Palantir Technologies Inc

Previous wording

For the three months ended September 30, 2024, we generated $725.5 million in revenue, reflecting a 30% growth rate from the three months ended September 30, 2023, when we generated $558.2 million in revenue. For the nine months ended September 30, 2024, we generated $2.0 billion in revenue, reflecting a 26% growth rate from the nine months ended September 30, 2023, when we generated $1.6 billion in revenue.

Current wording

For the three months ended March 31, 2025, we generated $883.9 million in revenue, reflecting a 39% growth rate from the three months ended March 31, 2024, when we generated $634.3 million in revenue.

Previous wording

In the three months ended September 30, 2024, we generated income from operations of $113.1 million, or adjusted income from operations of $275.5 million when excluding stock-based compensation and related employer payroll taxes. In the three months ended September 30, 2023, we generated income from operations of $40.0 million, or adjusted income from operations of $163.3 million when excluding stock-based compensation and related employer payroll taxes. In the nine months ended September 30, 2024, we generated income from operations of $299.4 million, or adjusted income from operations of $755.5 million when excluding stock-based compensation and related employer payroll taxes. In the nine months ended September 30, 2023, we generated income from operations of $54.2 million, or adjusted income from operations of $423.4 million when excluding stock-based compensation and related employer payroll taxes.

Current wording

In the three months ended March 31, 2025, we generated income from operations of $176.0 million, or adjusted income from operations of $390.7 million when excluding stock-based compensation and related employer payroll taxes. In the three months ended March 31, 2024, we generated income from operations of $80.9 million, or adjusted income from operations of $226.5 million when excluding stock-based compensation and related employer payroll taxes.

Previous wording

In the three months ended September 30, 2024, our gross profit was $578.9 million, reflecting a gross margin of 80%, or 82% when excluding stock-based compensation. In the three months ended September 30, 2023, our gross profit was $450.2 million, reflecting a gross margin of 81%, or 82% when excluding stock-based compensation. In the nine months ended September 30, 2024, our gross profit was $1.6 billion, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation. In the nine months ended September 30, 2023, our gross profit was $1.3 billion, reflecting a gross margin of 80%, or 82% when excluding stock-based compensation.

Current wording

In the three months ended March 31, 2025, our gross profit was $710.9 million, reflecting a gross margin of 80%, or 82% when excluding stock-based compensation. In the three months ended March 31, 2024, our gross profit was $518.1 million, reflecting a gross margin of 82%, or 83% when excluding stock-based compensation.

Previous wording

We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended September 30, 2024, we had 629 customers, including companies in various commercial sectors and government agencies around the world. During the period ended September 30, 2023, we had 453 customers.

Current wording

We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended March 31, 2025, we had 769 customers, including companies in various commercial sectors and government agencies around the world. During the period ended March 31, 2024, we had 554 customers.

Previous wording

For large government agencies, where a single institution has multiple divisions, units, or subsidiary agencies, each such division, unit, or subsidiary agency that enters into a separate contract with us and is invoiced as a separate entity is treated as a separate customer. For example, while the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, and National Institutes of Health are subsidiary agencies of the U.S. Department of Health and Human Services, we treat each of those agencies as a separate customer given that the governing structures and/or procurement processes of each agency are independent.

Current wording

For large government agencies, where a single institution has multiple divisions, units, or subsidiary agencies, each such division, unit, or subsidiary agency that enters into a separate contract with us and is invoiced as a separate entity is treated as a separate customer. For example, while the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, and National Institutes of Health are subsidiary agencies of the U.S. Department of Health and Human Services, we treat each of those agencies as a separate customer given that the governing structures and procurement processes of each agency are independent.

Previous wording

We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2024 was $60.1 million, which grew 12% from an average of $53.7 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2023, demonstrating our expanding relationships with existing customers.

Current wording

We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended March 31, 2025 was $69.9 million, which grew 26% from an average of $55.5 million in revenue from the top twenty customers during the trailing twelve months ended March 31, 2024, demonstrating our expanding relationships with existing customers.

Previous wording

Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the nine months ended September 30, 2024, 55% of our revenue came from government customers and 45% came from commercial customers.

Current wording

Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the three months ended March 31, 2025, 55% of our revenue came from government customers and 45% came from commercial customers.

Previous wording

Our U.S. customers have been a meaningful source of revenue growth for our business. In the nine months ended September 30, 2024, we generated 66% of our revenue from customers in the United States and the remaining 34% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended September 30, 2024 was $1.7 billion, which grew 30% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.

Current wording

Our U.S. customers have been a meaningful source of revenue growth for our business. In the three months ended March 31, 2025, we generated 71% of our revenue from customers in the United States and the remaining 29% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended March 31, 2025 was $2.1 billion, which grew 47% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.

Previous wording

We continue to believe that our government customers remain a meaningful and resilient source of revenue for our business, particularly during periods of economic uncertainty. However, large government customers in particular are generally subject to a number of uncertainties regarding budgets and spending levels, changes in timing and spending priorities, and regulatory and policy changes, which can make it difficult to predict when, or if, we will make sales to such customers or the size and scope of any contract awards. See also the discussion of“Risks Related to Relationships and Business with the Public Sector” within “Item 1A. Risk Factors” included in this Quarterly Report on Form 10-Q.

Current wording

We continue to believe that our government customers remain a meaningful source of revenue for our business, particularly during periods of economic uncertainty. However, large government customers, in particular, are generally subject to a number of uncertainties regarding budgets and spending levels, changes in timing and spending priorities, and regulatory and policy changes, which can make it difficult to predict when, or if, we will make sales to such customers or the size and scope of any contract awards. See also the discussion of “Risks Related to Relationships and Business with the Public Sector” within “Item 1A. Risk Factors” included in this Quarterly Report on Form 10-Q.

Previous wording

As a corporation with an international presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, geopolitical tensions, heightened interest rates, monetary policy changes,and foreign currency fluctuations. Additionally, these macroeconomic impacts have disrupted, and may continue to disrupt, the operations of our customers and prospective customers. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.

Current wording

As a corporation with an international presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, geopolitical tensions, heightened interest rates, monetary policy changes, foreign currency fluctuations, and the imposition of tariffs or other impacts on trade relations. Additionally, these macroeconomic impacts have disrupted, and may continue to disrupt, the operations of our customers and prospective customers. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.

Previous wording

Our business operations are subject to interruption by events that are beyond our control, including geopolitical tensions. We continue to closely monitor the impact of various geopolitical tensions and their global impacts on our business. While the ongoing Russia-Ukraine and Israel conflicts are still evolving and the outcomes remain highly uncertain, we do not expect that the resulting challenging macroeconomic conditions will have a material impact on our business or results of operations.

Current wording

Our business operations are subject to interruption by events that are beyond our control, including geopolitical tensions. We continue to closely monitor the impact of various geopolitical tensions and their global impacts on our business. While the ongoing Russia-Ukraine, and Israel and broader Middle East conflicts are still evolving and the outcomes remain highly uncertain, we do not expect that the resulting challenging macroeconomic conditions will have a material impact on our business or results of operations.

Previous wording

We do not currently have office locations in Russia or Palestinian territories and none of our revenues came from sales to entities headquartered in those countries or territories. In 2023, we announced partnerships with Ukraine to support its defense and reconstruction efforts and investigations of potential war crimes, among other activities. In 2024, we agreed to a strategic partnership with the Israeli Defense Ministry to supply technology to Israel to assist in the ongoing war. However, our current operations related to Ukraine and Israel are not material to our financial position or results of operations. If the respective conflicts continue or worsen, leading to greater disruptions and uncertainty within the technology industry or global economy, our business and results of operations could be negatively impacted.

Current wording

We do not currently have office locations in Russia or Palestinian territories and none of our revenues came from sales to entities headquartered in those countries or territories. Our current operations related to Ukraine and Israel are not material to our financial position or results of operations. If the respective conflicts continue or worsen, leading to greater disruptions and uncertainty within the technology industry or global economy, our business and results of operations could be negatively impacted.

Previous wording

Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, the general strengthening of the U.S. dollar relative to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)) has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than U.S. dollars. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the nine months ended September 30, 2024 such impacts were not material to our financial position or results of operations.

Current wording

Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, when the U.S. dollar strengthens compared to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)), it has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than the U.S. dollar. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the three months ended March 31, 2025 such impacts were not material to our financial position or results of operations.

Previous wording

The following table provides a reconciliation of contribution margin for the three and nine months ended September 30, 2024 and 2023 (in thousands, except percentages):

Current wording

The following table provides a reconciliation of contribution margin for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):

Previous wording

The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and nine months ended September 30, 2024 and 2023 (in thousands, except percentages):

Current wording

The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):

Previous wording

The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and nine months ended September 30, 2024 and 2023 (in thousands):

Current wording

The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three months ended March 31, 2025 and 2024 (in thousands):

Previous wording

Sales of our software subscriptions grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. O&M services include critical updates and support and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual term. Because of this requirement, we have concluded that the software subscriptions and O&M services, which together we refer to as our On-Premises Software, are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. Revenue is generally recognized over the contract term on a ratable basis.

Current wording

Sales of our software licenses, primarily term licenses, grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. O&M services include critical updates and support and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual term. Because of this requirement, we have concluded that the software licenses and O&M services, which together we refer to as our On-Premises Software, are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. Revenue is generally recognized over the contract term on a ratable basis.

Previous wording

Our professional services support the customers’ use of the software and include, as needed, on-demand user support, user-interface configuration, training, and ongoing ontology and data modeling support. Professional services contracts typically include the provision of on-demand professional services for the duration of the contractual term. These services are typically coterminous with a Palantir Cloud or On-Premises Software subscriptions. Professional services are on-demand, whereby we perform services throughout the contract period; therefore, the revenue is recognized over the contractual term.

Current wording

Our professional services support the customers’ use of the software and include, as needed, on-demand user support, user-interface configuration, training, and ongoing ontology and data modeling support. Professional services contracts typically include the provision of on-demand professional services for the duration of the contractual term, which may be coterminous or non-coterminous with a Palantir Cloud subscription or the On-Premises Software. Professional services are on-demand, whereby we perform services throughout the service period; therefore, the revenue is recognized over the related term.

Previous wording

Comparison of the Three and Nine Months Ended Months Ended September 30, 2024 and 2023

Current wording

Comparison of the Three Months Ended March 31, 2025 and 2024

Previous wording

Revenue increased by $167.4 million, or 30%, for the three months ended September 30, 2024 compared to the same period in 2023. Revenue from government customers increased by $100.7 million, or 33%, for the three months ended September 30, 2024 compared to the same period in 2023. Of the increase, $74.9 million was from government customers existing as of December 31, 2023. Revenue from U.S. government customers was $319.8 million for the three months ended September 30, 2024 compared to $229.2 million for the same period in 2023. Revenue from commercial customers increased by $66.6 million or 27%, for the three months ended September 30, 2024 compared to the same period in 2023. Of the increase, $47.9 million was from commercial customers existing as of December 31, 2023, including a decrease of $5.0 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $179.2 million for the three months ended September 30, 2024 compared to $116.3 million for the same period in 2023, a 54% increase.

Current wording

Revenue increased by $249.5 million, or 39%, for the three months ended March 31, 2025 compared to the same period in 2024. Revenue from government customers increased by $151.6 million, or 45%, for the three months ended March 31, 2025 compared to the same period in 2024. Of the increase, $148.7 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $373.0 million for the three months ended March 31, 2025 compared to $256.7 million for the same period in 2024. Revenue from commercial customers increased by $97.9 million, or 33%, for the three months ended March 31, 2025 compared to the same period in 2024. Of the increase, $73.3 million was from commercial customers existing as of December 31, 2024, including a decrease of $18.7 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $255.5 million for the three months ended March 31, 2025 compared to $149.7 million for the same period in 2024, a 71% increase.

Previous wording

Generally, increases in revenue from our existing customers are related to increased adoption of our products and services within their organizations. For additional information on Strategic Commercial Contracts, see Note 4. Investments and Fair Value Measurements in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Current wording

Generally, increases in revenue from our existing customers are related to increased adoption of our products and services within their organizations. For additional information on Strategic Commercial Contracts, see Note 4. Investments and Fair Value Measurementsin our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

Our gross margin for the three months ended September 30, 2024 decreased from 81% for the same period in 2023 to 80% as a result of the growth of cost of revenue slightly outpacing revenue growth.

Current wording

Our gross margin for the three months ended March 31, 2025 decreased from 82% for the same period in 2024 to 80% as a result of cost of revenue growth outpacing revenue growth.

Previous wording

Sales and marketing expenses increased by $33.1 million, or 19%, for the three months ended September 30, 2024 compared to the same period in 2023. The increase was primarily due to increases of $16.4 million in stock-based compensation and related expenses and $7.2 million in payroll and other payroll-related costs.

Current wording

Sales and marketing expenses increased by $43.1 million, or 22%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily due to increases of $22.9 million in stock-based compensation expense and related expenses and $7.8 million in payroll and other payroll-related costs.

Previous wording

Stock-based compensation expenses increased by $28.0 million and $66.5 million, or 25% and 19%, for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The increase was driven by expense from new grants awarded since September 30, 2023, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs”), partially offset by a reduction in expense from equity awards that became fully vested, forfeitures, and lower expense under the accelerated attribution method for RSUs granted prior to September 30, 2020, the date we completed the direct listing of our Class A common stock on the New York Stock Exchange (“NYSE”).

Current wording

Stock-based compensation expenses increased by $29.7 million, or 24%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was driven by expense from new grants awarded since March 31, 2024, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs’), partially offset by reductions in expense from equity awards that became fully vested and forfeitures.

Previous wording

Interest income increased by $15.3 million and $54.0 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023 primarily due to an increase in our interest-bearing cash, cash equivalents, and our investments in short-term U.S. Treasury securities.

Current wording

Interest income increased by $7.1 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in short-term U.S. Treasury securities.

Previous wording

We generated positive cash flow from operations for the nine months ended September 30, 2024. We had cash, cash equivalents, and short-term U.S. Treasury securities totaling $4.6 billion available as of September 30, 2024. We believe that cash flows generated from operations, available funds, and access to financing sources, including our undrawn credit facility, will be sufficient to meet our anticipated operating cash needs for at least the next twelve months. However, any projections of future cash needs and cash flows are subject to substantial uncertainty. While we have generated income from operations and positive cash flows from operations for the nine months ended September 30, 2024, the amounts may fluctuate for the foreseeable future.

Current wording

We generated positive cash flow from operations for the three months ended March 31, 2025. We had cash, cash equivalents, and short-term U.S. Treasury securities totaling $5.4 billion available as of March 31, 2025. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continue to evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.

Previous wording

As of September 30, 2024, our accumulated deficit balance was $5.3 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $4.6 billion.

Current wording

As of March 31, 2025, our accumulated deficit balance was $5.0 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $5.4 billion.

Previous wording

During the nine months ended September 30, 2024, the Company repurchased and subsequently retired 1.8 million shares of its Class A common stock for an aggregate amount, including commissions, of $45.6 million under the Share Repurchase Program. As of September 30, 2024, approximately $954.4 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.

Current wording

In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). During the three months ended March 31, 2025, the Company repurchased and subsequently retired 0.2 million shares of its Class A common stock for an aggregate amount, including commissions, of $18.0 million under the Share Repurchase Program. As of March 31, 2025, approximately $917.8 million of the originally authorized amount under our Share Repurchase Program remained available for future repurchases.

Previous wording

Our future capital requirements will depend on many factors, including, but not limited to, the rate of our growth, our ability to attract and retain customers and their willingness and ability to pay for our products and services, and the timing and extent of spending to support our efforts to market and develop our products. Further, we may enter into future arrangements to acquire or invest in businesses, products, services, strategic partnerships, and technologies; additionally, we have, and may in the future, repurchase shares of our Class A common stock from time to time under our Share Repurchase Program. As such, we may seek additional equity or debt financing on an as needed or opportunistic basis. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If additional funds are not available to us on acceptable terms, or at all, our business, financial condition, and results of operations could be adversely affected. For additional information on our Share Repurchase Program, see Note 8. Stockholders’ Equityin our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Current wording

Our future capital requirements will depend on many factors, including, but not limited to, the rate of our growth, our ability to attract and retain customers and their willingness and ability to pay for our products and services, and the timing and extent of spending to support our efforts to market and develop our products. Further, we may enter into future arrangements to acquire or invest in businesses, products, services, strategic partnerships, and technologies; additionally, we have, and may in the future, repurchase shares of our Class A common stock from time to time under our Share Repurchase Program. As such, we may seek additional equity or debt financing on an as needed or opportunistic basis. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If additional funds are not available to us on acceptable terms, or at all, our business, financial condition, and results of operations could be adversely affected. For additional information on our Share Repurchase Program, see Note 8. Stockholders’ Equity in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

Net cash provided by operating activities was $693.5 million and $411.0 million for the nine months ended September 30, 2024 and 2023, respectively. The increase was primarily driven by the growth of our business and timing of the receipt of payments from our customers and timing of payments to vendors.

Current wording

Net cash provided by operating activities was $310.3 million and $129.6 million for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily driven by revenue growth partially offset by timing of payments received from customers.

Previous wording

Net cash used in investing activities was $980.8 million and $2.1 billion for the nine months ended September 30, 2024 and 2023, respectively. The decrease in cash used in investing activities was primarily due to fewer purchases of marketable securities, primarily comprised of U.S. Treasury securities, compared to the prior year.

Current wording

Net cash used in investing activities was $1.4 billion and $511.2 million for the three months ended March 31, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to increased purchases of short-term U.S. Treasury securities compared to the prior year.

Previous wording

Net cash provided by financing activities was $224.7 million and $167.6 million for the nine months ended September 30, 2024 and 2023, respectively, each of which primarily consisted of proceeds from the exercise of common stock options.

Current wording

Net cash used in financing activities was $28.9 million for the three months ended March 31, 2025 and net cash provided by financing activities was $75.2 million for the three months ended March 31, 2024. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. Financing cash outflows were driven by taxes paid related to the net share settlement of SARs and repurchases of our Class A common stock.