C3.ai Inc (AI) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's C3 AI earnings call for the fourth quarter of the fiscal year 2022. My name is Jason, and I will be the moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Paul Phillips, Vice President of Investor Relations.

下午好，感謝您參加今天的 2022 財年第四季度 C3 AI 收益電話會議。我叫 Jason，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，投資者關係副總裁 Paul Phillips。

Good afternoon, and welcome to C3 AI's Earnings Call for the Fourth Quarter of Fiscal Year 2022, which ended April 30, 2022. This is Paul Phillips, VP of Investor Relations. With me on the call today are Tom Siebel, Chairman and CEO; and Juho Parkkinen, Chief Financial Officer.

下午好，歡迎參加 C3 AI 的 2022 財年第四季度財報電話會議，該電話會議於 2022 年 4 月 30 日結束。我是投資者關係副總裁 Paul Phillips。今天與我通話的是董事長兼首席執行官湯姆·西貝爾；和首席財務官 Juho Parkkinen。

After the market closed today, we issued a press release with details regarding our fourth quarter and full year results as well as a supplement to our results both of which can be accessed on the Investor Relations section of our website at ir.c3.ai. This call is being webcast, and a replay will be available on our IR website following the conclusion of the call.

今天市場收盤後，我們發布了一份新聞稿，其中包含有關我們第四季度和全年業績的詳細信息以及對我們業績的補充，這兩者都可以在我們網站 ir.c3.ai 的投資者關係部分訪問。本次電話會議正在進行網絡直播，電話會議結束後將在我們的 IR 網站上進行重播。

During today's call, we will make statements relating to our business that may be considered forward-looking under federal securities laws. These statements reflect our views only as of today and should not be considered representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook.

在今天的電話會議中，我們將就我們的業務做出根據聯邦證券法可能被視為前瞻性的聲明。這些陳述僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。我們不承擔更新任何前瞻性陳述或展望的任何義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our filings with the SEC.

這些陳述受到各種風險和不確定性的影響，可能導致實際結果與預期存在重大差異。有關可能影響我們實際結果的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件。

Also during the course of today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release. Finally, at times in our comments, in response to your questions, we may discuss metrics that are incremental to our usual presentation to provide greater insights into the dynamics of our business or our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future.

同樣在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們的新聞稿中包含 GAAP 與非 GAAP 措施的對賬。最後，有時在我們的評論中，為了回答您的問題，我們可能會討論與我們通常的演示相比增加的指標，以便對我們的業務動態或季度業績提供更深入的見解。請注意，我們將來可能會或可能不會繼續提供此附加詳細信息。

With that, let me turn the call over to Tom for his prepared remarks. Tom?

有了這個，讓我把電話轉給湯姆，讓他準備好發言。湯姆?

Thank you, Paul, and good afternoon, everyone. Thank you for joining us. I'm pleased to -- I'm here with Juho Parkkinen, our Chief Financial Officer. And I am pleased to share with you our results for the fourth quarter and for the entire fiscal year of 2022. Bottom line, it was a great quarter.

謝謝你，保羅，大家下午好。感謝您加入我們。我很高興 - 我和我們的首席財務官 Juho Parkkinen 一起來到這裡。我很高興與您分享我們第四季度和整個 2022 財年的業績。總而言之，這是一個很棒的季度。

We finished the quarter with $72.3 million in revenue, up 38% year-over-year, exceeding our guidance and exceeding, I believe, all analysts' expectations. And I haven't really looked lately at the matrix of high-growth software companies, but I expect that would be in the top decile of growth rates.

我們在本季度結束時的收入為 7230 萬美元，同比增長 38%，超出了我們的預期，我相信也超出了所有分析師的預期。而且我最近還沒有真正關注高增長軟件公司的矩陣，但我預計這將是增長率最高的十分之一。

Subscription revenue was $56.3 million, up 31% year-over-year. Our non-GAAP gross profit was $58.5 million, a 43% improvement over the previous year. We ended Q4 of fiscal year '22 with GAAP RPO of $477.4 million, a 62% increase year-over-year. Non-GAAP RPO is $516 million, a 50% increase year-over-year. We continue to sustain healthy non-GAAP gross margins of 81%.

訂閱收入為 5630 萬美元，同比增長 31%。我們的非公認會計原則毛利潤為 5850 萬美元，比上一年增長 43%。我們在 22 財年第四季度結束時，GAAP RPO 為 4.774 億美元，同比增長 62%。 Non-GAAP RPO 為 5.16 億美元，同比增長 50%。我們繼續維持 81% 的健康非公認會計原則毛利率。

Our free cash flow for the quarter was a negative $14.8 million, a 46% improvement year-over-year. We finished the quarter with $992 million in cash and cash equivalents. So we have roughly $1 billion at the bank -- in the bank. And at this rate, it will take quite a few quarters to deplete our cash reserves.

我們本季度的自由現金流為負 1480 萬美元，同比增長 46%。我們在本季度結束時擁有 9.92 億美元的現金和現金等價物。所以我們在銀行里有大約 10 億美元——在銀行里。按照這個速度，我們的現金儲備需要好幾個季度才能耗盡。

Looking at the results for the year, they were quite good, exceeding our guidance and exceeding analyst expectations, finishing the year at $252.7 million in revenue, a 30% growth rate over the previous year. Subscription revenue was $206.9 million, a 31% increase year-over-year, and our non-GAAP gross margin increased a little over 5 points to $81.7 million.

從今年的業績來看，它們非常好，超出了我們的指導和分析師的預期，全年收入為 2.527 億美元，比上一年增長 30%。訂閱收入為 2.069 億美元，同比增長 31%，我們的非美國通用會計準則毛利率增長略高於 5 個百分點，達到 8170 萬美元。

Now I want to talk a little bit about the addressable market opportunity, which is really quite staggering. Enterprise AI software is predicted to be almost a $600 billion market by 2025. We spent the better part of a decade building what we call -- actually more than a decade now, building what we call the C3 AI Suite. That is a software platform that provides all of the services necessary and sufficient to design, develop, provision, operate even in the most complex enterprise applications.

現在我想談談可尋址的市場機會，這真的非常驚人。預計到 2025 年，企業 AI 軟件的市場規模將接近 6000 億美元。我們花了十年的大部分時間來構建我們所說的——實際上已經有十多年了，構建了我們所說的 C3 AI 套件。這是一個軟件平台，即使在最複雜的企業應用程序中也能提供設計、開發、供應和操作所需的所有服務。

And on top of that, we have to develop and deliver to the market now 42 enterprise AI applications that meet the needs of manufacturing, utilities, oil and gas, chemicals, aerospace, state and local government and other industries. Now enterprise AI is a very complex market. And it has a lot of players who do a lot of things, and it is confusing to investors, it is confusing to customers, and it is confusing to the market at large. Because we have all of these kinds of bright, shiny objects out there that are provided by hyperscalers and are available as -- some are available as open source solutions. And they do things like provide machine learning libraries or virtualization or data persistence or machine learning pipelines or whatever it may be. And many of these are great products. Many of these are great companies.

最重要的是，我們現在必須開發並向市場交付 42 種企業 AI 應用程序，以滿足製造、公用事業、石油和天然氣、化工、航空航天、州和地方政府以及其他行業的需求。現在企業 AI 是一個非常複雜的市場。它有很多參與者做很多事情，這讓投資者感到困惑，讓客戶感到困惑，也讓整個市場感到困惑。因為我們擁有超大規模提供的所有這些類型的明亮、閃亮的對象，並且可以作為——有些可以作為開源解決方案使用。他們做一些事情，比如提供機器學習庫或虛擬化或數據持久性或機器學習管道或任何可能的東西。其中許多都是很棒的產品。其中許多都是偉大的公司。

But again, this is really very confusing to investors, to customers and the market acquired. And C3 AI is frequently lumped into this category. So I want to take a minute and talk about how we fit into enterprise AI because it's quite different from all this. And it's quite different from the way that these companies fit into the market.

但同樣，這對投資者、客戶和收購的市場來說確實非常令人困惑。 C3 AI 經常被歸為這一類。所以我想花一點時間談談我們如何融入企業人工智能，因為它與這一切完全不同。這與這些公司融入市場的方式完全不同。

These organizations generally make piece meal components that do interesting things like platform independent data persistence, AutoML or whatever. Now the way that we think about enterprise AI applications is the way the market has thought about enterprise application software for the last few decades. Where we first began developing enterprise application software in the early '80s at companies like Oracle and SAP and later PeopleSoft and Siebel Systems and others, we basically built these applications on top of relational database systems.

這些組織通常會製作零碎的組件來做一些有趣的事情，比如獨立於平台的數據持久性、AutoML 等等。現在，我們思考企業 AI 應用程序的方式就是過去幾十年市場對企業應用程序軟件的思考方式。我們在 80 年代初開始在 Oracle 和 SAP 等公司以及後來的 PeopleSoft 和 Siebel Systems 等公司開發企業應用軟件時，我們基本上是在關係數據庫系統之上構建這些應用程序。

And on top of relational databases, we built a set of development tools, we're building teams and reports and forms and whatnot. And we use those to build families of applications that solve business problems like CRM and ERP and manufacturing automation, supply chain management and what have you. A few decades later, this has grown to be roughly a $500 billion software market, and everybody understands it. And these applications are used to solve very real world business problems.

在關係數據庫之上，我們構建了一套開發工具，我們正在構建團隊、報告和表單等等。我們使用它們來構建應用程序系列，以解決諸如 CRM 和 ERP 以及製造自動化、供應鏈管理等業務問題。幾十年後，這已經發展成為一個大約 5000 億美元的軟件市場，每個人都理解它。這些應用程序用於解決非常現實的業務問題。

They enable companies, for example, to report their inventory balances and their supply chain. A supply chain, say, for -- at Boeing for a Boeing 777 might be 1 million components in a supply chain that stretches from South Carolina to Shenzhen and consists of resistors and transformers and flat actuators and propulsion devices and flight management systems. And they want to be able to report every 30 days or 90 days or 365 days exactly what was the inventory of each item.

例如，它們使公司能夠報告其庫存餘額和供應鏈。例如，在波音公司，波音 777 的供應鏈可能是從南卡羅來納州到深圳的供應鏈中的 100 萬個組件，由電阻器和變壓器、扁平執行器、推進裝置和飛行管理系統組成。他們希望能夠每 30 天、90 天或 365 天準確報告每件商品的庫存情況。

And by the time you add the Boeing 777 to the 787 to the 767 to the 757 and the Boeing 737 or the Boeing 707, there's a pretty big parts inventory that you need to be able to report accurately. Or you might be able to -- you might want to report on what your customer churn was 60 days ago or 90 days ago. Okay. If you're a bank, you might have to report on how much fraud took place, how much anti-money laundering took place 90 days ago or 180 days ago. And if you don't do this correctly, as CEO, you get to rewrite your resume, you get to pay billions of dollars in fines. And you might go to jail. So it's really quite important to get this right.

當您將波音 777 添加到 787 到 767 到 757 以及波音 737 或波音 707 時，您需要能夠準確報告相當大的零件庫存。或者您可能能夠——您可能想要報告 60 天前或 90 天前的客戶流失情況。好的。如果您是一家銀行，您可能需要報告 90 天前或 180 天前發生了多少欺詐、發生了多少反洗錢活動。如果你沒有正確地做到這一點，作為 CEO，你將重寫你的簡歷，你將支付數十億美元的罰款。你可能會進監獄。因此，正確處理這一點非常重要。

You might want to report on what your customer churn rates were, for example, at Verizon. And so this enterprise software is on a big market that you know of pretty well as ERP and CRM and supply chain management and what have you. I was there when we started it. And today, it's roughly $0.5 trillion business.

您可能想要報告您的客戶流失率，例如，在 Verizon。所以這個企業軟件是在一個很大的市場上，你非常了解 ERP 和 CRM 以及供應鏈管理等等。我們開始的時候我在場。而今天，這大約是 0.5 萬億美元的業務。

Now these applications are inherently descriptive in nature. They provide a company a perfect 20/20 hindsight into what happened 3 months ago, 6 months ago, a year ago. Now at C3 AI, we spent a decade at almost $1 billion building a software technology stack that consists of a platform-as-a-service, an application development platform and low-code development tools and now including 42 turnkey enterprise applications. And these with C3 AI, we make these existing enterprise applications predictive in nature.

現在這些應用程序本質上是描述性的。它們為公司提供了完美的 20/20 後見之明，以了解 3 個月前、6 個月前、一年前發生的事情。現在在 C3 AI，我們花了十年時間花費近 10 億美元來構建一個軟件技術堆棧，該堆棧由一個平台即服務、一個應用程序開發平台和低代碼開發工具組成，現在包括 42 個交鑰匙企業應用程序。借助 C3 AI，我們使這些現有的企業應用程序具有預測性。

Okay. So now instead of using a database or relationary database for data storage, we're using the cloud, okay. We're using existing ERP systems and CRM systems, like SAP and Salesforce and Oracle and what have you. And we built an AI application layer that makes these applications predictive in nature so they can tell us what's going to happen in the future so that we can change the future.

好的。所以現在我們使用雲而不是使用數據庫或關係數據庫進行數據存儲，好吧。我們正在使用現有的 ERP 系統和 CRM 系統，例如 SAP、Salesforce 和 Oracle 等等。我們構建了一個人工智能應用程序層，使這些應用程序在本質上具有預測性，因此它們可以告訴我們未來會發生什麼，從而我們可以改變未來。

So rather than simply telling us how many parts we had in each inventory bin historically, a predictive AI application will tell us exactly how many parts we need in each bin, in each of the next 180 days to meet the demand function, okay. Rather than tell us how many customers left us 90 days ago or 180 days ago, these applications will now tell us which customers, by name, are going to leave us in the next 180 days so we can take action to retain them.

因此，不是簡單地告訴我們歷史上每個庫存箱中有多少零件，預測性 AI 應用程序將準確地告訴我們在接下來的 180 天內每個箱子中需要多少零件來滿足需求函數，好吧。這些應用程序現在不會告訴我們有多少客戶在 90 天前或 180 天前離開我們，而是會告訴我們哪些客戶將在未來 180 天內離開我們，以便我們採取行動留住他們。

Rather than tell us, for example, a number of fraudulent events that we had some time ago, it will identify fraudulent events in real time so we can prevent the fraud from happening. The beauty of enterprise AI, okay, is when we apply AI to the market of enterprise applications, they become predictive in nature, okay. We can predict the future and change the future.

例如，它不會告訴我們一些前段時間發生的欺詐事件，而是實時識別欺詐事件，這樣我們就可以防止欺詐發生。企業 AI 的美妙之處在於，當我們將 AI 應用於企業應用市場時，它們在本質上變得具有預測性，好吧。我們可以預測未來並改變未來。

Now this promises to be order of a $600 billion market, not too many years down the road. I believe that if we look 2, 3, 4, 5 years out, this is a complete replacement market for everything that happened in enterprise application software in the last 3 decades. I do not believe that in 2 years or 3 years or 4 years, companies are going to be satisfied knowing what their customer churn was 90 days ago. They're going to demand to know which customers are going to leave if we don't take action.

現在，這有望成為一個 6000 億美元的市場，而且不會在未來幾年內實現。我相信，如果我們再看 2、3、4、5 年，這將完全替代過去 3 年企業應用軟件中發生的一切。我不相信在 2 年、3 年或 4 年內，公司會因為知道 90 天前的客戶流失情況而感到滿意。如果我們不採取行動，他們會要求知道哪些客戶會離開。

Rather than know what our nondeployment rate was for tractors, aircraft, automobiles, they're going to want to have predictive maintenance applications that tell them which machines are going to fail in advance so they can fix the devices before they fail and have lower failure rates. That's the big deal. That's what enterprise AI is all about.

他們不想知道拖拉機、飛機、汽車的未部署率是多少，而是希望擁有預測性維護應用程序，可以提前告訴他們哪些機器會發生故障，以便他們能夠在設備發生故障之前修復設備並降低故障率率。這才是大事。這就是企業 AI 的全部意義所在。

Now when we look at the companies that many people in the market, investors and customers, okay, consider to be competitors of AI, okay, really, none of these are competitors. They're all in fact, parts. Now like C3 AI provides out of the box all of the services necessary to design, develop, provision and operate an AI application, many of our customers, in fact, all of our customers will have some experience working with AI tools. And they want to use many of these third-party products like Databricks for data virtualization or Snowflake for platform independent data persistence or Amazon SageMaker for data scientists or Python to develop machine learning tools. And C3 AI provides the orchestration layer that enables customers to easily knit these solutions together in a cohesive solution.

現在，當我們看到市場上很多人、投資者和客戶的公司時，好吧，他們認為是人工智能的競爭對手，好吧，真的，這些都不是競爭對手。它們實際上都是零件。現在，就像 C3 AI 提供開箱即用的所有設計、開發、配置和操作 AI 應用程序所需的服務一樣，我們的許多客戶，事實上，我們所有的客戶都會有一些使用 AI 工具的經驗。他們希望使用許多第三方產品，例如用於數據虛擬化的 Databricks 或用於獨立於平台的數據持久性的 Snowflake 或用於數據科學家的 Amazon SageMaker 或用於開發機器學習工具的 Python。 C3 AI 提供了編排層，使客戶能夠輕鬆地將這些解決方案整合到一個有凝聚力的解決方案中。

And all of these applications, both open source and proprietary, are entirely compatible with the C3 AI platform. So we need to think of all of these things, Alteryx, TensorFlow, AWS, Google Cloud, Databricks, these look more to us like partners than the competitors. Let's take a look at -- this will be an example of the Shell AI platform, where on top of Azure, they put C3 AI. And because they have investments of value in things like Kubernetes or containerization and Databricks for virtualization and TensorFlow for machine learning libraries, MATLAB, TIBCO, Alteryx, what have you, we enable them to very easily incorporate these into the C3 AI platform market.

所有這些應用程序，無論是開源的還是專有的，都與 C3 AI 平台完全兼容。所以我們需要考慮所有這些東西，Alteryx、TensorFlow、AWS、谷歌云、Databricks，這些在我們看來更像是合作夥伴而不是競爭對手。讓我們看一下——這將是 Shell AI 平台的一個示例，在 Azure 之上，他們放置了 C3 AI。由於他們在 Kubernetes 或容器化、用於虛擬化的 Databricks 和用於機器學習庫的 TensorFlow、MATLAB、TIBCO、Alteryx 等方面進行了有價值的投資，因此我們使他們能夠非常輕鬆地將這些內容整合到 C3 AI 平台市場中。

This is Shell AI, but virtually 100% of our customers, 100% are using some combination of these other products with the C3 AI platform. So it's really quite different than I think what is perceived to be.

這就是殼牌 AI，但我們幾乎 100% 的客戶，100% 的客戶都在使用這些其他產品與 C3 AI 平台的某種組合。所以它真的和我想像的完全不同。

Bottom line, all of these independent products appear to us -- that appear to some to be competitors are, in fact, partners. They're partners at Shell, at Koch Industries, at the United States Air Force, at virtually every C3 AI customer.

歸根結底，所有這些獨立產品在我們看來——在某些人看來是競爭對手，實際上是合作夥伴。他們是殼牌、科赫工業、美國空軍以及幾乎所有 C3 AI 客戶的合作夥伴。

I want to address the issue of customer capture. Now our customer count has been growing quite substantially in recent years. And in the last year alone, it grew from 151 customers to 223 customers. But -- and if you look at our diversification by industry, it's really becoming increasingly diverse. Oil and gas, which is a pretty good market to be in today with oil in excess of a rough order of $100 a barrel, pretty good business. At the same time, we've seen a lot of diversification outside of oil and gas. And this is a diversification of the industry, including oil and gas. This is bookings without oil and gas. And you can see that while our -- or year-over-year, our bookings in oil and gas grew 95%. Outside of oil and gas, it grew by 116%.

我想解決客戶捕獲問題。現在，我們的客戶數量近年來一直在大幅增長。僅在去年，它就從 151 個客戶增長到 223 個客戶。但是 - 如果你看看我們的行業多元化，它真的變得越來越多樣化。石油和天然氣，今天是一個相當不錯的市場，石油超過每桶 100 美元的粗略訂單，相當不錯的生意。與此同時，我們已經看到了石油和天然氣之外的許多多元化。這是行業的多元化，包括石油和天然氣。這是沒有石油和天然氣的預訂。您可以看到，雖然我們的 - 或同比，我們的石油和天然氣預訂量增長了 95%。除石油和天然氣外，它增長了 116%。

So let's talk about customer penetration. We are very certainly focused on landing new customers. That being said, when you think about many of our large global customers like Shell, Koch Industries, United States Air Force, Department of Defense, Energy, we are very much focused on penetrating these customers deeply. And if we look at this customer base that we have today, it might be 5% to 10% penetrated.

那麼讓我們來談談客戶滲透率。我們非常肯定專注於吸引新客戶。話雖如此，當您想到我們的許多大型全球客戶時，例如殼牌、科赫工業、美國空軍、國防部、能源部，我們非常專注於深入滲透這些客戶。如果我們看看我們今天擁有的這個客戶群，它的滲透率可能是 5% 到 10%。

Now with many companies in the AI space or the SaaS software space, investors are really interested how many new logos did the vendor add in the quarter at perhaps $10,000 or $20,000 each. That's not the business we're in, okay. We are in the business of landing very large customers, okay, investing in those customers and making them very large and very successful over a period of years.

現在有許多公司在 AI 領域或 SaaS 軟件領域，投資者真的很感興趣供應商在本季度添加了多少新徽標，每個可能 10,000 美元或 20,000 美元。這不是我們的業務，好吧。我們的業務是吸引非常大的客戶，好吧，投資於這些客戶，並在幾年內讓他們變得非常龐大和非常成功。

Let me give you a couple of examples, okay. Shell is, I think, the fifth largest company in the world, one of the largest hydrocarbon producers in the world. Shell has standardized on C3 AI across all lines of business: upstream, downstream, midstream, integration of renewables. Today, they have over 10,000 pieces of equipment monitored by our platform. They have 23 assets in production. Now I understand the asset at Shell isn't a pump or a valve. An asset at Shell is something like Pernis. Pernis being the largest refinery in Europe, that I think processes order of 0.5 billion barrels of oil a day. An asset for Shell would be like Nigeria LN Gas, okay. So an asset of Shell might be larger than 50% of the companies in the world.

讓我給你舉幾個例子，好吧。我認為殼牌是世界第五大公司，也是世界上最大的碳氫化合物生產商之一。殼牌在所有業務領域都對 C3 AI 進行了標準化：上游、下游、中游、可再生能源的整合。今天，他們有超過 10,000 台設備被我們的平台監控。他們有 23 項資產在生產中。現在我明白殼牌的資產不是泵或閥門。殼牌的資產類似於 Pernis。 Pernis 是歐洲最大的煉油廠，我認為它每天處理 5 億桶石油的訂單。殼牌的資產就像尼日利亞 LN Gas，好吧。因此，殼牌的資產可能超過全球 50% 的公司。

And there on the road today, we have 65 assets in production this year. At our Users Group in March, Shell sit up on stage and they said they said they realized, in front of all of our customers at our User Group conference, and they realize $1 billion of economic benefit from their C3 investments last year. And they expect to realize $2 billion of economic benefit from our investors this year.

今天在路上，我們今年有 65 項資產在生產中。在 3 月份的用戶組會議上，殼牌站在舞台上，他們說他們說他們在我們的用戶組會議上在我們所有客戶面前意識到，他們從去年的 C3 投資中實現了 10 億美元的經濟利益。他們預計今年將從我們的投資者那裡獲得 20 億美元的經濟利益。

Now I ask you, how many customers are you aware of from SAP, Salesforce, Siebel Systems, Oracle Corporation, whatever it might be. All 5 companies. How many customers are you aware of who have stood up on stage and said that they are getting $1 billion, $2 billion, $3 billion, $4 billion or $5 billion a year in economic benefit from that solution? I would argue that none of you have ever heard that because it's never been said.

現在我問你，你知道有多少來自 SAP、Salesforce、Siebel Systems、Oracle Corporation 的客戶，不管它是什麼。所有 5 家公司。您知道有多少客戶站在舞台上說他們每年從該解決方案中獲得 10 億美元、20 億美元、30 億美元、40 億美元或 50 億美元的經濟利益？我會爭辯說你們沒有人聽說過，因為從來沒有人說過。

Let's take a look at the United States Air Force Rapid Sustainment Office. This is predictive maintenance for aircraft, and the Air Force has roughly 5,000 aircraft. Here, we're doing AI-based predictive maintenance for B1 bomber, F-15, F-16, F-18, F-35 Joint Strike Fighter. And look at the speed, this project line shows the speed at which we bring these applications into production. So what is this all about? This is about integrating all of the data about missions, about weather, about fuel or kilometry from the devices on the aircraft maintenance systems to build predictive models that will predict what device is going to fail, 50 or 100 flight hours before it fails so that we can avoid the failure. And some of these aircraft cost $100 million a copy, and their current availability rate is, say, 50%.

讓我們來看看美國空軍快速維持辦公室。這是飛機的預測性維護，空軍大約有 5,000 架飛機。在這裡，我們正在為 B1 轟炸機、F-15、F-16、F-18、F-35 聯合攻擊戰鬥機進行基於 AI 的預測性維護。看看速度，這個項目線顯示了我們將這些應用程序投入生產的速度。那麼這到底是怎麼回事？這是關於從飛機維護系統上的設備中整合有關任務、天氣、燃料或公里數的所有數據，以構建預測模型，該模型將預測哪個設備將在故障前 50 或 100 個飛行小時發生故障，以便我們可以避免失敗。其中一些飛機的成本為 1 億美元，而它們目前的可用性為 50%。

With C3 AI, we can increase the availability by 10%, 20%, 30%. And now we deal with the scale of the United States Air Force. This is worth billions of dollars in economic benefit annually. I believe we have 16 aircraft platforms live today, and we expect to have 22 platforms live by midyear. So deeply penetrating these accounts is what C3 is all about.

借助 C3 AI，我們可以將可用性提高 10%、20%、30%。現在我們處理美國空軍的規模。這每年帶來數十億美元的經濟效益。我相信我們今天有 16 個飛機平台投入使用，我們預計到年中將有 22 個平台投入使用。如此深入地滲透這些帳戶就是 C3 的全部意義所在。

We continue to be focused, okay, on adding new customers. But at C3 AI, it's more important to look at the lifetime value of our customers than at how many new customers were sized. And yes, our customer base is growing, with new customers in the quarter, we include PwC, EY, the Conti Amadeus. Cargill is a recent customer. Again, what's really more important, okay, is the penetration of these customers. Koch Industries, which is more than a $100 billion business, and they became a customer a couple of years ago, made a decision in the quarter to standardize on C3 across all lines of business. This would include Flint Hills Resources, Georgia-Pacific, Molex, all Koch business units are standardizing on C3.

我們繼續專注於增加新客戶。但在 C3 AI，更重要的是關注客戶的生命週期價值，而不是衡量新客戶的規模。是的，我們的客戶群正在增長，本季度的新客戶包括普華永道、安永和 Conti Amadeus。嘉吉是最近的客戶。同樣，真正更重要的是這些客戶的滲透。 Koch Industries 是一家價值超過 1000 億美元的企業，幾年前他們成為了客戶，該公司在本季度決定在所有業務線中對 C3 進行標準化。這將包括 Flint Hills Resources、Georgia-Pacific、Molex，所有 Koch 業務部門都在 C3 上進行標準化。

Similarly at Cargill, where we do predictive supply chain optimization and supply network risk from one of the largest food producers in the world. And the value of this is quite significant. We're helping feed the world at a time when much of the world is facing famine.

同樣在嘉吉，我們從世界上最大的食品生產商之一進行預測性供應鏈優化和供應網絡風險。而這個價值是相當大的。在世界大部分地區面臨飢荒之際，我們正在幫助養活世界。

So this is what it means to -- for bookings at C3. So this is an example of a large integrated energy company in Europe. Their initial contract was for about EUR 300,000 in over 8 years. It has continued to grow to EUR 120 million. This is an example of a large chemical company in the United States, where their initial contract was for $9 million and then it grew to $14 million and then $59 million. This company stood up at stage at our Users Group and said that they expect to realize $1 billion of economic benefit from C3 this year, $1 billion. This is a major U.S. government agency and how we have penetrated that. This is a large industrial manufacturing company, what have you.

這就是C3 預訂的意義所在。所以這是歐洲大型綜合能源公司的一個例子。他們最初的合同是在 8 年多的時間裡支付約 300,000 歐元。它繼續增長到 1.2 億歐元。這是美國一家大型化工公司的一個例子，他們最初的合同是 900 萬美元，然後增長到 1400 萬美元，然後是 5900 萬美元。這家公司站在我們用戶組的舞台上說，他們預計今年可以從 C3 中實現 10 億美元的經濟效益，10 億美元。這是一個主要的美國政府機構，我們是如何滲透到它的。這是一家大型工業製造公司，你有什麼。

So while we might start small, we might start with a trial -- a free trial, a $50,000 trial, a $500 product, $0.5 million trial or initial project for a couple of million dollars, our goal is to realize sometimes $1 billion, $2 billion, $3 billion, $4 billion in annual economic benefit for the customer. So as you can see, this is quite a different story from what you're used to seeing in enterprise application software where people are selling hundreds of things for $20,000 apiece. So our primary focus is penetrating existing customers. This is an example of the utility in Europe that today is generating billions of dollars of smart an annual benefit from smart grid analytics.

因此，雖然我們可能從小處著手，但我們可能會從試用開始——免費試用、50,000 美元的試用、500 美元的產品、50 萬美元的試用或幾百萬美元的初始項目，我們的目標有時是實現 10 億美元、2 美元10 億、30 億、40 億美元的年度經濟效益。正如您所看到的，這與您過去在企業應用軟件中看到的情況截然不同，人們以每件 20,000 美元的價格出售數百件東西。因此，我們的主要重點是滲透現有客戶。這是歐洲公用事業公司的一個例子，如今它每年從智能電網分析中產生數十億美元的智能收益。

Now the growth strategy. I've covered this. You're all familiar with how we're growing the business. We continue to grow geographically in North America, in Europe, in Asia Pacific. At the same time, we're building vertical market, sales organizations in financial services, manufacturing, what have you. We're aligning with go-to-market partners in each vertical, Baker Hughes in oil and gas, FIS in Financial Services, Raytheon in aerospace and defense. And then we have very meaningful horizontal market partnerships with hyperscalers, very significant relationship with Microsoft, significant and growing relationship with Google, HPE, NVIDIA, and others.

現在是增長戰略。我已經介紹過了。你們都熟悉我們如何發展業務。我們繼續在北美、歐洲和亞太地區發展。與此同時，我們正在建立垂直市場，金融服務、製造業等方面的銷售組織，你有什麼。我們正在與每個垂直領域的上市合作夥伴保持一致，包括石油和天然氣領域的貝克休斯、金融服務領域的 FIS、航空航天和國防領域的雷神公司。然後，我們與超大規模企業建立了非常有意義的橫向市場合作夥伴關係，與微軟建立了非常重要的關係，與穀歌、HPE、NVIDIA 等建立了重要且不斷增長的關係。

And so this is what -- this is how we're expanding all assets of the cube to establish a leadership position. And we've made a big investment in this over the years. I've talked about it. I've talked to you about this. And so how does this investment pay off with these partners, hyperscalers, vertical market partners, utility partners, oil and gas partners, it's paid off pretty well. If we look at our bookings for last year, 64% of our bookings, okay, was generated in partnership with these market partners. So this is becoming really quite significant.

所以這就是 - 這就是我們如何擴展立方體的所有資產以建立領導地位。多年來，我們在這方面進行了大量投資。我已經談過了。我已經和你談過了。那麼這項投資如何與這些合作夥伴、超大規模企業、垂直市場合作夥伴、公用事業合作夥伴、石油和天然氣合作夥伴一起獲得回報，它得到了很好的回報。如果我們查看去年的預訂量，我們 64% 的預訂量是與這些市場合作夥伴合作產生的。所以這變得非常重要。

We have a substantial and growing partner ecosystem. We have a recognized market leadership. We have a proven track record of success. We have a veteran management team. We have a very high-performance culture. We have excellence in execution. Big picture, C3 AI today is $0.25 billion software business, growing at roughly 40% compound annual growth rate. We have roughly $1 billion of cash in the bank. And our strategy is, quite simply, to establish and maintain a market leadership position globally in enterprise AI.

我們擁有一個龐大且不斷發展的合作夥伴生態系統。我們擁有公認的市場領導地位。我們有成功的記錄。我們擁有一支資深的管理團隊。我們擁有非常高績效的文化。我們有卓越的執行力。從大局來看，今天的 C3 AI 是 2.5 億美元的軟件業務，複合年增長率約為 40%。我們在銀行里有大約 10 億美元的現金。我們的戰略很簡單，就是在企業 AI 領域建立並保持全球市場領先地位。

Okay. Let's talk about guidance, okay. As I mentioned, the addressable market opportunity is land and expand. Our pipeline continues to expand. Our customer footprint is growing. Our balance sheet is rock solid. Okay. I have never been more optimistic about C3 AI than I am today.

好的。讓我們談談指導，好吧。正如我所提到的，潛在的市場機會是土地和擴張。我們的管道繼續擴大。我們的客戶足跡正在增長。我們的資產負債表堅如磐石。好的。我從來沒有像今天這樣對 C3 AI 更加樂觀。

We have exceeded revenue guidance for each of the 6 consecutive quarters that we have been a public company. And we are tracking exactly to the long-term plan that we laid out during the IPO road show, listen, play back the tape, it's still on the web, okay, and we're tracking exactly to what we said then. Our revenue growth rate was 38% in the year ending April, okay, up 17% -- up from 17% in the prior year.

在我們成為上市公司的連續 6 個季度中，我們每個季度的收入都超過了預期。我們正在準確地跟踪我們在 IPO 路演期間制定的長期計劃，聽，回放磁帶，它仍然在網絡上，好吧，我們正在準確地跟踪我們當時所說的內容。在截至 4 月份的一年中，我們的收入增長率為 38%，好吧，增長了 17%——高於去年的 17%。

Now in the past few years, as you know, okay, we've been making substantial investments in branding and advertising. These investments have contributed substantially to our brand equity and market recognition. I'm confident these were prudent and productive investments, we largely created and not only at the market category of enterprise AI. That being said, it's not lost on us that there's been a fundamental shift in capital market expectations regarding cash flow.

現在在過去的幾年裡，如你所知，好吧，我們一直在品牌和廣告方面進行大量投資。這些投資為我們的品牌資產和市場認知度做出了重大貢獻。我相信這些都是審慎而富有成效的投資，我們主要創造了，而不僅僅是在企業 AI 的市場類別中。話雖如此，我們並沒有忘記資本市場對現金流的預期發生了根本性轉變。

Until recently, the market rewarded rapid growth at any cost. This has clearly changed the market currently demanding sustainable growth combined with free cash flow, with free cash flow. We are confident that we can achieve that goal.

直到最近，市場不惜一切代價回報了快速增長。這顯然改變了目前要求可持續增長與自由現金流相結合的市場，與自由現金流。我們有信心實現這一目標。

Our economic model is quite healthy. This is a structurally profitable business with a strong cash balance and a non-GAAP gross margin of 80%. Our investments in branding and advertising over the last few years have been very effective in establishing C3 AI as a market leader in enterprise AI. And those investments will now permit us to dramatically reduce our branding investments as a percent of revenue going forward. We'll benefit from cost economies of scale, in product marketing and development, and we will realize additional savings from expanding the bulk of our engineering and services capacity in our new Guadalajara, Mexico facility.

我們的經濟模式是相當健康的。這是一項結構性盈利的業務，現金餘額強勁，非公認會計準則毛利率為 80%。過去幾年，我們在品牌和廣告方面的投資非常有效地將 C3 AI 打造成企業 AI 的市場領導者。這些投資現在將使我們能夠大幅減少品牌投資佔未來收入的百分比。我們將在產品營銷和開發方面從規模經濟中受益，並且我們將通過在墨西哥瓜達拉哈拉新工廠擴大我們的大部分工程和服務能力來實現額外的節省。

To drive growth, we will continue to expand our investments in sales, partner capacity and service capacity, commensurate with revenue growth. Our target is to generate sustainable positive free cash flow within 8 to 12 quarters. Under stable market conditions, I would guide to a 30% or greater growth rate for fiscal year 2023. With the current economic and political uncertainty, however, and pervasive market passivism, we are inclined to set the expectations bar low. While we are much more optimistic about the business, we're not sure that guiding high is at any benefit to our shareholders.

為推動增長，我們將繼續擴大對銷售、合作夥伴能力和服務能力的投資，與收入增長相稱。我們的目標是在 8 到 12 個季度內產生可持續的正自由現金流。在穩定的市場條件下，我將指導 2023 財年實現 30% 或更高的增長率。然而，由於當前的經濟和政治不確定性以及普遍存在的市場被動主義，我們傾向於將預期設定得很低。雖然我們對業務更加樂觀，但我們不確定高指導對我們的股東有什麼好處。

Also, candidly, we did see some business that we expected to close in Q4 got moved out of the quarter. And we feel there is still too much lumpiness in our pipeline. Taking all of this into consideration, we believe it is prudent to guide -- to provide fiscal year '23 Q1 revenue guidance of $65 million to $67 million, and fiscal year '23 growth targets of 23% to 25%. By the way, there's a typo on the slide, that the vendor was not able to pick up. It's so -- it says '22 and in fact, this is a '23. So I apologize for that error.

此外，坦率地說，我們確實看到一些我們預計將在第四季度關閉的業務被移出本季度。而且我們覺得我們的管道中仍然存在太多的塊狀。考慮到所有這些因素，我們認為謹慎的做法是提供 23 財年第一季度 6500 萬美元至 6700 萬美元的收入指導，以及 23 財年 23% 至 25% 的增長目標。順便說一句，幻燈片上有一個錯字，供應商無法找到。就是這樣——上面寫著'22，事實上，這是'23。所以我為這個錯誤道歉。

When market conditions stabilize, we expect to target 35 -- 30% to 35% steady-state top line growth, while continuing to grow free cash flow to 20% non-GAAP targets. Now well, free cash flow, it's just a 20% target, so -- predict non-GAAP, okay.

當市場狀況穩定時，我們預計將實現 35 - 30% 至 35% 的穩態收入增長，同時繼續將自由現金流增長至 20% 的非 GAAP 目標。現在好吧，自由現金流，它只是一個 20% 的目標，所以 - 預測非 GAAP，好吧。

Now I'm going to turn the call over to our experienced and accomplished Chief Financial Officer, Juho Parkkinen, to provide additional color on our business results and plans. And then we'll throw this open to questions. Juho, over to you.

現在，我將把電話轉給我們經驗豐富且成就卓著的首席財務官 Juho Parkkinen，為我們的業務成果和計劃提供更多色彩。然後我們將提出問題。 Juho，交給你了。

Thank you, Tom. First off, I want to quickly recap on the summary financial results. As Tom mentioned, we ended the quarter with revenue of $72.3 million or 38% growth year-over-year. Subscription revenue increased by a healthy 31% year-over-year growth. I would also like to highlight the remaining performance obligations of $477.4 million, a 62% year-over-year increase. Further, during the quarter, we repurchased approximately 720,000 shares for $15 million under our share repurchase program announced in Q3.

謝謝你，湯姆。首先，我想快速回顧一下財務結果摘要。正如湯姆所說，我們在本季度末的收入為 7230 萬美元，同比增長 38%。訂閱收入同比健康增長 31%。我還要強調剩餘的 4.774 億美元履約義務，同比增長 62%。此外，在本季度，根據我們在第三季度宣布的股票回購計劃，我們以 1500 萬美元的價格回購了大約 720,000 股股票。

With respect to the full year, we are roughly $0.25 billion business, as Tom mentioned, with a 38% year-over-year increase and we've been able to maintain really quite excellent gross margin rates of 79% for the year, which is a 3-point increase from the prior year. Here are the trends from the past year, indicating again a nice healthy growth on a year-over-year basis.

就全年而言，我們的業務約為 2.5 億美元，正如 Tom 所說，同比增長 38%，我們能夠保持 79% 的非常出色的毛利率，這比上年增加了 3 個百分點。以下是過去一年的趨勢，再次表明同比增長良好。

And moving on to the deal bands. We were quite happy to see a 35% sequential increase in deals to close 27 deals during the quarter. We saw a nice increase with respect to our band of less than $1 million deals, where we do a lot of transactions in trials to customers. And then in the higher band, we saw application and platform deals, whether it was with new customers directly into enterprise deals, or renewals or expansions with existing customers. Overall, our path towards a lower average TCV continues to improve, where at Q3, we were at $5.6 million and now in Q4, our average TCV was $2.9 million.

並進入交易範圍。我們很高興看到本季度完成 27 筆交易的交易量環比增長 35%。我們看到我們的交易範圍不到 100 萬美元的交易有了很大的增長，我們在這些交易中對客戶進行了大量的試驗性交易。然後在較高的頻段，我們看到了應用程序和平台交易，無論是與新客戶直接進入企業交易，還是與現有客戶的續訂或擴展。總體而言，我們降低平均 TCV 的道路繼續改善，在第三季度，我們為 560 萬美元，現在在第四季度，我們的平均 TCV 為 290 萬美元。

With respect to the revenue mix, subscription revenue was 78% of Q4 revenue and professional services was at 22%. When we think about the sizes of the deals we make with some of the most known entities on the planet, it's not rational for us not to invest in these customers with professional services. We generally see expansions in subscription as a result of successful proserve engagement. We were able to improve our gross margins and our non-GAAP operating margin during the period as well.

在收入組合方面，訂閱收入佔第四季度收入的 78%，專業服務收入佔 22%。當我們考慮與地球上一些最知名的實體達成的交易規模時，我們不向這些客戶投資提供專業服務是不合理的。我們普遍認為，成功的 proserve 參與會導致訂閱量增加。在此期間，我們也能夠提高我們的毛利率和非公認會計準則營業利潤率。

Path to profitability. We spent some time this quarter thinking about the long-term prospects and the long-term path to a sustained operating profit on a non-GAAP basis. We've broken out, for everybody's benefit, sales and marketing into separate marketing and sales lines. In addition, you see the traditional research and development and G&A as well as cost of revenue. The key takeaway is that we currently operate at a negative 29% non-GAAP operating margin. We are confident that we have a robust, executable plan to get to an operating profit position sometime in FY '24 to FY '25 range.

盈利之路。本季度我們花了一些時間思考長期前景以及在非公認會計準則基礎上實現持續經營利潤的長期路徑。為了每個人的利益，我們已經將銷售和營銷劃分為單獨的營銷和銷售線。此外，您還看到了傳統的研發和 G&A 以及收入成本。關鍵的一點是，我們目前的非公認會計準則營業利潤率為負 29%。我們有信心，我們有一個穩健、可執行的計劃，可以在 24 財年至 25 財年的某個時候實現營業利潤。

We believe that we are structurally profitable and are able to maintain our growth -- are able to maintain our gross margin on a prospective basis. As we had indicated during the IPO, we have invested heavily in brand recognition, which we believe has been very successful. We believe that we have reached the point where, from here, we can sustain our brand with lower investments.

我們相信我們在結構上是盈利的，並且能夠保持我們的增長——能夠在未來的基礎上保持我們的毛利率。正如我們在首次公開募股期間所表明的那樣，我們在品牌認知方面投入了大量資金，我們認為這非常成功。我們相信，我們已經達到了可以從這里以較低的投資維持我們的品牌的地步。

With respect to our sales team, we will continue to invest in additional capacity on a global level. With respect to research and development, we are very pleased with our start -- with our Guadalajara application development center professionals and expect strong growth in that team. The natural benefits from economies of scale, combined with the lower human capital costs, will drive R&D spend lower as a proportion of total revenue.

對於我們的銷售團隊，我們將繼續在全球範圍內投資增加產能。在研發方面，我們對我們的開始感到非常滿意——我們的瓜達拉哈拉應用程序開發中心的專業人員，並期待該團隊的強勁增長。規模經濟帶來的自然收益，加上較低的人力資本成本，將推動研發支出佔總收入的比例降低。

Finally, for G&A-related costs, we expect economies of scale to reduce their proportional spend in this category. Overall, we're excited about our Q4 results and are looking forward for the upcoming fiscal year.

最後，對於與 G&A 相關的成本，我們預計規模經濟將減少他們在這一類別中的比例支出。總體而言，我們對第四季度的業績感到興奮，並對即將到來的財政年度充滿期待。

And with that, it's time to hear the questions. Operator?

有了這個，是時候聽到這些問題了。操作員？

(Operator Instructions) Our first question is from Arvind Ramnani with Piper Sandler.

（操作員說明）我們的第一個問題來自 Arvind Ramnani 和 Piper Sandler。

Just really want to ask about guidance. On the last earnings call, although you didn't provide formal guidance, you had talked about being comfortable with consensus, which was about 33% growth. And then when I look at this year's number, kind of growth is closer to like mid-20%. If you can just kind of talk about the change in environment that's caused kind of the revision of guidance. Or is it -- do I look at your guidance as sort of more -- sort of conservative and this is a starting point for the year?

只是真的想問一下指導。在上一次財報電話會議上，儘管您沒有提供正式的指導，但您曾談到對共識感到滿意，即增長約 33%。然後當我查看今年的數字時，增長率接近 20% 左右。如果您可以談談導致指南修訂的環境變化。還是——我認為你的指導更多——有點保守，這是今年的起點？

Well, Arvind, it's Tom. Thanks for the question. I haven't seen a lot of enthusiasm and sheer, okay, in any market activity in the last 2 months since our last call. I would say that what we're seeing from the market is really quite dire. If you look at -- candidly, so I think that given everything that is going on in the market, okay, it seemed prudent to us to set market expectations conservatively. And that's what we did.

嗯，阿文德，是湯姆。謝謝你的問題。自上次電話會議以來的過去 2 個月裡，我在任何市場活動中都沒有看到太多的熱情和純粹。我想說的是，我們從市場上看到的情況真的很可怕。如果你看 - 坦率地說，我認為鑑於市場上正在發生的一切，好吧，我們保守地設定市場預期似乎是謹慎的。這就是我們所做的。

Perfect. That's great. And just in terms of kind of bookings growth still seems sort of healthy, if you can kind of double click and give us kind of a little bit granularity where you're seeing kind of bookings growth from like any particular industries or clients that you're seeing strong growth from in terms of bookings.

完美的。那太棒了。就預訂類型而言，增長似乎仍然是健康的，如果你可以雙擊並給我們一些細節，你會看到來自任何特定行業或客戶的預訂增長在預訂方面看到了強勁的增長。

Yes. Well, if we look at -- let's see where is Q4? Let's see, 42% of our bookings were in manufacturing; 18% in financial services; 15% in defense and aerospace; 13% in oil and gas; 4% in accounting services, and then it goes into agriculture, food processing, retail, hospitals. But it's becoming efficiently diversified.

是的。好吧，如果我們看看——讓我們看看第四季度在哪裡？讓我們看看，我們 42% 的預訂是在製造業；金融服務業 18%；國防和航空航天領域 15%； 13% 的石油和天然氣；會計服務佔4%，然後進入農業、食品加工、零售、醫院。但它正在變得有效地多樣化。

And as I mentioned, for the year, I think booking growth in oil and gas, which is a big business for us and a good business, was 95%. And outside of oil and gas, I think it was 115%. So diversification strategy is playing out well.

正如我所提到的，在這一年中，我認為石油和天然氣的預訂增長率為 95%，這對我們來說是一項大業務，也是一項很好的業務。在石油和天然氣之外，我認為是 115%。因此，多元化戰略正在發揮良好的作用。

Our next question comes from Patrick Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Patrick Walravens。

Great. Tom, can we start by hearing a little bit more about the deals that slipped in Q4?

偉大的。湯姆，我們可以先多了解一下第四季度下滑的交易嗎？

Let's see. I have to look at the pipeline. I don't really have that one on my desk, Pat. I mean I would say that we did see a number of deals move out of Q4 into Q1 and Q2. They had -- they didn't disappear and they weren't lost. They just kind of moved and they love to -- there's still lumpiness in the business. We did close how many deals in the course of the quarter?

讓我們來看看。我得看看管道。我的桌子上真的沒有那個，帕特。我的意思是我會說我們確實看到一些交易從第四季度轉移到第一季度和第二季度。他們有——他們沒有消失，也沒有迷失。他們只是有點感動，他們喜歡——業務中仍然存在混亂。我們在本季度完成了多少筆交易？

27.

27.

27. So the number of deals is quite high, but we had -- honestly, we had a number of deals that we expect to close in the quarter but didn't. So the bookings number was not as high as we'd like to be. That being said, the revenue growth exceeded our expectations and everybody's expectations for the quarter and for the year.

27. 所以交易數量相當高，但我們有——老實說，我們有一些交易我們預計會在本季度完成，但沒有。所以預訂數量沒有我們想的那麼高。話雖如此，收入增長超出了我們的預期以及每個人對本季度和本年度的預期。

Yes. And can I ask how -- so how is May then, so far?

是的。我能問一下，到目前為止，May 怎麼樣？

How is what?

怎麼樣？

How was the last month then, the beginning of this quarter?

那麼上個月，這個季度的開始怎麼樣？

I'm prepared to comment on the business as of the as of the end of the quarter of, Pat. And we've given our guidance for what we think is going to happen in Q1. And so far, I don't think we've -- I'm really quite confident that we've not fallen short of our guidance. I think we hit it -- every quarter we've been a public company, we've exceeded the guidance. Yes.

我準備對截至本季度末的業務發表評論，Pat。我們已經就我們認為在第一季度會發生的事情給出了指導。到目前為止，我認為我們沒有 - 我非常有信心我們沒有辜負我們的指導。我認為我們做到了——每個季度我們都是上市公司，我們都超出了指導。是的。

Yes. Okay. And so it seems like Bakers Hughes -- I mean last quarter, you called out Baker Hughes because it contributed, I forget what the percentage was, but a really big percentage of the bookings. So was Baker Hughes seems like it was softer this quarter, is that a fair assessment?

是的。好的。所以看起來像貝克休斯——我的意思是上個季度，你叫貝克休斯，因為它做出了貢獻，我忘記了百分比是多少，但預訂的百分比真的很大。那麼貝克休斯本季度的表現似乎更溫和，這是一個公平的評估嗎？

Well, oil and gas was 13% of our business in bookings. So I mean it was pretty strong, and oil and gas last year grew by 95%, which is pretty strong in bookings. So I would not describe it as soft. Did some oil and gas deals move out of the quarter? Yes.

好吧，石油和天然氣在我們的預訂業務中佔 13%。所以我的意思是它非常強勁，去年石油和天然氣增長了 95%，這在預訂方面非常強勁。所以我不會用柔軟來形容它。一些石油和天然氣交易是否已移出本季度？是的。

Yes. Okay. And then...

是的。好的。接著...

Business is quite healthy.

生意相當健康。

Okay. Great. And then Juho, one for you, which is so can you repeat the -- how much of the -- you have a $100 million buyback plan, right? And I think you told us how much you had bought back and I missed it.

好的。偉大的。然後是 Juho，一個給你的，你能重複一下 - 有多少 - 你有一個 1 億美元的回購計劃，對嗎？我想你告訴我們你買了多少錢，我錯過了。

Yes, it was $15 million or 720,000 shares.

是的，它是 1500 萬美元或 720,000 股。

720,000 shares. Okay. Great. Sorry, last one, one more for you, Juho. What will free cash flow for this coming year if the operating loss is minus 76% to minus 86%, how should we think about free cash flow?

720,000股。好的。偉大的。對不起，最後一個，再給你一個，Juho。如果經營虧損為負76%至負86%，來年的自由現金流會是多少，我們應該如何看待自由現金流？

Well, yes, that's a great question. I think on a cash flow basis, we still have a lot of lumpiness in that. I think on a more longer-term perspective as we are going to reach the operating profit goals that I outlined, you're going to start seeing a more sustained operating or free cash flow positive. But as we march towards that goal, there's going to be lumpiness. There's going to be periods where we're going to be closer to positivity and then periods where we're going to be a little bit more free cash flow spend.

嗯，是的，這是一個很好的問題。我認為在現金流的基礎上，我們仍然有很多不明確的地方。我認為從更長期的角度來看，隨著我們將達到我概述的營業利潤目標，您將開始看到更持續的運營或自由現金流為正。但是當我們朝著這個目標前進時，就會出現混亂。會有一些時期我們會更接近積極性，然後會有更多的自由現金流支出。

Okay. Just so we don't have unpleasant surprises in Q1. So just for Q1, you guided to an operating loss of negative 23 to 28. Should we expect cash flow to be in that range? Worse? Better? How should we think about it?

好的。只是為了讓我們在第一季度沒有令人不快的驚喜。因此，僅在第一季度，您就將經營虧損定為 23 到 28 負。我們是否應該期望現金流在該範圍內？更差？更好的？我們應該如何思考？

Well, I think -- yes, that's a good question, Pat. I think more broadly speaking, again, there's going to be -- we're going to have some activities. I think one of the things that you're aware of is that we're having the build-out on the new lease. And as part of that, we'll be incurring some cash outflow items, which don't show up as operating expenses until years after since they're capitalized as part of the new office.

好吧，我認為——是的，這是一個很好的問題，帕特。我認為更廣泛地說，再次，我們將有一些活動。我認為你知道的一件事是我們正在對新租約進行擴建。作為其中的一部分，我們將產生一些現金流出項目，這些項目直到幾年後才顯示為運營費用，因為它們被資本化為新辦公室的一部分。

We had a tenant improvements in the office building that we're moving into.

我們在搬進的辦公樓裡對租戶進行了改進。

Yes.

是的。

Our next question comes from Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

This is Adam on for Brad. So for Juho, just a quick one. How should we be thinking about the Q1 guide in terms of the mix between subscription and professional services revenue? It's kind of been moving into a higher mix of pro services. So just wanted to get your take on how we should be thinking about that going forward.

這是布拉德的亞當。所以對於Juho來說，只是一個快速的。在訂閱和專業服務收入之間的組合方面，我們應該如何考慮 Q1 指南？它已經進入了更高的專業服務組合。所以只是想了解一下我們應該如何考慮未來的問題。

I think that's a great question. We've said earlier that we think a long-term target for this mix is probably in the 10% to 15% range. Obviously, this quarter, we ended at 22%. Last quarter, I think it was 18%. I think you should expect somewhere to be in the mid-teens, but there's still going to be some activities in the quarter that may change that. But I think that's a fair assumption at this point.

我認為這是一個很好的問題。我們之前說過，我們認為這種組合的長期目標可能在 10% 到 15% 的範圍內。顯然，本季度，我們以 22% 結束。上個季度，我認為是 18%。我認為您應該期望在青少年中的某個地方，但本季度仍有一些活動可能會改變這種情況。但我認為在這一點上這是一個公平的假設。

Okay. Super helpful. And then a quick one for Tom. You guys kind of called out in the press release the expansion of One Medical. Can you just talk about what the lining point looked like and then how that ultimately evolves into becoming an Ex Machina customer?

好的。超級有幫助。然後是給湯姆的一個快速的。你們在新聞稿中呼籲擴大 One Medical。你能談談襯裡點是什麼樣子，然後它最終如何演變成成為 Ex Machina 客戶？

Ex Machina. I believe that One Medical began as an Ex Machina customer and has expanded as an Ex Machina customer. So if I'm not mistaken, that's the extent of the product. We have many customers that are only using Ex Machina and that's one of them.

前機械師。我相信 One Medical 最初是作為 Ex Machina 客戶，並已擴展為 Ex Machina 客戶。所以如果我沒記錯的話，這就是產品的範圍。我們有許多只使用 Ex Machina 的客戶，這就是其中之一。

The -- regarding the professional services question, I want to say, I mean, think about kind of what's going on and what we do where we're investing -- maybe we have a $1 million deal or a $10 million deal or a $20 million deal with a company that makes it very clear that if we succeed then 60 -- there's $100 million in business there. So for right now, as we establish market presence and we had established successful customers, it's kind of nonrational for us not to invest professional services in those accounts.

- 關於專業服務問題，我想說，我的意思是，想想正在發生的事情以及我們在投資的地方做了什麼 - 也許我們有 100 萬美元的交易或 1000 萬美元的交易或 20 美元與一家公司達成的交易非常明確，如果我們成功了，那麼 60 - 那裡就有 1 億美元的業務。因此，就目前而言，當我們建立市場影響力並建立成功的客戶時，我們不向這些客戶投資專業服務是不合理的。

Now professional services for us is a very high-margin business. But that being said, when we can take a company from EUR 300,000 to EUR 120 million and do that kind of over and over again, to not invest in professional services in the few years to get them live, I would suggest, I mean, it's not rational for us not to do that. And in the short term, it's pushed up our professional services revenue a little higher than we would like to see. But we're achieving the objective of market penetration.

現在專業服務對我們來說是一項非常高利潤的業務。但話雖如此，當我們可以將一家公司從 300,000 歐元增加到 1.2 億歐元並一遍又一遍地這樣做，而不是在幾年內投資於專業服務以使其生存時，我建議，我的意思是，我們不這樣做是不合理的。在短期內，它推高了我們的專業服務收入，比我們希望看到的要高一些。但我們正在實現市場滲透的目標。

Our next question comes from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

This is Eric Heath on for Michael. On the couple of deals you called out is pushing out of the quarter. I was curious if there was any commonalities across those deals either by geography or vertical.

這是邁克爾的埃里克希思。在您提出的幾筆交易中，該季度已被推出。我很好奇這些交易在地域或垂直方面是否有任何共同點。

I would say, Eric, across verticals and across geographies and somebody needs to get budget approval or to need to get something signed by some senior executive and it didn't get signed in time or there is some committee that needed to go to where the committee didn't get scheduled. And some of these are in Europe, it's kind of Europe, the deals on Euro time. And so it's -- many of these are large organizations, where they're very bureaucratic in their processes and maybe need to get Board approval or CEO approval or CFO approval or whatever happened and just -- they're operating on their time line and not ours. That's all.

我想說，埃里克，跨垂直領域和跨地區，有人需要獲得預算批准，或者需要一些高級管理人員簽署的東西，但沒有及時簽署，或者有一些委員會需要去哪裡委員會沒有安排。其中一些在歐洲，有點像歐洲，是歐洲時間的交易。所以它是——其中許多是大型組織，他們的流程非常官僚，可能需要獲得董事會批准或首席執行官批准或首席財務官批准或發生任何事情，而且只是——他們正在按照他們的時間表運作，並且不是我們的。就這樣。

But I would say it's pretty much across industries and across geographies. It was not -- we didn't see any specific industry fall apart. And I would say given kind of the market dynamics of what's going on with supply chain disruption, I mean, probably one of our biggest products is supply network risk and stochastic optimization of the supply chain. This is becoming really mission-critical and associated with all of our applications where, as you can see from our presentations, our discussions with the customers is how much money are they saving in a year.

但我會說這幾乎是跨行業和跨地區的。不是——我們沒有看到任何特定的行業分崩離析。我想說，考慮到供應鏈中斷正在發生的市場動態，我的意思是，我們最大的產品之一可能是供應網絡風險和供應鏈的隨機優化。這正變得非常關鍵，並且與我們所有的應用程序相關聯，正如您從我們的演示文稿中看到的那樣，我們與客戶的討論是他們一年節省了多少錢。

So as people start to tighten their belts in what might be an economy that's turning down, we provide tools that enable them to tighten their belts very cost effectively.

因此，當人們在經濟下滑的情況下開始勒緊腰帶時，我們提供的工具使他們能夠以非常經濟的方式勒緊腰帶。

That's helpful. And then just I think you had some nice drawdown of the $500 million authorization in the DoD this quarter. So just curious what else you might be seeing in the pipeline, specifically with the DoD and maybe just any broader commentary about opportunities you see in the federal space?

這很有幫助。然後只是我認為你在本季度獲得了國防部 5 億美元授權的一些不錯的提款。所以只是好奇你可能會在管道中看到什麼，特別是與國防部，也許只是對你在聯邦空間看到的機會的任何更廣泛的評論？

DoD business looks good, okay. And we're -- we had continued penetration in the Air Force with RSO. That is now accelerating at a -- I think that offers a big opportunity to accelerate. We have 2 or 3 other agencies in the defense and intelligence communities that have made, okay, and are processing large C3 AI procurements. So we have, I think, $600 million in dry powder there almost to draw down, okay, and in contract vehicles that are in place. And we're working on additional contract vehicles at the same time. So we're very optimistic about the U.S. Defense, Intelligence and Civilian businesses.

國防部的業務看起來不錯，好吧。而且我們 - 我們通過 RSO 繼續滲透到空軍。現在正在加速 - 我認為這提供了加速的巨大機會。我們在國防和情報界有 2 或 3 個其他機構已經完成並正在處理大型 C3 AI 採購。因此，我認為，我們有 6 億美元的干粉，幾乎可以動用，好吧，並且在已經到位的合同車輛中。我們正在同時開發更多的合同工具。因此，我們對美國國防、情報和民用業務非常樂觀。

Our next question comes from Bob Huang with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Bob Huang。

This is Bob sitting in for Sanjit today. So first, maybe if we can talk about just the billings for the next quarter and maybe for the full year a little bit. Obviously, fourth quarter billings are seasonally high, but it was probably a little lighter than what we thought it would have been. Maybe if you can just give us sort of a trajectory or a better understanding of how we should think about billings going forward for the next 12 months or so.

這是 Bob 今天坐在 Sanjit 上。所以首先，也許我們可以談談下一季度的賬單，也許是全年的一點點。顯然，第四季度的賬單是季節性的，但可能比我們想像的要輕一些。也許你能給我們一個軌跡或更好地理解我們應該如何看待未來 12 個月左右的賬單。

Go ahead, Juho.

來吧，朱霍。

Yes. Thanks, Bob, for the question. So I think some of the things that ties to what I was mentioning earlier to Pat on the cash flow items, so we transact in -- we have large deals with large multinationals. And these individual payment terms with specific customers impact the calculated billings metric that you're looking at. So at this point in our company, we're going to have a lot of lumpiness that you see this, you could have an individual quarter where the calculated billings looks really good, and then the next quarter, it could be a little bit less. So I don't think it's a metric that you need to focus on, particularly intensely.

是的。謝謝，鮑勃，這個問題。所以我認為有些事情與我之前提到的關於現金流項目的帕特有關，所以我們進行了交易——我們與大型跨國公司有大筆交易。這些針對特定客戶的單獨付款條款會影響您正在查看的計算出的賬單指標。所以在我們公司的這一點上，你會看到很多塊狀，你可能有一個單獨的季度，計算出的賬單看起來非常好，然後下一個季度，它可能會少一點.所以我不認為這是一個你需要特別關注的指標。

Okay. That's very helpful. My next question, just -- you obviously had some -- quite a bit of success on the energy sector, oil and gas and such. In terms of various verticals that you are in as well as geography, like, for example, Europe versus U.S., oil and gas versus machinery. What verticals are you confident or feel good about going forward? And what are maybe some of the verticals or areas that you might want to keep a closer eye on going forward?

好的。這很有幫助。我的下一個問題，只是——你顯然有一些——在能源領域、石油和天然氣等方面取得了相當大的成功。就您所在的各種垂直領域以及地理而言，例如，歐洲與美國、石油和天然氣與機械。您對哪些垂直領域有信心或感覺良好？您可能希望密切關注未來的哪些垂直或領域？

Energy looks strong. Utilities look strong. Oil and gas looks strong. Chemicals look strong. Manufacturing looks strong. We really haven't penetrated telco yet. I think there are big opportunities there. Financial services, I think there are big opportunities there. We're starting now to penetrate consulting companies, EY, PwC and others. I think there's going to be a big opportunity there. We're providing them tools to accelerate their -- what they do.

能量看起來很強大。實用程序看起來很強大。石油和天然氣看起來很強勁。化學物質看起來很強烈。製造業看起來很強勁。我們真的還沒有滲透到電信公司。我認為那裡有很大的機會。金融服務，我認為那裡有很大的機會。我們現在開始滲透諮詢公司、安永、普華永道和其他公司。我認為那裡會有很大的機會。我們正在為他們提供工具來加速他們的工作。

So yes, I think it's -- the question is, I mean, ultimately, this is just like CRM or like ERP. All industries adopt, it's just which industries adopt at which rates. And interestingly enough, we're seeing a lot of interest in agribusiness, which is a huge supply chain problem globally as it relates to agribusiness, as the world faces kind of potential famine associated with wheat and rice production. So what we're doing there, with some work with Cargill and others that's really interesting and really important.

所以是的，我認為是——問題是，我的意思是，最終，這就像 CRM 或 ERP。所有行業都採用，只是哪些行業以何種速率採用。有趣的是，我們看到人們對農業綜合企業產生了濃厚的興趣，這是全球範圍內與農業綜合企業相關的巨大供應鏈問題，因為世界面臨著與小麥和大米生產相關的潛在飢荒。所以我們在那裡所做的，與嘉吉和其他一些非常有趣和非常重要的合作。

In general, we don't really see right now a lot of softness out there, but we do read the newspapers, shouldn't we, what you guys write? And we haven't seen a lot of the newspapers. And while we don't see it, our business looks quite good. I think as long as we didn't read the newspapers, or turn off the TV, everything would be fine.

總的來說，我們現在並沒有真正看到那裡有很多柔軟，但我們確實讀過報紙，我們不應該，你們寫的嗎？而且我們還沒有看過很多報紙。雖然我們沒有看到，但我們的業務看起來相當不錯。我想只要我們不看報紙，不關電視，一切都會好起來的。

Our next question comes from Pinjalim Bora with JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Sorry, I was -- I think I was talking to myself on mute, apologies. I wanted to ask you about the deals that got pushed out. From your conversations with those customers, is it entirely driven by macro-related considerations? Or do you think is there an element of the sales organization changes that you have done or the amount of sales capacity that you have currently given the tight labor market?

對不起，我是——我想我是在用靜音自言自語，抱歉。我想問你關於被推出的交易。從您與這些客戶的談話來看，這完全是由宏觀相關因素驅動的嗎？或者您是否認為您所做的銷售組織變更或您目前在勞動力市場緊張的情況下的銷售能力有什麼影響？

Sales capacity has grown pretty considerably. Really, we've been -- so it's not a sales capacity issue. It's just, I mean, I'm looking at these transactions that we expected to close, here's one in the United States government. Here's an insurance company. This is an oil and gas company. Here's a beltway bandit, a large energy company in Europe, a pharmaceutical company in Europe, a bank in Canada, food services company in the United States, a retailer in Europe, civilian agency, oil and gas company. I'm going right down the list.

銷售能力有了相當大的增長。真的，我們一直 - 所以這不是銷售能力問題。只是，我的意思是，我正在查看我們預計將完成的這些交易，這是美國政府的交易。這裡是保險公司。這是一家石油和天然氣公司。這裡有環城公路強盜，歐洲的大型能源公司，歐洲的製藥公司，加拿大的銀行，美國的食品服務公司，歐洲的零售商，民間機構，石油和天然氣公司。我將在列表中列出。

Oil and gas company in Africa, U.S. federal agency, U.S. federal agency, U.S. federal agency, large, big box retailer, division of the Air Force. Here's a company, I don't know what they do. The division of defense, large food provider, local, a county with roughly 1 million people in it, a large credit card provider, U.S. Intelligence Agency. So insurance -- I just read right down the list, okay? Of deals that we're looking at, that we were expecting -- I would say, particularly the ones that we were absolutely expecting in the quarter would be Intel agency, insurance company, a large European oil company, beltway integrator, European energy company, European pharmaceutical company, large exchange, stock exchange, bank in Canada, food services company and manufacturing company in Wisconsin.

非洲石油和天然氣公司，美國聯邦機構，美國聯邦機構，美國聯邦機構，大型大型零售商，空軍部門。這是一家公司，我不知道他們是做什麼的。國防部，大型食品供應商，地方，一個大約有 100 萬人口的縣，大型信用卡供應商，美國情報局。所以保險——我只是在列表中閱讀，好嗎？在我們正在關注的、我們期待的交易中——我想說，尤其是我們在本季度絕對期待的交易將是英特爾代理機構、保險公司、一家大型歐洲石油公司、環城公路集成商、歐洲能源公司，歐洲製藥公司，大型交易所，證券交易所，加拿大的銀行，威斯康星州的食品服務公司和製造公司。

So it varies. It's across industries, across geographies, and it's just -- it's not that their business has gone south that they're going under, it's just that they did -- they are processed in time.

所以它會有所不同。這是跨行業、跨地域的，而且只是——並不是他們的業務已經南下，他們正在倒閉，只是他們這樣做了——他們得到了及時的處理。

Understood. I guess one thing that people trying to understand...

明白了。我想人們試圖理解的一件事......

That was not in memory. I was reading right from the list.

那不在記憶中。我正在閱讀列表中的內容。

Yes. Understood. Well, the follow-up to the -- my follow-up would be that AI obviously -- or C3 obviously saves a lot of money when deployed. You have really big economic benefits, right, when deployed. However, it seems like it's a factor of the large initial outlay, which is kind of creating these problems, right? Otherwise, people should probably adopt AI during a slower economic environment, wouldn't you say?

是的。明白了。嗯，後續行動——我的後續行動顯然是人工智能——或者 C3 在部署時顯然會節省很多錢。部署後，您將獲得非常大的經濟效益。但是，這似乎是初始支出大的一個因素，這有點造成這些問題，對吧？否則，人們可能應該在經濟放緩的情況下採用人工智能，你不是說嗎？

Well, I'm not sure. I mean the initial outlay sometimes is $50,000, sometimes is $10,000. The initial outlay at a $300 billion oil company was $300,000, which were -- might seem like a lot but it's not a lot for a $300 billion company. So I'm not sure the initial outlays -- that I accept that. As you saw from the slides that I showed you, frequently, the initial outlay is $50,000 or $300,000 and then it grows every time.

好吧，我不確定。我的意思是最初的支出有時是 50,000 美元，有時是 10,000 美元。一家價值 3000 億美元的石油公司最初的支出是 30 萬美元，這可能看起來很多，但對於一家價值 3000 億美元的公司來說，這並不是很多。所以我不確定最初的支出——我是否接受。正如您從我向您展示的幻燈片中看到的那樣，最初的支出通常是 50,000 美元或 300,000 美元，然後每次都在增長。

So the average is...

所以平均...

Is large compared to a lot of the other things that you look at in the AI space where I think their average sales price is like $20,000. We're not in that game.

與您在 AI 領域看到的許多其他事物相比，我認為它們的平均銷售價格約為 20,000 美元。我們不在那個遊戲裡。

There are no further questions waiting at the time. So I'll pass the call back over. Go ahead.

目前沒有其他問題在等待。所以我會把電話轉過去。前進。

Right. Thanks, everybody, for your time. We'll wrap up the call now and appreciate everyone's interest. Have a good rest of your day.

正確的。謝謝大家，您的時間。我們現在就結束通話，感謝大家的關注。好好休息一天。

Thanks, everybody.

謝謝大家。

That concludes the C3 AI earnings call of the fourth quarter fiscal year 2022. Thank you for your participation. You may now disconnect your lines.

C3 AI 2022 財年第四季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。