Revenue Growth of 42% year over year to $69.8
million
Raises Guidance to Reflect FY 2022 Revenue
Growth of 38%
C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the
Enterprise AI software company, today announced financial results
for its fiscal third quarter ended January 31, 2022.
“Our third quarter results displayed strength in all aspects of
our business, including revenue growth of 42% year over year,” said
CEO Thomas M. Siebel. “These results were driven by substantially
increased sales momentum due to the successful refocusing of our
sales organizations, expanded customer count, increased industry
diversification for our AI products and the further recognition of
our technology leadership in this industry. We believe C3 AI is on
track to establish a global leading market position in Enterprise
AI.”
Mr. Siebel added, “We remain confident in our long-term
prospects based on our accelerating progress and the magnitude of
the addressable enterprise AI market opportunity. Given these
trends and our progress to date, we have raised our fiscal year
2022 guidance to reflect revenue growth of 38% over fiscal year
2021.”
Fiscal Third Quarter 2022 Financial Highlights
- Revenue: Total revenue for the quarter was $69.8
million, an increase of 42% compared to $49.1 million one year
ago.
- Subscription Revenue: Subscription revenue for the
quarter was $57.1 million, an increase of 34% compared to $42.7
million one year ago.
- Gross Profit: GAAP gross profit for the quarter was
$52.4 million, a 75% gross margin, compared to $36.9 million one
year ago. Non-GAAP gross profit for the quarter was $55.8 million,
an 80% gross margin, compared to $37.3 million one year ago.
- Remaining Performance Obligations (“RPO”): GAAP RPO
increased by 90% to $469.3 million, up from $247.5 million one year
ago. Significantly, our GAAP RPO now represents 168% of Q3
annualized sales. Non-GAAP RPO increased by 81% to $536.7 million,
up from $295.9 million one year ago.
- Net Loss per Share: GAAP net loss per share was $(0.38),
compared to $(0.21) one year ago. Non-GAAP net loss per share was
$(0.07), compared to $(0.13) one year ago.
- Raising Guidance: Based on recent results and current
outlook, the Company has raised fiscal year 2022 revenue guidance
to $252.0 million, a 38% increase over the prior year.
Customer Wins and Expansions
- Shell continues to expand its C3 AI application
footprint with over 10,000 devices currently monitored by C3 ML
models and 23 large-scale assets in production deployment including
Pernis, the largest refinery in Europe, and Nigeria LNG. Shell
currently processes 1.3 trillion predictions per month with the C3
AI Suite and applications. Shell again expanded the duration and
scale of its contractual relationship with C3 during the
quarter.
- The Department of Defense (“DoD”) awarded C3 AI a
five-year, $500 million transaction agreement, accelerating the
ability for any DoD agency to acquire the Company’s suite of
Enterprise AI products and services.
- We achieved a new production deployment with the Defense
Counterintelligence and Security Agency; and secured additional
business with the U.S. Space Force.
- LyondellBasell, one of the world’s largest plastic and
chemical companies, signed a five-year, significantly expanded
contract to accelerate the deployment of additional Enterprise AI
and machine-learning applications across the company with the C3 AI
Suite and C3 AI Reliability Suite.
- Royal Philips, a global leader in health technology,
closed a new contract on the C3 AI Supply Chain Suite to enhance
resiliency, visibility, and agility for Philips’ supply chains
across the company’s North American operations.
- Cargill substantially increased and extended its C3 AI
contract to expand its deployment of C3 AI Supply Chain Suite of
applications.
- ENGIE, our energy-services partner, expanded the use and
extended the term of its C3.ai contract to deliver a broader range
of AI-enabled, end-to-end energy and sustainability (ESG) solutions
to serve both the public and private sectors.
- Swift, the global provider of secure financial messaging
services, expanded its relationship with C3 AI, leveraging the C3
AI Financial Services Suite.
- Baker Hughes: Our business activity with our JV alliance
partner BakerHughesC3.ai continues to accelerate globally.
- Customer Count increased substantially year over
year.
Other Corporate Highlights
- Sales: In the third fiscal quarter, the Company
successfully refocused its sales organizations to its traditional
strategic accounts engagement model, delivering immediate and
positive results.
- Leadership: C3 AI appointed Lisa A. Davis to its Board
of Directors. Ms. Davis is a recognized global leader in the
industrial and energy industries, bringing more than 30 years of
experience to the Company. She has served in various capacities and
leadership positions with several of the world’s largest
corporations, including Texaco and Shell, and as CEO of Siemens Gas
and Power.
- Federal AI Tailwinds: The FY 2022 National Defense
Authorization Act, Section 227, signed into law on December 27,
2021, requires that, “The Secretary of Defense shall ensure that,
to the maximum extent practicable, commercial artificial
intelligence companies are able to offer platforms, services,
applications, and tools to Department of Defense components through
processes and under Part 12 of the Federal Acquisitor Regulation.”
We believe this represents a secular change in procurement policies
for AI solutions for DoD, requiring primacy in the selection and
use of commercial off the shelf software solutions from commercial
vendors like C3 AI, rather than traditional custom development by
custom project-specific developers that have largely proven to be
unsuccessful. We believe this will help to accelerate C3 AI’s
Federal business in the coming years.
- New AI Application Development Center: C3 AI opened a
software development and professional service center in
Guadalajara, Mexico. The Company plans to hire as many as 1,000
senior software and service engineers in Mexico over the next few
years. C3 AI is making this investment to meet the growing, global
demand for Enterprise AI applications and associated services, and
because the talent pool in Guadalajara is among the best in the
world.
- Cash Reserves: With $1.02 billion in cash, cash
equivalents, and investments, C3 AI is well positioned to continue
to invest in market leadership through enterprise AI innovation and
brand equity and sales expansion.
- Stock Repurchase Program: In December 2021, the
Company's board of directors approved a stock repurchase program
for the repurchase of up to $100 million of C3 AI’s outstanding
shares of class A common stock for the 18 months following the date
it was approved.
Financial Outlook:
The Company’s guidance includes GAAP and non-GAAP financial
measures.
The following table summarizes C3 AI’s guidance for the
full-year fiscal 2022:
(in millions)
Full Year Fiscal 2022
Guidance
Total revenue
$251.0 - $252.0
Non-GAAP loss from operations
($90.0) - ($94.0)
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 Third Quarter Fiscal 2022 Financial
Results Conference Call
When:
Wednesday, March 2, 2022
Time:
2:00 p.m. PT / 5:00 p.m. ET
Live Call:
(833) 927-1758, Domestic
(929) 526-1599, International
Conference ID: 473103
Webcast:
https://event.on24.com/wcc/r/3574335/DDB99DECA3706870460ABE808A34A0C9
(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
The Company reports 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, non-GAAP loss
from operations, and non-GAAP net loss per share. Our non-GAAP
gross profit, non-GAAP gross margin, non-GAAP loss from operations,
and non-GAAP net loss per share 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.
Other Metrics
Customer-Entity and Customer.
We define a Customer-Entity as each entity that is the ultimate
parent of a party contracting with us.
We commonly enter into enterprise-wide agreements with
Customer-Entities that include multiple operating units or
divisions. We count as a Customer each distinct division,
department, business unit, or group within a Customer-Entity that
uses our product(s). In situations where our Customer (or
Customer-Entity) has developed software using our C3 AI Suite or
developed derivative works of our C3 AI Applications and has sold
that software or service to its end customer(s), we also include
such end customers in our Customer count. In addition, where our
software is sold to a third-party under a reseller arrangement, we
include the end customer of such arrangement in our Customer count.
We only count Customers and Customer-Entities for which there is
revenue in the period through a Customer-Entity contract. We
exclude free trials from both our Customer-Entity and Customer
counts.
During the period ending January 31, 2022, we performed an
analysis of our Customer-Entity usage. We found that despite the
definition our previous Customer count did not capture all the
distinct divisions, departments, business units, or groups that
were using our software or services. We also identified that while
our previous Customer count included situations where (i) our
Customer (or Customer-Entity) had developed software using our C3
AI Suite or derivative works of our C3 AI Applications and had sold
that software or service to its end customer(s), and (ii) our
software or services were sold to a third-party under a reseller
arrangement, our previously stated definition did not explicitly
include those scenarios.
For clarity, we have provided our customer count historically
using both the prior and current methodology. We intend to only
present the revised calculation of Customer on a go-forward basis,
as we believe it is a more accurate representation. Please see the
tables included at the end of this release for these calculations
in Other Metrics.
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, anticipated benefits from our partnerships and
investments, 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 Reports
on Form 10-Q for the fiscal quarters ended July 31, 2021 and
October 31, 2021 and, when available, January 31, 2022, 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 the Enterprise AI application software
company. C3 AI delivers a family of fully integrated products
including the C3 AI Suite, an end-to-end platform for developing,
deploying, and operating enterprise AI applications and C3 AI
Applications, a portfolio of industry-specific SaaS enterprise AI
applications that enable the digital transformation of
organizations globally.
C3.AI, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share data)
(Unaudited)
Three Months Ended January
31,
Nine Months Ended January
31,
2022
2021
2022
2021
Revenue
Subscription(1)
$
57,084
$
42,699
$
150,614
$
114,248
Professional services(2)
12,689
6,410
29,828
16,685
Total revenue
69,773
49,109
180,442
130,933
Cost of revenue
Subscription(3)
12,275
7,023
32,880
22,694
Professional services
5,079
5,203
13,470
10,113
Total cost of revenue
17,354
12,226
46,350
32,807
Gross profit
52,419
36,883
134,092
98,126
Operating expenses
Sales and marketing(4)
43,146
28,450
126,134
64,898
Research and development
40,931
18,748
104,166
48,145
General and administrative
15,748
8,184
43,391
21,433
Total operating expenses
99,825
55,382
273,691
134,476
Loss from operations
(47,406
)
(18,499
)
(139,599
)
(36,350
)
Interest income
410
129
1,077
997
Other income (expense), net
7,742
1,721
5,471
4,163
Net loss before provision for income
taxes
(39,254
)
(16,649
)
(133,051
)
(31,190
)
Provision for income taxes
193
203
594
456
Net loss
$
(39,447
)
$
(16,852
)
$
(133,645
)
$
(31,646
)
Net loss per share attributable to Class A
common shareholders, basic and diluted
$
(0.38
)
$
(0.23
)
$
(1.29
)
$
(0.64
)
Net loss per share attributable to Class
A-1 common shareholders, basic and diluted
$
—
$
(0.10
)
$
—
$
(0.52
)
Net loss per share attributable to Class B
common shareholders, basic and diluted
$
(0.38
)
$
(0.13
)
$
(1.29
)
$
(0.12
)
Weighted-average shares used in computing
net loss per share attributable to Class A common stockholders,
basic and diluted
101,593
68,648
100,341
43,481
Weighted-average shares used in computing
net loss per share attributable to Class A-1 common stockholders,
basic and diluted
—
6,667
—
6,667
Weighted-average shares used in computing
net loss per share attributable to Class B common stockholders,
basic and diluted
3,500
3,500
3,500
3,500
(1)
Including related party revenue
of $19,740 and $7,951 for the three months ended January 31, 2022
and 2021, respectively, and $39,960 and $21,571 for the nine months
ended January 31, 2022 and 2021, respectively.
(2)
Including related party revenue of $4,892
and nil for the three months ended January 31, 2022 and 2021,
respectively, and $12,890 and nil for the nine months ended January
31, 2022 and 2021, respectively.
(3)
Including related party cost of revenue of
$191 and nil for the three months ended January 31, 2022 and 2021,
respectively, and $388 and nil for the nine months ended January
31, 2022 and 2021, respectively.
(4)
Including related party sales and
marketing expense of $2,398 and nil for the three months ended
January 31, 2022 and 2021, respectively, and $2,590 and nil for the
nine months ended January 31, 2022 and 2021, respectively.
C3.AI, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except for
share and per share data)
(Unaudited)
January 31, 2022
April 30, 2021
Assets
Current assets
Cash and cash equivalents
$
204,531
$
115,355
Short-term investments
764,104
978,020
Accounts receivable, net of allowance of
$57 and $812 as of January 31, 2022 and April 30, 2021,
respectively(1)
68,178
65,460
Prepaid expenses and other current
assets(2)
25,754
14,302
Total current assets
1,062,567
1,173,137
Property and equipment, net
5,297
6,133
Goodwill
625
625
Long-term investments
54,012
—
Other assets, non-current(3)
65,006
16,582
Total assets
$
1,187,507
$
1,196,477
Liabilities and stockholders’
equity
Current liabilities
Accounts payable(4)
$
14,478
$
12,075
Accrued compensation and employee
benefits
22,588
21,829
Deferred revenue, current(5)
58,524
72,263
Accrued and other current
liabilities(6)
33,598
18,318
Total current liabilities
129,188
124,485
Deferred revenue, non-current
924
2,964
Other long-term liabilities(7)
30,720
7,853
Total liabilities
160,832
135,302
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.001 par value.
1,000,000,000 shares authorized as of January 31, 2022 and April
30, 2021; 102,784,741 and 98,667,121 shares issued and outstanding
as of January 31, 2022 and April 30, 2021, respectively
103
99
Class B common stock, $0.001 par value;
3,500,000 shares authorized as of January 31, 2022 and April 30,
2021; 3,499,992 and 3,499,992 shares issued and outstanding as of
January 31, 2022 and April 30, 2021, respectively
3
3
Additional paid-in capital
1,510,343
1,410,325
Accumulated other comprehensive (loss)
income
(796
)
81
Accumulated deficit
(482,978
)
(349,333
)
Total stockholders’ equity
1,026,675
1,061,175
Total liabilities and stockholders’
equity
$
1,187,507
$
1,196,477
(1)
Including amounts from a related party of
$15,727 and $15,180 as of January 31, 2022 and April 30, 2021,
respectively.
(2)
Including amounts from a related
party of $5,010 and $1,662 as of January 31, 2022 and April 30,
2021, respectively.
(3)
Including amounts from a related party of
$17,356 and $6,602 as of January 31, 2022 and April 30, 2021,
respectively.
(4)
Including amounts from a related party of
$2,415 and $56 as of January 31, 2022 and April 30, 2021,
respectively.
(5)
Including amounts from a related party of
$575 and $7,697 as of January 31, 2022 and April 30, 2021,
respectively.
(6)
Including amounts from a related party of
$18,534 and $3,413 as of January 31, 2022 and April 30, 2021,
respectively.
(7)
Including amounts from a related party of
$2,448 and $4,895 as of January 31, 2022 and April 30, 2021,
respectively.
C3.AI, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended January
31,
2022
2021
Cash flows from operating
activities:
Net loss
$
(133,645
)
$
(31,646
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
3,761
3,189
Non-cash operating lease cost
2,369
2,474
Stock-based compensation expense
77,813
14,270
Other
255
(115
)
Changes in operating assets and
liabilities
Accounts receivable(1)
(1,963
)
588
Prepaid expenses, other current assets and
other assets(2)
(21,108
)
(6,931
)
Accounts payable(3)
2,237
7,447
Accrued compensation and employee
benefits
759
4,303
Operating lease liabilities
(2,303
)
(2,636
)
Other liabilities(4)
14,304
1,213
Deferred revenue(5)
(15,779
)
2,016
Net cash used in operating activities
(73,300
)
(5,828
)
Cash flows from investing
activities:
Purchases of property and equipment
(2,183
)
(1,166
)
Capitalized software development costs
(500
)
—
Proceeds from sale of non-marketable
equity security
—
725
Purchases of investments
(540,290
)
(232,287
)
Maturities and sales of investments
698,312
280,997
Net cash provided by investing
activities
155,339
48,269
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
Payment of deferred offering costs
(105
)
(6,710
)
Proceeds from exercise of Class A common
stock options
19,334
13,825
Net cash provided by financing
activities
19,229
884,977
Net increase in cash, cash equivalents and
restricted cash
101,268
927,418
Cash, cash equivalents and restricted cash
at beginning of period
116,255
33,604
Cash, cash equivalents and restricted cash
at end of period
$
217,523
$
961,022
Cash and cash equivalents
$
204,531
$
960,122
Restricted cash included in other
assets
12,992
900
Total cash, cash equivalents and
restricted cash
$
217,523
$
961,022
Supplemental disclosure of cash flow
information—cash paid for income taxes
$
677
$
435
Supplemental disclosures of non-cash
investing and financing activities:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
483
$
349
Right-of-use assets obtained in exchange
for lease obligations
$
26,529
$
—
Unpaid liabilities related to intangible
purchases
$
2,500
$
—
Receivable from exercise of stock options
included in prepaid expenses, other current assets and other
assets
$
45
$
—
Deferred offering costs included in
accounts payable and accrued liabilities
$
—
$
503
Vesting of early exercised stock
options
$
2,391
$
2,073
(1)
Including changes in related party
balances of $547 and $(780) for the nine months ended January 31,
2022 and 2021, respectively.
(2)
Including changes in related party
balances of $14,102 and nil for the nine months ended January 31,
2022 and 2021, respectively.
(3)
Including changes in related party
balances of $2,359 and nil for the nine months ended January 31,
2022 and 2021, respectively.
(4)
Including changes in related party
balances of $12,674 and nil for the nine months ended January 31,
2022 and 2021, respectively.
(5)
Including changes in related party
balances of $(7,122) and $7,859 for the nine months ended January
31, 2022 and 2021, respectively.
C3.AI, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages)
(Unaudited)
Three Months Ended January
31,
Nine Months Ended January
31,
2022
2021
2022
2021
Reconciliation of GAAP gross profit to
non-GAAP gross profit:
Gross profit on a GAAP basis
$
52,419
$
36,883
$
134,092
$
98,126
Stock-based compensation expense (1)
3,343
378
7,815
858
Employer payroll tax expense related to
employee stock-based compensation (2)
8
—
73
—
Gross profit on a non-GAAP basis
$
55,770
$
37,261
$
141,980
$
98,984
Gross margin on a GAAP basis
75
%
75
%
74
%
75
%
Gross margin on a non-GAAP basis
80
%
76
%
79
%
76
%
Reconciliation of GAAP loss from
operations to non-GAAP loss from operations:
Loss from operations on a GAAP basis
$
(47,406
)
$
(18,499
)
$
(139,599
)
$
(36,350
)
Stock-based compensation expense (1)
31,361
6,589
77,813
14,270
Employer payroll tax expense related to
employee stock-based compensation (2)
356
—
1,794
—
Loss from operations on a non-GAAP
basis
$
(15,689
)
$
(11,910
)
$
(59,992
)
$
(22,080
)
Reconciliation of GAAP net loss per
share to non-GAAP net loss per share:
Net loss on a GAAP basis
$
(39,447
)
$
(16,852
)
$
(133,645
)
$
(31,646
)
Stock-based compensation expense (1)
31,361
6,589
77,813
14,270
Employer payroll tax expense related to
employee stock-based compensation (2)
356
—
1,794
—
Net loss on a non-GAAP basis
$
(7,730
)
$
(10,263
)
$
(54,038
)
$
(17,376
)
GAAP net loss per share attributable to
common shareholders, basic and diluted
$
(0.38
)
$
(0.21
)
$
(1.29
)
$
(0.59
)
Non-GAAP net loss per share attributable
to common shareholders, basic and diluted
$
(0.07
)
$
(0.13
)
$
(0.52
)
$
(0.32
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
105,093
78,815
103,841
53,648
(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 January
31,
Nine Months Ended January
31,
2022
2021
2022
2021
Cost of subscription
$
2,639
$
214
$
5,824
$
557
Cost of professional services
704
164
1,991
301
Sales and marketing
8,850
2,790
28,540
5,835
Research and development
12,846
846
25,860
1,952
General and administrative
6,322
2,575
15,598
5,625
Total stock-based compensation expense
$
31,361
$
6,589
$
77,813
$
14,270
(2)
Employer payroll tax expense related to
employee stock-based compensation was immaterial and as such was
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 January
31,
Nine Months Ended January
31,
2022
2021
2022
2021
Cost of subscription
$
7
$
—
$
7
$
—
Cost of professional services
1
—
66
—
Sales and marketing
202
—
718
—
Research and development
38
—
437
—
General and administrative
108
—
566
—
Total employer payroll tax expense
$
356
$
—
$
1,794
$
—
Reconciliation of remaining performance obligations (“RPO”)
to Non-GAAP RPO:
The following table presents a reconciliation of RPO to Non-GAAP
RPO:
As of January 31,
2022
2021
RPO
$
469,276
$
247,451
Cancellable amount of contract value
67,454
48,405
Non-GAAP RPO
$
536,730
$
295,856
C3.AI, INC. OTHER METRICS
(Unaudited)
Customer-Entity and Customer.
Our Customer-Entity count is as follows:
January 31, 2021
April 30, 2021
July 31, 2021
October 31, 2021
January 31, 2022
Customer-Entities
39
32
44
53
50
Based on the revised approach, our best estimate of our Customer
count is as follows:
January 31, 2021
April 30, 2021
July 31, 2021
October 31, 2021
January 31, 2022
Customer count
Revised calculation
120
151
180
203
218
Based on the prior calculation, our prior Customer count is as
follows:
January 31, 2021
April 30, 2021
July 31, 2021
October 31, 2021
January 31, 2022
Customer count
Prior calculation
75
89
98
104
110
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302005206/en/
Investor Contact ir@c3.ai
Press Contact Lisa Kennedy (415) 914-8336 pr@c3.ai
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