CXAI - Earnings call transcript Q2 2024

Thank you, operator, and thank you, everyone, for joining the quarterly earnings call for CXAI, pronounced Sky. CXAI's for discuss of second to XXXX. plan financial the results quarter I provide update transformative overall in will an I also business future work shaping of on and experiences. creating employee the progress our should everyone our release access By now, have earnings to press announcement.

review quarterly our to which This QX that, today. report, our will I'm their website. show www.cxapp.com. With also slides, be at going filed XXXX also XX-Q can the move with some leisure. have disclaimer people earnings We our to SEC information for own found on

So me company, let tell now bit you about CXAI. a the little

We are listed on NASDAQ.

AI As all you headquartered know, enterprise over main hubs the where we and creating we're software Area, Experiences. Bay an a and new globe, We're with called have Francisco Employee Toronto plus segment in design resources company, development Manila. San the in software and

we our all breadth we we're in capability More our continents. all situated, that America, customers and of in X are customers XX around globe. importantly, across globally where depth in span and XXX-plus you cities the North in deployed are although the our have countries tell headquartered Where

thinkers innovators design team of of But XX and innovators of globally are all great Sky built are has because great the engineers, next so XX that Fortune XXXX or enterprise have this great is generation globally. we granted engineering. reason the collaborators, work. colleagues on team that's made XX than customers X/X And why filed true technology creating patterns. CXAI mostly more future of have platform The our a the the Our capabilities are customers is that and

about to we're to I'm obvious we market the we market, happening is the we that the and the what all -- see. But I of changing start super as -- have. in talk and bit where is where transformation And speak. is very happening we're that see the it's transforming forward, or to across of first going excited this transformation you made, the are going shaping an can share the company AI-centric outcomes you to little go world status progress all, industry, what's the by workplace what's before a I'm going the market, world, we So with the as is

X-floor around me case the let happening from X -- about is which in It's a obvious market, around market home from to was is now. XX% work people when working The away. X% becoming see which So of days, stable, do also still It's during stabilizing week, more the XXXX in going days And we predictable. talk pandemic. we that X more what market, the work staying, home is less it's at home. not predominant is home is a jump had work right use the the that from from what the now from than

you look there, of trend what's with happening as office in Now the a occupancy. happening there's also terms

During for years. rising marketplace. last post-COVID, the was COVID occupancy the there number of in out It's and a flattening

around there's XX% Nick for norm but XXXX there's implemented. This being a space. And Professor from showed is new shows the stability changed, is now you now has lot this you leading as is in called is I least Work. of Stanford, a thought in So flattened norm, that of at courtesy a which we're see, that work the leader Bloom at of data that new Hybrid This is who years or can X a levels. last that we data position

see, structured So XXXX. QX have XX% of which XX% important? As now in what Work is of more Work? a companies Hybrid embraced from is And is is Hybrid model, can hybrid why up U.S. you

structured obvious are the structured hybrid that look flexible. but time you at people office, are carefully There the be and are hybrid towards that it's to useful full still a chart, model. in companies world There doing going seems this that If the productivity, and reported the there's there's have most fully successful success is given there's That have an that work-life model to out. to increase key balance the workers experience. in to in out have there. increase reduced want new is managers Employees opportunity flexibility of that And flexibility. shown, be burn most the

As customers hybrid that XXX XXXXs, that entails and structured more large world, Fortune does entail? forward what large all of in and they're of we this adopting That move our more. these

structured time, And XX,XXX As this same XX,XXX-plus or over over At employees the you customers trend the same phenomena range. hybrid. going to XX% the our are of with can see, in X,XXX this more grow of in to and in the most is are that either segments. all across companies than using XX,XXX footprint,

how going the we of way this And enterprises terms allow So no that going giving is performing from the and and actually believe and the technologies be back where to is be environment. way the This this. is going. on them to successful to come future the are back anywhere, is there's or home. and the from capability industry of work workers in hybrid We're working to world is to structural the in expecting tools any office the

the the are working No is what things the productive the we'll working of where meeting e-mails out. are employees talk the person, out That's people of be tax. actually That's come same the calls arrangement, effort. and of with to It figure enabled of in to of CXAI are the by of an all out challenges challenges to trying work lot there that working think the are all power The requires to has when the platforms. only. So as phone and still technology. a coordination some in there to coordination coordinate new get logistics a remain communication. out work, their time, need return-to-office of It's that's most It is to and consultation, do at about to the requires you that hybrid power biggest digital virtually. the these the thing is this ability does, only And And others hybrid fact hybrid longer that's about tied coordination. that when bit. It can platform. be across or successfully intelligent we

other in others dollars part costing XX% people, The time, time taking and bear up that's companies important on and the becoming and the tens cases, setting with these conferences of a their it's per is these of which, some coordinations employee. is thousand taken meetings is

So that's issue. huge a cost

badge employers. that allow flexibility employees to and is to transparency, understand called not a return flexibility really them manage what mandates that. some are More out lot and for what checked allow call talking is vernacular Well, And And Hybrid All differently we in you things manager check where go policies out. there and happening have shadow are they yourself timing. visibility you place. Coffee don't couple there's only know when the to out how badging have of the importantly, your to coffee hybrid coffee in, a office, awareness, later worked in, happening data into showing a where Hushed new could walk means the you of workers shadow then or put as of office to the a when to to there's you the they're lot. is them out coffee checking good badging and X you there's that policies do to as they're XX% that's you long they're actually And you're having in because badging. minutes

with So our important Hybrid finding it's happening to workplace this out too. seeing customers, And we're that. the note customers that solutions across these we're Hushed it need is and to

we find hybrid to solutions think So to the to you has of gone have this when world challenges, that. the world,

they over CXAI, doing? about Why And we we their to we all the why solution real this? transformation, it now, the we have purpose. it's up the for when to for the is way for is So to this this critical coming So And AI-centric time the built experience doing the what the hang are employee transformational think And the starts we built with phone this? happening purpose employee from day so to time an create day. are end-to-end.

connections employee of amounts unique provides employee millions large enables So love. is supports best-in-class integrations people, enterprise-grade design your XXX CXAI workplace users. of people experiential engagement. a enterprise It improve environment enterprise CXAI's is for powers and powerful enable and places feed productivity with across security our new and will things experience corporate to integrations and seamless ways that platform These solution It and analytics, a suggesting is data systems. true

AI, work to integration, customer focus more AI-centric leading tie happier CXAI solutions we've As see, a and experience, capitals, about with artificial the making CF, the intuitive you intelligence, and the workspaces way employees. is to way approach efficient employee and productive can integrated more transform seamless workplace deliver shift around and towards an thought

look starts you solution, or at branded As immersive the mobile this app. with web it

a customers think at like and similarly, their they're users the in as the feel it's data is in the as home creating multi-cloud. their and users an employers, trusted And both environment to in environment you about feel from at end-to-end when using that and at collecting enable advice the users data, trusted logos, the analytics to environment we're to look where their really large and well all content, any So their look their work-home or are they're the the work providing environment. an architecture enterprise

all all of do that. we right plan we systems, cloud in now So to supporting and are that,

we they the you our It on Cloud and a importantly, device on could forward, interactions also happen connect looking just providers. And everywhere, kiosk. mobile they Moving with to. could partnership, multi-devices as can more laptop, digital working other happen a extended phone. happen on that on happen on Google with a these happen can because watch, They any are not at we're cloud multi-OS

in that's vision the sure that customers So on data all data tied why making CXAI available is devices towards for and globally. is our all all really capabilities the

is little bit we onion AI-native, are cloud-first peeling one, So a key the CXAI technology mobile-first platform. What were technology and we've more, the and this and enabled? that Number platform? underneath what we're a capabilities

we're to ability capability this and employee-first Now to experience, successful. centering is the it focused meaning be employees' tied around the increasing on all employees'

CXAI's the emphasis the first platform CXAI's functionalities central powered over to with XXX creates is personalized with Experience unified where back-end on that mobile to a and specific experience workflow workflow mobile force a platform the reflecting UI to pillar various consistent covers by technology. Employee clean, context-specific workspace integrates unified their enterprise workplace a system. So complete across approach easy task. and the unified web, It users navigate complexities the providing integrations a

workplace the is this Intelligence providing optimizing within on part The Spatial spacing through Spatial CXAI's contextual technologies, a of is Intelligence. location-based enhancing second part awareness. and focusing stack, key technology of physical interactions

third the core utilization of into of on decisions of the our work really pillar part as The is experiential The employee component value drive well CXAI, engagement a emphasizing analytics. insights is productivity. to space use data as measuring of in making AI and

augmentation. and the boost employees voice responsible, planning uses AI. retrievable meetings like LLMs Generative features using efficiency Generative productivity command GenAI most text speech AI enterprise duties search model, and Finally, a support a efficiency to personalization enabling adding RAD This reliable language secure activated for as interactions by video. simple we advanced multimodal administrative and to knowledge and on-demand tasks that and models, streamlines augmented text, intelligent like convenience and as and well capabilities CXAI for Leveraging generation, with data are internal driving through large discovery. and and scheduling

as have new you the a available marketplace today. the to the VR capabilities stated as today AI in pieces most most advanced our so solution solution coming And enables to as really this out customer with customers customers. base our this we're proud data in that's is can So soon and generative see, of that well

that's about? So enterprise XX-plus CXAI? number we going space. no solution these app. to these enterprise Why great integrations an have leaders with to do do It's there immersive experience user customers? app today content. these engaging an large the in all-in-one one, why out Well, expansions all-in-one There's and all with we talk have intuitive XXXX Why we're it's Fortune do that seamless

and where where requiring last security become providing workflows employee users X turn to complex make more functions we X automated simplified both view the to that out for easier insights and more trusted provide the employers action, command importantly, employers X then AI-powered intelligent easy more ways complexity make predictable These engaging. use. And will allow We're providing workspace an their click, that and and outcomes provide adviser your Secondly, most to their insights into and productivity. and to for that capability so and delivering enterprise-grade to become all asked voice in lives productive to environment, better. and and there's their we're a analytics figure

little a and from a have that's about engagement So customer market a bit technology doing been perspective, we about perspective. what from the

of in you announcement for little signed customer Let's talk And site. the give off what what successful results. pilots So all X They are financial sites about we is bit over deal with our a us headquarters of of lot at about want have biggest to been have sites is global right? for to happened have have pilots. largest they the the results. us. They on more largest as come with But learn super here dramatically of lot the you one success quarter, a This sites started this their and expansion and I capabilities and on know this those world. second, last services I they based the and sign decided today ever. as globally those of to more in well quarter, first the on that is XX-plus now add today highlights growing our

is land the of deal size of and expansion it expand an our terms strategy. in largest validates our So that financial and

and our the Secondly, across these customers. X enterprise in care, services. this They're not health consumer. they're -- by that is renewals different They're different services, in X in and quarter are financial all in financial all have. verticals expansion in growth customers And all enterprise They're They're we driven the verticals. intact. major just by bookings

having and scale about customers excited super with up we're with those So renew us us.

big in us. in significant also excited platform Cloud slides. platform. people in the access is and strategic agreement third get it And the enable to both work commitment -- going AI Google overarching latest our an most new be infrastructure driving work. about this Google. but a that We monitoring for to multiyear, for we is capabilities on because on agreement partner capabilities believe Cloud essentially, and to a I'm lot allows coming highlight us and super transformation. we sides to changing together But to enhancing in the to on This The shows Google workplace is it quarter CXAI multimillion more with dollar detail way talk them Google the our are it products with where provides the in our us

at On call, employees is this. sites. subset internal deploy where the going their in last full QX the to here is this to it about platform, be major months, development globally we I being where launched that announce of their pilot going are coming meaning it in had the customers, happy to with a plan customer we're new QX well. is a CXAI pilot launch that the the in is that financial mentioned testing are to And going that I'm -- which we with doing a in to really And brand-new about services,

and we think said here, terms platform, was platform announced in to analytics multi-OS, base, now well earlier, happy in So of VU this AI. been terms with as you with this, that pilots existing the least, which QX. And AI-native. in on we're we've many I CXAI And the of are X is capability, our not our report of last deployment is but is we I QX allowing analytics that super for working for to showed on I'm the last in implement track diversified time of space customer talk in to you based multi-tenant, excited as those we're architecture multi-cloud, earlier of I what industry pilots. first as the the do in this going interactions CXAI use consumer, and new simplicity included trials shared CXAI hybrid is the is the future finding in provide. start. the in end one and for is of see diversity that to they is customers, is the in the that solves these I problem services. couple believe I'm are with future we The platform financial tech what full we one one in is where this show insights on is in that going solution the We are about great VU can and and we're insights capabilities cases be us. to that to the want, really charts a the CXAI But important work in

So deeper let go into me the results. further

numbers. numbers. to financial the about translating talk financial those highlights let's So are What

So $X.XX tied for had other expansion bookings. the X QX are that deal I talked bookings well million to we renewals. And as of XXXX, about as the those really

total is opportunity us. And sites going it terms have earlier, than XXX% game same more to well as amount in quarter. not a want is stone which which for size this right them. said is is is But in happened, higher and ARR many expand This us super of the as bookings year, for groundbreaking the current that's this quarter. strategy. our This stepping proud achievement this customer this more of of to So is end and the the as many is direction, the They a of enable. validation from capabilities last they expansion I we're land that deal significantly the because growth, massive for

-- the first company year metrics quarter can really is a ago in to this expansion XX% subscription full business with in of the compare the trending the after combination. this the the trending we large did we terms quarter is onetime in recurring, the where consistently much in to quarter last which And split, direction On margin and trending right really it was gross are as as than well that, right the XX% is revenue north we And a better had deal. This year. we the at much, -- performed first great direction. of what

from of now So at quarter stand-alone before was from being time can financials to we basis, lot we last the a is that had together. the this part we because another there time first year of entity, a what mixed of compare this were were that,

by biggest an news SaaS I completed model item business I what continued business have with you transformation of the driving anyway, last results, transformation. tell really The So we to from a mean SaaS full do And will AI-native key financial is year trending metrics. positive that?

of increase largest as saw bookings XX% I quarter result a with revenue said after the The a other was enterprise the this XX% year. expansion initial quarter, pilots. reported was earlier, XX% it is growth ago. discussed major and the subscription deal by its the And a customer recurring revenue now expansion sector same globally the of we is grew last in footprint company as its renewal that financial is massive This the period onetime had in from this with XXX% And that piece a from expansion. annual important year that scaling

basis point X margins So gross increase that's basis from Similarly, last increase. of year. points X.X

bottom combine importantly, really trending XXX%, not the of now focused least, last those and all which these net And metrics, and is the rate these is you positively, deal. capabilities record More driven and X by retention but last the renewals from to year we're is expansion when line. on really this

time earlier, we're AI tools is but of did more Our AI we cost last to from restructuring been that using OpEx reduction more combination importantly, and lower XX%, structure. than that our and has really year a the

we team the improving and for capability highlight big a that. our focused with are been a organization, has really that technology as So productivity on

we was Think this a to onetime that customer to spreadsheet, was when I really our the products year at people in use areas. much revenue revenue office, tell it of right as off those scaling it done. with site. using trending you have order to to of and So in X is super see coming of cases York up. customer was really I nutshell, business the room, week, Actually, for see the our SaaS that past. look the amazing different terms activities you an in customers, you are in X model, the different where as them our up amount the important the scale a daily penetration sites, the effectively. ago. I action that the was engagement that know kind dramatically at a or can we to X use wanting and recurring financial I I in our a New app, look visiting City X into customers It's food, at can book to than We're would we're we're well. well last their office, activity that and book solution, in use right from We're application a now X of customer as were and at better transformed is growing allow

and of So so technology. as the way we this them. campuses, visited much, much different better we're is I outcome to the obvious shaping and enable it's different many power that have we're cases, technology the behave, And using use people from

web are app, home. With not, a analytics to only in earlier, a showed architecture people back mobile the want And they're from the so not home, And when using office access distributed why office. app they're as coming right they're we if their remotely important. this that because it's using platform, is they is now, their to the the

analytics customers users keep provide set productivity. terms all higher now are and improving wanting their chain us and of the those we And this go have enable now employees. So that workforce trends productivity them an -- the of insights to are to food need and leading engagement to engaged capability to where in for we in

announce have are agreement reinforcing we're #X technology this to is innovation The real did little growth. step So significant quarter. talk Google going dollar you to now a agreement, a This ask a from our say, nice-to-have across experience leveraging have as millions now now to that's ourselves where that could base, why you that is seamless to important us are well, from forward users. super that about provide to a important of because to to allows the bit to that's commitment from growing infrastructure last scale our important just being extending that we partnership we is must-have. It's as hundreds reliable, our the a us right? thousands is board. I'm drive our Cloud and partner a Google as multimillion a customer customers Google it's thing scalable cutting-edge of helping multiyear, we super we And is we This that and

there's with factor doing will apps super And of CXAI with announcements to as working to testing their the tools and and deployment Azure AWS seeing in Secondly, of security big, trust important weeks footprint. AI a us it is Google in and they because allow we that provide machine the a our say standards. Google's customers employees, Cloud and with you've compliance all manage our these our we the are of enterprise data pilots technology. secured ensure well fact super just is the the hard large safeguard AI and And that is the industry as they're for in market, to critical. our they to We're that big challenges trust security. with -- their customers fully as platform, enterprise customers. heart data, Cloud, given as of with months, lot And coming CXAI accelerate proud really with you with with learning with Google some super industry is seen the the and be with their at us been we're integration

drive in latest take faster the going the than technology to customer access to we're base. to else to space, have and this innovation that We world of advantage anybody in our

product, actually have using As have get our would our when They're campus food, good for it be or researching to it it navigating it to nice just using I to ordering to have, app. mentioned are meeting a customers their of some for right they earlier, functions, not away. about an critical be be

in it's to critical. with in these sets. And must-have of we costing this system make that requires with and our with at as cloud multiyear our is the the significant a ability parking have structure across And sure super the continuously AI. with with to that co-investing agreement, provide scale of as Google very monitored. terms that with the our we growth the So our leverage health this monitoring infrastructure with cost customer us obvious infrastructure And board is CXAI of applications is look globally becoming faster AI, Google agreement, cost a all finally, as in well capability we

I'm happy super with agreement, and them. other but partners, So this of advancements are forward working Cloud, today about most we naturally, we are further to Google and customers look cloud our on with

well bit our we are So with we're think is of let engagements, about interaction about they know things they VU, portfolio. like. employers time the what what And think the integrated way as like as to me integrations with talk are life a that users. it our they the us embracing myriad are and what little every in activity seeing VU. we have app CXAI This CXAI the the having And things the we I again, single all of of they're data to that with as are a provide need don't the what that them they top doing, great are what things really well allows line provide enjoy to the as the

the of different at learning been also and drive that And is we And this that's XX talked success. If things really indicators. for useful key about look value chart tool see excited more another their you data. what about already for of but so they minutes, I'll employees the success. on visualization They the And importantly, we they if were the the all the key one that see see could kinds of Spatial has in to with do our to duration. We at can us, a We base, work productive. that the of campuses, want private they do metrics because behavior more are their podcast enlightening session experience to customer that we a performance XD to they that the in our of our show environment. seconds, do X customers Intelligence. KPIs, we is want access make that provide kind booking know what super

that have you as They are be that want you able contextual some has utilization spatial to lot giving to the office workplace you our and was occupancy knowing So the to they they home back the of they see that they give to make office. Actually, are has see to not allow like one they see and the provide it have to experience little a by have here A defined when bookshelf, about people activity metrics, metrics spatial trying space, changing, just home decisions really New better home new office, and the has the interesting are I distribution awareness, experience as and same faster. would the being customers, think York, office, percentage metrics how, when your designs when back in the to that as a of to campuses you small the our provide go of want utilized space and numbers but coming which same your an was world-class. at plant, of and like rooms lighting covered just office. in

want, when want we're office users in the it the those the they And whole same day. workspace. in the replicating want for office, and So the home environment, they they're

is scheduling providing predicting critical even that super that that, is user experience, more space important. utilization that managing So and

And lot all go deployment, and the for weeks our accretive you're these from can of we a as being to with months things. do customers. pilot see coming a going to in value So you tool, our of

CXApp (CXAI) 12 Aug 242024 Q2 Earnings call transcript