Fourth Quarter Revenue of $52.3 million,
increased 26% year over year
C3.ai, Inc. (NYSE: AI), the Enterprise AI application software
company, today announced results for its fiscal fourth quarter and
the full year ended April 30, 2021.
“We achieved strong business and financial results in the fourth
quarter and full fiscal year, as we advance our leadership position
as the enterprise AI application software pure play,” said CEO
Thomas M. Siebel. “The enterprise AI software market is rapidly
growing, and we see accelerating interest in enterprise AI
solutions across industries, geographies, and market segments. We
are aggressively investing to extend our product and technology
leadership and to expand our market-partner ecosystem and
associated distribution capacity. As we continue to execute on
delivering high-value outcomes for customers, we are increasingly
well-positioned to establish a global market leadership position in
enterprise AI application software. Bottom line, performance was
strong across the board and we are planning for accelerating growth
in the coming year.”
Fourth Quarter Financial Highlights
- Revenue: Total revenue for the quarter was $52.3
million, up from $41.6 million one year ago, an increase of 26%
year over year.
- Subscription revenue: Subscription revenue for the
quarter was $43.1 million, up from $36.8 million one year ago, an
increase of 17% year over year.
- Gross Profit: Gross profit for the quarter was $40.6
million (a 78% gross margin), compared to $32.1 million gross
profit (a 77% gross margin) one year ago, an increase in gross
profit of 26% year over year.
- Remaining Performance Obligations (“RPO”): RPO was
$293.8 million, compared to $239.7 million one year ago, an
increase of 23% year over year.
- Non-GAAP RPO: Non-GAAP RPO was $345.1 million, compared
to $246.9 million one year ago, an increase of 40% year over
year.
- C3 AI Customer Count: Total enterprise AI customer count
was 89, an increase of 82% year over year.
Full Year Fiscal 2021 Financial Highlights
- Revenue: Total revenue for the year was $183.2 million,
up from $156.7 million one year ago, an increase of 17% year over
year.
- Subscription revenue: Subscription revenue for the year
was $157.4 million, up from $135.4 million one year ago, an
increase of 16% year over year. Subscription revenue as a
percentage of total revenue remained 86%, constant year over
year.
- Gross Profit: Gross profit for the year was $138.7
million (a 76% gross margin), compared to $117.9 million gross
profit (a 75% gross margin) one year ago, an increase of 18% year
over year.
Recent Business Highlights
- C3 AI continued to accelerate customer momentum and expanded
its enterprise AI footprint in Defense and Intelligence, Financial
Services, Manufacturing, Oil & Gas, Utilities, and Energy
Sustainability, with new enterprise production deployments at the
United States Air Force, Bank of America, Standard Chartered Bank,
Koch Industries, MEG Energy, Duke Energy, and ENGIE. C3 AI also
initiated new enterprise AI projects with 3M, ConEd, FIS, Infor,
Koch Industries, New York Power Authority, and Shell, and signed
new contracts with Commonwealth Bank, George Washington University
School of Medicine and Health Sciences, NCS, One Medical, San Mateo
County, Stanford Health Care, SWIFT, and Yokogawa Electric
Corporation, as well as expanded business with the US Air Force,
including the Rapid Sustainment Office (RSO) and the F-35 Joint
Program Office (JPO). Shell signed an expanded 5+-year enterprise
agreement with C3 AI to accelerate the deployment of C3 AI and ML
applications across Shell global assets. This represents a major
expansion of the partnership C3 AI and Shell have forged over the
past several years.
- The total number of C3 AI customers at the end of Q4 FY2021 was
89, up from 49 at the end of Q4 FY2020, an 82% increase year over
year.
- C3 AI further expanded its market-partner ecosystem to extend
its global distribution and service capabilities. During the
quarter C3 AI expanded its relationship with strategic partner and
financial technology leader FIS to launch joint solutions for the
financial services industry, including FIS Credit Intelligence
powered by C3 AI. This builds on the previously announced launch of
FIS AML Compliance Hub powered by C3 AI.
- The company saw continued success in its partnership with Baker
Hughes, exceeding its FY 2021 revenue target for the alliance.
- The company formed a wide-ranging strategic alliance with
Infor, an ERP technology cloud leader, to jointly expand
enterprise-class AI solutions across industries and extend Infor’s
native machine learning capabilities. C3 AI also established its
first strategic partnership in the telecommunications industry,
forming an alliance with Singtel subsidiary NCS, a leading
information, communications, and technology service provider. The
partnership will focus on delivering enterprise AI solutions to
customers in Southeast Asia, Australia, and New Zealand across
multiple industries including telecommunications, government,
financial services, transportation, and others.
- C3 AI demonstrated ongoing product leadership in enterprise AI.
In the fourth quarter, the company released C3 AI v7.19 and v7.20,
delivering significant new features and enhancements including new
advanced AutoML capabilities in the no-code AI and analytics
platform C3 AI Ex Machina, as well as the release of C3 AI UI
Designer in C3 AI Integrated Design Studio, a no-code development
tool that allows users to create C3 AI application user interfaces
rapidly and easily with drag-and-drop components. In addition, in
partnership with Baker Hughes, C3 AI released BHC3 Production
Schedule Optimization application for demand planning &
manufacturing production scheduling.
- C3 AI extended its investment in C3 AI CRM, the first
enterprise-class, AI-first CRM solution custom-built for
industries, developed in partnership with Microsoft and Adobe. C3
AI released new precision sales forecasting capabilities in C3 AI
CRM to improve forecasting accuracy for sales teams and executives.
C3 AI CRM leverages all relevant economic (stock market indexes,
commodity prices, inflation, interest rates, etc.) and
company-specific (bankruptcy, M&A, share repurchases, etc.)
data along with the traditional CRM data to develop rich AI models
enabling precise revenue forecasting, accurate product forecasting,
next-best product, next best offer, and customer churn
prediction.
- C3 AI grew its enterprise AI production application footprint
through both new customer acquisitions and expanded use by existing
customers, with 91 discrete applications in production at the end
of the fourth quarter, including some of largest enterprise AI
application deployments in the world at customers such as Shell,
Enel, LyondellBasell, Koch Industries, and the US Air Force. C3 AI
production applications showed significantly increased industry
diversification, growing to 11 industries in Q4 FY2021 compared to
5 industries in Q4 FY2020, with notable expansion in Financial
Services. C3 AI application end users also continued to grow,
exceeding 7,400 worldwide in Q4 FY2021.
- Operating at massive scale, as of April 30, 2021 the C3 AI
Suite and Applications were integrated with more than 800 unique
enterprise and extraprise data sources, manage more than 4.8
million concurrent production AI models, process more than 1.5
billion predictions per day, and evaluate over 30.5 billion machine
learning features daily.
- With Shell and Microsoft, C3 AI expanded the Open Energy AI
Initiative, an open marketplace for C3 AI energy applications.
Announced in February 2021, the Open Energy AI Initiative aims to
accelerate the deployment and availability of enterprise AI
solutions to the energy industry by providing a framework for
energy operators, service providers, equipment providers, and
independent software vendors to offer interoperable solutions
powered by the C3 AI Suite and Microsoft Azure.
- C3 AI continued to invest in its public-private partnership
with the C3.ai Digital Transformation Institute, to accelerate
research into the new science of Digital Transformation. In the
fourth quarter, DTI conducted a weekly series of colloquia
presenting original research by DTI-affiliated researchers from
leading institutions. DTI also issued its second call for research
proposals, on AI for Energy and Climate Security, receiving 52
proposals. Grant awards will be announced later in June. For
additional information see: https://c3dti.ai.
- C3 AI saw ongoing success in building brand awareness. In Q4 FY
2021, C3 AI ranked #1 in internet search results for the term
“Enterprise AI” across virtually all measurements.
- C3 AI further enhanced the company’s leadership with the
addition of senior executives to the company’s Federal Systems unit
including: Lieutenant General (Retired) Edward Cardon as Chair, C3
AI Federal Systems, and Tod Weber as SVP and General Manager, C3 AI
Federal Systems. A 36-year US Army career officer, Lieutenant
General Cardon most recently served as the Director of the US Army
Office of Business Transformation, a role in which he helped to
establish the Army Futures Command. Tod Weber most recently served
as CEO and chairman of Software AG Government Solutions, and
previously held senior roles at webMethods, Oracle, and PTC.
- C3 AI continued to attract exceptional talent to the company,
adding 56 net new employees in the fourth quarter to end the
quarter with 574 fulltime employees. The company received over
12,500 employment applications in Q4.
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
The following table summarizes our guidance for the first
quarter of fiscal 2022 and full-year fiscal 2022:
(in millions)
First Quarter Fiscal
2022
Guidance
Full Year Fiscal 2022
Guidance
Total revenue
$50.0 - $52.0
$243.0 - $247.0
Non-GAAP loss from operations
($28.0) - ($35.0)
($107.0) - ($119.0)
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, expenses that may be incurred in the
future. Stock-based compensation expense-related charges, including
employer payroll tax-related items on employee stock transactions,
are impacted by the timing of employee stock transactions, the
future fair market value of our common stock, and our future hiring
and retention needs, all of which are difficult to predict and
subject to constant change. We have provided a reconciliation of
GAAP to non-GAAP financial measures in the financial statement
tables for our historical non-GAAP results included in this press
release. Our fiscal year ends April 30, and numbers are rounded for
presentation purposes.
Conference Call Details
What:
C3 AI Fourth Quarter Fiscal 2021 Financial
Results Conference Call
When:
Wednesday, June 2, 2021
Time:
2:00 p.m. PT / 5:00 p.m. ET
Live Call:
(833) 900-2294, Domestic
(236) 714-2785, International
Conference ID: 5242869
Webcast:
https://event.on24.com/wcc/r/3080127/97E4F6577A3CC43864859BF7208EE9B6
(live and replay)
Investor Presentation Details
An investor presentation providing additional information and
analysis can be found at our investor relations page at
ir.c3.ai.
Statement Regarding Use of non-GAAP Financial
Measures
We report the following non-GAAP financial measures, which have
not been prepared in accordance with generally accepted accounting
principles in the United States (GAAP), in addition to, and not as
a substitute for, or superior to, financial measures calculated in
accordance with GAAP.
- Non-GAAP gross profit, non-GAAP gross margin, and non-GAAP
loss from operations. Our non-GAAP gross profit, non-GAAP gross
margin, and non-GAAP loss from operations measures exclude the
effect of stock-based compensation expense-related charges and
employer payroll tax expense related to employee stock-based
compensation. We believe the presentation of operating results that
exclude these non-cash items provides useful supplemental
information to investors and facilitates the analysis of our
operating results and comparison of operating results across
reporting periods.
- Non-GAAP RPO: Non-GAAP RPO represents our GAAP RPO plus
the associated cancellable contracted backlog. We believe the
presentation of our RPO inclusive of the cancellable backlog
provides useful supplemental information to investors about our
aggregate contractual backlog and facilitates the analysis of our
operating results and comparison of operating results across
reporting periods.
We use these non-GAAP financial measures internally for
financial and operational decision-making purposes and as a means
to evaluate period-to-period comparisons. Non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures and should be
read only in conjunction with our condensed consolidated financial
statements prepared in accordance with GAAP. Our presentation of
non-GAAP financial measures may not be comparable to similar
measures used by other companies. We encourage investors to
carefully consider our results under GAAP, as well as our
supplemental non-GAAP information and the reconciliation between
these presentations, to more fully understand our business. Please
see the tables included at the end of this release for the
reconciliation of GAAP to non-GAAP financial measures.
Use of Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release other than
statements of historical facts, including our market leadership
position, plans to license certain technologies, financial outlook,
our business strategies, plans, and objectives for future
operations, are forward-looking statements. The words “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “intend,” “may,”
“will” and similar expressions are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections
about future events and trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks and uncertainties. Some of these risks are
described in greater detail in our filings with the Securities and
Exchange Commission, including our Quarterly Report on Form 10-Q
for the fiscal quarter ended January 31, 2021, although new and
unanticipated risks may arise. The future events and trends
discussed in this press release may not occur and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, achievements, or events and circumstances reflected in
the forward-looking statements will occur. Except to the extent
required by law, we do not undertake to update any of these
forward-looking statements after the date of this press release to
conform these statements to actual results or revised
expectations.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is a leading provider of enterprise AI
software for accelerating digital transformation. C3 AI delivers a
family of fully integrated products: C3 AI® Suite, an end-to-end
platform for developing, deploying, and operating large-scale AI
applications; C3 AI Applications, a portfolio of industry-specific
SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM
applications designed for AI and machine learning; and C3 AI Ex
Machina, a no-code AI solution to apply data science to everyday
business problems. The core of the C3 AI offering is an open,
model-driven AI architecture that dramatically simplifies data
science and application development. Learn more at: www.c3.ai.
Source: C3.ai, Inc.
C3.AI, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per
share data)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2021
2020
2021
2020
Revenue
Subscription(1)
$
43,118
$
36,767
$
157,366
$
135,394
Professional services(2)
9,166
4,851
25,851
21,272
Total revenue
52,284
41,618
183,217
156,666
Cost of revenue
Subscription(3)
8,621
7,986
31,315
31,479
Professional services
3,091
1,523
13,204
7,308
Total cost of revenue
11,712
9,509
44,519
38,787
Gross profit
40,572
32,109
138,698
117,879
Operating expenses
Sales and marketing(4)
32,093
34,589
96,991
94,974
Research and development
20,711
17,426
68,856
64,548
General and administrative
11,676
10,313
33,109
29,854
Total operating expenses
64,480
62,328
198,956
189,376
Loss from operations
(23,908
)
(30,219
)
(60,258
)
(71,497
)
Interest income
258
1,136
1,255
4,251
Other (expense) income, net
(152
)
(1,254
)
4,011
(1,752
)
Net loss before provision for income
taxes
(23,802
)
(30,337
)
(54,992
)
(68,998
)
Provision for income taxes
248
97
704
380
Net loss
$
(24,050
)
$
(30,434
)
$
(55,696
)
$
(69,378
)
Net loss attributable to Class A common
shareholders, basic and diluted
$
(0.24
)
$
(0.82
)
$
(0.90
)
$
(1.94
)
Net loss attributable to Class A-1 common
shareholders, basic and diluted
$
—
$
(0.82
)
$
(0.55
)
$
(1.94
)
Net loss attributable to Class B common
shareholders, basic and diluted
$
(0.24
)
$
—
$
(0.35
)
$
—
Weighted-average shares used in computing
net loss per share attributable to Class A common stockholders,
basic and diluted
97,328,701
30,369,014
56,677,947
29,133,157
Weighted-average shares used in computing
net loss per share attributable to Class A-1 common stockholders,
basic and diluted
—
6,666,665
6,666,665
6,666,665
Weighted-average shares used in computing
net loss per share attributable to Class B common stockholders,
basic and diluted
3,499,992
—
3,499,992
(1) Including related party revenue of
$8,986, $9,865, $30,557 and $40,425 for the three months and year
ended April 30, 2021 and 2020, respectively.
(2) Including related party revenue of
$4,825, $82, $4,825 and $292 for the three months and year ended
April 30, 2021 and 2020, respectively.
(3) Including related party cost of
revenue of $56, nil, $56 and nil for the three months and year
ended April 30, 2021 and 2020, respectively.
(4) Including related party sales and
marketing expense of $44, nil, $44 and nil for the three months and
year ended April 30, 2021 and 2020, respectively.
C3.AI, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except for
share and per share data)
(unaudited)
As of April 30,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
115,355
$
33,104
Short-term investments
978,020
211,874
Accounts receivable, net of allowance of
$812 and $755 as of April 30, 2021 and 2020, respectively(1)
65,460
30,827
Prepaid expenses and other current
assets(2)
14,302
5,400
Total current assets
1,173,137
281,205
Property and equipment, net
6,133
8,723
Goodwill
625
625
Long-term investments
—
725
Other assets, non-current(3)
16,582
13,830
Total assets
$
1,196,477
$
305,108
Liabilities, redeemable convertible
preferred stock, redeemable convertible Class A-1 common stock and
stockholders’ equity (deficit)
Current liabilities
Accounts payable(4)
$
12,075
$
4,726
Accrued compensation and employee
benefits
21,829
13,693
Deferred revenue, current(5)
72,263
53,537
Accrued and other current
liabilities(6)
18,318
9,083
Total current liabilities
124,485
81,039
Deferred revenue, non-current
2,964
6,758
Other long-term liabilities(7)
7,853
6,001
Total liabilities
135,302
93,798
Commitments and contingencies
Redeemable convertible preferred stock,
$0.001 par value. No shares and 233,107,379 shares authorized as of
April 30, 2021 and 2020, respectively; no shares and 37,128,768
shares issued and outstanding as of April 30, 2021 and 2020,
respectively; Liquidation preference of $376,178 as of April 30,
2020
—
375,207
Redeemable convertible class A-1 common
stock, $0.001 par value. No shares and 6,666,667 shares authorized
as of April 30, 2021 and 2020, respectively; no shares and
6,666,665 shares issued and outstanding as of April 30, 2021 and
2020, respectively; Liquidation preference of $18,800 as of April
30, 2020
—
18,800
Stockholders’ equity (deficit)
Class A common stock, $0.001 par value.
1,000,000,000 and 390,000,000 shares authorized as of April 30,
2021 and 2020, respectively; 98,494,729 and 31,210,159 shares
issued and outstanding as of April 30, 2021 and 2020
respectively
99
31
Class B common stock, $0.001 par value;
3,500,000 and 21,000,000 shares authorized as of April 30, 2021 and
2020, respectively; 3,499,992 and no shares issued and outstanding
as of April 30, 2021 and 2020, respectively
3
—
Additional paid-in capital
1,410,325
110,485
Accumulated other comprehensive income
81
424
Accumulated deficit
(349,333
)
(293,637
)
Total stockholders’ equity (deficit)
1,061,175
(182,697
)
Total liabilities, redeemable convertible
preferred stock, redeemable convertible Class A-1 common stock and
stockholders’ equity (deficit)
$
1,196,477
$
305,108
(1) Including amounts from a related party
of $15,180 and $250 as of April 30, 2021 and 2020,
respectively.
(2) Including amounts from a related party
of $1,662 and nil as of April 30, 2021 and 2020, respectively.
(3) Including amounts from a related party
of $6,602 and nil as of April 30, 2021 and 2020, respectively.
(4) Including amounts from a related party
of $56 and nil as of April 30, 2021 and 2020, respectively.
(5) Including amounts from a related party
of $7,697 and $1,499 as of April 30, 2021 and 2020,
respectively.
(6) Including amounts from a related party
of $3,413 and nil as of April 30, 2021 and 2020, respectively.
(7) Including amounts from a related party
of $4,895 and nil as of April 30, 2021 and 2020, respectively.
C3.AI, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(unaudited)
Year Ended April 30,
2021
2020
Cash flows from operating
activities:
Net loss
$
(55,696)
$
(69,378)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
4,297
1,302
Non-cash operating lease costs
3,315
3,052
Stock-based compensation
21,740
8,310
Impairment on investment
—
1,025
Other
(180)
(657)
Changes in operating assets and
liabilities
Accounts receivable(1)
(34,690)
32,659
Prepaid expenses, other current assets and
other assets(2)
(14,855)
(4,265)
Accounts payable(3)
7,450
(1,219)
Accrued compensation and employee
benefits
8,135
651
Operating lease liabilities
(3,551)
(3,174)
Other liabilities(4)
11,549
1,343
Deferred revenue(5)
14,933
(30,930)
Net cash used in operating activities
(37,553)
(61,281)
Cash flows from investing
activities:
Purchases of property and equipment
(1,628)
(2,298)
Capitalized software development costs
—
(581)
Proceeds from sale of non-marketable
equity security
725
—
Purchases of investments
(1,152,142)
(219,853)
Maturities and sales of investments
385,893
98,659
Net cash used in investing activities
(767,152)
(124,073)
Cash flows from financing
activities:
Proceeds from initial public offering and
private placements, net of underwriting discounts
851,859
—
Proceeds from repayment of shareholder
loan
26,003
—
Proceeds from issuance of Series G, net of
issuance costs
—
25,333
Proceeds from issuance of Series H, net of
issuance costs
—
49,836
Repurchase of common stock and options in
tender offer
—
(3,548)
Payment of deferred offering costs
(7,179)
—
Proceeds from issuance of common stock
—
44,027
Proceeds from exercise of Class A common
stock options
16,673
4,203
Net cash provided by financing
activities
887,356
119,851
Net increase (decrease) in cash, cash
equivalents and restricted cash
82,651
(65,503)
Cash, cash equivalents and restricted cash
at beginning of period
33,604
99,107
Cash, cash equivalents and restricted cash
at end of period
$
116,255
$
33,604
Cash and cash equivalents
$
115,355
$
33,104
Restricted cash included in other
assets
900
500
Total cash, cash equivalents and
restricted cash
$
116,255
$
33,604
Supplemental disclosure of cash flow
information—cash paid for income taxes
$
550
$
660
Supplemental disclosures of non-cash
investing and financing activities:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
212
$
417
Deferred offering costs included in
accounts payable and accrued liabilities
$
105
$
—
Vesting of early exercised stock
options
$
2,869
$
655
(1) Including changes in related party
balances of $(14,930) and $19,750 for the year ended April 30, 2021
and 2020, respectively.
(2) Including changes in related party
balances of $8,264 and nil for the year ended April 30, 2021 and
2020, respectively.
(3) Including changes in related party
balances of $56 and nil for the year ended April 30, 2021 and 2020,
respectively.
(4) Including changes in related party
balances of $8,308 and nil for the year ended April 30, 2021 and
2020, respectively.
(5) Including changes in related party
balances of $6,198 and $(18,445) for the year ended April 30, 2021
and 2020, respectively.
C3.AI, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2021
2020
2021
2020
Reconciliation of GAAP gross profit to
non-GAAP gross profit:
Gross profit on a GAAP basis
$
40,572
$
32,109
$
138,698
$
117,879
Stock-based compensation expense (1)
347
153
1,205
492
Employer payroll tax expense related to
employee stock-based compensation (2)
33
—
33
—
Gross profit on a non-GAAP basis
$
40,952
$
32,262
$
139,936
$
118,371
Gross margin on a GAAP basis
78
%
77
%
76
%
75
%
Gross margin on a non-GAAP basis
78
%
78
%
76
%
76
%
Reconciliation of GAAP loss from
operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis
$
(23,908
)
$
(30,219
)
$
(60,258
)
$
(71,497
)
Stock-based compensation expense (1)
7,470
2,886
21,740
8,310
Employer payroll tax expense related to
employee stock-based compensation (2)
995
—
995
—
Loss from operations on a non-GAAP
basis
$
(15,443
)
$
(27,333
)
$
(37,523
)
$
(63,187
)
(1)
Stock-based compensation expense for gross
profits and gross margin includes costs of subscription and cost of
professional services as follows. Stock-based compensation expense
for loss from operations includes total stock-based compensation
expense as follows:
Three Months Ended April
30,
Year Ended April 30,
2021
2020
2021
2020
Cost of subscription
$
271
$
124
$
828
$
370
Cost of professional services
76
29
377
122
Sales and marketing
3,245
1,180
9,080
3,074
Research and development
997
313
2,949
1,223
General and administrative
2,881
1,240
8,506
3,521
Total stock-based compensation expense
$
7,470
$
2,886
$
21,740
$
8,310
(2)
Employer payroll tax expense related to
employee stock-based compensation were immaterial and as such were
excluded in periods prior to January 31, 2021. Employer payroll tax
expense to employee stock-based compensation for gross profits,
gross margin and loss from operations includes employer payroll tax
expense to employee stock-based compensation as follows:
Three Months Ended April
30,
Year Ended April 30,
2021
2020
2021
2020
Cost of subscription
$
30
$
—
$
30
$
—
Cost of professional services
3
—
3
—
Sales and marketing
338
—
338
—
Research and development
353
—
353
—
General and administrative
271
—
271
—
Total employer payroll tax expense
$
995
$
—
$
995
$
—
Reconciliation of remaining performance obligations (“RPO”)
to Non-GAAP RPO:
The following table presents a reconciliation of RPO to Non-GAAP
RPO:
As of April 30,
2021
2020
RPO
$
293,836
$
239,742
Cancellable amount of contract value
51,252
7,183
Non-GAAP RPO
$
345,088
$
246,925
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210602006040/en/
Investor Contact ir@c3.ai
Press Contact Lisa Kennedy (415) 914-8336 pr@c3.ai
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