AI - Earnings call transcript Q3 2022

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Operator

Good afternoon, and thank you for attending today's C3 AI Third Quarter Fiscal Earnings Call. My name is Amber, and I will be your moderator for today's call. [Operator Instructions] It's now my pleasure to hand the conference over to our host, Paul Phillips with C3 AI. Paul, please proceed.

Paul Phillips

Good afternoon, and welcome to C3 AI's earnings call for the third quarter of fiscal year 2022, which ended January 31, '22. Phillips, the Paul Investor President is Relations. name and Vice I'm of My the Tom today Chief me call With on is Executive Siebel, Officer. and Chairman release accessed third at After details our as our results market closed website which we ir.cX.ai. Investor to a the can Relations of be of today, a supplement regarding the results quarter press our both as on well issued with section of website the replay a This call following be on the our webcast, conclusion is will IR call. available and being

update call, securities today's statements views to to statements statements are cause from During of our and will These statements variety outlook. a we actual any relating of considered our materially forward-looking representative today uncertainties date. views our make be may any results obligation should as subsequent that subject or expectations. forward-looking business considered risks not only We of reflect and disclaim differ laws. could that as of under to be to any federal These

a other of affect refer our important material is please press SEC. factors risks call, with Also, non-GAAP course will certain in further A measures. today's GAAP financial of to and during refer non-GAAP the we could actual results, the our the to that discussion reconciliation included For our to filings of measures release.

turn Tom prepared to future. we Finally, business With provide Tom? at we the presentation quarterly me results. the times additional may insight dynamics metrics greater this be detail may not discuss or may questions, are let to remarks. in for our response prepared over that call to to or comments that advised his Please that, your continue in of usual give our into to incremental our and our the

Thomas Siebel

that very Thank you, quarter Thank briefing results was quarter. on today. Paul. the hi, for to of I'm you the recently a everybody. great we concluded. you us give pleased a It joining And

business, our of year-over-year. aspects displayed in XX% results Our third including strength revenue all of quarter growth

New strong. was business exceptionally activity

$XX.X refocusing within Our sales expansions increased existing sales continually Highlights driven revenue footprints for products customer AI was GAAP sales. revenue increased increase XXX% third year-over-year. expanding quarter successful our of an was million our of the margin. of by Total million, the continual to increased represents quarter the results organization, the an for QX $XX.X were include was increase the gross CX XX%. and substantially XX% customers, for and count of RPO Customer million, XXX. the of the now of diversification to Subscription XX% and $XX.X industry year-over-year gross application XX% momentum, revenue. our due annualized significantly, for sales. profit quarter And Non-GAAP quarter count,

wins expansions. from services. business in in diversification. increased me made was from I'm XX% spoken our increase the Business was Let business our and to showed we past XX% about that to I've excellent and customers, with financial small pleased touch that of progress medium and customer XX% executed regard. report from emphasis our quarter XX% industry substantially the chemical from industry, in on agribusiness, contracts utilities, from

in customers, this a a not is the Europe. of monitored than in X million pump about Pernis, $XX who LNG. During continues million the X talking asset you million million; million; over Pernis, its application of about which learning in contracts those with quarter, or and Shell, $X and talking expand by of largest agreements production CX about large-scale agreements $X valve. currently one $X is and our transactions XX an we Nigeria $XX to including Pernis. less know, the CX here and for XX,XXX we're and in Understand executed we're the devices footprint AI between it's Europe not million X deployment, largest XX refinery refinery asset, $X machine range By to models million. between $XX talking largest assets we're by

they asset the of say, of, think of, order of magnitude I process size X.X an carriers. would and be billion XX aircraft say, day, oil barrels a this

there duration what per assets they a basically services, financial for expanded services Cargill AI and awarded additional without any expand its an contract deployment solutions business serve of production expanded technology, with contract a across RFP both services largest accelerating the the the to relationship during ESG that's Suite CX of Defense that AI accelerate chemical of the The leader X-year energy X.X Royal AI bidding. company's products Space with processes X-year AI resiliency, with AI, and enterprise Swift, visibility leveraging and AI-enabled AI supply of the Financial enhance closed with energy think with AI increased Agency a health for with public Department ability Shell its deliver CX CX DoD applications. contractual CX AI to agreement, scale its Supply enterprise the end-to-end to million Shell in LyondellBasell, agency CX the deployment CX of CX extended our Suite. Defense achieved the additional use global and sectors. global CX signed So and call application the extended messaging AI to expanded CX the its new provider Philips, a Services Philips of of learning and acquire contract expanded a $XXX Chain sustainability And ENGIE, to of production. broader agility company. asset. currently trillion secured are both term And the XX Security contract transaction secured We American applications currently the U.S. range across new private predictions substantially chains relationship partner, of its size and in the month one the North world's deployment machine significantly quarter. Counterintelligence the and suite competitive Suite. the Force. and operations. and an company's and company, and plastics without and the to a expanded

and custom in I'll alliance world's global later, Board the increased BakerHughesCX.ai XX into the and in fiscal other Defense shall believe leadership through organizations Gas of to able year-over-year. of applications its Federal to company. Department CX XX strategic Lisa its are appointed XXX And that continues few talk corporate some and to the of to tools ensure venture the law activity Section substantially companies intelligence count that capacities globally. to industrial its quarter, third in December, Secretary extent platform, Siemens that federal Regulations." that various year corporations, "the Defense a accelerate recognized leader services under Sales AI Authorization significant traditional solutions energy the positions the to delivering years. act, XXXX and partner, served in secular requires practicable, experience continue by refocused business selection has this commercial be highlights. this National AI maximum of the developers the processes as and Act. with and signed the Touch Leadership, Part We components Acquisition offer President largely successfully Defense We with the customer project-specific and more industry, represents engagement AI sales artificial received of requiring Power. is largest and to traditional than our federal several company been and results. fiscal model, development from that accounts upon to including believe to unsuccessful. accelerate about Lisa our years' Our CX commercial a the more will proven for in AI like software CX CEO Directors. vendors joint immediate policies in positive coming and in very the in solutions off-the-shelf use commercial bringing rather AI's tailwinds change of a have We procurement help Shell for when in Texaco sector She primacy to custom Davis of DoD business

in AI AI CX over is cash, AI through new on is as equivalents AI and this plan in hire brand center best global pool services market in development well senior as Mexico $X.XX CX investment to engineers enterprise applications to and cash CX demand making innovation cash professional reserves. opened X,XXX Guadalajara, to positioned to meet With in leadership Importantly, the because Guadalajara enterprise for the billion world. associated many We next a the in and services is investments, service software the Comment growing and expansion. software and invest sales talent amongst AI few and the continue years. equity Mexico. in and

me go-to-market about for talk partners. a Let minute

million date. are and over Our Google AWS, most business closed we significant Microsoft, Microsoft, in Baker have Hughes. partners $XXX Microsoft to with go-to-market Cloud

customer in over speak, I currently As engaged XX discussions. joint we active are

joint and sector. Cloud, massive. AWS, is business ordering Our over selling qualified increased pipeline million AWS, in we've that Google substantially relatively joint AWS $XX activity with public the volume together globally partnership. has new we're year-to-date, closed a our

We will engagement to Transform, Thomas XX coordinate also conference to plenary at in be of will And our Transform. address most be team a activities. They March joint Hughes with a CEO is plenary full-time Baker has partner. our sales have assigned International sponsor Users delivering a platinum They Google prospects at professionals Kurian, that in a literally platinum will coordinate conference. daily Google XX We today. in sponsor CX. are sales GCP delivering of may that place take active activities Group strategic a the Miami. Google keynote. remains CX keynote also CX

clear, commitment -- expanded XX% with in came professionals business of of our CX closed term from came in RPO Hughes. value, from and That's that business coordinating the be XX% the have full-time currently To their of increase from business selling in the year Baker XX% third-party Hughes both BakerHughesCX.ai of up year-over-year. you to none through the quarter, the Hughes the Baker partnership from of and their the the they came growth QX, partnership third a amount us. In Baker QX As in partnership us. partnership. ago, the agreement dollar growth XXX% substantially know, a XX or represents users. with to was all in None

activities joint gauged and healthy. which pipeline we quite sales remains are Our with

Let -- about one the me talk addressable more market. time address the I'll

this $XXX believe market at data software is market largest We the largest, in exceptionally rapidly suggests to exceed growing AI this tune is, billion billion certainly if and the addressable for participants $XXX AI of expected huge XXXX. a Recent to are looking that enterprise segment. the addressable one total from not We that in CX market. the year of large IDC

of the accepted Sales, on on We company track. continue focused pleased achieve and That on is of the effective and we said, Manzoor, promoted the that technology personal I Parkkinen, was weeks, reasons. who leadership believe further Chief entirely that we on company resigned of the a XX partnering, back to also has experienced line, the this Due CFO will being of to quarter. to great Officer, issues highly is the I have track last inform matter. you am objective. Friday, wanted to involved, it for resignation Adeel and Accounting company personal comment acting Bottom sensitivity leadership you our been Controller immediately. establishing our role growth, inform that to be market Juho maintaining the CFO and no to

You'll and Juho color to am all the And relates colleague, that on I provide to exceptional turn has accounting find quarter. it that as Juho? AI. matters over in pleased additional with to to Juho, experience my that, CX expertise

Juho Parkkinen

I'll third of that, quarter your Thanks, happy full fourth our with fiscal we'll results. outlook provide 'XX, And be for then Tom. I'll our year questions. following start take to and the review quarter a

in quarter above First, of $XX guidance revenue million let's quarter the $XX.X Subscription Total our a the million, compared XX% revenue was to quarter was third $XX.X year-over-year. revenue start XX% results. third up was total million, XX% revenue Professional of to revenue XX% up range $XX.X million. Subscription ago. $XX and services approximately million. year-over-year year for with was the

which $XXX.X next months basis increased XX% from mentioned million, the last Tom a companies by RPO mix $XXX.X in Hughes-related XX% XX earlier, performance to million to up by on a up ago remarks. and RPO a Non-GAAP period. earlier obligations or the million RPO, year-over-year to $XXX.X mentioned over recognized Tom growth growth year. year, XX% is GAAP RPO thereafter. third to be expected increased reflects for As $XXX.X million $XXX.X the quarter, million, XX% remainder of from industry third-party growth Baker year in RPO contributed of to last as healthy total compared The remaining his

agreements enterprise go-to-market within entities. As into of count our those FY of customer up strategy increased our this large the success We reflects XXX, QX and XX% 'XX, expanding with to entering of customer entities year-over-year. believe customer

and customer of software an units are found count entities During entity customer not that groups the all capture using or previous usage distinct analysis that did services. our divisions, business the our performed within departments, customer we our or quarter,

As appropriate calculation. under Metrics, Other part release the provided the count earnings the we using comparison of section apples-to-apples of have customer

will that You customers. previously see our we undercounted have

present the accuracy. calculation this will customer as We a on clarity basis believe and provides more revised go-forward of we

the down be discussing I all on non-GAAP Moving unless a income metrics statement. noted. will otherwise basis

ago. to XX% compared was inherent an reminder, scale. was a the our in amounts driven stock with compensation growth our As reflects to in profit was in increase margin ago, gross press one margin employer professional by million new Subscription operating continues model XX% This the earnings XX% ago, line leverage existing our as revenue a with Gross and services XX%, stock-based the gross third XX% improvement a business planned is portion in quarter year year and reconciliation from A margin and continuous in non-GAAP sales ago, of $XX.X XX% development, a year XX% primarily our provided Gross non-GAAP and to awareness $XX.X the investments quarter, from tax marketing. GAAP was year million, expense ago. year and Operating research of brand a exclude payroll XX% to from expense compared contracts. and related transactions. expenses up to were our release. and reflecting

and increase invest presence our to as geographic our We the in extend expect markets while industry aggressively to our R&D expand target and sales software and technology share and to market to continuing AI verticals leadership in continue position marketing company. enterprise

was operating these quarter. in the will million loss Total of initiatives All third in drive business. growth our $XX.X

revenue quarter after Turning outflow compared in with billion cash investments quarter $X.XX $XX.X in million. the $XX.X At an of to year. million and and deferred million outflow to of our cash, cash balance was million $X.X Operating million, sheet the flows. debt. flow cash $XX.X and was equivalents quarter-end, with prior We expenditures capital free no ended cash $XX.X was the for

We our to our strategy. in continue positioned growth execute are invest on growth well and to

our guidance fiscal for the full 'XX. fourth of year and to quarter Turning

momentum Our reinforces growing as customer diversified base sales look and our confidence increased forward. we

For range XX% a revenue quarter, year $XX growth we a of the XX% ago. $XX to million, representing expect fourth the in of total from million to

will and R&D million sales anticipate We expect and to continue to future loss between the invest growth in operating a business of that and and non-GAAP our marketing drive $XX $XX million.

the of For million, to in anticipate an we range $XX revenue to XX% operating are We from XX%. fiscal the full 'XX, non-GAAP million year million increasing our to of of the $XXX representing improvement of a range our million, guidance. loss $XXX growth guidance prior $XX to a

expectations. year ahead QX were summary, line In have indicators early total the the QX our us guidance quarter growth for that fiscal the addition, and similar expect our of 'XX ranges. to report is full results as In revenue third for for a pleased in fiscal with consensus 'XX fiscal analyst 'XX, we're

excited about remainder that, growth momentum fiscal which Operator? customer as I'll current over as are diversification, for of supports our questions. our the all the and and for 'XX We to operator call well the of With beyond. outlook turn sales

Operator

[Operator Instructions].

comes from question JPMorgan. first Pat with Our Walravens

Patrick Walravens

so promotion. it's the But -- Parkkinen, congratulations Mr. not on JMP, It's JPMorgan.

also, question a like. for But you, very us CFO to short way, I'll mind, of period Tom. in year time. with very the you you, do idea giving look It's start third the like of a If for next should thank don't helpful. rough what then one for I'd And by and a

to issues financial you reporting CX? are there have no going is comfortable or that everyone is at accounting question the are So

Juho Parkkinen

a a the very you Controller. have here since I question. assumed accepted I've add Yes, our for Officer. in a Chief intimately all line for joined I with no the are over quickly accounting like joined. and be involved a been I statements President very all team. ever I've thank that we top-notch Yes, qualified financial also year. I Accounting, little In as Vice promoted whatsoever And to that have I'd the was very, principles. of concerns December, Accounting that financials been accounting to with generally of of role

Just of degrees fore enhanced year, significantly, well capabilities the as we including CPAs, of background, in past we've as to various multiple internally lots the topics. lots external providers in master's big us use technical accounting help

So in top overall, I think top in our accounting are shape, the financial and statements is shape.

Patrick Walravens

the biggest helpful. situation the in the maybe our and place is Tom, our good possibly do me that That's then that's Defense to of that unfolding allies. just And given the tragic in most the by it CX very Ukraine, of helping opportunity Great. seems can Department Okay.

extent if be interesting. you could you So you there, that can can, -- think discuss to the if I would the opportunity

Thomas Siebel

Pat. question, Great

I in area think very intelligence in significant, now, federal the significant. ensure And defense of software the mandating federal place policy Defense to activity procedures in that This seeing that the business very DoD put first. has we're U.S. in procurement commercial that XXX the Secretary projects. change right considered is basically community build-it-yourself in is is

So this those XXX affects all projects. of

are making to some opt Air with Department We agencies $X.X the the and as just in the it you Department received, to with of very of We large of very some us. the the billion for engaged projects. actively with Force easy procure transaction intelligence authorization, these Army, know, very departments

expanding Rice Cardon joining H.R. joining business Systems, Board, General Board. a the recently are McMaster Condi on in the very Federal Ed. we of that us, So substantial Head way. Advisory our

positioned well we we Defense. And privilege. consider the the see Federal And the States opportunity help it to to significant we're extent the and you'll government a that have do so, think Department I to Advisory very team. very, to to federal the some think United be of additions I going additional serve

So big looks think on like focused are I opportunity, that and we a it. very

Operator

comes question next Shelton Bank. Deutsche from Jamie Our with

Jamie Shelton

okay? me hear you Can

Thomas Siebel

Jamie. loud You're and clear,

Jamie Shelton

for Brilliant. Patrick Colville. I'm on

I one color entities Just me. customer sequentially. any. if by If for noticed possible there is X any quick a there, additional ticked could you down provide

Juho Parkkinen

is Juho. Jamie, this

premise we So the only had that the is customer, a entity customer starting such revenue customer that any entities our numbers, a period. in entity as or count

quarter, a not given may our the in purchase. in the to would can that platform to cycle be in or included convert quarter the at life the customer And into trials of be that as application a ready an a for following quarter. customer account So there yet be customer,

So it count. -- on could again quarter they X could show the up customer after

would you So be trend and individual up in quarters. to should be customer into the expected of ups this going type the right. see entity But downs overall,

Jamie Shelton

Brilliant. Very clear.

just services for I how one growth? sorry, versus expectations is if more, at Could one kind look quickly I the clearly And going that subscription you may. other? mean, of forward? outperforming your you do unpack Because

Thomas Siebel

we've and I pretty a we Jamie, mean, range be can to from expect, quarter-to-quarter. clearly in are think software been XX% to that computer And see in the XX% expect to consistent I you are company. you're services that. to going going

company. not services are a We

computer We company. And take on ourselves. rather continue that than of staying software do business are we focused the a we a services to outsource lot revenue

XX% as bounce be has. XX% will can strategy. around it's it But going quarter-to-quarter you the to to kind that So of range from the

Operator

There Sanjit Morgan are questions Singh in next question Our [Operator no Stanley. further with comes Instructions] queue. from

Sanjit Singh

$X direction, so the deals under is some something appreciate really you a think deal pointing pretty which unusual I dozen detail talked you million, CX, or were that I in of on And question. a had too. I Tom, for sizes. the guys but to

with as kind what context or sub Any of it Is are starting Ex of for composed sort sort For Machina with. sort those those those $X on deals, those the deals customers that single those a of million customers that of -- what app? off driving Is deals? buying?

Thomas Siebel

The I normally there do range we $XXX,XXX Sanjit. think we're for they're are trial. $XXX,XXX going X trials, there to And in paid So categories biggest tend okay? to to is of them, a paid second trials. be --

would that proof-of-concept, a the X will simple really that a going professional trial cover little we that's larger enterprise And termination they mean, fits to most forward. X less $X Sometimes wants would trial. the then services that convert for Machina And the something buy be be that And of increase do down million I or X trial certainly of mix first to is of And a the the idea then will segment, of trial and we'd somebody But really agreement Ex bit sometimes, the do there. work $XXX,XXX, expect going to transactions. pay license the after to those in or a category than successful see like bulk second being that. or it. X really but it. quarters

Sanjit Singh

Right.

now you framework sort say, opportunity that opportunity so sort account that that there. of terms take follow-up traditional of the Tom, working right? question, business then enterprise is consume of opportunity. of strategic sort back that enterprise pretty of being -- my on And if and pushed out. and that have to again, It now want to of model the sort And sort I federal you've buyers tons federal me direction government, is simplistic a how to gone we've new still AI of There's seems DoD, and the players fragmented, business,

months, a double we that you the next expect of business? spirit between continued do the when driver the down question is business Or say being XX on continue CX term really of the near and of that balance think XX growth kind the growth? opportunity of to be primary about to federal nongovernment government both to so you the sort over to And the expect for should

Thomas Siebel

extent contractor, federal again to government to you we're active the not to extent pleased the Because for Great have the ourselves very We opportunity as so. say, that and question. not, the asking, we're in very that discussions is do answer do we the okay? with to okay? see absolutely a Thank federal

America, And Federal, of of to be EMEA the think APAC, long steady our I I the don't and business, China, think that okay, where U.S. is XX% think, we the okay? -- do balance, XX% balance and a federal North run, state be XX% in going APAC, EMEA ex XX% will in business.

becoming those we a contractor. And not are so are federal absolutely,

Operator

Our next with Mark from question comes Murphy JPMorgan.

Mark Murphy

had a we've been companies and some holidays analytics slowdown consumption lower and infrastructure other are and from CPU the impacting had platforms in of January. these companies. of and Snowflake, into bit now we've that trend there's a of other this Tom, the of And just passing Amazon number data a and mentioning over some through cloud that's pricing

just curious, strength I'm you the on users the see might either of good taking pretty based that side, So realize on of more your those did impact you not anything slowdown but consumption guidance, along type vacations, I longer should assume with not we -- it directly, lines? or any

Thomas Siebel

looks way And upper the think that's rapidly right that XX%, where mean with into Well, it guidance growth. look any above any we now, we're pleased think is a because what are. might give not the that's number. companies. that quite -- comfortable have software assume about XX%. and that can Mark you we any and guidance kind year I guidance exceeded I decile consensus us been way XX% high out next we as think above that yours I that's looks I guidance with at of We're consensus you know gave of And like, there we we growing I always as

slowdown. sir. No, noticeable so don't seeing -- And -- a we're so think not we're I

Mark Murphy

in to probably And clarify, numbers, above yes, all it's pretty which just line. were Yes. my

Thomas Siebel

okay. was know numbers, possible, your I didn't Even that

Mark Murphy

you or But but that I that just to to yes, probably that draw running like happened. contrast, kind of wanted to saw seem clarify it didn't around. try Yes, this

Thomas Siebel

growing of should year upper rate, next I the in think growth our be companies. software decile rapidly we

Mark Murphy

Yes, yes.

Okay. other question is... My

Thomas Siebel

will it as way the year. this By be

Mark Murphy

Yes.

-- a is time, has quite think, other in just the for the time. long that vertical, ask a seen we gone way oil to I but and commodity I'd time haven't from Okay. like right, gas, to My question this price in

it's feel exposure in the And for there does that so like anything through have into to spend of is gas -- ability pipeline? Is oil since worth those that terms tangibly you more flowing the and there, mentioning customers?

Thomas Siebel

see if and absolute okay? okay, that's we QX we QX, honestly, exception okay, companies business some a some time this So Russia. have of was close we at on and checked Russia, we in at been that. the -- oil I yes, on expected think time working in low, to gas that X expecting in closing that can the like point, mean put the I pretty CNBC, probability I that look And with last a I think we were of

can happen deals are invest And I kind QX rest so so of that greater gas now. so I -- is our little kind -- our doesn't I business, business a them see expect that's at and lifetimes of happen gas we moderates the moderates mean, bit, rate. QX Russia there's -- these and people, it lifetime. assume oil think our, to and rest but what's the to in are of going The but in -- X the that in a that of the oil not But

Mark Murphy

good nets rest X shape? out it and deals safe Is positively, that Okay. to assume in is that the won't happen if that, it's

Thomas Siebel

Yes.

Operator

question next Shelton Our with Deutsche from Jamie Bank. comes

Jamie Shelton

had good question. I guys. here. Apologies, no All

Operator

comes question Company. Mike of next Cikos from & Our Needham

Michael Cikos

with sales you perspective, on help reorg better in that us about the contemplate sales tonight. -- that us guys discussed point you the forth the Thanks ask I to data and if discussed been and help a improved activity point I about had improvements Q&A. you to have few wanted previously, that here been previous getting realignment. or to, to earnings the Is a there talked reorganization from either apologize the I could know the guys sales but for between this in quarter? anything me productivity jumping from refocusing. has I've back calls

Thomas Siebel

Yes.

First, was clear, question, be To let no -- thanks sales Mike, the reorganization. me for first. there

place, in our to strategic traditional org but organization So of did selling. okay? of kind same we the -- methodology selling, traditional sales the got sales we've So different change means same just

was what's is Help the change the Juho, it RPO, in indication okay? I that what change we can me biggest give success RPO? the think in out,

Juho Parkkinen

I about sequentially, diversity the we to mentioned best I aid in last Mike, in to So think, the go is RPO. know If earnings call. Tom think this way the

Thomas Siebel

diversity. about talk Let's

So across diversity other. for from increase XX% X.X% XX% the been have oil in from gas financial would and in and and life utilities, manufacturing from the services, XX% the chemicals, business, RPO XX% sciences, rest agri

So that was -- diverse. question, Mike's of number would What else was it highly a agreements. Juho? comment answer large you to It what

Juho Parkkinen

general, improved activity was the QX. Mike, significantly just versus in QX think I that overall in

Michael Cikos

And can late, Thank on again, you about anything that. either I'll because either little seeing be that you of ask to or in the want of one helpful. incremental? CRM? but a pipeline bit on for I any commentary know been you're And on the Very clarifying reception has Vision, coming to you apologize things around -- I am what Data that those or building would the guys adoption provide I

Thomas Siebel

just called being our interest. be is Version will in Well, it's marketplace. almost at lot almost we're of And which that release the Users integrated, in integrated March deeply of called into There's we'll that International AI rewrite a CX Data release will products. that be released CRM Miami. March And in we'll our something is CX X release doing which a stack. a represents Transform, major entire Group, Vision now the all kind of of then

as and And interest is there implementations services I And in predictive. this we're and what is CRM these $XXX may a is by not making $XXX know, market, of replace. of a is way, billion a lot year lot billion as doing you to a think it's seems CRM software business. be -- the The this rip potential. software know, you

might and it in just to So and Vlocity predictive. take okay, whatever of have. going Dynamics, We Siebel, on they that, we're or sit out instantly Salesforce, top Veeva, not proposing make

next modeling, for relationship predictive AI-enabled next revenue So AI-based, forecasting, best software. product, best

So level sort a it. pretty it a to I while think will of think there's And little it high business, of honestly, that, from year interest now, be takes a a there. and build I big

Michael Cikos

to the coming rip exactly and much as CX I top interest the had so are think on at guys you the of CRM, on product is replace that AI not well, relates as said, for delivering. that, Just building substantial to to spoken up that you and that what earnings on it you that from drive global standing SIs the call previous

you appreciate for questions. So the you much. time very taking I the thank

Thomas Siebel

And you. just recast, Thank continuing. that is

who others. get those -- when will I of participation from to users so mean I you Accenture, PwC our and at think conference And for you

And so the I opportunity think there is with a big SIs.

Operator

pass There conference are will back questions no management for time, I closing the additional this so team to remarks. at over the waiting

Thomas Siebel

the time. expectations. to was Thank quarter. you pleased an very I it We our exceeded for exceptional expectations. We're much all your exceeded We market mean announce very

exactly to QX year, we think doing public. track, as sales on we company companies -- on this be track. exactly enter I fiscal their implementations doing back substantial of got a our the customers accelerate And when this company think that we said The what continue I is we rate. very organization at the we would took

Have continuing discussion a kind this of And look optimistic. with we're day, great forward and you. to feeling quite So for time, you we everybody. thank your

Operator

AI CX Year That XXXX Call. your you Third Earnings for Thank participation. concludes Fiscal the Quarter

may You lines. disconnect your now

C3.ai (AI) 3 Mar 222022 Q3 Earnings call transcript