Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2023 | Feb. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39744 | |
Entity Registrant Name | C3.ai, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3999357 | |
Entity Address, Address Line One | 1400 Seaport Blvd | |
Entity Address, City or Town | Redwood City, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 503-2200 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | AI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --04-30 | |
Amendment Flag | false | |
Entity Central Index Key | 0001577526 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 108,709,732 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,499,992 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 311,142 | $ 339,528 | |
Short-term investments | 461,298 | 620,633 | |
Accounts receivable, net of allowance of $337 and $157 as of October 31, 2022 and April 30, 2022, respectively | [1] | 143,678 | 80,271 |
Prepaid expenses and other current assets | [2] | 30,392 | 20,004 |
Total current assets | 946,510 | 1,060,436 | |
Property and equipment, net | 75,197 | 14,517 | |
Goodwill | 625 | 625 | |
Long-term investments | 17,369 | 32,086 | |
Other assets, non-current | [3] | 55,512 | 63,218 |
Total assets | 1,095,213 | 1,170,882 | |
Current liabilities | |||
Accounts payable | [4] | 19,990 | 54,218 |
Accrued compensation and employee benefits | 39,522 | 32,223 | |
Deferred revenue, current | [5] | 38,893 | 48,854 |
Accrued and other current liabilities | [6] | 25,203 | 14,874 |
Total current liabilities | 123,608 | 150,169 | |
Deferred revenue, non-current | 51 | 288 | |
Other long-term liabilities | [7] | 24,184 | 30,948 |
Total liabilities | 147,843 | 181,405 | |
Commitments and contingencies (note 6) | |||
Stockholders’ equity | |||
Additional paid-in capital | 1,693,574 | 1,532,917 | |
Accumulated other comprehensive loss | (1,035) | (2,148) | |
Accumulated deficit | (745,281) | (541,398) | |
Total stockholders’ equity | 947,370 | 989,477 | |
Total liabilities and stockholders’ equity | 1,095,213 | 1,170,882 | |
Class A Common Stock | |||
Stockholders’ equity | |||
Common stock | 109 | 103 | |
Class B Common Stock | |||
Stockholders’ equity | |||
Common stock | $ 3 | $ 3 | |
[1]Including amounts from a related party of $82,143 and $35,848 as of January 31, 2023 and April 30, 2022, respectively.[2]Including amounts from a related party of $4,983 and $4,862 as of January 31, 2023 and April 30, 2022, respectively.[3]Including amounts from a related party of $12,495 and $16,141 as of January 31, 2023 and April 30, 2022, respectively.[4]Including amounts from a related party of nil and $18,549 as of January 31, 2023 and April 30, 2022, respectively.[5]Including amounts from a related party of $318 and $132 as of January 31, 2023 and April 30, 2022, respectively.[6]Including amounts from a related party of $2,448 and $2,510 as of January 31, 2023 and April 30, 2022, respectively.[7]Including amounts from a related party of nil and $2,448 as of January 31, 2023 and April 30, 2022, respectively. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 | |
Accounts receivable, allowance | $ 359 | $ 157 | |
Accounts receivable, net, from related party | 82,143 | 35,848 | |
Prepaid expenses and other current assets, from related party | [1] | 30,392 | 20,004 |
Other assets, non-current, due from related party | [2] | 55,512 | 63,218 |
Accounts payable, from related party | 0 | 18,549 | |
Deferred revenue, current, from related party | [3] | 38,893 | 48,854 |
Accrued and other current liabilities, from related party | [4] | 25,203 | 14,874 |
Other long-term liabilities, from related party | 0 | 2,448 | |
Related Party | |||
Prepaid expenses and other current assets, from related party | 4,983 | 4,862 | |
Other assets, non-current, due from related party | 12,495 | 16,141 | |
Deferred revenue, current, from related party | 318 | 132 | |
Accrued and other current liabilities, from related party | $ 2,448 | $ 2,510 | |
Class A Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued (in shares) | 108,508,976 | 102,725,041 | |
Common stock, shares outstanding (in shares) | 108,508,976 | 102,725,041 | |
Class B Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 3,500,000 | 3,500,000 | |
Common stock, shares issued (in shares) | 3,499,992 | 3,499,992 | |
Common stock, shares outstanding (in shares) | 3,499,992 | 3,499,992 | |
[1]Including amounts from a related party of $4,983 and $4,862 as of January 31, 2023 and April 30, 2022, respectively.[2]Including amounts from a related party of $12,495 and $16,141 as of January 31, 2023 and April 30, 2022, respectively.[3]Including amounts from a related party of $318 and $132 as of January 31, 2023 and April 30, 2022, respectively.[4]Including amounts from a related party of $2,448 and $2,510 as of January 31, 2023 and April 30, 2022, respectively. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Revenue | |||||
Total revenue | $ 66,669 | $ 69,773 | $ 194,385 | $ 180,442 | |
Cost of revenue | |||||
Total cost of revenue | 22,271 | 17,354 | 61,429 | 46,350 | |
Gross profit | 44,398 | 52,419 | 132,956 | 134,092 | |
Operating expenses | |||||
Sales and marketing | [1] | 43,497 | 43,146 | 131,420 | 126,134 |
Research and development | 55,051 | 40,931 | 160,979 | 104,166 | |
General and administrative | 17,888 | 15,748 | 57,770 | 43,391 | |
Total operating expenses | 116,436 | 99,825 | 350,169 | 273,691 | |
Loss from operations | (72,038) | (47,406) | (217,213) | (139,599) | |
Interest income | 6,987 | 410 | 13,749 | 1,077 | |
Other income (expense), net | 2,032 | 7,742 | 66 | 5,471 | |
Loss before provision for income taxes | (63,019) | (39,254) | (203,398) | (133,051) | |
Provision for income taxes | 143 | 193 | 485 | 594 | |
Net loss | $ (63,162) | $ (39,447) | $ (203,883) | $ (133,645) | |
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) | |
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 110,735 | 105,093 | 108,869 | 103,841 | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 110,735 | 105,093 | 108,869 | 103,841 | |
Subscription | |||||
Revenue | |||||
Total revenue | [2] | $ 57,043 | $ 57,084 | $ 173,577 | $ 150,614 |
Cost of revenue | |||||
Total cost of revenue | [3] | 21,294 | 12,275 | 54,551 | 32,880 |
Professional services | |||||
Revenue | |||||
Total revenue | [4] | 9,626 | 12,689 | 20,808 | 29,828 |
Cost of revenue | |||||
Total cost of revenue | $ 977 | $ 5,079 | $ 6,878 | $ 13,470 | |
[1]Including related party sales and marketing expense of $3,515 and $2,398 for the three months ended January 31, 2023 and 2022, respectively, and $10,546 and $2,590 for the nine months ended January 31, 2023 and 2022, respectively.[2]Including related party revenue of $20,316 and $19,740 for the three months ended January 31, 2023 and 2022, respectively, and $55,884 and $39,960 for the nine months ended January 31, 2023 and 2022, respectively.[3]Including related party cost of revenue of nil and $191 for the three months ended January 31, 2023 and 2022, respectively, and nil and $388 for the nine months ended January 31, 2023 and 2022, respectively.[4]Including related party revenue of $8,599 and $4,892 for the three months ended January 31, 2023 and 2022, respectively, and $8,749 and $12,890 for the nine months ended January 31, 2023 and 2022, respectively. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Related party cost of revenue | $ 22,271 | $ 17,354 | $ 61,429 | $ 46,350 | |
Related party sales and marketing | [1] | 43,497 | 43,146 | 131,420 | 126,134 |
Investor | |||||
Related party sales and marketing | 3,515 | 2,398 | 10,546 | 2,590 | |
Subscription | |||||
Related party cost of revenue | [2] | 21,294 | 12,275 | 54,551 | 32,880 |
Subscription | Investor | |||||
Related party revenue | 20,316 | 19,740 | 55,884 | 39,960 | |
Related party cost of revenue | 0 | 191 | 0 | 388 | |
Professional services | |||||
Related party cost of revenue | 977 | 5,079 | 6,878 | 13,470 | |
Professional services | Investor | |||||
Related party revenue | $ 8,599 | $ 4,892 | $ 8,749 | $ 12,890 | |
[1]Including related party sales and marketing expense of $3,515 and $2,398 for the three months ended January 31, 2023 and 2022, respectively, and $10,546 and $2,590 for the nine months ended January 31, 2023 and 2022, respectively.[2]Including related party cost of revenue of nil and $191 for the three months ended January 31, 2023 and 2022, respectively, and nil and $388 for the nine months ended January 31, 2023 and 2022, respectively. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (63,162) | $ (39,447) | $ (203,883) | $ (133,645) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on available-for-sale marketable securities, net of tax | 1,770 | (556) | 1,113 | (877) |
Comprehensive loss | $ (61,392) | $ (40,003) | $ (202,770) | $ (134,522) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | RSUs | Common Stock | Common Stock RSUs | Additional Paid-In Capital | Additional Paid-In Capital RSUs | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance, shares (in shares) at Apr. 30, 2021 | 102,167 | |||||||
Beginning Balance, Amount at Apr. 30, 2021 | $ 1,061,175 | $ 102 | $ 1,410,325 | $ 81 | $ (349,333) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases (in shares) | 4,064 | |||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases | 19,818 | $ 4 | 19,814 | |||||
Vesting of early exercised Class A common stock options | 2,391 | 2,391 | ||||||
Vesting of restricted stock units (in shares) | 54 | |||||||
Stock-based compensation expense | 77,813 | 77,813 | ||||||
Other comprehensive gain (loss) | (877) | (877) | ||||||
Net loss | (133,645) | (133,645) | ||||||
Ending Balance, shares (in shares) at Jan. 31, 2022 | 106,285 | |||||||
Ending Balance, Amount at Jan. 31, 2022 | 1,026,675 | $ 106 | 1,510,343 | (796) | (482,978) | |||
Beginning Balance, shares (in shares) at Oct. 31, 2021 | 104,871 | |||||||
Beginning Balance, Amount at Oct. 31, 2021 | 1,026,510 | $ 105 | 1,470,176 | (240) | (443,531) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases (in shares) | 1,397 | |||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases | 8,324 | $ 1 | 8,323 | |||||
Vesting of early exercised Class A common stock options | 483 | 483 | ||||||
Vesting of restricted stock units (in shares) | 17 | |||||||
Stock-based compensation expense | 31,361 | 31,361 | ||||||
Other comprehensive gain (loss) | (556) | (556) | ||||||
Net loss | (39,447) | (39,447) | ||||||
Ending Balance, shares (in shares) at Jan. 31, 2022 | 106,285 | |||||||
Ending Balance, Amount at Jan. 31, 2022 | 1,026,675 | $ 106 | 1,510,343 | (796) | (482,978) | |||
Beginning Balance, shares (in shares) at Apr. 30, 2022 | 106,225 | |||||||
Beginning Balance, Amount at Apr. 30, 2022 | $ 989,477 | $ 106 | 1,532,917 | (2,148) | (541,398) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases (in shares) | 758 | 747 | ||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases | $ 2,387 | $ 1 | 2,386 | |||||
Vesting of early exercised Class A common stock options | 842 | 842 | ||||||
Tax withholding related to net share settlement of equity awards (in shares) | (336) | |||||||
Tax withholding related to net share settlement of equity awards | (4,815) | (4,815) | ||||||
Vesting of restricted stock units (in shares) | 5,373 | |||||||
Vesting of restricted stock units | $ 23,928 | $ 5 | $ 23,923 | |||||
Stock-based compensation expense | 138,321 | 138,321 | ||||||
Other comprehensive gain (loss) | 1,113 | 1,113 | ||||||
Net loss | (203,883) | (203,883) | ||||||
Ending Balance, shares (in shares) at Jan. 31, 2023 | 112,009 | |||||||
Ending Balance, Amount at Jan. 31, 2023 | 947,370 | $ 112 | 1,693,574 | (1,035) | (745,281) | |||
Beginning Balance, shares (in shares) at Oct. 31, 2022 | 110,101 | |||||||
Beginning Balance, Amount at Oct. 31, 2022 | 953,166 | $ 110 | 1,637,980 | (2,805) | (682,119) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases (in shares) | 180 | |||||||
Issuance of Class A common stock upon exercise of stock options, net of repurchases | 590 | 590 | ||||||
Vesting of early exercised Class A common stock options | 286 | 286 | ||||||
Tax withholding related to net share settlement of equity awards (in shares) | (115) | |||||||
Tax withholding related to net share settlement of equity awards | (1,440) | (1,440) | ||||||
Vesting of restricted stock units (in shares) | 1,843 | |||||||
Vesting of restricted stock units | $ 10,255 | $ 2 | $ 10,253 | |||||
Stock-based compensation expense | 45,905 | 45,905 | ||||||
Other comprehensive gain (loss) | 1,770 | 1,770 | ||||||
Net loss | (63,162) | (63,162) | ||||||
Ending Balance, shares (in shares) at Jan. 31, 2023 | 112,009 | |||||||
Ending Balance, Amount at Jan. 31, 2023 | $ 947,370 | $ 112 | $ 1,693,574 | $ (1,035) | $ (745,281) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | ||
Cash flows from operating activities: | |||
Net loss | $ (203,883) | $ (133,645) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 3,257 | 3,761 | |
Non-cash operating lease cost | 5,820 | 2,369 | |
Stock-based compensation expense | 168,474 | 77,813 | |
Other | (1,779) | 255 | |
Changes in operating assets and liabilities | |||
Accounts receivable | [1] | (63,609) | (1,963) |
Prepaid expenses, other current assets and other assets | [2] | (7,745) | (21,108) |
Accounts payable | [3] | (26,250) | 2,237 |
Accrued compensation and employee benefits | 1,069 | 759 | |
Operating lease liabilities | (3,296) | (2,303) | |
Other liabilities | [4] | (4,606) | 14,304 |
Deferred revenue | [5] | (10,197) | (15,779) |
Net cash used in operating activities | (142,745) | (73,300) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (59,767) | (2,183) | |
Capitalized software development costs | (1,000) | (500) | |
Purchases of investments | (497,288) | (540,290) | |
Maturities and sales of investments | 674,440 | 698,312 | |
Net cash provided by investing activities | 116,385 | 155,339 | |
Cash flows from financing activities: | |||
Payment of deferred offering costs | 0 | (105) | |
Proceeds from exercise of Class A common stock options | 2,364 | 19,334 | |
Taxes paid related to net share settlement of equity awards | (4,815) | 0 | |
Net cash (used in) provided by financing activities | (2,451) | 19,229 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (28,811) | 101,268 | |
Cash, cash equivalents and restricted cash at beginning of period | 352,519 | 116,255 | |
Cash and cash equivalents | 311,142 | 204,531 | |
Restricted cash included in other assets, non-current | 12,566 | 12,567 | |
Restricted cash included in prepaid expenses and other current assets | 0 | 425 | |
Cash, cash equivalents and restricted cash at end of period | 323,708 | 217,523 | |
Total cash, cash equivalents and restricted cash | 323,708 | 217,523 | |
Supplemental disclosure of cash flow information—cash paid for income taxes | 219 | 677 | |
Supplemental disclosures of non-cash investing and financing activities: | |||
Purchases of property and equipment included in accounts payable and accrued liabilities | 12,618 | 483 | |
Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives) | 2,033 | 26,529 | |
Unpaid liabilities related to intangible purchases | 1,500 | 2,500 | |
Vesting of early exercised stock options | $ 842 | $ 2,391 | |
[1]Including changes in related party balances of $46,295 and $547 for the nine months ended January 31, 2023 and 2022, respectively.[2]Including changes in related party balances of $(3,525) and $14,102 for the nine months ended January 31, 2023 and 2022, respectively.[3]Including changes in related party balances of $(18,549) and $2,359 for the nine months ended January 31, 2023 and 2022, respectively.[4]Including changes in related party balances of $(2,510) and $12,674 for the nine months ended January 31, 2023 and 2022, respectively.[5]Including changes in related party balances of $186 and $(7,122) for the nine months ended January 31, 2023 and 2022, respectively. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | ||
Related party balanced included in prepaid expenses, other current assets and other assets | [1] | $ 7,745 | $ 21,108 |
Related party balances included in other liabilities | [2] | (4,606) | 14,304 |
Investor | |||
Related party balances included in accounts receivable | 46,295 | 547 | |
Related party balanced included in prepaid expenses, other current assets and other assets | (3,525) | 14,102 | |
Related party balances included in accounts payable | (18,549) | 2,359 | |
Related party balances included in other liabilities | (2,510) | 12,674 | |
Related party balance included in deferred revenue | $ 186 | $ (7,122) | |
[1]Including changes in related party balances of $(3,525) and $14,102 for the nine months ended January 31, 2023 and 2022, respectively.[2]Including changes in related party balances of $(2,510) and $12,674 for the nine months ended January 31, 2023 and 2022, respectively. |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Business and Significant Accounting Policies | Summary of Business and Significant Accounting Policies Business C3.ai, Inc. (including its subsidiaries, “C3 AI” or “the Company”) is an enterprise artificial intelligence (“AI”) software provider. The Company’s C3 AI Platform supports accelerating digital transformation in various industries with prebuilt and configurable C3 AI Applications for business use cases including predictive maintenance, fraud detection, sensor network health, supply network optimization, energy management, anti-money laundering, and customer engagement. The Company supports customers in the United States, Europe, and the rest of the world. The Company was initially formed as a limited liability company in Delaware on January 8, 2009 and converted to a Delaware corporation in June 2012. Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022, which was filed with the SEC on June 23, 2022. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of January 31, 2023 and the results of operations for the three and nine months ended January 31, 2023. The results of operations for the three and nine months ended January 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates include, but are not limited to, determining standalone selling price for performance obligations in contracts with customers and estimating variable consideration, the estimated expected benefit period for deferred contract acquisition costs, the useful lives of long-lived assets, the incremental borrowing rate for operating leases and other assumptions used to measure stock-based compensation, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. Fiscal Year The Company’s fiscal year ends on April 30. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 1. Summary of Business and Significant Accounting Policies in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the fiscal year ended April 30, 2022, which was filed with the SEC on June 23, 2022. There have been no significant changes to these policies during the three and nine months ended January 31, 2023. |
Revenue
Revenue | 9 Months Ended |
Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table presents revenue by geographical region (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 North America (1) $ 55,254 $ 56,846 $ 155,108 $ 136,995 Europe, the Middle East and Africa (1) 9,546 11,108 32,138 36,116 Asia Pacific (1) 1,801 1,819 6,603 7,331 Rest of World (1) 68 — 536 — Total revenue $ 66,669 $ 69,773 $ 194,385 $ 180,442 __________________ (1) The United States comprised 83% and 81% of the Company’s revenue for the three months ended January 31, 2023 and 2022, respectively, and 80% and 76% of the Company’s revenue for the nine months ended January 31, 2023 and 2022, respectively. France comprised 8% of the Company’s revenue for the three months ended January 31, 2022, and 11% of the Company’s revenue for the nine months ended January 31, 2022. No other country comprised 10% or greater of the Company’s revenue for the three and nine months ended January 31, 2023 or 2022. Deferred Revenue As of January 31, 2023 and April 30, 2022, the Company's deferred revenue balances were $38.9 million and $49.1 million, respectively. Revenue of $45.6 million and $68.8 million was recognized during the nine months ended January 31, 2023 and 2022, respectively, that was included in the deferred revenue balances as of April 30, 2022 and 2021, respectively. Remaining Performance Obligation Remaining performance obligations are committed and represent non-cancellable contracted revenue that has not yet been recognized and will be recognized as revenue in future periods. Some contracts allow customers to cancel the contracts without a significant penalty, and the cancellable amount of contract value is not included in the remaining performance obligations. The Company excludes amounts related to performance obligations and usage-based royalties that are billed and recognized as they are delivered or billed and recognized in the same period. This primarily consists of monthly usage-based runtime and hosting charges in the duration of some revenue contracts. Revenue expected to be recognized from remaining performance obligations was approximately $403.2 million as of January 31, 2023, of which $176.3 million is expected to be recognized over the next 12 months and the remainder thereafter. Customer Concentration and Accounts Receivable All of the Company’s Customer-Entities consist of corporate and governmental entities. A limited number of Customer-Entities have accounted for a large part of the Company’s revenue and accounts receivable to date. For the purpose of determining customer concentration and accounts receivable, unbilled receivables have been excluded from accounts receivable balance. One Customer-Entity accounted for 45% of revenue for the three months ended January 31, 2023. Two separate Customer-Entities accounted for 36% and 10%, respectively, of revenue for the three months ended January 31, 2022. One Customer-Entity accounted for 34% of revenue for the nine months ended January 31, 2023. Two separate Customer-Entities accounted for 30% and 10%, respectively, of revenue for the nine months ended January 31, 2022. Two separate Customer-Entities accounted for 22% and 18%, respectively, of accounts receivable at January 31, 2023. Three separate Customer-Entities accounted for 32%, 13% and 12%, respectively, of accounts receivable at April 30, 2022. A Customer-Entity is defined as each entity that is the ultimate parent of a party contracting with the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments consist primarily of cash equivalents, restricted cash, available-for-sale marketable securities, accounts receivable, and accounts payable. Cash equivalents and available-for-sale marketable securities are reported at their respective fair values on the condensed consolidated balance sheets. The remaining financial instruments are reported on the condensed consolidated balance sheets at amounts that approximate current fair values. The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of January 31, 2023 As of April 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 155,476 $ — $ — $ 155,476 $ 107,726 $ — $ — $ 107,726 Certificates of deposit — — — — — 3,000 — 3,000 Commercial paper 121,995 — 121,995 — 142,511 — 142,511 Corporate debt securities — 3,327 — 3,327 — 8,884 — 8,884 Available-for-sale marketable securities: U.S. treasury securities 12,442 — 12,442 — 12,763 — 12,763 Certificates of deposit — 64,252 — 64,252 — 97,205 — 97,205 U.S. government agencies securities — 26,428 — 26,428 — 13,890 — 13,890 Commercial paper — 180,413 — 180,413 — 241,132 — 241,132 Corporate debt securities — 195,132 — 195,132 — 287,729 — 287,729 Total cash equivalents and available-for-sale marketable securities $ 155,476 $ 603,989 $ — $ 759,465 $ 107,726 $ 807,114 $ — $ 914,840 The estimated fair value of securities classified as Level 2 financial instruments was determined based on third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Inputs used for fair value measurement categorized as Level 2 include benchmark yields, reported trades, broker or dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. |
Investments
Investments | 9 Months Ended |
Jan. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Cash Equivalents and Available-for-Sale Marketable Securities The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands): As of January 31, 2023 As of April 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 155,476 $ — $ — $ 155,476 $ 107,726 $ — $ — $ 107,726 Certificates of deposit — — 3,000 — — 3,000 Commercial paper 121,995 — — 121,995 142,511 — — 142,511 Corporate debt securities 3,325 2 — 3,327 8,889 — (5) 8,884 Available-for-sale marketable securities: U.S. treasury securities 12,506 — (64) 12,442 12,764 — (1) 12,763 Certificates of deposit 64,252 — — 64,252 97,205 — — 97,205 U.S. government agencies securities 26,627 — (199) 26,428 14,113 — (223) 13,890 Commercial paper 180,413 — — 180,413 241,134 — (2) 241,132 Corporate debt securities 195,906 48 (822) 195,132 289,646 20 (1,937) 287,729 Total cash equivalents and available-for-sale marketable securities $ 760,500 $ 50 $ (1,085) $ 759,465 $ 916,988 $ 20 $ (2,168) $ 914,840 The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands): As of January 31, 2023 As of April 30, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ 462,308 $ 461,298 $ 622,517 $ 620,633 After one year through five years 17,396 17,369 32,345 32,086 Total $ 479,704 $ 478,667 $ 654,862 $ 652,719 The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of January 31, 2023 (in thousands): As of January 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. treasury securities $ (64) $ 12,441 $ — $ — $ (64) $ 12,441 U.S. government agencies securities (198) 24,058 (1) 1,092 (199) 25,150 Commercial paper — 8,002 — — — 8,002 Corporate debt securities (791) 153,031 (31) 6,103 (822) 159,134 Total $ (1,053) $ 197,532 $ (32) $ 7,195 $ (1,085) $ 204,727 |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Details | Balance Sheet Details Property and Equipment, Net Property and equipment consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): Useful Life As of January 31, As of April 30, (in months) 2023 2022 Leasehold improvements * $ 8,878 $ 8,878 Computer equipment 36 4,544 3,321 Office furniture and equipment 60 426 348 Capital in progress NA 73,077 11,261 Property and equipment, gross 86,925 23,808 Less: accumulated depreciation and amortization (11,728) (9,291) Property and equipment, net $ 75,197 $ 14,517 __________________ * Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term. NA = Not Applicable Capital in progress primarily consisted of costs related to various leasehold improvements in connection with the new leased space that have not yet been placed into service. Depreciation and amortization expense related to property and equipment was $0.5 million and $1.1 million for the three months ended January 31, 2023 and 2022, respectively, and $2.4 million and $3.3 million for the nine months ended January 31, 2023 and 2022, respectively. Accrued Compensation and Employee Benefits Accrued compensation and employee benefits consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): As of January 31, As of April 30, 2023 2022 Accrued stock-settled bonus $ 26,754 $ — Accrued bonus 688 16,078 Accrued vacation 4,156 3,814 Accrued payroll taxes and benefits 3,701 3,593 Accrued commission 1,349 1,440 Accrued salaries 330 7,298 ESPP contributions 2,187 — Other 357 — Accrued compensation and employee benefits $ 39,522 $ 32,223 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): As of January 31, As of April 30, 2023 2022 Liability for common stock exercised prior to vesting $ 1,072 $ 1,970 Accrued general expenses 11,687 4,972 Operating lease liabilities, current 5,018 3,613 Commissions payable to a related party 2,448 2,510 Other 4,978 1,809 Accrued and other current liabilities $ 25,203 $ 14,874 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancellable Purchase Commitments The Company entered into a non-cancellable arrangement with a web-hosting services provider in November 2019. Under the arrangement, the Company committed to spend an aggregate of at least $30.0 million between November 2019 and November 2022, with a minimum amount of $10.0 million in each of the three years, on services with this vendor. The Company has incurred costs totaling $3.7 million and $3.8 million during the three months ended January 31, 2023 and 2022, respectively, and $11.7 million and $10.4 million during the nine months ended January 31, 2023 and 2022, respectively, under the arrangement. The arrangement ended in November 2022. The Company entered into a non-cancellable arrangement with a cloud services provider in July 2022. Under the arrangement, the Company committed to spend an aggregate of at least $100.0 million for the period of three years beginning July 2022, on services with this vendor. The Company has incurred costs totaling $2.3 million and $3.9 million during the three and nine months ended January 31, 2023, respectively, under the arrangement. C3.ai Digital Transformation Institute Grants In February 2020, the Company entered into an agreement establishing the C3.ai Digital Transformation Institute (“C3.ai DTI”), a program established to attract many of the world’s leading research institutions to join in a coordinated and innovative effort to advance the digital transformation of business, government, and society. As part of the agreement, the Company has agreed to issue grants to C3.ai DTI, which are subject to compliance with certain obligations. The grants shall be paid by the Company over five years in the form of cash, publicly traded securities, or other property of equivalent net value. As of January 31, 2023 and April 30, 2022, the total potential remaining contributions are $31.6 million and $31.6 million, respectively. The future grant payments are conditional in nature and subject to execution of the program in line with specific requirements. Leases On August 25, 2021, the Company entered into a new lease to acquire approximately 283,015 square feet of office space in several phases in Redwood City, California. Total undiscounted base rent payments over the term of this lease are approximately $103.1 million. In addition to base rent, the Company will be responsible for the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the leased space. Under the terms of the lease agreement, the Company has a rent abatement with respect to each phase for the initial six months following the rent commencement date for such phase, with initial monthly base rent payments expected to commence April 1, 2023, which will be approximately $0.5 million at commencement and will increase up to a maximum monthly base rent of approximately $1.0 million. The lease agreement also includes an aggregate tenant improvement allowance of $44.2 million for certain costs. The term of the lease is 126 months from the date that rent commences with respect to phase one of the leased space, which will be nine months after the date when phase one of the leased space is delivered to the Company. Pursuant to the lease agreement, the Company provided the landlord an unconditional and irrevocable letter of credit of $12.6 million, which is subject to reduction pursuant to the terms of the lease agreement. The lease commencement date of the first two phases was determined to have occurred in the quarter ended January 31, 2022, when the landlord delivered the leased space to the Company. The Company recorded $26.5 million of lease liability in other long-term liabilities and corresponding right-of-use asset in other assets, non-current in the condensed consolidated balance sheets. During the quarter ended January 31, 2023, there was a remeasurement of right-of-use assets and lease liabilities related to the first two phases of the lease due to changes in the timing of receipt of lease incentives. As a result, the lease liability was reduced to $23.7 million and corresponding right-of-use asset was reduced to $20.3 million. The lease commencement date of the third phase was determined to have occurred in the quarter ended October 31, 2022, when the landlord delivered the leased space to the Company. The Company recorded $2.7 million of lease liability in other long-term liabilities and corresponding right-of-use asset in other assets, non-current in the condensed consolidated balance sheets. Legal Proceedings The Company is involved in various legal proceedings and periodically receives claims arising in the ordinary course of business. In the Company’s opinion, resolution of these matters is not expected to have a material adverse impact on its condensed consolidated statement of operations, cash flows, or balance sheet. Securities Litigation On March 4, 2022, a putative securities class action complaint (captioned The Reckstin Family Trust v. C3.ai, Inc. et al. , 22-cv-01413-HSG) was filed in the U.S. District Court for the Northern District of California against the Company, and certain current and former officers and directors. On December 12, 2022, the court appointed a lead plaintiff and lead counsel. On February 15, 2023, the lead plaintiff and three additional named plaintiffs filed an amended complaint. The amended complaint names as defendants the Company, four current and former officers and directors, the underwriters in the Company’s initial public offering (“IPO”), and Baker Hughes Company (“Baker Hughes”). The amended complaint generally alleges that the defendants made material misstatements or omissions about the Company’s partnership with Baker Hughes and the Company’s own salesforce. The amended complaint alleges that defendants made these misstatements or omissions in connection with the Company’s IPO in violation of Sections 11 and 15 of the Securities Act of 1933 and between December 9, 2020 and December 2, 2021, inclusive, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The amended complaint further alleges that certain defendants engaged in insider trading in violation of Section 20A of the Securities Exchange Act of 1934. Plaintiffs seek unspecified damages, interest, fees and costs. Additionally, on May 23, 2022, a putative shareholder derivative action (captioned Suri v. Siebel et al ., 22-cv-03031) was filed in the U.S. District Court for the Northern District of California. The plaintiff asserts claims on the Company’s behalf against certain of the Company’s officers and directors for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the Securities Exchange Act of 1934 based on allegations similar to those in the securities class action. The Company is named as a nominal defendant. The derivative complaint seeks unspecified damages, an award of costs and expenses, including reasonable attorneys’ fees, and corporate governance reforms. On September 7, 2022, the derivative action was stayed pending resolution of the securities class action. The Company does not believe the claims in either case described above have merit. As of the date of this report, the Company does not believe it is probable that these cases will result in an unfavorable outcome; however, if an unfavorable outcome were to occur in these cases, it is possible that the impact could be material to the Company's results of operations in the period(s) in which any such outcome becomes probable and estimable. In addition, from time to time, the Company is involved in various other legal proceedings arising in the ordinary course of business. Apart from the foregoing, the Company is not presently a party to any other such litigation the outcome of which, the Company believes, if determined adversely to the Company, would individually, or taken together, have a material adverse effect on the Company’s business, operating results, cash flows, or financial condition. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock The Company has authorized the issuance of 200,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of January 31, 2023, there were no shares of Preferred Stock issued or outstanding. Common Stock The Company has authorized the issuance of 1,000,000,000 shares of Class A common stock and 3,500,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to 50 votes. Class A and Class B common stock have a par value of $0.001 per share and are referred to as common stock throughout the notes to the unaudited condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Each share of Class B common stock will be automatically converted into one share of Class A common stock upon the earliest of the following: (i) the date that is six months following the death or incapacity of Mr. Siebel; (ii) the date that is six months following the date that Mr. Siebel is no longer providing services to the Company as an officer, employee, director, or consultant; (iii) December 11, 2040, which is the twentieth anniversary of the completion of the IPO; or (iv) the date specified by the holders of a majority of the then outstanding shares of Class B common stock, voting as a separate class. Future transfers by holders of Class B common stock will generally result in those shares converting to Class A common stock. Common Stock Subject to Repurchase Under the Company’s Amended and Restated 2012 Equity Incentive Plan (the “2012 Incentive Plan”) and the Company’s Amended and Restated 2020 Equity Incentive Plan (the “2020 Incentive Plan”), certain optionholders are allowed to exercise stock options to purchase Class A common stock prior to vesting. The Company has the right to repurchase at the original purchase price any unvested but outstanding shares of common stock upon termination of service of the optionholder. The consideration received for an early exercise of a stock option is considered to be a deposit of the exercise price and the related amount is recorded as a liability. The net proceeds from the early exercise of such options were nil and nil during the three months ended January 31, 2023 and 2022, respectively, and nil and nil during the nine months ended January 31, 2023 and 2022, respectively. The liability is reclassified into equity on a ratable basis as the stock options vest. Unvested Class A common stock of 195,578 and 373,790 shares as of January 31, 2023 and April 30, 2022, respectively, were subject to such repurchase right and are legally issued and outstanding as of each period presented. See Note 8. Stock-Based Compensation for more information. Stock Repurchase Program In December 2021, the Company's board of directors approved a stock repurchase program for the repurchase of up to $100.0 million of the Company’s outstanding shares of Class A common stock for the 18 months following the date of such approval. Under the program, the Company may purchase stock in the open market or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual amount of the stock repurchases will depend on several factors including price, capital availability, regulatory requirements, alternative investment opportunities and other market conditions. In March 2022, the Company repurchased and immediately retired 0.7 million shares of its Class A common stock for an aggregate amount of $15.0 million. During the three and nine months ended January 31, 2023, the Company has not repurchased any shares of its Class A common stock. As of January 31, 2023, $85.0 million remained available for future repurchases under the program. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation On November 27, 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Incentive Plan, which became effective in connection with the IPO. The 2020 Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance awards and other equity awards. The number of shares of Class A common stock reserved for issuance under the 2020 Incentive Plan is subject to automatic evergreen increases annually through (and including) May 1, 2030 pursuant to the terms of the 2020 Incentive Plan. There was an automatic annual increase on May 1, 2022 in the number of shares reserved for future issuance pursuant to the 2020 Incentive Plan in an amount equal to five percent (5%) of the total number of shares of the Company’s Class A common stock and Class B common stock outstanding on April 30, 2022. Stock Options Stock options generally expire 10 years from the date of grant, or earlier if services are terminated. Generally, each stock option for common stock is subject to a vesting schedule such that one fifth of the award vests after the first-year anniversary and one-sixtieth of the award vests each month thereafter over the remaining four years, subject to continuous service. A summary of the Company’s option activity during the nine months ended January 31, 2023 is as follows: Options Outstanding Number of Weighted Weighted Aggregate (in thousands) (in thousands) Balance as of April 30, 2022 36,338 $ 12.44 7.34 $ 165,436 Options granted 511 13.74 Options exercised (758) 15.39 Options cancelled (513) 12.95 Balance as of January 31, 2023 35,578 $ 12.64 6.68 $ 256,517 Vested and exercisable as of January 31, 2023 20,944 $ 8.44 6.05 $ 238,967 Vested and expected to vest as of January 31, 2023 (1) 35,774 $ 12.64 6.68 $ 257,927 __________________ (1) The number of options vested and expected to vest as of January 31, 2023 includes early exercised, unvested Class A common stock. Refer to Note 7. Stockholders’ Equity for more information. As of January 31, 2023, there was $120.5 million of unrecognized compensation cost related to stock options which is expected to be recognized over an estimated weighted-average period of 2.7 years. The grant-date fair value of the options issued for the nine months ended January 31, 2023 is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average assumptions underlying the fair value estimation are provided in the following table: Nine Months Ended January 31, 2023 2022 Valuation assumptions: Expected dividend yield — % — % Expected volatility 46.2 % 43.5 % Expected term (years) 6.5 6.5 Risk-free interest rate 3.8 % 1.4 % Restricted Stock Units The Company’s RSUs include time-based RSUs and performance-based RSUs with market conditions (“PRSUs”). Time-based RSUs The time-based RSUs are typically subject to service-based vesting conditions satisfied over five years with one-fifth of the award vesting after the first-year anniversary and one-twentieth of the award vesting quarterly thereafter. The related stock-based compensation is recognized on a straight-line basis over the requisite service period. PRSUs In July 2022, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the grant of a maximum 1,700,000 performance-based restricted stock units (the “PRSU Award”) to the CEO pursuant to the 2020 Incentive Plan, subject to and conditioned upon the subsequent determination by the Board of Directors of performance metrics upon the achievement of which the PRSU Award would vest. In August 2022, the Board of Directors approved performance metrics in concept, subject to further action by the Compensation Committee. In December 2022, the Compensation Committee: (a) determined and approved the performance metrics, which are based on the achievement of certain total shareholder return results, as measured against certain stock price hurdles (the “Market Condition”); and (b) extended the vesting period of the PRSU Award through December 31, 2027. As an additional condition to vesting of each tranche of the PRSU Award, Mr. Siebel must remain in continuous service to the Company through a minimum service date that applies to such tranche or, if later, the date the applicable performance metric is achieved (the “Service Condition”). The grant date of the PRSU Award was established in December 2022. Stock-based compensation expense associated with the PRSU Award will be recognized over the longer of the expected achievement period for the Market Condition or the Service Condition. For the nine months ended January 31, 2023, the Company recorded stock-based compensation expense of $0.8 million related to the PRSU Award. The Company determined the grant date fair value of the PRSU Award using a Monte Carlo simulation model with the following assumptions: stock price of $12.90, risk-free interest rate of 3.7%, dividend yield of 0% and expected volatility of 51.4%. A summary of the Company’s RSU activity during the nine months ended January 31, 2023 is as follows: RSUs Outstanding Number of RSUs Weighted Average (in thousands) Unvested Balance as of April 30, 2022 12,109 $ 36.04 RSUs granted 16,016 15.72 RSUs vested (5,373) 29.08 RSUs forfeited (2,833) 33.88 Unvested Balance as of January 31, 2023 19,919 $ 21.89 As of January 31, 2023, there was $402.8 million of unrecognized stock-based compensation expense related to outstanding RSUs granted to employees that is expected to be recognized over a weighted-average period of 3.8 years. In June 2022, the Compensation Committee approved the payment of fiscal year 2022 bonuses under the Company’s annual bonus program in the form of fully vested RSUs covering shares of Class A common stock to employees. The Company issued 811,790 shares of Class A common stock pursuant to this program in the nine months ended January 31, 2023. Shares issued in settlement of fully vested RSUs granted under this bonus program were issued from the 2020 Incentive Plan and reduced the shares available for issuance under the 2020 Incentive Plan. Starting fiscal year 2023, the Company records stock-based compensation associated with the Company’s annual bonus program, which may be paid out in fully vested RSUs that are settled in shares of Class A common stock. Employee Stock Purchase Plan On November 27, 2020, the Company’s board of directors also adopted, and its stockholders also approved, the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective immediately prior to the IPO. The 2020 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 3,000,000 shares of Class A common stock were initially reserved for future issuance under the 2020 ESPP. The number of shares of Class A common stock reserved for issuance under the 2020 ESPP is subject to automatic evergreen increases annually through (and including) May 1, 2030 pursuant to the terms of the 2020 ESPP. There was an automatic annual increase on May 1, 2022 in the number of shares reserved for future issuance pursuant to the 2020 ESPP in an amount equal to one percent (1%) of the total number of shares of the Company’s Class A common stock and Class B common stock outstanding on April 30, 2022. The 2020 ESPP permits participants to purchase shares of Class A common stock in an amount not exceeding 15% of their earnings during the relevant offering period. The offering dates and purchase dates for the 2020 ESPP are determined at the discretion of the Company’s board of directors. Except for the initial offering period under the 2020 ESPP, which commenced on October 16, 2022 and ends on September 15, 2024, the 2020 ESPP provides for 24-month offering periods beginning September 15 and March 15 of each year, with each offering period consisting of four six-month purchase periods. The 2020 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock, subject to purchase limits of 2,500 shares during each six-month period or $25,000 worth of stock for each calendar year, through payroll deductions at price per share equal to 85% of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. If the price per share of the Company’s Class A common stock on any purchase date in the offering period is lower than the price per share of the Company’s Class A common stock price on the enrollment date of that offering period, the offering period will immediately reset after the purchase of shares on such purchase date and automatically roll into a new 24-month offering period. The Company uses a Black-Scholes-Merton option pricing model to determine the fair value of employee stock purchase rights granted under the 2020 ESPP. During the nine months ended January 31, 2023 and 2022, the Company recognized $2.0 million and nil, respectively, of stock-based compensation expense related to 2020 ESPP. As of January 31, 2023, there was $4.4 million of unrecognized stock-based compensation expense that is expected to be recognized over the remaining term of the respective offering periods. The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period: Nine Months Ended January 31, 2023 Valuation assumptions: Expected dividend yield — % Expected volatility 47.8 - 61.4% Expected term (years) 0.4 - 1.9 Risk-free interest rate 4.3 - 4.5% Stock-based Compensation Expense The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Cost of subscription $ 5,996 $ 2,639 $ 15,754 $ 5,824 Cost of professional services 361 704 1,911 1,991 Sales and marketing 18,316 8,850 54,175 28,540 Research and development 23,646 12,846 72,768 25,860 General and administrative 7,512 6,322 23,866 15,598 Total stock-based compensation expense $ 55,831 $ 31,361 $ 168,474 $ 77,813 |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period. The Company recorded income tax expense of $0.1 million and $0.2 million for the three months ended January 31, 2023 and 2022, respectively, and $0.5 million and $0.6 million for the nine months ended January 31, 2023 and 2022, respectively. Income tax expense consists primarily of income taxes in foreign jurisdictions in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, and other book versus tax differences, was maintained. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, Class A common stock issuable in connection with the 2020 ESPP and early exercised stock options subject to repurchase are considered to be potential common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. Basic net loss per share was the same as diluted net loss per share for the periods presented because the Company was in a loss position for the three and nine months ended January 31, 2023 and 2022. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders $ (63,162) $ (39,447) $ (203,883) $ (133,645) Denominator Basic and diluted weighted-average Class A common stock outstanding 107,235 101,593 105,369 100,341 Basic and diluted weighted-average Class B common stock outstanding 3,500 3,500 3,500 3,500 Basic and diluted net loss per share attributable to common stockholders Basic and diluted net loss per Class A common stock outstanding $ (0.57) $ (0.38) $ (1.87) $ (1.29) Basic and diluted net loss per Class B common stock outstanding $ (0.57) $ (0.38) $ (1.87) $ (1.29) The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have had an antidilutive effect were as follows (in thousands): As of January 31, 2023 2022 Stock options 35,774 37,629 RSUs 19,919 6,925 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Revenue Transactions with Baker Hughes Company In June 2019, the Company entered into multiple agreements with Baker Hughes under which Baker Hughes received a three-year subscription to use the Company’s software. This arrangement was revised in June 2020 to extend the term to five years and modify the subscription fees due. Under the agreements as revised in June 2020, Baker Hughes made minimum, non-cancellable revenue commitments, inclusive of their direct subscription fees and third-party revenue generated through a joint marketing arrangement with Baker Hughes, in the amount of $46.7 million in fiscal year 2020, $53.3 million in fiscal year 2021, $75.0 million in fiscal year 2022, $125.0 million in fiscal year 2023, and $150.0 million in fiscal year 2024. The Company also agreed to pay Baker Hughes a sales commission on subscriptions and services offerings it resold in excess of these minimum revenue commitments. The Company and Baker Hughes revised this arrangement in October 2021 to extend the term by an additional year, for a total of six years, with an expiration date in the fiscal year ending April 30, 2025, to modify the amount of Baker Hughes’ annual commitments to $85.0 million in fiscal year 2023, $110.0 million in fiscal year 2024, and $125.0 million in fiscal year 2025, and to revise the structure of the arrangement to incentivize Baker Hughes’ sales of the Company’s products and services. Beginning in the fiscal year ending April 30, 2023, Baker Hughes’ annual commitments are reduced by any revenue the Company generates from certain customers. Known and estimable revenue from certain customers related to the arrangement is a form of variable consideration, which was determined at contract inception and reduced the revenue recognized from the arrangement. The Company acknowledged that Baker Hughes had met its minimum annual revenue commitment for the fiscal year 2022 and recognized $16.0 million of sales commission as deferred costs during the fiscal quarter ended October 31, 2021 related to this arrangement, which will be amortized over an expected period of five years. The Company and Baker Hughes further revised and further expanded this arrangement in January 2023. Pursuant to this revised arrangement, the frequency of payments due from Baker Hughes is accelerated, Baker Hughes obtained expanded reseller rights and the Company will provide additional products and services. This results in an increase of the transaction price by eliminating potential variable consideration attributable to any revenue the Company generated from certain customers. The Company also provides Baker Hughes the option to extend the subscription term upon payment of a renewal fee. Under this revised arrangement, the amount of consideration may increase if Baker Hughes exceeds certain thresholds and as a result, the Company estimated variable consideration subject to the constraint guidance at the date of revised arrangement utilizing both historical information and current trends. At the end of each reporting period, the Company will review and update the estimate as additional relevant information becomes available. Revenue recognized under the arrangement were as follows (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Direct subscription $ 20,316 $ 19,744 $ 55,884 $ 39,964 Direct professional services 8,599 4,891 8,749 12,889 Total revenue from direct subscription and professional services 28,915 24,635 64,633 52,853 Total revenue from certain customers in Oil and Gas field related to the Baker Hughes arrangement 6,869 9,592 22,138 18,076 Total revenue related to the arrangement $ 35,784 $ 34,227 $ 86,771 $ 70,929 As of January 31, 2023 and April 30, 2022, balances related to Baker Hughes that are reported within accounts receivable, net (inclusive of unbilled receivables of $79.6 million and $16.5 million, respectively) included $82.1 million and $35.8 million, respectively, and deferred revenue, current included $0.3 million and $0.1 million, respectively. The Company recognized cost of subscription revenue related to services purchased from Baker Hughes of nil and $0.2 million during the three months ended January 31, 2023 and 2022, respectively, and nil and $0.4 million during the nine months ended January 31, 2023 and 2022, respectively. The Company recognized sales and marketing expenses related to Baker Hughes of $3.5 million and $2.4 million during the three months ended January 31, 2023 and 2022, respectively, and $10.5 million and $2.6 million during the nine months ended January 31, 2023 and 2022, respectively. As of January 31, 2023 and April 30, 2022, accounts payable included nil and $18.5 million, respectively. The remaining performance obligations related to Baker Hughes, which includes both direct subscriptions and reseller arrangements, is comprised of (in thousands): As of January 31, 2023 2022 Deferred revenue $ 318 $ 2,320 Commitments from non-cancellable contracts 188,455 234,945 Total remaining performance obligations $ 188,773 $ 237,265 As of January 31, 2023 and April 30, 2022, the current portion of deferred costs of $5.0 million and $4.9 million, respectively, were included in prepaid expenses and other current assets, and the non-current portion of $12.5 million and $16.1 million, respectively, were included in other assets, non-current. The Company amortized $1.2 million and $1.2 million of deferred commissions during the three months ended January 31, 2023 and 2022, respectively, and $3.6 million and $2.0 million of deferred commissions during the nine months ended January 31, 2023 and 2022, respectively. These amounts were included in sales and marketing expense in the condensed consolidated statements of operations. The Company paid sales commission of $16.0 million and $3.4 million during the nine months ended January 31, 2023 and 2022, respectively, related to this arrangement. As of January 31, 2023 and April 30, 2022, accrued and other current liabilities included $2.4 million and $2.5 million, respectively, and other long-term liabilities included nil and $2.4 million, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 21, 2023, the Company entered into a sublease agreement (the “Sublease”) with First Virtual Group, Inc. (the “Subtenant”), whereby the Company agreed to sublease to the Subtenant approximately 3,130 square feet of space in Redwood City, California (the “Subleased Space”) currently leased by the Company. Thomas M. Siebel, Chief Executive Officer and Chairman of the Company, serves as Chairman of the Subtenant. The term of the Sublease commenced on February 1, 2023 and will continue through September 30, 2023, after which the Sublease will automatically renew thereafter for successive one year periods unless the Subtenant notifies the Company of its election to terminate the Sublease, up to the expiration date of the Original Lease. The monthly base rent for the Sublease is equal to the rate per square foot paid by the Company as stated in the Original Lease. The monthly base rent the Subtenant will pay is approximately $8,608 through September 30, 2023, increasing annually thereafter. In addition to base rent, the Subtenant will be responsible for its allocated share of costs incurred and expenditures made by the Company in the operation and management of the Subleased Space. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022, which was filed with the SEC on June 23, 2022. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of January 31, 2023 and the results of operations for the three and nine months ended January 31, 2023. The results of operations for the three and nine months ended January 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. |
Principles of Consolidation | The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates include, but are not limited to, determining standalone selling price for performance obligations in contracts with customers and estimating variable consideration, the estimated expected benefit period for deferred contract acquisition costs, the useful lives of long-lived assets, the incremental borrowing rate for operating leases and other assumptions used to measure stock-based compensation, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. |
Fiscal Year | Fiscal YearThe Company’s fiscal year ends on April 30. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Geographical Region | The following table presents revenue by geographical region (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 North America (1) $ 55,254 $ 56,846 $ 155,108 $ 136,995 Europe, the Middle East and Africa (1) 9,546 11,108 32,138 36,116 Asia Pacific (1) 1,801 1,819 6,603 7,331 Rest of World (1) 68 — 536 — Total revenue $ 66,669 $ 69,773 $ 194,385 $ 180,442 __________________ (1) The United States comprised 83% and 81% of the Company’s revenue for the three months ended January 31, 2023 and 2022, respectively, and 80% and 76% of the Company’s revenue for the nine months ended January 31, 2023 and 2022, respectively. France comprised 8% of the Company’s revenue for the three months ended January 31, 2022, and 11% of the Company’s revenue for the nine months ended January 31, 2022. No other country comprised 10% or greater of the Company’s revenue for the three and nine months ended January 31, 2023 or 2022. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of January 31, 2023 As of April 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 155,476 $ — $ — $ 155,476 $ 107,726 $ — $ — $ 107,726 Certificates of deposit — — — — — 3,000 — 3,000 Commercial paper 121,995 — 121,995 — 142,511 — 142,511 Corporate debt securities — 3,327 — 3,327 — 8,884 — 8,884 Available-for-sale marketable securities: U.S. treasury securities 12,442 — 12,442 — 12,763 — 12,763 Certificates of deposit — 64,252 — 64,252 — 97,205 — 97,205 U.S. government agencies securities — 26,428 — 26,428 — 13,890 — 13,890 Commercial paper — 180,413 — 180,413 — 241,132 — 241,132 Corporate debt securities — 195,132 — 195,132 — 287,729 — 287,729 Total cash equivalents and available-for-sale marketable securities $ 155,476 $ 603,989 $ — $ 759,465 $ 107,726 $ 807,114 $ — $ 914,840 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-For-Sale Debt Securities and Balance Sheet Classification | The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands): As of January 31, 2023 As of April 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 155,476 $ — $ — $ 155,476 $ 107,726 $ — $ — $ 107,726 Certificates of deposit — — 3,000 — — 3,000 Commercial paper 121,995 — — 121,995 142,511 — — 142,511 Corporate debt securities 3,325 2 — 3,327 8,889 — (5) 8,884 Available-for-sale marketable securities: U.S. treasury securities 12,506 — (64) 12,442 12,764 — (1) 12,763 Certificates of deposit 64,252 — — 64,252 97,205 — — 97,205 U.S. government agencies securities 26,627 — (199) 26,428 14,113 — (223) 13,890 Commercial paper 180,413 — — 180,413 241,134 — (2) 241,132 Corporate debt securities 195,906 48 (822) 195,132 289,646 20 (1,937) 287,729 Total cash equivalents and available-for-sale marketable securities $ 760,500 $ 50 $ (1,085) $ 759,465 $ 916,988 $ 20 $ (2,168) $ 914,840 |
Summary of Available-For-Sale Debt Securities by Contractual Maturity | The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands): As of January 31, 2023 As of April 30, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ 462,308 $ 461,298 $ 622,517 $ 620,633 After one year through five years 17,396 17,369 32,345 32,086 Total $ 479,704 $ 478,667 $ 654,862 $ 652,719 |
Summary of Available-For-Sale Marketable Securities, Fair Values and Unrealized Losses | The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of January 31, 2023 (in thousands): As of January 31, 2023 Less Than 12 Months 12 Months or Greater Total Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value U.S. treasury securities $ (64) $ 12,441 $ — $ — $ (64) $ 12,441 U.S. government agencies securities (198) 24,058 (1) 1,092 (199) 25,150 Commercial paper — 8,002 — — — 8,002 Corporate debt securities (791) 153,031 (31) 6,103 (822) 159,134 Total $ (1,053) $ 197,532 $ (32) $ 7,195 $ (1,085) $ 204,727 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): Useful Life As of January 31, As of April 30, (in months) 2023 2022 Leasehold improvements * $ 8,878 $ 8,878 Computer equipment 36 4,544 3,321 Office furniture and equipment 60 426 348 Capital in progress NA 73,077 11,261 Property and equipment, gross 86,925 23,808 Less: accumulated depreciation and amortization (11,728) (9,291) Property and equipment, net $ 75,197 $ 14,517 __________________ * Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term. NA = Not Applicable |
Schedule of Accrued Compensation and Employee Benefits | Accrued compensation and employee benefits consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): As of January 31, As of April 30, 2023 2022 Accrued stock-settled bonus $ 26,754 $ — Accrued bonus 688 16,078 Accrued vacation 4,156 3,814 Accrued payroll taxes and benefits 3,701 3,593 Accrued commission 1,349 1,440 Accrued salaries 330 7,298 ESPP contributions 2,187 — Other 357 — Accrued compensation and employee benefits $ 39,522 $ 32,223 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following at January 31, 2023 and April 30, 2022 (in thousands): As of January 31, As of April 30, 2023 2022 Liability for common stock exercised prior to vesting $ 1,072 $ 1,970 Accrued general expenses 11,687 4,972 Operating lease liabilities, current 5,018 3,613 Commissions payable to a related party 2,448 2,510 Other 4,978 1,809 Accrued and other current liabilities $ 25,203 $ 14,874 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s option activity during the nine months ended January 31, 2023 is as follows: Options Outstanding Number of Weighted Weighted Aggregate (in thousands) (in thousands) Balance as of April 30, 2022 36,338 $ 12.44 7.34 $ 165,436 Options granted 511 13.74 Options exercised (758) 15.39 Options cancelled (513) 12.95 Balance as of January 31, 2023 35,578 $ 12.64 6.68 $ 256,517 Vested and exercisable as of January 31, 2023 20,944 $ 8.44 6.05 $ 238,967 Vested and expected to vest as of January 31, 2023 (1) 35,774 $ 12.64 6.68 $ 257,927 __________________ (1) The number of options vested and expected to vest as of January 31, 2023 includes early exercised, unvested Class A common stock. Refer to Note 7. Stockholders’ Equity for more information. |
Schedule of Valuation Assumptions | The weighted average assumptions underlying the fair value estimation are provided in the following table: Nine Months Ended January 31, 2023 2022 Valuation assumptions: Expected dividend yield — % — % Expected volatility 46.2 % 43.5 % Expected term (years) 6.5 6.5 Risk-free interest rate 3.8 % 1.4 % |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSU activity during the nine months ended January 31, 2023 is as follows: RSUs Outstanding Number of RSUs Weighted Average (in thousands) Unvested Balance as of April 30, 2022 12,109 $ 36.04 RSUs granted 16,016 15.72 RSUs vested (5,373) 29.08 RSUs forfeited (2,833) 33.88 Unvested Balance as of January 31, 2023 19,919 $ 21.89 |
Schedule of Valuation Assumptions | The following assumptions were used to calculate the fair value of shares to be granted under the 2020 ESPP during the period: Nine Months Ended January 31, 2023 Valuation assumptions: Expected dividend yield — % Expected volatility 47.8 - 61.4% Expected term (years) 0.4 - 1.9 Risk-free interest rate 4.3 - 4.5% |
Summary of Effects of Stock-Based Compensation | The following table summarizes the effects of stock-based compensation on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Cost of subscription $ 5,996 $ 2,639 $ 15,754 $ 5,824 Cost of professional services 361 704 1,911 1,991 Sales and marketing 18,316 8,850 54,175 28,540 Research and development 23,646 12,846 72,768 25,860 General and administrative 7,512 6,322 23,866 15,598 Total stock-based compensation expense $ 55,831 $ 31,361 $ 168,474 $ 77,813 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders $ (63,162) $ (39,447) $ (203,883) $ (133,645) Denominator Basic and diluted weighted-average Class A common stock outstanding 107,235 101,593 105,369 100,341 Basic and diluted weighted-average Class B common stock outstanding 3,500 3,500 3,500 3,500 Basic and diluted net loss per share attributable to common stockholders Basic and diluted net loss per Class A common stock outstanding $ (0.57) $ (0.38) $ (1.87) $ (1.29) Basic and diluted net loss per Class B common stock outstanding $ (0.57) $ (0.38) $ (1.87) $ (1.29) |
Schedule of Potential Shares of Common Stock Excluded from Computation of Basic and Diluted Net Loss Per Share | The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have had an antidilutive effect were as follows (in thousands): As of January 31, 2023 2022 Stock options 35,774 37,629 RSUs 19,919 6,925 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Revenue recognized under the arrangement were as follows (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2023 2022 2023 2022 Direct subscription $ 20,316 $ 19,744 $ 55,884 $ 39,964 Direct professional services 8,599 4,891 8,749 12,889 Total revenue from direct subscription and professional services 28,915 24,635 64,633 52,853 Total revenue from certain customers in Oil and Gas field related to the Baker Hughes arrangement 6,869 9,592 22,138 18,076 Total revenue related to the arrangement $ 35,784 $ 34,227 $ 86,771 $ 70,929 The remaining performance obligations related to Baker Hughes, which includes both direct subscriptions and reseller arrangements, is comprised of (in thousands): As of January 31, 2023 2022 Deferred revenue $ 318 $ 2,320 Commitments from non-cancellable contracts 188,455 234,945 Total remaining performance obligations $ 188,773 $ 237,265 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 66,669 | $ 69,773 | $ 194,385 | $ 180,442 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 55,254 | $ 56,846 | $ 155,108 | $ 136,995 |
United States | Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Geographic concentration risk, percentage | 83% | 81% | 80% | 76% |
Europe, the Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 9,546 | $ 11,108 | $ 32,138 | $ 36,116 |
France | Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Geographic concentration risk, percentage | 8% | 11% | ||
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,801 | $ 1,819 | 6,603 | $ 7,331 |
Rest of World | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 68 | $ 0 | $ 536 | $ 0 |
Revenue - Deferred Revenue (Det
Revenue - Deferred Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 38.9 | $ 49.1 | |
Revenue recognized | $ 45.6 | $ 68.8 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | Jan. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, amount | $ 403.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations, amount | $ 176.3 |
Revenue expected to be recognized from remaining performance obligations, period | 12 months |
Revenue - Customer Concentratio
Revenue - Customer Concentration and Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Unbilled receivables | $ 87.9 | $ 87.9 | $ 19.9 | ||
Customer Concentration Risk | Revenue | Customer One | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer concentration risk, percentage | 45% | 36% | 34% | 30% | |
Customer Concentration Risk | Revenue | Customer Two | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer concentration risk, percentage | 10% | 10% | |||
Customer Concentration Risk | Accounts Receivable | Customer One | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer concentration risk, percentage | 22% | 32% | |||
Customer Concentration Risk | Accounts Receivable | Customer Two | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer concentration risk, percentage | 18% | 13% | |||
Customer Concentration Risk | Accounts Receivable | Customer Three | |||||
Disaggregation of Revenue [Line Items] | |||||
Customer concentration risk, percentage | 12% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Available-for-sale marketable securities: | ||
Total cash equivalents and available-for-sale marketable securities | $ 759,465 | $ 914,840 |
Money market funds | ||
Cash equivalents: | ||
Estimated Fair Value | 155,476 | 107,726 |
Certificates of deposit | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 3,000 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 64,252 | 97,205 |
U.S. treasury securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 12,442 | 12,763 |
U.S. government agencies securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 26,428 | 13,890 |
Commercial paper | ||
Cash equivalents: | ||
Estimated Fair Value | 121,995 | 142,511 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 180,413 | 241,132 |
Corporate debt securities | ||
Cash equivalents: | ||
Estimated Fair Value | 3,327 | 8,884 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 195,132 | 287,729 |
Fair Value, Recurring | ||
Available-for-sale marketable securities: | ||
Total cash equivalents and available-for-sale marketable securities | 759,465 | 914,840 |
Fair Value, Recurring | Money market funds | ||
Cash equivalents: | ||
Estimated Fair Value | 155,476 | 107,726 |
Fair Value, Recurring | Certificates of deposit | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 3,000 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 64,252 | 97,205 |
Fair Value, Recurring | U.S. treasury securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 12,442 | 12,763 |
Fair Value, Recurring | U.S. government agencies securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 26,428 | 13,890 |
Fair Value, Recurring | Commercial paper | ||
Cash equivalents: | ||
Estimated Fair Value | 121,995 | 142,511 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 180,413 | 241,132 |
Fair Value, Recurring | Corporate debt securities | ||
Cash equivalents: | ||
Estimated Fair Value | 3,327 | 8,884 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 195,132 | 287,729 |
Fair Value, Recurring | Level 1 | ||
Available-for-sale marketable securities: | ||
Total cash equivalents and available-for-sale marketable securities | 155,476 | 107,726 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Cash equivalents: | ||
Estimated Fair Value | 155,476 | 107,726 |
Fair Value, Recurring | Level 1 | Certificates of deposit | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. treasury securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | |
Fair Value, Recurring | Level 1 | U.S. government agencies securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate debt securities | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Available-for-sale marketable securities: | ||
Total cash equivalents and available-for-sale marketable securities | 603,989 | 807,114 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Recurring | Level 2 | Certificates of deposit | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 3,000 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 64,252 | 97,205 |
Fair Value, Recurring | Level 2 | U.S. treasury securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 12,442 | 12,763 |
Fair Value, Recurring | Level 2 | U.S. government agencies securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 26,428 | 13,890 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Cash equivalents: | ||
Estimated Fair Value | 121,995 | 142,511 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 180,413 | 241,132 |
Fair Value, Recurring | Level 2 | Corporate debt securities | ||
Cash equivalents: | ||
Estimated Fair Value | 3,327 | 8,884 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 195,132 | 287,729 |
Fair Value, Recurring | Level 3 | ||
Available-for-sale marketable securities: | ||
Total cash equivalents and available-for-sale marketable securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Certificates of deposit | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. treasury securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. government agencies securities | ||
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate debt securities | ||
Cash equivalents: | ||
Estimated Fair Value | 0 | 0 |
Available-for-sale marketable securities: | ||
Available-for-sale marketable securities, fair value | $ 0 | $ 0 |
Investments - Available-for-Sal
Investments - Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 | Jan. 31, 2022 |
Cash equivalents: | |||
Amortized Cost | $ 311,142 | $ 339,528 | $ 204,531 |
Debt Securities, Available-for-Sale [Abstract] | |||
Total cash equivalents and available-for-sale marketable securities, Amortized Cost | 760,500 | 916,988 | |
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Gain | 50 | 20 | |
Total cash equivalents and available-for-sale marketable securities, Gross Unrealized Loss | (1,085) | (2,168) | |
Total cash equivalents and available-for-sale marketable securities | 759,465 | 914,840 | |
Money market funds | |||
Cash equivalents: | |||
Amortized Cost | 155,476 | 107,726 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 155,476 | 107,726 | |
U.S. treasury securities | |||
Debt Securities, Available-for-Sale [Abstract] | |||
Amortized Cost | 12,506 | 12,764 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (64) | (1) | |
Estimated Fair Value | 12,442 | 12,763 | |
Certificates of deposit | |||
Cash equivalents: | |||
Amortized Cost | 0 | 3,000 | |
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 0 | ||
Estimated Fair Value | 0 | 3,000 | |
Debt Securities, Available-for-Sale [Abstract] | |||
Amortized Cost | 64,252 | 97,205 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 64,252 | 97,205 | |
U.S. government agencies securities | |||
Debt Securities, Available-for-Sale [Abstract] | |||
Amortized Cost | 26,627 | 14,113 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (199) | (223) | |
Estimated Fair Value | 26,428 | 13,890 | |
Commercial paper | |||
Cash equivalents: | |||
Amortized Cost | 121,995 | 142,511 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 121,995 | 142,511 | |
Debt Securities, Available-for-Sale [Abstract] | |||
Amortized Cost | 180,413 | 241,134 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | (2) | |
Estimated Fair Value | 180,413 | 241,132 | |
Corporate debt securities | |||
Cash equivalents: | |||
Amortized Cost | 3,325 | 8,889 | |
Gross Unrealized Gains | 2 | 0 | |
Gross Unrealized Losses | 0 | (5) | |
Estimated Fair Value | 3,327 | 8,884 | |
Debt Securities, Available-for-Sale [Abstract] | |||
Amortized Cost | 195,906 | 289,646 | |
Gross Unrealized Gains | 48 | 20 | |
Gross Unrealized Losses | (822) | (1,937) | |
Estimated Fair Value | $ 195,132 | $ 287,729 |
Investments - Available-for Sal
Investments - Available-for Sale Debt Securities by Contractual Maturity (Details) - Debt Securities, Available-For-Sale, Excluding Money Market Accounts - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
AFS Debt Maturities, Within one year, Amortized Cost | $ 462,308 | $ 622,517 |
AFS Debt Maturities, After one year through five years, Amortized Cost | 17,396 | 32,345 |
Amortized Cost | 479,704 | 654,862 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
AFS Debt Maturities, Within one year, Fair Value | 461,298 | 620,633 |
AFS Debt Maturities, After one year through five years, Fair Value | 17,369 | 32,086 |
AFS Debt Maturities, Total Fair Value | $ 478,667 | $ 652,719 |
Investments - Available-for-S_2
Investments - Available-for-Sale Marketable Securities, Fair Value and Unrealized Losses Continuous Unrealized Loss Position (Details) $ in Thousands | Jan. 31, 2023 USD ($) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
AFS, Less Than 12 Months, Unrealized Losses | $ (1,053) |
AFS, Less Than 12 Months, Fair Value | 197,532 |
AFS, 12 Months or Greater, Unrealized Losses | (32) |
AFS, 12 Months or Greater, Fair Value | 7,195 |
AFS, Total Unrealized Losses | (1,085) |
AFS, Total Fair Value | 204,727 |
U.S. treasury securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
AFS, Less Than 12 Months, Unrealized Losses | (64) |
AFS, Less Than 12 Months, Fair Value | 12,441 |
AFS, 12 Months or Greater, Unrealized Losses | 0 |
AFS, 12 Months or Greater, Fair Value | 0 |
AFS, Total Unrealized Losses | (64) |
AFS, Total Fair Value | 12,441 |
U.S. government agencies securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
AFS, Less Than 12 Months, Unrealized Losses | (198) |
AFS, Less Than 12 Months, Fair Value | 24,058 |
AFS, 12 Months or Greater, Unrealized Losses | (1) |
AFS, 12 Months or Greater, Fair Value | 1,092 |
AFS, Total Unrealized Losses | (199) |
AFS, Total Fair Value | 25,150 |
Commercial paper | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
AFS, Less Than 12 Months, Unrealized Losses | 0 |
AFS, Less Than 12 Months, Fair Value | 8,002 |
AFS, 12 Months or Greater, Unrealized Losses | 0 |
AFS, 12 Months or Greater, Fair Value | 0 |
AFS, Total Unrealized Losses | 0 |
AFS, Total Fair Value | 8,002 |
Corporate debt securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |
AFS, Less Than 12 Months, Unrealized Losses | (791) |
AFS, Less Than 12 Months, Fair Value | 153,031 |
AFS, 12 Months or Greater, Unrealized Losses | (31) |
AFS, 12 Months or Greater, Fair Value | 6,103 |
AFS, Total Unrealized Losses | (822) |
AFS, Total Fair Value | $ 159,134 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 9 Months Ended | |
Jan. 31, 2023 USD ($) investment | Apr. 30, 2022 investment | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of investment positions in unrealized loss position | investment | 175 | 284 |
Other-than-temporary impairment loss | $ | $ 0 |
Balance Sheet Details - Propert
Balance Sheet Details - Property and Equipment, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 86,925 | $ 23,808 |
Less: accumulated depreciation and amortization | (11,728) | (9,291) |
Property and equipment, net | 75,197 | 14,517 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,878 | 8,878 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 36 months | |
Property and equipment, gross | $ 4,544 | 3,321 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 60 months | |
Property and equipment, gross | $ 426 | 348 |
Capital in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 73,077 | $ 11,261 |
Balance Sheet Details - Narrati
Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation expense | $ 0.5 | $ 1.1 | $ 2.4 | $ 3.3 |
Balance Sheet Details - Accrued
Balance Sheet Details - Accrued Compensation and Employee Benefits (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued stock-settled bonus | $ 26,754 | $ 0 |
Accrued bonus | 688 | 16,078 |
Accrued vacation | 4,156 | 3,814 |
Accrued payroll taxes and benefits | 3,701 | 3,593 |
Accrued commission | 1,349 | 1,440 |
Accrued salaries | 330 | 7,298 |
ESPP contributions | 2,187 | 0 |
Other | 357 | 0 |
Accrued compensation and employee benefits | $ 39,522 | $ 32,223 |
Balance Sheet Details - Accru_2
Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Liability for common stock exercised prior to vesting | $ 1,072 | $ 1,970 | |
Accrued general expenses | 11,687 | 4,972 | |
Operating lease liabilities, current | 5,018 | 3,613 | |
Commissions payable to a related party | 2,448 | 2,510 | |
Other | 4,978 | 1,809 | |
Accrued and other current liabilities | [1] | $ 25,203 | $ 14,874 |
[1]Including amounts from a related party of $2,448 and $2,510 as of January 31, 2023 and April 30, 2022, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Feb. 15, 2023 plaintiff officerAndDirector | Aug. 25, 2021 USD ($) ft² phase | Jul. 31, 2022 USD ($) | Feb. 29, 2020 | Nov. 30, 2019 USD ($) | Jan. 31, 2023 USD ($) phase | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) phase | Jan. 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | |
Long-term Purchase Commitment [Line Items] | ||||||||||
Lease, area under lease | ft² | 283,015 | |||||||||
Lease, total undiscounted base rent payments over term of lease | $ 103.1 | |||||||||
Lease, term of rent abatement per phase, following rent commencement date | 6 months | |||||||||
Lease, monthly base rent | $ 0.5 | |||||||||
Lessee, tenant improvement allowance | $ 44.2 | |||||||||
Lease, term | 126 months | |||||||||
Lease, period after date phase one delivered | 9 months | |||||||||
Lease, number of phases | phase | 2 | 3 | 3 | |||||||
Operating lease, liability | $ 26.5 | $ 23.7 | $ 23.7 | |||||||
Operating lease, right-of-use assets | 26.5 | 20.3 | 20.3 | |||||||
Decrease in right-of-use asset | 2.7 | |||||||||
Decrease in lease liability | 2.7 | |||||||||
Subsequent Event | The Reckstin Family Trust v. C3.ai, Inc. | Pending Litigation | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Number of additional plaintiffs | plaintiff | 3 | |||||||||
Number of current and former officers and directors | officerAndDirector | 4 | |||||||||
Landlord | Letter of Credit | Line of Credit | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Letter of credit outstanding | 12.6 | |||||||||
Maximum | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Lease, monthly base rent | $ 1 | |||||||||
C3.ai DTI Grants Program | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Grants, payment period | 5 years | |||||||||
Grants, potential remaining contributions | 31.6 | 31.6 | $ 31.6 | |||||||
Web-Hosting Services, November 2019-November 2022 | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment | $ 30 | |||||||||
Purchase commitment, term | 3 years | |||||||||
Purchase commitment, incurred cost | 3.7 | $ 3.8 | 11.7 | $ 10.4 | ||||||
Web-Hosting Services, November 2020 | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment | $ 10 | |||||||||
Web-Hosting Services, November 2021 | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment | 10 | |||||||||
Web-Hosting Services, November 2022 | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment | $ 10 | |||||||||
Cloud Services, July 2022-July 2025 | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitment | $ 100 | |||||||||
Purchase commitment, term | 3 years | |||||||||
Purchase commitment, incurred cost | $ 2.3 | $ 3.9 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Jan. 31, 2023 USD ($) vote $ / shares shares | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) vote $ / shares shares | Jan. 31, 2022 USD ($) | Apr. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Automatic conversion period, following the death or incapacity of Mr. Siebel | 6 months | ||||||
Automatic conversion period, following the date Mr. Siebel no longer providing services | 6 months | ||||||
Automatic conversion, anniversary period, if circumstances met | 20 years | ||||||
Net proceeds common stock exercised prior to vesting | $ | $ 0 | $ 0 | $ 0 | $ 0 | |||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares subject to repurchase right (in shares) | 195,578 | 373,790 | |||||
Class A Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Voting rights, number of votes for each share | vote | 1 | 1 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Stock repurchase program, authorized amount (up to) | $ | $ 100 | ||||||
Stock repurchase program, repurchase period | 18 months | ||||||
Repurchase and retirement of Class A common stock (in shares) | 700,000 | ||||||
Repurchase and retirement of Class A common stock, value | $ | $ 15 | ||||||
Stock repurchase program, shares repurchased (in shares) | 0 | 0 | |||||
Stock repurchase program, remaining amount available for repurchase | $ | $ 85 | $ 85 | |||||
Class B Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 3,500,000 | 3,500,000 | 3,500,000 | ||||
Voting rights, number of votes for each share | vote | 50 | 50 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Nov. 27, 2020 USD ($) period shares | Jan. 31, 2023 USD ($) $ / shares | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) | Jul. 31, 2022 shares | May 01, 2022 | Apr. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total stock-based compensation expense | $ 55,831 | $ 31,361 | $ 168,474 | $ 77,813 | ||||
Risk-free interest rate | 3.80% | 1.40% | ||||||
Expected dividend yield | 0% | 0% | ||||||
Expected volatility | 46.20% | 43.50% | ||||||
Accrued stock-settled bonus | 26,754 | $ 26,754 | $ 0 | |||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | 120,500 | $ 120,500 | ||||||
Unrecognized compensation cost, weighted-average recognition period | 2 years 8 months 12 days | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost, weighted-average recognition period | 3 years 9 months 18 days | |||||||
Vesting period | 5 years | |||||||
Unrecognized stock-based compensation expense | $ 402,800 | $ 402,800 | ||||||
Granted, non-option (in shares) | shares | 16,016,000 | |||||||
RSUs | Share-Based Payment Arrangement, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentages | 20% | |||||||
Vesting period | 1 year | |||||||
RSUs | Share-Based Payment Arrangement, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentages | 5% | |||||||
Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum shares authorized (in shares) | shares | 1,700,000 | |||||||
Total stock-based compensation expense | $ 800 | |||||||
Stock price (in dollars per share) | $ / shares | $ 12.90 | $ 12.90 | ||||||
Risk-free interest rate | 3.70% | |||||||
Expected dividend yield | 0% | |||||||
Expected volatility | 51.40% | |||||||
2020 Incentive Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period (in years) | 10 years | |||||||
2020 Incentive Plan | Stock options | Share-Based Payment Arrangement, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentages | 20% | |||||||
Vesting period | 1 year | |||||||
2020 Incentive Plan | Stock options | Share-Based Payment Arrangement, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentages | 2% | |||||||
Vesting period | 4 years | |||||||
2020 Employee Stock Purchase Plan | Employee Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total stock-based compensation expense | $ 2,000 | $ 0 | ||||||
Expected dividend yield | 0% | |||||||
Unrecognized stock-based compensation expense | $ 4,400 | $ 4,400 | ||||||
Percentage of employee earnings participation (up to) | 15% | |||||||
Initial offering period (in months) | 24 months | |||||||
Number of purchase periods | period | 4 | |||||||
Purchase period (in months) | 6 months | |||||||
Common Class A and Common Class B | 2020 Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Automatic increase to shares reserved for future issuance, percent of total shares outstanding as of April 30, 2022 | 5% | |||||||
Common Class A and Common Class B | 2020 Employee Stock Purchase Plan | Employee Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Automatic increase to shares reserved for future issuance, percent of total shares outstanding as of April 30, 2022 | 1% | |||||||
Class A Common Stock | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, non-option (in shares) | shares | 811,790 | |||||||
Class A Common Stock | 2020 Employee Stock Purchase Plan | Employee Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares reserved for future issuance (in shares) | shares | 3,000,000 | |||||||
Shares purchased (in shares) | shares | 2,500 | |||||||
Shares purchased | $ 25 | |||||||
Fair market value (as a percent) | 85% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 USD ($) $ / shares shares | Apr. 30, 2022 USD ($) $ / shares shares | |
Number of Stock Options Outstanding | ||
Balance at beginning of period (in shares) | shares | 36,338 | |
Options granted (in shares) | shares | 511 | |
Options exercised (in shares) | shares | (758) | |
Options cancelled (in shares) | shares | (513) | |
Balance at end of period (in shares) | shares | 35,578 | 36,338 |
Vested and exercisable at end of period (in shares) | shares | 20,944 | |
Vested and expected to vest at end of period (in shares) | shares | 35,774 | |
Weighted Average Exercise Price | ||
Balance at beginning of period (in dollars per share) | $ / shares | $ 12.44 | |
Options granted (in dollars per share) | $ / shares | 13.74 | |
Options exercised (in dollars per share) | $ / shares | 15.39 | |
Options cancelled (in dollars per share) | $ / shares | 12.95 | |
Balance at end of period (in dollars per share) | $ / shares | 12.64 | $ 12.44 |
Vested and exercisable at end of period (in dollars per share) | $ / shares | 8.44 | |
Vested and expected to vest at end of period (in dollars per share) | $ / shares | $ 12.64 | |
Weighted Average Remaining Contractual Life (years) | ||
Balance at beginning of period | 6 years 8 months 4 days | 7 years 4 months 2 days |
Balance at end of period | 6 years 8 months 4 days | 7 years 4 months 2 days |
Vested and exercisable at end of period | 6 years 18 days | |
Vested and expected to vest at end of period | 6 years 8 months 4 days | |
Aggregate Intrinsic Value | ||
Balance at beginning of period | $ | $ 256,517 | $ 165,436 |
Balance at end of period | $ | 256,517 | $ 165,436 |
Vested and exercisable at end of period | $ | 238,967 | |
Vested and expected to vest at end of period | $ | $ 257,927 |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Valuation assumptions: | ||
Expected dividend yield | 0% | 0% |
Expected volatility | 46.20% | 43.50% |
Expected term (years) | 6 years 6 months | 6 years 6 months |
Risk-free interest rate | 3.80% | 1.40% |
Employee Stock | 2020 Employee Stock Purchase Plan | ||
Valuation assumptions: | ||
Expected dividend yield | 0% | |
Expected volatility, minimum | 47.80% | |
Expected volatility, maximum | 61.40% | |
Risk-free interest rate, minimum | 4.30% | |
Risk-free interest rate, maximum | 4.50% | |
Employee Stock | 2020 Employee Stock Purchase Plan | Minimum | ||
Valuation assumptions: | ||
Expected term (years) | 4 months 24 days | |
Employee Stock | 2020 Employee Stock Purchase Plan | Maximum | ||
Valuation assumptions: | ||
Expected term (years) | 1 year 10 months 24 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs shares in Thousands | 9 Months Ended |
Jan. 31, 2023 $ / shares shares | |
Number of RSUs | |
Unvested Balance at beginning of period (in shares) | shares | 12,109 |
RSUs granted (in shares) | shares | 16,016 |
RSUs vested (in shares) | shares | (5,373) |
RSUs forfeited (in shares) | shares | (2,833) |
Unvested Balance at end of period (in shares) | shares | 19,919 |
Weighted Average Grant Date Fair Value Per Share | |
Unvested Balance at beginning of period (in dollars per share) | $ / shares | $ 36.04 |
RSUs granted (in dollars per share) | $ / shares | 15.72 |
RSUs vested (in dollars per share) | $ / shares | 29.08 |
RSUs forfeited (in dollars per share) | $ / shares | 33.88 |
Unvested Balance at end of period (in dollars per share) | $ / shares | $ 21.89 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 55,831 | $ 31,361 | $ 168,474 | $ 77,813 |
Cost of revenue | Subscription | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 5,996 | 2,639 | 15,754 | 5,824 |
Cost of revenue | Professional services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 361 | 704 | 1,911 | 1,991 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 18,316 | 8,850 | 54,175 | 28,540 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 23,646 | 12,846 | 72,768 | 25,860 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 7,512 | $ 6,322 | $ 23,866 | $ 15,598 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 143 | $ 193 | $ 485 | $ 594 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Numerator | ||||
Net loss attributable to common stockholders | $ (63,162) | $ (39,447) | $ (203,883) | $ (133,645) |
Denominator | ||||
Basic weighted-average common stock outstanding (in shares) | 110,735 | 105,093 | 108,869 | 103,841 |
Diluted weighted-average common stock outstanding (in shares) | 110,735 | 105,093 | 108,869 | 103,841 |
Basic and diluted net loss per share attributable to common stockholders | ||||
Basic net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Diluted net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Class A Common Stock | ||||
Denominator | ||||
Basic weighted-average common stock outstanding (in shares) | 107,235 | 101,593 | 105,369 | 100,341 |
Diluted weighted-average common stock outstanding (in shares) | 107,235 | 101,593 | 105,369 | 100,341 |
Basic and diluted net loss per share attributable to common stockholders | ||||
Basic net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Diluted net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Class B Common Stock | ||||
Denominator | ||||
Basic weighted-average common stock outstanding (in shares) | 3,500 | 3,500 | 3,500 | 3,500 |
Diluted weighted-average common stock outstanding (in shares) | 3,500 | 3,500 | 3,500 | 3,500 |
Basic and diluted net loss per share attributable to common stockholders | ||||
Basic net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Diluted net loss per common stock outstanding (in dollars per share) | $ (0.57) | $ (0.38) | $ (1.87) | $ (1.29) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Potential Shares Excluded From Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially antidilutive shares excluded from computation of net loss per share (in shares) | 35,774 | 37,629 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially antidilutive shares excluded from computation of net loss per share (in shares) | 19,919 | 6,925 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | ||
Related Party Transaction [Line Items] | |||||||||
Accounts receivable, net, inclusive of unbilled receivables from related party | $ 82,143 | $ 82,143 | $ 35,848 | ||||||
Deferred revenue, current | [1] | 38,893 | 38,893 | 48,854 | |||||
Sales and marketing expenses | [2] | 43,497 | $ 43,146 | 131,420 | $ 126,134 | ||||
Accounts payable, from related party | 0 | 0 | 18,549 | ||||||
Commissions payable to a related party | 2,448 | 2,448 | 2,510 | ||||||
Software Subscription Agreement | Baker Hughes Company | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue commitment, fiscal year 2020 | $ 46,700 | ||||||||
Revenue commitment, fiscal year 2021 | 53,300 | ||||||||
Revenue commitment, fiscal year 2022 | 75,000 | ||||||||
Revenue commitment, fiscal year 2023 | $ 85,000 | 125,000 | |||||||
Revenue commitment, fiscal year 2024 | 110,000 | $ 150,000 | |||||||
Revenue commitment, fiscal year 2025 | $ 125,000 | ||||||||
Baker Hughes Company | Software Subscription Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue commitment, term | 6 years | 5 years | 3 years | ||||||
Sales commissions, recognized as deferred costs | $ 16,000 | ||||||||
Deferred costs, sales commissions, amortization period | 5 years | ||||||||
Accounts receivable, net, inclusive of unbilled receivables from related party | 82,100 | 82,100 | 35,800 | ||||||
Deferred revenue, current | 300 | 300 | 100 | ||||||
Costs of subscription revenue | 0 | 200 | 0 | 400 | |||||
Sales and marketing expenses | 3,500 | 2,400 | 10,500 | 2,600 | |||||
Accounts payable, from related party | 0 | 0 | 18,500 | ||||||
Deferred costs, sales commissions, prepaid expense and other current assets | 5,000 | 5,000 | 4,900 | ||||||
Deferred costs, sales commissions, other assets, non-current | 12,500 | 12,500 | 16,100 | ||||||
Deferred costs, sales commissions, amortization | 1,200 | $ 1,200 | 3,600 | 2,000 | |||||
Sales commissions paid | 16,000 | $ 3,400 | |||||||
Commissions payable to a related party | 2,400 | 2,400 | 2,500 | ||||||
Due to related parties, noncurrent | 0 | 0 | 2,400 | ||||||
Baker Hughes Company | Software Subscription Agreement | Unbilled Revenues | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accounts receivable, net, inclusive of unbilled receivables from related party | $ 79,600 | $ 79,600 | $ 16,500 | ||||||
[1]Including amounts from a related party of $318 and $132 as of January 31, 2023 and April 30, 2022, respectively.[2]Including related party sales and marketing expense of $3,515 and $2,398 for the three months ended January 31, 2023 and 2022, respectively, and $10,546 and $2,590 for the nine months ended January 31, 2023 and 2022, respectively. |
Related Party Transactions - Re
Related Party Transactions - Revenues Recognized For Related Party Transactions (Details) - Software Subscription Agreement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Related party revenue | $ 35,784 | $ 34,227 | $ 86,771 | $ 70,929 |
Baker Hughes Company | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 28,915 | 24,635 | 64,633 | 52,853 |
Certain Customers In Oil And Gas Field | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 6,869 | 9,592 | 22,138 | 18,076 |
Subscription | Baker Hughes Company | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 20,316 | 19,744 | 55,884 | 39,964 |
Professional services | Baker Hughes Company | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | $ 8,599 | $ 4,891 | $ 8,749 | $ 12,889 |
Related Party Transactions - _2
Related Party Transactions - Remaining Performance Obligations (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 | Jan. 31, 2022 |
Related Party Transaction [Line Items] | |||
Deferred revenue | $ 38,900 | $ 49,100 | |
Total remaining performance obligations | 403,200 | ||
Software Subscription Agreement | Baker Hughes Company | |||
Related Party Transaction [Line Items] | |||
Deferred revenue | 318 | $ 2,320 | |
Commitments from non-cancellable contracts | 188,455 | 234,945 | |
Total remaining performance obligations | $ 188,773 | $ 237,265 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event | Feb. 21, 2023 USD ($) ft² |
Subsequent Event [Line Items] | |
Subleased space area (in square feet) | ft² | 3,130 |
Automatic renewal term (in years) | 1 year |
Monthly base rent | $ | $ 8,608 |