“For full-year 2025, we expect revenue of between $3.741 billion and $3.757 billion, U.S. commercial revenue in excess of $1.079 billion, representing a growth rate of at least 54%, adjusted income from operations of between $1.551 billion and $1.567 billion, adjusted free cash flow of between $1.5 billion and $1.7 million, and GAAP operating income and net income in each quarter of this year.”

In context

“million in cash from operations and $517 million in adjusted free cash flow, representing margins of 56% and 63%, respectively. For the full-year, we generated $1.15 billion in cash from operations and $1.25 billion in adjusted free cash flow, representing margins of 40% and 44% respectively. Through the end of the fourth quarter, we repurchased approximately 2.1 million shares as part of our share repurchase program. As of the end of the quarter, we have $936 million remaining of the original authorization. We ended the quarter with $5.2 billion in cash, cash equivalents, and short-term U.S. treasury securities. Now turning to our outlook. For Q1 2025, we expect revenue of between $858 million and $862 million and adjusted income from operations of between $354 million and $358 million. For full-year 2025, we expect revenue of between $3.741 billion and $3.757 billion, U.S. commercial revenue in excess of $1.079 billion, representing a growth rate of at least 54%, adjusted income from operations of between $1.551 billion and $1.567 billion, adjusted free cash flow of between $1.5 billion and $1.7 million, and 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: Welcome to our Palantir Revolution, otherwise known as our earnings call. There really is a lot of debate about with these numbers, if you even should have an earnings call, but there was also a lot of debate around which number is the best internally. We were undecided whether our 29% growth in aggregate, our 38% growth in the U.S., our 54% growth in U.S. Commercial, our Rule of 81 -- they may have to redo the rule because when you're doing twice the rule, of course, maybe the rule isn't fair to other companies, we may have to have a different rule, the rule of 70 or something, but we blew through that over twice the Rule of 40. To say we did it our way is a minimization of what that me”