“We are raising our adjusted free cash flow guidance to between $1.6 billion and $1.8 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.”

In context

“ter, we repurchased approximately 2.3 million shares as part of our share repurchase program. As of the end of the quarter, we have $918 million remaining of the original authorization. We ended the quarter with $5.4 billion in cash, cash equivalents, and short-term US treasury securities. Now, turning to our outlook. For Q2 2025, we expect revenue of between $934 million and $938 million, adjusted income from operations of between $401 million and $405 million. For full year 2025, we are raising our revenue guidance to between $3.89 billion and $3.902 billion. We are raising our US commercial revenue guidance to an excess of $1.178 billion, representing a growth rate of at least 68%. We are raising our adjusted income from operations guidance to between $1.711 billion and $1.723 billion. We are raising our adjusted free cash flow guidance to between $1.6 billion and $1.8 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: Welcome to our earnings adventure. Palantir is on fire. We -- there's been a lot of discussions basically how we should talk about these numbers and people admonishing me to be a little more modest, and we'll try. It's -- the reality of what's going on is that this is a unvarnished, cacophony of the combination of 20 years of investment and a massive cultural shift in the US, which is generating numbers. Again, 71% growth in US commercial, 71%. We had journalists this morning that were asking me if it's a seven handle. It 71% growth. We had 45% growth in our US government business. Every three days, you read a headline about how our commercial business would be in danger because of press”