just want to do this as the first software prime, and we already are. The way that we think about our products and government is as offerings that are built with our platforms. They are built with Gotham, Foundry and Apollo. The products would be, for example, at the U.S. Army: Vantage, TITAN, CD1, CD2, massive programs of record, or Operation Warp Speed's Tiberius, which is their vaccine management platform that was built with Foundry, DCIPHER at the CDC, Project Brown Heron at the Air Force, Warp Core at the Space Force. At INDOPACOM, it's the Mission Partner Environment. TITAN would deliver a next-generation, expeditionary, scalable and maneuverable platform that is purpose-built to address the Army's number one gap in large-scale combat operations, Deep Sensing. In simpler terms, it's an armored truck that connects to satellites and theater assets, and we are offering an end-to-end integrated hardware software solution here. This is exactly what we're doing with Scikit, fusing MetaConstellation, Starlink, and a purpose-built compute platform to enable warfighters to task satellites from the field and receive low-latency, AI-driven detections to drive kinetic operations. Look no further than the CCP's intimidation exercise in Taiwan, which is still ongoing. We think this being the sixth prime is how we rebuild the arsenal of democracy.

Thanks, Shyam. Our next question comes from Brent at Jefferies. Brent, please turn on your camera, and then you'll receive a prompt to unmute your line.

On the government side, I'm curious if you can address what you're seeing and some of the deals that you expected to close. Can you give us a sense of timing on the government side? And I had a quick follow-up question for Alex.

Do you want to take this, and then I'll provide my follow-up after.

Sure. Look, the programs that we're going after, these are enduring programs. The competition is ongoing. The needs that we're servicing here are vital to the future of the West on both fronts of the potential conflicts. We have revised guidance given the clarity that we have around when we think we're likely to get them. And so we continue to invest in these things. The pipeline around the government business continues to be really robust, both domestically and internationally. But we also have more certainty around what is obviously a frustrating contracting experience.

Let me give you a different perspective on this. So a number that I don't know, I think we shared in one of our earnings calls was that our government U.S. business has a CAGR over a decade or more of 35%. During that time, we've had a number of years that were flat, and this is frustrating. Believe me, it's more frustrating for us than anyone else because we would prefer an even lower CAGR, but having more certainty. And so nevertheless, you can ask yourself the question: does it appear that the last 10 years were less dangerous or the next 10 years are going to be more or less dangerous than the last 10 years? So it's just a very basic view that we have. The next 10 years, the next 2 years are clearly more dangerous. America's engaged on multiple fronts. And then there's a question: does Palantir have the product market fit and access to the market? Our product, we're looking at the U.S. business that's going to cross the $1 billion mark next year as well. This is like so you have a $1 billion software business as of next year with positioning that has never been as good. So both our micro positioning and obviously, the macro position, it's so sublime. It's hard to talk about without sounding like we're kind of warmongering. And that's why I am positing internally and externally that the growth in U.S. government over a multiyear period will be at least as good in the future as it was in the past. However, that 35% CAGR included a number of years where it was flat or even negative, and that's just the frustrating part about contracting at our level. The contracts are so big and meaty that you got to kind of wait.

I just have a quick follow-up. Considering the overall macro conditions affecting several other software companies, could you share what you are experiencing on the commercial side? Is there any slowdown, or is the business remaining steady?

One of the things we're not entirely sure how to articulate is that typically, a company would interact with analysts by setting precise goals and pursuing them. When we anticipate not achieving those goals, we provide updates during calls, like mentioning that almost 40% of our business occurs outside of the U.S. All of those contracts are being affected by currency exchange rates. It's not just that clients pay us in local currency; many pay in dollars, effectively leading to a 20% or more increase in costs that we can't account for on our balance sheet. These factors are affecting our business. However, I would say the main impact on our business is actually positive. The U.S. tends to adapt quickly in challenging times. In contrast, Europe takes longer to change. We are witnessing America adopting what we envisioned five years ago as the future product, purchasing it on a much larger scale. We're not just seeing figures of $50 million to $100 million; we're looking at $350 million, $400 million, up to $650 million, and even $750 million. Despite the prevailing negative sentiments in society, particularly economic and political issues and the embarrassingly low legitimacy of our leaders, which complicates problem-solving, we are positively accelerating our business. This is evident in both the commercial and government sectors.

Great. Thank you, Alex. Our next question comes from Sanjit at Morgan Stanley.

Alex, I wanted to get your view not just on the quarter, but on the longer-term framework. I noticed that you didn't reiterate the 30% outlook, which makes sense given the uncertainty around deals. However, I found it interesting that you retracted the 30%, suggesting that there are issues affecting contracts. Were you able to hear the question, Alex?

No, I hear you. I was hoping to see you as well, but it's okay. Keep going. I have the gist of the question.

Got it. So I think you know where I'm going with some of the contract.

I am working towards achieving $4.5 billion in revenue by 2025. I have confidence in this direction. I believe the future of USG and IG will likely mirror the performance of the last decade due to macroeconomic factors and the fact that we have developed products that were not utilized because they were primarily designed for wartime scenarios. Products like MetaConstellation and Nexus Peering aren't particularly useful outside of that context. Additionally, while Foundry has applications within the Defense Department, they are not being maximized for various reasons that also affect civilian applications. The integration of PG and Foundry has shown to be beneficial, but it's essential to grasp their functionalities. I am optimistic that we will reach our goal for 2025. I generally view the business similar to our most significant segment, anticipating fluctuations along the way. The compound annual growth rate for USG over the past decade is 35%.

Thanks, Alex. Our next question comes from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

Good morning, everyone. Can you hear?

Yes, we can hear you.

So my question is a follow-up on the U.S. government contracting environment. You mentioned it is still trading. I think most of the defense services company is the same. However, what I'd like to hear from you is have you seen any change from the customer approach and the traditional approach to data rights given the urgency today to adopt new technologies?

Our frustration stems from having a very large integral. We see smaller areas accelerating, but to grow from last year's 670 base to our target requires substantial contracts over many years. Part of our strategy is to significantly expand our commercial business, especially in the U.S., so that fluctuations become less impactful. Currently, the largest segment of our business is tied to contracting, which is set to change. Even without foreign exchange adjustments, our European business is growing at nearly 20%. In the U.S., there's a shift in adaptation as we embrace ideas that now make sense, making fluctuations less significant for us. Regarding the broader political situation, while there are measures the West could take, we face a challenge of operational leadership. We could improve the U.S. government's fiscal situation by proposing faster contracts for lower payments, but that seems unlikely. Therefore, we are focused on building a business model that minimizes these challenges while improving our ability to forecast and secure larger contracts. This will remain a concern for Palantir, but we anticipate its impact will lessen each year due to the strength of the U.S. market and an eventual transition in Europe with our commercial sales.

Thanks, Alex. Our next question comes from Brad at Deutsche Bank. Brad, please turn on your camera, and then you'll receive a prompt to unmute your line.

Great. Can you guys see me?

No. But we're making progress here. You can just expect that we'll handle it without the need for additional input.

The severity of it will be less every year simply because of the strength of the U.S. and later, the handoff function in Europe on our commercial sales. Thank you, Alex. Our next question comes from Brad at Deutsche Bank. Brad, please turn on your camera, and then you'll receive a prompt to unmute your line. Great. Can you guys see me? No. But we're rolling here. You can just proceed without the video.

Yes. We got the audio.

I wanted to ask about partnerships, which you've mentioned in recent quarters, especially with government contractors and other providers to US and global governments. What evidence do you have that indicates these traditional providers are choosing to collaborate with Palantir instead of developing their own reusable intellectual property that meets the requirements of the FAR and streamlined government?

I'll let Shyam dig into the specifics. It is my belief that this space does not have comparable providers of software. I do not believe there's a single provider in the world that can produce our software. But they can produce things on top of our software that we can't produce. And I don't think this is a marriage of love. I think this is a marriage of necessity. Honestly, if they could build the software we built, they would not partner with us. If we could build the hardware products they built, or quite frankly, navigate some of the both American and international networks that they can navigate there, we wouldn't partner with them. Now the specifics, Shyam is very much on top of.

Yes, absolutely. So we are opening a large pipeline with partners that are built on this integrated hardware-software offering. There are a lot of places where we're the prime, and they're partnering with us to deliver on this. That's led to a lot of productive collaboration that's brought opportunities within the 5 eyes and the U.S. more broadly where they're the prime and our software can be a key differentiator going faster. There's also a maturity aspect of this where, to Alex's point, they've tried to build this offer that we have and have failed. And that takes 5 years or longer. And so many of them are coming up to the point where they realized it would be much better for them as a matter of necessity to partner to go faster.

One of the key factors driving our software, particularly in the commercial sector, is that many individuals have attempted to build our product themselves. We’ve brought on several customers this year who, to be honest, weren’t initially fond of us. However, the strength of our product has won them over. The reason for this is that our product delivers value that they cannot find elsewhere. Two years ago, a customer might have spent $1 billion rather than $20 million on Palantir, and many have done just that. Now, they are returning to us, often accompanied by individuals who may not have a positive view of our company, but our product compels them to come back. Particularly in the U.S. government sector, they have explored numerous alternatives to avoid purchasing our product. We even had to sue the U.S. government twice. Yet, despite that, they continue to buy from us. It's not always a friendly relationship; rather, our products are what bring them back. Once they experience Foundry and its various applications, along with the benefits of Nexus Peering and its integration with GAIA and Foundry, they realize that they need to come back to us. They will choose our product for the value it provides, even if they might not have a favorable opinion of us personally.

Thanks, Alex and Shyam. Alex, we've had a lot of individual investors make questions. Is there anything you'd like to say before we end the call?

We at Palantir are individual investors. There are many motivations for fighting to win, and I believe the West needs people fighting for it. We are uniquely positioned, and I have great respect for the people at Palantir. A significant motivation for me is individual investors, and I appreciate the time you dedicate to us. Whenever I read reviews of Palantir, I notice they come from individuals who have actually used the product. We plan to start engaging with institutional investors, but our main approach will be to showcase our product. One of the largest and most significant institutional investors is currently engaging with us, using our product first, and later we will discuss its differentiation, unit economics, margin numbers, and other aspects. It all begins with whether you believe the product is truly differentiated. Are these products the best in the world? Can Microsoft, Oracle, Amazon, or Google quickly replace them? Those are the questions that matter. The individuals who invest the most time in these questions are individual investors, and I hold a lot of respect for that. You are one of the key reasons we continue to fight.

Thank you.