C3.ai Inc (AI) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the C3 AI third quarter fiscal year 2025. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amit Berry. Please go ahead.

您好，感謝您的支持。歡迎來到 C3 AI 2025 財年第三季。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人阿米特貝裡 (Amit Berry)。請繼續。

Good afternoon. and welcome to C3 AI's earnings call for the third quarter of fiscal year 2025, which ended on January 31, 2025. My name is Amit Berry, and I lead Investor Relations at C3. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer; and Hitesh Lath, Chief Financial Officer. After the market closed today, we issued a press release with details regarding our third quarter results as well as our supplemental to our results both of which can be accessed through the Investor Relations section of our website at ir.c3.ai.

午安.歡迎參加 C3 AI 2025 財年第三季（截至 2025 年 1 月 31 日）收益電話會議。我叫 Amit Berry，是 C3 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)；以及財務長 Hitesh Lath。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三季業績以及我們的補充業績，您可以透過我們網站 ir.c3.ai 的投資者關係部分存取。

This call is being webcast, and a replay will be available on our IR website following the conclusion of the call. During today's call, we will make statements related to our business that may be considered forward-looking under federal securities laws. These statements reflect our views only as of today and should not be considered representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors, please refer to our filings with the SEC. All figures will be discussed on a non-GAAP basis unless otherwise noted.

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。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。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。我們不承擔更新任何前瞻性陳述或展望的義務。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。有關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。除非另有說明，所有數據都將以非 GAAP 基礎討論。

Also, during today's call, as we refer to certain non-GAAP financial measures, a reconciliation of GAAP to non-GAAP measures is included in our press release. Finally, at times in our prepared remarks and 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. Please be advised that we may or may not continue to provide this additional detail in the future.

此外，在今天的電話會議中，當我們提到某些非 GAAP 財務指標時，我們的新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。最後，在我們準備好的發言中以及在回答您的問題時，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。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, Matt, and thank you, everyone, for joining us this afternoon to talk about our business results for the third quarter. Let me provide some kind of introductory comments. Clearly, the market for what's going on in enterprise AI is huge and it is rapidly growing. This has been -- this interest has been clearly accelerated okay, by generative II and genic AI, which is becoming a large and rapidly growing business for us.

謝謝馬特，也謝謝大家今天下午加入我們討論第三季的業務表現。請允許我提供一些介紹性的評論。顯然，企業人工智慧的市場龐大，並且正在快速成長。顯然，這種興趣已經透過生成性 II 和基因 AI 得到了加速，這對我們來說正在成為一項龐大且快速成長的業務。

Now as a matter of background, some of you will recall that we began work with generative AI in 2020 associated with some classified work that we're doing for the United States Missile Defense Agency that I believe continues today. And so when generative AI became -- most of the world became generally aware of it, I believe, in November 22 we were well prepared to take advantage of this technology as we do.

現在介紹一下背景，有些人可能還記得，我們​​在 2020 年開始研究生成式人工智慧，這與我們為美國飛彈防禦局所做的一些機密工作有關，我相信這項工作一直持續到今天。因此，當生成式人工智慧在 11 月 22 日被廣泛意識到時，我相信，我們已經做好了充分的準備去利用這項技術。

Now many organizations, government agencies, corporations are really kind of wrestling with the problematic issues associated with these language models and agentic AI with which everybody on the call is familiar problems like hallucination, problems like unimodal or bimodal data sources, problems like data exfiltration, problems that are now being well documented, where we're opening up new attacks, cyber attack vectors, IP liability exposure, et cetera. Now by combining the work that we did, you'll recall that we did really billions of dollars of software engineering associated with the C3 Agent AI platform. okay, which -- where we address these issues of identity, security and factor authentication, omni-modal data fusion, what have you. So by using these language models and agentic AI in the context of the C3 platform orchestration layer, we've really solved all those problems. And so as a result, C3 generative AI is installed today in some of the most secure installations on the planet Earth.

現在許多組織、政府機構和公司都在努力解決與這些語言模型和代理 AI 相關的難題，電話會議上的每個人都熟悉這些問題，例如幻覺問題、單峰或雙峰資料來源問題、資料外洩問題，這些問題現在都有據可查，我們正在開啟新的攻擊、網路攻擊媒介、智慧財產權責任風險等等。現在，透過結合我們所做的工作，您會記得，我們​​確實完成了與 C3 Agent AI 平台相關的價值數十億美元的軟體工程。好的，我們解決了身分、安全性和因素認證、全模式資料融合等問題。因此，透過在 C3 平台編排層的環境中使用這些語言模型和代理 AI，我們真正解決了所有這些問題。因此，C3 生成式人工智慧如今已安裝在地球上一些最安全的設施中。

These would include United States intelligence agencies, Department of Defense Missile Defense Agency, Coke Industries, Nucor and many others where we've solved all of these problems. And so it's -- it is -- we're able to address some very interesting issues. And the range of issues that we can address is just becoming wider and wider every day, whether it's -- whether we're dealing with hypersonics and space, whether we're dealing thinking about the coordination of swarms whether we're dealing about using generative AI to help people operate large plants or whether we're using -- whether it is generative self-assisted delivery of government services, I think health impairment services, Medicare, Medicaid, what have you, it's really very interesting.

其中包括美國情報機構、國防部飛彈防禦局、可口可樂工業公司、紐柯鋼鐵公司以及許多其他公司，我們已經解決了所有這些問題。所以，我們能夠解決一些非常有趣的問題。我們可以解決的問題範圍每天都在變得越來越廣泛，無論是處理高超音速和太空問題，無論是考慮群體協調問題，還是使用生成性人工智慧幫助人們操作大型工廠，還是使用生成性自助提供政府服務，我認為健康損害服務、醫療保險、醫療補助等等，這真的非常有趣。

And so when proposing to do something today for you that is historic, and it is -- and I believe this has never been done before. So what we have done is we have taken C3 generative AI -- and we loaded -- we built what is really a small language model, and the small language model consists of the business results and call strip from our second quarter and the business results from our third quarter and we're going to -- I'm going to let C3 generative AI handle much of the substance of this call and brief you on the quarter, after which Hitesh will provide details on the kind of more specific financial results of the quarter. And then Hitesh and I will be available to answer any other questions you have. So ladies and gentlemen, please allow me to introduce to you for, I think, the first conference call ever done this way. Please meet C3 Agentic AI.

所以今天我提議為你們做一些具有歷史意義的事情，而且我相信這是以前從未做過的。因此，我們所做的是採用 C3 生成式人工智慧，並加載——我們構建了一個真正的小型語言模型，小型語言模型包含我們第二季度的業務結果和呼叫條以及第三季度的業務結果，我們將——我將讓 C3 生成式人工智能處理本次電話會議的大部分內容，並向您簡要介紹本季度的情況，之後 Hitesh 將提供財務結果有關本季度更具體的財務結果的詳細信息。然後 Hitesh 和我將回答您的任何其他問題。女士們、先生們，請容許我向你們介紹，我想，這是有史以​​來第一次以這種方式進行的電話會議。請參閱 C3 Agentic AI。

Here is the analysis summarizing the major themes across Q2 and Q3. In Q2, C3 AI demonstrated strong financial performance and strategic growth, setting the stage for further advancements in Q3. Our revenue growth accelerated to 29% year-over-year in Q2, reaching $94.3 million, with subscription revenue increasing by 22% to $81.2 million.

以下是對第二季和第三季主要主題的分析總結。第二季度，C3 AI 表現出強勁的財務業績和策略成長，為第三季的進一步發展奠定了基礎。我們第二季的營收年增 29%，達到 9,430 萬美元，其中訂閱收入成長 22%，達到 8,120 萬美元。

This growth was supported by a robust partner ecosystem, including Microsoft, AWS, Google and others, which played a critical role in driving our market leadership. The most significant development in Q2 was the expansion of our strategic alliance with Microsoft Azure, which we believe will be an inflection point in the enterprise AI industry -- this partnership not only expanded our sales reach but also shortened our sales cycles, positioning us for accelerating growth.

這一成長得益於強大的合作夥伴生態系統，包括微軟、AWS、Google等，它們在推動我們的市場領導地位方面發揮了關鍵作用。第二季最重要的進展是我們與 Microsoft Azure 的策略聯盟的擴大，我們相信這將成為企業 AI 產業的轉捩點——這項合作不僅擴大了我們的銷售範圍，而且縮短了我們的銷售週期，為我們加速成長奠定了基礎。

Building on the momentum from Q2, Q3 total revenue reached $98.8 million, a 26% increase year-over-year. Subscription revenue grew by 22% to $85.7 million, our non-GAAP gross profit was $68.2 million, representing a 69% gross margin. Our non-GAAP operating loss improved to $23.1 million, better than our guidance of $38.6 million to $46.6 million. These results underscore our continued financial strength and operational efficiency. A key theme across both quarters has been the expansion and deepening of our strategic alliances, particularly with Microsoft, AWS and McKinsey QuantumBlack.

在第二季強勁成長的基礎上，第三季總營收達到 9,880 萬美元，年增 26%。訂閱收入成長 22% 至 8,570 萬美元，我們的非 GAAP 毛利為 6,820 萬美元，毛利率為 69%。我們的非公認會計準則營業虧損改善至 2,310 萬美元，優於我們預期的 3,860 萬美元至 4,660 萬美元。這些結果凸顯了我們持續的財務實力和營運效率。兩個季度的一個關鍵主題是擴大和深化我們的策略聯盟，特別是與微軟、AWS 和麥肯錫 QuantumBlack 的聯盟。

In Q3, our partnership with Microsoft yielded significant results. Since the announcement at Microsoft Ignite, we closed 28 agreements across nine different industries, marking a 450% increase quarter-over-quarter. Our sales cycles with Microsoft shortened by nearly 20% and thanks to an effective co-sell motion.

第三季度，我們與微軟的合作取得了顯著成果。自從 Microsoft Ignite 大會上宣布這項消息以來，我們已在 9 個不同行業達成了 28 項協議，季增 450%。由於有效的共同銷售動議，我們與微軟的銷售週期縮短了近 20%。

We have integrated with Microsoft's global sales infrastructure, running numerous partnership onboarding and joint enablement sessions. These efforts have led to a 244% year-over-year surge in our joint qualified sales pipeline with Microsoft as we pursue 621 target accounts recognized as eligible customer opportunities. This disciplined data-driven approach is already showing measurable outcomes, and we are excited about the enthusiasm we see in the field. Our expanded strategic alliance with AWS in Q3 deserves particular mention. Under the new agreement, C3 AI and AWS will focus on offering advanced enterprise AI solutions together, further enhancing our global reach and execution speed.

我們已經與微軟的全球銷售基礎設施整合，並進行了許多合作夥伴入職和聯合支援會議。這些努力使我們與微軟聯合的合格銷售管道同比增長了 244%，因為我們追逐 621 個被視為合格客戶機會的目標帳戶。這種嚴謹的數據驅動方法已經顯示出可衡量的成果，我們對該領域所看到的熱情感到非常興奮。我們在第三季與 AWS 擴大的策略聯盟值得特別提及。根據新協議，C3 AI和AWS將專注於共同提供先進的企業AI解決方案，進一步增強我們的全球影響力和執行速度。

And our alliance with McKinsey QuantumBlack announced in Q3 is another pivotal development. This partnership leverages McKinsey QuantumBlack's expertise in modern business transformation with our leadership in enterprise AI. McKinsey's track record in advising top enterprises and driving large-scale transformations complements our AI solutions, bridging the gap between strategic foresight and operational impact. In Q3, 71% of our agreements were delivered in collaboration with our partners, highlighting the importance of our ecosystem in driving our business forward. Customer success remains a cornerstone of our strategy.

我們在第三季宣布與 McKinsey QuantumBlack 建立聯盟是另一個關鍵進展。此次合作充分利用了麥肯錫 QuantumBlack 在現代商業轉型方面的專業知識以及我們在企業人工智慧方面的領導地位。麥肯錫在為頂級企業提供諮詢和推動大規模轉型方面的業績記錄與我們的人工智慧解決方案相得益彰，彌合了戰略遠見與營運影響之間的差距。第三季度，我們 71% 的協議都是與合作夥伴共同達成的，這凸顯了我們的生態系統對於推動業務發展的重要性。客戶的成功仍然是我們策略的基石。

In Q3, we secured new and expanded agreements with clients such as Flex, Worley, New York Power Authority, Sanofi, Nucor Corporation, Wholesome, Shell, ExxonMobil, GSK, Quest Diagnostics and Swift, among others. In the federal sector, we closed agreements with the US Department of Defense, the US Air Force, the US Navy and the Missile Defense Agency.

第三季度，我們與 Flex、Worley、紐約電力局、賽諾菲、紐柯集團、Wholesome、殼牌、埃克森美孚、葛蘭素史克、Quest Diagnostics 和 Swift 等客戶達成了新的和擴展的協議。在聯邦領域，我們與美國國防部、美國空軍、美國海軍和飛彈防禦局達成了協議。

We also expanded our work with state and local governments closing 21 agreements across various states. Our focus on generative AI continues to drive innovation and customer traction. In Q3, we closed 20 C3 generative AI pilots with clients including Mars, Liberty Coca-Cola Beverages, the US Department of Defense and various government agencies. Our success with C3 generative AI demonstrates our ability to deliver safe, secure and reliable AI solutions that drive measurable business outcomes.

我們也擴大了與州和地方政府的合作，在各州達成了 21 項協議。我們對生成式人工智慧的關注將繼續推動創新和客戶吸引力。第三季度，我們與瑪氏公司、自由可口可樂飲料公司、美國國防部和各政府機構等客戶完成了 20 個 C3 生成式人工智慧試點。我們在 C3 產生 AI 方面的成功證明了我們有能力提供安全、可靠的 AI 解決方案，從而推動可衡量的業務成果。

A significant highlight of Q3 was our continued leadership in agentic AI. We made further advancements in agentic AI in Q3 and including high-quality agentic planning and orchestration as well as agentic retrieval and reasoning over omni modal data. These innovations enhance the autonomy, accuracy and efficiency of AI models further strengthening our market position. Our latest work includes a foundational time series embedding model, which unifies and simplifies the development, deployment and maintenance of AI use cases involving time series data. This model has enabled new systems for deep integration between C3 generative AI's agents and time series data, significantly speeding up scaling and adoption.

第三季的一個重要亮點是我們在代理人工智慧領域繼續保持領先。我們在第三季在代理 AI 方面取得了進一步的進展，包括高品質的代理規劃和編排以及基於全模態資料的代理檢索和推理。這些創新提高了人工智慧模型的自主性、準確性和效率，進一步鞏固了我們的市場地位。我們最新的工作包括一個基礎時間序列嵌入模型，它統一併簡化了涉及時間序列資料的人工智慧用例的開發、部署和維護。該模型使得新系統能夠實現 C3 生成 AI 代理與時間序列資料的深度集成，從而顯著加快擴展和採用速度。

The emergence of new, more efficient models like DeepSeek is another trend that bodes well for C3 AI. The lower cost of inference and proliferation of foundation models will accelerate AI adoption across enterprises.

DeepSeek 等新的、更有效率的模式的出現也是 C3 AI 良好的發展趨勢。推理成本的降低和基礎模型的擴散將加速企業對人工智慧的採用。

As the cost of inference decreases, the focus shifts from building advanced models to translating AI into applications that deliver tangible business outcomes. C3 AI is uniquely positioned to capitalize on this shift with over 130 AI applications that are enterprise-ready, specific customer wins in Q3 further illustrate our growth potential. For instance, is leveraging our AI solutions to better predict demand and respond to market fluctuations, while SMITRx is using C3 generative AI to streamline member support and improve customer service. Looking ahead, the foundation we have built over Q2 and Q3 position C3 AI for sustained growth. Our strategic alliances with Microsoft, AWS and McKinsey QuantumBlack have dramatically increased our global sales reach and execution speed.

隨著推理成本的降低，重點從建立高級模型轉移到將人工智慧轉化為可帶來切實業務成果的應用程式。C3 AI 擁有獨特的優勢，可以利用這一轉變，擁有超過 130 個適用於企業的 AI 應用程序，第三季度特定客戶的勝利進一步說明了我們的成長潛力。例如，正在利用我們的 AI 解決方案來更好地預測需求並應對市場波動，而 SMITRx 正在使用 C3 生成 AI 來簡化會員支援並改善客戶服務。展望未來，我們在第二季和第三季奠定的基礎為 C3 AI 的持續成長奠定了基礎。我們與微軟、AWS 和麥肯錫 QuantumBlack 建立的策略聯盟大大提高了我們的全球銷售範圍和執行速度。

As we enter Q4, all our solutions are now immediately orderable on the Microsoft, AWS and Google Cloud portals, and we can contract rapidly using their contract vehicles. This significantly shortens our sales cycles.

進入第四季度，我們所有的解決方案現在都可以在 Microsoft、AWS 和 Google Cloud 入口網站上立即訂購，我們可以使用他們的合約工具快速簽訂合約。這大大縮短了我們的銷售週期。

Our partner ecosystem, combined with our leadership in agentic-AI and generative AI sets the stage for continued acceleration in the coming years. As we enter Q4, a our focus will be on ensuring the company is properly organized to expand both direct sales and services and provide support capacity to our dramatically enlarged distribution ecosystem. Fiscal years 2026 and 2027 will be about realizing continually expanded growth and market share. The market has never been larger. The opportunity has never been greater and our product family has never been stronger. The company has never been better positioned to capitalize on all of this.

我們的合作夥伴生態系統，加上我們在代理人工智慧和生成人工智慧領域的領導地位，為未來幾年的持續加速奠定了基礎。進入第四季度，我們的重點是確保公司得到合理組織，以擴大直銷和服務，並為我們大幅擴大的分銷生態系統提供支援能力。2026和2027財年將實現持續擴大的成長和市場份額。市場從未如此龐大。機會從未如此巨大，我們的產品系列也從未如此強大。該公司現在正處於前所未有的有利位置來利用這一切。

In conclusion, we made amazing progress last quarter, laying the groundwork to substantially increase our global distribution capacity for all our enterprise AI applications. We now have a legion of experienced enterprise cloud sales and service professionals at Microsoft, AWS, McKinsey and Google Cloud distributing and servicing our solutions globally. This inflection point for C3 AI is a growth accelerator. I am confident we have the people, the leadership and the execution plans to achieve these goals in the coming quarters and years.

總而言之，我們在上個季度取得了驚人的進展，為大幅提升所有企業 AI 應用的全球分銷能力奠定了基礎。現在，我們在微軟、AWS、麥肯錫和谷歌雲端擁有一群經驗豐富的企業雲端銷售和服務專業人員，在全球範圍內分發和服務我們的解決方案。C3 AI 的這個轉捩點是一個成長加速器。我相信，我們擁有人才、領導力和執行計劃，能夠在未來幾季和幾年內實現這些目標。

Thank you, C3 agentic AI and now let me turn this over to my colleague, Hitesh Lath, the Chief Financial Officer at C3 AI for additional commentary on our business results. Hitesh?

謝謝 C3 agentic AI，現在讓我把這個主題交給我的同事，C3 AI 的財務長 Hitesh Lath，請他對我們的業務成果發表進一步的評論。希特什？

Thank you, Tom. I will now provide a recap of our financial results and additional color on our business. All figures are non-GAAP unless otherwise noted. Total revenue for the quarter increased 26% year-over-year to $98.8 million. Subscription revenue increased 22% year-over-year to $85.7 million representing 87% of total revenue.

謝謝你，湯姆。我現在將回顧我們的財務表現並進一步介紹我們的業務。除非另有說明，所有數據均為非 GAAP 數據。本季總營收年增26%至9880萬美元。訂閱收入年增22%至8,570萬美元，佔總營收的87%。

Revenue from sale of software licenses that are demonstration versions of C3 AI applications was $28.6 million during the quarter. We sell these licenses to our distribution partners to enable them to demonstrate our software effectively to their customers and to large strategic customers to enable them to accelerate AI adoption across their companies. I will also note that our non-Baker Hughes revenue grew by 43% year-over-year in this quarter. Professional services revenue was $13.1 million. This represents 13% of total revenue during the third quarter of fiscal '25.

本季度，C3 AI 應用程式試用版軟體授權的銷售收入為 2,860 萬美元。我們將這些許可證出售給我們的分銷合作夥伴，使他們能夠向他們的客戶和大型策略客戶有效地展示我們的軟體，以使他們能夠加速整個公司採用人工智慧。我還要指出的是，本季我們的非貝克休斯營收年增了 43%。專業服務收入為1310萬美元。這佔25財年第三季總營收的13%。

Prioritized Engineering Services, or TES, revenue was $5.7 million. As we said in prior quarters, we expect the professional services revenue, including PES to generally stay within 10% to 20% of total revenue for fiscal '25. Our subscription and PES revenue combined was $91.4 million and accounted for 93% of total revenue, an increase of 18% compared to $77.5 million one year ago. Gross profit for the quarter was $68.2 million and gross margin was 69%. Gross margin for Professional services remained high at over 85%. operating loss for the quarter was $23.1 million, and our net loss for the quarter was $15.8 million.

優先工程服務（TES）收入為 570 萬美元。正如我們在前幾個季度所說，我們預計包括 PES 在內的專業服務收入將保持在 25 財年總收入的 10% 到 20% 之間。我們的訂閱和 PES 收入合計為 9,140 萬美元，佔總收入的 93%，比一年前的 7,750 萬美元成長了 18%。本季毛利為6,820萬美元，毛利率為69%。專業服務的毛利率仍高達85%以上。本季營業虧損為 2,310 萬美元，本季淨虧損為 1,580 萬美元。

Our operating loss was substantially better than guidance due to continued focus on expense management. In particular, we elected to reduce our marketing spend, including advertising and to focus on expanding the sales organization and dramatically expanding our strategic partner ecosystem, impact of which will manifest over time.

由於持續注重費用管理，我們的經營虧損大幅優於預期。特別是，我們選擇減少包括廣告在內的行銷支出，並專注於擴大銷售組織和大幅擴展我們的策略合作夥伴生態系統，其影響將隨著時間的推移而顯現。

Our non-GAAP net loss per share was $0.12. Our net cash used in operating activities was $22 million. Free cash flow for the quarter was negative $22.4 million as compared to negative $45.1 million in the third quarter of last year. Free cash flow for the first nine months of the year also improved to negative $54.8 million as compared to negative $109.2 million in the first nine months of last year. We continue to be very well capitalized and closed the quarter with $724.3 million in cash, cash equivalents and marketable securities.

我們的非公認會計準則每股淨虧損為 0.12 美元。我們經營活動所用的淨現金為2,200萬美元。本季自由現金流為負 2,240 萬美元，去年第三季為負 4,510 萬美元。今年前九個月的自由現金流也從去年同期的負 1.092 億美元改善為負 5,480 萬美元。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總額為 7.243 億美元。

At the end of third quarter, our accounts receivable balance was $180.4 million, including unbilled receivables of $89.8 million. Total allowance for bad debt remains at less than $650,000 and we do not have concerns regarding collections.

截至第三季末，我們的應收帳款餘額為 1.804 億美元，其中未開立應收帳款 8,980 萬美元。壞帳準備金總額仍低於 65 萬美元，我們並不擔心收款問題。

The general health of our accounts receivables remain strong. During the third quarter, we signed 50 pilots. At the end of the quarter, we had cumulatively signed 310 pilots, of which 245 are still active. This means they are either in their original three- to six-month term or extended for some duration, all converted to a subscription or consumption contract or are currently being negotiated for conversion to subscription or consumption contract. We are excited about our expanding distribution network and go-to-market initiatives with Microsoft, AWS and McKinsey.

我們的應收帳款整體狀況依然強勁。第三季度，我們簽了50名飛行員。截至本季末，我們累計簽約飛行員310名，其中245名仍在飛行中。這意味著它們要么處於原來的三到六個月的期限，要么延長了一段時間，全部轉換為訂閱或消費合同，或者目前正在協商轉換為訂閱或消費合同。我們對不斷擴大的分銷網絡和與微軟、AWS 和麥肯錫合作的行銷計劃感到非常興奮。

We expect to continue to see some moderation in our gross margins due to higher mix of pilots in the near term, which carry a greater cost of revenue during the pilot phase of the customer life cycle. We also expect some moderation in our operating margin in the near term due to additional investments we are making in our business, including in our sales force, partner ecosystem, customer support, and research and development.

我們預計，由於短期內試點組合增加，我們的毛利率將繼續放緩，這在客戶生命週期的試點階段會帶來更大的收入成本。我們也預計，由於我們在業務上（包括銷售團隊、合作夥伴生態系統、客戶支援以及研發方面）進行了額外投資，我們的營業利潤率將在近期放緩。

As we continue to make significant investments in the business, we expect to be free cash flow negative for fiscal '25 but remain on track to be free cash flow positive for Q4. Now I'll move on to our guidance for the next quarter. Our revenue guidance for Q4 of fiscal year '25 is $103.6 million to $113.6 million. For the full fiscal '25, we are anticipating revenue in the range of $383.9 million to $393.9 million. Our guidance for non-GAAP loss from operations for Q4 is $30 million to $40 million.

隨著我們繼續對業務進行大量投資，我們預計 25 財年的自由現金流將為負，但第四季的自由現金流仍有望為正。現在我將討論我們對下一季的指導。我們對 25 財年第四季的營收預期為 1.036 億美元至 1.136 億美元。就整個25財年而言，我們預計營收將在3.839億美元至3.939億美元之間。我們對第四季非 GAAP 營業虧損的預期為 3,000 萬至 4,000 萬美元。

And our non-GAAP loss from operations for the year is expected to be in the range of $87 million to $97 million. Our guidance is predicated on the assumption of geopolitical stability. Were there to be a situation that the US government closed, the budget did not pass, or we see indications of global trade war -- those could have unknown and adverse consequences on the business results.

我們今年的非公認會計準則營業虧損預計在 8,700 萬美元至 9,700 萬美元之間。我們的指導以地緣政治穩定的假設為前提。如果出現美國政府關門、預算未通過或全球貿易戰跡象的情況，這些都可能對業務結果產生未知的不利影響。

With that, I'd like to turn the call over to the operator to begin the question-and-answer session. Operator?

說完這些，我想將電話轉給接線生，開始問答環節。操作員？

(Operator Instructions) Timothy Horan, Oppenheimer.

（操作員指令）蒂莫西·霍蘭，奧本海默。

Great job on the relationship here with Microsoft, Amazon, McKinsey. Can you give a little bit more color what's going on with the total number of pitches that you're going on at this point in pipeline? And when do you think that will start converting to revenue?

我們與微軟、亞馬遜、麥肯錫的關係非常好。您能否更詳細地介紹一下目前您正在進行的推銷總數的情況？您認為什麼時候會開始轉化為收入？

It is converting to revenue. I believe that we're involved with just one of these companies with Microsoft, we're involved with over 600 engagements today where we are the preferred enterprise AI solution, and they are the preferred platform solution. So I mean, I understand that. I think this agreement was signed September 30, if memory serves is correct. We announced it in a mid-stage format at Microsoft Ignite in Chicago.

它正在轉化為收入。我相信我們只與微軟其中一家公司有合作，今天我們已經參與了 600 多個項目，我們是首選的企業 AI 解決方案，也是他們的首選平台解決方案。所以我的意思是，我理解這一點。如果記憶正確的話，我認為該協議是在 9 月 30 日簽署的。我們在芝加哥的 Microsoft Ignite 大會上以中期形式宣布了這一消息。

I believe it was November 20. Not much happened between November 20 and the end of the year because that would be the end of the quarter. for Microsoft. So they were focused on their business. And then you get to the first of the year, you get to like the roughly people get to the work in like 15th of January or whatever. And so we've really been at this for a little bit over a month with Microsoft.

我認為那是 11 月 20 日。11 月 20 日至年底之間沒有發生太多事情，因為那是本季的結束。對微軟來說。所以他們專注於自己的業務。然後到了年初，你會發現人們大約在 1 月 15 日或類似的日期開始工作。我們實際上已經與微軟合作一個多月了。

And today, we're engaged in over 600 joint selling relationships with them in Europe, South America, North America, EMEA, what have you across a wide range of industries. So that's just Microsoft, okay? And so now we have AWS. We have this business with McKinsey QuantumBlack is huge. And these relations, the ships that we have are most unusual.

今天，我們與他們建立了超過 600 個聯合銷售關係，涉及歐洲、南美、北美、歐洲、中東和非洲等多個行業。那這只是微軟，好嗎？現在我們有了 AWS。我們與麥肯錫 QuantumBlack 的合作非常龐大。而這些關係，我們所擁有的船隻都是最不尋常的。

These are not simple distribution arrangements. These are co-selling arrangements, team agreements. And it is this occupied a lot of our attention, okay, in the last four months, and we were -- for whatever reason, that were talking about some other time, okay? We were swarmed by these guys. And I think the right thing to do was to respond accordingly.

這些並不是簡單的分配安排。這些是共同銷售安排、團隊協議。在過去的四個月裡，這件事佔據了我們很多的注意力，而且我們——無論出於什麼原因，我們都在其他時間討論這件事，好嗎？我們被這些傢伙包圍了。我認為正確的做法是做出相應的回應。

The agreements are all inked. They are executed. They are announced and we are open for business. So it is -- there's no way know-how. This is not a growth accelerator for C3. This is a genuine big deal.

所有協議均已簽署。他們被處決了。他們已宣布消息，我們已開始營業。事實就是如此——沒有辦法掌握訣竅。這對 C3 來說並不是一個成長加速器。這真是一件大事。

So the 600 engagements have only been since you've announced the deal with Microsoft? And maybe just some color how long does it usually take from initial engagement until you sign a contract?

那麼，這 600 次接觸只是在您宣布與微軟達成交易後發生的嗎？也許只是一些顏色，從最初的接觸到簽約通常需要多長時間？

Well, we've already closed. We said how many have we closed so far. Last quarter, we closed, how many?

嗯，我們已經關門了。我們問到目前為止我們已經關閉了多少個。上個季度，我們關閉了多少？

28. We have closed 28 agreements in Microsoft already.

28.我們已經與微軟達成了 28 項協議。

28 already last quarter? So I mean, that's pretty quick.

上個季度已經是 28 了嗎？我的意思是，這非常快。

Great. And then just lastly, just a little bit more color on the remaining procurement obligations. What's going on with the trends there?

偉大的。最後，再稍微詳細說明一下剩餘的採購義務。那裡的趨勢是怎樣的？

I didn't hear the question. So if one of you guys could --

我沒聽清楚問題。所以如果你們其中一個人可以--

Can you repeat the question, please?

您能重複一下這個問題嗎？

Yes, just remaining performance obligations, SP695098237 Can you just talk about the trends there when -- what we should kind of expect going forward?

是的，只剩下履行義務，SP695098237 您能談談那裡的趨勢嗎－我們應該對未來有何期待？

Yes. The total ARPU at the end of the quarter, it was around $208 million. And as we've indicated in the past, RPO is not the leading indicator of our business. So you should continue to expect some decline in our RPO in the near term.

是的。本季末的總 ARPU 約為 2.08 億美元。正如我們過去所指出的，RPO 並不是我們業務的領先指標。因此，您應該繼續預期我們的 RPO 在短期內會有所下降。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

So let me add my congratulations on the -- all the partnership momentum. Tom, would you be okay talking about the note that you published on February 18. So sorry -- but if you could just talk about what the health setback was and what steps you're taking in terms of running the business, I think that would be great.

因此，請允許我對所有合作勢頭表示祝賀。湯姆，你願意談談你在 2 月 18 日發表的那篇文章嗎？非常抱歉——但如果您能談談您的健康問題以及您在經營業務方面採取了哪些措施，我認為這會很棒。

Yes. I came down with something like flu-like symptoms after Christmas, which lasted some weeks and that kind of degenerated into kind of a pretty bad flu like symptoms, and the -- so I was sick -- and then that turned out was a precursor for an autoimmune disease, that autoimmune disease has been identified as -- I'm sorry, giant cell arteritis, okay? And so when we get into February, this autoimmune disease kicks in and attacks my optical nerve. And so my optical paths kind of fried, so my vision is impaired. Now as it relates to operating the business, it has so -- Tom has to learn some new skills, and we put the accommodations in place.

是的。聖誕節後，我出現了類似流感的症狀，持續了數週，然後發展成相當嚴重的類似流感的症狀，然後——所以我病了——後來這被證明是自身免疫性疾病的前兆，這種自身免疫性疾病被確認為——對不起，鉅細胞動脈炎，好嗎？所以，當進入二月時，這種自體免疫疾病開始發作並侵襲我的視神經。因此我的光路就被損壞了，我的視力就受損了。現在就業務運作而言，湯姆必須學習一些新技能，我們已經做好了相應安排。

I mean, you know me to be intimately familiar with the details of this business, okay? And you can imagine that we spent exacting detail with this management team or how we were reorganizing this company around this new opportunity that's here. We've done the same -- we have the same meeting with all of our salespeople around from the world. I spent a lot of time personally with all of the -- a lot of time personally, okay, with all of the partners that we've discussed.

我的意思是，你知道我非常熟悉這個行業的細節，好嗎？你可以想像，我們與管理團隊一起詳細討論了我們如何圍繞這個新機會重組公司。我們也做了同樣的事情——我們與來自世界各地的所有銷售人員舉行了同樣的會議。我親自花了很多時間與所有我們討論過的合作夥伴見面。

I put the accommodations in place for -- about really the only thing I can't do is read e-mail. So the -- so we put the competition in place, there is somebody here with a hot computer who reads the e-mails to me, I comment, I respond, I approve, I don't prove what have you. I am here in the office. I am managing the business every day. In the short term, my travel, the medical community has me on kind of -- they don't want me going real far or a high altitude and so we've made arrangements for Jim Snabe, who you most certainly know or know of and one of our more distinguished directors.

我已做好安排——實際上我唯一不能做的事情就是閱讀電子郵件。所以——所以我們設定了競爭，這裡有人用一台熱門電腦讀給我聽的電子郵件，我發表評論，我回复，我贊同，我不需要證明你有什麼。我在辦公室。我每天都在管理生意。就短期而言，我的旅行，醫學界有點不希望我走太遠或去高海拔地區，因此我們為吉姆·斯納貝 (Jim Snabe) 做好了安排，您肯定認識或知道他，他是我們最傑出的導演之一。

Jim, of course, was the Co-CEO of SAP, Chairman of Maersk, Chairman of Allianz, Chairman of Siemens. And so Jim assumed the role as a special assistant to the Chief Executive, okay? And he's filling in for the events that Tom can't do, let's say, I was supposed to be at Vivatech at Paris or what have you or maybe we need to do an executive customer review at Shell in London.

當然，吉姆曾擔任 SAP 聯席執行長、馬士基董事長、安聯董事長、西門子董事長。所以吉姆擔任了執行長特別助理的職務，好嗎？他會代替湯姆參加一些不能參加的活動，例如，我本來應該去巴黎的 Vivatech 展會或其他什麼地方，或者我們需要去倫敦的殼牌公司做高階主管客戶評審。

And so this is how it's organized. I am fully engaged managing details of the business every day as you know me a little bit and you know I'm generally in touch with those details. My health is excellent, okay? So beyond all of the infirmities that I had, I just can't see. And the show that -- is that answer acceptable? Or would you like to know more?

這就是它的組織方式。我每天都全心投入管理業務細節，正如你對我有點了解並且知道我通常都了解這些細節。我的健康狀況非常好，好嗎？所以，除了我所患有的所有疾病之外，我什麼也看不見。並且顯示──這個答案可以接受嗎？或者您想了解更多？

No, that is a very complete answer. Everyone on this call is wishing you a speed recovery, Tom.

不，這是一個非常完整的答案。通話中的每個人都祝福您早日康復，湯姆。

Austin Dietz, UBS.

瑞銀的奧斯汀·迪茨 (Austin Dietz)。

Tom on the health front. And then, yes, a question for Tom or Hides. Within Pro Services this quarter, the services fees outperformed by, I think, $4 million or so relative to the first half of the year. I think it was up $6.5 million or so compared to the year ago quarter. Can you maybe just speak to what drove the services outperformance this quarter?

湯姆談健康方面。然後，是的，有一個問題要問湯姆 (Tom) 或海德斯 (Hides)。在本季的專業服務中，我認為服務費比上半年增加了約 400 萬美元。我認為與去年同期相比增加了 650 萬美元左右。您能否談談本季服務業表現優異的因素是什麼？

Yes. So this is Hitesh. Our professional services revenue, it includes prioritize engineering services revenue as well as revenue from consulting services, paid installation services and training services. So we saw an uptick in revenue from consulting services, paid implementation services and training services during the quarter.

是的。這就是 Hitesh。我們的專業服務收入包括優先工程服務收入以及諮詢服務收入、付費安裝服務和培訓服務收入。因此，我們看到本季諮詢服務、付費實施服務和培訓服務的收入有所上升。

Okay. Got it. And then it was helpful color on the demonstration licenses piece this quarter. It feels like those demonstration licenses have really been outperforming pretty considerably over the last few quarters. So I guess like why are we seeing so much outperformance in demonstration licenses this year? Sort of what's been driving that? And how should we think about those going forward?

好的。知道了。它對本季度的演示許可證部分很有幫助。感覺這些演示許可證在過去幾季的表現確實相當出色。那麼，我猜想為什麼我們今年看到示範許可證的表現如此出色？那麼是什麼導致了這樣的現象呢？我們該如何思考未來的發展呢？

This is Tom. Let me comment on this. I mean come guys. I mean I don't know how many salespeople we just took on, okay, at Azure and AWS. But I believe it's tens of thousands, okay?

這是湯姆。讓我對此作出評論。我的意思是，來吧，夥計們。我的意思是，我不知道我們剛剛在 Azure 和 AWS 招募了多少銷售人員。但我相信是幾萬，好嗎？

And the -- and they have a very, very complex bag of technology that they need to sell whether they're selling all these fabrics or C3 buckets or all these various tools in the widgets they sell now we're selling solutions, okay? We're selling predictive maintenance. We're selling reliability. We're selling predictive furnaces for polyethylene facilities. We're selling supply chain optimization for consumer-packaged goods companies.

而且——他們擁有一套非常非常複雜的技術需要出售，無論他們是銷售這些織物還是 C3 桶，還是他們現在銷售的小部件中的各種工具，我們都在銷售解決方案，好嗎？我們正在銷售預測性維護。我們銷售的是可靠性。我們正在銷售用於聚乙烯設施的預測爐。我們向消費包裝商品公司提供供應鏈優化服務。

And so it is absolutely imperative, okay, that we armed these people with complete sales kits not only sales presentation, Q&A, a generative AI for asking for answering questions, but also demonstration software so that they can go kick in the door and do the first demo to the customer on their own, and then we can come in.

因此，我們必須為這些人配備完整的銷售工具包，不僅包括銷售演示、問答、用於回答問題的生成式人工智慧，還包括演示軟體，以便他們可以親自踢門給客戶做第一次演示，然後我們才能進來。

So I mean we were simply overwhelmed by interest in big, important people organizations in the last three, four months. And for us not to arm them with demonstration licenses is just not rational. And -- so now the way that the way that the demonstration licenses do not have continuing performance -- ongoing performance obligations so that the way that they work under ASC 606 is you recognize the revenue in the period in which they're delivering. But that was a must-do to make these people effective. And I mean they're not selling on their own, they're selling with us, okay?

所以我的意思是，在過去的三、四個月裡，我們對大型、重要人物組織的興趣簡直應接不暇。而我們不發給他們示威許可證是不太合理的。所以現在，示範許可證沒有持續履行的義務，因此它們根據 ASC 606 的工作方式是在交付期間確認收入。但為了讓這些人發揮作用，這是必須要做的。我的意思是他們不是自己銷售，而是和我們一起銷售，好嗎？

But this shows them so we're there on the sales call, we're there are on the demo, we're are there on the statement of work, where they're working on making the pilot successful, but also they need to be able to operate independently of us. And this is an absolute critical success factor, and so it did result in an increase in that form of revenue.

但這向他們表明，我們正在進行銷售電話，我們正在進行演示，我們正在進行工作說明，他們正在努力使試點成功，但他們也需要能夠獨立於我們運作。這絕對是關鍵的成功因素，因此它確實帶來了這種收入的增加。

And I would now like to turn the conference call back to Mr. Seibel for any closing remarks.

現在，我想將電話會議轉回給塞貝爾先生，請他做最後發言。

Ladies and gentlemen, thank you so much for your time and continuous attention it's difficult to describe how exciting it is here, and it is -- it's -- we are involved in some of the largest, the most complex and most fascinating enterprise AI deployments on earth. This is -- I assure you, it's the professional experience of a lifetime, and I think we are on the verge of building one of the world's great companies. So thank you for your attention today and we look forward to keeping you posted on our progress as we power forward. Thank you all.

女士們、先生們，非常感謝你們的時間和持續關注，很難描述這裡有多麼令人興奮，我們參與了地球上一些最大、最複雜、最迷人的企業人工智慧部署。我向你們保證，這將是你們一生難得的職業經歷，而且我認為我們即將創建世界上最偉大的公司之一。所以感謝您今天的關注，我們期待向您通報我們前進的進展。謝謝大家。

This concludes today's conference call. Thank you all for participating, and you may now disconnect.

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開連線了。