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     342  0 Kommentare C3 AI Announces Third Quarter Fiscal 2021 Results

    C3.ai, Inc. (NYSE: AI), a leading provider of enterprise AI applications software today announced results for its fiscal third quarter ended January 31, 2021.

    “We continue to establish our leadership as the only enterprise AI software pure play," said CEO Thomas M. Siebel. “This is a large and rapidly growing market; we continue to innovate; we continue to expand our market-partner ecosystem and associated distribution capacity; and we continue to demonstrate technology leadership. I believe that we are increasingly well-positioned to establish a global market leadership position in enterprise AI software.”

    Third Quarter Financial Highlights

    • Revenue: Total revenue for the quarter was $49.1 million, up from $41.3 million one year ago, an increase of 19% year over year.
    • Subscription revenue: Subscription revenue for the quarter was $42.7 million, up from $34.6 million one year ago, an increase of 23% year over year. Subscription revenue increased to 87% of total revenue, up from 84% of total revenue one year ago.
    • Professional Services revenue: Professional Services revenue for the quarter was $6.4 million compared to $6.7 million one year ago, a 4% decrease. Year over year, professional services revenue decreased from 16% to 13% of total revenue.
    • Gross Margin and non-GAAP Gross Margin: Gross margin for the quarter was $36.9 million, or 75%, compared to $30.4 million, or 74% one year ago, an increase of 22% year over year. Non-GAAP gross margin was $37.3 million, or 76%, an increase from $30.5 million, or 74% one year ago, an increase of 22% year over year.
    • Loss from Operations and Non-GAAP Loss from Operations: Loss from operations for the quarter was $18.5 million, compared to $10.4 million one year ago. Non-GAAP operating loss for the third quarter was $11.9 million, compared to $8.4 million one year ago.

    Recent Business Highlights

    • The C3 AI Digital Transformation footprint in Oil & Gas, Manufacturing, Financial Services, Aerospace, Utilities, and Energy Sustainability continues to expand with new enterprise production deployments at Shell, the US Air Force, US Army, New York Power Authority, ConEd, Bank of America, and Johnson Controls.
    • C3 AI significantly expanded its market-partner ecosystem to broaden its distribution and service network globally. In addition to expanding its market partnership activities with Microsoft, Baker Hughes, and ENGIE, C3 AI extended our relationship with Raytheon to serve the defense and intelligence communities; with FIS, a global financial services software company, to serve the banking and financial services industries; and with Infor to serve the global ERP market.
    • C3 AI demonstrated continued product leadership in enterprise AI. In the third quarter, the company released C3 AI v7.17, offering significant functional enhancements, performance improvements, and a new Integrated Development Suite (IDS) to accelerate AI application development. In partnership with Microsoft and Adobe, C3 AI announced the availability of C3 AI CRM, a family of industry-specific AI-enabled CRM applications. In addition, C3 AI released C3 AI Ex Machina, a mass-market, cloud-native, low-code/no-code application that enables the democratization of data science.
    • The US Patent Office awarded C3 AI an important patent titled, “Systems, methods, and devices for an enterprise AI application development platform” (No.10,817,530). This patent secures the fundamental concepts of applying a model-driven software architecture for enterprise AI applications as C3 AI intellectual property.
    • C3 AI expanded its investments and market penetration in the increasingly critical climate and energy sustainability market. In partnership with Shell, Microsoft, and Baker Hughes, C3 AI formed the Open Energy AI Initiative, an open marketplace for C3 AI energy applications. C3 AI increased its investment in the C3.ai Digital Transformation Institute (DTI), funding seminal AI COVID research and issuing a new call for papers to fund innovative research in applying AI and digital transformation to energy and climate security.
    • C3 AI expanded the company’s leadership with the addition of Jim Snabe, former co-CEO of SAP, to its Board of Directors. In addition, C3 AI enhanced its global advisory board with the additions of Sajid Javid, Member of Parliament and former Home Secretary and former Chancellor of the Exchequer in the UK; former U.S. Assistant Secretary of the Navy, Admiral Dennis McGinn; former Deputy Director of the NSA, Rick Ledgett; former President of SAP, Franck Cohen and former President and COO of Alteryx, George Mathew.

    Financial Outlook:

    Our guidance includes GAAP and non-GAAP financial measures.

    The following table summarizes our guidance for the fourth quarter of fiscal 2021 and full-year fiscal 2021:

     

    (in millions)

    Fourth Quarter Fiscal 2021

    Guidance

     

    Full Year Fiscal 2021

    Guidance

    Total revenue

    $50.0 - $51.0

     

    $180.9 - $181.9

    Non-GAAP loss from operations

    ($28.0) - ($27.0)

     

    ($50.1) - ($49.1)

    Historically, the difference between GAAP and non-GAAP measures has been limited to stock-based compensation expense. Beginning with guidance for the fourth quarter of fiscal 2021 and full-year fiscal 2021, and in future periods, the difference between GAAP and non-GAAP measures will include stock-based compensation and employer payroll tax expense related to employee stock-based compensation.

    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 Third Quarter Fiscal 2021 Financial Results Conference Call

    When:

    Monday, March 1, 2021

    Time:

    2:00 p.m. PT / 5:00 p.m. ET

    Live Call:

    (833) 979-2768, Domestic

     

    (236) 714-2883, International

     

    Conference ID: 4668908

    Webcast:

    https://event.on24.com/wcc/r/3015157/885F1E2FD850F2DBC977CC64443C1836 (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.

    • Non-GAAP gross profit, non-GAAP gross margin, and non-GAAP loss from operations. Our non-GAAP gross profit, non-GAAP gross margin, and non-GAAP loss from operations measures exclude the effect of stock-based compensation expense-related charges. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

    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 results.

    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 (the “SEC”), including our final prospectus filed on December 9, 2020, 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.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (unaudited)

     

     

    Three Months Ended January 31,

     

    Nine Months Ended January 31,

     

    2021

     

    2020

     

    2021

     

    2020

    Revenue

     

     

     

     

     

     

     

    Subscription(1)

    $

    42,699

     

     

    $

    34,629

     

     

    $

    114,248

     

     

    $

    98,627

     

    Professional services(2)

     

    6,410

     

     

     

    6,654

     

     

     

    16,685

     

     

     

    16,421

     

    Total revenue

     

    49,109

     

     

     

    41,283

     

     

     

    130,933

     

     

     

    115,048

     

    Cost of revenue

     

     

     

     

     

     

     

    Subscription

     

    7,023

     

     

     

    8,862

     

     

     

    22,694

     

     

     

    23,493

     

    Professional services

     

    5,203

     

     

     

    2,069

     

     

     

    10,113

     

     

     

    5,785

     

    Total cost of revenue

     

    12,226

     

     

     

    10,931

     

     

     

    32,807

     

     

     

    29,278

     

    Gross profit

     

    36,883

     

     

     

    30,352

     

     

     

    98,126

     

     

     

    85,770

     

    Operating expenses

     

     

     

     

     

     

     

    Sales and marketing

     

    28,450

     

     

     

    23,162

     

     

     

    64,898

     

     

     

    60,385

     

    Research and development

     

    18,748

     

     

     

    12,331

     

     

     

    48,145

     

     

     

    47,122

     

    General and administrative

     

    8,184

     

     

     

    5,291

     

     

     

    21,433

     

     

     

    19,541

     

    Total operating expenses

     

    55,382

     

     

     

    40,784

     

     

     

    134,476

     

     

     

    127,048

     

    Loss from operations

     

    (18,499

    )

     

     

    (10,432

    )

     

     

    (36,350

    )

     

     

    (41,278

    )

    Interest income

     

    129

     

     

     

    1,136

     

     

     

    997

     

     

     

    3,115

     

    Other (expense) income, net

     

    1,721

     

     

     

    (402

    )

     

     

    4,163

     

     

     

    (498

    )

    Net loss before provision for income taxes

     

    (16,649

    )

     

     

    (9,698

    )

     

     

    (31,190

    )

     

     

    (38,661

    )

    Provision for income taxes

     

    203

     

     

     

    98

     

     

     

    456

     

     

     

    283

     

    Net loss

    $

    (16,852

    )

     

    $

    (9,796

    )

     

    $

    (31,646

    )

     

    $

    (38,944

    )

    Net loss attributable to Class A common shareholders, basic and diluted

    $

    (0.23

    )

     

    $

    (0.27

    )

     

    $

    (0.64

    )

     

    $

    (1.11

    )

    Net loss attributable to Class A-1 common shareholders, basic and diluted

    $

    (0.10

    )

     

    $

    (0.27

    )

     

    $

    (0.52

    )

     

    $

    (1.11

    )

    Net loss attributable to Class B common shareholders, basic and diluted

    $

    (0.13

    )

     

    $

     

     

    $

    (0.12

    )

     

    $

     

    Weighted-average shares used in computing net loss per share attributable to Class A common stockholders, basic and diluted

     

    68,648,229

     

     

     

    30,132,463

     

     

     

    43,480,533

     

     

     

    28,478,395

     

    Weighted-average shares used in computing net loss per share attributable to Class A-1 common stockholders, basic and diluted

     

    6,666,665

     

     

     

    6,666,666

     

     

     

    6,666,665

     

     

     

    6,666,666

     

    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 $7,951, $9,865, $21,571 and $30,560 for the three and nine months ended January 31, 2021 and 2020, respectively.

    (2) Including related party revenue of $0, $112, $0 and $210 for the three and nine months ended January 31, 2021 and 2020, respectively.

    C3.AI, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except for share and per share data)

    (unaudited)

     

     

    January 31,

     

    April 30,

     

    2021

     

    2020

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    960,122

     

     

    $

    33,104

     

    Short-term investments

     

    162,880

     

     

     

    211,874

     

    Accounts receivable, net of allowance of $762 and $755 as of January 31, 2021 and April 30, 2020, respectively(1)

     

    30,231

     

     

     

    30,827

     

    Prepaid expenses and other current assets

     

    13,503

     

     

     

    5,400

     

    Total current assets

     

    1,166,736

     

     

     

    281,205

     

    Property and equipment, net

     

    6,844

     

     

     

    8,723

     

    Goodwill

     

    625

     

     

     

    625

     

    Long-term investments

     

     

     

     

    725

     

    Other assets, non-current

     

    10,369

     

     

     

    13,830

     

    Total assets

    $

    1,184,574

     

     

    $

    305,108

     

    Liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ (deficit) equity

     

     

     

    Current liabilities

     

     

     

    Accounts payable

    $

    12,608

     

     

    $

    4,726

     

    Accrued compensation and employee benefits

     

    17,996

     

     

     

    13,693

     

    Deferred revenue, current(2)

     

    59,950

     

     

     

    53,537

     

    Accrued and other current liabilities

     

    13,544

     

     

     

    9,083

     

    Total current liabilities

     

    104,098

     

     

     

    81,039

     

    Deferred revenue, non-current

     

    2,360

     

     

     

    6,758

     

    Other long-term liabilities

     

    4,004

     

     

     

    6,001

     

    Total liabilities

     

    110,462

     

     

     

    93,798

     

    Commitments and contingencies

     

     

     

    Redeemable convertible preferred stock, $0.001 par value. No shares and 233,107,379 shares authorized as of January 31, 2021 and April 30, 2020, respectively; no shares and 37,128,768 shares issued and outstanding as of January 31, 2021 and April 30, 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 January 31, 2021 and April 30, 2020, respectively; no shares and 6,666,665 shares issued and outstanding as of January 31, 2021 and April 30, 2020, respectively; Liquidation preference of $18,800 as of April 30, 2020

     

     

     

     

    18,800

     

    Stockholders’ (deficit) equity

     

     

     

    Class A common stock, $0.001 par value. 1,000,000,000 and 390,000,000 shares authorized as of January 31, 2021 and April 30, 2020, respectively; 97,431,675 and 31,210,159 shares issued and outstanding as of January 31, 2021 and April 30, 2020 respectively

     

    98

     

     

     

    31

     

    Class B common stock, $0.001 par value; 3,500,000 and 21,000,000 shares authorized as of January 31, 2021 and April 30, 2020, respectively; 3,499,992 and no shares issued and outstanding as of January 31, 2021 and April 30, 2020, respectively

     

    3

     

     

     

     

    Additional paid-in capital

     

    1,399,281

     

     

     

    110,485

     

    Accumulated other comprehensive income

     

    13

     

     

     

    424

     

    Accumulated deficit

     

    (325,283

    )

     

     

    (293,637

    )

    Total stockholders’ (deficit) equity

     

    1,074,112

     

     

     

    (182,697

    )

    Total liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ (deficit) equity

    $

    1,184,574

     

     

    $

    305,108

     

     

    (1) Including amounts from a related party of $1,030 and $250 as of January 31, 2021 and April 30, 2020, respectively.

    (2) Including amounts from a related party of $9,358 and $1,499 as of January 31, 2021 and April 30, 2020, respectively.

    C3.AI, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (unaudited)

     

     

    Nine Months Ended January 31,

     

    2021

     

    2020

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (31,646

    )

     

    $

    (38,944

    )

    Adjustments to reconcile net loss to net cash used in operating activities

     

     

     

    Depreciation and amortization

     

    3,189

     

     

     

    566

     

    Non-cash operating lease cost

     

    2,474

     

     

     

    2,267

     

    Stock-based compensation expense

     

    14,270

     

     

     

    5,424

     

    Other

     

    (115

    )

     

     

    (324

    )

    Changes in operating assets and liabilities

     

     

     

    Accounts receivable(1)

     

    588

     

     

     

    33,744

     

    Prepaid expenses, other current assets and other assets

     

    (6,931

    )

     

     

    (6,928

    )

    Accounts payable

     

    7,447

     

     

     

    (917

    )

    Accrued compensation and employee benefits

     

    4,303

     

     

     

    1,081

     

    Lease liability

     

    (2,636

    )

     

     

    (2,344

    )

    Other liabilities

     

    1,213

     

     

     

    (397

    )

    Deferred revenue(2)

     

    2,016

     

     

     

    (20,335

    )

    Net cash used in operating activities

     

    (5,828

    )

     

     

    (27,107

    )

    Cash flows from investing activities:

     

     

     

    Purchase of property and equipment

     

    (1,166

    )

     

     

    (1,629

    )

    Capitalized software development costs

     

     

     

     

    (581

    )

    Proceeds from sale of non-marketable equity security

     

    725

     

     

     

     

    Purchase of investments

     

    (232,287

    )

     

     

    (197,067

    )

    Maturity and sale of investments

     

    280,997

     

     

     

    58,625

     

    Net cash provided by (used in) investing activities

     

    48,269

     

     

     

    (140,652

    )

    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

     

    (6,710

    )

     

     

     

    Proceeds from issuance of common stock

     

     

     

     

    44,028

     

    Proceeds from exercise of Class A common stock options

     

    13,825

     

     

     

    3,846

     

    Net cash provided by financing activities

     

    884,977

     

     

     

    119,495

     

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

    927,418

     

     

     

    (48,264

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    33,604

     

     

     

    99,107

     

    Cash, cash equivalents and restricted cash at end of period

    $

    961,022

     

     

    $

    50,843

     

    Cash and cash equivalents

    $

    960,122

     

     

    $

    50,343

     

    Restricted cash included in other assets

     

    900

     

     

     

    500

     

    Total cash, cash equivalents and restricted cash

    $

    961,022

     

     

    $

    50,843

     

    Supplemental disclosures of cash flow information—cash paid for income taxes

    $

    435

     

     

    $

    541

     

    Supplemental disclosure of non-cash investing and financing activities:

     

     

     

    Purchases of property and equipment included in accounts payable and accrued liabilities

    $

    349

     

     

    $

     

    Deferred offering costs included in accounts payable and accrued liabilities

    $

    503

     

     

    $

     

    Vesting of early exercised stock options

    $

    2,073

     

     

    $

    427

     

     

    (1) Including changes in related party balances of $(780) and $19,826 for the nine months ended January 31, 2021 and 2020, respectively.

    (2) Including changes in related party balances of $7,859 and $(8,596) for the nine months ended January 31, 2021 and 2020, respectively.

    C3.AI, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (In thousands, except percentages)

    (unaudited)

     

     

    Three Months Ended January 31,

     

    Nine Months Ended January 31,

     

    2021

     

    2020

     

    2021

     

    2020

    Gross profit on a GAAP basis

    $

    36,883

     

     

    $

    30,352

     

     

    $

    98,126

     

     

    $

    85,770

     

    Stock-based compensation expense(1)

     

    378

     

     

     

    134

     

     

     

    858

     

     

     

    339

     

    Gross profit on a NON-GAAP basis

    $

    37,261

     

     

    $

    30,486

     

     

    $

    98,984

     

     

    $

    86,109

     

     

     

     

     

     

     

     

     

    Gross margin on a GAAP basis

     

    75

    %

     

     

    74

    %

     

     

    75

    %

     

     

    75

    %

    Gross margin on a NON-GAAP basis

     

    76

    %

     

     

    74

    %

     

     

    76

    %

     

     

    75

    %

     

     

     

     

     

     

     

     

    Loss from operations on a GAAP basis

    $

    (18,499

    )

     

    $

    (10,432

    )

     

    $

    (36,350

    )

     

    $

    (41,278

    )

    Stock-based compensation expense(1)

     

    6,589

     

     

     

    2,061

     

     

     

    14,270

     

     

     

    5,424

     

    Loss from operations on a NON-GAAP basis

    $

    (11,910

    )

     

    $

    (8,371

    )

     

    $

    (22,080

    )

     

    $

    (35,854

    )

     

     

     

     

     

     

     

    (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 January 31,

     

    Nine Months Ended January 31,

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

    Cost of subscription

    $

    214

     

     

    $

    104

     

     

    $

    557

     

     

    $

    246

     

    Cost of professional services

     

    164

     

     

     

    30

     

     

     

    301

     

     

     

    93

     

    Sales and marketing

     

    2,790

     

     

     

    613

     

     

     

    5,835

     

     

     

    1,894

     

    Research and development

     

    846

     

     

     

    308

     

     

     

    1,952

     

     

     

    910

     

    General and administrative

     

    2,575

     

     

     

    1,006

     

     

     

    5,625

     

     

     

    2,281

     

    Total stock-based compensation expense

    $

    6,589

     

     

    $

    2,061

     

     

    $

    14,270

     

     

    $

    5,424

     

     



    Business Wire (engl.)
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    C3 AI Announces Third Quarter Fiscal 2021 Results C3.ai, Inc. (NYSE: AI), a leading provider of enterprise AI applications software today announced results for its fiscal third quarter ended January 31, 2021. “We continue to establish our leadership as the only enterprise AI software pure play," …

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