C3.ai, Inc. (AI) 2026 Q4 法說會逐字稿

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

大家好，感謝您撥冗等候。歡迎參加 C3 AI 2026 會計年度第四季及 2026 會計年度全年財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the conference over to your speaker for today, Amit Berry. Please go ahead.

現在我想把會議交給今天的發言人 Amit Berry。請開始。

Good afternoon, and welcome to C3 AI's earnings call for the fourth quarter and full fiscal year 2026, which ended on April 30, 2026. My name is Amit Berry, and I lead Investor Relations at C3 AI. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer; Stephen Ehikian, President; and Hitesh Lath, Chief Financial Officer.

各位下午好，歡迎參加 C3 AI 2026 會計年度第四季及 2026 會計年度全年（截至 2026 年 4 月 30 日止）財報電話會議。我叫 Amit Berry，負責 C3 AI 的投資人關係。今天與我一同出席的有董事長兼執行長 Tom Siebel、總裁 Stephen Ehikian，以及財務長 Hitesh Lath。

After the market closed today, we issued a press release with details regarding our fourth quarter results, 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.

在今天收盤後，我們發布了新聞稿，提供第四季業績的詳細資訊，可透過我們網站 ir.c3.ai 的投資人關係專區取得。本次電話會議將以網路直播方式進行，會議結束後，重播將於我們的 IR 網站提供。

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，我們將就本公司業務發表若干聲明，依據聯邦證券法可能被視為前瞻性陳述。這些陳述僅反映我們截至今日的觀點，不應被視為代表任何後續日期的觀點。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. All figures will be discussed on a non-GAAP basis unless otherwise noted.

這些陳述受到各種風險與不確定性的影響，可能導致實際結果與預期存在重大差異。如需進一步了解可能影響我們實際結果的重大風險及其他重要因素，請參閱我們向 SEC 提交的文件。除非另有說明，所有數據將以非 GAAP 基礎進行討論。

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.

此外，在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。在合理可得的範圍內，GAAP 與非 GAAP 財務衡量指標之間的調節表已包含於我們的新聞稿中。最後，在我們的預先準備發言以及回覆各位提問時，我們有時可能會討論一些相較於我們通常呈現方式更為增量的指標，以便更深入說明我們業務或季度結果的動態。請注意，我們未來可能會或可能不會持續提供這些額外細節。

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

接下來，我把電話交給 Tom。

Good afternoon, everybody. This is Tom. And just when you thought it was safe, I'm back. We have an enormous opportunity before us, and the opportunity is to create enormous value for our shareholders. The performance of this company has been staggeringly disappointing. We're looking at a turnaround opportunity.

各位下午好。我是 Tom。就在你以為終於安全了的時候，我又回來了。我們面前有一個巨大的機會，而這個機會就是為股東創造巨大的價值。這家公司的表現令人極度失望。我們正在面對一個扭轉局面的機會。

And the fundamental nature of this turnaround opportunity is to change everything about the way we manage this business. In the process, we're going to create enormous financial returns for our shareholders. Along these lines, I've been working with the senior executive leadership and the Board for the last couple of months.

而這個扭轉局面機會的根本性質，是要改變我們管理這項業務的所有方式。在這個過程中，我們將為股東創造巨大的財務回報。基於此，我在過去幾個月一直與資深管理團隊及董事會合作。

We have restructured the company. We have restructured sales. We have restructured products. We have restructured services. We have put together a strategic plan. We have put together the objectives, and we have a clear plan in place to turn this company around and create value for our shareholders.

我們已重組公司。我們已重組銷售。我們已重組產品。我們已重組服務。我們已制定一份策略計畫。我們已設定目標，並且已建立一個清晰的計畫來扭轉公司局面並為股東創造價值。

The restructuring of the company, first introduced by Stephen Ehikian in February has been expanded and accelerated by my return. Headcount has been reduced from 1,075 to roughly 700. We have taken almost $135 million in annual operating costs out of the business structure.

公司重組最初由 Stephen Ehikian 於二月提出，隨著我的回歸已被擴大並加速推進。員工人數已從 1,075 人降至約 700 人。我們已從業務架構中削減近 1.35 億美元的年度營運成本。

C3 AI Federal has been entirely reorganized under a new and highly experienced leader. The sales organization has been completely restructured globally under, again, a very highly experienced, seasoned chief revenue officer. In the past weeks, we have reorganized the company top to bottom. We have new leadership throughout the organization.

C3 AI Federal 已在一位全新且經驗極其豐富的領導者帶領下完成全面重整。銷售組織也在一位同樣非常資深、老練的首席營收長領導下，於全球範圍內徹底重組。在過去幾週，我們自上而下重整了公司。我們在整個組織中引入了新的領導團隊。

We have restructured the company. We have restructured C3 federal under new leadership. We have restructured C3 sales under new leadership. We have restructured products under new leadership. We have brought together in products the platform group, the applications group, the product marketing group and the customer services group all in one organization under senior seasoned leadership.

我們已重組公司。我們已在新領導下重組 C3 Federal。我們已在新領導下重組 C3 銷售。我們已在新領導下重組產品。我們已將平台團隊、應用團隊、產品行銷團隊與客戶服務團隊整合為同一個組織，並由資深且老練的領導者統籌。

We have restructured the service team, the objectives in place, the strategy is written and we are now going to talent. Just like the company, just like sales, the products group has been completely redesigned and reengineered. We brought together under one senior leader who's been with the company for 14 years, four functions, including the platform team, the applications team, the product marketing team and the services team in one place.

我們已重組服務團隊，目標已就位，策略已寫定，現在我們將著手於人才配置。如同公司本身、如同銷售一樣，產品團隊已被全面重新設計與重新工程化。我們將四項職能整合至同一位資深領導者之下（他已在公司服務 14 年），包括平台團隊、應用團隊、產品行銷團隊與服務團隊，集中於同一處。

So we have one organization basically responsible for designing the product, coding the product, quality assuring the product and delivering the product to make sure that customers are successful. The services organization has also been completely reengineered and completely designed under a new senior leader who's been with the company for more than seven years. We've taken four layers out of that org structure from seven to three.

因此，我們基本上形成一個組織，負責產品設計、產品程式開發、產品品質保證，以及產品交付，以確保客戶成功。服務組織也已在一位新的資深領導者（在公司服務超過七年）帶領下，完成全面重新工程化與重新設計。我們已將該組織架構的層級從七層縮減至三層，移除了四個層級。

The organization has been redesigned so that for every one of our customers, where we're working on pilots or production deployments, we have a dedicated team assigned to the customer, they move in with the customer and they stay with the customer until the project is done and the customer is successful.

組織已重新設計，使得對於我們每一位客戶——無論是在進行試點或正式上線部署——我們都會指派一支專屬團隊服務該客戶；他們會進駐客戶端，並一直陪伴客戶直到專案完成且客戶取得成功。

I am absolutely satisfied that the new structure is going to result in higher levels of customer satisfaction, more successful customer deployments and more rapid expansion of our customer deployments into large enterprise, expanding contract relationship. As I look at the performance of the company in recent quarters and particularly the sales performance, I mean, it is just unspeakably horrible and it's surreal, okay?

我完全相信，新架構將帶來更高的客戶滿意度、更成功的客戶部署，以及更快速地將我們的客戶部署擴展到大型企業，進而擴大合約合作關係。當我回顧公司近幾季的表現，尤其是銷售表現時，我的意思是，這簡直糟到難以形容，而且有點超現實，好嗎？

This is resulting in market multiples for the company that are candidly well earned and scathing analysis from analysts and sell-side analysts that are candidly well deserved. I am here to fix that. And as it relates to enterprise sales, this is not an area which I think I'm entirely unfamiliar with. I think just to return to fundamental hygiene and fundamental sales protocol, just the basics will take this company a long, long way towards increasing shareholder value.

這導致公司目前的市場估值倍數，坦白說是自作自受；而分析師與賣方分析師對我們的嚴厲評論，坦白說也完全是應得的。我來這裡就是要把這些問題修正。至於企業銷售，這並不是我完全陌生的領域。我認為，只要回到基本的衛生管理與基本的銷售流程——就是最基本的功課——就能讓公司在提升股東價值方面走得非常、非常遠。

And the company is sufficiently well capitalized to basically obviate any question of the need for a financing event. We have enough capital there to meet the mission that is before us. I want to give you an update on the restructuring that Stephen introduced last quarter. We have expanded those objectives, and we have accelerated those objectives.

而且公司資本相當充足，基本上足以排除任何關於是否需要進行融資事件的疑慮。我們擁有足夠資本來完成眼前的使命。我想向各位更新 Stephen 在上一季提出的重組進展。我們已擴大這些目標，並加速推進這些目標。

We have reduced headcount by approximately 35% across all organizations. The workforce actions are in place. They are done. The cost controls are in place. The budget is in place. The plans are in place. The costs have been reduced by order of $135 million a year. And we are well on our way to becoming a fully agentic enterprise, adopting these agentic tools to fundamentally change the way we do business across the enterprise and to dramatically increase the productivity in every aspect of our business.

我們已在所有組織中將人力編制削減約 35%。人力相關措施已到位。已完成。成本控管已到位。預算已到位。計畫已到位。成本已按每年約 1.35 億美元的規模降低。而且我們正穩步邁向成為一個完全的代理型（agentic）企業，採用這些代理型工具，從根本上改變我們在全企業範圍內的營運方式，並大幅提升我們業務各個面向的生產力。

The products organizations today are largely leveraging AI tools for all programming activities. These agentic tools have been adopted across the organization: legal, finance, sales, marketing, wherever it may be to increase productivity really dramatically across the enterprise. Sales, in particular, are leveraging these agentic tools to focus on market development, business development and strategies to increase their penetration of existing customers and large global new customers.

如今，各產品組織在所有程式開發活動上大多正大量運用 AI 工具。這些代理式工具已在整個組織中被採用：法務、財務、銷售、行銷等各部門皆是，以在全企業範圍內大幅提升生產力。尤其是銷售部門，正運用這些代理式工具，聚焦於市場開發、業務開發與策略，以提高對既有客戶以及大型全球新客戶的滲透率。

Across every function, our people in the organization are operating with an agentic AI-first mindset increasing productivity across all business functions. This is now all about execution, and we're going to have our heads down every hour, every day, every month, every quarter. And the early indications are that this is moving in the right direction.

在每一項職能上，我們組織中的人員都以代理式、AI 優先的思維模式運作，提升所有業務職能的生產力。現在重點完全在於執行，我們將每一小時、每一天、每一個月、每一季都埋頭苦幹。而早期跡象顯示，這正朝著正確方向前進。

Our priorities are clear. They are well understood. They are articulated. The objectives are distributed and they're understood. If we look at sales, for example, our go-to-market activities have changed significantly. We're focusing on using technologies and agentic technologies focused on penetrating territories, penetrating large accounts with the campaigns that will develop over multiple quarters and multiple years rather than the narrow focus that was in place before, focused on relatively small opportunities that might be in place for any given quarter.

我們的優先事項很清楚。大家都充分理解。也已清楚闡述。目標已被分派並且被理解。以銷售為例，我們的市場進入（go-to-market）活動已出現顯著改變。我們專注於運用技術與代理式技術，著重於滲透各個區域、滲透大型客戶，透過將在多個季度與多年期間推進的行銷活動，而非像先前那樣狹隘地聚焦於每一季可能出現的相對較小機會。

The executive team, all of the employees at C3 AI are laser focused. I'm doing whatever it takes with the objectives in place to turn the company to significant quarter-to-quarter top line revenue growth to establish the company as one that generates free cash flow every quarter and to establish the company as a company that generates non-GAAP profitability quarter after quarter after quarter.

管理團隊以及 C3 AI 的所有員工都高度聚焦。在既定目標下，我會不惜一切代價，讓公司實現顯著的逐季營收成長，將公司打造為每季都能產生自由現金流的公司，並將公司打造為能夠一季接一季、持續產生非 GAAP 獲利的公司。

The opportunity to increase shareholder value and C3 AI is enormous, and that is exactly what we're going to do. Talk is cheap. And rather than rain forth with idle promises that everybody will largely ignore, we're going to accept the challenge to deliver acceptable financial results to deliver growth, deliver cash generation, non-GAAP profitability generation and let the results speak for themselves. Game on.

提升股東價值以及 C3 AI 的機會非常巨大，而這正是我們要做的事。空談無益。與其拋出一堆大家多半會忽視的空泛承諾，我們將接受挑戰，交出可接受的財務成果：交出成長、交出現金創造、交出非 GAAP 獲利，讓結果自己說話。開始上場。

With that, let me turn this over to my colleagues. Our CFO, Hitesh Lath is going to talk about the results of the quarter. And Hitesh and Stephen Ehikian will be available to answer questions they may have. Thank you very much for your interest, and I look forward to updating you as this develops at the end of Q1 and the end of Q2. Thank you. Thank you. Thank you.

接下來，讓我把時間交給我的同事。我們的財務長 Hitesh Lath 將說明本季的業績結果。Hitesh 與 Stephen Ehikian 也將回答各位可能提出的問題。非常感謝各位的關注，我期待在第一季末與第二季末，隨著進展再向各位更新。謝謝。謝謝。謝謝。

Thank you, Tom. Total revenue for the quarter was $51.6 million. Subscription revenue was $48.4 million, representing 94% of total revenue. Professional services revenue was $3.2 million, of which $2.1 million was revenue from prioritized engineering services, or PES. Professional services represented 6% of total revenue during the quarter. Our subscription and PES revenue combined was $50.5 million and accounted for 98% of total revenue.

謝謝你，Tom。本季總營收為 5,160 萬美元。訂閱營收為 4,840 萬美元，占總營收的 94%。專業服務營收為 320 萬美元，其中 210 萬美元來自優先工程服務（prioritized engineering services，PES）。本季專業服務占總營收的 6%。我們的訂閱與 PES 營收合計為 5,050 萬美元，占總營收的 98%。

Non-GAAP gross profit for the quarter was $19.3 million and non-GAAP gross margin was 37%. Non-GAAP gross margin for professional services was 78%. Non-GAAP operating loss for the quarter was $54.4 million. Non-GAAP net loss for the quarter was $48.8 million and $0.33 per share.

本季非 GAAP 毛利為 1,930 萬美元，非 GAAP 毛利率為 37%。專業服務的非 GAAP 毛利率為 78%。本季非 GAAP 營業損失為 5,440 萬美元。非 GAAP本季淨損失為 4,880 萬美元，每股 0.33 美元。

Our non-GAAP operating expenses for the quarter were $106 million. This reflects a reduction of $33.9 million as compared to the actual non-GAAP operating expenses of $139.9 million same quarter last year. Free cash flow for the quarter was negative $54.8 million. We continue to be well capitalized and closed the quarter with $575.4 million in cash, cash equivalents and marketable securities.

本季非 GAAP 營業費用為 1.06 億美元。相較去年同季實際非 GAAP 營業費用 1.399 億美元，減少了 3,390 萬美元。本季自由現金流為負 5,480 萬美元。我們仍具備充足資本，本季結束時持有現金、約當現金與有價證券合計 5.754 億美元。

During the quarter, we signed 9 initial production deployments or IPDs. At the end of the quarter, we had cumulatively signed 417 IPDs, of which 251 are still active. This means they are either in their original three- to six-month terms or extended for some duration or converted to ongoing subscription or consumption contracts or are currently being negotiated for conversion to ongoing subscription or consumption contract.

本季我們簽署了 9 份初始生產部署（initial production deployments，IPDs）。截至季末，我們累計已簽署 417 份 IPD，其中 251 份仍為有效。這表示它們要麼仍在原本 3 至 6 個月的期限內，要麼已延長一段期間，要麼已轉換為持續性的訂閱或用量計費合約，或目前正在協商轉換為持續性的訂閱或用量計費合約。

Last quarter, we launched a restructuring plan which included expense reductions across our business to produce full year cost savings of approximately $135 million. As Tom said, our headcount has been reduced from roughly 1,075 in January of 2026 to about 700 today. And we have already completed actions to realize almost $130 million of total planned savings. We are on track to meet or exceed our original cost savings target.

上季我們啟動了一項重整計畫，其中包含全公司範圍的費用削減，以在全年產生約 1.35 億美元的成本節省。如 Tom 所說，我們的人力已從 2026 年 1 月約 1,075 人降至目前約 700 人。而且我們已完成相關行動，實現了接近 1.30 億美元的計畫節省總額。我們正按計畫達成或超越原先的成本節省目標。

As we said on the last quarter's earnings call, some of the cost savings associated with the nonemployee expenses will be fully realized starting with the second half of fiscal year 2027. With these actions, we are well positioned to materially improve our operating efficiency, free cash flow and position the company for long-term success.

如同我們在上季法說會所提到的，與非員工費用相關的部分成本節省，將自 2027 會計年度下半年起完全反映。透過這些行動，我們已具備良好條件，可實質改善營運效率、自由現金流，並使公司具備長期成功的定位。

Our Founder and CEO, Tom Siebel, purchased 6.17 million shares of C3 AI stock at a price of $11.16 per share for net cash proceeds of approximately $69 million. The company has received the cash. And as of today, our total cash, cash equivalents and marketable securities balance is $673 million.

我們的創辦人暨執行長 Tom Siebel 以每股 11.16 美元的價格買入 617 萬股 C3 AI 股票，淨現金收入約 6,900 萬美元。公司已收到該筆現金。截至今日，我們的現金、約當現金與有價證券總餘額為 6.73 億美元。

Now I'll move on to our guidance for Q1 and fiscal year '27. Our revenue guidance for Q1 of fiscal year '27 is $50 million to $54 million. Our guidance for non-GAAP loss from operations for Q1 is $40.5 million to $48.5 million. Please note that the midpoint of this guidance is based on non-GAAP operating expenses of $96.5 million, which is $31.6 million lower than the actual non-GAAP operating expenses of $128.1 million same quarter last year.

接下來我將說明我們對 2027 會計年度第一季與 2027 會計年度的財測指引。我們對 2027 會計年度第一季的營收指引為 5,000 萬至 5,400 萬美元。我們對第一季非 GAAP 營業損失的指引為 4,050 萬至 4,850 萬美元。請注意，此指引的中位數係以非 GAAP 營業費用 9,650 萬美元為基礎，較去年同季實際非 GAAP 營業費用 1.281 億美元低 3,160 萬美元。

Our revenue guidance for fiscal year '27 is $210 million to $240 million. Our guidance for non-GAAP loss from operations for fiscal year '27 is $128 million to $160 million. Now I'd like to turn the call over to the operator to begin the Q&A session. Operator?

我們對 2027 會計年度的營收指引為 2.10 億至 2.40 億美元。我們對 2027 會計年度非 GAAP 營業損失的指引為 1.28 億至 1.60 億美元。現在我想把電話交給接線員，開始問答環節。接線員？

(Operator Instructions)

（接線員指示）

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Tom, it's good to see you back, and it's good to see the insider buying. Can you just start very big picture and help us -- you can't fix something until you understand what went wrong, and you've spent a lot of time figuring out what went wrong. So in fiscal '25, this company was doing $389 million in revenue.

Tom，很高興看到你回來，也很高興看到內部人士買股。你能否先從宏觀角度談起，協助我們理解——在你了解哪裡出了問題之前，你無法修正它，而你花了很多時間釐清到底哪裡出了問題。所以在 2025 會計年度，這家公司營收是 3.89 億美元。

And this year, you're guiding to $255-ish million, $230 million at the midpoint. So just fundamentally, what happened? Where did the revenue go?

而今年，你給出的指引大約是 2.55 億美元左右，中位數為 2.30 億美元。所以從根本上來說，發生了什麼事？營收去哪裡了？

Well, thanks, Pat, for the question. And if you look at this scenario, I mean, the company used to do $90 million, $100 million in a quarter. It used to do 43 deals. It used to do bookings for very large numbers. If you look in the last five quarters, I mean, sales just fell off the cliff. And the product is great.

謝謝你，Pat，謝謝你的問題。如果你看這個情況，我是說，公司以前單季可以做到 9,000 萬、1 億美元。以前可以做成 43 筆交易。以前的訂單（bookings）也能做到非常大的數字。如果你看過去五個季度，我是說，銷售幾乎是斷崖式下滑。而產品很棒。

The customers are happy. There's no question of market size. I mean, come on, I've been talking about enterprise AI since 2010, and I was the only person in the world talking about it until probably 2022, when -- until November 2022 when we had an inflection point there. And now Tom is not the only person in the world who thinks there's a market enterprise AI.

客戶很滿意。市場規模毫無疑問。我的意思是，拜託，我從2010年就一直在談企業級AI，而且直到大概2022年之前，我可能是全世界唯一在談這件事的人——直到2022年11月我們出現了一個拐點。而現在，認為企業級AI有市場的人已經不只Tom一個了。

So we have a great product. We have a huge market. We have satisfied customers, and the sales discipline has just been surreal, Pat. I mean this is -- that's where the revenue numbers come from. That's where the RPO comes from. That's where the profitability or the lack thereof comes from. It's basically sales execution.

所以我們有很棒的產品。我們有龐大的市場。我們有滿意的客戶，而銷售紀律簡直荒謬到不真實，Pat。我的意思是——這就是營收數字的來源。這就是RPO的來源。這就是獲利能力或缺乏獲利能力的來源。基本上就是銷售執行。

It's been miserable. It's reflected in all the operating results. It is completely unacceptable, and it's not that hard to fix. It is -- I accept all the criticism the company has received. I think it's well deserved, okay? I really do. I think the revenue multiple is well earned. It is.

一直很糟。這反映在所有營運結果上。這完全不可接受，而且其實不難修正。這——公司受到的所有批評我都接受。我認為那是應得的，好嗎？我真的這麼認為。我認為這個營收倍數是名副其實的。就是如此。

But the good news is it's not that hard to turn around. And so I think we fixed the sales problem. It fixes revenue growth. It fixes RPO. It fixes cash generation. It fixes everything. And so for those, Pat, you know me a little bit, and I'm not entirely unfamiliar with enterprise sales, maybe I have a little experience in that. So I think this is definitely a turnaround situation. We know how to fix it. The plan is in place and stand by.

但好消息是，扭轉局面並不難。所以我認為我們已經修正了銷售問題。它會修復營收成長。它會修復RPO。它會修復現金創造。它會修復一切。所以對於這些，Pat，你多少了解我，而我對企業銷售也不是完全陌生，或許我在這方面有一點經驗。所以我認為這絕對是一個需要扭轉的情況。我們知道怎麼修。計畫已經就位，請拭目以待。

Great. And then as a follow-up, so I totally hear you on the sales side. But for the company, churn must have been bigger than you wanted to, and nonrenewals must have been bigger than you wanted. What did you learn about that? Like what was causing the existing customers to spend so much less with you than they did before?

很好。那接著追問一下，我完全理解你在銷售端的說法。但對公司而言，客戶流失（churn）一定比你希望的更大，未續約也一定比你希望的更多。你從中學到了什麼？例如，是什麼原因導致既有客戶相較以前在你們這裡花得少這麼多？

No. There's a number of issues there. I'm not actually sure that this churn issue is really true. Could somebody help me with that -- I'm not sure that's true, Pat. I think it really is sales execution.

不。那裡面有很多問題。我其實不確定這個流失問題是否真的成立。有人可以幫我釐清一下嗎——我不確定那是否為真，Pat。我認為真正的問題還是銷售執行。

Yes, we have not experienced a significant loss of production customers.

是的，我們並未經歷生產環境客戶的重大流失。

I'm not sure that's true, Pat. I think it really is sales execution. Market is huge. Product is great. Customers are happy. I think this is pretty fundamental. No question, we see this as a turnaround situation, and that's what we're focused on. We're coming off of -- and we're coming off of performance that is just completely unacceptable, laughably unacceptable. And we're going to take a bat and a teeth for that. We deserve it. And now we're focused on turning this business around and focused on return to shareholders. And I think we can do that in a pretty big way.

我不確定那是否為真，Pat。我認為真正的問題還是銷售執行。市場很大。產品很棒。客戶很滿意。我認為這是相當根本的。毫無疑問，我們把這視為一個需要扭轉的情況，而這就是我們專注的重點。我們剛走出——我們剛走出一段完全不可接受的表現，荒唐到不可接受。而我們會為此挨打、也會被狠狠咬一口。我們活該。而現在我們專注於扭轉這門生意，並專注於為股東帶來回報。我認為我們可以以相當大的幅度做到這一點。

Radi Sultan, UBS.

Radi Sultan，瑞銀（UBS）。

Tom, good to see you back in the saddle. I wanted to start on the federal side, just like your comments on C3 AI Federal. How is the ramp of the $450 million contract ceiling with the US Air Force tracking relative to your expectations? And how is sort of the restructuring of C3 AI Federal impacted that?

Tom，很高興看到你重返崗位。我想先從聯邦業務談起，延續你對C3 AI Federal的評論。美國空軍4.5億美元合約上限的爬坡進度，與你的預期相比如何？另外，C3 AI Federal的重整在某種程度上對此造成了什麼影響？

Wasn't the RSO $100 million contract ceiling? The honest answer is I am not -- I have not batten that in touch with the operating details of the business in the last four quarters. And I haven't looked into that. I think the RSO contract was $100 million. But honestly -- I'm sorry.

RSO不是1億美元的合約上限嗎？老實說，過去四個季度我——我沒有那麼緊密地掌握這項業務的營運細節。我也沒有去查這件事。我認為RSO合約是1億美元。但老實說——我很抱歉。

They got increased after.

之後有提高。

Oh, did it? Okay. I'm sorry. It's a legitimate question, and I don't know, and I'll find out and we'll get back to you.

哦，有嗎？好。我很抱歉。這是個合理的問題，我不知道；我會去了解，然後再回覆你。

No problem, Tom. Yes. No problem at all. Just Hitesh, maybe on the fiscal '27 guidance as we calibrate our models. Could you just help us understand the moving parts around license and PES embedded in the guide this year? And maybe just post-restructuring, how would we be thinking about the role demonstration licenses and the growth strategy post restructuring?

沒問題，Tom。是的。完全沒問題。那Hitesh，關於2027財年的指引，因為我們在校準模型。你能否幫我們理解一下，今年指引中授權（license）與PES（嵌入式）相關的變動因素？以及也許在重整之後，我們應該如何看待示範授權（demo licenses）的角色，以及重整後的成長策略？

Yes. Radi, as you know, we guide to total revenue. And as it relates to PES or prioritized engineering services, we expect PES to continue to contribute a wallet share of our total professional services revenue. And in terms of professional services mix, expect it to be between 10% to 15% of total revenue.

好的。Radi，如你所知，我們提供的是總營收指引。至於PES（優先工程服務，prioritized engineering services），我們預期PES將持續貢獻我們專業服務營收中的一定錢包份額（wallet share）。就專業服務的組合而言，預期將占總營收的10%到15%。

Including PES.

包含PES。

Including PES. And as it relates to revenue from demo licenses --

包含PES。至於來自示範授權的營收——

Let me try this, okay? It's a very legitimate question. Ladies and gentlemen, I think it's I don't know. I mean we have changed everything about the sales organization. We have changed everything about go-to-market. And I think that while it's a very legitimate question, how much is going to be professional services, how much was demo license, how much is going to be PES, I don't think we really know, okay?

我來試著回答這個，好嗎？這確實是個非常合理的問題。各位女士先生，我想答案是：我不知道。我的意思是，我們已經把銷售組織的一切都改了。我們把所有的市場進入（go-to-market）方式都改了。我認為，雖然這是個很合理的問題——專業服務會是多少、示範授權會是多少、PES會是多少——但我不認為我們真的知道，好嗎？

We have a plan to grow revenue, but we're really -- and I'm sorry that this doesn't work in helping you fill out your spreadsheet, but we don't know. All we can assure you is that it's going to be -- the revenue will be properly accounted for. And we can't really tell you what that mix is.

我們有一個營收成長計畫，但我們真的——很抱歉這無法幫你把試算表填完整，但我們不知道。我們唯一能向你保證的是——營收會被正確入帳。而我們真的無法告訴你那個組合會是什麼。

Make no mistake, we are focused on software revenue, guys, not service, ladies and gentlemen, software revenue. We understand the difference, and that's what we're focused on. But it's hard to tell how this is going to shake out. And I know that's not the answer you want to hear, but it's true.

請不要搞錯，我們專注的是軟體營收，各位，不是服務；女士先生們，是軟體營收。我們理解兩者的差異，而這就是我們的重點。但很難判斷最後會如何發展。我知道這不是你想聽到的答案，但這是真的。

Matthew Calitri, Needham & Company.

Matthew Calitri，Needham & Company。

This is Matt Calitri on for Mike Cikos over at Needham. Tom, welcome back and great to hear that your health issues have been largely resolved. You mentioned in your prepared remarks that you're going to look at penetrating territories and large accounts rather than the more narrow focus on relatively small opportunities that was put in place.

我是Matt Calitri，代替Needham那邊的Mike Cikos提問。Tom，歡迎回來，也很高興聽到你的健康問題大致已經解決。你在事先準備的發言中提到，你將著重於滲透各個區域與大型客戶，而不是先前所採取、較為狹隘地聚焦在相對較小機會的做法。

In the past, you guys had sort of run like a small amount of deals that were large in size, and then we pivoted over to the pilot model. What exactly do you have in mind going forward? Is there sort of a sweet spot in the middle there? Or how are you thinking about that balance?

過去你們的做法有點像是做少量但金額很大的案子，然後我們轉向了試點（pilot）模式。那麼接下來你們具體的想法是什麼？中間是否存在某種「甜蜜點」？或者你們如何看待這種平衡？

How do I describe this? There was kind of a very funny issue -- I'm sorry, your first name one more time.

我該怎麼形容呢？有個挺好笑的狀況——不好意思，請再說一次你的名字。

Matt.

Matt。

Matt. This is kind of a funny issue, Matt, when we looked into it, and the way that territories assignments have worked in the last year. And the truth of the matter is they had to focus on a limited number of major accounts rather than looking at the entire market opportunity.

Matt。這件事有點好笑，Matt，當我們深入看過之後，以及過去一年區域分配（territory assignments）的運作方式。事實是，他們必須把重心放在有限數量的大型客戶，而不是去看整個市場機會。

So I would say, if you look at Europe or North America, they might have been only focused on, really -- I know this is hard to believe, but the sales organization might have been focused on a total of 100 to 150 accounts in each of those organizations. And so I know it's hard to believe, but it really is true.

所以我會說，如果你看歐洲或北美，他們可能真的只專注在——我知道這很難相信——但銷售組織可能在每個區域只專注於總共100到150個客戶。我知道很難相信，但這確實是真的。

And so now you will see those North American and federal and European sales organizations focused on order of 1,000 account opportunities rather than -- maybe even more than that rather than order of 100. So I mean it's hard to believe that's the way it was set up, but it really was set up and we've -- that way, and we fixed it.

所以現在你會看到北美、聯邦以及歐洲的銷售組織，將重心放在大約1,000個客戶機會，而不是——甚至可能比這更多——而不是大約100個。我知道很難相信當初是這樣設計的，但確實就是那樣設計的，而我們——也已經把它修正了。

Now within that, they'll be focused on large deals. What's a large deal? I would say $50 million to a couple of billion. They'll be focused on medium-sized deals, which might be $5 million to $50 million, and that will be focused on smaller deals, which might be $0.5 million to $2 million. I know there's a big gap there, but you get the idea.

在這之中，他們會專注於大型交易。什麼叫大型交易？我會說是5,000萬美元到數十億美元。他們也會專注於中型交易，可能是500萬到5,000萬美元，並且也會專注於較小型的交易，可能是50萬到200萬美元。我知道中間有個很大的落差，但你明白我的意思。

Got it. Yes, that's very helpful. And then just broadly, like where are you seeing customers find budget for AI initiatives? And are you seeing any change in sales cycles or just the pace of adoption as organizations race to capture ROI and push AI initiatives?

了解。是的，這非常有幫助。那再更宏觀地問一下，你看到客戶通常從哪裡找到AI計畫的預算？你是否看到銷售週期有任何變化，或是採用速度有變化，因為各組織都在競相取得ROI並推動AI計畫？

Well, as you do your market analysis, as I'm sure you've done, Matt, on the pure kind of enterprise AI market, which would include Palantir, C3 and others, it was about a $6 billion market in 2025. It's about a $10 billion market in 2026, and it's projected to be about a $15 billion market in 2027.

嗯，當你做市場分析時——我相信你已經做過了，Matt——就純企業AI市場而言（包含Palantir、C3以及其他公司），2025年大約是60億美元的市場。2026年大約是100億美元的市場，並且預估2027年大約會到150億美元。

So it doesn't look like these people are being too starved for opportunities. It's a $10 billion market growing at a 50% compound annual growth rate, which it's -- people are finding the budgets, that's for sure.

所以看起來這些人並沒有被機會餓著。這是一個100億美元的市場，以50%的年複合成長率成長——他們確實找得到預算，這點毫無疑問。

Koji Ikeda, Bank of America.

Koji Ikeda，美國銀行。

This is George McGreehan on for Koji Ikeda. And I kind of wanted to ask maybe kind of a two in one. And when we think about IPDs and kind of over time how the quantity of IPDs has kind of trended downwards, where would you say -- are there use cases or customer profiles that have been kind of harder to get recently? And then conversely, which type of customers or use cases are you most excited about kind of driving and capturing over the next few quarters?

我是代替Koji Ikeda的George McGreehan。我想問一個可能算是二合一的問題。當我們想到IPD，以及隨著時間推移IPD數量似乎呈下降趨勢時，你會說——最近是否有一些使用案例或客戶輪廓變得比較難拿下？反過來說，接下來幾個季度你最期待推動並掌握的是哪些類型的客戶或使用案例？

Well, it's -- as evidenced from Palantir and others, and Palantir as a go-to-market motion is very much analogous to an IPD, I mean the idea that the market opportunity is big is, I think, inconsistent with the performance you've seen out of Palantir. The market is clearly there, and the execution is pretty damn good. I mean pretty impressive.

嗯——從Palantir以及其他公司的表現就能看出來，而且Palantir的go-to-market打法其實和IPD非常類似；也就是說，若認為市場機會很大這件事與你看到的Palantir表現不一致，我覺得並不成立。市場顯然就在那裡，而執行力也相當他媽的好。我是說，非常令人印象深刻。

So I don't know there's the question of the market being there. Where do we see market being there? Do I think the execution on the behalf of C3 has been acceptable? It has been completely unacceptable, George. And if you want us to like fall on our sword or eviscerate ourselves in a public audience, put me on stage, give me the stage, give me a sword, and I'll do it, okay?

所以我不覺得市場是否存在是個問題。我們在哪裡看到市場存在？我認為C3的執行是否令人滿意？完全不令人滿意，George。如果你希望我們在公開場合「引頸就戮」或把自己剖開來批判，把我放到台上，給我舞台，給我一把劍，我就會做，好嗎？

But the opportunity going forward -- look, the pure enterprise AI market, which enterprise AI application market, which we are most certainly in, looks like a $10 billion market, growing at a 50% compound growth rate. We're not even growing, okay? And so we're not growing off a small base number, and we're growing at a level smaller than the market at large. I mean that's just unacceptable.

但往前看的機會——你看，純企業AI市場，也就是企業AI應用市場——我們毫無疑問就在其中——看起來是個100億美元的市場，以50%的年複合成長率成長。而我們甚至沒有在成長，好嗎？所以我們不是在一個很小的基數上成長，而且我們的成長水準還低於整體市場。我的意思是，這就是不可接受。

Do we think we know how to fix it? Yes. Where is the market opportunity? It's international services? Okay, is it a consumer packaged goods? It is. Is it in defense and intelligence? It is. Is it an agribusiness? It is. Is it in aerospace? Yes, sir, it is. So I don't think as we get into '28, '29, '30, I don't think there's anybody who believes that all of those markets don't address enterprise AI.

我們覺得我們知道怎麼修正嗎？是的。市場機會在哪裡？是國際服務業嗎？好，是消費性包裝商品（CPG）嗎？是的。是在國防與情報領域嗎？是的。是在農業企業（agribusiness）嗎？是的。是在航太嗎？是的，先生，就是。所以我不認為當我們進入'28、'29、'30時，還會有人相信所有這些市場不會涵蓋企業AI。

You know they do. And you believe and even Bank of America probably believes that today, okay? And you didn't in 2016, '17, '18, '19, '20 or '21. I think even Bank of America believes that today. And we just intend to play our full role in.

你知道它們會的。而你也相信，甚至美國銀行今天大概也相信，好嗎？但你們在2016、'17、'18、'19、'20或'21並不相信。我想甚至美國銀行今天也相信。而我們只是打算充分扮演我們的角色。

Thank you. And that ends the Q&A session for today. I would like to turn the call back over to Mr. Siebel for closing remarks. Please go ahead.

謝謝。那麼今天的問答環節到此結束。我想把電話交回給Siebel先生做結語。請開始。

Ladies and gentlemen, thank you for the courtesy of your time. We really appreciate it. We hope we used it effectively. I hope you have a feel for the plan, and we will look very much forward to reporting on you -- to you in the progress in the next three months and six months. Thank you very much.

各位女士先生，感謝各位撥冗參與。我們非常感激。希望我們有效地運用了這段時間。我希望各位已經對計畫有了感覺，我們非常期待在接下來三個月與六個月向各位回報進展。非常感謝。

Thank you for your participation today. You may now disconnect.

感謝您今天的參與。您現在可以掛線。