C3.ai Inc (AI) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the C3.ai third-quarter fiscal year 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 C3.ai 2026 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我謹將會議交給今天的演講嘉賓阿米特·貝瑞。

Good afternoon, and welcome to C3.ai's earnings call for the third-quarter of fiscal year 2026, which ended on January 31, 2026. My name is Amit Berry, and I lead Investor Relations at C3.ai. With me on the call today are Stephen Ehikian, Chief Executive Officer; and Hitesh Lath, Chief Financial Officer.

下午好，歡迎參加 C3.ai 2026 財年第三季（截至 2026 年 1 月 31 日）的業績電話會議。我叫Amit Berry，是C3.ai的投資人關係負責人。今天和我一起參加電話會議的還有執行長Stephen Ehikian和財務長Hitesh Lath。

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

今天股市收盤後，我們發布了第三季業績新聞稿，詳情可透過我們網站 ir.c3.ai 的投資者關係頁面查閱。本次電話會議正在進行網路直播，會議結束後，您可以在我們的投資者關係網站上觀看回放。在今天的電話會議中，我們將發表一些與我們業務相關的聲明，這些聲明可能被視為聯邦證券法意義上的前瞻性聲明。這些聲明僅反映我們截至今日的觀點，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。這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。

For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our filings with the SEC. 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 to the extent reasonably available is included in our press release. Finally, at times in our prepared remarks, in response to your questions, we may discuss metrics that are incremental to our usual presentation to give greater insight into the dynamics of our business or our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future.

有關可能影響我們實際業績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。除非另有說明，所有數據均依非GAAP準則進行討論。此外，在今天的電話會議中，我們將提及一些非GAAP財務指標。本新聞稿中包含了GAAP與非GAAP財務指標的調節表（在合理可行的範圍內）。最後，在回答各位的問題時，我們有時會在準備好的發言稿中討論一些與通常的演講內容不同的指標，以便更深入地了解我們業務的動態或季度業績。請注意，我們未來可能不會繼續提供這些額外細節。

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

那麼，現在讓我把電話交給史蒂芬。

Thank you, Amit, and good afternoon, everyone. Our results this quarter were clearly inadequate and well below our objectives. We failed to close business as planned and in particular, our performance in North America and Europe was disappointing. I came to this company 2 quarters ago after 12 years building AI companies, followed by a fastening tenure leading a US government agency, deploying AI and fighting fraud, waste and abuse. I joined with the expectation that there is an opportunity for C3.ai to win in enterprise AI.

謝謝你，阿米特，大家下午好。本季業績明顯不盡人意，遠低於預期目標。我們未能按計劃完成業務，尤其是在北美和歐洲的業績令人失望。兩個季度前，我加入了這家公司。此前，我從事人工智慧公司建設 12 年，之後在美國政府機構擔任領導職務，負責部署人工智慧並打擊詐欺、浪費和濫用。我加入 C3.ai 的初衷是希望它能在企業人工智慧領域取得成功。

Over the past 6 months, I spent nearly all of my time visiting customers, prospects, government agencies, partners and our employees and dealing with market participants and investors. What I consistently hear is that every CEO is making AI a top strategic priority, and they want to realize measurable economic value from it. That is exactly what our products deliver. That said, it became clear to me that our cost structure was simply too high, and we were not organized correctly for the opportunity. I have assessed the business with the management team, and we have built an exacting execution plan with five strategic initiatives.

在過去的6個月裡，我幾乎所有的時間都花在了拜訪客戶、潛在客戶、政府機構、合作夥伴和員工，以及與市場參與者和投資者打交道。我一直聽到的是，每位執行長都將人工智慧作為首要策略重點，他們希望從中獲得可衡量的經濟價值。這正是我們產品所能提供的。也就是說，我清楚地意識到，我們的成本結構太高了，而且我們的組織架構也不足以把握這個機會。我與管理團隊一起對業務進行了評估，並制定了包含五項策略舉措的嚴格執行計劃。

First, we are immediately rightsizing our cost structure and reducing our cash burn. Second, we are flattening our sales organization, realigning our strongest sales personnel with those sales leaders who are proven who now report directly to me. Third, in product, we are focusing on those product areas where we have clear market leadership, a demonstrated track record of success and where we deliver fast economic value to our customers. These include AI and automation across a business value chain, asset performance, supply chain optimization and procurement for industries such as energy, manufacturing, health care and public sector including defense, intelligence and government services.

首先，我們將立即調整成本結構，減少現金消耗。其次，我們正在扁平化銷售組織結構，將最優秀的銷售人員與那些經過驗證的銷售領導者重新整合，這些領導者現在直接向我報告。第三，在產品方面，我們專注於那些我們擁有明顯市場領導地位、已證明成功記錄，並且能夠為客戶快速帶來經濟價值的產品領域。這些包括人工智慧和自動化在業務價值鏈、資產績效、供應鏈優化和採購方面的應用，涉及能源、製造業、醫療保健和公共部門（包括國防、情報和政府服務）等行業。

Fourth, we are focusing our sales motion to prioritize large-scale enterprise-wide transformations with accelerated proof of value with a concerted focus on bookings and RPO. And fifth, we are increasing the velocity of development and have fundamentally reengineered the way we design and deliver our product offerings.

第四，我們將銷售策略的重點放在大規模企業級轉型上，透過加速價值驗證，專注於預訂和 RPO。第五，我們正在加快開發速度，並從根本上重新設計了我們設計和交付產品的方式。

In the past 5 weeks, I have restructured products, engineering, sales, marketing and customer services to leverage state-of-the-art agentic AI across these business entities to dramatically increase the productivity of our people. In many cases, by up to 100 times. For example, in sales, we are leveraging agentic AI to generate customer-specific, product-specific benefit-specific sales proposals at an order of magnitude faster and higher quality than previous pipeline generation technologies.

在過去的 5 周里，我重組了產品、工程、銷售、行銷和客戶服務部門，利用最先進的智慧體人工智慧技術來大幅提高我們員工的生產力。在許多情況下，高達 100 倍。例如，在銷售領域，我們正在利用智慧人工智慧產生針對特定客戶、特定產品、特定利益的銷售方案，其速度和品質比以前的銷售管道產生技術快一個數量級。

In marketing, we are leveraging agentic AI to design, develop and redeploy our website. This process previously took 9 to 12 months and many millions of dollars. It will now take weeks. Additionally, in products and engineering, we are now leveraging agentic coding tools, including Claude Code to increase the productivity of our people and the quality of our platform, AI applications and agentic AI workflows by up to two orders of magnitude.

在行銷方面，我們正在利用智能體人工智慧來設計、開發和重新部署我們的網站。這個過程以前需要 9 到 12 個月的時間和數百萬美元。現在需要幾週。此外，在產品和工程方面，我們現在正在利用包括 Claude Code 在內的智慧編碼工具，將我們員工的生產力以及我們平台、人工智慧應用程式和智慧人工智慧工作流程的品質提高兩個數量級。

Considering these productivity enhancements, my management team and I have identified expense reductions of $135 million in non-GAAP operating expenses in the coming year. Headcount-related changes are $60 million, which represents approximately a 26% reduction in head count. All workforce-related changes tied to this restructuring are now substantially complete and we will continue to evaluate additional nonemployee expense reductions as necessary to attain profitability.

考慮到這些生產力提升措施，我和我的管理團隊已經確定，來年非GAAP營運費用將減少1.35億美元。與人員編制相關的變更費用為 6,000 萬美元，相當於人員編制減少約 26%。與此次重組相關的所有勞動力變動現已基本完成，我們將繼續評估是否需要進一步削減非員工支出以實現盈利。

Yes, we have fewer people. By expecting productivity of our business functions to increase multifold across the board. To be clear, these actions will not impact our ability to serve our customers. And in fact, they will increase our ability to serve. We have taken a measured approach to ensure we preserve critical capabilities while substantially improving quality and speed of execution and value delivery.

是的，我們的人手減少了。期望我們各項業務職能的生產力能夠全面倍增。需要明確的是，這些措施不會影響我們為客戶提供服務的能力。事實上，它們將提升我們的服務能力。我們採取了穩健的方法，以確保在大幅提高執行品質和速度以及價值交付的同時，保持關鍵能力。

With a more agile company, we are empowering employees to execute with ownership and speed as we concentrate resources on our highest value strategic priorities. As we move forward, we'll be disciplined about taking additional costs out of the business across all functions by applying AI directly to our operations, including leveraging our own technology to automate work and simplify processes. I'm doing this in engineering. I'm doing this in marketing. I'm doing this in F&A and in all aspects of the business.

透過打造更靈活的公司，我們賦予員工更多自主權，讓他們能夠快速且有效率地執行任務，同時我們將資源集中在最有價值的策略重點上。展望未來，我們將嚴格把控各個業務職能，透過將人工智慧直接應用於我們的運營，包括利用我們自己的技術實現工作自動化和流程簡化，從而降低業務成本。我在工程領域從事這項工作。我在行銷領域從事這項工作。我在財務和會計部門以及業務的各個方面都在這樣做。

I've also implemented a series of targeted changes to increase velocity across the business. In sales, I have flattened the organization with sales leadership now reporting directly to me. This change removes friction and increases accountability, allowing us to respond with greater speed to customers and more effectively align resources around market opportunities.

我還實施了一系列有針對性的變革，以提高整個業務的運作速度。在銷售方面，我簡化了組織結構，銷售領導層現在直接向我報告。這項改變消除了摩擦，提高了問責制，使我們能夠更快地回應客戶需求，並更有效地圍繞市場機會調配資源。

My goal is to instill greater sales discipline and force rigorous upfront qualification, demonstrate proof of value quickly and enable our teams to think bigger as they engage CXOs with a clear value-driven narrative. Over the past 6 months, I have been deeply engaged in the federal business and have changed the way we operate. And during this time, we I've seen firsthand is that demonstrating economic value early is a powerful accelerant. It quickly establishes trust, builds credibility and shorten sales cycles.

我的目標是培養更強的銷售紀律，強制進行嚴格的前期資格審查，快速證明價值，並使我們的團隊在與 CXO 互動時，能夠以清晰的價值驅動敘事，進行更宏大的思考。在過去的6個月裡，我深入參與了聯邦業務，並改變了我們的運作方式。在這段期間，我親眼所見的是，儘早展現經濟價值是一種強大的加速器。它能迅速建立信任、建立信譽並縮短銷售週期。

We are now applying the same approach across our commercial business. Our goal is to solve the highest value problems for the right customers. Accordingly, we are prioritizing large-scale enterprise-wide transformation opportunities. To do this, we will rapidly demonstrate value through accelerated proofs of concept in IPDs. This is how we help the world's leading enterprises master AI at scale. We are concentrating on areas where we have demonstrable leadership, proving success and the right to win especially industrial asset performance, supply chain optimization and generative AI.

我們現在將同樣的方法應用到我們的商業業務中。我們的目標是為合適的客戶解決最有價值的問題。因此，我們將優先考慮大規模的企業級轉型機會。為此，我們將透過在 IPD 中加速概念驗證來快速證明其價值。這就是我們幫助世界領導企業大規模掌握人工智慧的方式。我們專注於我們擁有明顯領導地位、已證明成功並有資格獲勝的領域，特別是工業資產績效、供應鏈優化和生成式人工智慧。

In R&D, I want to fundamentally reinvent how we build with C3.ai. We are investing in the platform to dramatically reduce the time from idea to deployments, enabling both our teams and our customers to build AI-driven systems more effectively. Ultimately, this allows the focus to ship from writing code to orchestrating, validating and scaling AI-driven systems to increase velocity immediately we have increased focus on a smaller number of high priority items while enforcing tighter ownership and higher execution standards. This restructuring is a strategic reset that we believe will make the company stronger, more focused and allow us to win long term.

在研發方面，我希望從根本上革新我們使用 C3.ai 的建造方式。我們正在加大對該平台的投入，以大幅縮短從構思到部署的時間，從而使我們的團隊和客戶都能更有效率地建構人工智慧驅動的系統。最終，這使得我們可以將重點從編寫程式碼轉移到編排、驗證和擴展 AI 驅動的系統，從而立即提高速度。我們更專注於少數高優先事項，同時加強所有權和執行標準。我們相信，此次重組是一次策略調整，它將使公司更強大、更專注，並使我們能夠取得長期的成功。

Notwithstanding the challenges of the past quarter, there continues to be strong customer validation. We closed 44 agreements, including new and expansion agreements with the US Department of Agriculture, the US Department of Energy, the NATO Communications and Information Agency, the Royal Navy, GSK, Thales, ExxonMobil, US Steel, Seaspan and McLaren, among others.

儘管上個季度面臨諸多挑戰，但客戶依然給予了強而有力的肯定。我們達成了 44 項協議，其中包括與美國農業部、美國能源部、北約通訊和資訊局、英國皇家海軍、葛蘭素史克、泰雷茲、埃克森美孚、美國鋼鐵公司、Seaspan 和邁凱倫等公司的新協議和擴展協議。

We saw increased strong traction in the federal business. Total bookings across federal defense and aerospace increased by 134% year-over-year, accounting for 55% of total bookings. The federal opportunity is increasingly large and important. We are leaning into this market as demand accelerates for secure commercial off-the-shelf enterprise-scale AI platforms designed to support mission-critical operations. This quarter, the US Department of Agriculture selected C3.ai to deploy an enterprise scale AI solution to modernize the department's intergovernmental and public engagements.

我們看到聯邦業務的成長勢頭強勁。聯邦國防和航空航太領域的總預訂量年增 134%，佔總預訂量的 55%。聯邦政府提供的機會越來越大，也越來越重要。隨著市場對安全、現成的企業級人工智慧平台的需求加速成長，我們正積極進軍這個市場，這些平台旨在支援關鍵任務型營運。本季度，美國農業部選擇 C3.ai 部署企業級人工智慧解決方案，以實現該部門政府間和公共事務的現代化。

By unifying its data environment with the C3 agentic AI platform, USDA is automating how large volumes of information are analyzed and processed enabling inquiries to be handled faster and more consistently. In addition, the US Department of Energy selected C3.ai to centralize and unify data for the headquarters office of management. This solution creates an AI-enabled decision platform designed to strengthen compliance oversight, improve real-time visibility and enhance efficiency across key functions. At the same time, international demand for our solutions originally developed for US federal customers continues to grow.

透過將資料環境與 C3 智慧 AI 平台統一起來，美國農業部正在實現大量資訊的分析和處理自動化，從而能夠更快、更一致地處理查詢。此外，美國能源部選擇 C3.ai 來集中和統一總部管理辦公室的數據。該解決方案創建了一個由人工智慧驅動的決策平台，旨在加強合規監管，提高即時可見性，並提升關鍵職能的效率。同時，國際市場對我們最初為美國聯邦客戶開發的解決方案的需求持續增長。

During the quarter, the NATO Communications and Information Agency selected C3.ai to support logistics planning, and operations across its 32 member states. Adoption is also expanding among allied defense organizations, including Japan's Ministry of Defense and the UK Royal Navy.

本季度，北約通訊和資訊局選擇 C3.ai 為其 32 個成員國的後勤規劃和行動提供支援。盟軍防衛組織也不斷擴大採用範圍，包括日本防衛省和英國皇家海軍。

In the commercial sector, we have extended our long-standing partnership under a new multiyear agreement with one of the world's largest E&P companies. This company has arguably built one of the largest and most successful enterprise AI reliability employments in any industry. It is extending the C3.ai reliability application and introducing agentic AI capabilities with C3.ai agents acting as virtual subject matter experts that continuously identify issues, diagnosed root causes and initiate corrective actions to improve safety, reliability and utilization in real time.

在商業領域，我們與全球最大的油氣勘探開發公司之一續簽了多年協議，進一步深化了我們長期的合作關係。可以說，這家公司已經建立了各行各業中最大、最成功的企業級人工智慧可靠性團隊之一。它擴展了 C3.ai 可靠性應用，並引入了代理 AI 功能，C3.ai 代理充當虛擬主題專家，持續識別問題、診斷根本原因並啟動糾正措施，以即時提高安全性、可靠性和利用率。

At a European provider of subsea engineering and construction services for the offshore energy industry, we are applying C3 generative AI to automate complex engineering reporting, decreasing the time and effort from months and weeks to days. After a successful IP they're now scaling the solution across additional report types, cutting report production time from weeks to hours while improving accuracy and consistency.

在歐洲一家為海上能源產業提供海底工程和建設服務的公司，我們正在應用 C3 生成式人工智慧來自動化複雜的工程報告，將時間和精力從數月甚至數週縮短到數天。在成功獲得智慧財產權後，他們現在正在將解決方案擴展到其他報告類型，將報告製作時間從幾週縮短到幾小時，同時提高了準確性和一致性。

Overall, this quarter's results fell short but contain clear areas of strength, including strong federal, defense and aerospace bookings and continued expansion in leading global organizations. From a market perspective, the demand for enterprise AI is massive and rapidly accelerating as AI CapEx approaches $500 billion. The focus is on demonstrating return on that investment. It is clear that the days of pilot purgatory are over as organizations plan to roll out AI in full enterprise scale production now.

總體而言，本季業績未達預期，但仍有明顯的優勢領域，包括聯邦政府、國防和航空航太領域的強勁訂單，以及在全球領先企業中的持續擴張。從市場角度來看，企業對人工智慧的需求龐大，隨著人工智慧資本支出接近 5,000 億美元，這種需求正在迅速成長。重點在於證明這項投資的回報。很明顯，試點階段的煎熬已經結束，各組織現在計劃在企業級生產環境中全面推廣人工智慧。

Honestly, people, the day we have been talking about over the last 15 years has arrived, but we believe it's about 1,000x bigger than we could have imagined. After 6 months in this role, and after speaking extensively with our customers, partners and employees, what I've heard firsthand only strengthened my conviction. C3.ai is uniquely positioned to be a winner in enterprise AI.

說實話，各位，我們過去 15 年來一直在談論的那一天終於到來了，但我們相信它比我們想像的要大 1000 倍。在擔任此職位 6 個月後，在與我們的客戶、合作夥伴和員工進行了廣泛的交流之後，我親耳聽到的內容更加堅定了我的信念。C3.ai 擁有獨特的優勢，並有望在企業人工智慧領域脫穎而出。

In a market crowded with fragmented point solutions and widespread stagnation of pilot programs, our differentiation is unmistakable. We operationalize AI at the core of the enterprise unifying data across systems to deliver scalable production-grade systems that drive measurable business outcomes. LMs are extremely powerful, but they will not run your supply chain, manage our most valuable assets or run contest logistics for the US Navy.

在充斥著分散的單一解決方案和普遍停滯不前的試點計畫市場中，我們的獨特優勢顯而易見。我們將人工智慧應用於企業核心運營，統一跨系統的數據，以提供可擴展的生產級系統，從而推動可衡量的業務成果。洛克希德馬丁公司（LM）功能非常強大，但它們無法管理你的供應鏈、我們最寶貴的資產或為美國海軍運營競賽後勤。

We have built a strong foundation and are equipped with all the assets required to win. The data fusion layer, the semantic layer, purpose-built AI workflows and applications and human capital. These capabilities work together and enable customers to translate AI investments into tangible operational impact and economic value.

我們已經打下了堅實的基礎，並具備了贏得勝利所需的一切資源。資料融合層、語意層、專用人工智慧工作流程和應用程式以及人力資本。這些功能相互配合，使客戶能夠將人工智慧投資轉化為實際的營運影響和經濟價值。

This is not accidental. Tom had the foresight that enterprise AI would be a massive opportunity. In over 15 years, we've invested in building proven technology that now underpins mission-critical operations at many of the world's largest organizations. The opportunity ahead is clear and we are committed to capturing a greater share of the market.

這並非偶然。湯姆很有遠見，他預見到企業人工智慧將是一個巨大的機會。15 年來，我們一直致力於開發成熟的技術，如今這些技術已成為全球許多大型組織的關鍵業務運作的基礎。未來的機會顯而易見，我們將致力於佔據更大的市場份額。

As I outlined in the beginning of my remarks, we have launched an execution plan centered on 5 strategic initiatives. First, to reduce the cost structure and reduce the burn; second, restructure the sales organization; third, concentrate efforts on fewer best-in-class applications; fourth, prioritize large-scale enterprise-wide transformations. And fifth, increase the velocity of how we design and deliver our product offerings. Most importantly, we are massively infusing our AI capabilities across all functions at C3.ai.

正如我在發言開頭所概述的，我們已經啟動了一項以 5 項策略性舉措為中心的執行計劃。首先，降低成本結構，減少資金消耗；其次，重組銷售組織；第三，專注於開發少數幾款一流應用；第四，優先考慮大規模的企業級轉型。第五，加快我們設計和交付產品的速度。最重要的是，我們正在將人工智慧能力大規模地融入 C3.ai 的所有職能部門。

This is now complete. And we are now moving forward. C3.ai is at an inflection point. We have made deliberate decisions to reposition the company with a long-term perspective. The work ahead will require discipline urgency and exceptional execution. I am counting on all of our employees for their focus, resilience and commitment and on our customers and partners for their continued trust. I've implemented a new cost structure and implemented a path to non-GAAP profitability and a return to growth. We're removing forward with speed enthusiasm and I very much look forward to providing the report of our progress next quarter. Thank you.

此事已完成。現在我們正在向前邁進。C3.ai 正處於一個轉折點。我們已做出深思熟慮的決定，以長遠的視角重新定位公司。未來的工作需要嚴格的紀律、緊迫感和卓越的執行力。我依靠全體員工的專注、韌性和奉獻精神，也依靠客戶和合作夥伴的持續信任。我實施了新的成本結構，並制定了實現非GAAP獲利和恢復成長的方案。我們正以飽滿的熱情快速推進各項工作，我非常期待在下個季度向大家報告我們的進展。謝謝。

And now let me turn it over to Hitesh Lath to talk about the specifics of the quarter.

現在，讓我們把麥克風交給 Hitesh Lath，讓他來談談本季的具體情況。

Thank you, Stephen. I will share our financial results and provide additional color on our business. All figures are non-GAAP unless otherwise noted.

謝謝你，史蒂芬。我將分享我們的財務業績，並詳細介紹我們的業務。除非另有說明，所有數據均為非GAAP數據。

Total revenue for the quarter was $53.3 million. Subscription revenue for the quarter was $48.2 million, representing 90% of total revenue. Professional services revenue was $5.1 million, of which $3.3 million was revenue from prioritized engineering services or PES. Professional services represented 10% of total revenue during the quarter. Our subscription and PES revenue combined was $51.5 million and accounted for 97% of total revenue.

本季總收入為5330萬美元。本季訂閱營收為 4,820 萬美元，佔總營收的 90%。專業服務收入為 510 萬美元，其中 330 萬美元為優先工程服務 (PES) 的收入。本季專業服務收入佔總收入的 10%。我們的訂閱收入和 PES 收入合計為 5,150 萬美元，佔總收入的 97%。

Our bookings during the quarter were $46.9 million. Non-GAAP gross profit for the quarter was $19.6 million and non-GAAP gross margin was 37%. Non-GAAP gross margin for professional services was 82%. Non-GAAP operating loss for the quarter was $63.4 million, Non-GAAP net loss for the quarter was $56.4 million and $0.40 per share. Free cash flow for the quarter was negative $56.2 million. We continue to be very well capitalized and closed the quarter with $621.9 million in cash, cash equivalents and marketable securities.

本季我們的預訂額為 4,690 萬美元。 （非公認會計準則）本季毛利為 1,960 萬美元，非 GAAP 毛利率為 37%。專業服務的非GAAP毛利率為82%。本季非GAAP營業虧損為6,340萬美元，本季非GAAP淨虧損為5,640萬美元，每股虧損0.40美元。本季自由現金流為負5620萬美元。我們資金依然非常充裕，本季末持有現金、現金等價物及有價證券共 6.219 億美元。

During the third quarter, we signed 14 IPDs, including 5 Gen AI IPDs. At the end of the quarter, we had cumulatively signed 408 IPDs, of which 258 are still active. This means they are either in their original 3- to 6-month time or extended for some duration or converted to ongoing subscription or consumption contract or are currently being negotiated for conversion to ongoing subscription or consumption contract.

第三季度，我們簽署了 14 個 IPD，其中包括 5 個 Gen AI IPD。截至季末，我們累計簽署了 408 份 IPD 協議，其中 258 份仍處於有效狀態。這意味著它們要么處於最初的 3 到 6 個月期限內，要么已延長一段時間，要么已轉換為持續訂閱或消費合同，要么目前正在協商轉換為持續訂閱或消費合同。

As Stephen said, in Q4, we launched a restructuring plan to materially improve our operating efficiency and position the company for long-term success. This plan includes expense reductions across our business to produce full year cost savings of approximately $135 million. And more importantly, it also reduces the annual cash burn by approximately the same amount. We expect to substantially complete the implementation of the plan by the second quarter of fiscal year '27. And accordingly, the projected cost savings are expected to be fully realized starting the second half of fiscal year '27.

正如史蒂芬所說，在第四季度，我們啟動了一項重組計劃，以實際提高我們的營運效率，並為公司的長期成功奠定基礎。該計劃包括削減公司各部門的開支，以實現全年成本節約 1.35 億美元。更重要的是，它還能減少每年的現金消耗量，減少幅度大致相同。我們預計將在 2027 財年第二季基本完成該計劃的實施。因此，預計成本節約將從 2027 財年下半年開始全面實現。

Included within our plan is reduction of our global workforce by about 26% or approximately 280 employees, this is comprised of headcount reduction of 25% in cost of revenue, 36% in sales and marketing, 25% in R&D and 13% in G&A. This reduction in global workforce is substantially complete and will result in annualized cost savings of approximately $60 million. The plan also includes eliminating approximately $75 million from nonemployee expenses, which we expect to fully realize starting the second half of fiscal year '27.

我們的計畫包括將全球員工人數減少約 26%，約 280 名員工，其中收入成本部門減少 25%，銷售和行銷部門減少 36%，研發部門減少 25%，一般及行政管理部門減少 13%。全球裁員計畫已基本完成，每年將節省約 6,000 萬美元的成本。該計劃還包括削減約 7,500 萬美元的非員工支出，我們預計從 2027 財年下半年開始將全面實現這一目標。

Now I'll move on to our guidance for Q4 fiscal year '26. Our revenue guidance for Q4 of fiscal year '26 is $48 million to $52 million. Our guidance for non-GAAP loss from operations for Q4 is $56 million to $64 million. Our revenue guidance for fiscal year '26 is $246.7 million to $250.7 million. Our guidance for non-GAAP loss from operations for fiscal year '26 is $219.5 million to $227.5 million. Our guidance for non-GAAP loss from operations for Q4 and fiscal year '26 excludes pretax restructuring expenses of approximately $10 million to $12 million.

接下來，我將介紹我們對 2026 財年第四季的業績預期。我們對 2026 財年第四季的營收預期為 4,800 萬美元至 5,200 萬美元。我們對第四季非GAAP營運虧損的預期為5,600萬美元至6,400萬美元。我們對 2026 財年的營收預期為 2.467 億美元至 2.507 億美元。我們對 2026 財年非 GAAP 營運虧損的預期為 2.195 億美元至 2.275 億美元。我們對 2026 年第四季和全年非 GAAP 營運虧損的預期不包括約 1,000 萬美元至 1,200 萬美元的稅前重組費用。

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

接下來，我將把電話交給接線員，開始問答環節。操作員？

(Operator Instructions)

（操作說明）

Kingsley Crane, Canaccord Genuity.

金斯利·克萊恩，Canaccord Genuity。

So I think you closed 8 Ginnie agreements, 5 or 6 IPDs within that segment. The quantity is down a bit from quarter -- a couple of quarters ago. So just how would you characterize the quality of those IPDs and then just sort of opportunity with those customers?

所以我認為你達成了 8 份 Ginnie 協議，其中 5 或 6 份是該細分市場的 IPD。數量比上個季度略有下降——或者說，比幾個季度前略有下降。那麼，您會如何評估這些IPD的質量，以及這些客戶帶來的機會呢？

Yes. In terms of IPDs, we have a much better qualification criteria in terms of our likelihood of generating enough economic customer as well as the likelihood of those IPDs converting to protection contracts. So we are being selective with the IPDs we sign up for and we expect a higher likelihood of those converting to production contracts.

是的。就IPD而言，我們在產生足夠的經濟客戶的可能性以及這些IPD轉化為保護合約的可能性方面，擁有更好的資格標準。因此，我們對簽約的IPD供應商非常挑剔，我們預計這些供應商更有可能轉化為生產合約。

Okay. And maybe just one for Stephen. Given you're abstracting away complexity from customers, how are you evaluating models from various providers at various price points. So whether that's Opus 4.6 or Haiku or Gemini or Minimax both from a functionality standpoint and in a cost structure standpoint, especially as it sounds like you're leaning in towards agent coating at this point?

好的。或許可以給史蒂芬留一個。既然你已經為客戶消除了複雜性，那麼你是如何評估不同供應商提供的不同價位的產品的呢？所以，無論是 Opus 4.6、Haiku、Gemini 還是 Minimax，從功能角度和成本結構角度來看，尤其是考慮到你目前似乎傾向於使用塗料？

Yes. So there's two questions is what we're using internally and then what our customers are using -- maybe on the second point, we've built our architecture, so it's model agnostic. It's really driven by the customer demands. So depending on the exact use case and the capabilities they can select which model they want to drive this. The full flexibility.

是的。所以有兩個問題，一個是我們內部使用的是什麼，另一個是我們的客戶使用的是什麼——也許關於第二點，我們已經建立了自己的架構，所以它是與模型無關的。這完全是由客戶需求所驅動的。因此，根據特定的使用場景和功能需求，他們可以選擇使用哪種模型來驅動這台機器。完全的靈活性。

In terms of internally, we provide flexibility to our employees just like the model that works best for them. We did this across engineering, products, marketing, sales, and we're seeing success across the white swap of the models today.

在公司內部，我們提供員工靈活的工作方式，讓他們選擇最適合自己的模式。我們在工程、產品、行銷、銷售等各個方面都進行了這項工作，如今我們已經看到，在車型換白方面取得了成功。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Maybe start off one for Hitesh. 36% reduction in sales and marketing. pretty substantial. I would love to get some thoughts about how you approach that cost reduction, where those reductions kind of manifested within the organization? And what can we expect from an investment in growth versus cost efficiency mindset going forward?

或許可以先給希特什開單子。銷售和行銷費用削減了36%，相當可觀。我很想了解你們是如何看待降低成本的，以及這些成本削減措施在組織內部是如何反映出來的？那麼，未來我們如果繼續秉持成長導向而非成本效益的理念進行投資，將會面臨怎樣的局面？

Yes, sure. our cost reduction, it covers all locations and all functions across the company. And we -- when we started on this exercise, we took a hard look at our cost by function and by location. And identify opportunities where we could be more efficient. We also compared our cost structure with other comparable companies in the software industry and that reinforce our view that the cost reduction had to be across the board.

是的，當然。我們的成本削減計劃涵蓋公司所有地點和所有職能部門。當我們開始這項工作時，我們認真地按功能和地點分析了我們的成本。並找出我們可以提高效率的機會。我們也把公司的成本結構與軟體產業的其他同類公司進行了比較，這更加印證了我們的觀點，即必須全面削減成本。

And in terms of reduction in costs across sales and marketing and other areas, I provided some perspective on that from a headcount reduction standpoint. And the reduction in sales and marketing is primarily coming from a reduction in our sales force as well as marketing spend.

至於降低銷售、行銷和其他領域的成本，我從裁員的角度提供了一些見解。銷售和行銷支出的減少主要來自銷售人員的減少以及行銷費用的削減。

Very helpful. Maybe for Stephen. Maybe if you could frame out, how are your customer conversations changing with respect to adoption of the platform. Is this purely an AI conversation? Is it more of the cost management conversation or maybe conversely, is it a revenue-generating conversation?

很有幫助。或許是為了史蒂芬。或許您可以闡述一下，隨著平台的普及，您與客戶的對話發生了哪些變化。這純粹是人工智慧之間的對話嗎？這更多的是關於成本管理的討論，還是反過來，是關於創造收入的討論？

And then are there any other budgets are these AI-specific budgets? Or are these primarily projects within specific verticals and specific operations that are turning to AI to make themselves more efficient. I'd love to just get your kind of take on what you've heard so far.

那麼還有其他預算嗎？這些是專門針對人工智慧的預算嗎？或者，這些主要是特定垂直領域和特定營運中的項目，它們正在轉向人工智慧來提高效率。我很想聽聽你對目前聽到的內容有什麼看法。

It's a great question. I think the market is moving extremely fast. So let me just highlight, I've been here 6 months and spent all that time on the road talking to our customers, our partners, even our employees and so that conversation is changing in real time where every CEO is looking to make an investment in AI, but they're tired, and I kind of highlighted the pilot purgatory. They don't want to just test out AI for the purpose of testing it and doing it for 6 months. They want to move today and adopt an AI platform, not for a single solution, but they're looking for a transformational change across the departments.

這是一個很好的問題。我認為市場變化非常迅速。所以我想強調一點，我在這裡已經6個月了，這段時間我一直在路上與我們的客戶、合作夥伴，甚至是我們的員工交談，所以這種對話正在實時變化，每個CEO都希望投資人工智能，但他們很疲憊，我剛才也強調了試點項目的艱難處境。他們不想僅僅為了測試而測試人工智慧，並且進行長達 6 個月的測試。他們希望立即採取行動，採用人工智慧平台，不是為了解決單一問題，而是尋求各部門的變革性變革。

I think of the customers we sell into, industrial, manufacturing, federal governments. These are areas where there's massive transformation happening and it's to grow and drive revenue and really, really imagine the business.

我想到了我們的客戶群，包括工業、製造業和聯邦政府。這些領域正在發生巨大的變革，目的是為了發展壯大、推動收入成長，並真正地構想未來的業務。

So what I think is some of our leading companies, one of the largest biopharma companies in the world, they're talking with this -- we're solving a supply chain for them, but they're talking about this as a zero back office supply chain, right? Where you have a human on the loop, it's more autonomy. You think about asset performance and we have the idea of an autonomous site manager.

所以我認為，我們的一些領先公司，包括全球最大的生物製藥公司之一，都在談論這個——我們正在為他們解決供應鏈問題，但他們談論的是一個零後台的供應鏈，對吧？如果有人參與其中，自主性就更高。您考慮的是資產績效，而我們則提出了自主站點管理的想法。

So this is a much bigger transformational story, which reflects the changes we're making in the organization to get started faster and be able to provide a road map to a large transformation change for our customers today. So I think those are the conversations, I think I've been impressed with the speed and urgency to adopt and move beyond one use case in many use cases. That's where we're seeing value today, and that's where I'm doubling down on to.

所以這是一個更大的變革故事，它反映了我們正在組織內部進行的變革，以便更快地啟動並能夠為今天的客戶提供大規模變革的路線圖。所以我覺得這些就是我們正在討論的內容，我對這種快速、緊迫地採納並超越單一用例，將其應用於多種用例的做法印象深刻。這就是我們今天看到價值的地方，也是我加倍投資的地方。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

This is Oscar on for Sanjit. Thank you for -- we appreciate all the details around the operational restructuring and strategic initiatives. But I wanted to maybe get a bit of color or insight into as we look at the decline in the top line, sort of a a pressure on the recurring nature of the business. And so, I wanted to understand more how much of the business today is recurring in nature versus onetime? And with that in mind, how should we think about guide visibility, particularly as we think about growth in fiscal year '27?

這是奧斯卡為桑吉特主持的節目。謝謝——我們非常感謝您提供的有關營運重組和策略舉措的所有細節。但我想從一些角度或見解來看營收下滑，這在某種程度上給企業的經常性經營帶來了壓力。因此，我想更了解如今的業務中，經常性業務和一次性業務分別佔多大比例？考慮到這一點，我們應該如何看待指南的可見性，尤其是在考慮 2027 財年的成長時？

Yes, sure, Sanjit. As you've heard in my commentary, 90% of our revenue this quarter came from subscription and the remaining 10% came from professional services. And as it relates to subscription revenue, there was no nonrecurring subscription revenue in the quarter.

好的，桑吉特。正如你在我的評論中聽到的，本季我們90%的收入來自訂閱，其餘10%來自專業服務。至於訂閱收入方面，本季沒有非經常性訂閱收入。

Got it. Okay. And then maybe as a follow-up, in terms of the performance in the quarter, you noticed some weakness in North America and Europe. Maybe some more detail on what -- how particularly went wrong there?

知道了。好的。然後，作為後續問題，就本季業績而言，您注意到北美和歐洲市場存在一些疲軟跡象。或許可以提供更多細節，具體說說哪裡出了問題？

I would just say simply it sales execution, full stop, and we're going to fix that. as part of as I mentioned, we're going to flatten the organization. I did this in the federal space in Q2 with the sales team reporting to me. We were able to drive faster execution there. I'm going to take that same playbook and applied to North America and EMEA. So I think sales position, first and foremost, that falls on main full stop. I own that. And I'm going to fix that.

我只想簡單地說，問題出在銷售執行上，僅此而已，我們會解決這個問題。正如我之前提到的，我們將精簡組織結構。第二季度，我在聯邦政府領域做了這件事，銷售團隊向我報告。我們得以加快那裡的執行速度。我打算將同樣的策略應用在北美和歐洲、中東及非洲地區。所以我認為銷售職位，首先也是最重要的，就是主要職位。那東西是我的。我會解決這個問題。

Thank you. I would now like to turn the call back over to Stephen for any closing remarks.

謝謝。現在我想把電話交還給史蒂芬，讓他做最後的總結發言。

Well, thank you all for joining us today and for your continued engagement. We appreciate your questions and look forward to updating you on our progress next quarter.

感謝各位今天蒞臨現場，也感謝大家一直以來的參與。感謝您的提問，我們期待在下個季度向您報告我們的進度。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。