C3.ai, Inc. (AI) 2027 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the C3.ai fiscal first quarter 2027 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. And now I'd like to hand the call over to today's host, Amit Berry. Please go ahead.

日安，感謝您稍候。歡迎參加 C3.ai 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把電話交給今天的主持人 Amit Berry。請開始。

Good afternoon and welcome to C3.ai's earnings call for the first quarter of fiscal year 2027, which ended on July 31, 2026. My name is Amit Berry and I lead Investor Relations at C3.ai.

各位下午好，歡迎參加 C3.ai 2027 會計年度第一季（截至 2026 年 7 月 31 日止）財報電話會議。我叫 Amit Berry，負責 C3.ai 的投資人關係。

With me on the call today are Thomas Siebel, Chief Executive Officer, and Hitesh Lath, Chief Financial Officer. After the market closed today, we issued a press release with details regarding our first quarter results, which can be accessed through the investor relations section on our website at ir.c3.ai.

今天與我一同出席電話會議的有執行長 Thomas Siebel，以及財務長 Hitesh Lath。今日收盤後，我們已發布新聞稿，提供第一季業績的相關細節，可透過我們網站 ir.c3.ai 的投資人關係專區查閱。

This call is being webcast, and a replay will be available on our IR website following the conclusion of the call.

本次電話會議將以網路直播方式進行，會議結束後，重播將在我們的 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.

在今天的電話會議中，我們將就公司業務發表若干陳述，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。

We disclaim any obligation to update forward-looking statements or outlook. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our filings with the SEC.

我們不承擔更新前瞻性陳述或展望的任何義務。這些陳述受多項風險與不確定性影響，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。

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.

除非另有說明，所有數據將以非 GAAP 基礎進行討論。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。

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. We advise that we may or may not continue to provide this additional detail in the future.

最後，在我們的事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超出我們通常呈現範圍的指標，以便更深入說明我們業務或季度業績的動態。我們提醒各位，未來我們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, everyone, and thank you for joining us. Three months ago, I returned as Chief Executive Officer with a mandate to turn this company around. I returned as CEO because the company was candidly underperforming despite every advantage. The product offerings are exceptional. The market is huge and rapidly growing and the balance sheet is rock solid.

各位下午好，感謝各位參與。三個月前，我以執行長身分回歸，肩負扭轉公司局面的任務。我回任 CEO，是因為坦白說，公司在具備各項優勢的情況下仍表現不如預期。產品供應非常出色。市場規模龐大且快速成長，資產負債表也非常穩健。

None of that was the problem. The problem was execution. And one quarter into the turnaround, I believe the company is on track. In the past three months, we have restored fundamental management discipline to this business. We completely restructured the company.

問題不在於這些。問題在於執行力。在扭轉局面的第一個季度，我相信公司正走在正確的軌道上。過去三個月，我們已恢復這項業務的基本管理紀律。我們徹底重組了公司。

We restructured sales. We restructured products. We restructured services. We reset the cost structure, driving massive costs out of the business and implemented rigorous cost controls. We reinstated the fundamental management practices necessary to run a business, clear ownership, hard deadlines, weekly reviews.

我們重組了銷售。我們重組了產品。我們重組了服務。我們重新設定成本結構，大幅削減業務成本並實施嚴格的成本控管。我們重新建立經營企業所需的基本管理作法：明確的責任歸屬、嚴格的期限、每週檢討。

We rebuilt the selling motion around disciplined account management and pipeline development rather than heroics. We now have experienced executives in charge of every aspect of the business in sales, products and services, and finance and legal.

我們重建銷售運作模式，聚焦於有紀律的客戶管理與管線開發，而非仰賴個人英雄式的衝刺。目前在銷售、產品與服務，以及財務與法務等各個面向，都由具經驗的高階主管負責。

This is the leadership team that will execute the turnaround. We refocused the product offerings on our Agentic AI stack, our greatest technical strength, and the largest and most rapidly growing segment of the market. And this quarter showed meaningful progress.

這就是將執行扭轉局面的領導團隊。我們將產品供應重新聚焦於我們的 Agentic AI 技術堆疊——這是我們最強的技術優勢，也是市場中規模最大且成長最快的區塊。而本季顯示出具意義的進展。

We came in guidance, bookings grew at 73%, and we took real costs out of the business to narrow our operating loss and generate free cash flow in the quarter. We closed 22 enterprise agreements in the quarter, including with Heidelberg Materials, Johnson & Johnson, Ford Motor Company, C-SPAN, Holcim, the US Department of Defense, the Defense Logistics Agency, and the US Department of Agriculture. Federal business was particularly strong, with federal bookings growing 138% year over year.

我們達成指引，訂單（bookings）成長 73%，並且確實從業務中移除成本，以縮小營業虧損並在本季產生自由現金流。本季我們簽訂了 22 份企業級合約，其中包括 Heidelberg Materials、Johnson & Johnson、Ford Motor Company、C-SPAN、Holcim、美國國防部、國防後勤局，以及美國農業部。聯邦業務表現尤其強勁，聯邦訂單年增 138%。

These results are early evidence that the turnaround is taking hold. The C3.ai Agentic AI platform remains the starting point of every sales engagement. It reflects over 15 years of software development in which we invested in excess of $3 billion. Last month, Forrester Research released a very significant study in which they evaluated the strengths of all the AI platform providers. And in that evaluation, they ranked C3.ai at the top of the stack.

這些結果是扭轉局面正在成形的初步證據。C3.ai Agentic AI 平台仍是每一次銷售接觸的起點。它反映了超過 15 年的軟體開發成果，我們在此投入超過 30 億美元。上個月，Forrester Research 發布了一份非常重要的研究，評估所有 AI 平台供應商的優勢。在該評估中，他們將 C3.ai 排名為整個技術堆疊的第一名。

Forrester ranked the C3.ai platform number one in data modeling, number one in agent development, number one in application development tools, number one in cohesivity, experience, number one in governance controls, number one in platform management, number one in security certification, and number one in supporting services and offerings. Other companies evaluated in the study include a who's who in software, Palantir, Google, Databricks, and 11 others. So this study is a pretty significant benchmark and really a hallmark of the technology of achievement of C3.ai in the marketplace over the last 15 years. Our primary offerings today include the C3.ai Agentic AI Platform, C3.ai Generative AI, C3.ai Studio, and more broadly, importantly, C3.ai Code. The C3.ai Studio is our control plane for developing and operating large-scale enterprise AI applications.

Forrester 將 C3.ai 平台在資料建模排名第一、代理（agent）開發排名第一、應用程式開發工具排名第一、整體一致性與體驗排名第一、治理控制排名第一、平台管理排名第一、安全認證排名第一，以及支援服務與產品供應排名第一。該研究中被評估的其他公司包括軟體界的重量級名單：Palantir、Google、Databricks，以及另外 11 家。因此，這份研究是一項相當重要的基準，也確實是 C3.ai 過去 15 年在市場上技術成就的標誌。我們目前的主要產品包括 C3.ai Agentic AI Platform、C3.ai Generative AI、C3.ai Studio，以及更廣泛且重要的 C3.ai Code。C3.ai Studio 是我們用於開發與營運大規模企業 AI 應用的控制平面（control plane）。

And C3.ai Code is our Agentic AI application builder that turns a natural language prompt into a working enterprise AI application in minutes to hours. C3.ai Code will be at the vanguard of our growth engine going forward. This product is absolutely remarkable, and I encourage you to go onto the web, take a look at it, and take it for a try. As an example of the power of C3.ai Code, you can take a one hour RFP or you can take a 6-inch thick product specification. You can provide it to C3.ai Code.

而 C3.ai Code 是我們的 Agentic AI 應用建置器，可將自然語言提示在數分鐘到數小時內轉換為可運作的企業 AI 應用。展望未來，C3.ai Code 將站在我們成長引擎的最前線。這項產品非常卓越，我鼓勵各位上網看看並親自試用。以 C3.ai Code 的威力為例，你可以拿一份一小時的 RFP，或是一份厚達 6 英吋的產品規格書。你可以把它提供給 C3.ai Code。

It assembles the data. It does the data aggregation. It autonomously builds the ontology. It develops the pipeline. It builds machine learning models.

它會彙整資料。它會進行資料聚合。它會自主建立本體（ontology）。它會開發資料管線。它會建立機器學習模型。

It designs the user interface, and it autonomously delivers a working enterprise AI application without writing one line of manual code. This is really remarkable and you have to see it to believe it. C3.ai Code, broader platform adoption, federal systems growth, and sales discipline. At the heart of our growth engine going forward. In closing, let me be clear about where we are going.

它會設計使用者介面，並在不撰寫任何一行手動程式碼的情況下，自主交付一個可運作的企業 AI 應用。這真的非常驚人，你必須親眼看到才會相信。C3.ai Code、更廣泛的平台採用、聯邦系統成長，以及銷售紀律。將是我們未來成長引擎的核心。最後，讓我清楚說明我們將前往的方向。

Our priorities are clear. They are measured. The turnaround is on track. We have a well-designed plan, and this is all about execution. Return the company to quarter-over-quarter consistent revenue growth.

我們的優先事項很明確。它們是可衡量的。轉型正按計畫推進。我們有一個設計完善的計畫，而這一切都在於執行。讓公司回到逐季一致的營收成長。

Attain free cash flow from operations, and reach non-GAAP profitability. Every objective in this company ties to those goals every day, every week, every month. We're not going to ask the market to underwrite a story.

達成營運活動的自由現金流，並實現非 GAAP 獲利。公司裡的每一項目標每天、每週、每月都與這些目標相連結。我們不會要求市場為一個故事買單。

Our plan is to deliver results quickly, quarter over quarter, and let those results speak for themselves. And with that, let me turn the call over to Hitesh Lath to talk about the specific financial results of the quarter.

我們的計畫是快速交付成果，逐季推進，並讓這些成果自己說話。接下來，我把電話交給 Hitesh Lath，請他談談本季的具體財務結果。

Thank you, Tom. Total revenue for the quarter was $52.4 million. Subscription revenue was $49.2 million, representing 94% of total revenue. Professional services revenue was $3.2 million, of which $1.8 million was revenue from prioritized engineering services, or PES. Our subscription and PES revenue combined was $50.9 million and accounted for 97% of total revenue.

謝謝你，Tom。本季總營收為 5,240 萬美元。訂閱營收為 4,920 萬美元，占總營收的 94%。專業服務營收為 320 萬美元，其中 180 萬美元來自優先工程服務（PES）。我們的訂閱與 PES 營收合計為 5,090 萬美元，占總營收的 97%。

Non-GAAP gross profit for the quarter was $26.1 million and non-GAAP gross margin improved sequentially from 37% last quarter to 50%, primarily due to cost reduction actions we've taken over the last few months.

本季非 GAAP 毛利為 2,610 萬美元，非 GAAP 毛利率較上一季的 37% 依序提升至 50%，主要是因為我們在過去幾個月採取的成本削減措施。

Next quarter, as we make selective investments in engineering organization, we expect a non-GAAP gross margin to moderate to mid-40s. Non-GAAP operating loss for the quarter was $36.2 million. This was $8.3 million better than the midpoint of our guidance. Non-GAAP net loss for the quarter improved to $30.7 million and $0.20 cents per share.

下一季，隨著我們對工程組織進行選擇性投資，我們預期非 GAAP 毛利率將回落至 40% 中段。本季非 GAAP 營運虧損為 3,620 萬美元。這比我們指引區間的中點好 830 萬美元。本季非 GAAP 淨虧損改善至 3,070 萬美元，合每股 0.20 美元。

Our non-GAAP expenses for the quarter were $88.5 million. This reflects a reduction of almost $40 million as compared to the actual non-GAAP expenses of $128.1 million same quarter last year, and a reduction of over $17 million as compared to the last quarter.

本季我們的非 GAAP 費用為 8,850 萬美元。相較於去年同期實際非 GAAP 費用 1.281 億美元，減少了將近 4,000 萬美元；相較於上一季，減少超過 1,700 萬美元。

Free cash flow for the quarter was positive $2.1 million as compared to negative $34.3 million same quarter last year and negative $54.8 million last quarter. This was due to a significant reduction in our quarterly cash expenses as well as strong collections. We continue to be very well capitalized and close the quarter with $651.1 million in cash, cash equivalents, and marketable securities.

本季自由現金流為正 210 萬美元，相較於去年同期為負 3,430 萬美元，以及上一季為負 5,480 萬美元。這主要是由於我們季度現金支出大幅下降，以及回款表現強勁。我們的資本狀況仍非常充裕，本季末持有現金、約當現金及有價證券合計 6.511 億美元。

Quick update on our restructuring plan. Our restructuring is almost complete and we have been able to achieve annualized cost savings of approximately $135 million across our business. This includes cost savings from approximately 40% headcount reduction across all organizations, as well as from reduction in non-employee expenses. As we said on the last quarter's earnings call, some of the cost savings will be fully realized starting with the second half of fiscal year 2027. With a substantially improved cost structure, reorganized and focused sales services and products organizations, we are well positioned to achieve revenue growth, materially improve our operating efficiency and free cash flow, and position the company for long-term success.

簡要更新我們的重整計畫。我們的重整幾乎完成，並已在全公司範圍內實現約 1.35 億美元的年化成本節省。其中包括各組織約 40% 的人力縮減所帶來的成本節省，以及非員工費用的降低。如同我們在上一季財報電話會議所說，部分成本節省將自 2027 會計年度下半年起完全反映。在成本結構大幅改善、銷售、服務與產品組織完成重整並聚焦之後，我們已具備良好條件以實現營收成長、顯著提升營運效率與自由現金流，並讓公司邁向長期成功。

Now, I'll move on to our guidance for second quarter and fiscal year 2027. Our revenue guidance for second quarter of fiscal year 2027 is $51 million to $55 million. Our guidance for non-GAAP loss from operations for second quarter is $34.5 million to $42.5 million. Our revenue guidance for fiscal year 2027 is $210 million to $240 million. Our guidance for non-GAAP loss from operations for fiscal year 2027 is $123 million to $155 million.

接下來，我將說明 2027 會計年度第二季與 2027 會計年度的指引。我們對 2027 會計年度第二季的營收指引為 5,100 萬至 5,500 萬美元。我們對第二季非 GAAP 營運虧損的指引為 3,450 萬至 4,250 萬美元。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 營運虧損的指引為 1.23 億至 1.55 億美元。

For the remainder of fiscal year 2027, we expect our free cash flow to broadly align with a guidance range for non-GAAP loss from operations. Now I'd like to turn the call over to the operator to begin the Q&A session.

在 2027 會計年度剩餘期間，我們預期自由現金流將大致與非 GAAP 營運虧損的指引區間相一致。現在我想把電話交回給接線員，開始問答環節。

Patrick Walravens from Citizens.

Citizens 的 Patrick Walravens。

Tom, congratulations on the beginning of the turnaround here. With federal up 138%, I think I have to start with that, which is, what was sort of the biggest thing that you won? How did you win it? And what does the pipeline look like for more things like that in federal?

Tom，恭喜你們的轉型開始見到成效。聯邦業務成長 138%，我想我得先從這裡問起：你們贏下的最大案子是什麼？你們是怎麼贏的？在聯邦領域，未來更多類似機會的管線看起來如何？

The pipeline in federal looks very good and I would say there's an incumbent there that has a large market share with very high levels of dissatisfaction, both with their product and their business practices. So a lot of that dissatisfaction is spinning off now in opportunities for us.

聯邦領域的管線看起來非常好。我會說那裡有一家既有供應商擁有很大的市占，但客戶不滿意度非常高，無論是對他們的產品還是商業作法。因此，這些不滿現在正轉化為我們的機會。

So, in addition, I mean, the government's spending a lot of money on these types of technologies, particularly in the intelligence and the defense sectors. I think the defense budget's about to go from $1 billion to $1.5 billion like this month, and our next month, so there's, I'm sorry, $1 trillion to $1.5 trillion. Thank you.

此外，政府在這類技術上投入大量資金，特別是在情報與國防領域。我認為國防預算這個月或下個月就要從 1 兆美元增加到 1.5 兆美元，所以——抱歉，是從 1 兆到 1.5 兆。謝謝。

So there are a lot of spending there, and we're getting a lot of traction. Thank you.

所以那裡有大量支出，而我們也獲得了很大的進展。謝謝。

Great, and then as a follow-up, Tom and Hitesh, you mentioned this in your remarks too. So you're going to invest more in a forward-deployed engineering organization. What does that mean for C3.ai? And did you have forward-deployed engineers before? And if not, what are you doing differently here?

很好。接著追問一下，Tom 和 Hitesh，你們在談話中也提到。你們將對前線部署的工程組織加大投資。這對 C3.ai 代表什麼？你們以前就有前線部署工程師嗎？如果沒有，這次有什麼不同的做法？

We've always had forward-deployed engineers, I think going back to about 2014, I could be wrong by a year or two. We've always had that function. And we need to be absolutely sure that each and every one of our satisfied customers are achieving what they need to achieve. And so we're going to increase our investment in people to help them with these deployments.

我們一直都有前線部署工程師，我想大概從 2014 年開始，可能差一兩年。我們一直都有這個職能。我們必須絕對確保每一位滿意的客戶都能達成他們需要達成的目標。因此，我們將增加在人力上的投資，協助他們完成這些部署。

And I think that investment in people is going to be offset in the medium run by this C3.ai Code product that you just have to see, where it's doing all of these data aggregation, pipeline building, machine learning development, user interface, without any programmers.

我認為，這項人力投資在中期將會被你剛才必須親眼看到的 C3.ai Code 產品所抵銷；它能在沒有任何程式設計師的情況下完成資料彙整、管線建置、機器學習開發與使用者介面等工作。

It is way cool. So that's going to mitigate the need for forward-deployed engineers in the medium and long run. But in the near term, we're going to overinvest in existing customers to ensure they continue to realize the returns they're looking for.

它真的非常酷。因此，從中期到長期，這將降低對前線部署工程師的需求。但在短期內，我們會對既有客戶加大投資，以確保他們持續實現所期待的回報。

All right, great, thank you. We did see it by the way, we came in and did a demo and it was remarkable, that was a surprise. Six months ago, so I'm sure it's evolved a lot since then, but it was really pretty amazing. Thank you.

好的，很棒，謝謝。順帶一提，我們確實看到了；我們進來做了一次示範，效果非常驚人，這真是個驚喜。那是六個月前，所以我相信從那時起已經進化了很多，但當時真的相當令人讚嘆。謝謝。

Radi Sultan from UBS.

UBS 的 Radi Sultan。

I guess maybe just to follow up on the Fed opportunity, I'm curious how much of that opportunity is in sort of displacing incumbents like you mentioned versus sort of greenfield work? And then what gives you confidence that you can displace that incumbent or those incumbents successfully?

我想就聯邦政府（Fed）機會再追問一下：我很好奇，這個機會有多少是像你提到的那樣取代既有供應商（incumbents），又有多少是屬於綠地（greenfield）新建案？另外，是什麼讓你有信心能成功取代那個既有供應商或那些既有供應商？

Well, we've been doing it for a while and I think it accelerated last quarter. I think they're a fine company, they make a good product, but you know, there's people who want to replace them and that creates an opportunity for us, I'd say. And then there's, lots of greenfield opportunity where we compete with them and win. So that federal just has been and remains a really good business sector for us.

嗯，我們做這件事已經有一段時間了，而且我認為上個季度加速了。我覺得他們是一家不錯的公司，產品也做得很好，但你知道，有些人想要替換他們，這就為我們創造了機會，我會這麼說。另外也有很多綠地機會，我們在那裡與他們競爭並且勝出。所以聯邦政府這塊一直是、也仍然是我們非常好的業務領域。

Got it. And just one quick follow-up. If we think about the high end of the full year guide does imply a pretty steep acceleration if you hit that. And I guess like my question is fundamentally what needs to happen, what needs to go right for you to hit that high end of the guide? And I guess like what gives you, what gives you confidence that could happen?

了解。再快速追問一個。如果我們看全年指引的高端，若要達到那個數字，確實意味著增速會相當明顯地加快。我的問題是，從根本上來說，要達到指引高端需要發生什麼、需要哪些事情進展順利？以及，是什麼讓你有信心那是可能發生的？

You know, I'll be honest with you. I'm less interested in hitting the high end of that guide that I am making sure that we built the pipeline and we have the sales organization in place to demonstrate consistent quarter-over-quarter revenue growth, from Q3 on into perpetuity. And I think that if we're able to demonstrate consistent revenue growth, if we ever get to the point where we're running free cash flow operations and get the company to non-GAAP profitability, I think it's highly likely this company will not be trading at a revenue multiple of like 3.5, it'll be trading at a revenue multiple of 10, 15, 20, or 25, and I think that will bode well for our investors.

你知道，我跟你坦白說。相較於達到那個指引高端，我更在意的是確保我們建立好銷售管線（pipeline），並且把銷售組織配置到位，從第三季開始並持續往後，展現每季（quarter-over-quarter）一致的營收成長。我認為，如果我們能展現持續的營收成長；如果我們能走到以自由現金流（free cash flow）方式運作、並讓公司達到非 GAAP 獲利的狀態，那麼這家公司很可能就不會再以大約 3.5 倍營收倍數交易，而會以 10、15、20 或 25 倍的營收倍數交易，我想這對我們的投資人會是好事。

Michael Latimore from Northland Capital Markets.

Northland Capital Markets 的 Michael Latimore。

Yes, the C3.ai Code obviously sounds really interesting. Is that a meaningful part of the pipeline? Are you still kind of in early stages of marketing that?

是的，C3.ai Code 聽起來顯然非常有意思。那在銷售管線中占比有意義嗎？你們在行銷推廣方面是否仍處於相對早期的階段？

Honestly, Mike, we're in the early stages of marketing that, but hold on to your socks because it doesn't have to be a multi-million dollar acquisition. And so people could start small and then grow and grow. The initial customers who are using it just love it.

老實說，Mike，我們確實還在行銷推廣的早期階段，但你可要坐穩了，因為它不一定需要數百萬美元等級的採購。所以客戶可以先從小規模開始，然後一路擴大、再擴大。目前使用它的第一批客戶就是非常喜歡。

And I used it here to replace a pretty substantial piece of enterprise software that we have in place that will remain unnamed. And these guys, and we pay a lot of money for this application.

我在這裡用它來替換我們現有的一個相當重要的企業軟體模組，名稱就先不提了。而且我們為這個應用付了很多錢。

It's in the kind of HR management space. And these guys built an application in one day that replaces an enterprise application in one day. I mean, it's unbelievable.

它是在某種人力資源管理（HR management）的領域。而這些人用一天就做出一個應用，能在一天內取代一個企業級應用。我的意思是，這太不可思議了。

Yes, that was great. And I mean, in the past, you've sort of promoted selling enterprise AI applications. It feels like you're maybe moving more towards a little bit of a platform strategy here, or is that the wrong interpretation?

是的，那很棒。而且我意思是，過去你們比較主打銷售企業級 AI 應用。感覺你們可能正在更偏向平台策略一些，還是說這樣解讀不對？

I think you nailed it, Mike, and we weren't that explicit about it. So in the past, we have sold the AI platform, and then we have used the AI platform to build enterprise AI applications, which are kind of big applications that do things like predictive maintenance or demand forecasting or fraud detection or supply chain optimization. Going forward, all these applications have been broken down into their atomic particles.

我覺得你說得很到位，Mike，而我們之前沒有把這點講得那麼明確。所以過去我們賣的是 AI 平台，然後我們用 AI 平台來打造企業級 AI 應用，也就是那種大型應用，能做像是預測性維護、需求預測、詐欺偵測或供應鏈最佳化之類的事情。往後，這些應用都被拆解成它們的原子粒子（atomic particles）。

And atomic particles are, if you will, are embedded in the AI platform. And if you want to build one of these applications for predictive maintenance for aircraft or process optimization in oil refining, whatever it might be, you could assemble those atomic particles in real time that become that application.

而所謂原子粒子（atomic particles），可以這麼說，是被嵌入在 AI 平台之中。如果你想為飛機做預測性維護的應用，或是為煉油做製程最佳化，不管是什麼，你都可以即時把那些原子粒子組裝起來，形成那個應用。

So it's not, they're just there and there are thousands of those elements that kind of reassemble on demand either because you asked them to do it or you did it through C3.ai Code. So it is, what's going forward is a little bit different. It's a good insightful what you caught there.

所以它不是——它們就在那里，而且有成千上萬個這樣的元素，會依需求重新組裝：要嘛是你要求它們這麼做，要嘛是你透過 C3.ai Code 來完成。所以，往後的做法確實會有點不同。你觀察到的這點很敏銳。

Great, thanks. And then just last on customer concentration, any kind of metric you can provide there? Do you have any customer over 5% or over 10% of revenue or, you know, what are your top 10 customers or percent, anything like that?

很好，謝謝。最後關於客戶集中度，有沒有什麼指標可以提供？是否有任何單一客戶占營收超過 5% 或超過 10%？或者你知道，你們前十大客戶占比之類的，任何相關資訊都可以？

Yes, Mike, not a meaningful change from before. We will disclose that to the extent appropriate in our 10-Q, which will be out in a few days. I don't think there's any one customer.

是的，Mike，和之前相比沒有實質性的變化。我們會在幾天後發布的 10-Q 中，在適當範圍內揭露相關資訊。我不認為有任何單一客戶。

Thank you. This does conclude the question and answer session of today's program. I'd like to hand the program back to Mr. Siebel for any further remarks.

謝謝。今天節目的問答環節到此結束。我想把節目交回給 Siebel 先生，請他做進一步的補充說明。

Thank you everybody for your time. We appreciate it and keep your eye on the ball. We're very focused here. All of these executives have their eye on the ball. I think if they continue to execute their plans as they have been, this will bode well for C3.ai investors and that's the game we're playing.

謝謝各位撥冗參與。我們很感激，也請大家把注意力放在重點上。我們在這裡非常專注。所有這些高階主管也都把注意力放在重點上。我認為，如果他們能像一直以來那樣持續執行他們的計畫，這將有利於 C3.ai 的投資人，而這就是我們在玩的這場遊戲。

Thank you for your interest. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝您的關注。感謝各位女士、先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。