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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 | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.20% | 30.52 | 31.5142 | 30.37 | 30.83 | 927,938 | 14:58:09 |
Fourth Quarter Revenue of $52.3 million, increased 26% year over year
C3.ai, Inc. (NYSE: AI), the Enterprise AI application software company, today announced results for its fiscal fourth quarter and the full year ended April 30, 2021.
“We achieved strong business and financial results in the fourth quarter and full fiscal year, as we advance our leadership position as the enterprise AI application software pure play,” said CEO Thomas M. Siebel. “The enterprise AI software market is rapidly growing, and we see accelerating interest in enterprise AI solutions across industries, geographies, and market segments. We are aggressively investing to extend our product and technology leadership and to expand our market-partner ecosystem and associated distribution capacity. As we continue to execute on delivering high-value outcomes for customers, we are increasingly well-positioned to establish a global market leadership position in enterprise AI application software. Bottom line, performance was strong across the board and we are planning for accelerating growth in the coming year.”
Fourth Quarter Financial Highlights
Full Year Fiscal 2021 Financial Highlights
Recent Business Highlights
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
The following table summarizes our guidance for the first quarter of fiscal 2022 and full-year fiscal 2022:
(in millions)
First Quarter Fiscal 2022
Guidance
Full Year Fiscal 2022
Guidance
Total revenue
$50.0 - $52.0
$243.0 - $247.0
Non-GAAP loss from operations
($28.0) - ($35.0)
($107.0) - ($119.0)
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 Fiscal 2021 Financial Results Conference Call
When:
Wednesday, June 2, 2021
Time:
2:00 p.m. PT / 5:00 p.m. ET
Live Call:
(833) 900-2294, Domestic
(236) 714-2785, International
Conference ID: 5242869
Webcast:
https://event.on24.com/wcc/r/3080127/97E4F6577A3CC43864859BF7208EE9B6 (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
We report 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. All statements contained in this press release other than statements of historical facts, including our market leadership position, plans to license certain technologies, financial outlook, our business strategies, plans, and objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. 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. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2021, 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 a leading provider of enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.
Source: C3.ai, Inc.
C3.AI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended April 30,
Year Ended April 30,
2021
2020
2021
2020
Revenue
Subscription(1)
$
43,118
$
36,767
$
157,366
$
135,394
Professional services(2)
9,166
4,851
25,851
21,272
Total revenue
52,284
41,618
183,217
156,666
Cost of revenue
Subscription(3)
8,621
7,986
31,315
31,479
Professional services
3,091
1,523
13,204
7,308
Total cost of revenue
11,712
9,509
44,519
38,787
Gross profit
40,572
32,109
138,698
117,879
Operating expenses
Sales and marketing(4)
32,093
34,589
96,991
94,974
Research and development
20,711
17,426
68,856
64,548
General and administrative
11,676
10,313
33,109
29,854
Total operating expenses
64,480
62,328
198,956
189,376
Loss from operations
(23,908
)
(30,219
)
(60,258
)
(71,497
)
Interest income
258
1,136
1,255
4,251
Other (expense) income, net
(152
)
(1,254
)
4,011
(1,752
)
Net loss before provision for income taxes
(23,802
)
(30,337
)
(54,992
)
(68,998
)
Provision for income taxes
248
97
704
380
Net loss
$
(24,050
)
$
(30,434
)
$
(55,696
)
$
(69,378
)
Net loss attributable to Class A common shareholders, basic and diluted
$
(0.24
)
$
(0.82
)
$
(0.90
)
$
(1.94
)
Net loss attributable to Class A-1 common shareholders, basic and diluted
$
—
$
(0.82
)
$
(0.55
)
$
(1.94
)
Net loss attributable to Class B common shareholders, basic and diluted
$
(0.24
)
$
—
$
(0.35
)
$
—
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders, basic and diluted
97,328,701
30,369,014
56,677,947
29,133,157
Weighted-average shares used in computing net loss per share attributable to Class A-1 common stockholders, basic and diluted
—
6,666,665
6,666,665
6,666,665
Weighted-average shares used in computing net loss per share attributable to Class B common stockholders, basic and diluted
3,499,992
—
3,499,992
(1) Including related party revenue of $8,986, $9,865, $30,557 and $40,425 for the three months and year ended April 30, 2021 and 2020, respectively.
(2) Including related party revenue of $4,825, $82, $4,825 and $292 for the three months and year ended April 30, 2021 and 2020, respectively.
(3) Including related party cost of revenue of $56, nil, $56 and nil for the three months and year ended April 30, 2021 and 2020, respectively.
(4) Including related party sales and marketing expense of $44, nil, $44 and nil for the three months and year ended April 30, 2021 and 2020, respectively.
C3.AI, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
(unaudited)
As of April 30,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
115,355
$
33,104
Short-term investments
978,020
211,874
Accounts receivable, net of allowance of $812 and $755 as of April 30, 2021 and 2020, respectively(1)
65,460
30,827
Prepaid expenses and other current assets(2)
14,302
5,400
Total current assets
1,173,137
281,205
Property and equipment, net
6,133
8,723
Goodwill
625
625
Long-term investments
—
725
Other assets, non-current(3)
16,582
13,830
Total assets
$
1,196,477
$
305,108
Liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ equity (deficit)
Current liabilities
Accounts payable(4)
$
12,075
$
4,726
Accrued compensation and employee benefits
21,829
13,693
Deferred revenue, current(5)
72,263
53,537
Accrued and other current liabilities(6)
18,318
9,083
Total current liabilities
124,485
81,039
Deferred revenue, non-current
2,964
6,758
Other long-term liabilities(7)
7,853
6,001
Total liabilities
135,302
93,798
Commitments and contingencies
Redeemable convertible preferred stock, $0.001 par value. No shares and 233,107,379 shares authorized as of April 30, 2021 and 2020, respectively; no shares and 37,128,768 shares issued and outstanding as of April 30, 2021 and 2020, respectively; Liquidation preference of $376,178 as of April 30, 2020
—
375,207
Redeemable convertible class A-1 common stock, $0.001 par value. No shares and 6,666,667 shares authorized as of April 30, 2021 and 2020, respectively; no shares and 6,666,665 shares issued and outstanding as of April 30, 2021 and 2020, respectively; Liquidation preference of $18,800 as of April 30, 2020
—
18,800
Stockholders’ equity (deficit)
Class A common stock, $0.001 par value. 1,000,000,000 and 390,000,000 shares authorized as of April 30, 2021 and 2020, respectively; 98,494,729 and 31,210,159 shares issued and outstanding as of April 30, 2021 and 2020 respectively
99
31
Class B common stock, $0.001 par value; 3,500,000 and 21,000,000 shares authorized as of April 30, 2021 and 2020, respectively; 3,499,992 and no shares issued and outstanding as of April 30, 2021 and 2020, respectively
3
—
Additional paid-in capital
1,410,325
110,485
Accumulated other comprehensive income
81
424
Accumulated deficit
(349,333
)
(293,637
)
Total stockholders’ equity (deficit)
1,061,175
(182,697
)
Total liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ equity (deficit)
$
1,196,477
$
305,108
(1) Including amounts from a related party of $15,180 and $250 as of April 30, 2021 and 2020, respectively.
(2) Including amounts from a related party of $1,662 and nil as of April 30, 2021 and 2020, respectively.
(3) Including amounts from a related party of $6,602 and nil as of April 30, 2021 and 2020, respectively.
(4) Including amounts from a related party of $56 and nil as of April 30, 2021 and 2020, respectively.
(5) Including amounts from a related party of $7,697 and $1,499 as of April 30, 2021 and 2020, respectively.
(6) Including amounts from a related party of $3,413 and nil as of April 30, 2021 and 2020, respectively.
(7) Including amounts from a related party of $4,895 and nil as of April 30, 2021 and 2020, respectively.
C3.AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Year Ended April 30,
2021
2020
Cash flows from operating activities:
Net loss
$
(55,696)
$
(69,378)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
4,297
1,302
Non-cash operating lease costs
3,315
3,052
Stock-based compensation
21,740
8,310
Impairment on investment
—
1,025
Other
(180)
(657)
Changes in operating assets and liabilities
Accounts receivable(1)
(34,690)
32,659
Prepaid expenses, other current assets and other assets(2)
(14,855)
(4,265)
Accounts payable(3)
7,450
(1,219)
Accrued compensation and employee benefits
8,135
651
Operating lease liabilities
(3,551)
(3,174)
Other liabilities(4)
11,549
1,343
Deferred revenue(5)
14,933
(30,930)
Net cash used in operating activities
(37,553)
(61,281)
Cash flows from investing activities:
Purchases of property and equipment
(1,628)
(2,298)
Capitalized software development costs
—
(581)
Proceeds from sale of non-marketable equity security
725
—
Purchases of investments
(1,152,142)
(219,853)
Maturities and sales of investments
385,893
98,659
Net cash used in investing activities
(767,152)
(124,073)
Cash flows from financing activities:
Proceeds from initial public offering and private placements, net of underwriting discounts
851,859
—
Proceeds from repayment of shareholder loan
26,003
—
Proceeds from issuance of Series G, net of issuance costs
—
25,333
Proceeds from issuance of Series H, net of issuance costs
—
49,836
Repurchase of common stock and options in tender offer
—
(3,548)
Payment of deferred offering costs
(7,179)
—
Proceeds from issuance of common stock
—
44,027
Proceeds from exercise of Class A common stock options
16,673
4,203
Net cash provided by financing activities
887,356
119,851
Net increase (decrease) in cash, cash equivalents and restricted cash
82,651
(65,503)
Cash, cash equivalents and restricted cash at beginning of period
33,604
99,107
Cash, cash equivalents and restricted cash at end of period
$
116,255
$
33,604
Cash and cash equivalents
$
115,355
$
33,104
Restricted cash included in other assets
900
500
Total cash, cash equivalents and restricted cash
$
116,255
$
33,604
Supplemental disclosure of cash flow information—cash paid for income taxes
$
550
$
660
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities
$
212
$
417
Deferred offering costs included in accounts payable and accrued liabilities
$
105
$
—
Vesting of early exercised stock options
$
2,869
$
655
(1) Including changes in related party balances of $(14,930) and $19,750 for the year ended April 30, 2021 and 2020, respectively.
(2) Including changes in related party balances of $8,264 and nil for the year ended April 30, 2021 and 2020, respectively.
(3) Including changes in related party balances of $56 and nil for the year ended April 30, 2021 and 2020, respectively.
(4) Including changes in related party balances of $8,308 and nil for the year ended April 30, 2021 and 2020, respectively.
(5) Including changes in related party balances of $6,198 and $(18,445) for the year ended April 30, 2021 and 2020, respectively.
C3.AI, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages)
(unaudited)
Three Months Ended April 30,
Year Ended April 30,
2021
2020
2021
2020
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis
$
40,572
$
32,109
$
138,698
$
117,879
Stock-based compensation expense (1)
347
153
1,205
492
Employer payroll tax expense related to employee stock-based compensation (2)
33
—
33
—
Gross profit on a non-GAAP basis
$
40,952
$
32,262
$
139,936
$
118,371
Gross margin on a GAAP basis
78
%
77
%
76
%
75
%
Gross margin on a non-GAAP basis
78
%
78
%
76
%
76
%
Reconciliation of GAAP loss from operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis
$
(23,908
)
$
(30,219
)
$
(60,258
)
$
(71,497
)
Stock-based compensation expense (1)
7,470
2,886
21,740
8,310
Employer payroll tax expense related to employee stock-based compensation (2)
995
—
995
—
Loss from operations on a non-GAAP basis
$
(15,443
)
$
(27,333
)
$
(37,523
)
$
(63,187
)
(1)Stock-based compensation expense for gross profits 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,
Year Ended April 30,
2021
2020
2021
2020
Cost of subscription
$
271
$
124
$
828
$
370
Cost of professional services
76
29
377
122
Sales and marketing
3,245
1,180
9,080
3,074
Research and development
997
313
2,949
1,223
General and administrative
2,881
1,240
8,506
3,521
Total stock-based compensation expense
$
7,470
$
2,886
$
21,740
$
8,310
(2)
Employer payroll tax expense related to employee stock-based compensation were immaterial and as such were excluded in periods prior to January 31, 2021. Employer payroll tax expense to employee stock-based compensation for gross profits, gross margin and loss from operations includes employer payroll tax expense to employee stock-based compensation as follows:
Three Months Ended April 30,
Year Ended April 30,
2021
2020
2021
2020
Cost of subscription
$
30
$
—
$
30
$
—
Cost of professional services
3
—
3
—
Sales and marketing
338
—
338
—
Research and development
353
—
353
—
General and administrative
271
—
271
—
Total employer payroll tax expense
$
995
$
—
$
995
$
—
Reconciliation of remaining performance obligations (“RPO”) to Non-GAAP RPO:
The following table presents a reconciliation of RPO to Non-GAAP RPO:
As of April 30,
2021
2020
RPO
$
293,836
$
239,742
Cancellable amount of contract value
51,252
7,183
Non-GAAP RPO
$
345,088
$
246,925
View source version on businesswire.com: https://www.businesswire.com/news/home/20210602006040/en/
Investor Contact ir@c3.ai
Press Contact Lisa Kennedy (415) 914-8336 pr@c3.ai
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