Fiscal Year 2022 Revenue Growth of 38% year
over year to $252.8 million
C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the
Enterprise AI application software company, today announced
financial results for its fourth quarter and full fiscal year ended
April 30, 2022.
“Our fourth quarter results showed continued strength across the
business and came in ahead of expectations, with revenue growing
38% year over year,” said CEO Thomas M. Siebel. “Our full fiscal
year was equally strong. Revenue increased 38% to $252.8 million
compared with fiscal 2021. Importantly, we continued to diversify
our customer base throughout the fiscal year, with notable
expansion in defense, intelligence, utilities, agriculture,
chemicals, aerospace, and manufacturing.”
Mr. Siebel added, “Our strong fiscal 2022 performance further
strengthens our position as a global leader in the Enterprise AI
market and sets the stage for growth in fiscal 2023.”
Fourth Quarter Fiscal 2022 Financial Highlights
- Revenue: Total revenue for the quarter was $72.3
million, an increase of 38% compared to $52.3 million one year
ago.
- Subscription Revenue: Subscription revenue for the
quarter was $56.3 million, an increase of 31% compared to $43.1
million one year ago.
- Gross Profit: GAAP gross profit for the quarter was
$55.0 million, representing a 76% gross margin, compared to $40.6
million, an increase of 35% one year ago. Non-GAAP gross profit for
the quarter was $58.5 million, representing an 81% gross margin,
compared to $41.0 million, an increase of 43% one year ago.
- Remaining Performance Obligations (“RPO”): GAAP RPO
increased by 62% to $477.4 million, up from $293.8 million one year
ago. Significantly, our GAAP RPO increased to 165% of Q4 annualized
sales. Non-GAAP RPO increased by 50% to $516.8 million, up from
$345.1 million one year ago.
- Net Loss per Share: GAAP net loss per share was $(0.55),
compared to $(0.24) one year ago. Non-GAAP net loss per share was
$(0.21), compared to $(0.15) one year ago.
- Free Cash Flow: Free Cash Flow for Q4 was $(14.8)
million, a 54% improvement from $(32.2) million one year ago.
- Cash Reserves: With $992.2 million in cash, cash
equivalents, and investments, we believe C3 AI is well positioned
to sustain equity market turbulence and to continue to invest in
growth through Enterprise AI innovation and sales expansion.
Full Year Fiscal 2022 Financial Highlights
- Revenue: Total revenue for the fiscal year was $252.8
million, an increase of 38% compared to $183.2 million one year
ago. Revenue growth accelerated to 38%, compared to a 17% growth
one year ago.
- Subscription Revenue: Subscription revenue for the
fiscal year was $206.9 million, an increase of 31% compared to
$157.4 million one year ago.
- Gross Profit: GAAP gross profit for the fiscal year was
$189.0 million, representing a 75% gross margin, compared to $138.7
million one year ago. Non-GAAP gross profit for the fiscal year was
$200.5 million, representing a 79% gross margin, compared to $139.9
million one year ago.
- Net Loss per Share: GAAP net loss per share was $(1.84),
compared to $(0.83) one year ago. Non-GAAP net loss per share was
$(0.73), compared to $(0.49) one year ago.
- Customer Count: Customer count grew to 223 from 151, a
48% increase year over year.
Select Customer Wins
- The U.S. Department of Defense (“DoD”) awarded C3 AI the
first two orders from its five-year, $500 million transaction
agreement signed in December 2021. The agreement accelerates the
ability for any DoD agency to acquire C3 AI Products and
Services.
- The C3 AI Application Platform was selected by the U.S.
Defense Counterintelligence and Security Agency (“DCSA”) to
enable next-generation AI applications to accelerate DCSA’s initial
awards and ongoing maintenance of security clearances, helping to
maintain a stable inventory of background investigations critical
to U.S. national security.
- Raytheon Technologies selected C3 AI to enhance its
Multi-Spectral Targeting System, using applications including C3 AI
Process Optimization, C3 AI Supply Network Risk, and C3 AI
Inventory Optimization.
- San Mateo County Sheriff’s Office signed a multi-year
agreement to deploy C3 AI Intelligence Analysis, a crime data
aggregation and analysis application that delivers near real-time
insights to improve the efficiency of investigations and the safety
of personnel in the field.
- C3 AI and Google Cloud continue to make
significant progress collaborating, and in Q4 added customers
including 1-800-FLOWERS, United Parcel Service, Tyson Foods,
and Canadian bank ATB Financial.
Select Customer Expansions
- Koch Industries, one of the largest private companies in
America, renewed and expanded its contract with C3 AI as it scales
Enterprise AI solutions across its diverse group of companies over
the next five years.
- Cargill, a global food company, expanded its use of C3
AI to include demand forecasting and supply network risk, in
addition to the C3 AI Supply Chain Suite of applications.
- One Medical, a membership-based primary care practice,
is using C3 AI Ex Machina, our no-code solution, to automate tasks
such as insurance validation.
- Petronas, a global energy company, expanded its
relationship with Baker Hughes and C3 AI, establishing a dedicated
AI Center of Excellence in Kuala Lumpur to scale deployment of the
BHC3 Reliability Application.
Partnerships
- Google launched two supply chain solutions supported by
C3 AI, among others. The solutions combine Google’s Vertex AI
forecasting, Cortex data acceleration, and Google's breadth of
real-time data – such as news, search trends, weather, and
transportation routes – with C3 AI Supply Chain to improve on-time
customer delivery through better demand forecasting, optimized
inventory and production, and supplier lead time visibility.
- C3 AI formed new partnerships with PwC, EY, and
Accenture.
- ENGIE, our energy-services partner, continues to expand
its use of ESG Applications on top of the C3 AI Application
Platform.
- FIS continues to expand, deliver, and sell AI/Machine
Learning (ML) and smart-lending solutions built on the C3 AI
Application Platform.
Other Corporate Highlights
- Significant Momentum in Federal:
- C3 AI appointed Martin F. Klein to the C3 AI executive team to
oversee our defense and intelligence operations. Mr. Klein most
recently served as the Chief Operating Officer of the DoD’s Joint
Artificial Intelligence Center (“JAIC”).
- FedRAMP Ready Status: The C3 AI Application Platform was
designated FedRAMP Ready by the Federal Risk and
Authorization Management Program (“FedRAMP”). FedRAMP is a U.S.
government-wide program that provides a standardized approach to
cloud security. C3 AI's FedRAMP Ready makes it easier and faster
for government agencies to approve and implement the C3 AI
Application Platform.
- Authority to Operate (“ATO”) from USAF: The United
States Air Force (“USAF”) Rapid Sustainment Office (“RSO”) expanded
its agreement with C3 AI, and USAF granted RSO Condition Based
Maintenance Plus program with a continuous Authority to Operate
(ATO). This allows the RSO and C3 AI to analyze and make
predictions on controlled unclassified information. The RSO
currently uses the C3 AI Predictive Analytics and
Decision Assistant (“PANDA”) application, to optimize fleet
maintenance, increase aircraft availability, and minimize aircraft
downtime.
- Continued Market Expansion
- Bookings from the rapidly expanding Oil and Gas market segment
grew 95% year over year. Bookings from the non-Oil and Gas
segments—including primarily utilities, banking, manufacturing,
agriculture, defense, aerospace, energy efficiency, ESG, etc. –
grew 116% year over year.
- Significant Product Enhancements: C3 AI announced the
general availability of C3 AI Version 8 to dramatically accelerate
the development of large-scale AI applications. Version 8 is a
complete re-architecture of the C3 AI Application Suite and
its prebuilt AI applications, enabling dramatic performance
improvements and a seamless development experience from data
engineering and transformations to AI/ML model and application
prototyping.
- Turnkey Enterprise AI Applications: As of Q4 FY22, we
have 42 turnkey Enterprise AI applications to meet the predictive
analytics needs of the manufacturing, utilities, aerospace,
defense, intelligence, banking, agriculture, consulting, medical
products, oil and gas, energy efficiency, and chemical industries
in addition to state and local government.
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
The following table summarizes C3 AI’s guidance for the first
quarter and full year fiscal 2023:
(in millions)
First Quarter Fiscal
2023
Guidance
Full Year Fiscal 2023
Guidance
Total revenue
$65.0 - $67.0
$308.0 - $316.0
Non-GAAP loss from operations
($23.0) - ($28.0)
($76.0) - ($86.0)
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 2022 Financial
Results Conference Call
When:
Wednesday, June 1, 2022
Time:
2:00 p.m. PT / 5:00 p.m. ET
Live Call:
(833) 927-1758, Domestic
(929) 526-1599, International
Conference ID: 264081
Webcast:
https://event.on24.com/wcc/r/3730607/D13DD6C4EEAEA3313B62797B0BB451E0
(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, non-GAAP loss
from operations, and non-GAAP net loss per share. Our non-GAAP
gross profit, non-GAAP gross margin, non-GAAP loss from operations,
and non-GAAP net loss per share exclude the effect of stock-based
compensation expense-related charges and employer payroll tax
expense related to employee stock-based compensation. 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.
- Non-GAAP RPO: Non-GAAP RPO represents our GAAP RPO plus
the associated cancellable contracted backlog. We believe the
presentation of our RPO inclusive of the cancellable backlog
provides useful supplemental information to investors about our
aggregate contractual backlog 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 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, anticipated benefits from our partnerships and
investments, GAAP and non-GAAP estimates for the first quarter and
fiscal year ending April 30, 2023, 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 Reports on Form 10-Q for the fiscal quarter
ended January 31, 2022, 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, 2022, 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 Application 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.
C3.AI, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share data)
(Unaudited)
Three Months Ended April
30,
Year Ended April 30,
2022
2021
2022
2021
Revenue
Subscription(1)
$
56,302
$
43,118
$
206,916
$
157,366
Professional services(2)
16,015
9,166
45,843
25,851
Total revenue
72,317
52,284
252,759
183,217
Cost of revenue
Subscription(3)
12,958
8,621
45,838
31,315
Professional services
4,405
3,091
17,875
13,204
Total cost of revenue
17,363
11,712
63,713
44,519
Gross profit
54,954
40,572
189,046
138,698
Operating expenses
Sales and marketing(4)
47,450
32,093
173,584
96,991
Research and development
46,378
20,711
150,544
68,856
General and administrative
17,649
11,676
61,040
33,109
Total operating expenses
111,477
64,480
385,168
198,956
Loss from operations
(56,523
)
(23,908
)
(196,122
)
(60,258
)
Interest income
750
258
1,827
1,255
Other (expense) income, net
(2,452
)
(152
)
3,019
4,011
Net loss before provision for income
taxes
(58,225
)
(23,802
)
(191,276
)
(54,992
)
Provision for income taxes
195
248
789
704
Net loss
$
(58,420
)
$
(24,050
)
$
(192,065
)
$
(55,696
)
Net loss per share attributable to Class A
common shareholders, basic and diluted
$
(0.55
)
$
(0.24
)
$
(1.84
)
$
(0.90
)
Net loss per share attributable to Class
A-1 common shareholders, basic and diluted
$
—
$
—
$
—
$
(0.55
)
Net loss per share attributable to Class B
common shareholders, basic and diluted
$
(0.55
)
$
(0.24
)
$
(1.84
)
$
(0.35
)
Weighted-average shares used in computing
net loss per share attributable to Class A common stockholders,
basic and diluted
102,324
97,329
100,904
56,678
Weighted-average shares used in computing
net loss per share attributable to Class A-1 common stockholders,
basic and diluted
—
—
—
6,667
Weighted-average shares used in computing
net loss per share attributable to Class B common stockholders,
basic and diluted
3,500
3,500
3,500
3,500
(1)
Including related party revenue of $20,465
and $8,986 for the three months ended April 30, 2022 and 2021,
respectively, and $60,425 and $30,557 for the year ended April 30,
2022 and 2021, respectively.
(2)
Including related party revenue of $3,982
and $4,825 for the three months ended April 30, 2022 and 2021,
respectively, and $16,872 and $4,825 for the year ended April 30,
2022 and 2021, respectively.
(3)
Including related party cost of revenue of
$190 and $56 for the three months ended April 30, 2022 and 2021,
respectively, and $578 and $56 for the year ended April 30, 2022
and 2021, respectively.
(4)
Including related party sales and
marketing expense of $5,639 and $44 for the three months ended
April 30, 2022 and 2021, respectively, and $8,229 and $44 for the
year ended April 30, 2022 and 2021, respectively.
C3.AI, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except for
share and per share data)
(Unaudited)
April 30, 2022
April 30, 2021
Assets
Current assets
Cash and cash equivalents
$
339,528
$
115,355
Short-term investments
620,633
978,020
Accounts receivable, net of allowance of
$157 and $812 as of April 30, 2022 and 2021, respectively(1)
80,271
65,460
Prepaid expenses and other current
assets(2)
20,004
14,302
Total current assets
1,060,436
1,173,137
Property and equipment, net
14,517
6,133
Goodwill
625
625
Long-term investments
32,086
—
Other assets, non-current(3)
63,218
16,582
Total assets
$
1,170,882
$
1,196,477
Liabilities and stockholders’
equity
Current liabilities
Accounts payable(4)
$
54,218
$
12,075
Accrued compensation and employee
benefits
32,223
21,829
Deferred revenue, current(5)
48,854
72,263
Accrued and other current
liabilities(6)
14,874
18,318
Total current liabilities
150,169
124,485
Deferred revenue, non-current
288
2,964
Other long-term liabilities(7)
30,948
7,853
Total liabilities
181,405
135,302
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.001 par value.
1,000,000,000 shares authorized as of April 30, 2022 and 2021;
102,725,041 and 98,667,121 shares issued and outstanding as of
April 30, 2022 and 2021, respectively
103
99
Class B common stock, $0.001 par value;
3,500,000 shares authorized as of April 30, 2022 and 2021;
3,499,992 and 3,499,992 shares issued and outstanding as of April
30, 2022 and 2021, respectively
3
3
Additional paid-in capital
1,532,917
1,410,325
Accumulated other comprehensive (loss)
income
(2,148
)
81
Accumulated deficit
(541,398
)
(349,333
)
Total stockholders’ equity
989,477
1,061,175
Total liabilities and stockholders’
equity
$
1,170,882
$
1,196,477
(1)
Including amounts from a related party of
$35,848 and $15,180 as of April 30, 2022 and 2021,
respectively.
(2)
Including amounts from a related party of
$4,862 and $1,662 as of April 30, 2022 and 2021, respectively.
(3)
Including amounts from a related party of
$16,141 and $6,602 as of April 30, 2022 and 2021, respectively.
(4)
Including amounts from a related party of
$18,549 and $56 as of April 30, 2022 and 2021, respectively.
(5)
Including amounts from a related party of
$132 and $7,697 as of April 30, 2022 and 2021, respectively.
(6)
Including amounts from a related party of
$2,510 and $3,413 as of April 30, 2022 and 2021, respectively.
(7)
Including amounts from a related party of
$2,448 and $4,895 as of April 30, 2022 and 2021, respectively.
C3.AI, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Year Ended April 30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(192,065
)
$
(55,696
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
5,190
4,297
Non-cash operating lease cost
4,185
3,315
Stock-based compensation expense
113,441
21,740
Other
1,601
(180
)
Changes in operating assets and
liabilities
Accounts receivable(1)
(14,156
)
(34,690
)
Prepaid expenses, other current assets and
other assets(2)
(14,578
)
(14,855
)
Accounts payable(3)
34,481
7,450
Accrued compensation and employee
benefits
10,394
8,135
Operating lease liabilities
(3,266
)
(3,551
)
Other liabilities(4)
(5,604
)
11,549
Deferred revenue(5)
(26,085
)
14,933
Net cash used in operating activities
(86,462
)
(37,553
)
Cash flows from investing
activities:
Purchases of property and equipment
(3,791
)
(1,628
)
Capitalized software development costs
(500
)
—
Proceeds from sale of non-marketable
equity security
—
725
Purchases of investments
(796,487
)
(1,152,142
)
Maturities and sales of investments
1,117,793
385,893
Net cash provided by (used in) investing
activities
317,015
(767,152
)
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
Repurchase and retirement of Class A
common stock
(15,000
)
—
Payment of deferred offering costs
(105
)
(7,179
)
Proceeds from exercise of Class A common
stock options
20,816
16,673
Net cash provided by financing
activities
5,711
887,356
Net increase in cash, cash equivalents and
restricted cash
236,264
82,651
Cash, cash equivalents and restricted cash
at beginning of period
116,255
33,604
Cash, cash equivalents and restricted cash
at end of period
$
352,519
$
116,255
Cash and cash equivalents
$
339,528
$
115,355
Restricted cash included in other assets,
non-current
12,566
900
Restricted cash included in prepaid
expenses and other current assets
425
—
Total cash, cash equivalents and
restricted cash
$
352,519
$
116,255
Supplemental disclosure of cash flow
information—cash paid for income taxes
$
939
$
550
Supplemental disclosures of non-cash
investing and financing activities:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
9,261
$
212
Right-of-use assets obtained in exchange
for lease obligations
$
26,529
$
—
Right-of-use assets obtained in exchange
for lease obligations arising from lease modifications
$
1,572
$
—
Unpaid liabilities related to intangible
purchases
$
2,500
$
—
Receivable from exercise of stock options
included in prepaid expenses, other current assets and other
assets
$
29
$
—
Deferred offering costs included in
accounts payable and accrued liabilities
$
—
$
105
Vesting of early exercised stock
options
$
2,746
$
2,869
(1)
Including changes in related party
balances of $20,668 and $(14,930) for the year ended April 30, 2022
and 2021, respectively.
(2)
Including changes in related party
balances of $12,739 and $8,264 for the year ended April 30, 2022
and 2021, respectively.
(3)
Including changes in related party
balances of $18,493 and $56 for the year ended April 30, 2022 and
2021, respectively.
(4)
Including changes in related party
balances of $(3,350) and $8,308 for the year ended April 30, 2022
and 2021, respectively.
(5)
Including changes in related party
balances of $(7,565) and $6,198 for the year ended April 30, 2022
and 2021, 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,
2022
2021
2022
2021
Reconciliation of GAAP gross profit to
non-GAAP gross profit:
Gross profit on a GAAP basis
$
54,954
$
40,572
$
189,046
$
138,698
Stock-based compensation expense (1)
3,533
347
11,348
1,204
Employer payroll tax expense related to
employee stock-based compensation (2)
41
33
114
33
Gross profit on a non-GAAP basis
$
58,528
$
40,952
$
200,508
$
139,935
Gross margin on a GAAP basis
76
%
78
%
75
%
76
%
Gross margin on a non-GAAP basis
81
%
78
%
79
%
76
%
Reconciliation of GAAP loss from
operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis
$
(56,523
)
$
(23,908
)
$
(196,122
)
$
(60,258
)
Stock-based compensation expense (1)
35,628
7,470
113,441
21,740
Employer payroll tax expense related to
employee stock-based compensation (2)
178
995
1,972
995
Loss from operations on a non-GAAP
basis
$
(20,717
)
$
(15,443
)
$
(80,709
)
$
(37,523
)
Reconciliation of GAAP net loss per
share to non-GAAP net loss per share:
Net loss on a GAAP basis
$
(58,420
)
$
(24,050
)
$
(192,065
)
$
(55,696
)
Stock-based compensation expense (1)
35,628
7,470
113,441
21,740
Employer payroll tax expense related to
employee stock-based compensation (2)
178
995
1,972
995
Net loss on a non-GAAP basis
$
(22,614
)
$
(15,585
)
$
(76,652
)
$
(32,961
)
GAAP net loss per share attributable
common shareholders, basic and diluted
$
(0.55
)
$
(0.24
)
$
(1.84
)
$
(0.83
)
Non-GAAP net loss per share attributable
common shareholders, basic and diluted
$
(0.21
)
$
(0.15
)
$
(0.73
)
$
(0.49
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
105,824
100,829
104,404
66,845
(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,
2022
2021
2022
2021
Cost of subscription
$
2,814
$
271
$
8,638
$
828
Cost of professional services
719
76
2,710
376
Sales and marketing
11,804
3,245
40,344
9,080
Research and development
13,340
997
39,200
2,950
General and administrative
6,951
2,881
22,549
8,506
Total stock-based compensation expense
$
35,628
$
7,470
$
113,441
$
21,740
(2)
Employer payroll tax expense related to
employee stock-based compensation for gross profits 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,
Year Ended April 30,
2022
2021
2022
2021
Cost of subscription
$
35
$
30
$
42
$
30
Cost of professional services
6
3
72
3
Sales and marketing
42
338
760
338
Research and development
72
353
509
353
General and administrative
23
271
589
271
Total employer payroll tax expense
$
178
$
995
$
1,972
$
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,
2022
2021
RPO
$
477,421
$
293,836
Cancellable amount of contract value
39,396
51,252
Non-GAAP RPO
$
516,817
$
345,088
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220601006152/en/
Investor Contact ir@c3.ai
Press Contact Lisa Kennedy (415) 914-8336 pr@c3.ai
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