Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close 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 fourth quarter and fiscal 2025 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 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 the 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 other earnings materials 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 Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call.

We had a monumental third quarter shattering expectations yet again. Our overall revenue grew 63% year-over-year and 18% sequentially. We outperformed across the board, driven by strong execution in the U.S. which accounted for 3/4 of our business in Q3, growing 77% year-over-year and 20% sequentially. Our Rule of 40 score soared to an unprecedented 114%, up 4 points year-over-year and a full 20 points since last quarter alone, reinforcing our position as the defining enterprise software company of our generation. Our U.S. commercial business grew an incredible 121% year-over-year and 29% sequentially, driven both by insatiable demand and the quantified exceptionalism compelling customers to scale AIP across their operations. Organizations are embracing an undeniable truth. Real enterprise AI at scale requires Palantir. We're seeing that AIP again and again, is the only platform delivering transformational impact in this market. And critically, AIP is the only AI platform that has an actual plan for compounding your enterprise's AI leverage, not just the model makers' leverage over you. Sharing this leverage with our customers is our highest priority. Our whole company is singularly focused around value creation for our customers, and I'm proud to share with you all the fruits of our labor. We closed our highest TCV quarter ever at $2.8 billion. Underlying this performance, we closed a staggering 204 deals worth $1 million or more of which 91 deals were worth $5 million or more and 53 deals were worth $10 million or more. In our U.S. commercial business, which now accounts for 34% of our overall revenue. We closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business with a more than 6x year-over-year growth rate on a dollar-weighted duration basis. The trajectory is clear. Customers are converting to larger enterprise agreements in short time frames, reflecting both the expanding scope of their AI ambitions and the immediate impact our software delivers. A leading medical device manufacturer signed a multiyear expansion just 5 months after their initial contract, increasing ACV more than eightfold. 2 weeks into their initial contract, the conversation evolved from a single use case to pursuing the opportunity of becoming an AI-first enterprise. Their CEO approached me to embrace a shared vision for an enterprise-wide AIP deployment to transform their entire organization. This transformation reflects a broader pattern we're seeing across our customer base. AI is a strategic imperative owned at the C-suite level with executive leadership recognizing the enterprise-wide AI adoption as the defining factor separating the AI haves and the AI have-nots. We're seeing C-suite-driven AI transformations across our customers. At a leading insurance company, the CEO has taken personal ownership of their AI transformation, meeting with our team regularly to orchestrate a company-wide transformation around AIP, reimagining every function from underwriting to claims processing, leading to a significant expansion of our work together. Our partnership with TWG Global named Vergence.ai continues to gain momentum as TWG's Thomas Tull noted, 'What was once a competitive advantage is now a competitive necessity.' Companies that fail to incorporate AI into their core operations will be outpaced by those that do. These examples underscore what we are seeing. We are the only platform bringing true transformational impact to the enterprise AI market. Turning to our U.S. government business, revenue grew 52% year-over-year and 14% sequentially as we continue to deliver mission-critical capabilities. We remain deeply committed to our founding mission of supporting the U.S. government, honored by the privilege of equipping our nation with transformative software that actually works. We remain focused on delivering the most advanced defense capabilities in the world to the U.S. government and internationally to our allied partners around the world. The momentum we're carrying into Q4 is extraordinary. As we look towards the end of the year, our mission is clear: deliver the production capabilities that turn AI from promise into performance for the enterprises defining the future of their industries through AIP's compounding AI leverage. I'll now turn it over to Shyam.

Thanks, Ryan. 20 years of grinding has built a unique moat and a growing lead. Our products were built for this moment, and the numbers continue to show it. Realizing value from AI in the enterprise requires the elegant integration of LLMs, workflow, and software. And this is only possible with ontology. Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on AI demand now and in the world ahead. The most significant product developments are the accelerating progress in our AI applications inside of AIP, our AIP native development agent that understands how to connect to data sources, how to integrate and transform data, how to create ontologies and functions, and build applications. It's unleashing incredible speed and productivity for our FDEs and customer developers alike. At one customer, two human FDEs spawned an army of AI FDEs to migrate a customer off their legacy data warehouse in 5 days, something that would have taken an army of SIs up to 2 years. This is not a prototype. This is production across our customers, and the results are shocking. AI Hivemind is a new AIP capability that orchestrates a form of dynamically generated agents to tackle hard problem-solving, idea generation refinement, and executable proposal generation that is integrated with ontology and therefore aware of the context of your enterprise. AI Hivemind was originally developed to solve extremely complex problems in the classified space. But it's already been used to help our commercial customers identify bottlenecks in their supply chain, proactively developing possible solutions, and then leveraging AI FDE to code that up into an actual solution. In the government space, AI Hivemind is able to take its proposals and generate intricate mission plans right in Gaia and Maverick. Our focus with AIP continues to be enterprise autonomy, our normative view of where the value is for AI in the enterprise. Hivemind now lets the AI develop novel solutions to emergent challenges and to identify hidden opportunities. And the rest of AIP enables you to turn those ideas into an implemented reality. Closed-loop evolution of the business with AI is possible because of AIP and ontology. We continue to make investments that allow enterprises to extend AIP to the far edge. Edge Ontology is a new lightweight implementation of ontology that runs on mobile devices. It enables customers to build mobile applications or embedded software for hardware, such as drones and robots, and is fully integrated with your enterprise's AIP instance. Turning to field-facing updates, the U.S. Army issued an official public memo directing all army organizations to consolidate and centralize on Vantage, the Army data platform built on Foundry and AIP. The Army views this not merely as a technical decision, but a cultural decision, enabling the data-driven decision-making that continues to make our army the most lethal in the world. This directive will enable the Army to rapidly sunset legacy systems and enable more investment in the Army's Future Force concept and systems. Warp Speed and the American Tech Fellowship are early investments to support manufacturing and reindustrialization in America are bearing fruit. While Warp Speed launched by helping new defense entrants meet their surging production goals, it's now being rapidly adopted across the traditional defense industrial base and the maritime industrial base. The second cohort of the American Tech Fellowship will be wrapping up in the next few weeks. We started the American Tech Fellowship because we noticed that many of our best builders were frontline workers. They don't come from conventional consulting backgrounds. They don't have formal computer science backgrounds. To highlight a few of these folks, Mason, a Louisiana-based civil engineer is building AI applications for more accurate estimates for heavy construction projects, something that is only going to grow with our reindustrialization. Michael, who works for a potato farm in North Dakota is streamlining its operations and Cody from Georgia, who is a utilities expert is building in Foundry to deliver safe, reliable energy across the South. These Americans are the true face of innovation, underscoring that it will be the American worker with AI that drives reindustrialization and American prosperity. Our customers have taken notice and asked us to create American tech fellowship programs for their employees, specifically to include Lear, who highlighted their fellowship in their recent earnings call. With that, I'll turn it over to Dave to take us through the numbers.

Thanks, Shyam. We had an outstanding third quarter achieving a Rule of 40 score of 114%, our highest ever by 20 points. We also generated our highest ever reported revenue growth rate of 63% year-over-year exceeding the high end of our prior guidance by 1,300 basis points and representing a 3,300 basis point increase compared to the growth rate in Q3 of last year. On the back of this extraordinary strength, we are guiding to revenue of $1.329 billion in the fourth quarter, representing 13% growth quarter-over-quarter, our highest-ever sequential revenue growth guide and 61% growth year-over-year. We're also raising our full-year 2025 revenue guidance midpoint to $4.398 billion, representing a 53% year-over-year growth rate and an 8-point or $252 million increase over our full-year 2025 revenue guidance last quarter. In addition, we're raising our full-year U.S. commercial revenue guidance to an excess of $1.433 billion, representing a growth rate of at least 104% year-over-year, a 19-point increase over the guidance we gave just last quarter. Accelerating demand for AIP continues to drive the outperformance in our U.S. business overall, which grew 77% year-over-year and 20% sequentially in the third quarter. Our U.S. commercial business grew 121% year-over-year and 29% sequentially, and our U.S. government business grew 52% year-over-year and 14% sequentially. We delivered these exceptional top-line results while also achieving our highest ever reported adjusted operating margin of 51%, exceeding the high end of our prior guidance by 500 basis points and highlighting the unit economics of our business at scale. Our revenue and profitability drove a 20-point sequential increase to our Rule of 40 score from 94% in the second quarter to 114% in the third quarter. On a trailing 12-month basis, we generated $2 billion in adjusted free cash flow for the first time in the company's history. Turning to our global top line results. Third-quarter revenue grew 63% year-over-year and 18% sequentially to $1.181 billion. Third-quarter U.S. revenue grew 77% year-over-year and 20% sequentially to $883 million. Excluding the impact of revenue from strategic commercial contracts, third-quarter revenue grew 65% year-over-year and 18% sequentially, and third-quarter U.S. revenue grew 78% year-over-year and 20% sequentially. We closed our highest ever quarter of TCV bookings at $2.8 billion, up 151% year-over-year. This eclipses our prior highest quarter of TCV bookings just last quarter by nearly $0.5 billion. Customer count grew 45% year-over-year and 7% sequentially to 911 customers. Revenue from our largest customers continues to expand. Third-quarter trailing 12-month revenue from our top 20 customers increased 38% year-over-year to $83 million per customer. Now moving to our commercial segment. Third-quarter commercial revenue grew 73% year-over-year and 22% sequentially to $548 million. This is the fourth consecutive quarter that revenue from our commercial business has been larger than our U.S. government business. Excluding the impact from strategic commercial contracts, third-quarter commercial revenue grew 77% year-over-year and 22% sequentially. We closed $1.4 billion in commercial TCV bookings representing 132% growth year-over-year and 32% sequentially. AIP continues to drive existing customer expansions and new customer conversions in the U.S. Third-quarter U.S. commercial revenue grew 121% year-over-year and 29% sequentially to $397 million. Excluding revenue from strategic commercial contracts, third-quarter U.S. commercial revenue grew 126% year-over-year and 29% sequentially. In the third quarter, we closed $1.3 billion of U.S. commercial TCV bookings representing growth of 342% year-over-year and surpassing the $1 billion mark for the first time. Over the past 12 months, we closed $3.8 billion of U.S. commercial TCV bookings a 217% increase from the prior 12 months, highlighting the demand for AI production use cases. Total remaining deal value in our U.S. commercial business grew 199% year-over-year and 30% sequentially. Our U.S. commercial customer count grew to 530 customers, reflecting growth of 65% year-over-year and 9% sequentially. Third-quarter international commercial revenue grew 10% year-over-year and 5% sequentially to $152 million. For international commercial business, we continue to capitalize on targeted growth opportunities in Asia, the Middle East, and beyond but remain focused on accelerating the growth in our U.S. business. Revenue from strategic commercial contracts was $2.9 million for the quarter. We anticipate fourth quarter 2025 revenue from these contracts to be between $2 million to $4 million compared to $9.6 million in the fourth quarter of 2024. We anticipate 2025 revenue from these contracts to be less than half of 1% of full-year revenue. Shifting to our Government segment, third-quarter government revenue grew 55% year-over-year and 14% sequentially to $633 million. Third-quarter U.S. government revenue grew 52% year-over-year and 14% sequentially to $486 million. This growth was driven by continued execution in existing programs and new awards reflecting the growing demand for AI and our government software offerings. Third-quarter international government revenue grew 66% year-over-year and 16% sequentially to $147 million, bolstered primarily by our continued work in the U.K. As previously mentioned, we closed our highest ever quarter of TCV bookings at $2.8 billion, up 151% year-over-year. Net dollar retention was 134%, an increase of 600 basis points from last quarter. The increase was driven both by expansions of existing customers and new customers acquired in Q3 of last year as we see the effect of the AI revolution. As net dollar tension does not include revenue from new customers that were acquired in the past 12 months, it does not yet fully capture the acceleration and velocity in our U.S. business over the past year. We ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially. 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 most of our government business. Turning to margin and expense, adjusted gross margin, which excludes stock-based compensation expense, was 84% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes was $601 million, representing an adjusted operating margin of 51%. Q3 adjusted expense was $581 million, up 8% sequentially and 29% year-over-year, primarily driven by our continued investment in AIP and technical hiring. We continue to expect expenses to increase in the fourth quarter as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability. Third-quarter GAAP operating income was $393 million, representing a 33% margin. Third-quarter GAAP net income was $476 million, representing a 40% margin. Third-quarter stock-based compensation expense was $172 million and equity-related employer payroll tax expense was $35 million. Third-quarter GAAP earnings per share was $0.18. Third-quarter adjusted earnings per share was $0.21. Additionally, our combined revenue growth and adjusted operating margin accelerated to 114% in the third quarter, a 20-point increase to our Rule of 40 score from the prior quarter and our ninth consecutive quarter of an expanding Rule of 40 score. With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a Rule of 40 score of 102% for the full year. Turning to our cash flow, in the third quarter, we generated $508 million in cash from operations and $540 million in adjusted free cash flow, representing margins of 43% and 46%, respectively. Additionally, we achieved $2 billion in trailing 12-month adjusted free cash flow for the first time. Through the end of the third quarter, we repurchased approximately 2.6 million shares as part of our share repurchase program. As of the end of the quarter, we have $880 million remaining from the original authorization. We ended the quarter with $6.4 billion in cash, cash equivalents, and short-term U.S. Treasury securities. Now turning to our outlook. For Q4 2025, we expect revenue of between $1.327 billion and $1.331 billion and adjusted income from operations of between $695 million and $699 million. For the full year 2025, we are raising our revenue guidance to between $4.396 billion and $4.400 billion. We are raising our U.S. commercial revenue guidance to an excess of $1.433 billion, representing a growth rate of at least 104%. We are raising our adjusted income from operations guidance to between $2.151 billion and $2.155 billion, we are raising our adjusted free cash flow guidance to between $1.9 billion and $2.1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

Greetings. By any standard, these results are not typical; they are extraordinary and arguably the best any software company has ever achieved. This is not an exaggeration, despite what some analysts may claim, as they have consistently been incorrect in their evaluations. A typical enterprise company shouldn't have a Rule of 40 above 100%, should not see over 100% growth in U.S. commercial revenue, and should not report 77% growth in the U.S. This strong growth is somewhat restrained by a stagnant European market, which remains a significant part of our business. The raw numbers show a 77% growth from a substantial base, coupled with strong cash flow and a Rule of 40 of 114%. If the financial world were rational, everyone would question how this was possible. Our support for the American Warfighter and our stance against 'woke' culture illustrate how we have delivered exceptional results for everyday Americans. Our focus has been on empowering the American worker while achieving amazing financial outcomes, despite the skepticism of some experts. Our unique approach to value creation ensures that when our clients excel, we participate in that success. Our impressive numbers reflect our effectiveness in enhancing client performance, whether in business or on the battlefield. The trends are clear—when you look at the contrasting performances of the U.S. and Europe, it's evident that we are providing exceptional services. Our Rule of 114 showcases significant growth across both revenue streams. Furthermore, we are concerned with ensuring that the benefits of GDP growth, bolstered by AI, are accessible to the American workforce. Those contributing their specialized skills, like vocationally trained professionals, find more value in our offerings now than ever before. The current market upheaval undoubtedly challenges established professionals, but our results demonstrate that we were right in our approach, which is beneficial for the American economy and workers alike. Critics and analysts may attempt to downplay our achievements, but we remain committed to delivering results, focusing on creating value, and observing the strong unit economics of our business. If you assess our performance against any other firm, I believe you will find us to be exceptionally strong. I am incredibly optimistic about our future, and I appreciate the support from our team and stakeholders who have contributed to these outstanding results.

Thank you, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a few questions asking what do you see as Palantir's unique differentiator that others may not understand?

Alex touched on this earlier. Many companies are now hiring Financial Data Engineers, and it's become a trendy job title according to an article in the Financial Times. However, there seems to be a lack of understanding about the role, and it feels more like imitation. Everything Alex said is true; we develop software that actually works for the real world, not for an idealized version. Our focus is on identifying what is true, which is where the Financial Data Engineer comes in. Our success is measured by whether we solve problems, not just by software sales. Over the past two decades, we've built a comprehensive software stack aimed at creating value for our customers. This approach led to the development of the ontology over ten years ago, which is essential for leveraging large language models in enterprises. In the last year, this has resulted in projects like AI Hivemind and AI Financial Data Engineer.

The way we work compels us to navigate increasing levels of complexity every day. We focus on the most challenging, essential, and valuable components of the enterprise stack. This approach allows us to effectively deploy and manage FDEs, which in turn strengthens our products. Ultimately, this strategy is reflected in our performance numbers, as being close to the frontline of intricate problems that traditional solutions cannot address positions us well. We believe it is critical to engage where the most valuable issues are being resolved, ensuring we continue to solve problems in the future and generate revenue.

Thank you both. Our next question is from Dan with Wedbush.

Congratulations on another impressive quarter. My question is for Alex and the team. Can you explain the accelerated sales cycles you're experiencing from the many companies that have attended the boot camps? What has surprised you from the initial contact to now launching deals? It would be helpful if you could share your insights based on what you've observed.

Thanks, Dan. So I think we look at U.S. commercial. We closed $1.3 billion in TCV at 6x on a dollar-weighted duration basis from what it was a year ago. And of those deals worth 83 were worth $1 million or more, 40 were $5 million or more, and 21 deals were $10 million or more. I've been involved in a lot of those directly. I'm feeling exactly what you're asking on the ground from customers. And what's happening now is from the C-suite across the company, customers are coming to us looking to not just say, let's do a use case. The customers who are having the most impact are coming to us saying, how do we deploy this across our entire organization? How do we reorganize our entire organization around Palantir and AIP? And that's what's happening on the ground. And we're singularly focused on delivering the value to the customers, and that's our go-to-market. How do we get the product to them and deliver...

Ryan is very much at the forefront of how many customers approach us. We're noticing a significant shift where customers want to quickly figure out how to transform their enterprises in a way that aligns with their values and our product. They often want a reorganization, and there's a shorthand we use: previously, you had to take a company private to change how it operated financially. Just as we've provided venture-like results to regular investors in recent years, we're now offering a transformation similar to private equity in the public markets under our current leadership. This is what our best clients are looking for. Additionally, our newer clients have much higher expectations; they want to transform their businesses within months, while remaining visible in the public market. They expect us not only to provide the product but also to advise on implementing AI, Foundry, ontology, FDE models, and leveraging our collective knowledge. The dynamic has completely changed. In the past, we had to advocate just to address a minor aspect of an issue affecting a small part of the business. Unfortunately, Shyam can only share a fraction of what he's involved with, but this situation is mirrored in the U.S. government globally. The initiatives we're engaged in are incredibly significant and central to the challenges at hand; they are not merely peripheral—they are the core of the issue we are addressing.

Thank you both. Our next question from Mariana with Bank of America.

I'm going to ask a couple of questions as usual, one about commercial and one about defense or government. First, regarding commercial, I want to follow up on Dan's question. Can you discuss the changes in customer behavior that led to an increased interest in incorporating Palantir? This seems to not only be accelerating customer acquisition but also helping existing customers move up the value chain. Additionally, what internal changes have taken place? During a recent visit, we saw AI agents or AI FDE, so how are you integrating technology internally to meet this demand? On the government side, the U.S. government's significant growth of over 50% is remarkable. What are your thoughts on opportunities like Golden Dome in the future?

Well, you guys want to answer these questions? I think that there's an external one, which is like what does it feel like? That's clearly you. The internal one is a really subtle question. And I don't know anyone should jump in there? And then obviously, you should have Shyam opine on.

Yes. Well, do you want to start with commercial or...

Sure. I think we're seeing increasingly tangible results with our customers, creating a network effect as they share the impact of our services. We're continuing to deepen our engagement with them, and more customers are reaching out to us, particularly those with the most significant impact, to explore further collaboration.

Ryan is exceptional at highlighting a key issue for our clients—they recognize that the alternatives are often ineffective. They have attempted various solutions without success, and we operate in numerous sectors. For instance, we excel in a specific vertical and have established dominance for a particular client. Others observe this and might attempt to adopt inferior alternatives. Many still struggle to comprehend that they are undergoing extensive transitions, expecting LLMs to deliver results as if they were standard commodities. However, they see the outcomes others achieve with our offerings, and it raises concerns when they realize they are investing substantial amounts without results, while competitors who they previously underestimated are advancing rapidly with strong unit economics. This shifts our discussions to how we can help them effectively. We outline five key actions they must take, which include engaging with Ryan, meeting with me periodically, collaborating with our engineers, and addressing valuable challenges for their business while also tackling inefficiencies. Moreover, the wasted funds don't just represent financial loss; they foster an environment of inefficiency. Clients are often caught up with vendors promoting ineffective solutions instead of addressing their core issues, and eliminating these inefficiencies has become a significant focus for them, sparking a heightened interest in our services.

And then on the internal front, I would say it's just we have to double down. The most important thing for us internally is with all this success, we do not want to give up the unique attributes of Palantir and somehow purchase fake ways for us that are artificial for us. And so making sure we are very, very close to the problem and making sure everyone here, like if you heard our internal dialogue, it's much more like who's on the factory floor here. What are we doing internally? How do we make sure our products are better and better? How do we make sure, say, Shyam is a savant at going around and figuring out what the underlying tech issue is, how are we making sure we have the best product team and the very, very exact right fit for every single deployment across our deployments that we care about, especially mission deployments, which we highly, highly overvalue in terms of our time and energy. And like how do you make sure Palantir stays as tribal and cultus and unique as it was 20 years ago? How do we double and triple down on that? And how do we recruit the right people?

Internally, we support critical initiatives, including efforts to defend America and Ukraine, as well as collaboration with our allies. We are actively engaged in countering adversaries, particularly regarding China, and we also support Israel. While these topics may be controversial, it's important to find ways to align our team to focus on them in a manner that benefits both us and our clients. These issues are complex, and we dedicate significant time to them. Generally, we have observed that a strong focus on our internal dynamics correlates with improved performance. Despite having fewer salespeople, we have achieved 77% growth in 75% of our market and 121% growth in U.S. commercial sales. I encourage you to share these impressive numbers with others, as they reflect our effective internal focus.

I'll make the mistake of trying to follow Alex there and just say on the internal side with AI FDE, that's why we actually originally built it. Our headcount has grown roughly 10%, but revenue grew 63%. How are we doing that? We've made our FDEs wildly more productive. And I mean, so much so that we decided to give it to our customers. And we've started to make our customers more productive. When you have a note like the Army Vantage note, where the Army is consolidating into the Army data platform, you now have an army, literal army of green suiters who need to become proficient developers in the software. And you have a generation of green suiters whose first interaction with the software is going to be with AI FDE. They're going to be superheroes on day 1. I think that it's accelerating adoption. It's accelerating understanding like the depth of adoption, not just are you using it, but how much of it are you really using? How much of it can you understand? And then quickly on your comment on the U.S. government business, like, yes, the number of opportunities out there are great. I can't comment on all the opportunities you mentioned there, but whether it's NGC2, the continued growth of Maven, I mean we have, of course, America is involved with three conflicts right now in the world from Europe, the Middle East, and in our own hemisphere right now. And things are getting a little spicy. Let me express a somewhat political opinion, and I recognize that not everyone may share this perspective. When people criticize our soldiers for trying to prevent fentanyl from entering the country, I want them to consider that if fentanyl were claiming the lives of 60,000 graduates from Yale instead of 60,000 working-class individuals, we would respond with extreme measures against those responsible in South America. At Palantir, we stand with the average American, who often gets overlooked because the focus tends to be on elite individuals rather than those actually suffering on our streets. An open border impacts the earnings of the average poor American. While I know my fellow progressives think that an open border will improve conditions, their views tend to reflect the interests of elite people rather than those of the working class.

Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?

We're making great progress. If you turn on the regular television, you can see how disappointed those who didn’t invest in us are. Grab some popcorn; they’re upset. Every day, we are improving this company for our nation and our allies. I prefer to refer to our investors as individuals who invest their own money and support us. You are fighting for what is right in this country, supporting meritocracy and technology that outmatches our adversaries. Our products help increase the economic value for working-class individuals, and improve your financial situation as well. Thank you for your support.

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