C3.ai Inc (AI) 2024 Q3 法說會逐字稿

Good day and thank you for standing by, and welcome to the C. three AIS.

美好的一天，感謝您的支持，歡迎來到 C.3 AIS。

Third Quarter Fiscal Year 2024 conference call.

2024 財年第三季電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question and answer session to ask a question.

演講者演講結束後，將進行問答環節。

During the session, you will need to press star one one on your telephone.

在會議期間，您需要在電話上一一按星號。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Miss Berry.

我現在想把會議交給今天的發言人貝瑞小姐。

Please go ahead.

請繼續。

Good afternoon, and welcome to C. three AI.'s Earnings Call for the Third Quarter of Fiscal Year 2024, which ended on January 20th, January 31st, 2020.

下午好，歡迎參加 C. Three AI. 的 2024 財年第三季財報電話會議，該電話會議於 2020 年 1 月 20 日至 1 月 31 日結束。

For my name is Amit.

因為我的名字叫阿米特。

Very and I lead Investor Relations at C3 AI.

Very 和我負責 C3 AI 的投資人關係工作。

With me on the call today is Tom Siebel, Chairman and Chief Executive Officer.

今天與我一起參加電話會議的是董事長兼執行長湯姆·西貝爾 (Tom Siebel)。

You hope our Qinnan Chief Financial Officer and at a slot Chief Accounting Officer.

你希望我們秦南擔任財務長和首席會計官。

After the market closed today, we issued a press release with details regarding our third quarter results as well as a supplemental to our results both of which can be accessed through the Investor Relations section of our website at ir dot c. three data.

今天收盤後，我們發布了一份新聞稿，其中包含有關我們第三季業績的詳細資訊以及我們業績的補充，您可以透過我們網站 ir dot c 的投資者關係部分存取這些資訊。三個數據。

This call is being webcast and a replay will be available on our IR website following the conclusion of the call.

本次電話會議正在網路直播，電話會議結束後將在我們的 IR 網站上提供重播。

During today's call, we will make statements related to our business that may be considered forward-looking under federal securities laws.

在今天的電話會議中，我們將發表與我們的業務相關的聲明，根據聯邦證券法，這些聲明可能被視為前瞻性聲明。

These statements reflect our views only as of today and should not be considered representative of our views as of any subsequent date.

這些聲明僅反映我們今天的觀點，不應被視為代表我們任何後續日期的觀點。

We disclaim any obligation to update any forward-looking statements or outlook.

我們不承擔更新任何前瞻性陳述或展望的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ material materially from expectations.

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有重大差異。

For a further discussion of material risks and other important factors that could affect our actual results.

進一步討論可能影響我們實際結果的重大風險和其他重要因素。

Please refer to our filings with the SEC.

請參閱我們向 SEC 提交的文件。

All figures will be discussed on a non-GAAP basis unless otherwise noted.

除非另有說明，所有數據都將在非公認會計原則的基礎上討論。

Also during today's call, we will refer to certain non-GAAP financial measures.

此外，在今天的電話會議中，我們也將提及某些非公認會計準則財務指標。

A reconciliation of GAAP to non-GAAP measures is included in our press release.

我們的新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。

Finally, our time in our prepared remarks in response to your questions, we may discuss metrics that are incremental to our usual presentation to give greater insight into the dynamics of our business or our quarterly results.

最後，在我們準備好的評論中回答您的問題時，我們可能會討論我們通常演示中增量的指標，以便更深入地了解我們業務的動態或季度業績。

Please be advised that we may or may not continue to provide this additional detail in the future.

請注意，我們將來可能會也可能不會繼續提供此附加詳細資訊。

And with that, let me turn the call over to Tom.

接下來，讓我把電話轉給湯姆。

Thank you and miss.

謝謝你和小姐。

Good afternoon, everyone, and thank you for joining our call today.

大家下午好，感謝您今天加入我們的電話會議。

C. three a., I had a great third quarter.

上半場第三節，我的第三節表現非常出色。

Total revenue of $78.4 million grew 18% year over year, exceeding the high end of our guidance range.

總收入為 7,840 萬美元，年成長 18%，超出了我們指導範圍的上限。

The total number of customer engagements was 445, an increase of 80% compared to 247 a year ago.

客戶參與總數為 445 人，比一年前的 247 人增加了 80%。

Subscription subscription revenue was $70.4 million, constituted 90% of total revenue and increasing 23% from a year ago.

訂閱收入為 7,040 萬美元，佔總營收的 90%，比去年同期成長 23%。

Non-gaap gross profit was $54.7 million, representing a 70% gross margin.

非 GAAP 毛利為 5,470 萬美元，毛利率為 70%。

Our GAAP operating loss was $82.5 million.

我們的 GAAP 營運虧損為 8,250 萬美元。

Our non-GAAP operating loss was $25.8 million better than our guidance for a loss of 40 to 46 million.

我們的非 GAAP 營運虧損比我們指導的 4,000 至 4,600 萬美元虧損少了 2,580 萬美元。

Our non-GAAP Our non-GAAP net loss per share was $0.13. We ended the quarter with 723.3 million in cash, cash equivalents and investments.

我們的非 GAAP 我們的非 GAAP 每股淨虧損為 0.13 美元。本季結束時，我們的現金、現金等價物和投資為 7.233 億美元。

All of these numbers exceeded our guidance and exceeded analysts' consensus.

所有這些數字都超出了我們的指導，也超越了分析師的共識。

This is the 13th consecutive quarter as a public company and which we have met or exceeded our revenue guidance range.

這是作為上市公司連續第 13 個季度達到或超過我們的收入指導範圍。

None of this should have come as a surprise.

這一切都不足為奇。

The enterprise AI market is on fire.

企業人工智慧市場火熱。

We have been predicting for some years that the market for enterprise AI would be quite large.

多年來我們一直預測企業人工智慧的市場將會相當大。

Those predictions were subject to much speculation in the analyst community and media as of February 2024.

截至 2024 年 2 月，這些預測在分析師界和媒體中引起了許多猜測。

I believe it's broadly Resolved that the enterprise and market opportunity is substantially larger than anyone predicted, constituting a secular change in the composition and growth rate.

我相信，人們普遍認為，企業和市場機會比任何人的預測都要大得多，構成了組成和成長率的長期變化。

Enterprise Software writ large cloud infrastructure is scaling rapidly in video grew 265% year over year in video as data center GPU sales grew by 409% year over year.

企業軟體令大型雲端基礎設施正在快速擴展，視訊視訊年增 265%，而資料中心 GPU 銷售額則年增 409%。

Now some believe that this capacity is built is being built TSLLM.s to write Christmas card from style to Charles Dickens, okay.

現在有些人認為，TSLLM.s 正在建立這種能力，以寫查爾斯狄更斯風格的聖誕卡，好吧。

And Wright college application SHDSL, but that's simply not the case, this capacity is being built to run enterprise AI applications, stochastic optimization of the supply chain, supply, network risk, predictive maintenance demand, forecasting, fraud detection, perception optimization, customer engagement for predictive medicine, precision medicine and government services.

還有萊特大學應用的SHDSL，但事實並非如此，這種能力正在被建構來運行企業人工智慧應用、供應鏈的隨機優化、供應、網路風險、預測性維護需求、預測、詐欺檢測、感知優化、客戶參與用於預測醫學、精準醫學及政府服務。

And that is what we do at C. three AI.

這就是我們在 C.3 AI 所做的事情。

So as we power into 2024 and 2025, the world is very much coming our way.

因此，當我們邁入 2024 年和 2025 年時，世界正在朝著我們的方向發展。

C. three a. has been preparing for this enterprise AI market explosion for 15 years.

C.三個為了這次企業人工智慧市場的爆發，我們已經準備了15年。

We started in 2009 at the infancy of AWS.

我們於 2009 年 AWS 剛起步時開始。

This is both for Zohr and before Google Cloud even existed.

這既適用於 Zohr，也適用於 Google Cloud 存在之前。

Yes.

是的。

We carefully designed, developed and tested a reference AI software platform architecture now known as the C. three a. platform.

我們精心設計、開發和測試了參考人工智慧軟體平台架構，現在稱為 C.三a。平台。

We then use that platform to design, develop and bring to market over 45 production enterprise AI applications that address the value chains of manufacturing, financial services, agribusiness, chemicals, lumber paper products, utilities, oil and gas, state and local governments, defense and intelligence, the market for enterprise and the market interest in enterprise AI is stacked virtually all commercial, military and government organizations are focused today on leveraging AI to improve their operations, optimize their processes and transform their businesses.

然後，我們利用該平台設計、開發超過45 個生產企業AI 應用程式並將其推向市場，這些應用程式涉及製造業、金融服務、農業綜合企業、化學品、木材紙製品、公用事業、石油和天然氣、州和地方政府、國防等價值鏈和智慧、企業市場以及企業人工智慧的市場興趣幾乎所有商業、軍事和政府組織如今都專注於利用人工智慧來改善其營運、優化其流程並實現業務轉型。

Our qualified opportunity pipeline has increased by 73% from a year ago and this is led by C3 generative AI opportunities.

我們的合格機會管道比一年前增加了 73%，其中以 C3 生成式 AI 機會為主導。

Our go to market with partners is driving strong pilot additions and it's still in the earliest innings.

我們與合作夥伴一起進入市場正在推動強大的試點項目的增加，但目前仍處於最早的階段。

In the third quarter.

在第三季。

We close 62% more bookings with our partner network than we did in Q2, 337% more bookings than a year ago.

與第二季相比，我們透過合作夥伴網路完成的預訂量增加了 62%，比一年前增加了 337%。

Bottom line, the market demand for enterprise AI products is overwhelming customers in the commercial sector.

最重要的是，企業人工智慧產品的市場需求對商業領域的客戶來說是壓倒性的。

In Q3, we signed new agreements with Boston Scientific, particularly on Booz Allen, South Wire Carpenter Technology, Florida Crystals, Santa Ana Ag Service to Rio Guatemala, ABI, the T-Mobile Bloom Energy Ball Corporation, DLA Piper Carlisle Companies and wholesome, among others, wholesome, our European leader in sustainable building solutions embarked upon a production pilot with C. three AI. beginning in May 2023 to configure and deploy the C. three AI. reliability suite.

第三季度，我們與波士頓科學公司簽署了新協議，特別是與Booz Allen、South Wire Carpenter Technology、Florida Crystals、Santa Ana Ag Service to Rio Guatemala、ABI、T-Mobile Bloom Energy Ball Corporation、DLA Piper Carlisle Companies和Wholesome、其中，我們的歐洲永續建築解決方案領導者 Wholesome 開始使用 C. 3 AI 進行生產試點。從 2023 年 5 月開始配置和部署 C.3 AI。可靠性套件。

Following a successful six month pilot hole, some entered into a four year subscription agreement with C3 Ai to scale the reliability application across its 100 in excess of 100 Cementbouw Paulson's predictive maintenance program monitors a large number of assets and will generate significant yearly economic value in reduced maintenance costs and production increases.

經過六個月的成功試點後，一些公司與C3 Ai 簽訂了為期四年的訂閱協議，以將可靠性應用擴展到超過100 個Cementbouw Paulson 的預測性維護計劃監控大量資產，並將在100 多個資產中產生顯著的年度經濟價值降低維護成本並提高產量。

Wholesale is also implementing C3 generative AI. to enrich the reliability application and to assist with complex machinery troubleshooting.

Wholesale 也正在實施 C3 生成式人工智慧。豐富可靠性應用並協助複雜的機械故障排除。

Another example DLA, Piper of global law firm pioneering technology innovation in the legal sector, worked for C. three i. to create a first time generated a I. application to streamline the analysis of complex legal agreements in just three months.

又如DLA，全球領先法律領域技術創新律師事務所Piper，任職於C.三i。在短短三個月內創建了首次生成的 I. 應用程序，以簡化對複雜法律協議的分析。

Dla Piper applied CJ generates a I hope to reduce the training time it takes to create over 200 points due diligence analyses of limited partner agreements, and it reduced the effort by 80% as a result of this application.

Dla Piper 應用 CJ 產生“我希望減少對有限合夥人協議創建 200 多個點盡職調查分析所需的培訓時間”，並且由於此應用程序，它減少了 80% 的工作量。

Dla Piper is realizing new operational efficiencies and freeing up their attorneys time to focus on delivering increased value to their clients.

Dla Piper 正在實現新的營運效率，並讓律師有時間專注於為客戶提供更高的價值。

State and local government had a huge quarter, generating 29% of our bookings Lighthouse agreements with San Mateo County, Daly City and Riverside County, California are spearheading growing awareness for our state local governments suite of applications, and we're now closing deals nationally.

州和地方政府的季度業績強勁，占我們預訂量的29% 與加州聖馬刁縣、戴利市和河濱縣簽署的Lighthouse 協議正在帶頭提高人們對州地方政府應用程式套件的認識，我們現在正在全國範圍內完成交易。

We see a huge potential to expand our footprint to the county cities and municipalities across the United States, San Mateo County Sheriff's Office and the Daly City Police Department.

我們看到了將足跡擴展到美國各地縣城和直轄市、聖馬刁縣治安官辦公室和戴利市警察局的巨大潛力。

Both sides multi agency expansion contracts for the C. two A. law enforcement application as a countywide crime and investigation platform to combat organized retail vehicle and cargo theft.

雙方就 C. 兩個 A. 執法應用程式簽訂多機構擴展合同，作為全縣犯罪和調查平台，打擊有組織的零售車輛和貨物盜竊。

This contract, it involves a combined 15 local police departments and 16 agencies deploying the application in core and coordination, including Burlingame, Daly City, the city of San Mateo, San Bruno, others in Redwood City, South San Francisco, and Menlo Park Foster City Belmont Pacific up East, Palo Alto, Calmar, Broadmoor, Brisbane and others.

該合約涉及15 個地方警察局和16 個機構，以核心和協調方式部署該應用程序，包括伯林格姆、戴利市、聖馬刁市、聖布魯諾市、雷德伍德市、南舊金山和門洛帕克福斯特市的其他機構城市貝爾蒙特太平洋東部、帕洛阿爾托、卡爾馬、布羅德莫、布里斯班等。

These deployments promise to significantly decreased the investigated time lines to solve crimes and empower multi agency collaboration to help prevent crime.

這些部署有望顯著縮短解決犯罪的調查時間，並增強多機構協作能力以幫助預防犯罪。

These are these engagements engagements are funded through the organized retail threat scrap from the California border state, the Board of state and community corrections and by the way, have all the submissions to the to this Board.

這些活動的資金來自加州邊境州、州委員會和社區矯正委員會有組織的零售威脅報廢，順便說一句，所有提交的資料都已提交給該委員會。

San Mateo County submission ranked number one.

聖馬刁縣提交排名第一。

Okay.

好的。

As the primary priority, as is the best submission here in the States.

作為首要任務，這也是美國境內最好的提交。

Okay.

好的。

With C. three i. law enforcement being the top investment in their initiatives to combat retail theft in the state of California.

與C.三i。執法是加州打擊零售竊盜措施的最大投資。

We also executed an agreement actually multiple agreements, okay, with San Mateo County to deploy C. three AI. property appraisal, CGA loss and fall enforcement and C. three AI. generative and C3 generative AI applications.

我們還與聖馬刁縣簽署了一項協議，實際上是多項協議，以部署 C.3 人工智慧。財產評估、CGA 損失和墜落執行以及 C. 三人工智慧。生成式和 C3 生成式 AI 應用程式。

The assessor and county clerks recorders and elections office license fees, rehab, residential property appraisal and C. three AI. commercial property appraisal to kind of monetize the appraisal of over 230,000 parcels each year, a constituting more than 300 billion in assessed property values.

評估員和縣書記官記錄員和選舉辦公室執照費、康復、住宅財產評估和 C. 三人工智慧。商業地產評估每年將超過 23 萬個地塊的評估貨幣化，評估的房產價值超過 3,000 億美元。

And to do this more accurately more equitably, more expeditiously and more defensively.

並且要更準確、更公平、更迅速、更有防禦性地做到這一點。

Our U.S. federal business continues to show significant strength third quarter revenue was up over 100% year-over-year and bookings were up 85%.

我們的美國聯邦業務持續表現出強勁的實力，第三季營收年增超過 100%，預訂量成長 85%。

We signed new and expansion agreements with the Missile Defense Agency, the Department of Defense the United States Air Force and the U.S. intelligence community, including seven new generative AI. agreements at the Missile Defense Agency, the United States, Air Force, J. Rob and the U.S. Marine Corps.

我們與飛彈防禦局、美國空軍和美國情報界簽署了新的和擴展協議，其中包括七個新的生成人工智慧。飛彈防禦局、美國、空軍、J. Rob 和美國海軍陸戰隊的協議。

We have a really substantial growth opportunity in federal general, laying the groundwork to see that we're getting strong traction with partners in this federal space, not the least of which is AWS, how we've deployed our Federal Solutions on the AWS marketplace for the US intelligence community in June of last year.

我們在聯邦一般領域擁有真正巨大的成長機會，為我們在這個聯邦領域獲得合作夥伴的強大吸引力奠定了基礎，其中最重要的是 AWS，以及我們如何在 AWS 市場上部署我們的聯邦解決方案去年六月美國情報界。

And we're basically on speed, dial collaborating with federal with AWS federal executives every day in the defense and intelligence communities.

我們基本上每天都在快速、撥號地與聯邦和 AWS 聯邦高層在國防和情報界合作。

Additionally, and importantly, we entered into an enhanced partnership agreement with paradigm that is a high end professional services, an organization in the federal sector.

此外，重要的是，我們與聯邦部門的高端專業服務組織簽訂了強化合作夥伴協議。

And we did this to increase our capacity for deploying appropriately cleared data scientists and application engineers into our classified government installations.

我們這樣做是為了提高將經過適當審查的資料科學家和應用工程師部署到我們的機密政府設施中的能力。

We've aligned with Paradigm and our commitment to support the defense and intelligence communities in their critical missions related to national security.

我們與 Paradigm 保持一致，致力於支持國防和情報界執行與國家安全相關的關鍵任務。

Under the new agreement, paradigm will significantly grow its number of dedicated CCS staff to accelerate joint selling and to accelerate the delivery of these secure classified and powerful AI applications predicting Brian predictive insights into these federal agencies.

根據新協議，Paradigm 將大幅增加專門的 CCS 員工數量，以加速聯合銷售，並加速交付這些安全、機密且強大的人工智慧應用程序，以預測布萊恩對這些聯邦機構的預測洞察力。

In addition, paradigm would jointly market the C3 generative AI. for defense application and the C. three AI. law enforcement applications.

此外，Paradigm也將聯合行銷C3生成式AI。用於國防應用和C.三個AI。執法應用。

I want to highlight the continued diversification in our E. in our go-to-market efforts.

我想強調我們的 E. 在進入市場的努力中持續多元化。

Our business continues to diversify across the industries.

我們的業務繼續在各個行業中實現多元化。

In the last quarter of Q3, our bookings distribution by industry was 29%, state and local government, 25% federal defense and aerospace, 16%, manufacturing 11%, agribusiness, 8%, chemical, 7%, professional services, 2%, energy and service utilities, 1%, food processing and consumer packaged goods and 1% oil and gas Now let's take a minute, and this is important.

在第三季的最後一個季度，我們按行業劃分的預訂分佈為29%，州和地方政府25%，聯邦國防和航空航天，16%，製造業11%，農業企業，8%，化工，7 %，專業服務，2% 、能源和服務公用事業、1%、食品加工和消費品以及 1% 石油和天然氣 現在讓我們花一點時間，這很重要。

So please pay attention and look at the evolution of our go-to-market model.

因此，請關注並了解我們的上市模式的演變。

And I want to particularly talk about the transition to consumption-based pricing on your call that six quarters ago, we changed our go-to-market model from a leading with a subscription-based pricing model to leading with a consumption-based pricing model.

我想特別談談向基於消費的定價的轉變，六個季度前，我們將我們的上市模式從基於訂閱的定價模式領先改為基於消費的定價模式領先。

The general idea being that rather than people licensing 10, 20, 30, 40, $50 million upfront, they would simply do a project a pilot project for, say, at 5 million for six months.

一般的想法是，人們不會預先獲得 10、20、30、40、5000 萬美元的許可，而是簡單地做一個項目，一個試點項目，比如說，為期六個月的 500 萬美元。

And we'll bring that predictive maintenance application, the supply chain optimization, the demand forecasting application, whatever it may be into full production in six months.

我們將在六個月內將預測性維護應用程式、供應鏈優化、需求預測應用程式等全部投入生產。

And then the customer will have a half a million of which insignificant at if the customer likes it, they could keep it and they pay depending upon the volumes you're generally, you know, 40 to $0.55 per VCPUR. to run the application, bring it live, if you like it keep it.

然後客戶將擁有 50 萬個，如果客戶喜歡的話，這微不足道，他們可以保留它，並根據數量付費，通常每個 VCPUR 為 40 到 0.55 美元。要運行應用程序，請將其上線，如果您願意，請保留它。

That was the idea.

這就是我的想法。

And this clearly and substantially lower the price barrier for content for companies to engage with us.

這顯然大大降低了公司與我們合作的內容價格障礙。

And we've seen this now in the mid size, the number of deals that we close each quarter, the size of the transaction that we're doing, it's been very effective.

我們現在已經看到了中等規模的情況，我們每季完成的交易數量，我們正在進行的交易規模，這是非常有效的。

So this model has been and continues to be very successfully driving engagement and our contract volume has grown as we expected.

因此，這種模式已經並將繼續非常成功地推動參與度，我們的合約量也如我們預期的那樣增長。

At that time, we provided expectations of VCP consumption ramps, pricing and pilot conversion rates.

當時，我們提供了對 VCP 消費成長、定價和試點轉換率的預期。

And now we've compared this to the empirical data that we've realized over the past four quarters and it turns out those initial assumptions have been proved to be quite high.

現在我們將其與過去四個季度的經驗數據進行了比較，結果發現這些最初的假設已被證明相當高。

Our estimates on ZPCVCP. year usage and how that ramps those aggressively, how that ramp, say over a four or five, six, seven, eight quarters, they're pretty darn accurate.

我們對 ZPCVCP 的估計。年的使用情況以及如何大幅增加這些，如何增加，比如說在四、五個、六個、七個、八個季度內，它們非常準確。

It.

它。

I would say that you think plus or minus 10% in, you know, it's about right out.

我想說的是，你認為正負 10% 的投入，你知道，就差不多了。

Okay.

好的。

We assumed a pilot conversion rate of 70%, and what we're seeing that appears to be.

我們假設試點轉換率為 70%，而我們所看到的情況似乎也是如此。

All right, okay.

好吧，好吧。

We're also pleased to share that the pricing on the converting part of the converted pilots is pretty much in line with our expectations now.

我們也很高興地告訴大家，改裝飛行員的改裝部分的定價與我們現在的預期非常一致。

And when we began the transition, we assume that virtually almost all pilots actually would convert to month-to-month pay-as-you-go consumption based pricing, counterintuitively, it hasn't quite worked out that way.

當我們開始轉型時，我們假設幾乎所有試點實際上都會轉換為按月按量付費的消費定價，但與直覺相反的是，情況並非如此。

And the empirical data show that the majority of our customers are choosing to sign multiyear subscription contracts rather than after the trial, they have the option advantage using decide multiyear subscription contracts rather than month to month pay as you go.

實證數據表明，我們的大多數客戶選擇簽署多年訂閱合約而不是試用後，他們擁有使用決定多年訂閱合約而不是按月付費的選擇優勢。

And so why are they doing that?

那麼他們為什麼要這樣做呢？

After pilot completion, many customers are electing to deploy multiple applications across multiple business units, and they're electing for a multiyear subscription, committed subscription pricing model as it offers them a more predictable cost model at large scale.

試點完成後，許多客戶選擇跨多個業務部門部署多個應用程序，並且他們選擇多年訂閱、承諾訂閱定價模型，因為它為他們提供了更可預測的大規模成本模型。

Now note also, it's not quite this simple for those that you're working on models because that subscription agreement a hospital involves the consumption rate runtime component.

現在還要注意，對於那些正在研究模型的人來說，事情並不是那麼簡單，因為醫院的訂閱協議涉及消耗率運行時組件。

So there's not going to be easy to model people for those who are working on your spreadsheet.

因此，為電子表格工作人員建模並不容易。

Okay.

好的。

Now the good news is that our customers are making significant commitments to C. three AI. and our multiyear subscription agreements are a positive indicator of the depth of their commitment.

現在的好消息是，我們的客戶正在對 C.3 AI 做出重大承諾。我們的多年訂閱協議是他們承諾深度的正面指標。

And also our data shows that over the chairman of the contract, the revenue from new subscription agreements is generally equal to the revenue from our consumption agreements.

而且我們的數據也顯示，超過合約主席，新訂閱協議的收入一般等於我們消費協議的收入。

So whatever the customer chooses is find us because it's revenue neutral over, say, 10 to 12 quarters bottom line, our go-to market transition is working as evident from the growth of our opportunity pipeline, the increase in our customer engagements and increased revenue.

因此，無論客戶選擇什麼，都可以找到我們，因為它的收入在10 到12 個季度的底線中是中性的，我們的市場轉型正在發揮作用，這從我們的機會管道的成長、客戶參與度的增加和收入的增加可以明顯看出。

Now let's take a minute and talk about generative they are because this is a this is a very significant market development.

現在讓我們花點時間談談它們的生成性，因為這是一個非常重要的市場發展。

The opportunity ahead of us in generative.

我們面前的機會是生成性的。

They are enormous step C. three AI. has been at the vanguard of enterprise AI innovation.

它們是巨大的步驟 C.三個人工智慧。一直處於企業人工智慧創新的先鋒。

Now for 15 years, we spent 15 years building ship enterprise AI applications for manufacturing, supply chain demand, change, finance, defense intelligence, smart grid, oil and gas et cetera.

現在15年了，我們花了15年的時間建立船舶企業人工智慧應用程序，用於製造、供應鏈需求、變革、金融、國防情報、智慧電網、石油和天然氣等。

We in all fairness, we largely established the enterprise category.

平心而論，我們基本上建立了企業類別。

Now with the advent of general AI, I mean, this is fundamentally changing the nature of the market.

現在，隨著通用人工智慧的出現，我的意思是，這正在從根本上改變市場的性質。

It's changing the nature of the human computer interface is unlocking new use cases and it's breaking and it's creating kind of breakthrough opportunities for nonobvious applications in new industries and enterprises that we might that we would not have expected.

它正在改變人機介面的性質，解鎖新的用例，它正在突破，它為新行業和企業中的非顯而易見的應用程式創造了我們可能意想不到的突破機會。

And we're just in the earliest days that this Gartner predicts Gartner Group predicts that by 2026, over 80% of enterprise will be using generative AI, including of the deployment of January MAI., enabling applications in their production environments.

我們也處於 Gartner 預測的早期階段。Gartner Group 預測，到 2026 年，超過 80% 的企業將使用生成式 AI，包括 1 月份 MAI 的部署，從而在其生產環境中啟用應用程式。

This is up from basically zero in 2022 as per Gartner organizations.

根據 Gartner 組織的數據，這一數字到 2022 年基本上為零。

This is a quote that do not consistently manage ARAI. risks are exponentially inclined to experience adverse outcome such as security failures, financial and reputational Ross loss and social Hong Kong.

這句話並不能始終如一地管理 ARAI。風險呈指數級地傾向於經歷不利後果，例如安全失敗、財務和聲譽損失以及社會香港。

We are leveraging our first-to-market advantage in a scalable, trusted enterprise AI to bring secure Germany, stick hallucination free traceable domain-specific, January of AI. solutions and generative at augmented applications to market.

我們正在利用我們在可擴展、值得信賴的企業人工智慧方面的率先上市優勢，為德國帶來安全、無幻覺、可追蹤、特定領域的人工智慧一月。解決方案並產生增強型應用程式推向市場。

And we're seeing a groundswell of interest in all of our generative AI offerings out there and our remarkable uptake of the C. three generative AI Suite, our generative customer activity has ramped sharply since we introduced this product to market four quarters ago.

我們看到人們對我們所有的生成式人工智慧產品的興趣高漲，並且我們對C.3 生成式人工智慧套件的顯著採用，自從我們四個季度前將該產品推向市場以來，我們的生成式客戶活動急劇增加。

We're now applying a generative AINO. kind of areas where we wouldn't have expected the operator assistance and a major manufacturing facility customer assistance at a global financial services company and field technical support at a major multinational manufacturing group.

我們現在正在應用生成 AINO。在這些領域，我們沒有想到全球金融服務公司的操作員協助和主要製造設施的客戶協助以及大型跨國製造集團的現場技術支援。

Dla Piper is using January that has significantly reduced the labor associated with limited partner agreement due diligence.

Dla Piper 正在利用 1 月大幅減少與有限合夥人協議盡職調查相關的勞動力。

Another leading law firm is using the corpus of S ones that are contained in SEC.gov to train a large language model to reduce the attorney labor.

另一家領先的律師事務所正在使用 SEC.gov 中包含的 S 語料庫來訓練大型語言模型，以減少律師的勞動力。

Okay.

好的。

And generating first draft of S ones for IPO candidates, I mean, imagine you train a large large learning model on the corpus of S ones and SEC.gov. And then you want to come up with their first draft of your ask one if and when the IPO market opens again, okay.

為 IPO 候選人產生 S 的初稿，我的意思是，想像您在 S 的語料庫和 SEC.gov 上訓練一個大型學習模型。然後你想提出他們的初稿，問他們是否以及何時重新開放 IPO 市場，好嗎？

You put in the name address of the answers.

您輸入答案的姓名地址。

The key risk factors hit the carriage return episode facto.

關鍵風險因素是回車事件因素。

The first draft of the S-1 is there and we've saved God knows how many personal weeks of legal associates it isn't, where now they can just add it and get it done.

S-1 的初稿已經出來了，天知道我們已經為法律助理節省了多少週的時間，現在他們可以添加它並完成它。

So it's really this is this is pretty neat Baker Hughes is using C3 generative AI on top of Workday and ServiceNow to provide its global employees, brought an immediate answers to all employees.

貝克休斯在 Workday 和 ServiceNow 之上使用 C3 生成式人工智慧來為其全球員工提供即時答案，這真是太棒了。

Questions about employee questions, policies, benefits, compensation, what have you, Riverside County in California is using CT regenerative AI to assist their staff in answering questions about Citizens' questions about taxation, zoning, building codes, et cetera.

關於員工問題、政策、福利、薪酬，你有什麼問題，加州河濱縣正在使用 CT 再生人工智慧來協助其員工回答公民關於稅收、分區、建築規範等的問題。

We continue to be really impressed by the broad range of applications to which the generative AI technologies applicable income.

生成式人工智慧技術所帶來的廣泛應用仍然給我們留下了深刻的印象。

In Q3, we closed 17 generative AI application pilots across a broad range of industries, including federal defense, aerospace, ag, forestry, food processing, manufacturing, stable government chemicals, life science and others.

第三季度，我們關閉了 17 個生成式人工智慧應用試點項目，涉及廣泛的產業，包括聯邦國防、航空航太、農業、林業、食品加工、製造、穩定的政府化學品、生命科學等。

And this generator that pilot spans Europe on Latin America, North America, you there are no bounds to this, we continue to drive innovation in general to the market with a highly differentiated should see three generative AIX. solution.

這個試點橫跨歐洲、拉丁美洲、北美的發電機，對此沒有任何限制，我們將繼續推動創新，以高度差異化的市場應該看到三台發電機 AIX。解決方案。

Our newest innovations include Omni modal data support.

我們的最新創新包括全模式數據支援。

You've heard about multimodal multimodal doesn't kind of multimodal includes text and images.

您聽說過過多模式，多模式不包括文字和圖像。

That doesn't get you very far unit and includes unit your enterprise data, ERPCRMOSIPI. data, telemetry images, tech photos, a voice.

這不會讓您走得太遠，並且包括您的企業數據，ERPCRMOSIPI。數據、遙測影像、技術照片、聲音。

So you're in order for this for this data, the hot, okay, it needs to heal a multimodal.

所以你要為這個數據做好準備，熱，好吧，它需要治癒多模式。

It doesn't get you anywhere you need Omni model data support, which is what we support in the C. three i. product.

它無法幫助您獲得需要 Omni 模型資料支援的任何地方，而這正是我們在 C.3 i 中所支持的。產品。

Today, we have advanced parsing and embedding capability to increase reasoning on tables and images within D.R. Again, we have the planning and execution of complex multistep workflows, which support multilingual support and the automatic invocation of advanced map tooling.

如今，我們擁有先進的解析和嵌入功能，可以增強 D.R. 中表格和圖像的推理能力。同樣，我們擁有複雜的多步驟工作流程的規劃和執行，支援多語言支援和進階地圖工具的自動呼叫。

Okay.

好的。

We do this in a manner that is virtually hallucination free.

我們以一種幾乎沒有幻覺的方式來做到這一點。

Okay.

好的。

Anatel, I'm agnostic.

阿納泰爾，我是不可知論者。

So at some point you would our solution here is really quite unique and it's getting a lot of traction and we are installed today in some of the most secure installations on the planet Earth earlier this year, I will actually ask than we announced in last quarter's conference call, we made a well-considered decision to accelerate our investments in January date, and I have to seize market share in this large and rapidly growing market opportunities as a result of that investment.

因此，在某些時候，您會發現我們這裡的解決方案確實非常獨特，並且受到了很大的關注，我們今天安裝在今年早些時候地球上一些最安全的設施中，我實際上會問我們在上個季度宣布的情況在電話會議上，我們經過深思熟慮，決定在一月份加速投資，而我必須在這個巨大且快速增長的市場機會中搶佔市場份額。

Last quarter, our way our web page views are up 57% year over year.

上個季度，我們的網頁瀏覽量年增了 57%。

In Q3, our organic search traffic is up 68%, and our unique visitors to our website are up an eye-popping 230%.

第三季度，我們的自然搜尋流量成長了 68%，我們網站的獨立訪客成長了令人瞠目結舌的 230%。

So this decision is already accelerating our business already accelerating our price, our product innovation, and it's driving definitely broader market awareness of what we do in enterprise AI and in Generative Design.

因此，這項決定已經加速了我們的業務，已經加速了我們的價格和產品創新，並且它無疑推動了更廣泛的市場對我們在企業人工智慧和生成設計方面所做工作的認識。

That being said, we continue to expect that we will operate a positive free cash flow business.

話雖如此，我們仍然預期我們將經營正的自由現金流業務。

Okay.

好的。

In Q4 of in the next quarter.

在下個季度的第四季。

Now, while we're not giving fiscal year 25 guidance yet, we will continue to expect positive free cash.

現在，雖然我們尚未給出 25 財年的指引，但我們將繼續預期積極的自由現金。

We continue to expect positive free cash flow for the full year of fiscal year 21.

我們繼續預計 21 財年全年自由現金流為正。

Todd talk a minute about our international users group conference.

托德談一下我們的國際用戶小組會議。

C3 transformed will be holding our fifth annual international users group conference.

C3 轉型將舉辦第五屆年度國際用戶小組會議。

Ctu transform and brokered on next week, March fifth through seventh, over 500 customers and partners are registered to attend, including leaders from almost every industry sector, general sessions on March fifth and six will be substance packed, including C3, AI, product roadmaps, C3 AI, customer success stories, best practices in enterprise, AI from C3 as customers and partners via innovation in defense and intelligence and discussions from experts about the past and the future of generative.

Ctu 轉型和經紀將於下週，3 月5 日至7 日舉行，超過500 名客戶和合作夥伴註冊參加，其中包括幾乎每個行業領域的領導者，3 月5 日和6 日的全體會議將內容豐富，包括C3、AI、產品路線圖、C3 AI、客戶成功案例、企業最佳實踐、來自 C3 作為客戶和合作夥伴的 AI 透過國防和情報創新以及專家關於生成的過去和未來的討論。

They are and I'm very pleased to announce that the C. three transform general sessions will be simulcast to qualified investors and analysts.

我很高興地宣布，C.三場轉型大會將向合格投資者和分析師同步直播。

And those of you are interested in can register online beginning this Friday and then to in real time to participate in any of us to shut those general sessions that you would like.

有興趣的人可以從本週五開始在線註冊，然後實時參加我們中的任何一個，以關閉您想要的一般會議。

And I think you'll find them.

我想你會找到它們的。

These are not cheesy sales pitches folks.

這些並不是俗氣的推銷。

This is this is this is pretty substantive stuff.

這是這是這是非常實質的東西。

And for those of you who are either interested in C3 or interested AI. in general, I think you'll find it out.

對於那些對 C3 感興趣或對 AI 感興趣的人。一般來說，我想你會發現的。

I mean, we hope you'll join us and you're welcome to get in conclusion business has good prospects.

我的意思是，我們希望您加入我們，並歡迎您得出結論，業務前景良好。

Look, bright and C3 has returned to accelerating growth, talk about gates.

看，光明和C3已經恢復加速成長，談論蓋茲。

So given current market conditions, we are increasing revenue guidance for Q4.

因此，考慮到當前的市場狀況，我們正在提高第四季度的收入指引。

Okay.

好的。

And for fiscal year.

以及財政年度。

This fiscal year 2024 were for Q4.

2024 財年為第四季。

We're anticipating revenue in the range of 82 to $86 million.

我們預計收入在 8,200 至 8,600 萬美元之間。

And for the year, we're anticipating revenue in the range of 306 to 310 million.

我們預計今年的營收將在 3.6 至 3.1 億美元之間。

Our non-GAAP loss from operations is expected to be in the range of 43.5 million to 51.5 million for the quarter.

我們本季的非 GAAP 營運虧損預計在 4,350 萬美元至 5,150 萬美元之間。

And our loss from a non-GAAP loss from operations for the year is expected to be in the range of 115 million to 123 million.

我們今年的非 GAAP 營運虧損預計將在 1.15 億至 1.23 億美元之間。

Now let me turn the call over to my colleagues, Yuko, your apartment and the Chief Financial Officer, and Hitesh lab, the Chief Accounting Officer for some additional detail.

現在讓我將電話轉給我的同事 Yuko、您的公寓和財務長以及首席會計官 Hitesh 實驗室，以了解一些其他詳細資訊。

Thank you, Tom.

謝謝你，湯姆。

And I will now provide a recap of our Q3 financial results and some additional color on pilot activity.

現在，我將回顧我們第三季的財務業績，並對試點活動進行一些補充說明。

Then I'll discuss factors that would drive our financials in Q4 and in FY 25.

然後我將討論影響我們第四季和 25 財年財務狀況的因素。

All figures are non-GAAP unless otherwise noted.

除非另有說明，所有數據均非公認會計原則。

Total revenue for the third quarter increased 17.6% year over year to $78.4 million.

第三季總營收年增 17.6% 至 7,840 萬美元。

Subscription revenue increased 23.4% year over year to $70.4 million and represented 89.8% of total revenue professional services revenue was 88.0 million and represented 10.2% of total revenue.

訂閱收入年增 23.4%，達到 7,040 萬美元，佔總收入的 89.8%。專業服務收入為 8,800 萬美元，佔總收入的 10.2%。

Gross profit for the third quarter was $54.7 million and gross margin was 69.7%.

第三季毛利為5,470萬美元，毛利率為69.7%。

As a reminder, we continue to expect short term pressure on our gross margins due to a higher mix of pilots, which carry a greater cost of revenue during the pilot phase of the customer lifecycle.

提醒一下，我們仍然預計，由於試點組合的增加，我們的毛利率將面臨短期壓力，這在客戶生命週期的試點階段帶來了更大的收入成本。

Also, as we discussed last quarter, we expect short term pressure on our operating margin due to the investments we're making in generative AI and upgrading customers to our platform.

此外，正如我們上季度討論的那樣，由於我們在產生人工智慧方面的投資以及將客戶升級到我們的平台，我們預計我們的營運利潤率將面臨短期壓力。

Version 8.3 operating loss for the quarter was negative 25.8 million compared to our guidance range of negative 40 million to negative 46 million.

與我們的指導範圍負 4,000 萬至負 4,600 萬相比，本季 8.3 版營運虧損為負 2,580 萬。

The improvement in operating loss versus guidance was driven by our team's ongoing focus on disciplined expense management as well as the timing of additional investments we're making to capture market share.

營運虧損相對於指引的改善是由於我們團隊持續關注嚴格的費用管理以及我​​們為佔領市場份額而進行的額外投資的時機。

At the end of Q3, our accounts receivable balance was 173.5 million, including unbilled receivables of 102.6 million.

第三季末，我們的應收帳款餘額為1.735億，其中未開立發票的應收帳款為1.026億。

Total allowance for bad debt remains low at 400,000, and we have no concerns regarding collections.

壞帳準備金總額仍維持在 40 萬的低水平，我們對收款不存在任何擔憂。

The general health of our accounts receivable remains strong six quarters ago, we announced the transition from subscription-based pricing to consumption-based pricing standard in the industry.

我們的應收帳款整體健康狀況依然強勁，六個季度前，我們宣布業界從基於訂閱的定價標準過渡到基於消費的定價標準。

We anticipated and announced that this transition would have a short to medium term negative effect on revenue growth in RPO as the average sales price was significantly reduced and the contract often lack the time certain multi-period commitments.

我們預計並宣布，這種轉變將對 RPO 收入成長產生中短期負面影響，因為平均銷售價格顯著降低，而且合約通常缺乏某些多期承諾的時間。

As the transition progresses, we expect it to return to revenue growth of customer engagements accelerate and customers expand their consumption, reflecting our turns out the transition to a more consumption-based contracts.

隨著轉型的進展，我們預期客戶參與度加速，客戶消費擴大，收入成長將恢復，這反映出我們向更基於消費的合約轉型。

We reported third quarter GAAP RPO of 286.9 million, which is down 28.8% from last year and current GAAP RPO of $172 million, which is down 2.4% from last year.

我們報告第三季 GAAP RPO 為 2.869 億，比去年下降 28.8%，目前 GAAP RPO 為 1.72 億美元，比去年下降 2.4%。

Free cash flow for the quarter was negative 45.1 million.

該季度自由現金流為負 4,510 萬。

We continue to be very well capitalized and closed the quarter with $723.3 million in cash, cash equivalents and marketable securities.

我們的資本狀況依然良好，本季末擁有 7.233 億美元的現金、現金等價物和有價證券。

Now I'll provide some additional metrics for the third quarter.

現在我將提供第三季的一些額外指標。

During the quarter, we started 29 pilots, a 71% increase from last year and down 19.4% from last quarter due to timing of the sales activity, 10 industries were represented in our pilot starts.

本季度，我們啟動了 29 個試點，比去年增加 71%，但由於銷售活動的時間安排，比上季度下降 19.4%，試點啟動涉及 10 個行業。

At quarter end, we had cumulatively signed 138 pilots, of which 132 are still active.

截至季度末，我們已累計簽約 138 名飛行員，其中 132 名仍然活躍。

This means they're still in their original three to six month term extended for some duration converted to consumption or a license contract or currently being negotiated for a production license.

這意味著它們仍處於原來的三到六個月的期限內，延長了一段時間，轉換為消費或許可合同，或目前正在就生產許可進行談判。

Our customer engagement count for the quarter was 445, an 80.2% increase from 247 a year ago.

本季我們的客戶參與人數為 445 人，比一年前的 247 人增加了 80.2%。

As a last item on our call today, I wanted to inform you that after three wonderful years at C. three I. I will be stepping down as the Company's CFO and assuming a role as VP of Finance, I have been at C. three AI. for three amazing years and two of its CFO.

As a last item on our call today, I wanted to inform you that after three wonderful years at C. three I. I will be stepping down as the Company's CFO and assuming a role as VP of Finance, I have been at C. three人工智慧.度過了令人驚嘆的三年和兩年的財務長。

I'm grateful to Tom and the Board of Directors for the opportunity.

我感謝湯姆和董事會給我這個機會。

It has been a privilege to work beside Tom and the entire executive team in this role.

能夠與湯姆和整個執行團隊一起擔任這個職位是我的榮幸。

As you all are aware, C. three AI. is a unique hyper performance technology company, 100% in the office incredibly hard working fast-paced, you have to beyond 150% all the time.

眾所周知，C. 三個人工智慧。是一家獨特的超性能技術公司，100%在辦公室快節奏地工作，你必須時時刻刻超越150%。

And for me, personally, I need to take a break and step aside for a bit and spent more time with my family.

對我個人來說，我需要休息一下，暫時離開一下，花更多的時間陪伴家人。

I am pleased to inform you that my colleague Hitesh left is assuming the role as CFO.

我很高興地通知您，我離職的同事 Hitesh 正在擔任財務長。

I hired Hitesh about three months ago as our Chief Accounting Officer.

大約三個月前，我聘請了 Hitesh 擔任我們的首席會計官。

Hitesh comes to us from Ernst & Young, where he was a partner for over eight years and brings a total experience of 24 years spent serving large multinational technology clients.

Hitesh 加入我們之前曾在安永會計師事務所 (Ernst & Young) 擔任合夥人超過 8 年，並擁有 24 年為大型跨國技術客戶提供服務的經驗。

I've known Hitesh for over a decade.

我認識希特什已有十多年了。

And in fact, when I was at Ernst & Young, I worked for him at some of the engagements from day one.

事實上，當我在安永會計師事務所時，我從第一天起就為他工作了一些工作。

It has jumped right in and was heavily involved in preparing the financials for this quarter.

它立即介入並積極參與本季財務數據的準備工作。

And I'm very excited to have the finance team to test his capable hands and expect him to continue the progress we have made and take the team to new heights.

我很高興讓財務團隊來測試他的能力，並期望他繼續我們已經取得的進步，並將團隊帶到新的高度。

I will remain as C. three AI. employee advising Hitesh and Tom and assisting the team as necessary to make sure our operations are smooth on our financial reports continue to be pristine.

我將繼續擔任C.3 AI。員工為 Hitesh 和 Tom 提供建議，並在必要時協助團隊，以確保我們的營運順利，我們的財務報告繼續保持原始狀態。

Hitesh, would you like to say something?

海特什，你有什麼想說的嗎？

Thank you, Yuval.

謝謝你，尤瓦爾。

I have been here at CTAI. for about three months, and I'm very excited to take on this role.

我來過 CTAI。大約三個月了，我很高興能夠擔任這個角色。

These are great times for AI and for PTA, and I look forward to working with Tom and rest of the executive team and be a part of the growth story.

對於 AI 和 PTA 來說，這是一個偉大的時代，我期待與 Tom 和其他執行團隊合作，並成為成長故事的一部分。

With that, I'd like to hand it over to the operator for Q&A.

說到這裡，我想把它交給接線生進行問答。

Thank you.

謝謝。

As a reminder to ask a question, you will need to press star one one on your telephone.

作為提問提醒，您需要在電話上按星號一一。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Sir, and our first question comes from Timothy Horan of Oppenheimer from.

先生，我們的第一個問題來自奧本海默的蒂莫西·霍蘭。

Thanks, guys.

多謝你們。

On could you give us a little bit more metrics on the productivity improvements your customers are saying or success stories and where is generative AI, adding the most value to AI. as you see it now our Tennessee.

您能否為我們提供更多關於客戶所說的生產力提高或成功案例的指標，以及生成式人工智慧在哪裡，為人工智慧增加了最大的價值。正如你現在看到的我們的田納西州。

Hi, it's Tom.

嗨，我是湯姆。

Thanks for the question.

謝謝你的提問。

I would yield to the extent you have time.

只要你有時間，我就會屈服。

You are one a year of associates dialed in next week to our users group conference because your customers are going to say with the product gave increases, they're getting a car.

您是一年級員工，下週撥打電話參加我們的用戶小組會議，因為您的客戶會說，隨著產品的增加，他們將獲得一輛車。

They shall I stood up and said they're getting a $2 billion in economic benefit to the United States Air Force who will be presenting against this at this has stood up and said that they're getting a 25% increase in aircraft availability, increasing aircraft availability from our predictive maintenance applications deployed as the standard of the Air Force.

他們應該站起來說他們將獲得 20 億美元的經濟利益給美國空軍，而美國空軍將在此提出反對意見，並說他們將獲得飛機可用性增加 25%，增加根據我們作為空軍標準部署的預測維護應用程序的飛機可用性。

So I mean, that's 25% increase in capability.

所以我的意思是，能力增加了 25%。

United States Air Force has a lot of capability.

美國空軍擁有強大的能力。

So on those are two examples of generative.

這是生成式的兩個例子。

They I can make this.

他們我可以做這個。

There's just no telling where this goes on, whether it's sitting on top of Workday sitting on top of ServiceNow sitting on top of SAP and sitting on top of Salesforce driving contracts for lawyers on the work we're doing at DLA Piper.

我們不知道這一切會發生在哪裡，是在 Workday 之上，還是在 ServiceNow 之上，在 SAP 之上，還是在 Salesforce 之上，為我們在 DLA Piper 所做的工作提供律師合約。

I mean, on one of the applications you're going to see like, you know, for those of you that tuned in to our user conference to talk about our cell application.

我的意思是，在您將看到的應用程式之一上，您知道，對於那些收聽我們的用戶會議談論我們的行動應用程式的人來說。

This is that this is the application, which was one of the large die applications on earth.

這就是這個應用程序，這是地球上最大的晶片應用程式之一。

Dysport reported the United States Air Force.

Dysport 報告了美國空軍。

And now we're putting in this this is we've used the data from 22 weapons systems into a unified Federated image, F-15, F-16, F-18, F-35, KC. one 35 et cetera.

現在我們將 22 個武器系統的資料放入統一的聯邦影像中：F-15、F-16、F-18、F-35、KC。一個 35 等等。

And including the telemetry from many of these devices.

包括許多此類設備的遙測數據。

And B-1 bomber has 42,000 sensors admitting telemetry at something like 800 cycles.

B-1 轟炸機擁有 42,000 個感測器，可進行約 800 個週期的遙測。

There's a lot of data I think it's order of 100 terabytes of data.

有很多數據，我認為有 100 TB 的數據量級。

And like any application of this nature, it has a highly technical interface when we put generally have an eye on top of it.

與任何此類性質的應用程式一樣，當我們通常關注它時，它具有高度技術性的介面。

It has a mosaic browser user interface in the boat Mosaic browser.

它在船馬賽克瀏覽器中有一個馬賽克瀏覽器使用者介面。

You guys know that is the basically the Google browser, okay, get Google copied it again at Mosaic browser came out of University of Illinois, I think in 1993.

你們知道這基本上就是 Google 瀏覽器，好吧，讓 Google 在 1993 年伊利諾大學推出的 Mosaic 瀏覽器中再次複製它。

And they so now you simply anybody in their floors with the proper authority.

現在，他們只是他們樓層中擁有適當權力的任何人。

Can ask any question about any weapons system or any weapons systems and immediately get the answer.

可以詢問有關任何武器系統或任何武器系統的任何問題並立即得到答案。

Whatever I read at UPS levels were up 35 quadrants in Central Europe.

我在 UPS 層級上讀到的內容都顯示中歐地區上升了 35 個像限。

What's my cost of running the B. one B. program and each of the last five years, I guess what are the biggest parts issues associated with the F-35 project, whatever it may be.

我運行 B.one B. 計劃的成本是多少，以及過去五年中的每一年，我猜想與 F-35 項目相關的最大零件問題是什麼，無論它是什麼。

So it really is though, as it relates to the as we deploy these enterprise AI applications in mass across organizations, it runs a user interface.

事實確實如此，因為它與我們跨組織大規模部署這些企業人工智慧應用程式有關，它運行一個使用者介面。

It makes the change management project process, much simpler.

它使變更管理專案流程變得更加簡單。

So these are examples in both those areas.

這些都是這兩個領域的例子。

And, you know, I don't know how big how big this generative I think has, but it bigger than a breadbox.

而且，你知道，我不知道我認為這個生成器有多大，但它比麵包箱大。

I can tell you that.

我可以告訴你。

Thank you.

謝謝。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

And our next question comes from Sanjit Singh of Morgan Stanley.

我們的下一個問題來自摩根士丹利的桑吉特辛格。

Thank you for taking the questions.

感謝您提出問題。

And sorry, you hope to see you go and best of luck for spending time with the family.

抱歉，您希望看到您離開，並祝您與家人共度美好時光。

Tom?

湯姆？

Tom, I wanted to ask a little bit about the wants in generation.

湯姆，我想問一些關於這一代的需求。

It seems like that's an AI. access pattern that's getting really, really popular across enterprises in costs and AI companies.

看起來這就是一個AI。這種存取模式在成本企業和人工智慧公司中變得非常非常流行。

And so there's a lot of companies sort of pursuing this opportunity and what I wanted to hear a little bit about how on C3 is sort of differentiate in terms on providing this capability to enterprises that sort of differentiates RAD from C3 versus some of the other plays at a better time to make this a reality for customers essentially covered our enterprise AI in general or specifically generative Our agenda today, I'm going to go into the retrieval augmented generation LADD seeing seems like what do you think this has Catching Fire with enterprises?

因此，有很多公司都在尋求這個機會，我想聽聽關於 C3 在向企業提供這種功能方面如何有所差異，這在某種程度上使 RAD 與 C3 與其他一些遊戲區分開來。在更好的時間為客戶實現這一點基本上涵蓋了我們的企業人工智慧一般或特定的生成我們今天的議程，我將進入檢索增強一代LADD 看到你認為這對企業有什麼影響？

And just wanted to see like how CCE is on allowing customers to pursue Iraqi case, okay, we'll RAG usually lower, very choose a technology that allows the answer to be traceable.

只是想看看 CCE 如何允許客戶追蹤伊拉克案件，好吧，我們通常會將 RAG 降低，非常選擇一種允許答案可追溯的技術。

Okay, that allows you to do so when you asked the question, it tells you what the answer comes from.

好的，這允許您在提出問題時這樣做，它會告訴您答案來自何處。

And most large language models will not do that fit the C3 generative by combining 15 years' worth of platform architecture with the large language model we're able to solve the generative value equation in a in a highly differentiated manner.

大多數大型語言模型都無法滿足 C3 生成式的要求，透過將 15 年的平台架構與大型語言模型結合，我們能夠以高度差異化的方式解決生成值方程式。

Okay.

好的。

The C3, Ai generative AI, where we support generate all the answers, our deterministic, not not random.

C3，Ai 生成式人工智慧，我們支援產生所有答案，我們是確定性的，而不是隨機的。

I mean, it's every day we ask the same question.

我的意思是，我們每天都會問同樣的問題。

You get the same answer, go on to Bard or go into jet GBT.

你會得到同樣的答案，繼續巴德或進入噴射GBT。

It doesn't work that way every time you ask the same.

並不是每次你問同樣的問題時都這樣。

If two people ask the same question, you get different answers or gap.

如果兩個人問同樣的問題，你會得到不同的答案或差距。

Secondly, everything that we do is traceable.

其次，我們所做的一切都是可追溯的。

Okay.

好的。

And would this is where we use or a rag eight are retrievable augmented generation technology.

這就是我們使用的可回收增強生成技術的地方。

So we know exactly where the answer came from.

所以我們確切地知道答案來自哪裡。

Again, most large large mangoes robots do that.

同樣，大多數大型芒果機器人都會這麼做。

Okay, because we have the temperature churn down to zero?

好吧，因為我們把溫度降到零了？

Okay.

好的。

We don't know.

我們不知道。

We don't elucidate if it doesn't know the answer.

如果它不知道答案，我們不會解釋。

It doesn't tell you where the answer is most of these other solutions are Una Modal, you know that.

它沒有告訴您答案在哪裡，您知道，大多數其他解決方案都是 Una Modal。

Okay, big data input, anything you want as long as you put intact, that's not usual.

好吧，大數據輸入，你想要什麼只要完好無損，這不常見。

Now they're thinking about multimodal multimodal or he ask Andrew Ang means tax plus images.

現在他們正在考慮多式聯運，或者他問安德魯昂意味著稅收加圖像。

That's not that usual either.

這也不常見。

If we're going to do generative AI, for example, on this airport application, it needs to be Omni mode, text images, graphics enterprise data, telemetry, voice signals, what have you and so were Omnia modal.

例如，如果我們要在這個機場應用程式上進行生成式人工智慧，它需要是 Omni 模式、文字影像、圖形企業資料、遙測、語音訊號，你有什麼，所以是 Omnia 模式。

We them well, almost all of these other LLM. solutions, whether they come from OpenEye R or Entropic or or Google or wherever they might be?

我們很好，幾乎所有其他法學碩士。解決方案，無論它們來自 OpenEye R、Entropic、Google 還是來自任何地方？

They are on specific.

他們是具體的。

Our answer is well aware, I'm agnostic.

我們的答案很清楚，我是不可知論者。

So you can change out the large language battle every week as these guys out innovate each other one of the big hydrocarbons associated with large language models is data exfiltration.

因此，您可以改變每週的大型語言之戰，因為這些人互相創新，與大型語言模型相關的重要碳氫化合物之一是資料外洩。

This is what's visible what is stopping these applications from being installed everywhere see Samsung for details.

這就是阻止這些應用程式在任何地方安裝的明顯原因，請參閱三星以了解詳細資訊。

There's a lot of reinsurers, particularly coming out of university, Carnegie Mellon, okay.

有許多再保險公司，尤其是卡內基美隆大學的再保險公司。

That is showing the cyber attack vectors that are opened by these large language models.

這顯示了這些大型語言模型開啟的網路攻擊向量。

And then you know the story about Samsung with the kind of massive data exfiltration of their intellectual property onto the public Internet.

然後你就會知道三星的故事，其智慧財產權的大量資料被洩漏到公共網路上。

Okay?

好的？

Because the way that our system is structured we have the LLM. has no access to the data.

因為我們系統的建構方式是我們擁有法學碩士。無權存取資料。

Therefore, it can't actual trade and it's not a vector for cyber.

因此，它不能進行實際交易，也不是網路載體。

Okay.

好的。

It also because it doesn't have an access to the data it, it doesn't have the opportunity to elucidate.

它還因為它無法存取數據，所以它沒有機會進行闡明。

Okay.

好的。

Another reason why these LLM.s are not being installed has to do with IP liability.

未安裝這些法學碩士的另一個原因與智慧財產權責任有關。

The IP. liability associated with these large language models that are traded on the public Internet are unbounded.

智慧財產.與這些在公共互聯網上交易的大型語言模型相關的責任是無限的。

Okay.

好的。

Unbounded liabilities, a problem for Bank of America, unbounded liabilities, a problem at cargo in problem at any responsible organization or even a Morgan Stanley.

無限責任，美國銀行的問題，無限責任，任何負責任的組織甚至摩根士丹利的貨物問題。

Okay.

好的。

And the on the ITO, the way that the way that our system works only your data are available to the large language model.

在 ITO 上，我們的系統僅適用於大型語言模型的資料工作方式。

So there is no IP liability problem.

所以不存在智慧財產權責任問題。

And finally, our solutions, our LLP., as you always are you mentioned LLP out, I am agnostic.

最後，我們的解決方案，我們的有限責任合夥。正如您一直提到的有限責任合夥企業一樣，我是不可知論者。

So our solutions are highly differentiated from the other solutions that are out there.

因此，我們的解決方案與現有的其他解決方案有很大區別。

And for any one of those reasons I mentioned that system does not get installed at Goldman Sachs does not get involved at Morgan Stanley Coke Industries, United States Air Force or the CA that doctors have hot and ours does that.

由於任何一個原因，我提到系統不會在高盛安裝，不會參與摩根士丹利可口可樂工業公司、美國空軍或醫生熱衷的CA，而我們的卻這樣做了。

That's the difference?

這就是差別？

That's a super comprehensive answer, Tom, and I'm really looking forward to a flushing some of those sessions that I see three transform unless we and there is I'll mention specifically on that with with the Mayfield, Kristian, you know games launched in the US of outgoing and for Enron, current from Forrester Research out exactly that.

這是一個超級全面的答案，湯姆，我真的很期待刷新其中一些會議，我看到三個轉變，除非我們和有我會特別提到梅菲爾德，克里斯蒂安，你知道推出的遊戲在美國，對安隆公司來說，目前來自Forrester Research 的報告正是如此。

And at that nine 15 on March sixth, I highly recommend it.

在三月六日九點十五分，我強烈推薦它。

Perfect.

完美的。

I did have one follow-up and it goes to some of the color that you provided on node, the customers coming out of pilot and how they're choosing to license ARM going forward.

我確實有一個後續行動，它涉及您在節點上提供的一些顏色、結束試點的客戶以及他們未來如何選擇授權 ARM。

And so with the kind of more of a shift or more of a preference, I guess, for final subscription contracts.

因此，我想，對於最終的訂閱合約來說，更多的是一種轉變或更多的偏好。

So luckily, what does that imply for like quarterly revenue was in the next couple of quarters as we've been trying to think that there might be a headwind on assessments, neutralized consumption contracts and fuel consumption will eventually materialize should grow and that becomes revenue accretive and that was with the mix shift to directionally, how should I think about that impact quarterly revenue if that trend continues from here on going forward?

幸運的是，這對未來幾季的季度收入意味著什麼，因為我們一直試圖認為評估可能會遇到阻力，中和的消費合約和燃料消耗最終將實現增長並成為收入如果這種趨勢從現在開始繼續下去，我該如何看待這種對季度營收的影響？

Firstly, on China, if I had a headwind in either the storage.

首先，在中國，我是否在儲存方面遇到了阻力。

Okay.

好的。

Um, um, sometime thereafter like offline, Tom, you have heard that headwind is okay.

嗯，嗯，之後的某個時候，就像離線一樣，湯姆，你聽說逆風是可以的。

The of the bottom line is the customer has the option of licensing it for your biotech.

最重要的是，客戶可以選擇為您的生物技術授予許可。

It will take months and months and will pay for these up for the for for CPU, our okay or many of them.

這需要幾個月的時間，並且需要支付 CPU 的費用，我們可以，或者其中很多。

You don't want to deal with price certainty because their plan on expanding in a pretty big way.

你不想處理價格的確定性，因為他們計劃大規模擴張。

And they say, hey, guys, let's talk about a three-year commitment.

他們說，嘿，夥計們，我們來談談三年的承諾吧。

We're going to give the mic to a certain amount of money in year one year, two year three, and there's consumption pricing component.

我們將在第一年、第二年、第三年向麥克風提供一定數量的資金，其中包括消費定價部分。

Now the bottom line is Sanjit.

現在最重要的是Sanjit。

It's revenue neutral to us over 10 quarters.

超過 10 個季度的收入對我們來說是中性的。

So it doesn't matter at our business.

所以這對我們的生意來說並不重要。

Our business is the when the customer service business, however, the customer wants to buy it, we're going to sell it, but it has really no meaningful impact on our revenue modeling.

我們的業務是客戶服務業務，但是，客戶想買它，我們就賣它，但這對我們的收入模型實際上沒有任何有意義的影響。

But it did come as a surprise is counterintuitive.

但這確實令人驚訝且違反直覺。

Yes.

是的。

No, that's great.

不，那太好了。

I'll leave it there.

我會把它留在那裡。

And I'll give the floor to you and we are in a thank you so much.

我將請您發言，我們非常感謝您。

Thank you.

謝謝。

One moment for next question.

請稍等一下，回答下一個問題。

And our next question comes from Pat Walravens of JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

Have a great day.

祝你有美好的一天。

I'd like to start with one sort of financial one and then Tom, I have a big picture one for you.

我想從財務方面開始，然後湯姆，我為您準備了一幅大圖。

So you hold maybe on your way out I mean, this is your Q three next quarters, Q4, and then you're going to you're going to give us some guidance for fiscal 25 just to keep us all in check or not kind of middle of the year?

所以你可能會堅持下去，我的意思是，這是你下個季度的第三季度，第四季度，然後你將為我們提供一些關於25 財年的指導，只是為了讓我們所有人都受到控制或不友善年中？

Yes, we thought let's not get ahead of ourselves.

是的，我們認為我們不要超前。

Can we just can you just get some sense of what some boundaries in terms of what we should think about for fiscal 25, either the top tax, first of all, for that question, but I mean, we're still we're still planning for FY 25.

我們能否讓您了解我們應該考慮 25 財年的一些界限，首先，對於這個問題，最高稅收，但我的意思是，我們仍然我們仍然25 財年規劃。

I mean, we think the opportunity is massive.

我的意思是，我們認為機會是巨大的。

We're very excited about the general debate I opportunity, but it's too early for us to give you any sort of guidance as to what their flight 25 revenues look like.

我們對一般性辯論的機會感到非常興奮，但現在就我們 25 號航班的收入情況向您提供任何指導還為時過早。

We are confident on free cash flow positivity for 25, Howard.

我們對 25 歲的霍華德的自由現金流充滿信心。

Okay.

好的。

Well, that's helpful.

嗯，這很有幫助。

And then, Tom, the big one for you is.

然後，湯姆，對你來說最重要的是。

I'm just wondering about the sort of and think future demand curve for nation-state sovereign clouds.

我只是想知道民族國家主權雲的未來需求曲線是怎麼樣的。

That's everything I had breakfast with a another a EXECUTIVE this week and one of the comments he made was if you don't have access, if you don't have your own committed access to AI. in-country, you are dead.

這就是我本週與另一位高階主管共進早餐的全部內容，他發表的評論之一是，如果你沒有訪問權限，如果你沒有自己承諾的人工智慧存取權限。在國內，你已經死了。

So see overstating the case or is this some is this another area where there's potentially a lot of work for you guys to do Koos, you see don't have access trials, all our people, whatever pick, whatever pick that pick the Prime Minister President of any of our allies?

所以看看誇大了這個情況，或者這是另一個領域，你們可能有很多工作要做 Koos，你看，沒有機會審判，我們所有的人，無論選擇什麼，無論選擇總理我們任何盟友的總統？

Well, I think you have France, Germany, UK, we do have sovereign access, okay?

好吧，我認為法國、德國、英國，我們確實有主權訪問權，好嗎？

And so we're not finding this a problem, a data sovereignty, a problem because one or more of the cloud providers does guarantee data sovereignty.

因此，我們不認為這是一個問題，一個資料主權，一個問題，因為一個或多個雲端提供者確實保證了資料主權。

I think actually the interesting trend up, Pat, that we're seeing and this is really counterintuitive.

我認為實際上我們正在看到有趣的趨勢，帕特，這確實違反直覺。

I think I think we're going to see the return of in-house data centers.

我想我們將會看到內部資料中心的回歸。

Okay.

好的。

And I think they see like what HP. is leading with what do they call it green green gas greenhouse with these supercomputers that will be inside of, you know, Goldman Sachs and U.K. and Bank of America and other firms.

我認為他們對惠普的看法是一樣的。正在領導他們所謂的綠色溫室氣體溫室，這些超級電腦將安裝在高盛、英國、美國銀行和其他公司內部。

I think I think we're going to see a return to in-house data centers, believe it or not, okay, where people have the G, we get the GPUs inside, but data sovereignty is not a difficult problem to solve and we're able to address it and we have customers all over the world.

我想我認為我們將會看到內部資料中心的回歸，不管你信不信，好吧，人們擁有 G，我們將 GPU 放在內部，但資料主權並不是一個很難解決的問題，我們我們能夠解決這個問題，並且我們的客戶遍布世界各地。

Yes, I believe it's a Level zero requirement and the the our friends at Zohr and AWS in particular do kind of nail that quite well, if I can, I can I go a little deeper on your comment about why we're returning to in-house data centers Why do I think that that will what are you seeing that's driving that sub hearing mission in the marketplace?

是的，我相信這是零級要求，尤其是 Zohr 和 AWS 的朋友確實做得很好，如果可以的話，我可以更深入地了解您關於我們為什麼要返回的評論。 -內部資料中心為什麼我認為您所看到的會推動市場中的輔助聽證會任務？

And in even my engineers you've talked about, okay, that is going to be cost effective for us to build.

甚至在我的工程師中，您也談到過，好吧，這對我們來說建造起來將具有成本效益。

Now the constraint is it you think was somebody needs a call-up chance impact for GPUs.

現在的限制是你認為有人需要對 GPU 產生召喚機會影響。

Let's say we could figure out how to do that maybe we know somebody knows Jen-Hsun, okay, the The hard part is we can't get power.

假設我們可以弄清楚如何做到這一點，也許我們知道有人認識 Jen-Hsun，好吧，困難的部分是我們無法獲得權力。

So I think the constraint on this going for everybody sees the constraint is availability of GPUs.

因此，我認為對每個人來說，這種情況的限制是 GPU 的可用性。

I think a good straight on this soon is going to be the availability of power.

我認為很快就會有一個很好的直接問題是電力的可用性。

You cannot get power to build the data center in Silicon Valley.

你無法獲得在矽谷建設資料中心的權力。

You notice right.

你注意到了，沒錯。

Again, Northern Silicon Valley is SPG. and E., which is I have no comment on that Southern Southern Silicon Valley or some other power company.

再次強調，北矽谷是 SPG。 E.，即我對南方矽谷或其他一些電力公司沒有評論。

I know not what, but they will not give you a powerful data set.

我不知道是什麼，但他們不會給你一個強大的數據集。

So it's I think I think this I think this GPU constraint is ephemeral as soon it's going to be power by us.

所以我認為 GPU 的限制是短暫的，一旦它由我們提供動力。

Thank you.

謝謝。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

And our next question comes from Mike Cikos of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Cikos。

Have great.

祝你好運。

Thanks, guys.

多謝你們。

This is [Matt Litram] on for Mike because over a need of good to hear that the consumption transition is tracking in line with your initial target.

這是 [Matt Litram] 為 Mike 所做的，因為我們很高興聽到消費轉變正在與您的初始目標保持一致。

On that note, what can you tell us about the size of your sales force, the ramping of these reps and the number of pilots being signed per sales rep relative to your expectations?

關於這一點，您能告訴我們關於您的銷售團隊的規模、這些銷售代表的增長情況以及每個銷售代表簽署的飛行員數量相對於您的期望的情況嗎？

Hi, as you help, so the sales.

你好，有你的幫助，就有銷售。

We are still hiring activity in all of our sales functions, but not as fast as we'd like.

我們仍在所有銷售職能部門進行招募活動，但速度沒有我們希望的那麼快。

So we our sales force is not as high as we initially projected when we provided these sort of assumptions, but we continue to ramp up on that as it becomes to the ramping up the sales force.

因此，我們的銷售團隊並不像我們最初在提供此類假設時所預期的那麼高，但隨著銷售團隊的擴大，我們將繼續加強這一力度。

I think previously we've said that everybody should make some sort of our expectations and assumptions in their models until they closed their first pilots.

我認為之前我們已經說過，每個人都應該在他們的模型中做出某種我們的期望和假設，直到他們結束第一個試點。

But a reasonable assumption would be 1.5, two quarters before they get fully ramped up and get going on on closing their first pilot and then what, Matt, what was your third question, just if anything has changed as far as like how many pilots you're expecting each rep because I know that was part of the initial assumptions, I think I'm wondering.

但合理的假設是 1.5，也就是他們完全啟動並繼續關閉第一個試點之前的兩個季度，然後馬特，你的第三個問題是什麼，如果有什麼變化，比如你有多少飛行員我期待著每一位代表，因為我知道這是最初假設的一部分，我想我很想知道。

Yes, once Yes, once again, we lead with the pilot sales motion.

是的，一次 是的，再一次，我們以試點銷售動議為主導。

So all the sales reps when they close new business is expected to get with a pilot.

因此，所有銷售代表在完成新業務時都應該進行試點。

So we would expect each of the sales guys to bring in at least a positive quarter once they're fully ramped up and everything subscale, but we're not quite yet there.

因此，我們預計每個銷售人員一旦全面啟動並且一切都規模化後，至少會帶來一個積極的季度業績，但我們還沒有完全實現這一點。

Okay, great.

好的，太好了。

Thanks for that.

感謝那。

And then has the Company noted any change in the length of sales cycles this quarter versus the prior quarter, given management's comments on customer considerations for a U.S. government and as we've published it, when we took it up from the 10 Q so the sales cycle is about the same.

然後，考慮到管理層對美國政府客戶考慮因素的評論以及我們發布的評論，當我們從第十季度開始時，公司是否注意到本季度銷售週期長度與上一季相比有任何變化銷售週期大致相同。

About a it's about the same as yet hasn't changed, which is about 3.5 month.

大約是一樣的，還沒改變，大約是3.5個月。

Yes, beautiful.

是的，很美。

Thanks so much, guys.

非常感謝，夥計們。

Thank you One moment for our next question.

謝謝您，請稍等一下我們的下一個問題。

And our last question comes from Kingsley Crane of Canaccord Genuity Group business.

我們的最後一個問題來自 Canaccord Genuity Group 業務部門的 Kingsley Crane。

There's no question our commend you for the great Q3 and really strong momentum in the business.

毫無疑問，我們讚揚您第三季的出色業績和業務的強勁勢頭。

With respect to your comments on in video and enterprise, a I think what we're all trying to figure out is when that is in videos, 200 plus percent growth in hardware investments start flowing into the software layer, and we're seeing some of that already.

關於您對影片和企業的評論，我認為我們都在試圖弄清楚，在影片中，硬體投資 200% 以上的成長開始流入軟體層，我們看到一些已經這樣了。

But is that more like one year, five years?

但這更像是一年、五年嗎？

I think we see the tidal wave coming, but we're all trying to time it.

我想我們已經看到了浪潮的到來，但我們都在努力把握時機。

Well, Gary change the it's a good question, Tito, but I could tell you all this infrastructure is not being put out there to like play games, okay, is put out there to run enterprise AI applications.

好吧，加里改變一下，這是一個很好的問題，蒂托，但我可以告訴你，所有這些基礎設施並不是為了玩遊戲而放在那裡的，好吧，是為了運行企業人工智能應用程序而放在那裡的。

And so these guys are out there building a highway for us and thank goodness for that.

所以這些人正在為我們建造一條高速公路，謝天謝地。

And I think that, you know, we.

我認為，你知道，我們。

Yes, in terms of we look at and I think here, January aware of the market interest in AI applications, and I think you're generally aware, maybe more than generally probably specifically aware of the of the interest in generative AI applications, and that's what those GPOs you're going to be doing and they're going to be running.

是的，就我們而言，我認為，一月份意識到市場對人工智慧應用程式的興趣，我認為您普遍意識到，也許比一般人更具體地意識到人們對生成式人工智慧應用程式的興趣，而這就是那些 GPO 要做的事情，以及他們將要運行的事情。

And the good news is they'll be there show it's there's a lot of things coming into place.

好消息是他們會在那裡表明有很多事情正在發生。

Thank you, that that's really helpful.

謝謝，這真的很有幫助。

And the last one is just that we're seeing so much investment domestically, you've had such great success both with federal and state and local.

最後一點是，我們看到國內有如此多的投資，聯邦、州和地方都取得了巨大的成功。

Are you doing the international opportunity today both in Europe and then in regions like a back.

今天你在歐洲和後腰等地區都在做國際機會嗎？

So I don't I disclosed I think last quarter that our performance in Amea was significantly substandard.

所以我沒有透露我認為上季我們在 Amea 的表現明顯不合格。

Okay.

好的。

And any and that was a pretty clear about that and you know, come as a big surprise to everybody on this call that may we made some organizational changes and the AG.

任何一個都非常清楚這一點，你知道，對於這次電話會議中的每個人來說，我們可能會做出一些組織變革和 AG，這讓每個人都大吃一驚。

I'm pleased to report that those changes have been quite positive.

我很高興地報告這些變化是非常積極的。

And we're seeing the levels of sales activity and customer engagement increasing dramatically in the theater and interestingly enough, the South America theater to.

我們看到劇院的銷售活動和客戶參與度急劇增加，有趣的是，南美劇院的銷售活動和客戶參與度也急劇增加。

So there's that that's thanks for the question, and we're seeing very positive news there.

感謝您提出這個問題，我們看到了非常積極的消息。

That's great.

那太棒了。

Thank you.

謝謝。

And you know, it's been fantastic work with you.

你知道，和你一起工作真是太棒了。

I wish you the best of luck.

祝你好運。

Thanks again.

再次感謝。

Tactically.

戰術上。

Thank you.

謝謝。

I would now like to hand it back, Mr. Siegel for closing remarks.

西格爾先生，我現在想把它交還給他，讓他作結語。

Ladies and gentlemen, thank you for your time this afternoon.

女士們、先生們，感謝您今天下午抽出寶貴的時間。

We appreciate the opportunity to update you on the state of our business.

我們很高興有機會向您介紹我們的業務狀況。

I can tell you that for those of you who have visited us, you know, this is a very unique place.

我可以告訴你，對於那些來過我們的人來說，你知道，這是一個非常獨特的地方。

We have the only full parking lot in Silicon Valley.

我們擁有矽谷唯一一個完整的停車場。

There are five or 600 people here working with us today shoulder to shoulder to their here Monday through Friday, and we're working in Chicago Atlanta station, this Washington, D.C., London, Rome, Paris, we're were all added.

今天有五、六百人在這裡與我們並肩工作，從週一到週五，我們在芝加哥亞特蘭大站、華盛頓特區、倫敦、羅馬、巴黎工作，我們都被加入了。

We have a very unique, high performance corporate culture that I think is going to serve as a real strong competitive advantage in the long run.

我們擁有非常獨特、高績效的企業文化，我認為從長遠來看，這將成為真正強大的競爭優勢。

So this places just kind of vibrating with excitement.

所以這個地方有點興奮。

And I think for all of us involved is the professional experience of a lifetime.

我認為對於我們所有參與其中的人來說都是一生難忘的專業經驗。

And we thank you for the opportunity to share with you and we look forward to them.

我們感謝您給我們機會與您分享，我們期待與您分享。

Bring me up to speed next quarter lobbies.

讓我了解下季度大廳的最新情況。

Last thought for those of you your time, I really encourage you to dial in to see three transform next week because I think you'll you'll find it.

對你們這些人來說，最後一個想法是，我真的鼓勵你們下週撥通電話看看三個轉變，因為我想你們會找到它。

These are professional presentations that are quite substantive and it will be a good use of your time if you have time.

這些都是非常專業的演講，內容非常充實，如果你有時間的話，這將是你的一個很好的利用時間。

Ladies and gentlemen, thank you very much and we look forward to talking again.

女士們先生們，非常感謝你們，我們期待再次交談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

And you may now disconnect.

您現在可以斷開連線。