Subscription revenue growth of 26% year
over year
C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the
Enterprise AI application software company, today announced
financial results for its fiscal second quarter ended October 31,
2022.
“It was a solid second quarter, with subscription revenue
growing 26% year over year,” said CEO Thomas M. Siebel. “We made
substantial progress ramping our consumption-based sales motion
effort, which has been well received by our customers, partners,
and sales organization. We expect consumption-based sales will be a
substantial contributor to growth in forthcoming quarters.”
Fiscal Second Quarter 2023 Financial Highlights
- Revenue: Total revenue for the quarter was $62.4
million, an increase of 7% compared to $58.3 million one year
ago.
- Subscription Revenue: Subscription revenue for the
quarter was $59.5 million, an increase of 26% compared to $47.4
million one year ago.
- Gross Profit: GAAP gross profit for the quarter was
$41.7 million, representing a 67% gross margin, compared to GAAP
gross profit of $42.3 million one year ago. Non-GAAP gross profit
for the quarter was $47.8 million, representing a 77% non-GAAP
gross margin, compared to non-GAAP gross profit of $45.3 million
one year ago.
- Remaining Performance Obligations (“RPO”): GAAP RPO of
$417.3 million, down from $465.5 million one year ago. Our GAAP RPO
represents 163% of Q2 annualized revenue. Non-GAAP RPO of $453.5
million, down from $529.3 million one year ago.
- Net Loss per Share: GAAP net loss per share was $(0.63),
compared to $(0.55) one year ago. Non-GAAP net loss per share was
$(0.11), compared to $(0.23) one year ago.
- Cash Reserves: With $858.8 million in cash, cash
equivalents, and investments, we believe C3 AI is well positioned
to sustain equity market turbulence and to continue to invest in
growth through Enterprise AI innovation and sales expansion.
C3 AI successfully completed its transition from a
subscription-based pricing model to a consumption-based pricing
model. At the same time, C3 AI largely restructured the global
sales organization, now composed of highly technical domain
experts. While the short-term effect of this transition lowers
revenue growth and decreases RPO, the Company believes the medium
and long term effect provides a substantial accelerator to revenue
growth.
The number of completed contracts in the quarter increased to
25, slightly greater than a 100% increase from 12 one year earlier.
The average contract value in the second quarter was $0.8 million,
down from $19.0 million a year earlier as a result of the new
pricing model. C3 AI believes the new pricing model will result in
a substantially increased number of smaller transactions providing
greater forward visibility into revenue and bookings, and a
substantially increased customer base from which to grow
revenues.
C3 AI remains focused on its accelerated path to profitability.
Non-GAAP loss from operations for the second quarter was $15.0
million, an improvement from $22.6 million in the quarter a year
earlier. The Company expects to be operating profitably on a
non-GAAP basis and be cash positive by the end of fiscal 2024.
C3 AI Second Quarter Customer Successes
- C3 AI expanded its footprint in the U.S. Department of
Defense with new and expanded deals with the Chief Digital and
AI Office (“CDAO”), Missile Defense Agency, U.S. Air Force, and
Defense Counterintelligence and Security Agency (“DCSA”).
- C3 AI was awarded a sub-contract via Intelligent Waves LLC for
the USAF Crowd Sourced Flight Data Program. C3 AI is
providing the C3 AI Platform for the rapid development and
operational deployment of a roadmap of mission-critical
applications in support of the 59th Test and Evaluation Squadron
(“TES”) located at Nellis Air Force Base in Nevada.
- C3 AI configured a production deployment of C3 AI Reliability
for 280 discrete assets (turbines, pumps, etc.) with one of the
world’s largest Liquefied Natural Gas (“LNG”) producers in less
than six months.
- Shell successfully implemented C3 AI Sustainability for
Manufacturing application at two of their key offshore facilities
in the Gulf of Mexico.
- C3 AI Ex Machina customers including Baker Hughes and Con
Edison have grown their runtime consumption of the application by
an average of 270% making C3 AI Ex Machina an essential part of
their data lakehouse analytics efforts.
- C3 AI’s Law Enforcement application was introduced and licensed
as the standard by San Mateo County, California.
- C3 AI saw continued licensing and service expansions at Bank of
America, Cargill, Koch Industries, Missile Defense Agency, Baker
Hughes, and Duke Energy.
C3 AI Partner Model Successes
- C3 AI and Google Cloud continued joint investment in
industry applications with the launch of two new enterprise AI
applications optimized for GCP. The sales teams are actively
co-selling to over 300 accounts. C3 AI and Google Cloud closed an
expansion with a transportation company, jointly signed one of the
top 50 retailers in the world to license C3 AI Supply Chain
applications and signed several new deals in the financial services
and oil & gas industries.
- AWS remains C3 AI's largest installed base. C3 AI expects to
continue to grow its installed base on AWS in fiscal 2023 and
beyond.
- C3 AI and Microsoft closed deals specifically this
quarter in the Energy and Manufacturing sectors.
- In Q2, C3 AI and its partner Baker Hughes secured
strategic deals with two supermajor national oil companies in the
Middle East, another supermajor European oil and gas company, one
of the largest chemical and plastics manufacturers in North
America, and a major oil and gas company in the Asia-Pacific
region.
- C3 AI and Booz Allen Hamilton formed a strategic partnership to
address the growing Enterprise AI needs of the U.S. Federal
Government and specifically the U.S. Department of Defense in
congested logistics, financial systems, decision support,
readiness, and multi-domain command and control.
New C3 AI Software Releases
- Launch of C3 AI ESG: an application that harnesses
artificial intelligence and machine learning to enable companies to
monitor, report, and improve their ESG (“Environmental, Social, and
Governance”) performance.
- Shell PoC: C3 AI successfully concluded an ESG trial
with Shell, which focused on leveraging Natural Language Processing
(“NLP”) to generate targeted insights on the rapidly evolving ESG
priorities of key stakeholders
- C3 AI Reliability Suite: Introduced two new product
releases that make the C3 AI Reliability application more
accessible to developers to extend and configure the application,
along with product enhancements that improve application end user
experience.
- C3 AI CRM: Delivered a major release of C3 AI CRM with new features in four key areas:
(1) multi-hierarchy and multi-cadence forecasting, (2) Sales
Pipeline Analytics, (3) Admin Portal, and (4) filtering,
navigation, and search.
- C3 AI Ex Machina: Announced new pricing and packaging,
unifying multiple editions and tiers into one version, and
introducing consumption-based pricing that aligns with pricing
models of the underlying cloud data lakes.
C3 AI Industry Leadership
- Industry Recognition: C3 AI was featured in the 2022
Constellation ShortListTM in the Artificial Intelligence and
Machine Learning Cloud Platforms category. Constellation evaluates
more than 10 solutions categorized in this market. Selection is
determined by client inquiries, partner conversations, customer
references, vendor selection projects, market share and internal
research.
- Increasingly Robust Patent Portfolio: C3 AI’s technology
is now protected by a broad patent portfolio with over 100 granted
patents and pending applications in the United States and numerous
international jurisdictions. C3 AI’s most recently issued U.S.
Patent 11,449,315 titled “Systems and Methods for Utilizing Machine
Learning to Identify Non-Technical Loss” discloses various
embodiments for analysis methods using unsupervised machine
learning algorithms to determine sources of non-technical loss,
such as theft or utility meter malfunction.
- Energy Management: As part of a major sustainability
effort, New York State has issued a new executive order directing
all state agencies to use the C3 AI powered NY Energy Manager
application as the system of record for their energy data. The NY
Energy Manager application, built on the C3 AI Energy Management
application, includes more than 17,000 facilities for more than
1,000 customers, including communities, businesses, municipalities,
and electricity providers in New York
Financial Outlook:
The Company’s guidance includes GAAP and non-GAAP financial
measures.
The following table summarizes C3 AI’s guidance for the third
quarter of fiscal 2023 and full-year fiscal 2023:
(in millions)
Third Quarter Fiscal 2023
Guidance
Full Year Fiscal 2023
Guidance
Total revenue
$63.0 - $65.0
$255.0 - $270.0
Non-GAAP loss from operations
($25.0) - ($29.0)
($85.0) - ($98.0)
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 Second Quarter Fiscal 2023 Financial
Results Conference Call
When:
Wednesday, December 7, 2022
Time:
2:00 p.m. PT / 5:00 p.m. ET
Participant Registration:
https://register.vevent.com/register/BI90c109ed52634acf9dae19914e915bf1
(live call)
Webcast:
https://edge.media-server.com/mmc/p/68vzasfo (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.
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, 2022 and, when
available, October 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 Application Platform, 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 October
31,
Six Months Ended October
31,
2022
2021
2022
2021
Revenue
Subscription(1)
$
59,508
$
47,408
$
116,534
$
93,530
Professional services(2)
2,900
10,855
11,182
17,139
Total revenue
62,408
58,263
127,716
110,669
Cost of revenue
Subscription(3)
19,165
11,392
33,257
20,605
Professional services
1,587
4,579
5,901
8,391
Total cost of revenue
20,752
15,971
39,158
28,996
Gross profit
41,656
42,292
88,558
81,673
Operating expenses
Sales and marketing(4)
44,936
46,166
87,923
82,988
Research and development
50,051
36,523
105,928
63,235
General and administrative
18,635
15,279
39,882
27,643
Total operating expenses
113,622
97,968
233,733
173,866
Loss from operations
(71,966
)
(55,676
)
(145,175
)
(92,193
)
Interest income
4,224
322
6,762
667
Other (expense) income, net
(945
)
(1,372
)
(1,966
)
(2,271
)
Loss before provision for
income taxes
(68,687
)
(56,726
)
(140,379
)
(93,797
)
Provision for income taxes
163
13
342
401
Net loss
$
(68,850
)
$
(56,739
)
$
(140,721
)
$
(94,198
)
Net loss per share attributable to Class A
and Class B common stockholders, basic and diluted
$
(0.63
)
$
(0.55
)
$
(1.30
)
$
(0.91
)
Weighted-average shares used in computing
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted
108,876
103,746
107,885
103,058
(1)
Including related party revenue of $19,238
and $10,012 for the three months ended October 31, 2022 and 2021,
respectively, and $35,568 and $20,220 for the six months ended
October 31, 2022 and 2021, respectively.
(2)
Including related party revenue of $21 and
$5,924 for the three months ended October 31, 2022 and 2021,
respectively, and $150 and $7,998 for the six months ended October
31, 2022 and 2021, respectively.
(3)
Including related party cost of revenue of
nil and $80 for the three months ended October 31, 2022 and 2021,
respectively, and nil and $197 for the six months ended October 31,
2022 and 2021, respectively.
(4)
Including related party sales and
marketing expense of $3,531 and $131 for the three months ended
October 31, 2022 and 2021, respectively, and $7,031 and $192 for
the six months ended October 31, 2022 and 2021, respectively.
C3.AI, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per
share data) (Unaudited)
October 31, 2022
April 30, 2022
Assets
Current assets
Cash and cash equivalents
$
277,622
$
339,528
Short-term investments
562,448
620,633
Accounts receivable, net of
allowance of $337 and $157 as of October 31, 2022 and April 30,
2022, respectively(1)
94,759
80,271
Prepaid expenses and other
current assets(2)
25,239
20,004
Total current assets
960,068
1,060,436
Property and equipment, net
61,724
14,517
Goodwill
625
625
Long-term investments
18,686
32,086
Other assets, non-current(3)
59,502
63,218
Total assets
$
1,100,605
$
1,170,882
Liabilities and stockholders’
equity
Current liabilities
Accounts payable(4)
$
30,662
$
54,218
Accrued compensation and
employee benefits
37,728
32,223
Deferred revenue,
current(5)
30,380
48,854
Accrued and other current
liabilities(6)
19,885
14,874
Total current liabilities
118,655
150,169
Deferred revenue, non-current
228
288
Other long-term liabilities(7)
28,556
30,948
Total liabilities
147,439
181,405
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.001 par value.
1,000,000,000 shares authorized as of October 31, 2022 and April
30, 2022; 106,600,493 and 102,725,041 shares issued and outstanding
as of October 31, 2022 and April 30, 2022, respectively
107
103
Class B common stock, $0.001 par value;
3,500,000 shares authorized as of October 31, 2022 and April 30,
2022; 3,499,992 and 3,499,992 shares issued and outstanding as of
October 31, 2022 and April 30, 2022, respectively
3
3
Additional paid-in capital
1,637,980
1,532,917
Accumulated other comprehensive loss
(2,805
)
(2,148
)
Accumulated deficit
(682,119
)
(541,398
)
Total stockholders’ equity
953,166
989,477
Total liabilities and stockholders’
equity
$
1,100,605
$
1,170,882
(1)
Including amounts from a related party of
$53,871 and $35,848 as of October 31, 2022 and April 30, 2022,
respectively.
(2)
Including amounts from a related party of
$4,862 and $4,862 as of October 31, 2022 and April 30, 2022,
respectively.
(3)
Including amounts from a related party of
$13,710 and $16,141 as of October 31, 2022 and April 30, 2022,
respectively.
(4)
Including amounts from a related party of
$2,153 and $18,549 as of October 31, 2022 and April 30, 2022,
respectively.
(5)
Including amounts from a related party of
$387 and $132 as of October 31, 2022 and April 30, 2022,
respectively.
(6)
Including amounts from a related party of
$2,448 and $2,510 as of October 31, 2022 and April 30, 2022,
respectively.
(7)
Including amounts from a related party of
nil and $2,448 as of October 31, 2022 and April 30, 2022,
respectively.
C3.AI, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
Six Months Ended October
31,
2022
2021
Cash flows from operating
activities:
Net loss
$
(140,721
)
$
(94,198
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and
amortization
2,413
2,364
Non-cash operating lease
cost
1,101
1,100
Stock-based compensation
expense
112,643
46,452
Other
(396
)
(538
)
Changes in operating assets and
liabilities
Accounts receivable(1)
(14,668
)
39,047
Prepaid expenses, other current
assets and other assets(2)
(3,204
)
(15,074
)
Accounts payable(3)
(28,197
)
(1,682
)
Accrued compensation and
employee benefits
(1,050
)
(5,351
)
Operating lease liabilities
650
(1,214
)
Other liabilities(4)
(882
)
13,564
Deferred revenue(5)
(18,534
)
(2,346
)
Net cash used in operating
activities
(90,845
)
(17,876
)
Cash flows from investing
activities:
Purchases of property and
equipment
(39,978
)
(1,429
)
Capitalized software
development costs
(1,000
)
(500
)
Purchases of investments
(384,024
)
(388,870
)
Maturities and sales of
investments
455,534
461,648
Net cash provided by investing
activities
30,532
70,849
Cash flows from financing
activities:
Payment of deferred offering
costs
—
(105
)
Proceeds from exercise of Class
A common stock options
1,782
11,305
Taxes paid related to net share
settlement of equity awards
(3,375
)
—
Net cash (used in) provided by
financing activities
(1,593
)
11,200
Net (decrease) increase in cash, cash
equivalents and restricted cash
(61,906
)
64,173
Cash, cash equivalents and restricted cash
at beginning of period
352,519
116,255
Cash, cash equivalents and restricted cash
at end of period
$
290,613
$
180,428
Cash and cash equivalents
$
277,622
$
167,436
Restricted cash included in
other assets
12,566
12,567
Restricted cash included in
prepaid expenses and other current assets
425
425
Total cash, cash equivalents and
restricted cash
$
290,613
$
180,428
Supplemental disclosure of cash flow
information—cash paid for income taxes
$
136
$
625
Supplemental disclosures of non-cash
investing and financing activities:
Purchases of property and
equipment included in accounts payable and accrued liabilities
$
18,361
$
52
Unpaid liabilities related to
intangible purchases
$
1,500
$
2,500
Vesting of early exercised
stock options
$
561
$
1,908
(1)
Including changes in related party
balances of $18,023 and $(5,796) for the six months ended October
31, 2022 and 2021, respectively.
(2)
Including changes in related party
balances of $(2,431) and $15,323 for the six months ended October
31, 2022 and 2021, respectively.
(3)
Including changes in related party
balances of $(16,396) and $28 for the six months ended October 31,
2022 and 2021, respectively.
(4)
Including changes in related party
balances of $(2,510) and $12,598 for the six months ended October
31, 2022 and 2021, respectively.
(5)
Including changes in related party
balances of $255 and $9,819 for the six months ended October 31,
2022 and 2021, respectively.
C3.AI, INC. RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except
percentages) (Unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2022
2021
2022
2021
Reconciliation of GAAP gross profit to
non-GAAP gross profit:
Gross profit on a GAAP basis
$
41,656
$
42,292
$
88,558
$
81,673
Stock-based compensation expense (1)
5,965
3,049
11,308
4,472
Employer payroll tax expense related to
employee stock- based compensation (2)
186
—
572
65
Gross profit on a non-GAAP
basis
$
47,807
$
45,341
$
100,438
$
86,210
Gross margin on a GAAP basis
67
%
73
%
69
%
74
%
Gross margin on a non-GAAP
basis
77
%
78
%
79
%
78
%
Reconciliation of GAAP loss from
operations to non- GAAP loss from operations:
Loss from operations on a GAAP basis
$
(71,966
)
$
(55,676
)
$
(145,175
)
$
(92,193
)
Stock-based compensation expense (1)
56,013
32,540
112,643
46,452
Employer payroll tax expense related to
employee stock- based compensation (2)
991
583
3,033
1,438
Loss from operations on a
non-GAAP basis
$
(14,962
)
$
(22,553
)
$
(29,499
)
$
(44,303
)
Reconciliation of GAAP net loss per
share to non- GAAP net loss per share:
Net loss on a GAAP basis
$
(68,850
)
$
(56,739
)
$
(140,721
)
$
(94,198
)
Stock-based compensation expense (1)
56,013
32,540
112,643
46,452
Employer payroll tax expense related to
employee stock- based compensation (2)
991
583
3,033
1,438
Net loss on a non-GAAP
basis
$
(11,846
)
$
(23,616
)
$
(25,045
)
$
(46,308
)
GAAP net loss per share attributable
common shareholders, basic and diluted
$
(0.63
)
$
(0.55
)
$
(1.30
)
$
(0.91
)
Non-GAAP net loss per share attributable
common shareholders, basic and diluted
$
(0.11
)
$
(0.23
)
$
(0.23
)
$
(0.45
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
108,876
103,746
107,885
103,058
(1)
Starting fiscal year 2023, the Company
records stock-based compensation associated with the Company’s
annual bonus program that will be settled by shares of restricted
common stock. 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 October
31,
Six Months Ended October
31,
2022
2021
2022
2021
Cost of subscription
$
5,486
$
2,364
$
9,758
$
3,185
Cost of professional services
479
685
1,550
1,287
Sales and marketing
19,080
13,555
35,859
19,690
Research and development
23,905
10,256
49,122
13,014
General and administrative
7,063
5,680
16,354
9,276
Total stock-based compensation expense
$
56,013
$
32,540
$
112,643
$
46,452
(2)
Employer payroll tax expense related to
employee stock-based compensation for gross profits and gross
margin includes costs of subscription and cost of professional
services as follows. Employer payroll tax expense related to
employee stock-based compensation for loss from operations includes
total employer payroll tax expense related to employee stock-based
compensation as follows:
Three Months Ended October
31,
Six Months Ended October
31,
2022
2021
2022
2021
Cost of subscription
$
170
$
—
$
456
$
—
Cost of professional services
16
—
116
65
Sales and marketing
356
215
886
516
Research and development
386
217
1,329
399
General and administrative
63
151
246
458
Total employer payroll tax expense
$
991
$
583
$
3,033
$
1,438
Reconciliation of remaining performance obligations (“RPO”)
to Non-GAAP RPO:
The following table presents a reconciliation of RPO to Non-GAAP
RPO:
As of October 31,
2022
2021
RPO
$
417,320
$
465,526
Cancellable amount of contract value
36,229
63,766
Non-GAAP RPO
$
453,549
$
529,292
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221207005858/en/
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