“We continue to expect adjusted free cash flow of between $800 million and $1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.”

In context

“quarter, we repurchased approximately 1.2 million shares as part of our share repurchase program. As of the end of the quarter, we have $973 million remaining of the original authorization. We ended the quarter with $4 billion in cash, cash equivalents, and short-term US treasury securities. Now turning to our outlook. For Q3 2024, we expect revenue of between $697 million and $701 million and adjusted income from operations of between $233 million and $237 million. For full-year 2024, we are raising our revenue guidance to between $2.742 billion and $2.750 billion. We are raising our US commercial revenue guidance to in excess of $672 million, representing a growth rate of at least 47%. We are raising our adjusted income from operations guidance to between $966 million and $974 million. We continue to expect adjusted free cash flow of between $800 million and $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. Alex Karp: Thank you for participating in our earnings. We founded this company to be a ray of light to America and our Western allies. And in doing so, we built software for the institutions as they ought to exist, not as they do exist. And of course, the whole playbook around building software, building institutional software, building software that would be transformative and especially in the current context around AI and large language models flew in the face of everything that people have been taught to know about enterprises, what makes them work, how they can transform themselves, what software products would be valuable, what software products people would adopt, how would they adopt them,”