Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our Fourth Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued after the market closed 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 first quarter and fiscal 2023 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 would cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed 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; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. You'll also be hearing from Shyam Sankar, our Chief Technology Officer, who prepared a few remarks but could not join today's call as he's on the front lines with one of our customers. I'll now turn it over to Alex for opening remarks.

At Palantir, we have a tradition of talking about macro events and philosophy. There would be a lot to talk about this year. I think for the first time, people have seen the impact of the digitization of warfare and Palantir's central role in the world. Leaving aside this, and I would love to talk more about it in the context of our earnings call, in the context of our interactions with the broader world, the transformations outside the world brought to you by Palantir seem to be equally big on the inside. Palantir, for the first time, is GAAP profitable. In most of my discussions, I talk about product, talk about product market fit, occasionally talk about revenue. I am often asked, 'Well, if it's so good, why aren't you GAAP profitable?' We promised you GAAP profitability in 2025, which you thought would be in 2027 perhaps. We are now, in the last quarter, GAAP profitable, and we plan to be GAAP profitable this year. Obviously, there's a lot of questions around that, like how did we become GAAP profitable several years before anyone expected? What does it mean for our business? What does it mean that seemingly no tech company ever becomes GAAP profitable? Why is our company profitable? What sectors of the company made it profitable? But for those of you who have been long-term supporters or even watchers of Palantir, the move from a company that was producing the most important products in the world to a company that is doing that in a profitable context is enormous, perhaps as big as our DPO. We're proud of this because it gives us the strength and power to continue our march to support the world's most important institutions. Thank you.

As Alex highlighted, our company, after nearly two decades, achieved GAAP profitability for the first time last quarter. Our focus has been on building one of the most significant and durable software companies in the world. Our first profitable quarter after years of investment in our business represents the beginning of a new chapter in our company's history. In Q4 2022, we generated $509 million in revenue, and we generated $79 million in cash from operations, marking our eighth consecutive quarter of positive cash from operations. While the technology industry as a whole has been facing one of the most challenging operating environments in years, we continue to deliver on our top line and bottom line results, in particular our combined revenue growth and adjusted operating margin. Our commercial business generated $215 million of revenue last quarter. While our U.S. commercial business slowed in the fourth quarter as a result of catch-up revenue in the prior quarter and contracting revenue from customers in our strategic investment program, we remain confident about our momentum and the opportunities ahead. We ended the quarter with 143 U.S. commercial customers, an increase of 79% year-over-year, and converted 13 pilots, the most in quarter to date, setting up our U.S. commercial business to reaccelerate in 2023. We are deploying increasingly focused go-to-market strategies, including in health care, supply chain, manufacturing, energy, automotive, and utility sectors. The number of deals closed in health care more than doubled in the last year. We recently signed with several of the nation's largest hospital systems, including Cleveland Clinic, Tampa General, and one of the oldest teaching hospitals. Our momentum continues this year, having recently signed a deal with an American for-profit operator of over 2,400 health care sites. Together, these four hospital systems represent nearly 10% of the entire hospital system in the United States. In the supply chain sector, we began work with two of the largest Coca-Cola bottlers and distributors in both the U.S. and the EMEA region. We were called into Toyota Material Handling, a forklift manufacturer and distributor, after executives learned of our comparable supply chain work at Komatsu. Cardinal Health also recently began using Foundry to deploy AI and ML to combine diagnosis and clinical data with real-time customer purchasing and consumption data for pharmaceutical products. Our international commercial business grew 11% year-over-year in the fourth quarter, including a multimillion dollar long-term strategic partnership with Crisis24, a GardaWorld company, to deliver data-driven security and risk management, and a $50 million five-year expansion of our work with SOMPO Holdings, where Foundry is helping to improve security, health, and well-being through digital transformation. Our government business overall saw growth across the board as we generated $293 million in revenue this past quarter, an increase of 23% year-over-year. Our U.S. government business saw continued growth in Q4, up 22% year-over-year, which reflects the strong contract activity in Q3. Likewise, our international government business was up 26% year-over-year, including the expansion of our work supporting pressing global events as well as the signing of Palantir's enterprise agreement with Defence Digital, a consolidated effort on the part of the British military to modernize its software systems. With the value of up to GBP75 million, we expect this agreement to further accelerate the growth of partnerships with defense and intelligence customers across the United Kingdom as well as our U.K. government business overall. This quarter's GAAP profitability illustrates our commitment to fiscal responsibility through management and margins while expanding our business. We acknowledge the challenges ahead and remain strongly poised for long-term growth.

In 2022, our software foiled a plot to overthrow the German government, delivered $200 million of return to Tyson Foods, and empowered companies through the energy crisis. Our momentum stems from the fact that we have built software that actually works, not software that's easier to sell. We publicly announced Foundry 23 at Foundry Con two weeks ago. The cornerstone of our product vision is that your business is computable. However, just because it's computable doesn’t mean you know how to compute it. This requires an ontology. Ontology links human insight with programmable controls, enabling your people to compute the parts of your business that really matter. For example, Tyson Foods implemented a model that determines the optimal allocation of inventories to trucks and distribution centers, automatically making decisions by calling back into their ERP systems using the ontology's Webhooks. This work among the 20 use cases Tyson delivered in Foundry generated $200 million of value for them. Upgrading to S4 doesn't do this. It doesn't enhance your business. Your planning tools and pricing platforms don’t communicate with each other. ERP and MES systems don’t talk to each other. Employees escape to Excel sheets, and business logic becomes scattered across systems. That makes your business hard to understand and even harder to change or improve. Our customers need software to connect and orchestrate their existing systems. Your business is computable. You need Foundry to compute it. This view and a focus on our ontology is driving our product developments through 2023. Turning to Apollo. Just knowing how to compute parts of your business doesn't mean it's valuable. You need to complete the cycle of development, deployment, and learning. Not only do you have to be able to push your logic out to the edge and to the factory floor, to every connected node in your business, you need to be able to do it repeatedly. As technology companies seek to aggressively reduce cloud costs and eliminate DevOps headcount, Apollo provides the critical technology enabler that solves not only the CTO's problem, but also the CFO's problem. We're also continuing to see traction with Fed Start, our Apollo-based offering, which enables customers to achieve FedRAMP authorization in record time and at a fraction of the cost while still reducing DevOps costs. From the Middle East to the Pacific and European theaters, Gotham is today the AI-driven operating system for defense. Recent events have already proven the superiority of Gotham and AI-driven target detection and development. In 2023, we are focused on the continued development of Gotham across all domains from space to ground. A forward deployed officer recently wrote a Python model using Gotham's software development kit for JADC2 in three hours to upgrade his unit’s targeting and fire operation, a significant improvement compared to what was previously possible. We're proud of and thankful for the privilege of supporting this mission set. I'll pass it to Dave to take us through the financials.

The fourth quarter of 2022 was a milestone quarter for us. For the first time in the Company's history, we have achieved GAAP profitability. This was driven by our top line and bottom line outperformance, our continued management of stock-based compensation and fiscal discipline, as well as the narrowing of losses from marketable securities and a gain from the acquisition of our Palantir Japan joint venture. On the back of that strength, we expect full year 2023 to be our first full year of GAAP profitability, several years ahead of our original goal of GAAP profitability in 2025. Turning to our global top line results. We generated $1.91 billion in revenue in 2022, representing a growth rate of 24% year-over-year. In the fourth quarter of 2022, we generated $509 million in revenue, up 18% year-over-year and 6% sequentially. We generated $1.16 billion in total U.S. revenue in 2022, representing a growth rate of 32% over the year-ago period. In the fourth quarter of 2022, U.S. revenue grew 19% year-over-year to $302 million. Overall, net dollar retention was 115%. Customer count grew 55% year-over-year and 9% quarter-over-quarter. Revenue from our existing customers continues to expand. Fourth quarter trailing 12-month revenue from our top 20 customers increased 13% year-over-year to $49 million per customer. Now, moving on to our commercial segment. In 2022, our overall commercial revenue grew 29% year-over-year to $834 million. In the fourth quarter of 2022, our commercial revenue grew 11% year-over-year and 6% sequentially. Commercial revenue from strategic investment contracts was $20 million in the fourth quarter. We anticipate commercial revenue from these customers to be between $15 million to $17 million in the first quarter of 2023 compared to $39 million in the first quarter of 2022. Our full year U.S. commercial revenue grew 67% year-over-year to $335 million. In the fourth quarter of 2022, U.S. commercial revenue grew 12% year-over-year to $77 million but was down sequentially as we faced headwinds from catch-up revenue in the prior quarter and a decline in revenue from customers in our strategic investment program, given the outsized impact of the macro environment on these customers. Our U.S. commercial customer count grew 79% year-over-year and 8% quarter-over-quarter, marking the eighth consecutive quarter of sequential growth. In the fourth quarter of 2022, our international commercial business grew 11% year-over-year and 19% sequentially driven by new deals in the APAC, Canada, and Europe. Turning to our government segment. In 2022, our government business grew 19% year-over-year to $1.07 billion. In the fourth quarter of 2022, our government business grew 23% year-over-year to $293 million. We generated $826 million in U.S. government revenue in 2022, representing a growth rate of 22% year-over-year. In the fourth quarter of 2022, we generated $225 million in U.S. government revenue, representing a growth rate of 22% year-over-year and 8% sequentially. The sequential growth was driven by the commencement of certain U.S. government deals we announced last quarter. Fourth quarter billings were $387 million. Full year billings were $1.8 billion, up 21% year-over-year. TCV booked in the fourth quarter was $392 million. Full year TCV bookings were $2.7 billion, up 4% year-over-year. We ended 2022 with $3.7 billion in total remaining deal value and $973 million in remaining performance obligations. As a reminder, RPO is primarily comprised of our commercial business as it does 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. Both remaining deal value and remaining performance obligations faced headwinds from the macroeconomic impact on customers from the strategic investment program. As a result, the total remaining deal value and the total value of our commercial contracts from our strategic investment program were down $262 million since last quarter as we continue to review the financial condition of these businesses. We'll continue to monitor the impact as the year progresses. Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 81% for the year and 82% for the quarter. Full year 2022 adjusted expenses, when excluding stock-based compensation and related employer payroll taxes, were $1.5 billion. Fourth quarter adjusted expenses were $394 million, down roughly 1% sequentially, reflecting measures we took in the quarter to manage discretionary spending and our focus on efficiencies. Full year 2022 adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, was $421 million. Fourth quarter adjusted income from operations was $114 million, representing an adjusted operating margin of 22%, 600 basis points ahead of our prior guidance. The significant beat on our adjusted income from operations guidance was driven by cost savings from our R&D efforts and disciplined spend management as well as moderated net headcount additions in the fourth quarter. The fourth quarter of 2022 was our strongest GAAP operating income quarter ever as we move closer to breakeven with an operating loss of $18 million. This is a testament to our disciplined spending amid the macro uncertainty as well as the normalization of our stock-based compensation expense overhang since becoming a public company. Stock-based compensation expense was down $38 million in the fourth quarter compared to the year-ago period and down $213 million compared to the prior year. As we look ahead to 2023, we will continue to exercise spend discipline across the company, pacing hiring while continuing to invest in high-priority areas, including in our product offerings, building out our go-to-market strategy, and technical roles. In addition to GAAP profitability for full year 2023, we anticipate improvement in our GAAP operating income margins over the course of the year. Fourth quarter GAAP net income was $31 million. This was a result of a strong GAAP operating quarter in addition to $13 million of investment income from our balance sheet, a narrowing of losses on marketable securities to $11 million, and a $44 million gain from the acquisition of our Palantir Japan joint venture. However, it's not just our GAAP profitability and operating performance that I'm excited about. Our combined revenue growth and adjusted operating margin was 40% in the fourth quarter and 46% in full year 2022, our third consecutive full year in excess of the Rule of 40, a score that we will strive to achieve throughout 2023. Full year adjusted earnings per share was $0.06, while GAAP earnings per share was negative $0.18. Fourth quarter adjusted earnings per share was $0.04, and GAAP earnings per share was $0.01, marking our first quarter of positive GAAP EPS. In the fourth quarter of 2022, we generated $79 million in cash from operations, representing a margin of 15% and our eighth consecutive quarter of positive cash from operations. For the full year 2022, we generated $224 million in cash flow from operations, representing a 12% margin. We ended the fourth quarter with $2.6 billion in cash and cash equivalents, and no debt. We retain access to additional equity of up to $950 million through our $500 million revolving credit facility and $450 million delayed draw term loan facility, both of which remain entirely undrawn. Now turning to our outlook. For Q1 2023, we expect revenue of between $503 million and $507 million and adjusted income from operations of $91 million to $95 million. For full year 2023, we expect revenue of between $2.18 billion and $2.23 billion, adjusted income from operations between $481 million and $531 million, and GAAP net income. Before opening the call up for questions, I'd like to take a moment to thank Jeff Buckley, our outgoing Chief Accounting Officer, for his contributions to Palantir. Jeff has been an incredible leader and a member of our team on the journey from a private company to a public company. We announced a few weeks ago that he'd be stepping down after the filing of our 10-K, and we're grateful that he will be staying on with us afterwards to help with a seamless transition. We're excited to promote Heather Planishek to the role and look forward to continuing to build on both Jeff's and the team's successes. With that, I'll turn it over to Ana to start the Q&A.

Thanks, Dave. We'll begin with a few questions from our shareholders before we open up the call. The top questions are related to GAAP profitability, with the number one question from Abraham who asks, when is Palantir going to become profitable?

Well, we're profitable, and we will be profitable this year on a yearly basis. I think because if you look at the questions that come to us, and just the questions I get from clients and others, one of the main questions we've gotten in public and in private is, well, we know the products are transformational. We've seen them in the context of anti-terrorism, especially in Europe. We've seen them regarding the pandemic and now in the context of changing the course of history in Eastern Europe. But if it's so powerful and so good, why aren't you profitable? I think we took this question a lot more seriously than I think people on the outside realize precisely because there are literally thousands of users and, at this point, countries, that depend on our product for their survival. While many of us watching this are obviously highly attuned to share price, the people whose lives depend on our product have been very dependent on us and want to know that our financial stability now and in the future is guaranteed. This has been much more of a priority to get us to this place. I'm happy that we have long-term supporters and shareholders that are interested in this, and we will continue to be profitable this year. It's just a major achievement for Palantir. I think another reason the question gets asked is that seemingly, no tech companies become GAAP profitable. That does call into question the underlying value of their products. Yes. With that, next question.

Thanks, Alex. We also received a few questions on ChatGPT and AI. How does Palantir differentiate and compete with other AI software solutions and demonstrate the return on investment for potential clients?

There's been a lot of talk about recent events in consumer Internet and OpenAI, and incredible technologies that have been brought to bear. I think the biggest event in digital AI is actually on the battlefield. Palantir took over basically nonpublic programs when the rest of Silicon Valley at the time was very interested in not working with the military, potentially also opening offices in adversarial countries. At the time, AI was a joke, and most people purveying it were partially purveying some form of a PowerPoint bordering on fraud. So we had a lot of thought going into this and spent the last five years building the core infrastructure that you would need to power and train AI algorithms. The proof in the pudding is simply look at events in Eastern Europe. Every country in the world is looking how to do it. What's super interesting in the consumer context is the technologies we built that will allow you to do AI in private networks, institutions, and enterprises have precursor technologies that will take other companies four or five years to build. For example, how do you do AI in a regulated context? Look at a lot of our clients, they're almost all regulated in one form or another. Oil and gas is regulated. Hospitals are regulated. Health care is regulated. Manufacturers are regulated. You can't just run an algorithm on a private network the same way you could on a non-regulated public network. Then there are security issues, transparency issues. In the war context, how do you know if the AI made the decision? Under what conditions does AI make the decision? Who is responsible? What is the chain of authority? How do you do it while maintaining security, because some of the people using the product may be working for the other side? There are thousands of issues here that required years and years of software build, which we are now going to continue to supply to our allies across the world and our consumer customers. So we're very, very excited about this, excited about the interest and excited about bringing the fight to our adversaries.

Thanks, Alex. We received a few questions on SBC and dilution, including one from Christopher, who asks at what point is Palantir hoping to reduce SBC?

Thanks, Christopher. We're laser-focused on SBC, and we have been for the last few years. If you go back to the quarter we went public, Q3 of 2020, we had $849 million in that quarter of SBC. You go back to Q4 of 2022, just last quarter it was only $129 million. The last six quarters, we've been down sequentially each quarter with our SBC, and 2022 versus 2021 is down 27% year-over-year. Stepping back, the ultimate test around SBC is really like, are you GAAP profitable? And the answer now is yes. It's yes in Q4. As we look forward to 2023, the answer is yes there as well. We want to ensure that we align our employees and our stockholders. You sort of see that in the current results, which are all resulting in GAAP profitability. We plan to keep that alignment, to push on the top line, improve margins and to remain GAAP profitable.

Thanks, Dave. This next question is for you, Ryan. Zachary asks, what are Palantir's primary goals for 2023?

Thanks, Zachary. We're planning to keep our heads down, keep doing what we've been doing, which means delivering to our customers on their critical missions with an eye towards long-term growth. This specifically means continuing to focus on both top line and bottom line, our revenue growth, adjusted operating margins, and delivering on GAAP profitability, as we've laid out. In the U.S. commercial space, we grew 67% year-over-year. As I highlighted earlier, we have a lot of strong indicators of momentum going into this year, and we expect to deliver another landmark year in U.S. commercial. In the U.S. government space, we'll continue doubling down on the backbone of our business, one of our most important customers, which means seeking to accelerate defense, civil, and intelligence space. There are factors such as whether or not there's a continuing resolution that may affect the timing of that, but our long-term outlook on U.S. government is extremely strong. In the international space, we're looking to grow the defense business outside the U.S. as our allied countries are looking to deploy the expertise that we've honed over 20 years around the world in the most important missions. We are also looking to grow our work in civil. We're particularly excited about health care and keeping our momentum in the U.K. government. And all while doing that, we will seek to continue delivering on GAAP profitability.

A different version of that is we will maintain our discipline around GAAP profitability precisely because the world is recognizing our crucial contribution to the West. We see this in war. We see this in commercial areas. We see this in health care. People are embracing technology, especially in the U.S., particularly around AI with security models and in private networks. There is a connection between our financial discipline and our ability to continue excelling in service of what we believe is important, namely ensuring the survival and success of Western institutions over adversarial institutions.

Thank you, Ryan and Alex. Our next question is from Brent with Jefferies. Brent, please turn on your camera and then you'll receive a prompt to unmute your line.

Dr. Karp, as it relates to the government business, I'm curious if you could just give us an update. I think last year, you mentioned there were a handful of transactions that got pushed, and ultimately, I'm not exactly sure what happened there, if you could address that? And then secondly, there was a CNBC reporter that I think you spoke to who had some comments about strategic interest in Palantir. I'm just curious if you can recap maybe what that conversation was and how you're currently thinking about multiples and where things stand at this point.

Taking the second question first. We have been asked by a number of reporters. There is a general movement where, in the last five years, enterprise software has transitioned from being a sales motion to an existential part of the enterprise, whether it's commercial or governmental. The war in Ukraine emphasizes this. Most commercial entities in America recognize this. While it's not clear that people outside the U.S. understand this, it is crucial for your enterprise. It's also evident that we've built proprietary technology that allows you to operate in private networks in the context of regulated enterprises that is not available elsewhere. It would take years for other companies to build this out, generating substantial interest in Palantir in a way that's unprecedented. Our primary focus is on making Western institutions stronger. We believe we're winning. Because of this, there will be significant interest in purchasing our software, and possibly in acquiring us, but our primary focus is on our product—Palantir itself. We have little regard for such speculation. Regarding government transactions, the U.S. government has continuing resolutions. We have numerous large-scale contracts in progress. The only update is that there's heightened interest from Congress, regulators, and military officials. This reflects a shift in how people perceive the value of our offerings. Referring to the past trends, our U.S. government contracts have historically achieved a CAGR of over 30%. Current events only serve to underscore our value proposition. This world is increasingly dangerous and requires AI-driven and software-driven solutions, and no other company has been as focused on this for the past 20 years as we have. I remain optimistic.

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

So my question is about the revenue growth into next year. Do you mind describing what are the main drivers that make?

By the way, we lost you. We lost you after 'what are the main drivers?' I think you're asking about the main drivers that will affect our revenue build this year?

Thank you. As we highlighted, momentum in U.S. commercial is strong. We expect it to be a key part of our growth this year. In addition, U.S. government remains critical to our business, and we expect to see more developments in Q2 and the second half of the year. For the international business, we will continue to deliver on defense-related initiatives, and I believe that combined, these will be the key drivers for our growth.

To provide a clearer view, roughly 61% of our business comes from the U.S., and we have many positive indicators that this will continue to grow. I am bullish on commercial. I recently met with our commercial team and suspect that this segment will grow over 40% this year. Despite potential recession impacts, our customer base has expanded significantly—from 80 to 143 last year, representing nearly 70% to 80% growth. Moreover, only 15% of the top 1,000 companies currently utilize our products, indicating substantial room for growth. Importantly, many segments within the U.S. purchase our products, demonstrating resilience. However, internationally, we face challenges, particularly in Europe, where adoption rates for new technology are slower. Therefore, I view U.S. business as strong, and anticipate growth from our international government contracts.

Thanks, Alex. Our last question is from Gabriela with Goldman Sachs. Gabriela, please turn on your camera, and then you'll receive a prompt to unmute your line.

Great. A couple of follow-ups on your commercial business. Firstly, could you give us a little detail on how the large deal pipeline is evolving? And as the macro impacting our ability to close any of the deals in the U.S., particularly on large deals specifically? Secondly, as you think about the mix between large deals and small deals, are you seeing engagement to date from your U.S. customers that are landing potentially smaller quota in the half a million dollar kind of range? Are you seeing engagement to date that suggests the path towards your classic kind of $3 million to $5 million opportunity?

Great. So I think on the first question, we are seeing our largest customers growing. Looking at our top 20 customers, we’re seeing growth there. The average customer size does appear to be decreasing, which is partly due to the increasing volume of customers we are bringing into our ecosystem. In Q4, we saw several smaller customers convert into larger deals within the quarter, especially in the commercial area. Many of these smaller customers are transitioning into longer-term enterprise deals, and we’re witnessing productive momentum there. Simultaneously, we're now more capable of making sales across a wider variety of customers at smaller price points, allowing us to initiate at lower price levels that can grow over time.

53% of our business consists of large deals, amounting to nearly $50 million. This indicates stability against recessive pressures. In contrast, the average revenue from smaller deals has dropped from 6.5 to just over $5 million, demonstrating that we're obtaining success in the U.S. Most U.S. commercial customers engage with smaller contracts, typically around $2 million to $3 million. We are increasingly receptive to this trend and will likely see many small contracts grow into larger deals, notably within the U.S.

Thank you, Alex and Ryan. Alex, we have many individual investors on the line. Is there anything you'd like to say before we end the call?

I greatly value our individual investors, and we at Palantir listen to your insights. We take pride in achieving GAAP profitability in Q4 last year, and we plan to maintain GAAP profitability this year. Our commitment to this is largely driven by our attentiveness to our partners and customers who rely on us for their success and well-being. This is why we became GAAP profitable and continue to be financially robust, with $2.6 billion in the bank and no debt. Despite the challenging macroeconomic environment ahead, we believe we are positioned to play a crucial role and sincerely appreciate the support from our investors.

Thank you. That concludes Q&A for today's call.