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Share Name | Share Symbol | Market | Type |
---|---|---|---|
C3 AI Inc | NYSE:AI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.26 | -0.95% | 27.19 | 27.285 | 26.30 | 26.78 | 5,436,010 | 00:54:41 |
Increasing Revenue Growth. Raising Guidance.
Growth Accelerates for Fifth Consecutive Quarter, Record Federal Growth
Subscription Revenue for the Fourth Quarter Increased 41% Year-Over-Year
C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the Enterprise AI application software company, today announced financial results for its fiscal fourth quarter and full fiscal year ended April 30, 2024.
“We finished a strong quarter and closed out a huge year for C3 AI. This was our fifth consecutive quarter of accelerating revenue growth. Our fourth quarter revenue grew by 20% year-over-year to $86.6 million, exceeding the top end of our guidance. Our full year revenue grew by 16% to $310.6 million, also exceeding the top end of our guidance,” said C3 AI CEO and Chairman Thomas M. Siebel. “Demand for Enterprise AI is intensifying, and our first to market advantage in Enterprise AI positions us well to capitalize on it. Our Enterprise AI applications have been adopted across 19 industries, underscoring increasing market diversity. Our federal revenue grew by more than 100% for the year. The interest we are seeing in our generative AI applications is staggering.”
Fiscal Fourth Quarter 2024 Financial Highlights
Full Year Fiscal 2024 Financial Highlights
Business Highlights
C3 AI is leading with Enterprise AI applications. In FY24, 88% of all bookings were driven by application sales and 12% of our bookings were driven by sales of the C3 AI Platform.
Federal, Defense and Aerospace
49.5%
Oil and Gas
15.2%
State and Local Government
10.8%
Manufacturing
6.7%
Energy and Utilities
6.0%
Consumer Packaged Goods
5.1%
Professional Services
4.8%
Agriculture
0.7%
Hospitals and Healthcare
0.6%
Others
0.6%
Manufacturing
29.4%
Federal, Defense and Aerospace
20.6%
Agriculture
11.8%
Chemicals
8.8%
Life Sciences
5.9%
Oil and Gas
5.9%
State and Local Government
5.9%
Energy and Utilities
5.9%
Logistics and Transportation
2.9%
Construction
2.9%
Customer Success
C3 AI remains the leader in AI-powered predictive maintenance solutions, continuing to deliver significant economic value across industries, with heavy adoption in the Industrial, Manufacturing, and Energy sectors.
Federal Growth
Partner Network
C3 AI’s partners remain a key driver of growth and customer success.
C3 Generative AI
The broad applicability of C3 Generative AI is driving the Company into new verticals and accelerating industry diversification.
Federal, Defense and Aerospace
20.7%
Manufacturing
12.1%
Agriculture
10.3%
State and Local Government
10.3%
Financial Services
6.9%
Chemicals
5.2%
Construction
5.2%
Consumer Packaged Goods
5.2%
Energy and Utilities
5.2%
Oil and Gas
5.2%
Pharmaceuticals and Life Sciences
5.2%
Others
8.5%
Financial Outlook:
We are expecting additional acceleration of C3 AI revenue growth to approximately 23% in FY25. We plan to continue to invest in growth to build a long-term cash generating profitable market leader in Enterprise AI.
The Company’s guidance includes GAAP and non-GAAP financial measures.
The following table summarizes C3 AI’s guidance for the first quarter of fiscal 2025 and full-year fiscal 2025:
(in millions)
First Quarter Fiscal 2025
Guidance
Full Year Fiscal 2025 Guidance
Total revenue
$84.0 - $89.0
$370.0 - $395.0
Non-GAAP loss from operations
$(22.0) - $(30.0)
$(95.0) - $(125.0)
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes.
Conference Call Details
What:
C3 AI Fourth Quarter and Full Fiscal Year 2024 Financial Results Conference Call
When:
Wednesday, May 29, 2024
Time:
2:00 p.m. PT / 5:00 p.m. ET
Participant Registration:
https://register.vevent.com/register/BIa4098dae2ede4f80a85f5a3a50b873e3 (live call)
Webcast:
https://edge.media-server.com/mmc/p/zjmvtizr (live and replay)
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.
Statement Regarding Use of Non-GAAP Financial Measures
The Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.
Use of Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding our market leadership position, anticipated benefits from our partnerships, financial outlook, our sales and customer opportunity pipeline including our industry diversification, the expected benefits of our offerings (including the potential benefits of our C3 Generative AI offerings), and our business strategies, plans, and objectives for future operations. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including our history of losses and ability to achieve and maintain profitability in the future, our historic dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, market awareness and acceptance of enterprise AI solutions in general and our products in particular, the length and unpredictability of our sales cycles and the time and expense required for our sales efforts. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2023, October 31, 2023 and January 31, 2024, and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-K that will be filed for the fiscal year ended April 30, 2024, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications and C3 AI Applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of domain-specific generative AI offerings for the enterprise.
C3.AI, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended April 30,
Fiscal Year Ended April 30,
2024
2023
2024
2023
Revenue
Subscription(1)
$
79,903
$
56,866
$
278,104
$
230,443
Professional services(2)
6,687
15,544
32,478
36,352
Total revenue
86,590
72,410
310,582
266,795
Cost of revenue
Subscription
34,825
23,872
128,469
78,423
Professional services
154
1,036
3,553
7,914
Total cost of revenue
34,979
24,908
132,022
86,337
Gross profit
51,611
47,502
178,560
180,458
Operating expenses
Sales and marketing(3)
63,247
51,701
214,167
183,121
Research and development
50,618
49,681
201,365
210,660
General and administrative
20,053
19,400
81,370
77,170
Total operating expenses
133,918
120,782
496,902
470,951
Loss from operations
(82,307
)
(73,280
)
(318,342
)
(290,493
)
Interest income
9,482
8,230
40,079
21,979
Other (expense) income, net
(173
)
284
(641
)
350
Loss before provision for income taxes
(72,998
)
(64,766
)
(278,904
)
(268,164
)
Provision for income taxes
(71
)
190
792
675
Net loss
$
(72,927
)
$
(64,956
)
$
(279,696
)
$
(268,839
)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted
$
(0.59
)
$
(0.58
)
$
(2.34
)
$
(2.45
)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted
122,676
112,746
119,362
109,851
(1)
Including related party revenue of nil and $19,568 for the three months ended April 30, 2024 and 2023, respectively, and $10,581 and $75,452 for the fiscal years ended April 30, 2024 and 2023, respectively.
(2)Including related party revenue of nil and $8,025 for the three months ended April 30, 2024 and 2023, respectively, and $5,804 and $16,774 for the fiscal years ended April 30, 2024 and 2023, respectively.
(3)Including related party sales and marketing expense of nil and $3,416 for the three months ended April 30, 2024 and 2023, respectively, and $810 and $13,962 for the fiscal years ended April 30, 2024 and 2023, respectively.
C3.AI, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
(Unaudited)
April 30, 2024
April 30, 2023
Assets
Current assets
Cash and cash equivalents
$
167,146
$
284,829
Marketable securities
583,221
446,155
Accounts receivable, net of allowance of $359 and $359 as of April 30, 2024 and 2023, respectively(1)
130,064
134,586
Prepaid expenses and other current assets(2)
23,963
23,309
Total current assets
904,394
888,879
Property and equipment, net
88,631
84,578
Goodwill
625
625
Long-term investments
—
81,418
Other assets, non-current(3)
44,575
47,528
Total assets
$
1,038,225
$
1,103,028
Liabilities and stockholders’ equity
Current liabilities
Accounts payable(4)
$
11,316
$
24,610
Accrued compensation and employee benefits
44,263
46,513
Deferred revenue, current(5)
37,230
47,846
Accrued and other current liabilities(6)
9,526
17,070
Total current liabilities
102,335
136,039
Deferred revenue, non-current
1,732
4
Other long-term liabilities
60,805
37,320
Total liabilities
164,872
173,363
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.001 par value. 1,000,000,000 shares authorized as of April 30, 2024 and 2023, respectively; 120,205,931 and 110,442,569 shares issued and outstanding as of April 30, 2024 and 2023 respectively
120
110
Class B common stock, $0.001 par value; 3,500,000 shares authorized as of April 30, 2024 and 2023, respectively; 3,499,992 and 3,499,992 shares issued and outstanding as of April 30, 2024 and 2023, respectively
3
3
Additional paid-in capital
1,963,726
1,740,174
Accumulated other comprehensive loss
(563
)
(385
)
Accumulated deficit
(1,089,933
)
(810,237
)
Total stockholders’ equity
873,353
929,665
Total liabilities and stockholders’ equity
$
1,038,225
$
1,103,028
(1)
Including amounts from a related party of $74,620 as of April 30, 2023.
(2)Including amounts from a related party of $4,983 as of April 30, 2023.
(3)Including amounts from a related party of $11,279 as of April 30, 2023.
(4)Including amounts due to a related party of $2,200 as of April 30, 2023.
(5)Including amounts from a related party of $249 as of April 30, 2023.
(6)Including amounts due to a related party of $2,448 as of April 30, 2023.
C3.AI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Fiscal Year Ended April 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(279,696
)
$
(268,839
)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
12,719
6,088
Non-cash operating lease cost
742
6,992
Stock-based compensation expense
215,761
216,542
Accretion of discounts on marketable securities
(17,214
)
(4,558
)
Other
98
249
Changes in operating assets and liabilities
Accounts receivable(1)
4,522
(54,517
)
Prepaid expenses, other current assets and other assets(2)
3,208
(576
)
Accounts payable(3)
(12,883
)
(22,041
)
Accrued compensation and employee benefits
(6,218
)
3,193
Operating lease liabilities
17,332
13,641
Other liabilities(4)
8,155
(10,573
)
Deferred revenue(5)
(8,888
)
(1,292
)
Net cash used in operating activities
(62,362
)
(115,691
)
Cash flows from investing activities:
Purchases of property and equipment
(25,256
)
(70,518
)
Capitalized software development costs
(2,750
)
(1,000
)
Purchases of investments
(827,901
)
(745,249
)
Maturities and sales of investments
789,292
876,713
Net cash (used in) provided by investing activities
(66,615
)
59,946
Cash flows from financing activities:
Proceeds from exercise of Class A common stock options
13,751
4,468
Proceeds from issuance of Class A common stock under employee stock purchase plan
10,763
3,093
Taxes paid related to net share settlement of equity awards
(13,220
)
(6,940
)
Net cash provided by financing activities
11,294
621
Net decrease in cash, cash equivalents and restricted cash
(117,683
)
(55,124
)
Cash, cash equivalents and restricted cash at beginning of period
297,395
352,519
Cash, cash equivalents and restricted cash at end of period
$
179,712
$
297,395
Cash and cash equivalents
$
167,146
$
284,829
Restricted cash included in other assets, non-current
12,566
12,566
Total cash, cash equivalents and restricted cash
$
179,712
$
297,395
Supplemental disclosure of cash flow information—cash paid for income taxes
$
975
$
578
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities
$
474
$
13,814
Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)
$
1,833
$
(5,589
)
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications
$
—
$
3,093
Receivable from exercise of stock options included in prepaid expenses, other current assets and other assets
$
3
$
61
Unpaid liabilities related to intangible purchases
$
—
$
1,500
Vesting of early exercised stock options
$
507
$
1,006
(1)
Including changes in related party balances of $12,444 and $38,772 for the fiscal years ended April 30, 2024 and 2023, respectively.
(2)
Including changes in related party balances of $(810) and $(4,741) for the fiscal years ended April 30, 2024 and 2023, respectively.
(3)
Including changes in related party balances of $248 and $(16,349) for the fiscal years ended April 30, 2024 and 2023, respectively.
(4)
Including changes in related party balances of $(2,448) and $(2,510) for the fiscal years ended April 30, 2024 and 2023, respectively.
(5)
Including changes in related party balances of $(46) and $117 for the fiscal years ended April 30, 2024 and 2023, respectively.
C3.AI, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages)
(Unaudited)
Three Months Ended April 30,
Fiscal Year Ended April 30,
2024
2023
2024
2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis
$
51,611
$
47,502
$
178,560
$
180,458
Stock-based compensation expense (1)
8,828
5,972
35,320
23,637
Employer payroll tax expense related to employee stock-based compensation (2)
493
377
1,736
1,150
Gross profit on a non-GAAP basis
$
60,932
$
53,851
$
215,616
$
205,245
Gross margin on a GAAP basis
60
%
66
%
57
%
68
%
Gross margin on a non-GAAP basis
70
%
74
%
69
%
77
%
Reconciliation of GAAP loss from operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis
$
(82,307
)
$
(73,280
)
$
(318,342
)
$
(290,493
)
Stock-based compensation expense (1)
56,729
48,068
215,761
216,542
Employer payroll tax expense related to employee stock-based compensation (2)
2,173
1,669
7,720
5,877
Loss from operations on a non-GAAP basis
$
(23,405
)
$
(23,543
)
$
(94,861
)
$
(68,074
)
Reconciliation of GAAP net loss per share to non-GAAP net loss per share:
Net loss on a GAAP basis
$
(72,927
)
$
(64,956
)
$
(279,696
)
$
(268,839
)
Stock-based compensation expense (1)
56,729
48,068
215,761
216,542
Employer payroll tax expense related to employee stock-based compensation (2)
2,173
1,669
7,720
5,877
Net loss on a non-GAAP basis
$
(14,025
)
$
(15,219
)
$
(56,215
)
$
(46,420
)
GAAP net loss per share attributable to common stockholders, basic and diluted
$
(0.59
)
$
(0.58
)
$
(2.34
)
$
(2.45
)
Non-GAAP net loss per share attributable to common stockholders, basic and diluted
$
(0.11
)
$
(0.13
)
$
(0.47
)
$
(0.42
)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
122,676
112,746
119,362
109,851
(1)
Stock-based compensation expense for gross profit and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows:
Three Months Ended April 30,
Fiscal Year Ended April 30,
2024
2023
2024
2023
Cost of subscription
$
8,788
$
5,663
$
34,032
$
21,417
Cost of professional services
40
309
1,288
2,220
Sales and marketing
19,218
17,214
71,751
71,389
Research and development
19,561
17,449
72,036
90,217
General and administrative
9,122
7,433
36,654
31,299
Total stock-based compensation expense
$
56,729
$
48,068
$
215,761
$
216,542
(2)
Employer payroll tax expense related to employee stock-based compensation for gross profit and gross margin includes costs of subscription and cost of professional services as follows. Employer payroll tax expense related to employee stock-based compensation for loss from operations includes total employer payroll tax expense related to employee stock-based compensation as follows:
Three Months Ended April 30,
Fiscal Year Ended April 30,
2024
2023
2024
2023
Cost of subscription
$
490
$
357
$
1,673
$
1,003
Cost of professional services
3
20
63
147
Sales and marketing
642
604
2,606
1,767
Research and development
869
576
2,839
2,523
General and administrative
169
112
539
437
Total employer payroll tax expense
$
2,173
$
1,669
$
7,720
$
5,877
Reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities:
The following table below provides a reconciliation of free cash flow to the GAAP measure of net cash provided by (used in) operating activities for the periods presented:
Three Months Ended April 30,
Fiscal Year Ended April 30,
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$
21,343
$
27,054
$
(62,362
)
$
(115,691
)
Less:
Purchases of property and equipment
(2,538
)
(10,751
)
(25,256
)
(70,518
)
Capitalized software development costs
—
—
(2,750
)
(1,000
)
Free cash flow
$
18,805
$
16,303
$
(90,368
)
$
(187,209
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240529444896/en/
Investor Contact ir@c3.ai
C3 AI Public Relations Edelman Lisa Kennedy (415) 914-8336 pr@c3.ai
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