Q1 2025 Palantir Technologies Inc Earnings Call

Good afternoon, I'm honest thorough from talented finance team and I'd like to welcome you to our first quarter 'twenty twenty-five earnings call, we'll be discussing the results announced in our press release issued after the market closed 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 second quarter and fiscal 'twenty twenty-five results management's expectations for future financial and operational performance and other statements regarding our plans prospects and expectations.

to our first quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our investor relations website.

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 close today and in our SEC filings.

During the call, we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our second quarter and fiscal 2025 results, managed in expectations for our future financial and operational performance, and other statements regarding our plans, prospects and expectations.

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 reconciliation of non-GAAP to comparable GAAP measures is included in our press release and Investor presentation provided today.

These statements are not promises or guarantees and are subject to risks and uncertainties which are causing 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.

Our press release Investor presentation, and other earnings materials are available on our Investor Relations website at investors at <unk> Dot com over.

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 an isolation from GAAP measures .

Joy: 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 joy.

Dave: Joining me on today's call are Alex Karp, Chief Executive Officer, Sean zinc, our Chief Technology Officer, Dave <unk>, Our 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.

Additional information about these non-GAAP measures , including 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 your view of your comparisons, unless otherwise stated. Thank you very much.

Dave: Our first quarter of the year showcased incredible strength and remarkable momentum as revenue grew 39% year over year.

Dave: Our story continues to be one of preeminence in the U S.

Speaker Change: 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.

Dave: Our U S revenue grew 55% year over year, and now makes up 71% of our overall business.

Dave: Our U S commercial businesses extraordinary momentum continued as revenue grew 71% year over year.

Ryan Taylor: Our first quarter of the year showcased incredible strength and remarkable momentum as Revenue grew 39% year-over-year

Dave: Our foundational U S government business achieve compelling revenue growth of 45% year over year.

Ana Soro: Good afternoon, I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our first quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed 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 second 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 would cause them to differ materially from actual results.

Speaker Change: Our story continues to be one of pre-eminence in the US.

Dave: Our results continue to redefine the rule of 40 with our rule of 40 score increasing from 81 in Q4 to 83 last quarter.

Speaker Change: Our US revenue grew 55% year over year and now makes up 71% of our overall business.

Dave: While organizations may consider curtailing spending to drive efficiencies or whether heightened volatility. They find this is the moment they need piloted the most the time they turn to us asking how can we help them adapt and solve their latest challenges.

Speaker Change: Our US Commercial Businesses Extraordinary Momentum continued as revenue grew 71% year-over-year.

Speaker Change: Our foundational U.S. government business achieved compelling revenue growth of 45% year-over-year.

Speaker Change: Our results continue to redefine the rule of 40 with our rule of 40 score increasing from 81 and Q4 to 83 last quarter.

Dave: As AI models progressing improve we continue enabling our customers to maximally leverage these models in production capitalizing upon the rich context within the enterprise through the ontology.

Unknown Executive: Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings.

Speaker Change: While organizations may consider curtailing spending to drive efficiencies or weather heightened volatility, they find this is the moment they need Palantir the most. The time they turn to us asking, how can we help them adapt and solve their latest challenges?

Dave: We remain differentiated in our elite execution to deliver quantified exceptionalism for our customers ever widening their advantage over the I have not.

Unknown Executive: 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 reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today.

Dave: As a result.

Dave: Unrelenting demand for AIP continues to drive outperformance. Despite Q1, historically been our slowest quarter due to business seasonality.

Speaker Change: As AI models progress and improve, we continue enabling our customers to maximally leverage these models in production, capitalizing upon the rich contexts within the enterprise through the ontology.

Dave: Our U S. Commercial revenue grew 19% sequentially to surpass the $1 billion annual run rate for revenue in Q1.

Speaker Change: We remain differentiated in our elite execution to deliver quantified exceptionalism for our customers, ever widening their advantage over the AI have nuts.

Unknown Executive: 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.

Dave: We closed $810 million and U S. Commercial T C V with a 239% year over year growth rate on dollar weighted duration basis.

Speaker Change: As a result, unrelenting demand for AIP continues to drive out performance, despite Q1 historically being our slowest quarter due to business seasonality.

Dave: And we closed twice as many deals of $1 million or more compared to the same time period a year ago.

Ana Soro: 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.

Speaker Change: Our US Commercial Revenue grew 19% sequentially to surpass the billion dollar annual run rate for revenue in Q1.

Dave: I feel the demand in the conversations I'm, having with customers on the ground things are accelerating customers are getting started then expanded in quick succession.

Ryan Taylor: I'll now turn it over to Ryan to start the call. Our first quarter of the year showcased incredible strength and remarkable momentum as revenue grew 39% year over year. Our story continues to be one of preeminence in the U.S. Our US revenue grew 55% year over year, and now makes up 71% of our overall Our US commercial businesses, extraordinary momentum continued as revenue grew 71% year over year. Our foundational U.S. government business achieved compelling revenue growth of 45% year-over-year. Our results continue to redefine the rule of 40 with our rule of 40 score increasing from 81 in Q4 to 83 last While organizations may consider curtailing spending to drive efficiencies or weather heightened volatility, they find this is the moment they need Palantir the most.

Speaker Change: We closed $810 million in US commercial TCV with a 239% year-over-year growth rate on dollar-weighted duration basis. And we closed twice as many deals of a million dollars or more compared to the same time period a year ago.

Dave: A large health care company did a boot camp with us in December and five weeks later converted to a five year $26 million a C V enterprise agreement.

Dave: A global Bank started a pilot with US in Q4, 2024 signed a 2 million dollar engagement. A month later, then expanded to a three year $19 million a C V engagement four months after that.

Speaker Change: I feel the demand in the conversations I'm having with customers. On the ground, things are accelerating. Customers are getting started then expanding in quick succession.

Dave: A fortune 500 healthcare company began working with us in Q2, 'twenty 'twenty, four and last quarter signed a five year $10 million ACB conversion deal.

Speaker Change: A large healthcare company did a bootcamp with us in December , and five weeks later, converted to a five-year, $26 million ACV Enterprise Agreement.

Dave: The pace and magnitude of these deals are being driven by the quantified exceptionalism, our customers see from day, one working with us.

Speaker Change: A global bank started a pilot with us in Q4 2024, signed a $2 million engagement a month later, then expanded to a 3-year, $19 million ACV engagement 4 months after that

Dave: We continue to hear from customers that our software is impact is remarkably apparent.

Speaker Change: A Fortune 500 healthcare company began working with us in Q2 2024, and last quarter signed a five-year, $10 million ACV conversion deal.

Dave: A walgreens executive recently highlighted foundry and AIP allowed them to play AI powered end to end workflows and 4000 stores within eight months automating what would have amounted to 384 billion decisions everyday if relying on humans.

Ryan Taylor: The time they turn to us asking how can we help them adapt and solve their latest As AI models progress and improve, we continue enabling our customers to maximally leverage these models and products. capitalizing upon the rich context within the enterprise through the ontology. We remain differentiated in our elite execution to deliver quantified exceptionalism for our customers, ever widening their advantage over the AI. As a result, unrelenting demand for AIP continues to drive outperformance despite Q1 historically being our slowest quarter due to business seasonality. Our US commercial revenue grew 19% sequentially to surpass the billion dollar annual run rate for revenue in Q1.

Speaker Change: The pace and magnitude of these deals are being driven by the quantified exceptionalism archives and received from day one working with us.

Dave: AIG recently highlighted that they expect the end to end adoption of tech advancements leveraging pelletier will double their five year CAGR. They noted quote it's an unbelievable outcome in terms of what we get you could give underwriters unlimited time 234 weeks, they still can't get the amount of data that I can get within two to three hours through.

Speaker Change: We continue to hear from customers that our software's impact is remarkably apparent.

Speaker Change: A Walgreens Executive recently highlighted Foundry and AIP allowed them to play AI-powered end-to-end workflows in 4,000 stores within eight months, automating what would have prompted to 384 billion decisions every day if relying on humans.

Dave: Pound here.

Dave: We are partnering with arwen RCM to develop intelligent automation solutions to create faster more precise health care reimbursement outcomes. Their executive noted quote we believe theres, a multi $100 billion opportunity here industry wide to put money back into the pockets of providers and physicians. So they can better invest and patient outcomes.

Speaker Change: AIG recently highlighted that they expect the end-to-end adoption of Tech Advancement's leveraging Palantir will double their five-year cager.

Speaker Change: They noted, quote, it's an unbelievable outcome in terms of what we get. You could give underwriters unlimited time, two, three, four weeks. They still can't get the amount of data that I can get within two to three hours through Palantir.

Ryan Taylor: We closed $810 million in U.S. commercial TCV with a 239% year-over-year growth rate on dollar-weighted duration basis. And we closed twice as many deals of a million dollars or more compared to the same time period a year ago. I feel the demand in the conversations I'm having with customers. On the ground, things are accelerating. Customers are getting started, then expanding in quick succession.

Dave: Our name is popping up across earnings calls around the world as companies like Citibank B P and L. Three Harris tout the ambition of their work with counter to their investors.

Speaker Change: We are partnering with R1RCM to develop intelligent automation solutions to create faster, more precise healthcare reimbursement outcomes.

Dave: Our U S government business continues to achieve impressive growth as we deliver towards the vital missions of the agencies, we support as.

Speaker Change: Their executive noted, quote, we believe there's a multi one hundred billion dollar opportunity here industry wide to put money back into the pockets of providers and physicians so they can better invest in patient outcomes.

Dave: As the government focuses on efficiency are commercially fielded battle hardened products standalone.

Ryan Taylor: A large healthcare company did a boot camp with us in December, and five weeks later converted to a five-year, $26 million ACV enterprise agreement.

Speaker Change: Our name is popping up across earnings calls around the world, as companies like Citibank, BP and L3 Harris tout the ambition of their work with Palantir to their investors.

Dave: Last quarter, we closed deals expanding our work in the department of defense, including the critical impact we are delivering with maven smart system across the <unk> and the services.

Ryan Taylor: A global bank started a pilot with us in Q4 2024, signed a $2 million engagement a month later, then expanded to a three-year $19 million ACV engagement four months after that.

Dave: The impact is far reaching.

Speaker Change: Our US government business continues to achieve impressive growth as we deliver towards the vital missions of the agencies we support. As the government focuses on efficiency, our commercially-feeled, battle-hardened products stand alone.

Dave: Internationally, we closed a deal to provide pounds here moving smart system to NATO to play our AI mission command solution across its 32 member states.

Ryan Taylor: A fortune 500 healthcare company began working with us in Q2 2024 and last quarter signed a five year $10 million ACV conversion deal. The pace and magnitude of these deals are being driven by the quantified exceptionalism our customers see from day one working with We continue to hear from customers that our software's impact is remarkably apparent. A Walgreens executive recently highlighted Foundry and AIP allowed them to deploy AI-powered end-to-end workflows in 4,000 stores within eight months, automating what would have amounted to 384 billion decisions every day if relying on humans. AIG recently highlighted that they expect the end-to-end adoption of tech advancements leveraging Palantir will double their five-year CAGR.

Dave: Historically in periods of turmoil organizations public and private have turned to pound here.

Speaker Change: Last quarter, we closed deals expanding our work in the Department of Defense, including the critical impact we are delivering with Maven Smart System across the co-coms and the services.

Dave: With the proliferation of AI, you see an even wider gap between the winners and losers.

Speaker Change: The impact is far reaching. Internationally, we close the deal to provide Palantir Mavins Smart System to NATO to deploy our AI mission command solution across its 32 member states.

Dave: The winners won't be determined by size, but by adaptability.

Dave: Many organizations are having to re imagine how their business does and should work in the future simply to survive.

Speaker Change: Historically, in periods of turmoil, organizations both public and private have turned to Palantir.

Dave: We are built to help companies embrace volatility.

Dave: We expect more surprises not less and with the uncertainty ahead, we are more confident than ever in pounds his ability to deliver tangible impact for our customers.

Speaker Change: With the proliferation of AI, you see an even wider gap between the winners and losers.

Speaker Change: The winners won't be determined by size but by adaptability. Many organizations are having to reimagine how their business does and should work in the future simply to survive. We are built to help companies embrace volatility.

Dave: To transform organizations with real workflows and production and to help institutions adapt to survive.

Ryan Taylor: They noted, quote, it's an unbelievable outcome in terms of what we get. You could give underwriters unlimited time, two, three, four weeks, they still can't get the amount of data that I can get within two to three hours through Palantir. We are partnering with R1RCM to develop intelligent automation solutions to create faster, more precise healthcare reimbursement. Their executive noted, quote, we believe there's a multi 100 billion dollar opportunity here industry wide to put money back into the pockets of providers and physicians so they can better invest in patient out. Our name is popping up across earnings calls around the world as companies like Citibank, BP, and L3Harris tout the ambition of their work with Palantir to their investors.

Sean Zinc: I'll now turn it over to Sean.

Sean Zinc: Thanks, Ryan we've been consistently saying that even while the <unk> are improving the models across both closed and open source. They are becoming more similar and that performance will converge all while cost per token for inference continues to drop substantially.

Speaker Change: We expect more surprises, not less. And with the uncertainty ahead, we are more confident than ever in Palantir's ability to deliver tangible impact for our customers, to transform organizations with real workflows and production, and to help institutions adapt to survive.

Sean Zinc: The market has been focused on AI supply the models, while we have been focused on delivering an AI demand. It's now blindingly obvious to everyone. After the first deep seek moment.

I'll now turn it over to Shyam.

Shyam Sankar: Thanks, Ryan. We've been consistently saying that even while the LLMs are improving, the models across both closed and open source, they're becoming more similar and that performance will converge all while cost-protoking for inference continues to drop substantially.

Sean Zinc: Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on AI demand now and into the world ahead.

Sean Zinc: AIP has entered the next phase of product development and adoption focused on enterprise autonomy as I mentioned last call. The normative value of AI is the self driving company, we're not talking about co pilots that make you 50% more productive we're talking about agents that make your 50 times more productive AIP is increasingly owning the position of being the techs.

Speaker Change: The market has been focused on AI supply, the models, while we have been focused on delivering on AI demand. It's now blindingly obvious to everyone after the first deep-seek moment.

Ryan Taylor: Our U.S. government business continues to achieve impressive growth as we deliver towards the vital missions of the agencies we support. As the government focuses on efficiency, our commercially fielded, battle-hardened products stand alone. Last quarter, we closed deals expanding our work in the Department of Defense, including the critical impact we are delivering with Maven Smart System across the COCOMs and the service. The impact is far-reaching.

Speaker Change: Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on AI demand now and into the world ahead.

Apologies that translate the ever expanding raw capability of llm's into business outcomes through ontology AIP.

Speaker Change: AIP has entered the next phase of product development and adoption focused on enterprise

Sean Zinc: AIP is proving to be the best harness to bill test evaluate and deploy agents to eat the elephant of the enterprise ever.

Speaker Change: As I mentioned last call, the normative value of AI is the self-driving company.

Ryan Taylor: Internationally, we closed a deal to provide Palantir Maven smart system to NATO to deploy our AI mission command solution across its 32 members. Historically, in periods of turmoil, organizations, both public and private, have turned to Palantir. With the proliferation of AI, you see an even wider gap between the winners and losers. The winners won't be determined by size, but by adaptability. Many organizations are having to reimagine how their business does and should work in the future simply to survive. We are built to help companies embrace volatility. We expect more surprises, not less, and with the uncertainty ahead, we are more confident than ever in Palantir's ability to deliver tangible impact for our customers.

Speaker Change: We're not talking about co-pilots that make you 50% more productive. We're talking about agents that make you 50 times more productive. AIP is increasingly owning the position of being the technology that translate the ever-expanding raw capability of LLMs into business outcomes through ontology.

Sean Zinc: Every day users are building their own agents to realize the potential of enterprise autonomy across both public and private sector. AI agents are operating as part of human AI teams leveraging the mix of workflow applications for mammals and code first approaches for AI agents with ontology is that common in intermediary representation of the state of the enterprise.

Speaker Change: AIP is proving to be the best harness to build, test, evaluate, and deploy agents to eat the elephant of the enterprise.

Sean Zinc: <unk> agents are having a transformative impact for our customers now from targeting our enemies to targeting supply chain opportunities.

Speaker Change: Every day users are building their own agents to realize the potential of enterprise autonomy across both public and private sector.

Sean Zinc: Can hear more about the story is not in our earnings call, but as Ryan mentioned in our customers' earnings calls AIG City B P. L. Three Harris hurts all mentioned the transformative impact of AIP on their most recent calls.

Speaker Change: AI agents are operating as part of human AI teams leveraging the mix of workflow applications for mammals and code-first approaches for AI agents with ontology as that common intermediary representation of the state of the enterprise.

Sean Zinc: These agents represent AI users to supply chain agent that works with your supply chain analyst.

Speaker Change: Agents are having a transformative impact for our customers now, from targeting our enemies to targeting supply chain opportunities.

Ryan Taylor: to transform organizations with real workflows in production and to help institutions adapt to survival.

Sean Zinc: The intelligence AI agent that works with your human agents.

Sean Zinc: I P. As a platform enables our customers to rapidly build and deploy AI agents that automate more and more of the enterprise in a continuous fashion AIG announced the AI underwriting agent AI agents or processing vast volumes of intelligence reports in the department of defense binding things humans mist AI agents are monitoring for sepsis at Tampa General.

Speaker Change: You can hear more about these stories, not in our earnings call, but as Ryan mentioned in our customers earnings calls, AIG, City, BP, L3, Harris, Hertz all mentioned the transformative impact of AIP on their most recent calls.

Shyam Sankar: I'll now turn it over to Shyam. Thanks, Ryan. We've been consistently saying that even while the LLMs are improving the models across both closed and open source, they're becoming more similar, and that performance will converge all while cost per token for inference continues to drop substantially.

Speaker Change: These agents represent AI users, the supply chain agent that works with your supply chain analyst, the intelligence AI agent that works with your human agents.

Sean Zinc: As Ryan mentioned, our U S business is on fire and I want to again call out the continued strength with Warped speed in particular, our modern American manufacturing operating system. Both the adoption in the rate of product development has exceeded expectations. These investments are powering America's reindustrialization, not only with new defense entrants, but also with traditional defense industrial.

Shyam Sankar: The market has been focused on AI supply, the models, while we have been focused on delivering on AI demand. It's now blindingly obvious to everyone after the first DeepSeek moment. Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on AI demand now and into the world ahead. AIP has entered the next phase of product development and adoption focused on enterprise autonomy. As I mentioned last call, the normative value of AI is the self-driving company. We're not talking about co-pilots that make you 50% more productive. We're talking about agents that make you 50 times more productive.

Speaker Change: AIP as a platform enables our customers to rapidly build and deploy AI agents that automate more and more of the enterprise in a continuous fashion.

Speaker Change: AIG announced the AI Underwriting Agent AI agents are processing vast volumes of intelligence reports in the Department of Defense finding things humans missed AI agents are monitoring for sepsis to Tampa General.

Sean Zinc: Players in the broader manufacturing industry.

Sean Zinc: Turning to government, we delivered our first tightened vehicles to the U S. Army in Q1 on time on budget. The Army radio tightened as a top performing program and everything about it is heretical military vehicle with a software company as the prime contractor and its built by a team of non traditional defense innovators like Andrew.

Speaker Change: As Ryan mentioned, our US business is on fire and I want to, again, call out the continued strength with warp speed in particular, our modern American manufacturing operating system.

Speaker Change: Both the adoption and the rate of product development has exceeded expectations. These investments are powering America's re-industrialization not only with new defense entrants but also with traditional defense industrial players and the broader manufacturing industry.

Shyam Sankar: AIP is increasingly owning the position of being the technology that translates the ever-expanding raw capability of LLMs into business outcomes through ontology. AIP is proving to be the best harness to build, test, evaluate and deploy agents to eat the elephant of the enterprise. Everyday users are building their own agents to realize the potential of enterprise autonomy across both public and private sector. AI agents are operating as part of human AI teams, leveraging the mix of workflow applications for mammals and code-first approaches for AI agents, with ontology as that common intermediary representation of the state of the enterprise.

Sean Zinc: Maven Smart system adoption continues to grow with usage doubling in the first nine months of 2024 and doubling again in the five subsequent months the rate of adoption has really accelerated as maven scales across more combatant commands and through the services and into more and more use cases, you commonly hear combatant commanders reference may even in their posture hearings to Congress.

Speaker Change: Turning to government, we delivered our first Titan vehicles to the US Army in Q1, on time, on budget, the Army rated Titan as a top performing program and everything about it is heredical, a military vehicle with a software company as the prime contractor, and it's built by a team of nontraditional defense innovators like Andrew.

Speaker Change: Al and Maven has reached Europe with NATO adopting the capabilities of Maven Smart system as it's C. Two operating system leadership at you Kam said this platform maven has become more than a common operating picture. It's a decision advantage environment that is rapidly transforming the command.

Speaker Change: Maven Smart System Adoption continues to grow with usage doubling in the first nine months of 2024 and doubling again in the five subsequent months.

Speaker Change: The rate of adoption has really accelerated as Maven scales across more combatant commands and through the services and into more and more use cases. You commonly hear combatant commanders reference Maven in their posture hearings to Congress now, and Maven has reached Europe with NATO adopting the capabilities of Maven Smart System as its C2 operating system.

Shyam Sankar: Agents are having a transformative impact for our customers now, from targeting our enemies to targeting supply chain opportunities.

Speaker Change: AI agents aren't just transforming the U S commercial sector. They are transforming how we fight AI agents are analyzing intelligence binding targets automating staff functions and improving the understanding of the battle space.

Shyam Sankar: You can hear more about these stories, not in our earnings call, but as Ryan mentioned, in our customers' earnings calls, AIG, Citi, BP, L3Harris, Hertz, all mentioned the transformative impact of AIP on their most recent call. These agents represent AI users, the supply chain agent that works with your supply chain analyst. The intelligence AI agent that works with your human AIP as a platform enables our customers to rapidly build and deploy AI agents that automate more and more of the enterprise in a continuous fashion. AIG announced the AI underwriting agent. AI agents are processing vast volumes of intelligence reports in the Department of Defense, finding things humans miss.

Speaker Change: But we are just at the beginning our defense users are amongst the most creative and self sufficient developers green suitors develop the hurricane Helene rescue common operating picture in five days next time, they will have AI agents do it for them in five minutes.

Speaker Change: Leadership that you come said this platform, Maven, has become more than a common operating picture if the decision advantage environment that is rapidly transforming the command.

Speaker Change: AI agents aren't just transforming the US commercial sector. They are transforming how we fight. AI agents are analyzing intelligence, finding targets, automating staff functions and improving the understanding of the battle space.

Speaker Change: With that I'll turn it over to David to take us through the numbers.

David: Thanks, Sean.

David: We had an exceptional first quarter revenue growth accelerated to 39% year over year exceeding the high end of our prior guidance by nearly 350 basis points and representing a 200 basis point increase compared to the growth rate in Q1 of last year we.

Speaker Change: But we are just at the beginning. Our defense users are amongst the most creative and self-sufficient developers. Green tutors develop the Hurricane Helene Rescue Common Operating Picture in five days. Next time, they will have AI agents do it for them in five minutes.

Shyam Sankar: AI agents are monitoring for sepsis at Tampa General. As Ryan mentioned, our US business is on fire. And I want to again call out the continued strength with Warp Speed in particular, our modern American manufacturing operating system. Both the adoption and the rate of product development has exceeded expectations. These investments are powering America's reindustrialization, not only with new defense entrants, but also with traditional defense industrial players and the broader manufacturing industry. Turning to government, we delivered our first Titan vehicles to the US Army in Q1, on time, on budget. The Army rated the Titan as a top performing program.

David: We achieved another billion dollar milestone this quarter by surpassing $1 billion annual run rate in our U S. Commercial business for the first time, which grew 71% year over year and 19% sequentially.

Speaker Change: With that, I'll turn it over to Dave to take us to the numbers.

Thanks, Shyam.

Dave Glazer: We had an exceptional first quarter. Revenue growth accelerated to 39% year-over-year exceeding the high end of our prior guidance by nearly 350 basis points and representing a 1,800 basis point increase compared to the growth rate in Q1 the last year.

David: On the back of his continued strength, we're raising our full year 2025 revenue guidance midpoint to $3 $8 96 billion, representing a 36% year over year growth rate in our U S. Commercial revenue guidance to in excess of 1.178 billion, representing a growth rate of at least 68%.

Dave Glazer: We achieved another billion dollar milestone this quarter by surpassing a billion dollar annual run rate in our US commercial business for the first time, which grew 71% year-over-year and 19% sequentially.

David: The continued increase in demand for AIP drove the outperformance in your U S business overall in the first quarter, which grew 55% year over year, and 13% sequentially, including our U S government business, which grew 45% year over year and 9% sequentially. We.

Shyam Sankar: And everything about it is heretical, a military vehicle with a software company as the prime contractor. And it's built by a team of non-traditional defense innovators like Android. MAVEN smart system adoption continues to grow with usage doubling in the first nine months of 2024, and doubling again in the five subsequent months. The rate of adoption has really accelerated as MAVEN scales across more combatant commands, and through the services and into more and more use cases. You commonly hear combatant commanders reference MAVEN in their posture hearings to Congress now. And MAVEN has reached Europe, with NATO adopting the capabilities of MAVEN smart system as its C2 operating system.

Dave Glazer: On the back of this continued strength, we're raising our full year 2025 revenue guidance midpoint to 3.896 billion, representing a 36% year-rear growth rate, and our US commercial revenue guidance to an excess of 1.178 billion, representing a growth rate of at least 68%.

We delivered these outstanding topline results at an adjusted operating margin of 44%, representing an 800 basis point increase compared to the first quarter of last year.

Dave Glazer: The continued increase in demand for AIP drove the outperformance in your US business overall in the first quarter, which grew 55% year-over-year and 13% sequentially, including our US government business, which grew 45% year-over-year and 9% sequentially.

David: Our revenue and profitability drove a two point sequential increase to our rule of 40 score from 81 in the fourth quarter of 2024 to 83 in the first quarter of 2025.

David: We also had a strong cash flow quarter with adjusted free cash flow of $370 million representing margin of 42%.

Shyam Sankar: Leadership at EUCOM said this platform, MAVEN, has become more than a common operating picture. It's a decision advantage environment that is rapidly transforming the command.

Dave Glazer: We delivered these outstanding top line results at an adjusted operating margin of 44% representing an 800 basis point increase compared to the first quarter of last year.

David: Turning to our global top line results first quarter revenue grew 39% year over year, and 7% sequentially to $884 million first quarter U S revenue grew 55% year over year, and 13% sequentially to $628 million.

Shyam Sankar: AI agents aren't just transforming the US commercial sector, they are transforming how we fight. AI agents are analyzing intelligence, finding targets, automating staff functions and improving the understanding of the battle space. But we are just at the beginning. Our defense users are amongst the most creative and self sufficient developers. Greensuiters developed the Hurricane Helene rescue common operating picture in five days. Next time, they will have AI agents do it for them in five minutes.

Dave Glazer: Our revenue and profitability drove a two-point sequential increase to a rule of 40 score from 81 and the fourth quarter of 2024 to 83 in the first quarter of 2025.

David: The impact of revenue from strategic commercial contracts first quarter revenue grew 44% year over year, and 7% sequentially and first quarter U S revenue grew 56% year over year and 14% sequentially.

Dave Glazer: Turning to our global top line results. First quarter revenue grew 39% year-over-year and 7% sequentially to $884 million. First quarter US revenue grew 55% year-over-year and 13% sequentially to $628 million.

David: Customer count grew 39% year over year, and 8% sequentially to 769 customers.

David Glazer: With that, I'll turn it over to Dave to take us through the numbers. Thanks, Shyam. We had an exceptional first quarter. Revenue growth accelerated to 39% year-over-year, exceeding the high end of our prior guidance by nearly 350 basis points, and representing an 1800 basis point increase compared to the growth rate in Q1 of last year. We achieved another billion-dollar milestone this quarter by surpassing a billion-dollar annual run rate in our U.S. commercial business for the first time, which grew 71% year-over-year and 19% sequentially. On the back of this continued strength, we're raising our full year 2025 revenue guidance midpoint to $3.896 billion, representing a 36% year over year growth rate, and our US commercial revenue guidance to an excess of $1.178 billion, representing a growth rate of at least 68%.

David: Revenue from our largest customers continues to expand first quarter trailing 12 month revenue from our top 20 customers increased 26% year over year to $70 million per customer.

Dave Glazer: Excluding the impact of revenue from strategic commercial contracts, first quarter revenue grew 44% year-over-year, and 7% sequentially, and first quarter US revenue grew 56% year-over-year, and 14% sequentially [inaudible]

Now moving to our commercial segment first.

David: First quarter commercial revenue grew 33% year over year, and 7% sequentially to $397 million.

Dave Glazer: customer count rate 39% year-over-year and 8% sequentially to 769 customers.

David: Excluding the impact from strategic commercial contracts first quarter commercial revenue grew 42% year over year and 8% sequentially.

Dave Glazer: Revenue from our largest customers continues to expand. First quarter, trailing 12-month revenue from our top 20 customers increased 26% year-over-year to 70 million per customer.

David: We closed $930 million in commercial T C V bookings, representing 84% growth year over year.

David: As I highlighted earlier, we achieved a $1 billion annual run rate in our U S. Commercial business for the first time as AIP continues to drive both new customer conversions and existing customer expansions in the U S.

Now moving to our commercial segment.

Dave Glazer: First quarter commercial revenue grew 33% year-over-year and 7% sequentially to 397 million, excluding impact from strategic commercial contracts, first quarter commercial revenue grew 42% year-over-year and 8% sequentially.

David: First quarter U S commercial revenue grew 71% year over year, and 19% sequentially to $255 million.

David Glazer: The continued increase in demand for AIP drove the outperformance in our US business overall in the first quarter, which grew 55% year over year and 13% sequentially, including our US government business, which grew 45% year over year and 9% sequentially. We delivered these outstanding top-line results at an adjusted operating margin of 44%, representing an 800 basis point increase compared to the first quarter of last year. Our revenue and profitability drove a two-point sequential increase to a Rule of 40 score from 81 in the fourth quarter of 2024 to 83 in the first quarter of 2025.

Dave Glazer: We close 930 million in commercial TCB bookings representing 84% growth the over year.

David: Excluding revenue from strategic commercial contracts first quarter U S. Commercial revenue grew 75% year over year and 22% sequentially.

Dave Glazer: As I highlighted earlier, we achieved a $1 billion annual run rate in our US commercial business for the first time, as AIP continues to drive both new customer conversions and existing customer expansions in the US.

David: We are the strongest quarter of U S commercial TCP booked at $810 million representing growth of 183% year over year.

David: On a trailing 12 month basis, we closed over 2 billion of U S. Commercial TCP bookings highlighting the demand for AI production use cases.

Dave Glazer: First quarter US commercial revenue grew 71% year-over-year and 19% sequentially to $255 million. Excluding revenue from strategic commercial contracts, first quarter US commercial revenue grew 75% year-over-year and 22% sequentially.

David: Total remaining deal value in our U S commercial business grew 127% year over year and 30% sequentially.

David Glazer: We also had a strong cash flow quarter with adjusted free cash flow of $370 million, representing margin of 42%. Turning to our global top line results, first quarter revenue grew 39% year-over-year and 7% sequentially to $884 million. First quarter U.S. revenue grew 55% year-over-year and 13% sequentially to $628 million. excluding the impact of revenue from strategic commercial contracts, first quarter revenue grew 44% year over year and 7% sequentially, and first quarter US revenue grew 56% year over year and 14% sequentially. Customer count grew 39% year over year and 8% sequentially to 769 customers. Revenue from our largest customers continues to expand.

David: Our U S commercial customer count grew to 432 customers, reflecting growth of 65% year over year and 13% sequentially.

Dave Glazer: We are the strongest quarter of US commercial TCV booked at 810 million, representing growth of 183% year-over-year.

David: First quarter International commercial revenue declined 5% year over year, and 11% sequentially to $141 million.

Dave Glazer: On a trailing 12 month basis, we closed over 2 billion of US commercial TCV bookings highlighting the demand for AI production use cases.

David: The decline was driven by continued headwinds in Europe and by the one time revenue catch up in the fourth quarter of 2024 that we noted on last quarter's call.

Dave Glazer: Total remaining deal value in our US commercial business grew 127% year-to-year and 30% sequentially.

David: For our 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.

Dave Glazer: Our US Commercial Customer Account drew to 432 customers for electing growth of 65% year over year and 13% sequentially.

Dave Glazer: First quarter international commercial revenue declined 5% year-over-year and 11% sequentially 241 million. The decline was driven by continued headwinds in Europe , and by the one-time revenue catch-up in the fourth quarter of 2024, that we noted on last quarter's call.

David: Revenue from strategic commercial contracts was $5 1 million for the quarter, we anticipate second quarter 2025 revenue from these contracts to be between $4 million to $6 million compared to $9 million in the second quarter of 2024.

David Glazer: First quarter trailing 12 month revenue from our top 20 customers increased 26% year over year to $70 million per customer.

David: We anticipate 2025 revenue from these contracts to continue to be approximately half of 1% of full year revenue.

Dave Glazer: For our 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 US business.

David Glazer: Now moving to our commercial segment. First quarter commercial revenue grew 33% year over year and 7% sequentially to $397 million excluding impact from strategic commercial contracts. First quarter commercial revenue grew 42% year over year and 8% sequentially. We closed 930 million in commercial TCV bookings, representing 84% growth year. As I highlighted earlier, we achieved a $1 billion annual run rate in our U.S. commercial business for the first time, as AIP continues to drive both new customer conversions and existing customer expansions in the U.S. First quarter US commercial revenue grew 71% year over year and 19% sequentially to $255 million.

David: Shifting to our government segment.

David: First quarter government revenue grew 45% year over year, and 7% sequentially to $487 million.

Dave Glazer: Revenue from Strategic Commercial Contracts was $5.1 million for the quarter.

Dave Glazer: We anticipate second quarter 2025 revenue from these contracts to be between 4 to 6 million compared to 9 million in the second quarter of 2024. We anticipate 2025 revenue from these contracts to continue to be approximately half of 1% of full year revenue.

David: First quarter U S government revenue grew 45% year over year, and 9% sequentially to $373 million.

David: This growth was driven by continued execution in existing programs and new awards, reflecting the growing demand for AI and our government software offerings.

Dave Glazer: Shifting toward government segment, first quarter government revenue grew 45% year-over-year and 7% sequentially to 487 million.

David: First quarter International government revenue grew 45% year over year, and 2% sequentially to $114 million bolstered by our continued work in U K health care and defense as well as our new partnership with NATO.

Dave Glazer: First quarter, U.S. government revenue grew 45% year-over-year and 9% sequentially to 373 million. This growth was driven by continued execution in existing programs and new awards reflect the growing demand for AI and our government software offerings.

David: First quarter GCB booked was $1 5 billion of 66% year over year.

David Glazer: Excluding revenue from strategic commercial contracts, first quarter U.S. commercial revenue grew 75% year-over-year and 22% sequentially. We're the strongest quarter of US commercial TCV booked at 810 million represent growth of 183% year over year. On a trailing 12-month basis, we closed over $2 billion of U.S. commercial TCV bookings, highlighting the demand for AI production use cases. Total remaining deal value in our U.S. commercial business grew 127% year-over-year and 30% sequentially. Our US commercial customer count grew to 432 customers, reflecting growth of 65% year over year and 13% sequentially.

David: Net dollar retention was 124% an increase of 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year as we see the effect of the AI Revolution.

Dave Glazer: First quarter international government revenue, through 45% year-over-year, and 2% sequentially to 114 million, both survivor continued work in UK health care and defense, as well as our new partnership with NATO.

David: As net dollar retention and does not include revenue from new customers that were acquired in the past 12 months. It is not yet fully captured the acceleration and velocity in our U S business over the past year.

Dave Glazer: First quarter TCV booked was 1.5 billion of 66% year-over year.

David: We ended the first quarter with $5 97 billion in total meaning fuel value, an increase of 45% year over year, and 10% sequentially and $1 9 billion in remaining performance obligations and increase of 46% year over year and 10% sequentially.

Dave Glazer: Net dollar attention was 124%, an increase of 400 basis points from OSC order. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year as we see the effect of the AI revolution.

David Glazer: First quarter international commercial revenue declined 5% year-over-year and 11% sequentially to $141 million. The decline was driven by continued headwinds in Europe and by the one-time revenue catch-up in the fourth quarter of 2024 that we noted on last quarter's call. For our 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. Revenue from strategic commercial contracts was $5.1 million for the quarter. We anticipate second quarter 2025 revenue from these contracts to be between $4 to $6 million compared to $9 million in the second quarter of 2024.

Dave Glazer: As net dollar retention does not include revenue from the new customers that were required in the past 12 months, it does not yet fully capture the acceleration and velocity in our US business over the past year.

David: As a reminder, our view 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 to fall beyond termination for convenience causes both of which are common in most of our government business.

Dave Glazer: We ended the first quarter with $5.97 billion in total remaining deal value and increased of 45% year-over-year and 10% sequentially, and 1.9 billion in remaining performance obligations and increased of 46% year-over-year and 10% sequentially.

David: Turning to margin and expense adjusted gross margin, which excludes stock based compensation expense was 82% for the quarter adjusted income from operations, which excludes stock based compensation expense and related employer payroll taxes was $391 million, representing adjusted operating margin of 44%.

Dave Glazer: As a reminder, RPU 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 causes, both which are common in most of our government business.

Q1, adjusted expense was $493 million up 8% sequentially and 21% year over year, primarily driven by our continued investment in AIP and technical hiring.

David Glazer: We anticipate 2025 revenue from these contracts to continue to be approximately half of 1% of full year revenue.

Thank you for watching!

Dave Glazer: Turning to margin and expense, adjusted gross margin, which excludes stock-based compensation expense, was 82% for the quarter, adjusted in comfort operations, which excludes stock-based compensation expense, and related employer payroll taxes, was 391 million, representing adjusted operating margin of 44%.

David Glazer: Shifting to our government segment, first quarter government revenue grew 45% year-over-year and 7% sequentially to $487 million. First quarter U.S. government revenue grew 45% year-over-year and 9% sequentially to $373 million. This growth was driven by continued execution in existing programs and new awards reflecting the growing demand for AI in our government software offering. First quarter international government revenue grew 45% year-over-year and 2% sequentially to $114 million, bolstered by our continued work in UK healthcare and defense, as well as our new partnership with NATO. First quarter TCV booked was 1.5 billion of 66% year over year.

David: We continue to expect to see a more significant increase in expense in 2025, as we invest in the most elite technical talent the product pipeline and AI production use cases, all delivering on our goals of sustained GAAP profitability.

David: First quarter GAAP operating income was 176 million, representing a 20% margin first quarter GAAP net income was $214 million, representing a 24% margin first.

Dave Glazer: Q1-adjusted expense was 493 million, up 8% sequentially, and 21% year-over-year, primarily driven by continued investment in AIP and technical hiring.

Dave Glazer: We continue to expect to see a more significant increase in expense in 2025 as we invest in the most elite technical talent, the product pipeline and AI production use cases, all delivering on our goals of sustained gap profitability.

David: First quarter stock based compensation expense was $155 million and employer related equity tax expense was $59 million.

David: First quarter GAAP earnings per share was <unk> first quarter adjusted earnings per share was <unk> 13 cents.

Dave Glazer: First quarter gap operating income was 176 million representing a 20% margin. First quarter gap income was 214 million representing a 24% margin.

David: Additionally, our combined revenue growth and adjusted operating margin accelerated to 83% in the first quarter of two point increase to our rule of 40 score from the prior quarter and our seventh consecutive quarter of an expanding rule of 40 score.

David Glazer: Net dollar attention was 124%, an increase of 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year as we see the effect of the AI revolution. As net dollar retention does not include revenue from new customers that were acquired in the past 12 months, it has not yet fully captured the acceleration and velocity in our U.S. business over the past year. We ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially, and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially.

Dave Glazer: First quarter stock-based compensation expense was $155 million, and employer-related equity tax expense was $59 million.

David: With the increase in our 2025 revenue and adjusted operating income guidance. We are now guiding to a rule of 40 score of 80 for the full year.

Dave Glazer: First quarter gap earnings per share was 8 cents. First quarter adjusted earnings per share was 13 cents.

Turning to our cash flow in the first quarter, we generated $310 million in cash from operations and $370 million and adjusted free cash flow representing margins of 35% and 42% respectively.

Dave Glazer: Additionally, our combined revenue growth and adjusted operating margin accelerated to 83% in the first quarter, a two point increase to a rule of 40 score from the prior quarter on our seventh consecutive quarter of an expanding rule of 40 score.

David: Through the end of the first quarter, we repurchased approximately two 3 million shares as part of our share repurchase program.

Dave Glazer: With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a rule of 40 score of ENI for the full year.

David: As of end of the quarter, we have $918 million remaining of the original authorization.

David Glazer: 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 causes, both of which are common in most of our government.

David: We ended the quarter with $5 4 billion in cash cash equivalents and short term U S Treasury Securities.

Dave Glazer: Turning to our cash flow. In the first quarter we generated 310 million in cash from operations and 370 million in adjusted free cash flow representing margins of 35 and 42% respectively.

David: Now turning to our outlook for Q2 2025, we expect revenue of between 934 and $938 million.

Dave Glazer: Through the end of the first quarter, we repurchased approximately 2.3 million shares as part of our share repurchase program.

David Glazer: Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 82% for the quarter. Adjusted income for operations, which excludes stock-based compensation expense and related employer payroll taxes, was $391 million, representing adjusted operating margin of 44%. Q1 adjusted expense was $493 million, up 8% sequentially and 21% year over year, primarily driven by our continued investment in AIP and technical hiring. We continue to expect to see a more significant increase in expense in 2025, as we invest in the most elite technical talent, the product pipeline, and AI production use cases, all delivering on our goals of sustained gap profitability.

David: Adjusted income from operations of between 401 in $405 million.

Dave Glazer: As of the end of the quarter, we have $918 million remaining of the original authorization.

David: For full year 2025, we are raising our revenue guidance to between $3 89, and 3.902 billion, we're raising our U S. Commercial revenue guidance to an excess of 1.178 billion, representing a growth rate of at least 68%.

Dave Glazer: We ended the quarter with 5.4 billion in cash, cash equivalents, and short-term US Treasury securities.

Dave Glazer: Now turning to our outlook for Q2 2025 we expect revenue of between 934 and 938 million Adjusted income from operations of between 401 and 405 million

David: We are raising our adjusted income from operations guidance to between 1.711 and $1 73 billion.

David: We are raising our adjusted free cash flow guidance to between one six and $1 8 billion and we continue to expect GAAP operating income and net income in each quarter of this year.

Dave Glazer: For full year 2025, we are raising our revenue guidance to between 3.89 and 3.902 billion. We are raising our US commercial revenue guidance to an excess of 1.178 billion, representing the growth rate of at least 68%.

Speaker Change: With that I'll turn it over to Alex for a few remarks, and then onno will kick off the Q&A.

David Glazer: First quarter GAAP operating income was $176 million, representing a 20% margin. First quarter GAAP net income was $214 million, representing a 24% margin. First quarter stock based compensation expense was $155 million and employer related equity tax expense was $59 million. First quarter gap earnings per share was $0.08, first quarter adjusted earnings per share was $0.13. Additionally, our combined revenue growth and adjusted operating margin accelerated to 83% in the first quarter, a two-point increase to our Rule of 40 score from the prior quarter and our seventh 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 80 for the full year.

Speaker Change: Welcome to our earnings adventure.

Dave Glazer: We are raising our adjusted income from operations guidance to between 1.711 and 1.723 billion. We are raising our adjusted free cashflow guidance to between 1.6 and 1.8 billion. And we continue to expect Gap operating income and head income in each quarter of this year.

Speaker Change: Talent is on fire.

Speaker Change: We.

Speaker Change: There's been a lot of discussions basically how we should talk about these numbers and people admonishing me to be.

Speaker Change: A little more modest and we'll try.

Dave Glazer: With that, I'll turn over to Alex for a few remarks and then Ana will kick off the Q&A.

Speaker Change: It's.

Speaker Change: The reality of what's going on is that this is a unvarnished.

Welcome to our earnings adventure.

Speaker Change:

Speaker Change: Uh huh.

Speaker Change: Caf any of.

Palantir is on fire.

Of the combination of 20 years of investment and a massive cultural shift in the U S, which is generating numbers against 71% growth in U S. Commercial 71%. We had journalists. This morning that we're asking me if it's a seven handle.

We...

Speaker Change: There's been a lot of discussions basically how we should talk about these numbers and people who are admonishing me to be...

A Little More Modest

Speaker Change: and we'll try. The reality of what's going on is that this is an unvarnished and concafany of...

David Glazer: Turning to our cash flow. In the first quarter, we generated $310 million in cash from operations and $370 million in adjusted free cash flow, representing margins of 35% and 42% respectively. Through the end of the first quarter, 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 dollars remaining of the original authorization. We ended the quarter with $5.4 billion in cash, cash equivalents, and short-term U.S. Treasury security.

Speaker Change: 71% growth.

Speaker Change: We had 45% growth in in in our U S government business.

Speaker Change: of the combination of 20 years of investment and a massive cultural shift in the U.S.

Speaker Change: Every three days you read you read a headline about how our commercial business would be in danger because of pressure necessary pressure put on the system to root out fraud waste and abuse Center pen test systems to see if they create more value or much more value or less value or no value.

Speaker Change: which is generating numbers, again 71% growth in U.S. commercial 71% we had journalists this morning that were asking me if it's a seven-handle.

David Glazer: Now turning to our outlook for Q2 2025 we expect revenue of between $934 and $938 million. Adjusted income from operations of between $401 and $405 million. For full year 2025, we are raising our revenue guidance to between $3.89 and $3.902 billion. We are raising our U.S. commercial revenue guidance to in 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 and $1.723 billion. We are raising our adjusted free cash flow guidance to between $1.6 and $1.8 billion. And we continue to expect GAAP operating income and net income in each quarter of this year.

71% growth.

We had 45% growth in our U.S. government business.

Speaker Change: In the U S government, we are seeing rapid expansion and in very significant demand.

Speaker Change: Every three days you read a headline about how our commercial business would be in danger because of pressure, necessary pressure put on the system to root out fraud, race, and abuse, and to pen test.

Speaker Change: For Maven, both in America and outside of America as all part of our core mission to provide an unfair advantage to the noble warriors of the west.

Speaker Change: systems to see if they create more value or much more value or less value or no value.

Speaker Change: We see an increased recognition that large language models, where commodities that the value of these commodities becomes.

Thank you.

Speaker Change: in the U.S. government. We are seeing rapid expansion and very significant demand for Maven

Speaker Change: Only realizable in the context of our ontology on top of foundry.

Speaker Change: in America, and outside of America, as all part of our core mission to provide an unfair advantage to the noble warriors of the West.

Speaker Change: As has been mentioned the Reindustrialization of America is happening in our software.

Alexander Karp: With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A. 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 concavity of the combination of 20 years of investment and a massive cultural shift in the U.S., which is generating numbers, again, 71% growth in U.S. commercial, 71%. We had journalists this morning that were asking me if it's a seven handle, 71% growth.

Speaker Change: We see an increased recognition that large language models were commodities.

Speaker Change: The ability to re imagine your business.

In a volatile situation happens in our software.

Speaker Change: That the if you take the 90% of our business that is outside of Europe.

Speaker Change: that the value of these commodities becomes only realizable in the context of our ontology on top of foundry.

Speaker Change: Which is going through very structural change and it doesn't quite get AI, maybe in the near future, we'll get AI, we are hoping and praying.

Speaker Change: As has been mentioned, the reindustrialization of America is happening in our software, the ability to reimagine your business in a volatile situation happens in our software. If you take the 90% of our business that is outside of Europe .

Speaker Change: That part of our business grew 49% 49%.

Speaker Change: And we're doing this at a very significant scale. So we're we're we're saying we're going to do close to $4 billion in revenue and last not least we're doing this with double the gold standard on the rule of 40. The rule of 40 is a very important standard because it shows you that.

Speaker Change: which is going through very structural change and doesn't quite get AI. Maybe in the near future we'll get AI, we are hoping and praying. That part of our business grew 49%, 49%.

Speaker Change: Quality of your revenue and because it's hard to attain.

Thank you.

Speaker Change: If you have a rule of 83 and <unk>.

Speaker Change: And we're doing this at a very significant scale. So we're saying we're going to do close to $4 billion in revenue. And last, not least, we're doing this with double the gold standard on the rule of 40.

Speaker Change: And.

Speaker Change: One of the things that fact that pound here is doing is we want to bring our friends and our allies along with us on this winning right.

Alexander Karp: We had 45% growth in our U.S. government business. Every three days you read a headline about how our commercial business would be in danger because of pressure, necessary pressure put on the system to root out fraud, race and abuse and to pen test systems to see if they create more value or much more value or less value or no value in the U.S. government. We are seeing rapid expansion and very significant demand for Maven, both in America and outside of America, as all part of our core mission to provide an unfair advantage to the noble warriors of the West.

Speaker Change: Those friends are largely in America, but also among allied countries. Those friends are inside talented outside talent here and we are using our ontology and AI or AIP to drive these successes.

Speaker Change: The Rule of Forty is a very important standard because it shows you the quality of your revenue and because it's hard to attain.

especially if you have a rule of 83.

Speaker Change: and, you know, one of the things that Palantir is doing is, [inaudible]

Speaker Change: And I would say well you know profitability is apparently.

Speaker Change: We want to bring our friends and our allies along with us on this winning right.

Speaker Change: You know.

Speaker Change: Unpopular.

Speaker Change: The numbers are driven by the fact that we are downstream from value creation. There is a consensus in the market that pound here owns value creation and what does that actually mean it means that when you use our software when you use AIP you will get demonstrably more value than what you're paying for it and you will share some of that valve.

Alexander Karp: We see an increased recognition that large language models were commodities, that the value of these commodities becomes only realizable in the context of our ontology on top of foundry. As has been mentioned, the reindustrialization of America is happening in our software, the ability to reimagine your business in a volatile situation happens in our software. If you take the 90% of our business that is outside of Europe, which is going through very structural change and doesn't quite get AI, maybe in the near future will get AI, we are hoping and praying, that part of our business grew 49%.

The Successes

Speaker Change: Are you with us.

Speaker Change: And then I would say also a co.

Speaker Change: on popular. The numbers are driven by the fact that we are downstream from value

Speaker Change: Culturally we are just don't see the resistance to the way we roll that we did in the past we would show up in the past.

Speaker Change: There's a consensus in the market that Palantir owns value creation and what does that actually mean? It means that when you use our software, when you use AIP you will get demonstrably more value than what you're paying for and you will share some of that value with us.

Speaker Change: The freak show trying to get things to work not with the wrong access to the wrong people at the wrong time.

Speaker Change: And that was by intent and people were very uncomfortable at all levels of the enterprise working with us and without going into specific names because these companies in many case.

Speaker Change: and then I would say also, culturally, we just don't see the resistance to the way we roll.

Speaker Change: Or are in the middle of transform transform yourself, but.

Speaker Change: that we did in the past. We would show up in the past the freak show trying to get things to work not with the wrong access to the wrong people at the wrong time.

Speaker Change: I'm on the frontline with everyone here and it used to be two years ago that we might get a CEO he might get a CIO, we might get someone to marketing we might get someone who's willing to rebuild the business, but they had no power now we have the full stack engaged with us inside government outside government on the most critical issues.

Alexander Karp: 49%. And we're doing this at a very significant scale, so we're saying we're going to do close to $4 billion in revenue. And last, not least, we're doing this with double the gold standard on the Rule of 40. The Rule of 40 is a very important standard because it shows you the quality of your revenue and because it's hard to attain. especially if you have a rule of 83. And, and, you know, what one of the things that that Palantir is doing is, we, we, we, we want to bring our friends and our allies along with us on this winning right.

Speaker Change: and that was by intent and people were very uncomfortable at all levels of the enterprise working with us and without going into specific names because you know these companies in many case you know are in the middle of transform transform yourself but

Speaker Change: And if you again, if you read if you look at the math in terms of where the action is.

Thank you.

Speaker Change: I'm on the front line with everyone here and it used to be two years ago that we might get a CEO , we might get a CIO, we might get someone to marketing, we might get someone who's willing to rebuild the business but they had no power.

Speaker Change: Our business is growing 49% ex continental Europe, 49% rule of 83.

Speaker Change: We were the Freak show and we spent 20 years for this moment and we plan to have nose to the grindstone focused on taking the best talent inside talented managing them, the best clients and make sure our clients and our partners, especially in National security, but also it.

Speaker Change: Now we have the full stack engaged with us, inside government, outside government on the most critical issues and if you again if you read if you look at the math in terms of where the action is

Alexander Karp: Those friends are largely in America, but also among allied countries. Those friends are inside Palantir, outside Palantir. And we are using ontology and AI or AIP to drive these successes. And I would say, well, you know, profitability is apparently, you know, unpopular. The numbers are driven by the fact that we are downstream from value creation. There's a consensus in the market that Palantir owns value creation. And what does that actually mean? It means that when you use our software, when you use AIP, you will get demonstrably more value than what you're paying for. And you will share some of that value with us.

Speaker Change: Our business is growing 49%. X continental Europe , 49% rule of 83%

Speaker Change: With the.

Speaker Change: Pretty significant focus on the U S win and the way, we're winning and that's why you get these results and we're going to just focus and focus and focus and focus on execution.

We were the freak show.

and we spent...

20 years for this moment.

and we plan to have a nose-to-the-grine stone.

Speaker Change: And that's basically our plan for the rest of the year and into next year.

Speaker Change: Focus on taking the best talent inside Palantir, managing them, the best clients and make sure our clients and our partners, especially national security but also with a pretty significant focus on the U.S. win and the way we're winning.

Speaker Change: And we're very very optimistic about what's going on.

Speaker Change: And with that we can kick it off for questions.

Speaker Change: I will now turn to a few questions from our shareholders before opening up the call. Our first question is from Gabriel who asks how does Palin care plan to sustain its competitive advantage in AI, particularly in light of growing competition.

Speaker Change: and that's why you get these results and we're going to just focus and focus and focus and focus on execution and that's basically our plan for the rest of the year and in the next year and we're very, very optimistic about what's going on and with that we can kick it off to questions.

Speaker Change: Thanks, Gabriel well our advantage comes down to ontology, it's really an advantage on the AI demand side and that is positioned to be the platform that is able to capture the ever expanding capability of the raw llm's and turn that into business value AIP is that tool factory and the point of control for the <unk>.

Alexander Karp: And then I would say also, culturally, we are just don't see the resistance to the way we roll that we did in the past. We would show up in the past, the freak show, trying to get things to work, not with the wrong access to the wrong people at the wrong time. And that was by intent. And people were very uncomfortable at all levels of the enterprise working with us. And without going into specific names, because, you know, these companies in many cases, you know, are in the middle of transforming themselves. But I'm on the front line with everyone here.

Speaker Change: Thanks, Alex. We'll now turn to a few questions from our shareholders before opening up the call. Our first questions from Gabriel, who asks how does Palantir plan to sustain its competitive advantage in AI, particularly in light of growing competition?

Speaker Change: Australian with these models and those tools.

Speaker Change: You can see this in the sharp opinion nation that we've earned in the field with our customers on how to get to value in days or weeks and most critically you can see it in the insight that we have that to practically transform the enterprise you actually need mixed human AI teams and that.

Thanks, Gabriel.

Speaker Change: Well, our advantage comes down to ontology. It's really an advantage on the AI demand side.

Speaker Change: and that has positioned AIP to be the platform that is able to capture the ever-expanding capability of the raw LLMs and turn that into business value. AIP is that tool factory and the point of control for the orchestration with these models and those tools.

Alexander Karp: And it used to be two years ago that we might get a CEO, we might get a CIO, we might get someone in marketing, we might get someone who's willing to rebuild the business, but they had no power. Now, we have the full stack engaged with us inside government, outside government on the most critical issues. And if you again, if you read, if you look at the math in terms of where the action is, our business is growing 49% ex continental Europe, 49% rule of 83. we were the freak show. And we spent 20 years for this moment.

Speaker Change: It's something that AIP is uniquely positioned for it.

Speaker Change: Thank you Shannon. We also received a few questions on this topic how will the current U S administration's focus on reducing federal spend as well as the February announcement of U S Department of defense budget cuts impact to current contracts as well as future contract acquisition.

Speaker Change: Well the first thing I'd say is like this is the right thing for the country like we have way too much spend on things that do not work. The government has started to resemble a finely marbled wagyu the.

is something that AIP is uniquely positioned for.

David Glazer, David Glazer, David Glazer,

Speaker Change: Thank you, Shyam. We also received a few questions on this topic. How will the current US administration's focus on reducing federal spend as well as the February announcement of US Department of Defense budget cuts impact current contracts as well as future contract

Speaker Change: The fake projects that do not ever and will never deliver crowd out the and suffocate the things that could actually be excellent and so we welcome does I mean to me that these guys are heroes. They are world class technologies that could be choosing to do anything and instead they are choosing to do this.

Alexander Karp: And we plan to have nose to the grindstone, focus on taking the best talent inside Palantir, managing them, the best clients, and make sure our clients and our partners, especially national security, but also with a pretty significant focus on the US win in the way we're winning. And that's why you get these results. And we're going to just focus and focus and focus and focus on execution. And that's basically our plan for the rest of the year and into next year. And we're very, very optimistic about what's going on.

Speaker Change: Well, the first thing I'd say is, this is the right thing for the country, we have way too much spend on things that do not work. The government has started to resemble a finely marbled wagyu.

Speaker Change: And we believe deeply in the actual value that our software is grading both on an absolute basis on a on a relative basis to the traditional labor based cost plus model that has failed to deliver for the American we often get variance of if if the institutions are in pressure either we go through a difficult time in America or Theres dose how will that affect your software.

Speaker Change: The fake projects that do not deliver and will never deliver crowd out and suffocate the things that could actually be excellent and so we welcome Doge, I mean to me these guys are heroes, they are world class technologists that could be choosing to do anything and instead they are choosing to do this.

Speaker Change: Our sales basically and talented does exceptionally well when things are pan tested we like pressure on the system, we need pressure on the system and then why is it better for America, because that pen testing at forces you to ask questions like does the software work how does it work how does it match ethical concerns how is it managed.

Unknown Executive: And with that, we can kick it off to questions. Thanks, Alex.

Shyam Sankar: We'll now turn to a few questions from our shareholders before opening up the call. Our first question is from Gabriel who asks, how does Palantir plan to sustain its competitive advantage in AI, particularly in light of growing competition? Thanks, Gabriel. Well, our advantage comes down to ontology, it's really an advantage on the AI demand side. And that has positioned AIP to be the platform that is able to capture the ever expanding capability of the raw LLMs and turn that into business value. AIP is that tool factory, and the point of control for the orchestration with these models and those tools.

Speaker Change: And we believe deeply in the actual value that our software is creating both on an absolute basis and on a relative basis to the traditional labor-based cost plus model that it's failed to deliver for the American people we ought to get variance of

Speaker Change: If the institutions are in pressure, either we go through a difficult time in America or there's doge, how will that affect your software sales basically? And Palantir does exceptionally well when things are pen tested.

Speaker Change: Data protection, how does it manage output without pressure on the system. One of the Miss is that if you don't have pressure on the system. You just spend money you somehow get a better system. Both in terms of output in terms of ethics, but actually you're getting either and so in reality, we need pressure on the system. We need people would have to change we need people after the tree.

Speaker Change: We like pressure on the system. We need pressure on the system. And then why is it better for America? Because that pen testing forces you to ask questions like

Shyam Sankar: You can see this in the sharp opinionation that we've earned in the field with our customers and how to get to value in days or weeks.

Speaker Change: Does the software work? How does it work? How does it manage ethical concerns? How does it manage data protection? How does it manage output?

Speaker Change: <unk>. This is why they put up with us and once they see those results they stick with us.

Speaker Change: Thank you bet. Our next question is from Dan with Wedbush, Dan. Please turn on the camera and then you'll receive a prompt on mute your line.

Speaker Change: With out pressure on the system, you know, one of the myths is that if you don't have pressure on the system, you just spend money, you somehow get a better system, both in terms of output and in terms of ethics, but actually you get neither.

Shyam Sankar: And most critically, you can see it in the insight that we have that to practically transform the enterprise, you actually need mixed human AI teams. And that is something that AIP is uniquely positioned for. Thank you, Shyam. We also received a few questions on this topic. How will the current U.S. administration's focus on reducing federal spend, as well as the February announcement of U.S. Department of Defense budget cuts, impact current contracts as well as future contract activities? Well, the first thing I'd say is like, this is the right thing for the country. Like, we have way too much spend on things that do not work.

Speaker Change: Thanks.

Speaker Change: Another amazing quarter.

Speaker Change: So in reality, we need pressure on the system, we need people to have to change, we need people to have to transform, this is why they put up with us, and once they see those results, they stick with us.

Speaker Change: So my question is.

Speaker Change: Given what we're seeing in the government isn't that another opportunity, where you could actually gain more share of budgets, you're going more meritocracy like Palin tier should actually gain more dollars within the budget of D O D NOI to other agencies.

Speaker Change: Thank you both. Our next question is from Daniel Swedbush. Dan, please turn on your camera and then you'll receive a prompt to unmute your lane.

Speaker Change: We're very optimistic about what we're going to do in the U S. But the Devil's in the details and we're running this business for you with you as owners, which means.

Dan: Thanks, and another amazing quarter. I mean, it's just so my question is

Shyam Sankar: The government has started to resemble a finely marbled Wagyu. The fake projects that do not deliver and will never deliver crowd out the and suffocate the things that could actually be excellent.

Speaker Change: Given what we're seeing in the government, isn't that another opportunity where you could actually gain more share of budgets? As you go to more meritocracy, like Palantir should actually gain more dollars within the budgets of DOD and a lot of other agencies.

Speaker Change: It's like they're still going to be maybe lumpiness, but we.

Speaker Change: We predict we're going to do very very well any basically where you have pressure testing.

Shyam Sankar: And so we welcome Doge. I mean, to me, these guys are heroes. They are world class technologists that could be choosing to do anything. And instead they are choosing to do this. And we believe deeply in the actual value that our software is creating, both on an absolute basis and on a relative basis to the traditional labor based cost plus model that has failed to deliver for the American. We often get variants of if if the institutions are in pressure, either we go through a difficult time in America or there's Doge. How will that affect your software sales, basically?

Speaker Change: You can assume AIP AI foundry ontology.

Speaker Change: We're very optimistic about what we're going to do in the US, but the devil's in the details and you know we're running this business for you with you as owners which means you know it's like there's going to be maybe lumpiness but we

Speaker Change: Pollo and the pound your culture itself.

Speaker Change: We are a warrior culture like that's why our whole culture is built around putting the exact right team and the exact right product at the final mile.

Speaker Change: We predict we're going to do very, very well, any basically where you have pressure testing.

Speaker Change: And so where you have environments that are crucial and under pressure you can expect and where a meritocracy happens. It's like we need meritocracy, how do you get meritocracy well, there's lots of ways to get meritocracy, one ways because you're scared.

Shyam Sankar: And Palantir does exceptionally well when things are pen tested. We like pressure on the system. We need pressure on the system. And then why is it better for America? Because that pen testing forces you to ask questions like, does the software work? How does it work? How does it manage ethical concerns? How does it manage data protection? How does it manage output without pressure on the system? You know, one of the myths is that if you don't have pressure on the system, you just spend money. You somehow get a better system, both in terms of output, in terms of ethics, but actually you get neither.

Speaker Change: and the Palantir Culture itself. I mean, we are a warrior culture. That's why our whole culture is built around putting the exact right team and the exact right product at the final mile.

Speaker Change: And then you buy the best product you install the price product and then the part that's antique are correlated different than people think is you also get the best Essex the best execution.

Speaker Change: And so, where you have environments that are crucial and under pressure, you can expect, and where meritocracy happens. It's like, we need meritocracy. How do you get meritocracy? Well, there's lots of ways to get meritocracy. One way is because you're scared.

Speaker Change: And that of course, and then you can ask the simple question why is this a moat.

Speaker Change: Well I can tell you why it's a moot because heretofore no one gets forgotten.

Speaker Change: No one has gotten engine these environments at scale.

Shyam Sankar: And so in reality, we need pressure on the system. We need people to have to change. We need people to have to transform. This is why they put up with us. And once they see those results, they stick with us. Thank you both.

Speaker Change: Under any circumstance if they did get in they got in with services. So now we have a single purpose highly formed stack of software that is exactly right for this moment with a culture, that's exactly right to implement it which a culture that can teach people how to do this that is now Chris matic for some it's anti charisma.

Speaker Change: and then you buy the best product, you install the price product, and then the part that's antique or quarterly different than people think is you also get the Beth Essex, the best execution, and that of course, and then you can ask a simple question, why is this a moot? Okay, well I can tell you why it's a moot because here before no one gets gotten

Dan: Our next question is from Dan with Wedbush. Dan, please turn on your camera and then you'll receive a prompt to unmute your line. Thanks and another amazing quarter.

Speaker Change: For others and that the fact, though it's the compounding rate of return on that stack and charms opinion changed the opinion Asian, we have about how to do this it's essentially allows you to express your tribal knowledge of your enterprise in a way you could never do it before on the terms of your enterprise with unit.

No one has gotten into these environments at scale.

Dan: I mean, so my question is The given that what we're seeing in the government isn't that another opportunity where you could actually gain more share of budgets as you go to more meritocracy like Palantir should actually gain more dollars within the budgets of DoD and a lot of you know other agents. We're very optimistic about what we're going to do in the US, but the devil's in the details. And, you know, we're running this business for you with you as owners, which means, you know, it's like there's some going to be maybe lumpiness, but we, we predict we're going to do very, very well.

Speaker Change: Under any circumstance, and if they did get in, they got in with services.

<unk> that are here to fore impossible to do and that's what's happening in this country and really in 90% of our market, which explains like the 49% growth in the and the rule of 83, despite or what would be viewed on the outside as large ineptitude and sales and go to market and how do we interact with people and our opinion nation both on the hour.

It essentially allows you to express [inaudible]

Speaker Change: Your tribal knowledge of your enterprise in a way you could never do it before on the terms of your enterprise with unit economics that are here to for impossible to do and that's what's happening in this country and really in 90% of our market which explains like the 49% growth and the and the rule of 83 despite what would be viewed on the outside as large ineptitudes and sales and go to market and how do we interact with people and our opinionation both on the outside on the inside and and

Syed on the inside and and and with the frontline customer, which is like where ignite agnostic to using our software itself, where we are not in the shelf where business, which is another reason why pressure in the government really helps us we've never done shelf, where we don't do shelf, where we don't think our personality can afford shelf ware.

Alexander Karp: Any, basically where you have pressure test. you can assume AIP, AI Foundry, Ontology, Apollo, and the Palantir culture itself. I mean, we're we are a warrior culture. Like that's why our whole culture is built around putting the exact right team and the exact right product at the final mile. And so where you have environments that are crucial and under pressure, you can expect and where meritocracy happens. It's like we need meritocracy.

Speaker Change: Thank you. Alex next question is from Mariano with Bank of America Marianna. Please turn on your camera and then you'll receive a prompt on Elaine.

Speaker Change: and with the frontline customer, which is like, we're not agnostic to using our software as software. We are not in the shelfware business. There's another reason why pressure in the government really helps us. We've never done shelfware. We don't do shelfware. We don't think our personality can afford shelfware.

Speaker Change: Afternoon, everyone.

Speaker Change: So I have two questions first one is someday European defense buildup, you mentioned warp speed and how that's hassanein such hustle here like are you interested in applying that as these European countries to build up their own defenses and got cap on industrial capabilities that have been under invested for many many years.

Alexander Karp: How do you get meritocracy? Well, there's lots of ways to get meritocracy. One way is because you're scared. And then you buy the best product, you install the price product. And then the part that's antique or correlated different than people think is you also get the best ethics, the best execution.

Daniel Ives, David Glazer, Alexander Karp,

Alex Karp: Thank you, Alex. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

Speaker Change: And the second one is I think investors are pretty familiar with this like so far versus services type of like pallet Terra approach because you have like a penny.

Alexander Karp: And that of course, and then you can ask a simple question. Why is this a MOOC? Okay, well, I can tell you why it's a MOOC because heretofore no one has gotten into these environments at scale. under any circumstance. And if they did get in, they got in with services.

They're known everyone.

Alex Karp: So I have two questions. First one is on the European defense buildup. You mentioned works fit and how that has been successful here. Like, are you interested in applying that as the European countries build up their own defenses and catch up on industrial capabilities that have been under invested for like many, many years?

Speaker Change: Leaders on that trend, but tie time is a great example, how.

Speaker Change: How like so far actually played a role that was more intuitively hardcore.

Alexander Karp: So now we have a single purpose, highly formed stack of software that is exactly right for this moment with a culture that's exactly right to implement it, which a culture that can teach people how to do this, that is now charismatic for some, it's anti-charismatic for others. And that de facto, it's the compounding rate of return on that stack. And to Shyam's opinion, Shyam, the opinionation we have about how to do this, it's essentially allows you to express your tribal knowledge of your enterprise in a way you could never do it before on the terms of your enterprise with unit economics that are heretofore impossible to do.

Speaker Change: Or else you absolutely have opportunities for cellphone.

Alex Karp: And the second one is, I think investors are pretty familiar with this like so far versus services type of like Palantir approach because you have been like actually

Speaker Change: They are like you said called out Dom space Communications like have you.

Speaker Change: Think about that.

Speaker Change: Yeah on the first of all Alex May have more to say as well, but we would love to help Europe on the manufacturing challenges around rearmament and I think there are a lot of them to do that pre condition for warped speed is understanding that the existing manufacturing stack is broken and so you could say why did America get their first because you have all these people who are essentially the prop.

Speaker Change: leaders on that trend. But Titan is a great example on how like so far actually played a role that was more intuitively hard work.

Alex Karp: Where else you actually have opportunities for so far to add value there? Like you said, Golden Dawn is space communications like, have you?

Speaker Change: Genie have ilan, who have learned and understood how to actually make things sort of brains that go from the Raptor one to the Raptor three engine and Thats proliferated around the community that's in El Segundo and even beyond that's like the basis of Reindustrialization in America.

Think about that.

Alexander Karp: And that's what's happening in this country and really in 90% of our market, which explains like the 49% growth and the rule of 83, despite what would be viewed on the outside as large ineptitudes in sales and go to market and how we interact with people and our opinionation, both on the outside, on the inside, and with the frontline customer, which is like, we're not agnostic to using our software as software. We are not in the shelfware business, which is another reason why pressure in the government really helps us. We've never done shelfware. We don't do shelfware.

Alex Karp: Yeah, on the first one, Alex may have more to say as well, but we would love to help Europe on the manufacturing challenges around rearmament, and I think there are a lot of them to do. The precondition for warp speed is understanding that the existing manufacturing stack is broken.

Speaker Change: And so it's when we work with the new Defense Champions, New industrial champions like it. It's a very short sales cycle because they recognize that what we're doing with warp speed is exactly what they need in order to do it.

Alex Karp: and so you could say why did America get there first because you have all these people who are essentially the progeny of Elon who have learned and understood how to actually make things. The sort of brains that go from the Raptor 1 to the Raptor 3 engine, and that's proliferated around the community that's in El Segundo and even beyond, that's like the basis of re-industrialization in America.

Speaker Change: When you work with some of the older manufacturing customers even in the U S. It's heterogeneous some of them are already there they get it they realize it some of them are going to be there because it's just the reality in Europe. There are some green shoots like some very well known manufacturing companies I've kind of said like Oh, I now understand that.

Alexander Karp: We don't think our personality can afford shelfware.

Alex Karp: And so it's when we work with the new defense champions, new industrial champions, like it's a very short sales cycle because they recognize like that what we're doing with Warp Speed is exactly what they need in order to do it.

Alexander Karp: Thank you, Alex.

Mariana Mora: Our next question is from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line. Afternoon, everyone. So I have two questions. First one is on the European defense buildup. You mentioned Warp Speed and how that has been successful here. Like, are you interested in applying that as these European countries build up their own defenses and catch up on industrial capabilities that have been under-invested for like many, many years? And the second one is, I think investors are pretty familiar with this like software versus services type of like Palantir approach because you have been like actually.

Speaker Change: ERP thing doesn't work and what maybe we should get Warped speed. So I just don't want to commit to them I think a lot of it is whereas the customers had at but we could obviously do a lot to help Ya Europe.

Alex Karp: When you work with some of the older manufacturing customers even in the US, it's heterogeneous. Some of them are already there, they get it, they realize it. Some of them are going to be there because it's just a reality. And Europe , there are some green shoots like some very well-known manufacturing companies have kind of said, like, oh, I now understand that...

Speaker Change: Can get a yet.

Speaker Change: It at some point in the future. It will and then as you know Europe is not Europe, you have eastern Europe, Germany, France, you have they are very different Europe's Europe that has scared.

Speaker Change: Understands that youre going to have to do software hardware hybrid systems and our products are very very well known in different differentiated it could take a couple of years for Europe to understand that you just cant spend money youre going to have to spend it on things that actually work and work means spending it on people that have actually done this on the battlefield.

Speaker Change: My ERP thing doesn't work and maybe we should get warp speed. So I just don't want to commit to I think a lot of it is Where's the customers head at but we could obviously do a lot to help you Europe doesn't get a yet

Speaker Change: at some point in the future it will, and then as you know Europe is not Europe , you have Eastern Europe , you have Germany, France, they're very different Europe's.

Shyam Sankar: leaders on that trend. But Titan is a great example of how on how like so far actually played a role that was more intuitively hard work, where else you actually have opportunities for software to add value there. Like you said, Golden Dawn is space communications, like have you Think about that. Yeah, on the first one, Alex may have more to say as well, but we would love to help Europe on the manufacturing challenges around rearmament. And I think there are a lot of them to do. The precondition for warp speed is understanding that the existing manufacturing stack is broken.

Speaker Change: I would say our plan is to continue to be roughly in the zone, where 90% of our business is growing like it is now at 49% with this rule of eighty-three somewhere in that range, we guided tool of Eddie and that's going to be primarily driven by the U S. I would say is a unknown variable we're seeing very significant demand for our software.

Europe that is scared.

Understands.

Speaker Change: that you're going to have to do software, hardware hybrid systems and our products are very, very well known and different differentiated. It could take a couple years.

Speaker Change: Our government software around the world outside of Europe.

Speaker Change: And those are early days, but.

Speaker Change: You know the demand the signal there is very strong.

Speaker Change: And then on the tightened point I think that's an excellent point and it is going to be a big part of the future where you're really thinking about how do you build your hardware around the software you know the there's some classified projects that we have as well where the first step to building. The hardware is not to build the hardware, it's actually to build the mission payload and the software that can execute the thing and then work.

Shyam Sankar: And so you could say, why did America get there first, because you have all these people who are essentially the progeny of Elon who have learned and understood how to actually make things, the sort of brains that go from the Raptor 1 to the Raptor 3 engine, and that's proliferated around the community that's in El Segundo, and even beyond, that's like the basis of reindustrialization in America. And so it's when we work with the new defense champions, new industrial champions, like it's a very short sale cycle, because they recognize like that, what we're doing with warp speed is exactly what they need in order to do it.

Speaker Change: Government Software around the world outside of Europe . And those are early days, but...

Speaker Change: [noise] backwards from that to figure out what is the hardware that you ought to have around that and this place to this like it is actually a cultural impedance mismatch like if you're a hardware company you think about the world the way that our construction person. We think about building. The house you have to pour the foundation first you can't do anything but actually with software you have to build the kitchen first if you don't.

You know, the demand, the signal there is very strong.

Shyam Sankar: When you work with some of the older manufacturing customers, even the US, it's heterogeneous, some of them are already there, they get it, they realize it, some of them are going to be there, because it's just a reality. In Europe, there are some green shoots, like some very well known manufacturing companies have kind of said, like, oh, I now understand that my ERP thing doesn't work, and warp speed, maybe we should get warp speed.

Speaker Change: There's some classified projects that we have as well where the first step to building the hardware is not to build the hardware. It's actually to build the mission payload and the software that can execute the thing and then work backwards in that to figure out what is the hardware that you ought to have around that.

Speaker Change: Youre going to get it all wrong.

Speaker Change: So there is I've seen a lot more of the Nextgen programs are starting to think about how do we build the lethal software first and we'll figure out how it went around the hard one of the most interesting things about the current environment. We're in is something charm was alluding to which is and again as a European versus America people assume if your world class hardware, you'll be world class of Salt.

Speaker Change: and this place to this, like, it is actually a control.

Shyam Sankar: So I just don't want to commit to I think a lot of it is where's the customer's head at, but we could obviously do a lot to help Europe. doesn't get AI yet. it at some point in the future, it will. And then as you know, Europe is not Europe, you have Eastern Europe, you have Germany, France, you have they're very different Europe's Europe that is scared, understands that you're going to have to do software, hardware hybrid systems. And our products are very, very well known and different differentiated. It could take a couple years for Europe to understand that you just can't spend money, you're going to have to spend it on things that actually work and work means spending it on people that have actually done this on the battlefield.

Speaker Change: The way that a construction person would think about building the house. You have to pour the foundation first. You can't do anything. But actually with software, you have to build the kitchen first. [inaudible]

Speaker Change: They're interchangeable it's just it's just not true at all and like the skills and the taste you need to do software is a completely different thing in Americas unique advantages hybrid software hardware software and <unk>.

If you don't, you're gonna get it all wrong.

Speaker Change: and so I've seen a lot more of the next-gen programs that are starting to think about how do we build the lethal software first.

and we'll figure out how one of the most interesting things about the current environment we're in is something Shyam is alluding to which is

Speaker Change: In any program that's trying to out.

Speaker Change: Outpace and beat our adversaries at should it basically is going to have to begin with a software first or software or hardware hybrid program because otherwise we're at a disadvantage and also.

Speaker Change: And again, it's a European versus American. People assume if you're a world class at hardware, you'll be world class of software and they're interchangeable. It's just it's just not true at all. And like the skills and the taste you need to do software.

Speaker Change: At the.

Speaker Change: is a completely different thing. And America's unique advantage is hybrid software, hardware, software, and

Speaker Change: The the Resourcing and the way you organized it's gonna be suboptimal in this country. Conversely. This is one of the challenges that are some of our allies and our adversaries have.

Shyam Sankar: I would say our plan is to continue to be roughly in the zone where 90% of our business is growing like it is now at 49% with this rule of 83. And somewhere in that range, we guided to rule of 80. And that's going to be primarily driven by the US, I would say as a unknown variable, we're seeing very significant demand for our software, our government software around the world outside of Europe. And those are early days, but you know, the demand, the signal there is very strong. And then on the Titan point, I think that's an excellent point and is going to be a big part of the future where you're really thinking about how do you build your hardware around the software, you know, the, there's some classified projects that we have as well, where the first step to building the hardware is not to build the hardware, it's actually to build the mission payload and the software that can execute the thing, and then work backwards from that to figure out what is the hardware that you ought to have around that.

and any program that's trying to out...

Outpace and beat our adversaries at-

Speaker Change: The role of taste.

Speaker Change: It's basically going to have to begin with a software first or software hardware hybrid.

Speaker Change: In in getting these things to work tribal knowledge and ability to do it is really really underestimated.

Speaker Change: program, because otherwise we're at a disadvantage, and also the resourcing and the way you organize is going to be suboptimal in this country. Conversely,

Speaker Change: Thank you.

Alex: Alex as always if you have a lot of individual investors on the line is there anything you'd like to say before you wrap it all.

Speaker Change: This is one of the challenges that some of our allies and our adversaries have. You know, the role of taste.

Speaker Change: No.

Speaker Change: This company is organized around.

Speaker Change: Giving our friends.

Speaker Change: in getting these things to work. Tribal knowledge and ability to do it is really, really underestimated.

Speaker Change: A really strong shot I would say unfair advantage in.

Speaker Change: Not helping our adversaries are enemies and on occasion hurting them.

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

Speaker Change: A lot of you are scattered around the world and helping us in many ways and.

Speaker Change: We are in a phase where we are very focused on scaling our company.

Shyam Sankar: And this plays to this, like it is actually a cultural impedance mismatch. Like, if you're a hardware company, you think about the world, the way that a construction person would think about building the house, you have to pour the foundation first, you can't do anything, but actually with software, you have to build the kitchen first. If you don't, you're going to, you're going to get it all wrong. And so there's, I've seen a lot more of the next gen programs are starting to think about how do we build the lethal software first, and we'll figure out how to wrap the hardware up.

Speaker Change: This company is organized around giving our friends a really strong shot, I would say unfair advantage and

Speaker Change: And we really appreciate your support.

Speaker Change: And the fact that you defend us.

Speaker Change: Our support of Western values is often are under attack for.

Speaker Change: You know, not helping our adversaries or enemies and on occasion hurting them. And, you know, a lot of you are scattered around the world and helping us in many ways. And we are in a phase where we are very focused on scaling our company.

Speaker Change: Somewhat idiotic reasons, our belief that meritocracy will lead us to a better place.

Speaker Change: Competence is better then incompetence that competence includes ethics.

Speaker Change: And the results the fruits of those labors are here today, but they would none of that would have been possible without your support so thank you.

Shyam Sankar: One of the most interesting things about the current environment we're in is something Sham is alluding to, which is, and again, it's a European versus American, people assume if you're world class at hardware, you'll be world class at software and they're interchangeable. It's just not true at all. And like the skills and the taste you need to do software is a completely different thing. And America's unique advantage is hybrid software, hardware, software, and any program that's trying to outpace and beat our adversaries, it basically is going to have to begin with a software first or software hardware hybrid program, because otherwise we're at a disadvantage.

Speaker Change: and we really appreciate your support. And the fact that you defend us, our support of Western and values is often under attack for...

Speaker Change: Thank you that concludes Q&A for today's call.

Speaker Change: Yeah.

Speaker Change: Somewhat idiotic reasons are our belief that meritocracy will lead us to a better place that competence is better than incompetence that competence includes ethics and the results, the fruits of those labors are here today, but none of that would have been possible without your support, so thank you.

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

For more information visit www.FEMA.gov

Shyam Sankar: And also, the resourcing and the way you organize is going to be suboptimal in this country. Conversely, this is one of the challenges that some of our allies and our adversaries have. in getting these things to work. Tribal knowledge and ability to do it is really, really underestimated.

Speaker Change: What you want to do is save hundreds when Liberty Mitchell customizes your car insurance. That's great, but can you ask your friend to stop digging into the green? I can ask.

Unknown Executive: Thank you. Alex, as always, we have a lot of individual investors on the line.

Alexander Karp: Is there anything you'd like to say before we wrap up the call? You know, This company is organized around giving our friends a really strong shot, I would say, unfair advantage and, you know, not helping our adversaries or enemies and on occasion hurting them. And, you know, a lot of you are scattered around the world and helping us in many ways. And we are in a phase where we are very focused on scaling our company. And we really appreciate your support.

Speaker Change: But it's not going to. Only pay for what you need. Honestly, no one wants to think about HIV, but there are things that everyone can do to help prevent it. It starts with getting tested regularly. If you're HIV negative, you and your healthcare provider can decide if PREP may be right for you. PREP means routinely taking prescription medicine before you're exposed to HIV to help reduce your chances of getting it, and it can be 99% effective when taken as prescribed. Talk to a health...

Speaker Change: Care Provider about all your HIV prevention options. Our health is worth protecting.

Alexander Karp: And the fact that you defend us, you know, our support of Western values is often under attack for somewhat idiotic reasons, our belief that meritocracy will lead us to a better place, that competence is better than incompetence, that competence includes ethics, and the results, the fruits of those labors are here today, but they would, none of that would have been possible without your support, so thank you. Thank you.

Speaker Change: Very amazing, I think, for DC, but even for the country because it's...

to me a very big deal.

I'd like to thank NFL Commissioner Raju Gidell [inaudible]

Speaker Change: Washington, Commander's Owner, Josh Harris, and Washington, DC Mayor, Muriel Bowser, Secretary Scott Turner, Secretary Doug Burgham, and I see Howard Lutnik is here too, commerce, and some others that I could see past the press at the end of the day.

Unknown Executive: That concludes the Q&A for today's call.

Name you, but I can't [inaudible]

I'm pleased to reveal that the...

Speaker Change: 2027 NFL Draft, that's a big thing. We'll be held right here in our nation's capital, Washington.

Speaker Change: DC on the National Mall and you get a little glimpse of it. I don't think I was just saying like that. That's a good idea. In fact,

Speaker Change: Maybe we could use it for other things also. I have an idea. It's going to be beautiful. It's going to be something that...

Speaker Change: Nobody else will ever be able to duplicate that, I don't suspect, it's very exciting. Every year hundreds of young football players have their dreams come true as the NFL teams across the land and you just saw that last week.

Speaker Change: Select the best young players in America to join their ranks. Hundreds of thousands of football fans will travel all across our country to cheer them on and person we expect, would you say?

Speaker Change: More than 100,000 people, I think. What is the capacity would you think it can hold? Because the mall can actually hold up to a million people if you go all the way back. What do you think will be over? Oh, yeah, you're going to be you're going there.

Speaker Change: We'll just take local businesses and bring in jobs and tourism to the heart of our capital.

Speaker Change: The draft is a celebration of one of our country's most cherished cultural institutions and the annual highlights for football, fans everywhere, everyone in the world is going to be watching.

Speaker Change: We look forward to welcoming people from across the nation from all over the world, last month, the Washington Commanders and the DC government also announce.

Speaker Change: A major deal to build a brand new 65,000-seat football arena at the side of the RFK Stadium in Eastern Capitol Hill and I don't think there is a better site anywhere in the world than that site.

Speaker Change: You know, he's a friend of mine. He's a very successful guy. There's a reason for it. It's amazing. It's at there for years and people are talking about stadiums and 25 different sites.

Speaker Change: I said they're not talking about the best site. That's the best site there is. Bringing professional football back into the district from Maryland.

Speaker Change: And not only are these announcements great for the NFL, but they're also advanced a mission of making Washington DC safe and clean and beautiful and we're working very closely

Speaker Change: We've made a lot of improvements in the last few months and it's getting to look really strong. Crime is way down and a lot of there's a good relationship we have going with Muriel. So I want to thank you very much and would you like to say a few words? Thank you very much.

at the Mayor's Place.

Speaker Change: Thank you. Well, greetings. I'm Muriel Bowser. I'm the mayor of the best city in the world and also the sports capital. And we are delighted to be here, to be here with the Washington commanders, the NFL and the president to talk about this very exciting announcement for Washington DC.

and the NFL bringing this. Ives, Ives,

Speaker Change: Event to the nation's capital will help us fill hotel rooms, our restaurants, and Americans from all 50 states will come to their nation's capital and enjoy our beautiful city and museum. So we're just delighted to be here, and we want to thank everybody for all the hard work to get here. Thanks, man. Thank you. Well, Mr. President, thank you, we're honored to be here in the Oval Office and to have you announce the 20...

Speaker Change: 27 NFL Draft is a special treat. So thank you for your support. Also thank you for your support in the Commander's New Stadium that we agree. It's going to be a great site. We think it's going to be great for our fans here. And it's great to come back home. And so we're very excited about that. Josh is leading the way on our behalf and the mayor. So we thank both of them for that. We also want to thank you because in the first term you helped us get Canadian trade deal. Thank you for your support.

Speaker Change: which we want to make sure we note, again, and make sure you note that. I'd like me to much, say, gave a great American company, a lot of money that you deserved, frankly. Thank you. The draft has really become one of the great entertainment sports events. Just a week ago in Green Bay, we had over 600,000 people attend.

The year before in Detroit, we had close to 800,000.

Speaker Change: as the president remarked, we believe a well over a man when we come here to DC in 2027. So we not only believe it's a great site, we believe it's consistent with what the president said, which is investing in our communities, investing specifically here in the nation's capital, one that I grew up here in Washington DC and is particularly important. We think we can have a tremendous impact on this community and it will not just be an event, it will be something that will show the world how far.

Speaker Change: The Nations Capital has come and where it's going, so we're very excited about that. And we thank everybody here, we thank you for your support.

Speaker Change: We know it's going to be a great event. Mr. President, we thank you again. Thank you very much. You're welcome. Good luck with it. Thank you very much. Mr. President, thank you very much. We wouldn't be here without you. Thank you for your leadership in terms of the stadium. And now, what a great day for Washington. I mean, to host the NFL draft in 2027 and on the mall, I believe we'll get over a million people. And it's going to be an amazing day and it'll showcase what Washington...

Speaker Change: is all about, but I'll also showcase what our country is all about. Washington is the Gateway City to our country, and it'll be an amazing day, and we can't wait to get started. I couldn't have done it without my partners, Roderick Adele. Thank you.

Speaker Change: and we're ready to get to work and I can't imagine RFK coming back, I grew up here. DCs to stop and on Sundays and everyone would be inside watching football or everyone would be

Speaker Change: Glue at the stadium. And so we want to bring that back. And football really is as extensive to the culture of America. We all love it. We all watch it. And it brings people together. And so what a great way to celebrate the United States of America, the NFL, and the Washington Commanders and President Child. We leave on your desk a Trump jersey. You are the ultimate [inaudible]

Speaker Change: No bird on it, but we appreciate you and thank you for everything you've done and look forward to the future Thank you very much and I have to say that Josh had a very good draft. A short while ago you have a very good quarterback, great quarterback I think.

Speaker Change: Any questions for us about the stadium or any of it? Yeah, please.

Yes.

Thank you very much.

Speaker Change: I think I have the trophy right here, right behind you. Don't have a picture take it with Roger in that trophy, but no they brought it in Johnny who's a good guy but he brought that in. That's the actual trophy. It's interesting that yes that and.

Speaker Change: It's made at Tiffany's and they're leaving it here until just before the actual World Cup then it goes to the champion but that's very exciting we have the Olympics.

Speaker Change: So we have both of them. I worked very hard in getting both and I said, you know, I'm not going to be able to be there as president and then a strange thing happened and it turned out I became president not for the

Speaker Change: and the term that I was supposed to be, I became president while we have the Olympics and the World Cup and we have something that

Speaker Change: So, thank you for a question. Very nice question. Yeah, please. So, you often said you want U.S. to be bigger, better and stronger. Currently, Russia is the biggest country in the world by landmarks followed by Canada and then China. So, when you say that you want to annex Canada, is it so that it would be the biggest country? That way, although I am a real estate developer, right?

Speaker Change: I've never I've never heard that question. Yeah, please go ahead. Well, you have to hire more security and police in order to accommodate the million people coming in for the NFL draft. I think that there'll be something and I know Roger will work it out Josh and all of us will work it out.

Speaker Change: It's such an honor to have that. I think it'll be great for everybody. Great for a country. Be something very special. There's no scene like it. There's no sight like it. I do my whole life was based on sights.

Speaker Change: Locations. And as soon as I looked at that rendering, it's going to be beautiful. It's going to really be beautiful. You know, interestingly, I didn't know exactly where it sat relative to the Capitol, but the stadium, if you go back, is right behind.

Speaker Change: The Capitol, Miles behind, but nevertheless visually right behind it. So it's it's going to be an architect stream whoever the architect has chosen

Speaker Change: and the Honour. It's going to be something special. I think it's going to be great for the area. It's going to be...

Speaker Change: It will be top of the line. I know these people very well and they only know about top of the line and I would say that more will be put in

into the stadium, then, would be put into a...

Identical Stadium of...

Speaker Change: A similar size, I think they're going to do it special.

Speaker Change: Because of the importance of the location, I have no doubt they'll do a special job. Yeah, please explain a little bit about how you would implement tariffs on the film industry kind of how that would work. Well, that's a different story, but our film industry has been decimated.

Speaker Change: by other countries taking them out and also by incompetence like in Los Angeles, the governor is a grossly incompetent man, he's just allowed it to be taken away from, you know, Hollywood, Hollywood doesn't do very much of that business to have the nice sign and everything's good but they don't do very much.

Speaker Change: A lot of it's been taken to other countries and a big proportion and I'm actually going to meet with some because you know there's some advantages I guess and I'm not looking to hurt the industry I want to help the industry.

Speaker Change: But they've given financing by other countries. They've given a lot of things and the industry was decimated. If you look at how little is done in this country now, you know, you think we were the ones. We used to do 100, not long ago, 100%. Now we do.

Speaker Change: Almost like very little it's shocking to you in that business too because he's in so many businesses you could you could explain it but it's not a good situation. So we're going to meet with the industry I want to make sure they're happy with it.

Speaker Change: because we're all about jobs. It's all what I'm, you know, it's very important. It's a big industry, but it's an industry now that's, it's really left, it's abandoned, the USA, where it started.

Speaker Change: And we'll get it back. Yeah, please. Thanks, Mr. President. First, I just want to thank you for letting us in here. I'm with zero heads in the last administration and us on social media. So we're really grateful to be in the White House. And this is not exactly sports related, but I've been dying to ask you this question for a long time, which is that two and a half years ago, the Nord Stream pipeline blew up. And despite what people like John Brennan and all the hawks said, you were one person who said Russia probably did not blow up its own pipeline. And we can bring it back.

Speaker Change: And so I'm wondering now that your president, if you would consider launching a formal investigation into what happened there and who actually did blow it up? Well, probably, if I asked certain people, I'd be able to tell you without having to waste a lot of money on an investigation.

Speaker Change: I think a lot of people know who blew it up but I was the one that blew it up originally because I wouldn't let it be built and then when Biden got any allowed it to be built.

Speaker Change: And it's very interesting, but I think Russia, with the price of oil right now, oil has gone down, I think we're in a good position to settle, they want to settle, Ukraine wants to settle.

Speaker Change: If I weren't president, nobody would be settling. They're losing 5,000 people a day. Think of it. Here we talk about football. They're losing 5,000 people on average a week.

Speaker Change: It's a very terrible thing and I think we've come a long way and it could be something will happen but hopefully it will as you know President Putin just announced a three days cease fire.

Speaker Change: Which doesn't sound like much, but it's a lot if you knew where we started from because they were not we had a president that for three years didn't speak to Putin

Speaker Change: And it all shouldn't have happened. This is a war that should have never happened and you're going to be very disappointed when you find out the real number of people that were killed. It's far greater.

Many times greater, I believe, but far greater than...

Speaker Change: The numbers that you're putting out, it's a very, very deadly horrible war.

Okay, yes ma'am.

Speaker Change: I had nothing to do with it. Somebody made up a picture of me dressed like the Pope and they put it out on the internet. That's not me that did it. I have no idea where it came from. Maybe it was AI, but I know nothing about it. I just saw it.

last evening.

Speaker Change: Actually my wife thought it was cute. She said it's not nice. My question is actually I would not be able to be married though.

Speaker Change: That would be a lot, to the best of my knowledge, folks are on to be going...

Speaker Change: Getting married, are they not that we know of? No, no, I think it's the fake news media that, you know, they...

Speaker Change: DeFakers. My question, though, sir, was about the fact that it was put out on the White House account, even though it was AI-generated, it was a joke, it was a meme, does it at all diminish the substance of the official White House account to have it go out on facts? Give me a break.

Speaker Change: Yeah, please go ahead about the program. It's just been introduced to give undocumented immigrants living in the United States. About me. About $1,000 to self-deport. Can you just help a little bit about the new program? Yeah.

Speaker Change: We have millions of people that have come into this country illegally through an administration that didn't know what they were doing, they didn't have a clue, and now we find out officially they didn't because the president was incompetent, but I could have told you that before.

Speaker Change: and they've allowed millions and millions of people to pour in murders, drug dealers,

Speaker Change: The biggest drug dealers in the world, actually, terrorists coming, emptied prisons from many countries, not just South America, all over the world, they emptied their prisons into our beautiful USA.

Speaker Change: And to get that many people, 21 million people we think the real number is, but let's say 3 million of them are serious criminals.

Speaker Change: 11,888 murders, many of whom murdered more than one person, so I believe we have to even talk about this while we're talking about something so beautiful, but it's...

Speaker Change: It's something we have to talk about having to do with the country because it's very important so they came in by the millions illegally into our country they just float in through an open border policy that was insane it's insane

Speaker Change: And what we've done is we've offered you know the numbers but we've because we're taking them out by the thousands we're being obstructed.

Speaker Change: It's very unfair what's happening because the court system is being, it's very unfair. We have to get them out fast, these are bad people, these are people that are killing and they've already killed many people in this country.

Speaker Change: The illegal immigrants that came in illegally through an open border policy, which is

Speaker Change: Insane we talk about common sense that's not common sense and they came in from the Congo all over all over Africa all over Asia all over South America parts of Europe they float in and just walked right into our country we had no idea who they were

Speaker Change: 21 million at least. That's probably a low number. You know, you hear lower numbers than that. It's not. That's a low number.

Speaker Change: But many are really serious criminals and terrorists and people from jails, they emptied out jails, you know, Venezuela, their crime is down 72% because they took all the criminals off the streets and the gangs and they dumped them into our country.

Speaker Change: So we're getting them out. It's a very difficult thing with the courts because the courts have all of a sudden out of nowhere they said

Speaker Change: Maybe you have to have trials, trials. We're going to have 5 million trials. It doesn't work. It doesn't work. You wouldn't have a country left, but hopefully the Supreme Court will save it.

Speaker Change: But what they've done is a very, very serious thing. You know, past presidents took out...

Speaker Change: Hundreds of thousands of people were needed. You look at Eisenhower, you look at many of them and they took people out and they didn't go through any of this.

Speaker Change: But what we thought we'd do is a self-deport where we're going to pay each one a certain amount of money and we're going to get them a beautiful flight back to where they came from and they have a period of time.

Speaker Change: And if they make it, we're going to work with them so that maybe someday with little work they can come back in and if they're good people, if they're the kind of people that we want in our company industry is super they could love our country.

Speaker Change: And if they're not, they won't, but it will give them a path to becoming, you know, to coming back into the country. If they miss that limit, they're going to be taken out of our country. And they never have, they have never, they will never get a path.

Speaker Change: to come back in, and it'll be a much tougher process.

Speaker Change: And it's called self deportation. And by doing that, you know, you're talking about so many millions of people by doing that we have, by the way, we've taken out thousands of of terrorists.