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Khurram Sheikh | executive |
Greetings. Welcome to the CXApp Fourth Quarter 2023 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host. Khurram Sheikh, Chairman and CEO.
begin. may You
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day of the through you at this employer, experience impacts beyond. the of your at look solution an or day powering employee globally the employee things and and as and CXAI So the life all work in we them day we're with great that do life an
their a So business primary customers sell product, we lot great periods. internal desk, and employees We're now a why deploy who's food workplace communication. booking; campuses X-year cloud-hosted to with being have and enterprise To room for transformative? software allow our across annual cases, an so ordering; using really across is is to of collaboration; use normally to our enterprise date, platform navigation; blessed connect for -- customers customers their examples this different to and primary SaaS this verticals. The where business and subscription many enterprise
Our and into health following large services, the mainly consumer. entertainment, divided care media enterprise X top financial customers are and technology, verticals:
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all of reliability, because we've new trend road performance, and and of distribution the services, of health larger We regulated application we value are quality, coming Fortune portfolio. And see the customers are buyers not financial technology as sector-focused media technology the entertainment. scalability logos have. technology across do all companies and they and But the developing mobile-first from can the adopting map. to our some that compromise healthy from A tech see, see industries technology lot you our solutions from have security, on verticals, from sophisticated a of we that XXXX of had and adoption are
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let at the overall company. we've done me talk transformation about the So
clients business. As business, we was predecessor the think for acquired services enterprise business a about we custom-designed that the
Workplace customers platform. need that's to empowers made and recognized SaaS provided limited scalability to to of business insights positions data-driven leveraging work can customers. This this a and both shift CXAI long-term revenues. Upon and we an us drive customized valuable become engaging our platform why subscription-based We software the experience By transition immediately recurring our over to it's a our through a our personalized weighted our scale as scalability the leverages and experience, AI-first sustainable heavily efficiency, revenue automated This to tasks with While market solutions, customers. unified CXAI broader year, business streams for to more deliver serve well shift the well a a and experience. last that drive user benefit win-win AI, taking from approach for capabilities the we the Ultimately, SuperApp. towards quite onetime platform evolve, ability as work it gain growth. and at productive strategic a we while
signing when at today's business, are -- you multiyear So our ARR look licenses. the we
with we Besides AWS releases to well have with as and going engineering. are We then multi-cloud feature-based now we are deployments building as Cloud, Google now. with Azure,
as product well seeing as you're clearer in much, more scalability. more much refined a So a team focus much driving engineering
as to platform all to but we're user to data value the really the we're you with end GenAI headed. are we're experiences where moving the into platform, lastly, and user SaaS chain doing with the and deploying CXAI the importantly, value the look that the well applications micro and services, the work analytics a and as most As future
We're this and that X through achieving gone for with of X. our business, year that we've year our in lot a we're achieving terms this in So scaling ready partners customers super transformation up excited and we're mission. success in of
the mission transformation and acquired our and across because the vision. anchored on want of to I CXAI things. enhance the customer is it with just experiences it digital intersection workplace had places we've business, right experience that The when know the to I and statement, recap and it, intelligence, people, which providing SaaS of So platform artificial we're stick going to we mission is
to mission, get our focus, I'm has this and been phase. that's year executed team really proud the that to So this that's our us
from So to financial results. and now year-to-year. about I'm and financial talk section we're about going year, going going comparing the We're to flip the QX to to over talk then first,
amazing metric great, the QX it's wins. let's saw So some us. it. On been is for annual key into revenue, We due ARR, is to growth significant recurring a for us. QX, double-digit increase our which get in large We a had really which
scrutiny competition, well Our team future revenue pulled of robust lots and in these testing subscription as pipeline. translate through healthy this deals a and after to as fierce
XX% to Additionally, reinforced and subscription revenue is increase and that increase total recurring to our revenue successful of increases transition again -- our we continue now revenue. continues model, This a percentage. to
If of transaction, to the you at XX% XX%. it's XX%, it time in -- recall, but was of this now was north the
Our profitability our business. remain potential operational strong indicating gross efficiency margins healthy at XX%, scale as we and
has the the for media $X acquisition the entertainment world; greater been investment in side, company companies clients. we're big services secured NBCUniversal, than billion to proud of the largest enterprise have wins a On world's X X the work management customer for financial the clients, in and demand with Google validates partnership. to newly-formed and companies. further biggest them. market going the CXAI enterprise excited And with This quarter. we with these our deploy our it We're Cloud with with super solution this are one to
net cost will optimization Finally, expenses position achieved us compared strategic we reduction a have operating reinvestment. growth sustainable This to in and XXXX. QX proactive for XX%
right that now the productive of a that So really taken and engineering us, point we cost with sales as were up We've marketing and business. lot technology, other the as restructuring, but scaling have, earlier, of that's it. of right and doubled supporting not platform G&A tipping a number the I of mentioned done you've the in at costs right out the we're for staff focus
year do Now How I'm our do us from ARR about there? banner we going for announced you think that we perspective. move to And it's here, XXXX. to a if growth results been record
demand Also, First was to for remarkable compared are for which existing bookings at who revenue our ARR model. our shift our XXXX CXAI and validates the beginning overall foremost, resilience SuperApp our revenue shows growth we and exceptional towards annual as well achieved surging recurring within subscription-based as XX% clients This underscored base a product recurring great a offerings up for the journey. XX%, in new increase customer their of XXXX. new in the strategic
financial for beneficial more was both given which as statements, our the read this that you revenue customer because multiyear see recurring well our that deals, as we have As up our but you'll from of onetime and where total down, shift strategic to perspective was from revenues these annual us, and the engagement scalability. are model, for valuation for our
was that it I level that a our happy was move determined growth yearly by increased ARR to I'm So our In XX%. and a has QX, XX%, this XX% said mix revenue seen from of pretty strong as subscription we've in us, at business. Furthermore, earlier.
of a revenue is this getting away path revenue, really and we're sustainable from fees for So model a on the path us. to more onetime strong predictable successful and right subscription shift more
working as our working them. up really so solutions segments, are great I really will their in for and really that of we're financial you Fortune we've our The solution. On see, companies and as services, and leaders key XXX excited on SuperApp Mellon the marquee and customers, think them BNY NBCUniversal scaled with can be market new appeal of will added highlighting super in XXXX launched and ones, be dramatically. front, products great many acquisition Visa customer the We're
scalability cut the the deeper. for cost-cutting reduction of so OpEx, of to we've look to product, where we the all more we measures. a in managed and in $XX.X million quality have business, to so team, said end still, happy which we of the But really I the all, GAAP maintain OpEx it's maintain performance. had engineers, our we've really when engineering When in I importantly, ultimately acquired from like year-over-year around in cost pretty the as tied structure of are And with kept XXXX. performance number year we've at in you earlier, a actually reduction XX% we our the accounts said, reinvested double point And the business,
focus strong increasing our acquisition to platform, subscription committed expanded innovating bookings, Looking confident revenue value growth. forward, We're to and CXAI customer ARR ahead, drive our will continually sustainable customer base. our we're that looking on delivering
So initiatives -- XXXX more about talk let XXXX. bit in our me little a in
are X Our focused strategic initiatives on pillars. key
to and our land large as plan of is the very expand. globally, journey. starting some existing We scale First with logos deployments we clients won at point their
the the CXAI clients these Google new and future think build them we Secondly, coming there's that solutions, have for working we in We're expansion deployed for happen. faster. definitely to with others, new platform, that, lot from successfully that seeing given of and a will demand demand
optimize for relentlessly For and adding platform. retention innovation focused platform on requests CXAI continuously to driven productivity, our innovations the we're allow for tools by customer employee on customer we're value, and to innovations new features deliver engagement new new and existing are product increased drive the expansion, to exceptional experiences. to These continuous satisfaction so
the AI forward, positions Work a into The AI As revolutionize we built of This employee workflows, really By efficiency on to automation. is boosting us platform XXXX you SuperApp, the experience and tools in the CXAI focus look productivity. mobile-first and AI. consolidating beyond. streamline on is
This cornerstone cloud our providing our strategy Cloud will By and the from of partnerships be unprecedented work an also workplaces. And workplace strategic utilization It's We're workplace expanding not least, that in new data-driven leading we allow and last the customers. personalized informed workplace higher and growth Our but a fully companies engaging use and managing businesses in and employees. feedback enhancing automation. driving that to existing continuous decisions actively entire access designed but the for create and operational interactions. over intelligence for affinity. And to promoting our platform be efficiency experiential will growth with our not cases make and with a year. in responsive partnerships employers insights actual leadership our device The with drive offer leaders and experiences. Through generative They network their goals of CXAI environment. key allocation, expansion We're analytics solidifying beyond least, goes about we've both the factors change, unlock position see These to strategic our and platform. reducing power harnessing AI, partners AI these experiences more an employing deepen of solutions, is our intuitive driver spatial approach to cloud and the the end-to-end their in innovative weeks resource innovative market of culture to businesses in the strategic integrated and friction CXAI improving basic SuperApp. the to employee will improvement enable creating Google optimizing have work with of analytics future-ready work of the that confident collaboration offer XXXX. And the fostered overall end-to-end and will with to last couple positioning accelerated go-to engagement Google align relationship partnerships, loop today's as provides today to us workplace collaboration, fact, for market will as that effectiveness. These, best in recommendations announced of PR, Cloud employee -- and is integrated a ones team. -- you'll ago, one and that, experience, we'll better key
to of capabilities, that's developing capabilities this in we that a really security they've the our in important growth. all and for the Our work, partner is dedication it. We strategic think co-investing AI initiative power to capabilities boundaries so they're the worked the platform so important. our has with of pushing CXAI of next-generation and which the is major us solution work that's reinforces first future set and really partnership SuperApp, It providing of different with is lot a our around a think and modernization, right Workplace with that Google enhancing Cloud the super catalyst
and the part deploy scale product tools. one of development to things relationship innovation, of that's product with latest So faster, deploy is set things things driving really and the deploy the at
to really core is Google and a AI expand about The our We base, for access reach the on Google capability. And of our that with security that marketing, of as targeting, and work and listing customers. Marketplace. awareness other product, growth using our delivery I the huge customers us adoption focused and go-to-market And on solutions of well that's joint Cloud's as part for customers. as the CXAI the a focus growth. we [indiscernible] forward, we move think opportunity to as are really of bit early. growth to the we accelerate technology we're together from Google create This are so our amplify platform talked will to we the are vast of the little our pieces solve new help sales lastly, opportunity really capabilities joint the enhancing problems relationship customer
signifies an is exciting partnership. to that this So commitment It innovation scalability.
Our unmatched a be value integrated for while competitive clients. our CXAI to delivering solution will advantage
side. And ahead and management but goal excited Experiences. We this and are already future. called the Employee we're now valley in and of that. solutions game been have a have thinking So have the because business SaaS you we're a partnership this want I new of Why developing testament future, experienced is AI a why really and sum define XXXX software is be in in that X leading-edge we globally for great the in to team, believe and about base deployments should has XXX of And the innovation-driven platform, on AI, category from that solution company? we We XX countries diversified transformational with cities, built reason really innovators the in our how Fortune verticals, large also customer the with we're technology, the to CX the this is patented across start logos leading we our just enterprise CXAI? in to about terms up transformational
and the the nearly the given ongoing transformation employee the amidst CXAI category experience organizations. all digital industry's uniquely positioned and rapid So would of enterprise workplace to in I lead say growth, landscape, summary, shift stands
CXAI we the to So to learn on the branding, you be information and and about new more new to sharing welcome the more company. We're going platform lot CXAI with the website input more I beyond. track your and months, a company, investment the information our more and move we to in We the look to you, want sharing coming and as everybody. Thank your CXAI and forward forward. and results, partnership weeks
Thank you. participation. This you concludes may this lines today's disconnect time. and you your your conference, Thank for at
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