C3.ai Inc (AI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the C3.ai's first quarter fiscal year 2025 conference call.

歡迎參加C3.ai 2025財年第一季電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker for today, Amit Berry, you may begin.

現在，我想將會議交給今天的發言人阿米特·貝裡 (Amit Berry)，您可以開始了。

Good afternoon, and welcome to C3.ai's earnings call for the first quarter of fiscal year 2025, which ended on July 31, 2024.

下午好，歡迎參加 C3.ai 2025 財年第一季（截至 2024 年 7 月 31 日）收益電話會議。

My name is Amit Berry, and I lead Investor Relations at C3.ai. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer; Ed Abbo, Executive Vice President and Chief Technology Officer; and Hitesh Lath, Chief Financial Officer.

我叫 Amit Berry，是 C3.ai 的投資人關係主管。今天與我一起參加電話會議的還有董事長兼執行長湯姆‧西貝爾 (Tom Siebel)；執行副總裁兼技術長 Ed Abbo；以及財務長 Hitesh Lath。

After the market closed today, we issued a press release with details regarding our first 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.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，詳細介紹了我們的第一季度業績，以及我們的業績補充信息，您可以通過我們網站 ir.c3.ai 的投資者關係部分訪問這些信息。本次電話會議正在進行網路直播，會議結束後，我們將在 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，這些聲明根據聯邦證券法可能被視為前瞻性的。

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截至今天的觀點，不應被視為代表我們隨後任何日期的觀點。

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 materially from expectations.

這些聲明受各種風險和不確定因素的影響，可能導致實際結果與預期有重大差異。

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.

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。

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

除非另有說明，所有數據都將以非 GAAP 基礎討論。

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，我們將參考某些非 GAAP 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 指標的對帳表。

Finally, at times 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，在我們準備好的發言中，為了回答您的問題，我們可能會討論一些比我們通常的介紹更詳細的指標，以便更深入地了解我們的業務動態或季度業績。

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

請注意，我們將來可能會或不會繼續提供這些額外的詳細資訊。

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

現在，請允許我將電話轉給湯姆。

Thank you, Amit.

謝謝你，阿米特。

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

大家下午好，感謝大家今天的電話會議。

We are off to a solid start for fiscal year '25.

我們25財年開局良好。

In Q1, we exceeded all expectations for revenue, cash flow and profitability.

在第一季度，我們的收入、現金流和獲利能力超出了所有人的預期。

This quarter marked our sixth consecutive quarter of accelerating revenue growth, reflecting our high levels of customer satisfaction and increasing demand for enterprise AI applications.

本季是我們連續第六個季度實現收入加速成長，反映了我們高水準的客戶滿意度和對企業人工智慧應用的不斷增長的需求。

Our year-over-year revenue growth has accelerated from 11% in Q1 '24 to 17% in Q2, 18% in Q3, 20% in Q4, and 21% in Q1 year-over-year revenue growth in Q1 of fiscal year '25.

我們的年收入成長率從24年第一季的11%加速到第二季的17%、第三季的18%、第四季的20%以及25財年第一季的21%。

Total revenue for the quarter was $87.2 million, exceeding analyst expectations.

本季總營收為 8,720 萬美元，超過分析師預期。

Subscription revenue was $73.5 million and increased 20% from a year ago.

訂閱收入為7,350萬美元，比去年同期成長20%。

Our non-GAAP gross profit was $60.9 million representing a 70% gross margin.

我們的非公認會計準則毛利為 6,090 萬美元，毛利率為 70%。

Our GAAP operating loss was $72.6 million.

我們的 GAAP 營業虧損為 7,260 萬美元。

Our non-GAAP operating loss was $16.6 million and substantially better than our guidance for a loss of $22 million to $30 million.

我們的非公認會計準則營業虧損為 1,660 萬美元，大幅優於我們預期的 2,200 萬至 3,000 萬美元的虧損。

Our non-GAAP net loss per share was $0.05. Our net cash provided by operating activities was $8 million, and we generated free cash flow of $7.1 million in the quarter, both substantially exceed market expectations.

我們的非公認會計準則每股淨虧損為 0.05 美元。我們的經營活動提供的淨現金為 800 萬美元，本季我們產生的自由現金流為 710 萬美元，均大幅超過市場預期。

We ended the quarter with over $760 million in cash, cash equivalents, and investments.

截至本季末，我們的現金、現金等價物和投資超過 7.6 億美元。

I'll note that this is the 15th consecutive quarter as a public company in which we have met or exceeded our revenue guidance.

我要指出的是，作為一家上市公司，這是我們連續第 15 個季度達到或超過了我們的收入預期。

In the first quarter, the company closed 71 agreements, including 72 new pilots marking a 117% year-over-year increase in our pilot count.

第一季度，公司達成71項協議，其中包括72名新飛行員，飛行員數量較去年同期成長117％。

We entered into new agreements with GSK, Eletrobras, Valero, Swift, SmithRx, Sanofi, the U.S. Intelligence Community, the U.S. Department of Defense, Dolce & Gabbana, Ingersoll Rand, and others.

我們與 GSK、Eletrobras、Valero、Swift、SmithRx、Sanofi、美國情報界、美國國防部、Dolce & Gabbana、Ingersoll Rand 等公司簽訂了新的協議。

Additionally, we significantly expanded our footprint across state and local government.

此外，我們也大大擴展了我們在州和地方政府的影響力。

In Q1, the company signed 25 agreements with state and local governments with municipal, county and state agencies in Texas, California, New Jersey, Georgia, Washington and Connecticut, Virginia, Rhode Island, Maine, New Mexico, and Florida.

第一季度，該公司與德克薩斯州、加利福尼亞州、新澤西州、喬治亞州、華盛頓州和康乃狄克州、維吉尼亞州、羅德島州、緬因州、新墨西哥州和佛羅裡達州的市、縣和州機構簽署了 25 項州和地方政府協議。

State and local government is a large and underserved market that we're rapidly penetrating.

州和地方政府是一個龐大且服務不足的市場，我們正在迅速滲透。

Our solutions increase efficiency while maintaining the highest standards for accuracy, transparency, and security.

我們的解決方案提高了效率，同時保持了最高的準確性、透明度和安全性標準。

They drive substantial cost savings and the combined benefits result in improved public services and improved customer experience.

它們大幅節省了成本，綜合效益則改善了公共服務和客戶體驗。

In short, C3.ai is enabling government agencies to do more with less, ultimately benefiting the public.

簡而言之，C3.ai 使政府機構能夠用更少的資源做更多的事情，最終使公眾受益。

To quote from the Assessor of Riverside County, and I quote, we set the bar high for C3.ai and they deliver with over 90% model accuracy in our property valuations.

引用河濱縣評估員的話，我引用一下，我們為 C3.ai 設定了很高的標準，他們在我們的財產估價中實現了超過 90% 的模型準確率。

This technology is letting our staff do the mundane tasks faster and easier so they can concentrate on the very complicated properties.

這項技術讓我們的員工更快、更輕鬆地完成日常任務，以便他們可以專注於非常複雜的屬性。

And our employees are starting to see the fruits of this effort translating into better customer service.

我們的員工開始看到這項努力的成果—更好的客戶服務。

Overall, we are seeing incredible results with C3.ai, end quote.

總的來說，我們看到了 C3.ai 的令人難以置信的成果。

The proven benefits of C3.ai state local government suite, combined with our partner supported and concentrated sales strategy resulted in accelerated sales cycle within the sector.

C3.ai 州地方政府套件的公認優勢，加上我們合作夥伴的支持和集中的銷售策略，加速了該領域的銷售週期。

The growth was fueled by a highly, collaborative joint sales and marketing campaign with C3.ai and Google Cloud to promote the C3.ai state and local government suite, including C3.ai property appraisal and C3 Generative AI for public benefits.

這一增長得益於與 C3.ai 和 Google Cloud 高度協作的聯合銷售和營銷活動，旨在推廣 C3.ai 州和地方政府套件，包括 C3.ai 財產評估和用於公共利益的 C3 Generative AI。

Through these efforts, we saw high adoption with state and local government closing 24 agreements in the quarter.

透過這些努力，我們看到了很高的採用率，州和地方政府在本季達成了 24 項協議。

Let me give you a feel for the speed of these sales cycles.

讓我讓您感受一下這些銷售週期的速度。

In Q1, we closed an agreement with a county in the Northwestern United States.

第一季度，我們與美國西北部的一個縣達成了協議。

County decision makers got introduced to C3.ai at an industry conference and within 24 hours, we were in contract negotiations.

縣決策者在一次產業會議上認識了 C3.ai，24 小時內，我們就開始進行合約談判。

Just 12 hours later, we were in contract for C3.ai property appraisal.

僅 12 小時後，我們就簽訂了 C3.ai 房產評估合約。

Another example is with a country in the Southeast US.

另一個例子是美國東南部的一個國家。

This customer attended our Annual Users Group Conference, C3 Transform in March of 2024.

這位客戶參加了我們 2024 年 3 月的年度使用者小組會議 C3 Transform。

Then four weeks later, we held an executive briefing for the county leadership.

四周後，我們為縣領導召開了一次高階主管簡報。

And now after three months of contract discussion, the county has signed a seven-year -- seven-figure, five-year subscription deal for C3.ai property appraisal.

現在，經過三個月的合約討論，該縣已經簽署了一份為期七年——價值七位數、為期五年的 C3.ai 房地產評估訂閱協議。

Our state and local business has grown more than 500% year-over-year, and we are excited about the traction, the potential for expansion, and the customer advocacy for C3.ai. As we now take these public sector solutions to market in Europe, the addressable market more than doubles.

我們的州和地方業務年增超過 500％，我們對 C3.ai 的吸引力、擴張潛力和客戶宣傳感到非常興奮。隨著我們將這些公共部門解決方案推向歐洲市場，潛在市場規模將擴大一倍以上。

Turning to the C3.ai federal business, this sector continues to experience sustained momentum, representing over 30% of our bookings for the quarter.

談到 C3.ai 聯邦業務，該部門繼續保持持續的發展勢頭，佔本季訂單量的 30% 以上。

We entered in new and expansion agreements with the United States Air Force, the U.S. Navy, U.S. Marine Corp, and the U.S. Intelligence Community among others.

我們與美國空軍、美國海軍、美國海軍陸戰隊和美國情報界等簽訂了新的協議和擴展協議。

These agencies trust C3.ai to provide secure and innovative applications that help them modernize.

這些機構信任 C3.ai 能夠提供安全、創新的應用程式來幫助他們現代化。

The U.S. Marine Corp and C3.ai continued the successful collaboration to digitally transform the branch's legacy software systems.

美國海軍陸戰隊和 C3.ai 繼續成功合作，對該部門的遺留軟體系統進行數位化改造。

The Marine Corps is using the C3.ai Defense and Intelligence Suite to improve the efficiency of personnel management systems by accelerating critical processes and time-to-decision support.

海軍陸戰隊正在使用 C3.ai 國防和情報套件來加速關鍵流程和決策時間支持，從而提高人員管理系統的效率。

This work with C3.ai is backed by Manpower IT Systems Modernization program and aligns with the Marine Corps multiyear roadmap and goals.

此次與 C3.ai 的合作得到了人力 IT 系統現代化計劃的支持，並與海軍陸戰隊的多年路線圖和目標一致。

C3.ai's customer base continues to expand, both within and across industries, while maintaining exceptional levels of customer satisfaction by our continued focus on delivering measurable, significant enterprise value.

C3.ai 的客戶群在產業內和跨產業持續擴大，同時透過持續專注於提供可衡量的、重要的企業價值，維持了卓越的客戶滿意度。

At Eletrobras, the largest power generation transmission company in Latin America, we partnered to enhance their grid resiliency and availability.

與拉丁美洲最大的發電輸電公司 Eletrobras 合作，我們增強了其電網彈性和可用性。

Brazil's grid is among the world's most complex due to its diverse generation profile, variability, expansive service territory, and challenging regulatory environment.

巴西電網是世界上最複雜的電網之一，因為它發電結構多樣、變化多端、服務區域廣闊且監管環境具有挑戰性。

With C3.ai, Eletrobras can effectively and efficiently process and analyze real time data servicing low latency AI insights to mitigate network disturbances.

透過 C3.ai，Eletrobras 可以有效、有效率地處理和分析即時數據，提供低延遲 AI 洞察，以減輕網路幹擾。

Nucor Corporation is seeing significant success in improving manufacturing outcomes with the C3.ai Supply Chain Suite.

紐柯 (Nucor Corporation) 利用 C3.ai 供應鏈套件在改善製造成果方面取得了巨大成功。

This deployment includes three distinct C3.ai applications: C3.ai Demand Forecasting; C3.ai Inventory Optimization; and C3.ai Production Schedule Optimization, working together to support and optimize daily decision making across multiple facilities.

該部署包括三個不同的 C3.ai 應用程式：C3.ai 需求預測； C3.ai 庫存優化；和 C3.ai 生產計劃優化，共同支援和優化多個工廠的日常決策。

As we enter Q2, we are focused on expanding sales capacity, expanding in North America, expanding in Europe and expanding in the public sector.

進入第二季度，我們專注於擴大銷售能力、擴大北美市場、擴大歐洲市場和擴大公共部門市場。

Our partner network continues to generate opportunities and open new deal flow.

我們的合作夥伴網路不斷創造機會並開啟新的交易流程。

We had a very active first quarter in alliances, working closely with our partners to close 51 new agreements.

我們在第一季的聯盟合作非常活躍，與合作夥伴密切合作，達成了 51 項新協議。

Net-net 72% of our total agreements were closed with and through our partner ecosystem.

我們總共有 72% 的協議是與合作生態系統達成的。

This was an increase of 155% year-over-year and 82% quarter-over-quarter.

與去年同期相比，成長了 155%，與上一季相比，成長了 82%。

Our partner supported bookings grew 94% year-over-year and our activity levels with our partners that include AWS, Booz Allen, Google Cloud, and Microsoft continues to increase substantially.

我們合作夥伴支援的預訂量年增 94%，我們與 AWS、Booz Allen、Google Cloud 和 Microsoft 等合作夥伴的合作水準持續大幅提升。

In the first quarter, we closed 40 agreements with Google Cloud.

第一季度，我們與 Google Cloud 達成了 40 份協議。

This is an increase of 300% year-over-year.

這比去年同期增長了 300%。

This growth was largely driven by the joint campaign between C3.ai and Google Cloud that I just discussed earlier, focused on the public sector.

這一增長主要得益於我之前討論過的 C3.ai 和 Google Cloud 聯合開展的活動，該活動專注於公共部門。

C3.ai continues to be an attractive partner for the hyperscalers as our 90 enterprise AI applications rapidly drive substantial workload in their compute and storage clouds, while adding immediate value to our joint customers.

C3.ai 繼續成為超大規模企業的有吸引力的合作夥伴，因為我們的 90 個企業 AI 應用程式在其運算和儲存雲中迅速推動大量工作負載，同時為我們的共同客戶增加直接價值。

As you can see from our supplemental deck, our bookings continue to be increasingly diverse.

正如您從我們的補充資料中看到的，我們的預訂變得越來越多樣化。

Our generative AI business is surprisingly diverse with many candidly, unanticipated use cases across the board in a wide range of industries.

我們的生成式人工智慧業務出乎意料地多樣化，在各行各業都擁有許多坦率的、意想不到的用例。

In addition, our total non-Baker Hughes revenue grew 37% year-over-year in Q1.

此外，我們第一季非貝克休斯的總營收年增了 37%。

Now, I'll hand it over to Ed for an update on our products and generative AI.

現在，我將把話題交給 Ed，讓他介紹我們的產品和生成式人工智慧的最新情況。

Ed?

艾德？

Thank you, Tom.

謝謝你，湯姆。

Let me first recap where C3.ai fits in the AI tech stack.

讓我先回顧一下 C3.ai 在 AI 技術堆疊中的位置。

Starting at the bottom, the four layers include silicon, cloud infrastructure, foundation models, and at the top, harnessing all this innovation to deliver business value our AI applications.

從底層開始，這四層包括矽片、雲端基礎設施、基礎模型，而頂層則利用所有這些創新來為我們的人工智慧應用提供商業價值。

This is where C3.ai plays with pre-built AI applications that can be deployed very quickly.

這就是 C3.ai 使用可以快速部署的預先建置 AI 應用程式的地方。

In contrast, the offerings you're seeing in the AI software market today fall into two distinct categories.

相較之下，當今人工智慧軟體市場的產品分為兩個不同的類別。

First, legacy software companies that are scrambling to keep up with AI.

首先，傳統軟體公司正在努力跟上人工智慧的步伐。

To try to stay relevant, these companies are rebranding their 20th century software stacks with AI on the box.

為了保持相關性，這些公司正在將其 20 世紀的軟體堆疊重新命名為 AI。

The technical depth to rewrite their software to take advantage of a modern, scalable AI tech stack is simply insurmountable.

為了利用現代、可擴展的 AI 技術堆疊而重寫他們的軟體的技術深度是難以逾越的。

For them, AI is just a bolt-on constrained to a small fraction of the enterprise data managed by their legacy software.

對他們來說，人工智慧只是一個附加功能，僅限於其原有軟體管理的一小部分企業數據。

Second, we see a few more modern software companies that were designed primarily for data integration, data management, or data engineering not claiming to be enterprise AI platforms to build and operate AI applications.

其次，我們看到一些更現代的軟體公司，它們主要用於資料整合、資料管理或資料工程，而不是聲稱自己是建立和運行 AI 應用程式的企業 AI 平台。

Basing an enterprise AI application plan on these incomplete tech stacks requires customers to undertake significant, protracted software development projects where minimal customer value is realized.

如果將企業 AI 應用計畫建立在這些不完整的技術堆疊上，則需要客戶進行重大且長期的軟體開發項目，而這只能實現極小的客戶價值。

This is clearly reflected in the customer satisfaction scores of these vendors.

這在這些供應商的客戶滿意度評分上得到了清晰的反映。

The C3.ai platform is unique and that it was a clean sheet design, providing all the services necessary and sufficient to design, develop, provision, and operate real-world enterprise AI solutions.

C3.ai 平台是獨一無二的，它採用全新的設計，提供設計、開發、配置和營運現實世界的企業 AI 解決方案所需且充分的服務。

This provides users with rich workflow enabled AI applications operating on an application platform with advanced data fusion and governance and scalable AI/ML operations capabilities.

這為用戶提供了在具有高級資料融合和治理以及可擴展的 AI/ML 操作功能的應用平台上運行的豐富工作流程支援的 AI 應用程式。

We leverage all layers of the AI tech stack, silicon, cloud infrastructure services, and foundation models.

我們利用 AI 技術堆疊、矽片、雲端基礎設施服務和基礎模型的所有層。

The C3.ai platform was purpose built and hardened over 15 years to rapidly deliver robust customer AI applications.

C3.ai 平台經過 15 年的專門建置和強化，可以快速提供強大的客戶 AI 應用程式。

Now let me take a moment to unpack what we mean by pre-built applications as this is a key differentiator for C3.ai. As a customer, if you buy a pre-built application, you don't need to define what the application does, design and develop the ontology, the business logic, the AI or GenAI model pipelines, or the user interface.

現在，讓我花點時間來解釋一下我們所說的預先建立應用程式的含義，因為這是 C3.ai 的關鍵區別因素。作為客戶，如果您購買預先建立的應用程序，則無需定義應用程式的功能，設計和開發本體、業務邏輯、AI 或 GenAI 模型管道或使用者介面。

We've done all that.

我們已經做完了這一切。

C3.ai pre-built applications are tried, tested, and proven in the market, so the application can be rapidly configured to the customer data sources.

C3.ai 預先建置的應用程式已經在市場上經過嘗試、測試和驗證，因此可以快速配置到客戶資料來源。

AI/ML models tuned to customers' data and the user interface tuned for the customer.

針對客戶資料進行調整的 AI/ML 模型和針對客戶進行調整的使用者介面。

This allows customers to quickly configure, deploy, onboard, and train users, scale out across their enterprise and rapidly realize enterprise value.

這使得客戶能夠快速配置、部署、引導和培訓用戶，在整個企業內擴展並快速實現企業價值。

Let me give you an example.

讓我給你舉個例子。

Holcim, which is a large global building solutions manufacturer scaled out C3.ai reliability, our pre-built AI-based predictive maintenance application to most of its plants in just eight months after a successful pilot.

Holcim 是一家全球大型建築解決方案製造商，在成功試點後僅用了 8 個月的時間就將我們預先建造的基於 AI 的預測性維護應用程式 C3.ai 可靠性擴展到其大多數工廠。

The application monitors several hundred critical plant assets such as vertical roller mills and ball mills to accurately predict potential problems well in advance of failure.

該應用程式監控數百種關鍵工廠資產，例如立式輥磨機和球磨機，以便在發生故障之前準確預測潛在問題。

It does so by continuously ingesting data from over 9,500 sensors and other systems and analyzes those data using 850 machine learning models.

它透過不斷從 9,500 多個感測器和其他系統獲取數據並使用 850 個機器學習模型分析這些數據來實現這一點。

The C3.ai reliability application allows Holcim to avoid significant operational disruptions and high cost remediations.

C3.ai 可靠性應用程式使 Holcim 避免了嚴重的營運中斷和高成本的補救措施。

Today, we have pre-built AI applications with turnkey ontologies that address entire value chains across industry verticals.

今天，我們已經預先建立了具有交鑰匙本體的人工智慧應用程序，可以解決整個垂直行業的整個價值鏈。

These applications don't operate in silos.

這些應用程式並不孤立地運作。

They're designed and built to work in concert, all running on the C3.ai platform.

它們的設計和製造都是為了協同工作，全部在 C3.ai 平台上運作。

Each new application can deploy faster than the last, thanks to the ability to reuse data integrations, ontologies, AI/ML pipelines, workflows, and user interface components.

由於能夠重複使用資料整合、本體、AI/ML 管道、工作流程和使用者介面元件，每個新應用程式都可以比上一個應用程式更快部署。

And as more C3.ai applications are deployed, enterprises accrue business benefits faster and the pace of their AI transformation accelerates.

隨著更多C3.ai應用程式的部署，企業獲得商業利益的速度越來越快，企業AI轉型的步伐也越來越快。

We also offer a suite of pre-built and extensible C3 Generative AI applications that can be used as standalone solutions or deployed alongside other C3.ai applications.

我們還提供一套預先建置且可擴展的 C3 生成式 AI 應用程序，可用作獨立解決方案或與其他 C3.ai 應用程式一起部署。

This quarter, we deployed C3 Generative AI for industrial asset inspections at a large manufacturer.

本季度，我們在一家大型製造商處部署了 C3 生成式人工智慧，用於工業資產檢查。

This application unifies data across unstructured inspection reports and structured data on asset performance, such as risk reports, corrosion analysis, work orders, et cetera , which makes these data easily and quickly accessible to plant operators.

該應用程式統一了非結構化檢查報告和資產績效結構化資料（如風險報告、腐蝕分析、工作訂單等），使工廠操作員能夠輕鬆快速地存取這些資料。

Some of these inspection reports include scans of handwritten text and engineering diagrams that are over 50 years old.

其中一些檢查報告包括50多年前的手寫文字和工程圖的掃描件。

Using this application, the company has been able to streamline the day-to-day work of inspectors, reduce costly operational mistakes and risk, and accelerate their turnaround efforts and time.

透過該應用程序，該公司能夠簡化檢查員的日常工作，減少代價高昂的操作錯誤和風險，並加快他們的周轉工作和時間。

In Q1, we launched C3 Generative AI for government programs, which has an immense potential -- which has immense potential for federal, state or local government agencies by eliminating service delays, reducing wait times, enhancing the effectiveness of contact centers, and improving the citizen experience.

在第一季度，我們為政府計畫推出了 C3 生成式人工智慧，它具有巨大的潛力——它透過消除服務延遲、減少等待時間、提高聯絡中心的效率和改善公民體驗，為聯邦、州或地方政府機構帶來巨大的潛力。

We've already signed a pilot with a state on the US East Coast and look forward to supporting public sector agencies across the board.

我們已經與美國東海岸的一個州簽署了試點協議，並期待全面支持公共部門機構。

It's important to understand that the C3 Generative AI applications are unique in the market.

重要的是要了解 C3 生成式 AI 應用在市場上是獨一無二的。

We provide the ability to interact with omni modal data i.e., structured sensor data databases, unstructured documents, images, embedded tables, leverage any LLM available in the market, for example, GPT-4o, Gemini, Claude, Llama, Mistral, to name a few, and multiple specialized LLMs in the same application, offering full source traceability for both structured and unstructured data and granular enterprise access controls.

我們提供與全模態資料（即結構化感測器資料資料庫、非結構化文件、圖像、嵌入式表）互動的能力，利用市場上任何可用的 LLM，例如 GPT-4o、Gemini、Claude、Llama、Mistral 等等，以及同一應用程式中的多個專門的 LLM，為結構化和非結構化資料提供完整的來源可控制性以及細粒度的企業

We also provide tools to enable data scientists to tune system responses for high accuracy in production with minimal hallucination, perform chain of thought, reasoning, author and execute mathematical functions, offer state-of-the-art LLM guardrails and protections, and orchestrate and chain together AI agents to perform high value tasks.

我們還提供工具，使資料科學家能夠調整系統響應，以在生產中以最少的幻覺實現高精度，執行思路鏈、推理，編寫和執行數學函數，提供最先進的 LLM 護欄和保護，以及協調和鏈接 AI 代理來執行高價值任務。

For example, to initiate workflows or right summaries.

例如，啟動工作流程或正確的摘要。

We provide out-of-the-box pipelines to synthesize results across AI agents, automatically detect and surfacing consistencies in underlying data, capture engine logs for auditability and traceability, provide tools for our customers, developers, and data scientists to configure their own custom generative AI pipelines, and offer fine tuning services for embedding models and LLMs.

我們提供開箱即用的管道來綜合 AI 代理的結果，自動檢測和顯示底層數據中的一致性，捕獲引擎日誌以實現可審計性和可追溯性，為我們的客戶、開發人員和數據科學家提供工具來配置他們自己的自定義生成 AI 管道，並為嵌入模型和 LLM 提供微調服務。

C3 Generative AI is also unique in its enterprise-grade support for operating in highly secure air-gap environments.

C3 Generative AI 也獨特地為在高度安全的隔離環境中運作提供企業級支援。

This is a prerequisite for defense intelligence and financial services customers.

這是國防情報和金融服務客戶的先決條件。

I'll now turn it over to Hitesh to cover the financials.

現在我將把財務問題交給 Hitesh 來負責。

Thank you, Ed. I will now provide a recap of our financial results and additional color on our business.

謝謝你，埃德。我現在將回顧我們的財務表現並進一步介紹我們的業務。

All figures are non-GAAP unless otherwise noted.

除非另有說明，所有數據均為非 GAAP 數據。

As Tom mentioned, total revenue for the quarter increased 21% year-over-year to $87.2 million.

正如湯姆所說，本季總營收年增 21%，達到 8,720 萬美元。

Subscription revenue increased 20% year-over-year to $73.5 million, representing 84% of total revenue.

訂閱收入年增20%至7,350萬美元，佔總營收的84%。

As a reminder, our subscription revenue is comprised primarily of software licenses, Software-as-a-Service offerings, stand-ready CoE support services, pilots and trials of our C3.ai applications or generative AI, and consumption based pricing for which revenue is recognized over time.

提醒一下，我們的訂閱收入主要包括軟體授權、軟體即服務產品、常備的 CoE 支援服務、我們的 C3.ai 應用程式或生成式 AI 的試點和試用，以及基於消費的定價，這些定價會隨著時間的推移確認收入。

Our subscription revenue also includes revenue from software licenses for which ongoing maintenance and support is not required.

我們的訂閱收入還包括不需要持續維護和支援的軟體授權收入。

And in accordance with ASC 606, the revenue is recognized when the license is made available to the customer.

並且根據 ASC 606，當許可證提供給客戶時即確認收入。

Professional services revenue was $13.7 million.

專業服務收入為1370萬美元。

This represents 16% of total revenue in the first quarter of fiscal '25 as compared to 15% of total revenue in the first quarter of fiscal '24.

這佔25財年第一季總營收的16%，而24財年第一季總營收的15%。

We expect the professional services revenue to generally stay within 10% to 20% of total revenue for fiscal '25.

我們預計專業服務收入將維持在 25 財年總收入的 10% 到 20% 之間。

Gross profit for the quarter was $60.9 million and gross margin was 70%.

本季毛利為6090萬美元，毛利率為70%。

Gross margin for professional services remained high at over 90%.

專業服務的毛利率仍維持在90%以上的高點。

Operating loss for the quarter was $16.6 million.

本季營業虧損為 1,660 萬美元。

Our operating loss was better than guidance due to continued focus on expense management.

由於持續注重費用管理，我們的經營虧損優於預期。

Our net cash provided by operating activities was $8 million.

我們的經營活動提供的淨現金為 800 萬美元。

Free cash flow for the quarter was positive $7.1 million.

本季自由現金流為正 710 萬美元。

We were able to generate positive free cash flow during the quarter because of continued focus on cash management.

由於持續注重現金管理，我們本季能夠產生正的自由現金流。

We continue to be very well capitalized and closed the quarter with $762.5 million in cash, cash equivalents, and marketable securities, an increase of $12.2 million compared to Q4.

我們的資本持續充足，本季結束時我們的現金、現金等價物和有價證券為 7.625 億美元，較第四季增加 1,220 萬美元。

At the end of Q1, our accounts receivable balance was $140.1 million, including unbilled receivables of $81.5 million.

截至第一季末，我們的應收帳款餘額為 1.401 億美元，其中包括 8,150 萬美元的未開立發票應收帳款。

Total allowance for bad debt remains de minimis at less than $400,000, and we do not have concerns regarding collections.

壞帳準備金總額仍維持在最低水平，低於 40 萬美元，我們並不擔心收款問題。

The general health of our accounts receivable remains strong.

我們的應收帳款整體狀況依然良好。

During the first quarter, we signed 52 pilots, 117% increase from last year and up 53% from last quarter.

第一季度，我們簽約飛行員52名，比去年同期成長117%，比上一季成長53%。

At quarter end, we had cumulatively signed 224 pilots, of which 191 are still active.

截至季度末，我們累計簽約 224 名飛行員，其中 191 名仍在飛行中。

This means they are either in their original three to six month term or extended for some duration or converted to a subscription or consumption contract or are currently being negotiated for conversion to subscription or consumption contracts.

這意味著它們要么處於原來的三到六個月的期限，要么延長一段時間，要么轉換為訂閱或消費合同，要么目前正在協商轉換為訂閱或消費合同。

We continue to expect short-term pressure on our gross margins due to higher mix of pilots, which carry a greater cost of revenue during the pilot phase of the customer life cycle.

我們預計，由於試點組合增加，在客戶生命週期的試點階段會帶來更大的收入成本，因此我們的毛利率在短期內仍將面臨壓力。

We also expect short-term pressure on our operating margin due to additional investments we are making in our business, including in our salesforce, research and development, and marketing spend.

我們也預計，由於我們在業務上（包括銷售人員、研發和行銷支出）進行了額外投資，我們的營業利潤率將在短期內面臨壓力。

As we continue to make significant investments in the business, we expect to be free cash flow negative for Q2 and Q3, but remain on track to be free cash flow positive for Q4 and also for the full fiscal year '25.

隨著我們繼續對業務進行大量投資，我們預計第二季和第三季的自由現金流將為負，但第四季以及整個25財年的自由現金流仍有望為正。

Now I'll move on to our guidance for the next quarter.

現在我將討論我們對下一季的指導。

Our revenue guidance for Q2 is going to be $88.6 million to $93.6 million.

我們對第二季的營收預期為 8,860 萬美元至 9,360 萬美元。

We are maintaining our previous guidance of $370 million to $395 million for fiscal '25.

我們維持先前對25財年3.7億至3.95億美元的預期。

This implies a year-over-year growth rate of 19% to 27%, making C3.ai one of the fastest growing companies in the software public company universe.

這意味著同比增長率將達到 19% 至 27%，使 C3.ai 成為軟體上市公司領域中成長最快的公司之一。

Our guidance for non-GAAP loss from operations for Q2 is $26.7 million to $34.7 million.

我們對第二季非 GAAP 營業虧損的預期為 2,670 萬美元至 3,470 萬美元。

We are maintaining our previous guidance of $95 million to $125 million for fiscal '25.

我們維持先前對25財年9,500萬至1.25億美元的預期。

Now I'd like to turn the call back over to Tom.

現在我想把電話轉回給湯姆。

Thank you, Hitesh.

謝謝你，Hitesh。

Let me address path to profitability.

讓我來談談獲利之路。

Our cost of goods sold is substantially less than our cost of generating revenue.

我們的銷售成本遠低於我們的創收成本。

And as such, C3.ai is a structurally profitable business.

因此，C3.ai 是一家結構性獲利的企業。

Our year-over-year revenue growth in Q1 was 21% and accelerating.

我們第一季的營收年增 21%，並且還在加速成長。

Our year-over-year expense growth rate was 12%.

我們的支出年增率為 12%。

In the coming years, we expect our revenue to generally grow at a greater rate than our expense growth rate.

在未來幾年，我們預計我們的收入成長率將高於我們的費用成長率。

It follows that non-GAAP profitability is now simply a function of scale.

因此，非 GAAP 獲利能力現在僅取決於規模。

While we continue to invest in market share, we believe our revenue growth rates would generally exceed our expense growth rates.

雖然我們繼續投資於市場份額，但我們相信我們的收入成長率通常會超過我們的費用成長率。

The expense and revenue lines will converge, crossing over to consistent non-GAAP profitability.

費用和收入線將會匯聚，實現一致的非公認會計準則獲利能力。

At this time, we expect to be cash flow positive in Q4 fiscal year '25 and for the entire year of fiscal year '25.

目前，我們預計25財年第四季以及25財年全年的現金流將為正值。

Now let's talk about kind of the general area of the -- I want to talk about the general enterprise AI market, and I want to talk about customer success.

現在讓我們來談談這個一般領域——我想談談一般企業人工智慧市場，我想談談客戶成功。

In C3.ai, we really are partners to our customers, often on speed dial, engaging with them multiple times a day to make them successful and self-sufficient.

在 C3.ai，我們確實是客戶的合作夥伴，經常透過快速撥號與他們互動，每天多次與他們互動，以使他們取得成功和自給自足。

We're not working from home, we are out there on the site with our customers every day, every week.

我們不是在家工作，我們每天、每週都在現場與客戶在一起。

We sit shoulder to shoulder, and we get into the details of their business to make sure that everything is running smoothly as it relates to their enterprise AI applications.

我們並肩坐在一起，了解他們的業務細節，以確保與他們的企業 AI 應用相關的一切順利進行。

We hold weekly executive reviews to track progress at the highest levels.

我們每週舉行一次高階主管評審，以追蹤最高層的進展。

This proactive, boots-on-the-ground approach is what drives the customer satisfaction reflected in our net promoter scores.

這種積極主動、實幹精神的作風推動了客戶滿意度的提高，這一點在我們的淨推薦值中得到了體現。

This commitment to close hands on collaboration is demonstrated in our partnership with Shell.

我們與殼牌的合作體現了這種密切合作的承諾。

Shell has over 100 C3.ai applications in development and deployment for everything from asset integrity to production optimization.

殼牌公司有超過 100 個 C3.ai 應用程式正在開發和部署，涵蓋從資產完整性到生產優化等各個方面。

We started working with Shell initially unpredicted maintenance back in 2018.

我們最初在 2018 年開始與殼牌合作進行意外維護。

And now they monitor over 15,000 pieces of equipment with C3.ai. They estimate that this program alone generate, this whole C3.ai program that they have written large as they call Shell AI, is generated annual benefit to Shell of $2 billion and we're not done.

現在他們使用 C3.ai 監控超過 15,000 台設備。他們估計，僅此一項計劃，他們編寫的整個 C3.ai 計劃（他們稱之為 Shell AI）每年就為 Shell 帶來 20 億美元的收益，而且這還不算完。

We continue to collaborate expanding into new use cases, including some service reservoir management and oil condition monitoring.

我們將繼續合作擴展新的用例，包括一些服務油藏管理和油況監測。

These applications, we expect to be all scaled out across multiple assets.

我們希望這些應用程式能夠全部擴展到多個資產。

This approach is also evident in our work with Con Edison.

這種方法在我們與康尼迪克愛迪生公司的合作中也得到了體現。

We began our partnership with Con Ed in 2017, initially focusing on the Advanced Metering Infrastructure project.

我們於 2017 年開始與 Con Ed 合作，最初專注於高階計量基礎設施專案。

This is a project that enhances the operational efficiency, public safety, and customer satisfaction of their smart grid infrastructure, and it continues to scale.

這是一個提高其智慧電網基礎設施的營運效率、公共安全和客戶滿意度的項目，並且正在擴大規模。

Annual cost reduction uncovered is over

年度成本削減已結束

[$45 million].

[4500萬美元]。

The project is exceeding expectations with a projected benefit of more than $3.2 billion over 20 years, $500 million more than originally projected.

該項目超出預期，預計 20 年內收益將超過 32 億美元，比最初預計的多出 5 億美元。

Now Con Ed is deploying generative AI for meter management and asset mapping, which addresses billing discrepancies and reduces mis mappings on the electric grid and reduces cost and increases customer satisfaction.

目前，Con Ed 正在部署生成式人工智慧用於電錶管理和資產映射，以解決計費差異問題、減少電網錯誤映射、降低成本並提高客戶滿意度。

Customer success is at the core of why we built this company.

客戶的成功是我們創立這家公司的核心。

Now, take a moment here and think, back.

現在，花一點時間回想一下。

For those of you who've been around for a few decades, and they kind of are in touch with what's going on with people.

對於那些已經存在了幾十年的人來說，他們大概知道人們身上發生的事情。

C3.ai is the original enterprise AI company, hard stop.

C3.ai 是原創企業 AI 公司，硬停。

We began C3.ai in January of 2009, think about that it, with the vision to develop a software platform and enterprise applications that'd allow organizations to exploit, what we believe, would be the computing platform of the future.

我們於 2009 年 1 月創立了 C3.ai，我們的願景是開發一個軟體平台和企業應用程序，使組織能夠利用我們認為的未來運算平台。

And that included elastic cloud computing, the Internet of Things, big data, and predictive analytics.

其中包括彈性雲運算、物聯網、大數據和預測分析。

And we did this during the depth of the AI winter.

我們在人工智慧寒冬最嚴重的時候做到了這一點。

This was well before the advent of the GPU, before Azure existed, before GCP existed, and when AWS was nascent.

這遠在 GPU 出現之前、Azure 出現之前、GCP 出現之前以及 AWS 剛誕生。

We invested into thousands of personal users in over a decade, building the C3.ai platform, the first reference architecture, platform architecture for enterprise AI, hard stop, at the first.

我們花了十多年的時間投入上千個個人用戶，打造了C3.ai平台，第一個參考架構，企業AI的平台架構，一開始就硬停了。

And over -- and today, now over 90 C3.ai enterprise applications that address the value chains of energy, government, defense, manufacturing, financial services, agribusiness, pharma, and others.

如今，C3.ai 企業應用程式已超過 90 個，涵蓋能源、政府、國防、製造、金融服務、農業綜合企業、製藥等價值鏈。

We deploy these applications today in Europe, Asia, South America, North America, okay, and in governments around the world.

我們今天在歐洲、亞洲、南美、北美以及世界各國政府部署了這些應用程式。

Now 15 years late, the Elastic Cloud, the Internet of Things, big data, and predictive analytics have become ubiquitous.

如今 15 年過去了，彈性雲、物聯網、大數據和預測分析已經無所不在。

Enterprise AI is broadly recognized as one of the largest and fastest growing markets in the history of enterprise software.

企業AI被廣泛認為是企業軟體史上最大、成長最快的市場之一。

It is a mandate for every corporate and government leader today to harness the power of enterprise AI, and C3.ai is extraordinarily well positioned to serve this large and rapidly growing market demand.

如今，每個企業和政府領導者都必須充分利用企業 AI 的力量，而 C3.ai 完全有能力滿足這龐大且快速成長的市場需求。

C3.ai is today one of the fastest growing companies in the public software universe.

C3.ai 目前是公共軟體領域發展最快的公司之一。

And most importantly, in this current cacophony of AI market hype, C3.ai is achieving among the highest levels of customer satisfaction for value realized in the enterprise software world.

最重要的是，在當前人工智慧市場炒作的喧囂中，C3.ai 在企業軟體領域實現了最高水準的客戶滿意度和價值。

I refer you to our earnings supplemental deck today, okay, where we're showcasing, okay, C3.ai's Net Promoter Scores, benchmarking C3.ai against other leading enterprise software companies, many of which prefer to be, about all of which purport to be AI companies.

我請您參考我們今天的收益補充資料，好的，我們展示了 C3.ai 的淨推薦值，將 C3.ai 與其他領先的企業軟體公司進行對比，其中許多公司更願意成為，幾乎所有公司都聲稱自己是人工智慧公司。

And this report is published by a third-party called Comparably.

這份報告是由第三方機構Comparably發布的。

The bottom line is, our enterprise software companies are the most satisfied in the software industry, consistently driving unmatched value from our solutions.

最重要的是，我們的企業軟體公司是軟體產業中最滿意的，始終如一地從我們的解決方案中獲得無與倫比的價值。

Achieving this level of customer satisfaction doesn't just happen, it is the result of relentless dedication, unwavering commitment, a thorough understanding of our customer needs, superior software technology, and deep, deep expertise in enterprise AI, honed over many years of excellence.

要實現這種程度的客戶滿意度並非偶然，而是不懈的奉獻、堅定不移的承諾、對客戶需求的透徹理解、卓越的軟體技術以及多年來在企業 AI 領域深厚的專業知識磨練的結果。

In the final analysis, customer value realized will be the only criteria that will determine the leader in enterprise AI and C3.ai is exactly on track.

歸根究底，實現的客戶價值將是決定企業 AI 領導者的唯一標準，而 C3.ai 正走在正確的軌道上。

Now, I'd like to turn this over to the operator to begin our Q&A session.

現在，我想將這個交給操作員，開始我們的問答環節。

Thank you, all.

謝謝大家。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great.

偉大的。

Thank you very much and congratulations.

非常感謝並祝賀你。

Hey, Tom.

嘿，湯姆。

Can you start out by just sort of characterizing what the tone of business was like for you guys in Q1?

您能否先描述一下你們第一季的業務基調？

And specifically, I'm looking at your deal band chart, where you had 71 deals and the average TCV is $700,000.

具體來說，我正在查看您的交易區間圖，其中您有 71 筆交易，平均 TCV 為 700,000 美元。

So if you multiply those together, you get like almost $50 million, which is up a lot.

所以，如果將它們相乘，你會得到將近 5000 萬美元，這數字增長了很多。

So just if you could just comment on the tone of business, that would be great.

所以如果您能對業務基調進行評論那就太好了。

Pat, well, it's pretty wild out there.

帕特，嗯，外面確實很瘋狂。

I mean, I would say, particularly with the advent of generative AI.

我的意思是，特別是隨著生成式人工智慧的出現。

I mean I think it's very difficult for people who are assessing these companies to really understand the complexity of what's going on in the AI market, where we have 41 different flavors of enterprise AI, we have these generative AI applications that go from very kind of small, low-priced use cases to very high priced -- high-value use cases.

我的意思是，我認為評估這些公司的人很難真正理解人工智慧市場正在發生的事情的複雜性，我們有 41 種不同類型的企業人工智慧，我們擁有這些生成式人工智慧應用程序，從非常小的、低價的用例到非常高價的——高價值的用例。

And honestly, it's difficult to model that.

老實說，要對此進行建模非常困難。

I mean this is not a simple business.

我的意思是這不是一件簡單的事。

We're in this -- as we enter this kind of new world of AI, I mean, it's really complex.

當我們進入這個全新的人工智慧世界時，我的意思是，它真的很複雜。

And we can't simply multiply, we did these many widgets this quarter, and we're going to that many widgets in the next quarter.

我們不能簡單地相乘，我們這個季度做了這麼多的小部件，下個季度我們就會做這麼多的小部件。

And this is the growth rates of widgets.

這是小部件的成長率。

This is the gross margin.

這就是毛利率。

And therefore, this is what the -- I mean the

因此，這就是——我的意思是

--.

--.

We continue to be just amazed by the broad range of applications that we're finding for enterprise AI, and I would say in generative AI, many of which we just couldn't have anticipated.

我們繼續對企業人工智慧的廣泛應用感到驚訝，我想說在生成人工智慧中，許多應用是我們無法預料的。

I would say like public sector, we didn't anticipate that, and we just fell into a gold mine there.

我想說，就像公共部門一樣，我們沒有預料到這一點，只是我們在那裡發現了一個金礦。

Law firms, medical diagnostics, it's just fascinating.

律師事務所、醫學診斷，真是令人著迷。

Awesome.

驚人的。

And Hitesh, if I could ask a follow-up for you.

Hitesh，我可以幫您問一個後續問題。

Did you -- I think people are probably wondering given how strong the bookings seem to be why the guidance didn't go up.

您是否——我想人們可能會想，鑑於預訂量似乎如此強勁，為什麼指導價沒有上漲。

How did you think about that?

您是怎麼想的？

Are you talking about the guidance for the Q2 revenue guidance.

您說的是第二季營收預期嗎？

No, for the year.

不，是一年。

You kept it the same?

你還是保持原樣嗎？

Yeah.

是的。

That still represents 19% to 27% revenue growth.

這仍然代表著19%至27%的收入成長。

It still makes us one of the fastest-growing companies in this public software company universe.

這仍然使我們成為上市公司軟體公司領域中成長最快的公司之一。

Okay.

好的。

Thank you, guys.

謝謝你們。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks, guys.

謝謝大家。

On the subscription revenue has been a little lumpy here.

這裡的訂閱收入有點不穩定。

On professional services, I know, Tom, you basically just said it's very difficult to model out.

關於專業服務，我知道，湯姆，你基本上剛才說過，建模非常困難。

But can you give us some color on the trends?

但您能為我們介紹一下趨勢嗎？

Like is this a good jump-off point for the rest of the year?

這是否是今年剩餘時間的一個好起點？

And then maybe just on the expenses, where should we be modeling and the expenses increase the most in the next quarter or two?

然後也許只是在費用方面，我們應該在哪裡建模以及未來一兩個季度費用增加最多？

Thank you.

謝謝。

Thanks.

謝謝。

Let me address subscription versus services.

讓我來談談訂閱與服務。

Under ASC-606, it's a little complex, certain things that used to be called software are now called services under the new guidance, and we comply with what the guidance is.

根據 ASC-606，情況有點複雜，某些過去被稱為軟體的東西現在在新指南下被稱為服務，我們遵守該指南。

That being said, we've guided that our services revenue would be 10% to 20% of revenue in any given quarter.

話雖如此，我們仍預期服務收入將佔每季營收的 10% 到 20%。

Our services revenue was 16% in this quarter.

本季我們的服務收入成長了 16%。

And so we're well within our guidance there.

因此，我們完全遵循了我們的指導。

Before we kind of bemoan the fact the services were a little higher than they expected to be, let's remember what services margins are at C3.ai. While our software certification margins are quite high 66%, our services margin, everybody, you'll recall, is in excess of 90%.

在我們抱怨服務價格略高於預期之前，讓我們先回顧一下 C3.ai 的服務利潤率。雖然我們的軟體認證利潤率高達 66%，但我們的服務利潤率，大家應該還記得，都超過了 90%。

So services is a pretty darn good business.

所以說服務業確實是個相當不錯的生意。

And while we continue to be focused -- I mean, we're a licensing company.

雖然我們繼續集中精力——我的意思是，我們是一家授權公司。

We're not one of these services companies pretending to be a software company.

我們不是那些假裝是軟體公司的服務公司。

They're one or two of them out there.

他們就在那裡，有一兩個人。

We're not that, but we continue to be focused.

我們不是那樣，但我們會繼續專注。

But it will continue -- for the next year or two, you can expect our services to bounce around in the 10% to 20%.

但這種情況會持續下去——在接下來的一兩年裡，你可以預期我們的服務成長率將在 10% 到 20% 之間波動。

It will probably average about 15%.

平均大概是15%左右。

But remember, our services margins are greater than 90%.

但請記住，我們的服務利潤率超過 90%。

I think 93% [is that the number I should].

我認為是 93% [這是我應該得到的數字]。

So it's good work if you can get it.

所以如果你能得到它的話，那就算好工作了。

So was there any reclassification this quarter or one-time items or should the midpoint of 15% is kind of a good run rate going forward?

那麼本季是否有任何重新分類或一次性項目，或者 15% 的中間點是否應該是未來良好的運行率？

No.

不。

No reclassification.

無重新分類。

Okay, great.

好的，太好了。

And expense line items, anything to focus on the next quarter or two where we should be -- see if they go?

還有費用項目，我們應該關注下個季度或兩個季度的任何情況——看看它們是否會改變？

Yeah.

是的。

So in terms of expenses, we plan to continue to make investments in our sales force.

因此，在費用方面，我們計劃繼續對銷售團隊進行投資。

R&D as wells as marketing efforts.

研發和行銷工作。

Okay.

好的。

Great.

偉大的。

Pretty much across the board.

幾乎全面。

And just lastly on, any change in the competitive dynamics out there?

最後，目前的競爭態勢有什麼改變嗎？

I mean who do you run up against the most these days?

我的意思是您最近最常遇到的對手是誰？

Hi.

你好。

This is back to Tom.

這又回到湯姆身上了。

Well, Ed,

嗯，艾德，

[why don't to you comment what is the competitive environment]?

[為什麼不評論一下競爭環境是什麼樣的]？

You're closer to it than I.

你比我更接近它。

Yeah.

是的。

I think the default or de facto competition is the information technology, the IT organization, the CIO trying to build these applications themselves.

我認為預設或事實上的競爭是資訊科技、IT 組織、CIO 試圖自己建立這些應用程式。

And those are our best prospects is ones that have tried to do data science and then scale that up across a large enterprise, typically figure out how difficult that is without the right data and AI platform.

我們最好的前景是那些嘗試進行數據科學，然後在大型企業中擴大規模的人，他們通常會發現，如果沒有正確的數據和人工智慧平台，這是多麼困難。

So that is the de facto competition in the market for us.

所以這就是我們事實上的市場競爭。

And those are just prospects a couple of years down the road because they all come crashing down because -- we have this the CIO with 10,000 people in Bangalore, trying to build this thing out of piece/parts from hyperscalers and invariably comes crashing down around them.

而這些只是幾年後的前景，因為它們都會崩潰，因為——我們在班加羅爾有一位擁有 10,000 名員工的 CIO，他試圖用來自超大規模企業的零件來構建這個東西，但卻不可避免地會崩潰。

And so they're just -- we just put them in the pipeline two or three years down the road and they come back.

所以他們只是——我們只是把他們放入管道中，兩三年後他們就會回來。

That's right.

這是正確的。

That's great.

那太棒了。

Thank you.

謝謝。

Thanks, guys.

謝謝大家。

Mike Latimore, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Latimore 。

Hi, team.

大家好。

Thanks.

謝謝。

The pilot growth was very strong sequentially year-over-year.

與去年同期相比，試點成長非常強勁。

Are the size of the pilots -- the value of the pilots for standard and generative AI kind of as expected?

飛行員的規模－飛行員對於標準和生成式人工智慧的價值是否符合預期？

The size -- the value of the pilots, the kind of the middle of the road, and I could be off here by mid-10% or 15%.

規模——飛行員的價值，中等水平，我可能會偏離 10% 或 15% 的中間值。

But in the middle of the road pilot for enterprise AI application is $0.5 million, the middle of the road for a generative AI application is about $0.25 million.

但企業 AI 應用試點的中間成本為 50 萬美元，產生 AI 應用的中間成本約為 25 萬美元。

The value of the pilot -- and generative AI pilot usually takes three months to complete -- enterprise AI pilot will take six months to complete.

試點的價值——生成式人工智慧試點通常需要三個月才能完成——企業人工智慧試點將需要六個月才能完成。

And then we go into contract negotiated and they go live.

然後我們進行合約談判並開始實施。

We've given guidance before that we expect about 70% of our pilots convert to production contracts.

我們之前曾給予指導，預計約有 70% 的飛行員將轉為生產合約。

I think that's about right.

我認為這樣就對了。

And honestly, the 30% that don't convert, it's not because many of these are enormously successful projects.

老實說，那 30% 未能轉化，並不是因為其中許多都是非常成功的專案。

They don't not convert because the pilot wasn't successful, they can't convert because some genius CIO decides he's going to try to build this himself out of some piece parts of a hyperscaler.

他們不會因為試點不成功而轉換，他們無法轉換是因為一些天才的 CIO 決定嘗試用超大規模器的某些部分來自己建立這個系統。

And they'll be back.

他們會回來的。

Got it.

知道了。

Okay.

好的。

So no change in pricing or value, it sounds like on pilots.

因此，價格或價值沒有變化，聽起來就像是針對飛行員而言的。

And then in terms of the second quarter guidance, the midpoint is about 24% revenue growth, which is a pretty big step up from the growth you had this quarter, I guess -- and I think the biggest step-up in the last four quarters, I believe.

就第二季度的預期而言，中間點是收入增長約 24%，我想，這比本季度的增長有了很大的提高 - 而且我認為，這是過去四個季度中最大的提高。

But what gives you confidence in that improvement?

但是是什麼讓您對這種改進有信心呢？

Is it these pilots you just landed or is it professional services growth or big deals getting deployed?

是您剛完成的這些試點，還是專業服務的成長或大型交易的部署？

Just what gives you confidence [it's not] acceleration?

是什麼讓你有信心（這不是）加速？

Using kind of the best professional judgment we have, the confidence we gave is what we think is going to happen.

利用我們擁有的最佳專業判斷，我們有信心認為將會發生的事情。

Now we've been public, I think, for 15 quarters, and we've been right 15 out of 15 quarters.

我想，現在我們已經上市 15 個季度了，其中 15 個季度的預測都是正確的。

And I can -- I know that many of you are trying to model this business.

我可以——我知道你們中有許多人都在嘗試模仿這種業務。

If you can model it, you're better than I, because there is a lot of moving parts here.

如果你能對其進行建模，那麼你就比我強，因為這裡有很多活動部件。

And I think the most -- the best indicator of what we're going to do is what we guide you to.

我認為，我們要做什麼，最好的指標就是我們引導你做什麼。

I mean, you could pretty much take to the bank for each of the last 15 quarters.

我的意思是，你幾乎可以將過去 15 個季度的存款存入銀行。

We've been pretty spot on with that.

我們對此一直非常清楚。

So right now, that's what we think we'll do, that's our best professional judgment.

所以現在，這就是我們認為我們會做的，這是我們最好的專業判斷。

And you're going to be sure we're going to be working diligently to meet or exceed that.

並且您可以確信我們將會勤奮工作以達到或超越這一目標。

Okay.

好的。

Thanks.

謝謝。

Kingsley Crane, Canaccord.

金斯利‧克蘭 (Kingsley Crane)，Canaccord。

Hi.

你好。

Thanks for taking the question. 40 agreements with GCP, that's spectacular. 51 agreements with the partner network overall.

感謝您回答這個問題。與 GCP 達成 40 項協議，這太了不起了。與合作夥伴網路共達成51項協議。

So could you speak to the partner efforts outside of GCP?

那麼您能談談 GCP 以外的合作夥伴的努力嗎？

What's working well?

哪些方面運作良好？

What would you like to improve?

您想改進什麼？

And then is the GCP partnership as dominant from a bookings contribution perspective as it is in deal frequency?

那麼，從預訂量貢獻的角度來看，GCP 合作關係是否像在交易頻率方面一樣占主導地位？

Thanks.

謝謝。

I'm not sure Kingsley, I don't think I have the bookings contribution data here.

我不確定金斯利，我認為我這裡沒有預訂貢獻數據。

So I can't correctly answer that one.

所以我無法正確回答這個問題。

I would say that the relationship with GCP is great.

我想說與 GCP 的關係非常好。

The relationship with AWS is great.

與 AWS 的關係很好。

We're doing a lot of good work with AWS, our is with Microsoft Azure.

我們與 AWS 和 Microsoft Azure 合作完成了很多出色的工作。

And I mean, we're great partners for these guys.

我的意思是，我們是這些人的優秀合作夥伴。

I mean what we do -- when they partner with us, we have the application up fast, the customer gets value.

我的意思是，當我們與他們合作時，我們會快速推出應用程序，客戶就會獲得價值。

I mean they don't make money when companies are building applications using their platforms, they get money -- they make money when people are running their applications.

我的意思是，當公司使用他們的平台建立應用程式時，他們不會賺錢，他們獲得的錢是——當人們運行他們的應用程式時，他們賺錢。

So we're consuming CPU resources or consuming GPU resources or consuming storage.

所以我們正在消耗 CPU 資源、消耗 GPU 資源或消耗儲存。

And they're all great partners, they're great companies.

他們都是出色的合作夥伴，出色的公司。

They're wonderful to work with, and it's a privilege for us to be able to partner with them.

與他們合作非常愉快，我們很榮幸能夠與他們合作。

Right.

正確的。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then last one, just to clarify.

最後一個，只是為了澄清一下。

For the [slider or] state and local agreements, were most of those pilots?

對於 [滑桿或] 州和地方協議，大多數都是試點嗎？

They all kind of started as pilots.

他們都是作為飛行員開始的。

Yes.

是的。

I'm not sure which number you're referring to.

我不確定你指的是哪個數字。

Did we refer to how many pilots there were and how many converted in the quarter?

我們是否提到本季有多少名飛行員以及有多少飛行員轉業？

Have we said this?

我們說過這個嗎？

No.

不。

We don't talk about the conversions.

我們不談論轉換。

We have the number for how many pilots closed in the quarter, 52 out of which

我們有本季完成試點的數量，其中 52 個

--

--

Kingsley, they almost all began as pilots.

金斯利，他們幾乎都是從飛行員做起的。

They all begin as pilots.

他們都是作為飛行員開始的。

They go from, let's say, one to three months and then the great majority of them convert to production.

比如說，它們需要一到三個月的時間，然後絕大多數就會投入生產。

Makes sense.

有道理。

Yeah, understood in this context.

是的，從這個角度來理解。

All right.

好的。

Congrats on the quarter.

恭喜本季取得佳績。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, everybody.

謝謝大家。

I think this is the end of our call.

我想我們的通話到此結束了。

We really appreciate your attention.

我們非常感謝您的關注。

This is quite an advantage.

這是一個很大的優勢。

I think we're breaking ground in enterprise AI.

我認為我們在企業人工智慧領域取得了突破。

I know we're breaking ground in enterprise AI.

我知道我們在企業人工智慧領域正在取得突破。

And I could just tell you, for those of you who have visited us or those of you who have a chance to visit, it's so exciting and it's just palpable.

我可以告訴你們，對於那些已經來過我們這裡或有機會來過我們這裡的人來說，這真是太令人興奮了，而且這種感覺是顯而易見的。

And so we're going to continue to get after it, and we thank you for your time.

因此我們會繼續努力，感謝您的時間。

We thank you for your attention, and wish you all a good day.

感謝您的關注，並祝大家有美好的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。