C3.ai Inc (AI) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to C3 AI's fourth quarter fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the call over to Amit Berry. Please go ahead.

感謝您的支持，歡迎參加 C3 AI 2025 財年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想把電話交給阿米特·貝裡。請繼續。

Good afternoon, and welcome to C3 AI's earnings call for the fourth quarter of fiscal year 2025, which ended on April 30, 2025. My name is Amit Berry, and I lead Investor Relations for C3 AI. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer; and Hitesh Lath, Chief Financial Officer.

下午好，歡迎參加 C3 AI 2025 財年第四季（截至 2025 年 4 月 30 日）收益電話會議。我叫 Amit Berry，負責 C3 AI 的投資人關係。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。

After the market closed today, we issued a press release with details regarding our fourth quarter and full fiscal 2025 year results as well as a supplemental to our results, both of which can be accessed through the Investor Relations section on 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，詳細介紹了我們第四季度和 2025 財年全年的業績以及業績補充信息，您可以通過我們網站 ir.c3.ai 上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. These statements reflect our views only as of today and should not be considered representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook.

在今天的電話會議中，我們將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此後任何日期的觀點。我們不承擔更新任何前瞻性陳述或展望的義務。

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

這些聲明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。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. Also during today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in our press release.

除非另有說明，所有數據都將以非 GAAP 為基礎進行討論。此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們的新聞稿中包含了 GAAP 與非 GAAP 財務指標的對帳。

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.

最後，有時在我們準備好的發言中以及在回答您的問題時，我們可能會討論比我們通常的演示更增量的指標，以便更深入地了解我們的業務動態或季度業績。請注意，我們將來可能會或可能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.

說完這些，讓我把電話轉給湯姆。

Thank you, Amit, and thank you, everyone. I'm very pleased to announce that we had a spectacular fiscal year '25 that we wrapped up in a spectacular fourth quarter. Our growth rates for the last three years, I think, have grown now from 6% two years ago, to 16% last year, to 25% this year. So we have most certainly richer with the new pricing model and the new product mix, and the new partner ecosystem returned to a very rapid growth by any standards, achieve attaining 26% top line growth in the fourth quarter.

謝謝你，阿米特，也謝謝大家。我很高興地宣布，我們度過了輝煌的 25 財年，並以輝煌的第四季結束了這一財年。我認為，我們過去三年的成長率已經從兩年前的6%成長到去年的16%，再到今年的25%。因此，我們無疑憑藉新的定價模式和新的產品組合獲得了更大的成功，新的合作夥伴生態系統無論以何種標準衡量都恢復了非常快速的成長，在第四季度實現了 26% 的營收成長。

If we look at the facts of the enterprise AI market, I think is generally acknowledged today that this is an extraordinarily large and rapidly growing addressable market opportunity that is expected to accrue to billions -- I'm sorry, trillions of dollars in annual economic benefit, our annual economic value in terms of the addressable market, in fact, the largest market in the history of enterprise application software.

如果我們看一下企業人工智慧市場的事實，我認為今天人們普遍承認這是一個異常龐大且快速增長的潛在市場機會，預計每年將產生數十億美元——對不起，數萬億美元的經濟效益，就潛在市場而言，我們的年度經濟價值實際上是企業應用軟體歷史上最大的市場。

We were the first to enter this market, as you recall, in 2009. And we've been talking about enterprise AI in 2014, '15, '16, '17, '18, '19, 2020. We talked about enterprise AI before anybody even thought of enterprise AI.

大家還記得，我們​​是 2009 年第一家進入這個市場的公司。我們一直在談論 2014、2015、2016、2017、2018、2019 和 2020 年的企業人工智慧。在任何人想到企業 AI 之前，我們就已經開始討論企業 AI 了。

Now let's look at where we are, the fact of the market in May of 2025. We have a generally acknowledged large and rapidly growing market. And we look at the AI stack and the companies that are playing at the bottom of the stack. We have the silicon providers, the Intels, the AMDs, the NVIDIAs. Above that, we have the infrastructure providers, the Microsoft Azure, AWS, GCP, et cetera.

現在讓我們看看我們現在的狀況，2025 年 5 月的市場實際情況。我們擁有公認的龐大且快速成長的市場。我們關注人工智慧堆疊和處於堆疊底部的公司。我們有矽片供應商，英特爾、AMD、NVIDIA。除此之外，我們還有基礎設施供應商，Microsoft Azure、AWS、GCP 等等。

On top of that, we have the people providing the foundation models like OpenAI and Anthropic, Facebook, et cetera. On top of that, we have the providers of many thousands of utilities that are out there that do things like platform independent relational database persistence or key value stores or auto ML or virtualization or whatever it may be.

除此之外，我們還有提供基礎模型的人員，例如 OpenAI、Anthropic、Facebook 等。除此之外，我們還有數以千計的實用程式供應商，它們可以執行諸如平台無關的關係資料庫持久性或鍵值儲存或自動機器學習或虛擬化等操作。

And for the last 10 years, roughly going back to about 2014, people have been trying to assemble all of these components, the service -- micro services provided by the hyperscalers, foundation models, various utilities provided by Clouderas and Hadoops and Snowflake and what have you, and using those in an attempt to build turnkey enterprise applications that offer value to enterprises. While, in fact, billions have been spent attempting to do this frequently with large professional services providers, few if any companies have succeeded at delivering these solutions.

在過去的 10 年裡，大約可以追溯到 2014 年左右，人們一直在嘗試組裝所有這些組件、服務——超大規模提供的微服務、基礎模型、Clouderas、Hadoops 和 Snowflake 提供的各種實用程式等等，並嘗試使用它們來構建為企業提供價值的交鑰匙企業應用程式。儘管事實上已經花費了數十億美元與大型專業服務提供者合作嘗試實現這一目標，但很少有公司能夠成功提供這些解決方案。

C3's approach has been unique, and is highly differentiated from everyone in the market. We are an enterprise AI application peer play. So we spent billions of dollars building the C3 AI platform, and that this platform enables us and has enabled us to build rapidly designed to develop provision and operate over 130 turnkey enterprise AI applications to solve real business problems, that deliver very real economic benefit.

C3 的方法獨一無二，與市場上的其他公司有很大區別。我們是企業AI應用同業。因此，我們花費了數十億美元來建立 C3 AI 平台，該平台使我們能夠快速構建、開發、提供和運營超過 130 個交鑰匙企業 AI 應用程序，以解決實際的業務問題，並帶來非常實際的經濟效益。

What are real business problems as it relates to AI? Real business problems are things like predictive maintenance, supply chain optimization, supply network risk, demand forecasting, fraud detection, drug discovery. These are real-world business problems.

與人工智慧相關的實際商業問題是什麼？真正的商業問題包括預測性維護、供應鏈優化、供應網路風險、需求預測、詐欺偵測、藥物發現等。這些都是現實世界的商業問題。

And if you go on to our website at C3 AI, you will see hundreds, count of hundreds of testimonials from Cargill, from Shell, from [Excell], from Coke, from the United States Air Force, from the US Intelligence Community, from others, attesting to the hundreds of millions and, in some cases, billions of dollars of economic benefit that they are realizing from the use of C3 AI enterprise applications today.

如果你造訪我們的 C3 AI 網站，你會看到來自嘉吉、殼牌、[Excell]、可口可樂、美國空軍、美國情報界和其他機構的數百條評價，證明他們透過使用當今的 C3 AI 企業應用程式獲得了數億，在某些情況下甚至數十億美元的經濟效益。

The result of this -- we've experienced as a result of the kind of realization of this enterprise AI kind of reality, we've seen enormous growth in our market, again, in the last few years, going from 6% to 16% to 25%. And our focus, if we look at Q3 and Q4 of fiscal year '25 has been building an ecosystem to be able to address this huge sucking sound that we hear out there that is the demand for enterprise AI applications.

結果是——隨著企業人工智慧的實現，我們看到了市場在過去幾年中的巨大增長，從 6% 增長到 16%，再到 25%。如果我們看一下 25 財年的第三季度和第四季度，我們的重點就是建立一個生態系統，以解決我們聽到的這個巨大的吸吮聲，即企業對 AI 應用程式的需求。

And in order to address these applications, we need an army of partners. And so we have been focused in the last few quarters on establishing this army of strategic partners and enabling this army of strategic partners to be effective at communicating the benefits of these applications and selling these applications.

為了解決這些應用問題，我們需要一支合作夥伴大軍。因此，在過去的幾個季度中，我們一直致力於建立這支戰略合作夥伴大軍，並使這支戰略合作夥伴大軍能夠有效地傳達這些應用程式的優勢並銷售這些應用程式。

And so we form a strategic partnership with Azure. And as part of that strategic partnership, Azure acknowledge that the C3 enterprise AI applications are their preferred AI solutions. And they provided these on the price list of their tens of thousands of Azure sales reps around the world, and they're paying these sales reps, commissions to sell the C3 AI enterprise applications.

因此我們與 Azure 建立了策略合作夥伴關係。作為策略合作夥伴關係的一部分，Azure 承認 C3 企業 AI 應用程式是其首選的 AI 解決方案。他們在全球數萬名 Azure 銷售代表的價目表上提供了這些內容，並向這些銷售代表支付佣金以銷售 C3 AI 企業應用程式。

And we've spent -- and when they get a commission for selling them. And we can sign the -- after we do the demo, after we work with Azure to complete the initial production deployment, which most frequently is done in six months. Imagine, six months, we go to a polyethylene unit, and install, configure, tune, the user training and deliver a fully production enterprise predictive analytics application that's offering tens to hundreds of millions of dollars economic benefit in six months.

我們已經花了錢——當他們從銷售中獲得佣金時。我們可以簽署——在我們完成演示之後，在我們與 Azure 合作完成初始生產部署之後，這通常在六個月內完成。想像一下，六個月後，我們去一個聚乙烯裝置，安裝、配置、調整，進行用戶培訓並交付一個完整的生產企業預測分析應用程序，該應用程序在六個月內提供數千萬到數億美元的經濟效益。

So very much of our effort in the last six months has been forming these partnerships as we did with Azure, as we did with AWS, as we did with GCP, as we're doing with Booz Allen in Federal Space and other -- in the federal space.

在過去的六個月裡，我們付出了很大的努力來建立這些合作夥伴關係，就像我們與 Azure、AWS、GCP 以及我們與聯邦空間和其他領域的 Booz Allen 建立的合作夥伴關係一樣。

Last, I forget. Let's not forget to talk about our good friends at Baker Hughes. So we formed our initial partnership with Baker Hughes to address the needs of the oil and gas market. I forget what month it was. In 2019, we did the initial relationship that -- since then until this quarter, we've expanded and that agreement and extended that agreement, I believe, 4 times. And that was -- the current agreement was scheduled to expire, I believe, in June of 2025.

最後，我忘了。我們不要忘記談論我們在貝克休斯的好朋友。因此，我們與貝克休斯建立了初步合作夥伴關係，以滿足石油和天然氣市場的需求。我忘了那是幾月了。2019 年，我們建立了初步合作關係，從那時起本季度，我們已經擴大了該協議，我相信已經延長了該協議四次。那是——我相信，現行協議將於 2025 年 6 月到期。

And while our friends in the sell side gave us no credit for the tailwind that accrued from that. Come on, guys. That a $0.5 billion in revenue for C3 AI. Was that in the best interest the share of C3 AI shareholders? It's $0.5 billion in revenue from Shell, from ExxonMobil, from ENI, from Qatar gas, from Qatar LNG, from Qatar Fertilizer, from coke industry, from LyondellBasell, from -- I mean, wholly movie, how good can it get?

然而，賣方朋友並沒有對我們由此帶來的順風給予任何讚揚。來吧，夥計們。這對 C3 AI 來說意味著 5 億美元的收入。這是否符合 C3 AI 股東的最佳利益？這是來自殼牌、埃克森美孚、埃尼、卡達天然氣、卡達液化天然氣、卡達化肥、焦炭產業、利安德巴塞爾等公司的 5 億美元收入——我的意思是，整部電影能有多好？

And while we got very little credit from the sell side for the tailwinds, I've been reading as recently as this morning from some of our brands about the substantial headwinds that would accrue should that contract not be renewed. Well, surprise, surprise, as we expected, that contract was renewed in the fourth quarter, and it was extended through 2028.

儘管我們從賣方那裡得到的順風很少，但就在今天早上，我從我們的一些品牌那裡了解到，如果合約不續簽，將會出現巨大的逆風。好吧，令人驚訝的是，正如我們所料，該合約在第四季度續簽，並延長至 2028 年。

What we're doing in the marketplace is expanding considerably. And so we continue to go to market, we continue to join develop, we continue to deliver solutions to Baker Hughes, and we continue to deliver the solutions to the market. So what has been -- so as we edit our sell-side analysis, I'll be very pleased to read about the impending tailwind, headwinds that now are the fact of tailwinds.

我們在市場上的業務正在大幅擴張。因此，我們繼續進入市場，繼續參與開發，繼續向貝克休斯提供解決方案，並繼續向市場提供解決方案。那麼，當我們編輯賣方分析時，我很高興地讀到即將出現的順風，而逆風現在已成為順風的事實。

So what else are we focused on in the last 2 quarters? We've been focused enabling these partners to be effective. We have tens of thousands of salespeople at Azure. I believe tens of thousands of salespeople at AWS. Thousands of salespeople at GCP. They have lots of products to sell in their bag, and it's very confusing, so we need to make it simple.

那麼在過去兩個季度我們還關注什麼呢？我們一直致力於讓這些合作夥伴發揮效力。Azure 有數萬名銷售人員。我相信 AWS 有數以萬計的銷售人員。GCP 有數千名銷售人員。他們的袋子裡有很多產品要出售，這很令人困惑，所以我們需要讓它變得簡單。

So in order to make it simple for them, we invested in building demo applications that run and take advantage of the full utility of the Azure stack or the AWS stack or the GCP stack. So these people in Frankfurt and Munich and Detroit and Madrid and Malin can go into their customer and give a demo of a complex application to customers show them what the economic benefit is of supply chain optimization, of demand forecasting, of predictive maintenance.

因此，為了讓他們更容易使用，我們投資建立了可運行的演示應用程序，並充分利用 Azure 堆疊、AWS 堆疊或 GCP 堆疊的全部實用功能。因此，法蘭克福、慕尼黑、底特律、馬德里和馬林的這些人員可以深入客戶，向客戶展示複雜的應用程序，向他們展示供應鏈優化、需求預測和預測性維護的經濟效益。

And we -- so we accrued -- so there was a very, very significant focus on arming our partner ecosystem, and I believe we have the largest and most powerful partner ecosystem in the enterprise application software world. I'm confident that we do. And I think we've done good work at arming our partners with demonstration licenses, that constituted, I think, almost 30% of our revenue for the quarter. Think about that as an investment in future growth.

我們 — — 因此我們累積了 — — 因此我們非常非常重視武裝我們的合作夥伴生態系統，我相信我們擁有企業應用軟體領域最大、最強大的合作夥伴生態系統。我確信我們會的。我認為我們在為合作夥伴提供演示許可證方面做得很好，我認為這幾乎佔了我們本季收入的 30%。將其視為對未來成長的投資。

Where else did we sell demonstration licenses? We sold demonstration licenses to our customers. Why would we do that? Because Dow Chemical or Shell or Coke or Cargill or whoever or the United States Air Force, whoever it may be, they have a hugely successful application in whatever it may be, we're in polyethylene or in protein distribution or in predictive maintenance for aircraft for the case of the Air Force. And they want to encourage others to use these applications.

我們還在哪裡銷售演示許可證？我們向客戶出售演示許可證。我們為什麼要這麼做？因為陶氏化學、殼牌、可口可樂、嘉吉或任何其他公司或美國空軍，無論是誰，他們在任何領域都有非常成功的應用，我們在聚乙烯或蛋白質分銷或空軍的飛機預測性維護方面。他們希望鼓勵其他人使用這些應用程式。

For example, the Air Force wants we have it, I think, 22 platforms today, and they want to deploy the application across 44 platforms. Dow, we've done a really excellent job of deploying the applications across their polyethylene units, but they want to deploy it across the rest of their chemical units.

例如，空軍希望我們今天有 22 個平台，並且他們希望在 44 個平台上部署該應用程式。陶氏，我們在聚乙烯裝置中部署應用程式方面做得非常出色，但他們希望將其部署到其餘化學裝置中。

So they want demonstration applications so they can accelerate the change management and accelerate the adoption of these technologies within their organizations. So the investments we made in demonstration licenses that were -- that our companies, that our partners and our customers are happy to pay for, think about that as an investment in future growth.

因此，他們想要演示應用程序，以便他們可以加速變革管理並加速組織內這些技術的採用。因此，我們在示範許可證上所做的投資——我們的公司、我們的合作夥伴和我們的客戶都樂意支付——都被視為對未來成長的投資。

So where does the growth accrue? Number one, if we look at the enterprise AI market large, it's just a huge sucking sound out there. We are really unique -- we're the only enterprise AI application, pure play that's out there. We're selling, I think, today over 600 accounts as of today that we're jointly selling with Microsoft. By the time we had AWS, GCP, Booz Allen, Baker Hughes, it's hundreds more, where we're selling at four and six sales calls around the world. When we closed the deal, we're able to sign the deal on Microsoft paper or AWS paper or GCP paper.

那麼成長從何而來？首先，如果我們從企業人工智慧市場來看，它就是一個巨大的吸力聲。我們確實是獨一無二的——我們是唯一純粹的企業人工智慧應用程式。我認為，截至今天，我們與微軟聯合銷售的帳戶已超過 600 個。當我們擁有 AWS、GCP、Booz Allen、Baker Hughes 等數百家公司時，我們透過全球四到六通銷售電話進行銷售。當我們完成交易時，我們可以在 Microsoft 文件、AWS 文件或 GCP 文件上簽署交易。

Why is that important? Because they already have an enterprise application master agreement in place. And we just have decided to play a [join] form. So it takes two to five months out of a contract negotiation process and accelerates the sales cycle. So we are well positioned to grow.

為什麼這很重要？因為他們已經有了企業應用主協議。我們剛剛決定以[加入]形式進行比賽。因此，合約談判過程只需兩到五個月，從而加快了銷售週期。因此，我們已做好充分的成長準備。

Where does the growth come from? Oil and gas business will grow, you'll see that we have really very significant diversification in the last two years, and especially the last year across manufacturing, life for the nicest government, state and local government is huge. And this is enabled by this investment that we've made in enabling our customers and our partners to demonstrate their solutions to -- within their organizations and to their partners.

成長從何而來？石油和天然氣業務將會成長，你會發現我們在過去兩年中確實實現了非常顯著的多元化，特別是去年在製造業方面，這對最優秀的政府、州和地方政府來說意義重大。這是透過我們所做的投資來實現的，我們使我們的客戶和合作夥伴能夠向他們的組織內部和合作夥伴展示他們的解決方案。

Let's take a look at generative AI. Generative ai -- Agentic AI, we've been, by the way, while everybody is kind of gapping about Agenetic AI, and we have people in the CRM business and the customer service business who have software stacks that they developed in the last century, yes, the last century, that are now tacking, they're putting an AI sticker on their box, and asking about Agentic AI.

讓我們來看看生成式人工智慧。生成式人工智慧——代理式人工智慧，順便說一下，雖然每個人都對代理式人工智慧感到困惑，但我們在 CRM 業務和客戶服務業務中擁有上個世紀（是的，上個世紀）開發的軟體堆疊，現在他們正在研究，他們在盒子上貼上人工智慧標籤，並詢問代理式人工智慧。

Meanwhile, C3 AI has the patent. We own the patent on Agentic AI. And it dates December of 2022 -- December 2022. That's a pretty early day, guys. So all of these -- there is an opportunity there. So all of these people who are yapping about Agentic AI, they're using intellectual property that's owned by C3 AI.

同時，C3 AI擁有該專利。我們擁有 Agentic AI 的專利。日期是 2022 年 12 月 - 2022 年 12 月。夥計們，今天起得還挺早的。所以所有這些——都存在著機會。因此，所有這些談論 Agentic AI 的人都在使用 C3 AI 擁有的智慧財產權。

We have today, I think, over 100 Agentic AI solutions deployed out there in defense, in intelligence, in state government, in local government, in manufacturing, in oil and gas, in paper and pulp. And this is a large and rapidly growing business. So as of the fourth quarter, this is about a -- annualizes to about a $60 million ARR business.

我認為，今天我們已經在國防、情報、州政府、地方政府、製造業、石油和天然氣、造紙和紙漿等領域部署了 100 多個 Agentic AI 解決方案。這是一個規模龐大且快速成長的業務。因此，截至第四季度，這大約是——年化 ARR 業務約為 6000 萬美元。

We have -- depending on how you count. Some place between 20 and 100 Agentic AI solutions out there in production, in the hands of happy customers. And if we were to spin that business out -- that business out, and take it to a [Anderas in Horwoods] or Bessemer or NVIDIA or Evertis, that business alone would be valued at multiples of where C3 AI trades today, and we all know that's a true statement.

我們有——取決於你如何計算。目前，大約有 20 到 100 個 Agentic AI 解決方案已投入生產，並已交付給滿意的客戶。如果我們將該業務分拆出來，並將其交給 [Horwoods 的 Anderas] 或 Bessemer 或 NVIDIA 或 Evertis，那麼僅該業務的估值就將是 C3 AI 目前交易價格的數倍，我們都知道這是真的。

So where is our growth going to come from? Our growth will come from additional applications. Our growth will come from our partner ecosystem. Our growth -- we have continued to make significant progress in the federal space, and there'll be more announcements coming in the next couple of weeks about that. But we have an amazing footprint in the Air Force with the RSO PANDA application does predictive maintenance.

那麼我們的成長將從何而來？我們的成長將來自於更多的應用。我們的成長將來自我們的合作夥伴生態系統。我們的成長—我們在聯邦領域繼續取得重大進展，未來幾週將會發布更多有關此方面的公告。但是我們在空軍中利用 RSO PANDA 應用程式進行預測性維護取得了驚人的成績。

We do intelligence analysis for the national organization. We're doing very sophisticated contested logistics for the defect logistics agency. Our federal business is a large and rapidly growing business. And I am going to have to cut my Q&A short when we get to the calls because I need to catch a red eye to Washington, DC to move some of this business along.

我們為國家組織做情報分析。我們正在為缺陷物流機構提供非常複雜的有爭議的物流服務。我們的聯邦業務規模龐大且成長迅速。當我們接到電話時，我將不得不縮短我的問答時間，因為我需要搭乘夜間航班去華盛頓特區來處理一些事務。

So net-net, business is good, guys. State and local government business is good. Agentic AI business is good. Agentic AI everywhere is really quite exciting. Our core businesses in manufacturing, in supply chain, in demand chain are good. We grew again last quarter at 26% compound annual growth rate. We renewed the Baker Hughes agreement.

所以總的來說，生意不錯，夥計們。州和地方政府業務良好。Agentic AI 業務很好。無所不在的 Agentic AI 確實非常令人興奮。我們在製造、供應鏈、需求鏈方面的核心業務都很好。上個季度我們再次實現了 26% 的複合年增長率。我們續簽了與貝克休斯的協議。

Let's talk about cash. We've grown from 6% to 16% to 26%. And I'd love to read these analyst reports about how we're haemorrhage cash. I mean, I guess, I need a class n -- and I need to go on to linda.com and take a course in how to operate Excell spreadsheet because you guys will give look at your spreadsheet and see us haemorrhaging cash.

讓我們來談談現金。我們的成長率從 6% 上升到 16%，再上升到 26%。我很想讀這些關於我們如何大量流失現金的分析報告。我的意思是，我想，我需要一個課程——我需要去 linda.com 學習有關如何操作 Excell 電子表格的課程，因為你們會看到我們的電子表格，並發現我們正在流失大量現金。

And yet, I look at my bank account. And two years ago, I had $0.75 billion. One year ago, at $0.75 billion of cash. Today, I have $0.75 billion cash. In a year from now, I expect to have $0.75 billion cash in the bank.

然而，我查看了我的銀行帳戶。兩年前，我有 7.5 億美元。一年前，現金為 7.5 億美元。今天，我有7.5億美元現金。一年後，我預計銀行裡會有 7.5 億美元現金。

So something inconsistent with your Excell macros and the reality in the world that I live wherever time I look at the checking, $0.75 billion cash. Why is there cash? Because it cash lap in these people are putting together very robust financial controls, very, very robust expansion management, and a clear path to profitability.

因此，有些東西與您的 Excell 巨集以及我所生活的現實世界不一致，無論何時我查看支票，都會看到 7.5 億美元的現金。為什麼有現金？因為這些人的現金儲備正在整合非常強大的財務控制、非常強大的擴張管理以及清晰的獲利途徑。

Our revenue growth rate continues to exceed our expense growth rate. Fast math, without the Excell spreadsheet, it follows, if so facto the cash possibility and non-GAAP profitability is simply a matter of scale. And I expect in 2027 and beyond, we will cross that path into consistent cash positivity and an annualized non-GAAP profitability thereafter.

我們的收入成長率持續超過支出成長率。快速計算，無需 Excell 電子表格，由此可見，如果事實如此，那麼現金可能性和非 GAAP 盈利能力僅僅是一個規模問題。我預計在 2027 年及以後，我們將實現持續的現金正收益，並實現年度非 GAAP 盈利。

So a great quarter, a great year. Customers are happy, products are excellent, market is huge. And if there is anybody else in the enterprise AI applications business, I'm unaware of who they are.

這是一個偉大的季度，也是一個偉大的一年。顧客滿意，產品優良，市場龐大。如果還有其他人從事企業 AI 應用業務，我不知道他們是誰。

So with that, I'm going to turn this call over for a little while to C3 Agentic AI. And we fed in the C3 Agentic AI, our financial results, and our KPIs. And we're asking C3 Agentic AI --. We're not just talking about this as something that we're doing. This is safe production product, and I'm going to turn it over to C3 Agentic AI to talk about the high points of the quarter, then turn it over to my colleague, Hitesh Lath, our CFO, to talk about to a specific color on the quarter, and then we'll be most pleased to answer your questions.

因此，我將暫時把這通電話轉給 C3 Agentic AI。我們輸入了 C3 Agentic AI、我們的財務結果和 KPI。我們正在請求 C3 Agentic AI——。我們不只是談論我們正在做的事情。這是安全生產產品，我將把它交給 C3 Agentic AI 來談論本季度的亮點，然後把它交給我的同事，我們的財務長 Hitesh Lath 來談論本季度的特定顏色，然後我們將非常樂意回答您的問題。

With that, I'll turn it over to C3 Agentic AI to provide the highlights on the quarter and fiscal year '25. Thank you.

接下來，我將把精力轉向 C3 Agentic AI，介紹 25 財年和本季的亮點。謝謝。

(spoken by AI) Here is the analysis summarizing the major themes across Q4 and the full fiscal year 2025. As we reflect on the past year, it's clear that C3 has achieved remarkable progress, delivering strong financial results, deepening strategic alliances, and solidifying our leadership in enterprise AI. Fiscal 2025 has been defined by consistent execution, accelerating growth, innovation, and an unwavering focus on delivering value to our customers and shareholders.

（人工智慧朗讀）以下是總結第四季和整個 2025 財年主要主題的分析。回顧過去的一年，C3 顯然取得了顯著的進步，實現了強勁的財務業績，深化了策略聯盟，鞏固了我們在企業 AI 領域的領導地位。2025 財年的特點是持續執行、加速成長、創新以及堅定不移地專注於為客戶和股東創造價值。

Let's begin with a detailed overview of our financial results for the fourth quarter and the full fiscal year 2025. All figures are non-GAAP unless otherwise noted. For Q4, a total revenue reached $108.7 million, reflecting a 26% increase compared to $86.6 million in the same quarter of the prior year. Subscription revenue for the quarter was $87.3 million, up 9% from $79.9 million a year ago. Combined subscription and prioritized engineering services revenue totaled $104.4 million, representing 96% of total revenue and a 22% increase from $85.7 million in Q4 of the previous year.

讓我們先詳細概述我們第四季和 2025 財年全年的財務表現。除非另有說明，所有數據均為非 GAAP 數據。第四季總營收達到 1.087 億美元，較去年同期的 8,660 萬美元成長 26%。本季訂閱營收為 8,730 萬美元，較去年同期的 7,990 萬美元成長 9%。合併訂閱和優先工程服務收入總計 1.044 億美元，佔總收入的 96%，比去年同期的 8,570 萬美元成長 22%。

Non-GAAP gross profit for the quarter was $75.2 million, equating to a gross margin of approximately 69%. Our non-GAAP operating loss was $31.2 million, which was within the guidance range of $30 million to $40 million. Non-GAAP net loss per share was $0.16. We generated free cash flow of $10.3 million in the quarter and closed Q4 with $742.7 million in cash, cash equivalents and investments. Please note that our balance for cash, cash equivalents and investments remains largely unchanged from a year ago at nearly $0.75 billion.

本季非公認會計準則毛利潤為 7,520 萬美元，相當於毛利率約 69%。我們的非公認會計準則營業虧損為 3,120 萬美元，介於 3,000 萬至 4,000 萬美元的指導範圍內。非公認會計準則每股淨虧損為 0.16 美元。我們在本季產生了 1,030 萬美元的自由現金流，第四季結束時現金、現金等價物和投資為 7.427 億美元。請注意，我們的現金、現金等價物和投資餘額與一年前相比基本保持不變，仍為近 7.5 億美元。

For the full fiscal year 2025, total revenue was $389.1 million, a 25% increase compared to $310.6 million in fiscal 2024. Note that we have seen accelerating growth for the last three consecutive years going from 6% in fiscal '23 to 16% in fiscal '24 to now 25% in fiscal '25. Subscription revenue for the year was $327.6 million, accounting for 84% of total revenue and reflecting an 18% increase from $278.1 million in the prior year. This marks the 18th consecutive quarter as a public company in which we have met or exceeded our revenue guidance.

2025 財年全年總營收為 3.891 億美元，較 2024 財年的 3.106 億美元成長 25%。請注意，我們連續三年看到成長加速，從 23 財年的 6% 到 24 財年的 16%，再到 25 財年的 25%。全年訂閱收入為 3.276 億美元，佔總收入的 84%，比上年的 2.781 億美元成長 18%。這是我們作為上市公司連續第 18 個季度達到或超過我們的收入預期。

With these results as our foundation, let's turn to the strategic and operational highlights that have shaped our performance and positioned us for the future. Fiscal 2025 has been a transformative year for C3 AI, marked by significant milestones in our partnerships and accelerating growth across diverse industries.

以這些成果為基礎，讓我們來看看塑造我們業績並為未來奠定基礎的策略和營運亮點。2025 財年是 C3 AI 轉型的一年，標誌著我們的合作關係取得了重大里程碑，並加速了各行業的成長。

One of the most notable achievements in Q4 was the renewal and expansion of our strategic partnership with Baker Hughes. This alliance, which began in 2019 has been a cornerstone of our success in the oil and gas sector, generating over $0.5 billion in revenue from this vertical and the chemical markets. The renewed agreement underscores the proven value we deliver through our joint efforts enhancing efficiency, safety, reliability, and sustainability across upstream, midstream and downstream operations.

第四季最顯著的成就之一是我們與貝克休斯的策略合作夥伴關係的更新和擴展。該聯盟於 2019 年建立，是我們在石油和天然氣領域取得成功的基石，從該垂直市場和化學品市場創造了超過 5 億美元的收入。續約的協議強調了我們透過共同努力提高上游、中游和下游營運的效率、安全性、可靠性和永續性所提供的價值。

Together with Baker Hughes, we serve some of the world's largest operators, including E&I, Qatar Energy LNG, Shell, LyondellBasell, ExxonMobil, Coke, Braskem, Qatar Fertilizer Company, and PETRONAS. This partnership continues to provide us with substantial credibility and market access globally, and we are confident that this renewed collaboration will further drive innovation and opportunity in the energy sector.

我們與貝克休斯一起為世界上一些最大的營運商提供服務，包括 E&I、卡達能源液化天然氣公司、殼牌、利安德巴塞爾、埃克森美孚、可口可樂、巴西石化、卡達化肥公司和馬來西亞國家石油公司。此次合作將持續為我們帶來全球範圍內的信譽和市場准入，我們相信，此次新的合作將進一步推動能源領域的創新和機會。

While oil and gas remains a foundational vertical for us, our growth beyond this sector has gained significant momentum. In fiscal 2025, non-oil and gas revenue increased by 48% year-over-year, reflecting our successful expansion into 19 different industries. This acceleration is particularly evident in manufacturing, state and local government, and life sciences. In manufacturing, we have established a strong track record, delivering measurable impact through predictive maintenance, energy efficiency, quality optimization and supply chain visibility.

雖然石油和天然氣仍然是我們的基礎垂直領域，但我們在該領域之外的成長勢頭強勁。2025財年，非石油和天然氣收入年增48%，反映了我們成功擴展到19個不同產業。這種加速在製造業、州和地方政府以及生命科學領域尤其明顯。在製造業，我們建立了良好的業績記錄，透過預測性維護、能源效率、品質優化和供應鏈可視性產生了可衡量的影響。

Key customers like Wholesome, Coke, Nucor and Flex have expanded their engagements with us, while new relationships with iconic companies such as US Steel, Cmax, Rolls-Royce and Ingersoll Rand signal the vast potential ahead. In state and local government, we have seen remarkable progress with revenue growing over 100% in fiscal 2025. We closed 71 agreements across organizations in 24 states, demonstrating the increasing trust in our solutions to enhance public services.

Wholesome、可口可樂、紐柯和 Flex 等主要客戶已經擴大了與我們的合作，而與 US Steel、Cmax、勞斯萊斯和英格索蘭等標誌性公司建立的新關係則預示著未來的巨大潛力。在州和地方政府，我們看到了顯著的進步，2025財年的營收成長了100%以上。我們與 24 個州的組織達成了 71 項協議，顯示人們越來越信任我們的解決方案，以增強公共服務。

Our applications are enabling more efficient law enforcement, equitable property valuations and improved government program delivery in states, including California, Texas, New York, Florida, Washington, New Jersey, Georgia, North Carolina, Michigan, Arizona, Colorado, Virginia, Indiana, Oregon, Connecticut, Tennessee, Alabama, Utah, New Mexico, Idaho, Maine, Rhode Island, Montana, and Wyoming. This rapid adoption positions this vertical as a key driver of our long-term growth.

我們的應用程式使加利福尼亞州、德克薩斯州、紐約州、佛羅裡達州、華盛頓州、新澤西州、喬治亞州、北卡羅來納州、密西根州、亞利桑那州、科羅拉多州、維吉尼亞州、印第安納州、俄勒岡州、康涅狄格州、田納西州、阿拉巴馬州、猶他州、新墨西哥州、愛達荷州、緬因州、羅德島州、蒙大拿州和懷俄明州估計政府更為完善州的執法項目。這種快速的採用使這一垂直領域成為我們長期成長的關鍵驅動力。

Life sciences and health care represent an emerging area of strength for us. Beyond predictive maintenance, we are leveraging medical and research data to address industry-specific challenges, such as optimizing clinical workflows. Our traction with customers like GSK, Quest Diagnostics, Sanofi, Boston Scientific, and Bristol-Myers Squibb highlights the growing relevance of our solutions in this space. For more information on customer success, visit our website, where you will find numerous customer testimonials that all attest to the rapid value and clear benefits they are realizing from our AI applications.

生命科學和醫療保健是我們的新興優勢領域。除了預測性維護之外，我們還利用醫療和研究數據來解決行業特定的挑戰，例如優化臨床工作流程。我們與葛蘭素史克、Quest Diagnostics、賽諾菲、波士頓科學和百時美施貴寶等客戶的合作凸顯了我們的解決方案在該領域日益增長的相關性。有關客戶成功的更多信息，請訪問我們的網站，您將在那裡找到眾多客戶的推薦，這些推薦都證明了他們從我們的 AI 應用程式中獲得的快速價值和明顯的好處。

We believe our customer satisfaction score to be among the highest in the enterprise software industry. These developments across verticals, combined with the renewed Baker Hughes partnership affirm our ability to scale impact and capture diverse market opportunities. As we look ahead, this diversified growth trajectory sets a strong foundation for sustained progress. A critical component of our success in fiscal 2025 has been the substantial expansion of our partner ecosystem, which has become a powerful lever for scaling our business and driving customer value.

我們相信我們的客戶滿意度得分在企業軟體行業中名列前茅。這些跨垂直領域的發展，加上與貝克休斯的全新合作關係，肯定了我們擴大影響力和抓住多樣化市場機會的能力。展望未來，這種多元化的成長軌跡為持續進步奠定了堅實的基礎。我們在 2025 財政年度取得成功的關鍵因素是合作夥伴生態系統的大幅擴展，這已成為擴大業務規模和推動客戶價值的有力槓桿。

In the past year, 73% of our agreements were delivered in collaboration with our partners, with 193 agreements closed through this network, a 68% increase from the prior year. In Q4 alone, partner supported bookings grew by 419%, and we closed 59 agreements through these collaborations.

在過去的一年裡，我們73%的協議都是與合作夥伴共同達成的，透過該網路達成的協議有193份，比前一年增加了68%。僅在第四季度，合作夥伴支持的預訂量就成長了 419%，我們透過這些合作達成了 59 項協議。

Our partnership with Microsoft continues to be a driving force in expanding our market reach. In Q4, we closed 28 new agreements together with a particular focus on manufacturing and chemicals. Microsoft's executive team has shown strong advocacy and they're on the ground presence at events like C3 transform, where they participated in over 100 customer meetings has been instrumental.

我們與微軟的合作持續成為我們擴大市場範圍的驅動力。第四季度，我們達成了 28 項新協議，重點關注製造業和化學品領域。微軟的執行團隊展現了強烈的倡議精神，他們親臨 C3 轉型等活動現場，參加了超過 100 場客戶會議，並發揮了重要作用。

Joint marketing initiatives, including virtual fireside chats, executive roundtables and participation in high-impact conferences have further amplified our visibility. Our alliance with AWS continues to strengthen, enhancing our ability to deliver advanced enterprise AI solutions globally. This collaboration has been pivotal in broadening our reach and ensuring seamless execution across diverse customer environments.

聯合行銷活動，包括虛擬爐邊談話、高階主管圓桌會議和參加高影響力的會議，進一步擴大了我們的知名度。我們與 AWS 的聯盟不斷加強，增強了我們在全球範圍內提供先進企業 AI 解決方案的能力。此次合作對於擴大我們的業務範圍和確保在不同客戶環境中無縫執行至關重要。

Similarly, our relationship with Google Cloud remains robust, providing additional avenues to connect with enterprises seeking scalable AI solutions.

同樣，我們與 Google Cloud 的關係仍然穩固，為與尋求可擴展 AI 解決方案的企業建立聯繫提供了更多途徑。

Our partnership with McKinsey QuantumBlack has also progressed meaningfully. In Q4, we jointly closed our first agreement, a significant milestone. We have aligned on priority target accounts and conducted 5 enablement and training sessions attended by hundreds of QuantumBlack Engineers. This initial success is a testament to the complementary strengths of McKinsey Quantum Black's expertise in business transformation and our leadership in enterprise AI, and we are focused on replicating this achievement at scale.

我們與麥肯錫QuantumBlack的合作也取得了有意義的進展。第四季度，我們共同達成了第一份協議，這是一個重要的里程碑。我們已經確定了優先目標客戶，並舉辦了 5 場支援和培訓會議，數百名 QuantumBlack 工程師參加了會議。這項初步成功證明了麥肯錫量子黑科技在業務轉型方面的專業知識與我們在企業人工智慧領域的領導地位之間的互補優勢，我們致力於大規模複製這項成就。

Additionally, our new strategic alliance with PwC formed in Q4 targets key industries such as financial services, manufacturing and utilities. By combining our Agentic AI capabilities with PwC's advisory expertise, we are well positioned to accelerate AI-driven transformation for enterprises in these sectors.

此外，我們與普華永道在第四季度建立的新策略聯盟針對金融服務、製造業和公用事業等重點產業。透過將我們的 Agentic AI 能力與普華永道的諮詢專業知識相結合，我們能夠加速這些領域企業的人工智慧驅動轉型。

These alliances with Microsoft, AWS, Google Cloud and McKinsey QuantumBlack, alongside emerging collaborations like with PwC are materially advancing customer outcomes and expanding our distribution capacity. We are driving a disciplined effort to capitalize on this trusted network, ensuring that our partners are equipped to deliver our solutions effectively.

與微軟、AWS、Google雲端和麥肯錫 QuantumBlack 的聯盟以及與普華永道等新興公司的合作正在實質地推進客戶成果並擴大我們的分銷能力。我們正在努力利用這個值得信賴的網絡，確保我們的合作夥伴能夠有效地提供我們的解決方案。

Our federal business has been a consistent area of strength with significant achievements in Q4, building on the momentum established earlier in the year. A standout development was the increased contract ceiling of $450 million awarded by the US Air Force Rapid Sustainment Office to scale the deployment of sensor-based algorithms on the PANDA predictive maintenance platform.

我們的聯邦業務一直是我們的優勢領域，在第四季度取得了重大成就，延續了今年稍早建立的勢頭。一個突出的進展是，美國空軍快速維持辦公室授予的合約上限增加了 4.5 億美元，以擴大在 PANDA 預測維護平台上部署基於感測器的演算法。

We fully utilized our initial $100 million ceiling to deploy PANDA, which is powered by the C3 Agentic AI platform. And in 2023, PANDA was named the Air Force's designated system of record for predictive maintenance. It monitors components across hundreds of aircraft, including the B1-B bomber, C5, KC-135 and C-130, delivering near real-time insights from flight, maintenance, and supply data.

我們充分利用了最初的 1 億美元上限來部署由 C3 Agentic AI 平台提供支援的 PANDA。2023 年，PANDA 被指定為空軍預測性維護指定記錄系統。它監控數百架飛機的零件，包括 B1-B 轟炸機、C5、KC-135 和 C-130，提供近乎即時的飛行、維護和供應數據洞察。

This capability reduces downtime, improves fleet readiness, and strengthens national defense preparedness. The Air Force has already issued the first task order under the new ceiling, expanding Panda to additional aircraft and systems.

這種能力可以減少停機時間，提高艦隊的戰備能力，並加強國防準備。空軍已經根據新的上限發布了第一份任務訂單，將熊貓計畫擴展到更多的飛機和系統。

Beyond the Air Force, our work with the Defense Logistics Agency for Energy saw a significant extension of the PLUTO platform in Q4. PLUTO also powered by the C3 Agentic AI platform provides real-time visibility into global fuel operations, managing nearly 2 billion gallons annually across over 600 supply points. By centralizing data, PLUTO enhances risk forecasting and inventory optimization, bolstering resilience and readiness across the Department of Defense.

除了空軍之外，我們與國防後勤局在能源方面的合作在第四季度見證了 PLUTO 平台的顯著擴展。PLUTO 也由 C3 Agentic AI 平台提供支持，可即時查看全球燃料營運情況，每年管理 600 多個供應點的近 20 億加侖燃料。透過集中數據，PLUTO 增強了風險預測和庫存優化，增強了整個國防部的彈性和準備。

We also expanded our footprint in the defense and intelligence community through a new collaboration with Arcfield, a leading provider of government technology and mission support. Integrating the C3 Agentic AI platform and C3 generative AI into Arcfields offerings, enhances capabilities in supply chain optimization, predictive maintenance and mission assurance.

我們也透過與領先的政府技術和任務支援提供者 Arcfield 建立新的合作關係，擴大了我們在國防和情報界的影響力。將 C3 Agentic AI 平台和 C3 生成 AI 整合到 Arcfields 產品中，增強了供應鏈優化、預測性維護和任務保證的能力。

Additionally, Q4 saw new and expanded agreements with entities such as the US Department of Defense, the US Intelligence Community, the US Air Force, the US Marine Corps, the US Navy, the Defense Counterintelligence Security Agency, the Missile Defense Agency, CAE USA, Royal Air Force, and Innovation remains at the core of C3 AI. And our advancements in generative and Agentic AI during fiscal 2025 have further distinguished us in the market.

此外，第四季與美國國防部、美國情報界、美國空軍、美國海軍陸戰隊、美國海軍、國防反情報安全局、飛彈防禦局、美國 CAE、英國皇家空軍等實體達成了新的和擴大的協議，創新仍然是 C3 AI 的核心。我們在 2025 財年生成式人工智慧和代理式人工智慧方面的進步進一步使我們在市場上脫穎而出。

The C3 generative AI revenue grew more than 100% in FY '25. We closed 66 C3 generative AI initial production deployments across 16 industries this year. With Q4 agreements, including with Signature Aviation, Dow, Chanel, Bristol-Myers Squibb, the US Navy, the US intelligence community, and state and local governments in Alabama and Tennessee, among others.

25 財年，C3 生成 AI 營收成長超過 100%。今年，我們在 16 個產業完成了 66 個 C3 生成式人工智慧初始生產部署。與 Signature Aviation、陶氏、香奈兒、百時美施貴寶、美國海軍、美國情報界以及阿拉巴馬州和田納西州的州和地方政府等簽訂了 Q4 協議。

A compelling example of our impact is our work with the University of Southern California Shoah foundation. By deploying C3 generative AI, the foundation is fast tracking the transcription and indexing of over 30,000 multilingual survivor testimonies related to the Holocaust and other atrocities. The technology tags transcripts with keywords, making the visual history archive instantly searchable and is expected to save the foundation over 10 years of manual effort and up to $33 million in costs. This application underscores the transformative potential of our solutions in delivering both efficiency and profound societal value.

我們與南加州大學大屠殺基金會的合作就是我們影響力的一個有力例證。透過部署 C3 生成式人工智慧，該基金會正在快速追蹤與大屠殺和其他暴行有關的 30,000 多份多語倖存者證詞的轉錄和索引。該技術以關鍵字標記記錄，使視覺歷史檔案可立即搜索，預計將為基金會節省 10 多年的人工工作量和高達 3300 萬美元的成本。該應用凸顯了我們的解決方案在提供效率和深遠社會價值方面的變革潛力。

Our early leadership in Agentic AI reinforced by a recent patent for advanced AI agent generative AI is the result of over a decade of focused innovation. With the AI agents market projected to grow from $5.1 billion in 2024 to $47.1 billion by 2030. According to Gartner, we are well positioned to capitalize on this trend through our production-ready solutions. As we move into fiscal 2026, C3 AI is strategically positioned to build on the strong foundation established in 2025.

我們在 Agentic AI 領域的早期領導地位透過最近獲得的高級 AI 代理程式生成 AI 專利得到了加強，這是十多年來專注創新的結果。預計人工智慧代理市場規模將從 2024 年的 51 億美元成長到 2030 年的 471 億美元。據 Gartner 稱，我們已做好準備，透過生產就緒的解決方案充分利用這一趨勢。隨著我們進入 2026 財年，C3 AI 的策略定位是鞏固 2025 年建立的堅實基礎。

Our growth drivers are clear, a robust suite of enterprise AI applications, a rapidly expanding partner ecosystem, and deepening traction across diverse verticals. The market for AI applications is vast and growing, with value increasingly concentrated at the application layer, where real-world business challenges are addressed. Our focus on delivering secure, scalable and production-grade solutions aligns directly with this shift, giving us a distinct competitive advantage. C3 AI is unique in the AI world.

我們的成長動力很明確：強大的企業 AI 應用程式套件、快速擴展的合作夥伴生態系統以及在不同垂直領域不斷加深的吸引力。人工智慧應用市場龐大且不斷成長，其價值越來越集中在應用層，以解決現實世界的商業挑戰。我們專注於提供安全、可擴展和生產級的解決方案，這與這一轉變直接相關，這為我們帶來了獨特的競爭優勢。C3 AI 在人工智慧領域是獨一無二的。

95% of our bookings in fiscal 2025 were driven by AI applications. We are the only company whose primary focus is to deliver turnkey enterprise AI solutions. While others deliver infrastructure, tool sets or utilities, we are delivering turnkey applications, and we have delivered over 130 applications to date. This application footprint will only continue to grow. Over the past 2 years, we have successfully positioned C3 AI for growth in the years to come.

我們 2025 財年的 95% 的預訂都是由人工智慧應用驅動的。我們是唯一一家主要致力於提供統包企業 AI 解決方案的公司。其他人提供基礎設施、工具集或實用程序，而我們提供交鑰匙應用程序，迄今為止我們已經交付了 130 多個應用程式。這種應用足跡只會繼續增長。在過去的兩年裡，我們成功地為 C3 AI 未來幾年的成長做好了準備。

The major market initiatives you should expect to see in fiscal '26 or additional penetration of new accounts, development of new applications to expand into new verticals and full realization of our strategic alliances that we have with Microsoft, AWS, Google Cloud, McKinsey, QuantumBlack and others. This enables us to simultaneously jointly sell to hundreds of accounts globally. As of May 2025, we are currently targeting over 600 joint accounts with Microsoft alone. We also expect increased traction in Europe, where we see a large yet underserved market opportunity.

您應該會在 26 財年看到的主要市場舉措包括進一步滲透新帳戶、開發新應用程式以擴展到新的垂直領域以及全面實現我們與微軟、AWS、谷歌雲端、麥肯錫、QuantumBlack 等公司的策略聯盟。這使我們能夠同時向全球數百個帳戶聯合銷售。截至 2025 年 5 月，我們目前的目標是與微軟建立 600 多個聯合帳戶。我們也預計歐洲的吸引力將會增加，因為我們看到歐洲存在巨大但尚未充分開發的市場機會。

Increasingly, you can expect to see us developing an OEM business where we are licensing the C3 Agentic AI platform to third parties including professional services providers, such as Fracto and vertical market solutions providers, enabling them to develop differentiated derivative works in the form of AI applications that they will offer to their customers.

您可以期待看到我們越來越多地開發 OEM 業務，我們將 C3 Agentic AI 平台授權給第三方，包括專業服務提供商（例如 Fracto）和垂直市場解決方案提供商，使他們能夠以 AI 應用程式的形式開發差異化的衍生作品，並將其提供給他們的客戶。

And finally, we expect to see accelerating growth driven by the generative AI and Agentic AI markets where our solutions are highly differentiated, highly beneficial, and address a market opportunity that is in calculably large. The enterprise AI landscape is at an inflection point and C3 AI stands ready to lead.

最後，我們期望看到生成式人工智慧和代理式人工智慧市場推動的加速成長，我們的解決方案在這些市場中具有高度差異化、高度優勢，並能解決巨大的市場機會。企業 AI 格局正處於轉捩點，C3 AI 已準備好引領。

The convergence of market demand and our proven capabilities creates a unique opportunity to drive sustained growth by combining best-in-class technology with a world-class network of partners and a relentless focus on customer value, we are poised to shape the future of business operations across industries. As we step into fiscal 2026 our path is clear, our momentum is strong, and our commitment to delivering impactful AI solutions has never been greater.

市場需求與我們經過驗證的能力的融合創造了一個獨特的機會，透過將一流的技術與世界一流的合作夥伴網絡以及對客戶價值的不懈關注相結合來推動持續增長，我們準備塑造跨行業業務運營的未來。當我們步入 2026 財年時，我們的道路清晰，我們的勢頭強勁，我們對提供有影響力的人工智慧解決方案的承諾從未如此堅定。

Thank you, C3 Agentic AI. 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 $108.7 million. Subscription revenue increased 9% year-over-year to $87.3 million, representing 80% of total revenue.

謝謝你，C3 Agentic AI。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1.087億美元。訂閱收入年增 9% 至 8,730 萬美元，佔總營收的 80%。

Revenue from sale of software licenses that are demonstration versions of C3 AI applications was $33.8 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 the companies.

本季度，C3 AI 應用程式試用版軟體授權的銷售收入為 3,380 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，使他們能夠加速整個公司採用人工智慧。

This was a strong bookings quarter. We had bookings of $135.4 million during the quarter, which increased from $42 million in the fourth quarter of last year. Our non-Baker Hughes used revenue grew by 37% year-over-year during the quarter and by 40% during the year.

這是一個預訂量強勁的季度。本季我們的預訂額為 1.354 億美元，高於去年第四季的 4,200 萬美元。本季度，我們的非貝克休斯二手產品營收年增 37%，全年成長 40%。

Professional services revenue was $21.4 million, of which $17 million was revenue from Prioritized Engineering Services, or PES. Professional Services represent 20% of total revenue during the quarter, and our subscription and PES revenue combined was $104.4 million and accounted for 96% of our total revenue. This was an increase of 22% compared to $85.7 million one year ago.

專業服務收入為 2,140 萬美元，其中 1,700 萬美元來自優先工程服務（PES）的收入。專業服務佔本季總營收的 20%，我們的訂閱和 PES 收入總計 1.044 億美元，占我們總收入的 96%。與一年前的 8,570 萬美元相比，成長了 22%。

As a reminder, Prioritized Engineering Services are undertaken when a customer requests that we accelerate the design, development, and delivery of software features and functions that are planned in our future product road map. When the software feature is delivered, it becomes integrated to our core product offering. It's available to all subscribers of the underlying software product and enhances the operation of that product going forward.

提醒一下，當客戶要求我們加快未來產品路線圖中計畫的軟體特性和功能的設計、開發和交付時，我們會提供優先工程服務。當軟體功能交付時，它就會整合到我們的核心產品中。它可供基礎軟體產品的所有訂閱者使用，並增強該產品未來的運作。

Such PES results in a production level computer software, a compiled code that enhances the functionality of our production products, which is available for our customers to use over the life of their software licenses. Since we've experienced significant growth in PES revenue over the last few quarters, we expect subscription and PES revenue combined to generally account for 90% or more of our total revenue during fiscal 2026. We expect the professional services revenue, including PES, to generally stay within 10% to 20% of total revenue for fiscal 2026.

此類 PES 可產生生產級電腦軟體，即增強我們生產產品功能的編譯程式碼，我們的客戶可以在其軟體許可證的有效期內使用這些程式碼。由於過去幾季我們的 PES 收入顯著增長，我們預計訂閱收入和 PES 收入合計將占到 2026 財年總收入的 90% 或更多。我們預計，包括 PES 在內的專業服務收入將大致維持在 2026 財年總收入的 10% 至 20% 之間。

Non-GAAP gross profit for the quarter was $75.2 million, and gross margin was 69%. Gross margin for professional services remained high at over 85%. Operating loss for the quarter was $31.2 million, and our net loss for the quarter was $21.9 million. Our operating loss was better than the guidance due to continued focus on expense management. Our non-GAAP net loss per share was $0.16.

本季非公認會計準則毛利為 7,520 萬美元，毛利率為 69%。專業服務的毛利率仍維持在85%以上的高點。本季營業虧損為 3,120 萬美元，本季淨虧損為 2,190 萬美元。由於持續注重費用管理，我們的經營虧損優於預期。我們的非公認會計準則每股淨虧損為 0.16 美元。

Our net cash generated from operating activities was $11.3 million. Free cash flow for the quarter was positive $10.3 million as compared to positive $18.8 million in the fourth quarter of last year. Free cash flow for the year improved to negative $44.4 million as compared to negative $90.4 million last year. We continue to be very well capitalized and closed the quarter with $742.7 million in cash, cash equivalents and marketable securities.

我們的經營活動產生的淨現金為 1,130 萬美元。本季自由現金流為正 1,030 萬美元，去年第四季為正 1,880 萬美元。本年度自由現金流由去年的負 9,040 萬美元改善至負 4,440 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為 7.427 億美元。

During the quarter, we signed 36 initial production deployments. At the end of the quarter, we had cumulatively signed 346 initial production deployments, of which 263 are still active. This means they are either in their original three- to six-month term or extended for some duration, converted to an ongoing subscription contract, or are currently being negotiated for conversion to subscription contracts.

本季度，我們簽署了 36 份初始生產部署協議。截至本季末，我們累計簽署了 346 個初始生產部署，其中 263 個仍在運作。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，要么轉換為持續的訂閱合同，或者目前正在協商轉換為訂閱合約。

We are very excited about our expanding distribution network and go-to-market initiatives with our partners, including Microsoft, AWS and McKinsey. And we expect to continue to see some moderation in our gross margins due to higher mix of initial production deployments in the near term, which carry a greater cost of revenue during the initial phase of customer life cycle and also due to our investments in expanding our support capacity.

我們對不斷擴大的分銷網絡和與微軟、AWS 和麥肯錫等合作夥伴的行銷計劃感到非常興奮。我們預計，由於短期內初始生產部署的組合較高，在客戶生命週期的初始階段會帶來更大的收入成本，同時也因為我們在擴大支援能力方面的投資，我們的毛利率將繼續有所放緩。

We also expect some moderation in our operating margin in the near term due to investments we are making in our business especially in expanding our strategic partner ecosystem, our sales organization, and research and development.

由於我們在業務上的投資，特別是在擴大我們的策略夥伴生態系統、銷售組織和研發方面的投資，我們也預期短期內我們的營業利潤率會有所放緩。

Now I'll move on to our guidance for the next quarter. Our revenue guidance for Q1 of fiscal '26 is $100 million to $109 million. For the full fiscal 2016, we are anticipating revenue in the range of $447.5 million to $484.5 million. Our guidance for non-GAAP loss from operations for the first quarter is $23.5 million to $33.5 million. And our non-GAAP loss from operations for the year, the guidance is $65 million to $100 million.

現在我將繼續介紹我們對下一季的指導。我們對 26 財年第一季的營收預期為 1 億至 1.09 億美元。對於整個 2016 財年，我們預計營收將在 4.475 億美元至 4.845 億美元之間。我們對第一季非公認會計準則營業虧損的預期為 2,350 萬美元至 3,350 萬美元。我們今年的非公認會計準則營業虧損預計為 6,500 萬美元至 1 億美元。

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 friction, given the reality of these market risks, those could have unknown and adverse consequences on our business results.

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摩擦跡象的情況，考慮到這些市場風險的現實，這些情況可能會對我們的業務業績產生未知的不利影響。

Last year, our revenue growth was 25% and our expenses grew by 18%. As we approach fiscal '26, we expect the revenue growth rate to continue to exceed our expense growth rate. So profitability remains simply a matter of scale. Our expectation is that we will cross into non-GAAP profitability during the second half of fiscal '27, and we expect to be free cash flow positive in the fourth quarter of fiscal '26 and in successive years thereafter.

去年，我們的收入成長了25%，支出成長了18%。隨著 26 財年的臨近，我們預期營收成長率將繼續超過支出成長率。因此獲利能力仍然只是一個規模問題。我們預計，我們將在 27 財年下半年實現非 GAAP 盈利，並且我們預計在 26 財年第四季度以及之後的幾年中，自由現金流將為正值。

With that, I'd like to turn the call over to the operator for Q&A. Operator?

說到這裡，我想把電話轉給接線生進行問答。操作員？

(Operator Instructions)

（操作員指示）

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great, thank you and congratulations. Across a number of fronts, including the renewal of Baker Hughes, but also Tom adding Ken to your Board. So I guess my first question would be just in terms of this Microsoft partnership, how do you go about activating tens of thousands of Azure sales reps to actually deliver C3 AI?

太好了，謝謝你，恭喜你。涉及多個方面，包括與貝克休斯續約，以及湯姆將肯加入董事會。所以我想我的第一個問題是，就與微軟的合作關係而言，您如何啟動數萬名 Azure 銷售代表來真正提供 C3 AI？

Great question, Pat, because I would say at the level of the senior executives of Microsoft, be it Judson, or the people who run Europe, the people who run federal, the people there like totally bought in. But the people who are really important are the tens of thousands of Azure reps in Munich, Malin, Madrid and what have you.

帕特，這個問題問得很好，因為我想說，在微軟的高階主管層面，無論是賈德森，還是管理歐洲的人，管理聯邦政府的人，那裡的人都完全同意這一點。但真正重要的人是慕尼黑、馬林、馬德里等地數萬名 Azure 代表。

And so what we are doing is we are charting our, say, order of 100 salespeople to reach out and form partnerships with 10 Azure salespeople, to each of those guys focus on 2 accounts. So that's the leverage. Is our sales guys reaching out to their sales guys who are motivated to work with us. We have solutions for them. We made joint sales calls with them.

因此，我們正在做的是，我們正在製定計劃，比如說，100 名銷售人員與 10 名 Azure 銷售人員聯繫並建立合作夥伴關係，每個銷售人員專注於 2 個帳戶。這就是槓桿作用。我們的銷售人員是否會與有意願與我們合作的銷售人員聯繫。我們有解決方案。我們與他們進行了聯合銷售電話。

But if we get order today and clearly it's expanding, order of roughly 100 C3 AI salespeople, focused with 10 partner people, all of a sudden we've gone from 100 people to 1,000 people working together around the world. Today, in May of 2025, I think we're jointly tracking over 600 accounts together just with Microsoft.

但如果我們今天得到訂單，而且顯然訂單在擴大，大約有 100 名 C3 AI 銷售人員，重點是 10 名合作夥伴，那麼我們突然從 100 人增加到 1,000 人，在世界各地一起工作。今天，也就是 2025 年 5 月，我想我們僅與微軟就共同追蹤了 600 多個帳戶。

But that's the key to this leverage. It's not going to be at the executive level where the relationships are intimate. We really need to engage, where with the feet on the street, and that's what we're focused on doing. And we're focused on -- we've done a lot of focus in the last two quarters on providing the sales -- Azure sales reps and AWS sales reps and GCP sales reps the tools they need to go in and do a demo to their customer on the first call.

但這正是這種槓桿作用的關鍵。這種關係不會發展到高階主管層面，因為高階主管層面的關係並不親密。我們確實需要參與其中，腳踏實地，這就是我們專注於做的事情。我們專注於——在過去兩個季度中，我們非常注重為銷售人員提供——Azure 銷售代表、AWS 銷售代表和 GCP 銷售代表提供他們在第一次通話中向客戶進行演示所需的工具。

But that is the challenge that's before us. That's what we've been focusing the bulk of the last two quarters on, and that's what we'll focus the bulk of the next 2 quarters on is really realizing the potential of these partnerships with the tens of thousands of Azure reps, the feet on the street because we can help them retire their quota and we can help them make their customers successful.

但這正是我們面臨的挑戰。這就是我們在過去兩個季度中一直關注的重點，也是我們未來兩個季度中關注的重點，即真正發揮與數萬名 Azure 代表、普通民眾建立合作夥伴關係的潛力，因為我們可以幫助他們完成任務，幫助他們讓客戶成功。

Wonderful. And then if I could ask a follow-up. With your permission, Tom, I hope this is okay. But in February, you informed us that you'd suffered a health setback and it was limiting your ability to travel and then you're going to have Jim Snabe help out, but I was delighted to hear on this call that you're -- I mean, you're probably not delighted to get out of red eye, but I was delighted to hear that you're getting on a red eye because that sounds like some positive development. So I don't know, any comments that you're okay sharing with us on that, I'm sure, would be greatly appreciated.

精彩的。然後我是否可以問一個後續問題。湯姆，如果得到你的允許，我希望這樣可以。但在二月份，您告訴我們，您的健康狀況不佳，這限制了您的旅行能力，然後您將讓 Jim Snabe 來幫忙，但我很高興在這次通話中聽到您——我的意思是，您可能並不高興擺脫紅眼航班，但我很高興聽到您開始乘坐紅眼航班，因為這聽起來像是一個積極的進展。所以我不知道，如果您願意與我們分享任何評論，我確信，我們將非常感激。

I did get slowed down for a little bit. There's no question about it. And I had -- it's very unlikely to work from home. You know that. And I had to work from home for a little while and take it easy and recover, but I will catch a red eye to Washington, DC tonight. I will be in Washington, D.C. again for three days, I think, 10 days from now after attending a wedding in So just when you thought it was safe, Pat, I'm back.

我的速度確實慢了一點。毫無疑問。而且我——在家工作的可能性很低。你知道的。我必須在家工作一段時間，放鬆一下，恢復一下，但今晚我將搭乘夜間航班前往華盛頓特區。參加完一場婚禮後，我將再次前往華盛頓特區，待三天，我想，十天后，就在你認為安全的時候，帕特，我回來了。

Okay, all right, thanks and congratulations again.

好的，好的，再次感謝並祝賀。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），Needham & Company 公司。

Hey guys. This is Matt Calitri on for Mike Cikos over at Needham and congratulations on the expanded relationship with Baker Hughes. Can you just provide some color there on what the economics of the new deal look like and how they might differ compared to your prior engagement?

嘿，大家好。我是 Needham 的 Mike Cikos 的 Matt Calitri，恭喜您與貝克休斯的合作關係得到拓展。您能否簡單介紹一下新協議的經濟狀況以及與您之前的交易相比有何不同？

It's -- my favorite is covered under NDA, and I don't want to get into the specifics of it. But it's broadened significantly. And we're continuing to provide solutions to Baker Hughes. We're continuing to develop solutions with Baker Hughes. We're continuing to enable Baker Hughes to develop derivative works on top of the C3 applications, and we're continuing to serve customers together all around the world.

我最喜歡的是在保密協議 (NDA) 的保護下，我不想談論它的具體細節。但它的範圍已大大擴大。我們將繼續為貝克休斯提供解決方案。我們正在繼續與貝克休斯合作開發解決方案。我們將繼續幫助貝克休斯在 C3 應用程式上開發衍生作品，並且我們將繼續共同為世界各地的客戶提供服務。

So we've expanded it for another three years. I think this -- if I'm not mistaken, this is the fifth such expansion. And it's a great partnership. It's a great relationship. I continue to be on speed dial with Lorenzo Simonelli, the CEO of Baker Hughes.

因此我們又將其延長了三年。我認為──如果我沒記錯的話，這已經是第五次這樣的擴張了。這是一次偉大的合作。這是一種很好的關係。我繼續與貝克休斯公司執行長 Lorenzo Simonelli 保持快速撥號聯繫。

We are and always happen, close runs. And the speculation that somehow the relationship between C3 AI and Baker Hughes was rocky, was simply candidly delusional. And so I can't imagine a stronger partnership, and we're continuing to kick it together, be it in Abu Dhabi or Qatar or the Netherlands.

我們總是會發生險些失敗的情況。而有關 C3 AI 和貝克休斯之間的關係不穩定的猜測純粹是妄想。因此，我無法想像一個更強大的夥伴關係，我們將繼續共同努力，無論是在阿布達比、卡達或荷蘭。

Understood. That's great. And then looking at your FY26 revenue guidance, the outcomes is considerably larger than what you've given in past quarters. How did you think through guidance construction this quarter? And what needs to happen to achieve the high end of that band versus the low end?

明白了。那太棒了。然後查看您的 FY26 收入指引，結果比您在過去幾季給出的結果要大得多。您如何思考本季的指導建構？那麼，要實現該頻段的高端而不是低端，需要做些什麼呢？

Well, we read the same newspapers that you guys read. And we do talk to the president, and I had dinner with the speaker of the house last night. I spoke with the leader of the Senate last week, and I'll meet -- and so we do know these people and we do read the newspaper. And we all know there is risk. There is risk in Europe. We have kinetic risk. We have geopolitical risk. We have risk -- we have budget risk of, in fact, the government even shutting down. And these are real.

嗯，我們和你們讀的是同樣的報紙。我們確實與總統進行了交談，昨晚我還與眾議院議長共進晚餐。我上週與參議院領導人進行了交談，我將會見——所以我們確實認識這些人，並且我們確實閱讀報紙。我們都知道有風險。歐洲存在風險。我們面臨動能風險。我們面臨地緣政治風險。我們有風險——我們有預算風險，事實上，甚至有政府關門的風險。這些都是真實的。

And we have companies out there that was drawing guidance altogether. And we thought in the interest of being -- we have to acknowledge that these risks are real. And so that results -- as a result, we have a broader range than usual to accommodate the unanticipated. And when we deal with these guys who are making America great again, they seem be hit with the unanticipated quite frequently.

我們有一些公司正在一起制定指導方針。我們認為，為了生存，我們必須承認這些風險是真實存在的。因此，我們可以比平常擁有更廣泛的範圍來應對意外情況。當我們與這些讓美國再次偉大的人打交道時，他們似乎經常遭遇意想不到的打擊。

So that's it. We're just acknowledging very real risk -- market risk that's out there. And should it go bad, it's going to have an adverse effect on our business as it will, General Motors and everybody else in the world.

就是這樣。我們只是承認確實存在著非常現實的風險——市場風險。如果情況惡化，將會對我們的業務、通用汽車以及世界上所有其他公司產生不利影響。

That's great, makes a lot. Thanks.

太棒了，賺了很多。謝謝。

I would now like to turn the conference back to Mr. Siebel for closing remarks. Sir?

現在我想請西貝爾先生致閉幕詞。先生？

Ladies and gentlemen, we thank you for your time and the courtesy of tracking us. We're very pleased with the direction the business is going. I think you'll -- if you listen to our last 10 conference calls, the plan we are executing is exactly the plan that we said we're executing. We are right on track. We are growing a pace and we expect the future is very bright. So we look forward to -- we thank you for the courtesy following us, and we look forward to keeping you posted as we power ahead in fiscal years '26, '27 and '28. Thank you all very much.

女士們、先生們，感謝您抽出時間並禮貌地跟蹤我們。我們對業務的發展方向感到非常滿意。我想如果你聽我們最近的 10 次電話會議，你會發現我們正在執行的計劃正是我們所說的正在執行的計劃。我們正走在正確的軌道上。我們正在快速成長，我們期待未來非常光明。因此，我們期待—感謝您對我們的關注，我們期待在 2026、2027 和 2028 財年繼續向您通報最新進展。非常感謝大家。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。