“We continue to expect expenses to ramp in 2026; 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.”

In context

“ially. As a reminder, RPO is primarily comprised of our commercial business, as it does not take into account contracts with an initial term less than twelve 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 88% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $984 million in the quarter, representing adjusted operating margin of 60%. Q1 adjusted expense was $649 million, up 7% sequentially and 32% year-over-year, primarily driven by the continued investment in our AI platform and technical hiring. We continue to expect expenses to ramp in 2026; 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. GAAP net income was $871 million, representing a 53% margin. First quarter stock-based compensation expense was $[inaudible] and equity-related employer payroll tax expense was $28 million. First quarter GAAP earnings per share was $0.34. First quarter adjusted earnings per share was $0.33. Additionally, our combined revenue growth and adjusted operating margin accelerated to 145% in the first quarter, an 18% increase to our Rule of 40 score from the prior quarter, and our eleventh consecutive quarter of an expanding Rule of 40 score. With our 2026 revenue and adjusted operating income guidance, we are guiding to a Rule of 40 score of 129% for the full year. Turning to our cash flow. In the first quarter, we generated $899 million in cash from operations and $925 million in adjusted free”