Q4 2024 C3.ai Inc Earnings Call Transcript
Key Points
- C3.ai Inc (AI) reported a 20% year-over-year revenue increase to $86.6 million for Q4, exceeding both guidance and analyst expectations.
- Subscription revenue surged by 41% year-over-year to $79.9 million, accounting for 92% of total revenue.
- The company achieved a non-GAAP gross profit of $60.9 million, representing a 70% gross margin.
- C3.ai Inc (AI) generated a free cash flow of $18.8 million and ended the quarter with $750.4 million in cash, cash equivalents, and investments.
- The company launched 30 Generative AI products in fiscal year '24 and received almost 50,000 inquiries from 3,000 businesses, indicating strong market interest.
- C3.ai Inc (AI) reported a GAAP operating loss of $82.3 million and a non-GAAP operating loss of $23.4 million for Q4.
- The transition to pay-as-you-go consumption pricing has led to a decline in average TCV from over $16 million in fiscal year '19 to $900,000 last quarter.
- The company's GAAP RPO at the end of Q4 was $244.3 million, down 36% from last year, indicating short-term pressure on revenue growth.
- Gross margins are expected to decline due to a higher mix of pilots, which carry greater costs during the pilot phase of the customer life cycle.
- C3.ai Inc (AI) anticipates a non-GAAP loss from operations between $125 million to $95 million for fiscal year '25, indicating continued investment in growth at the expense of short-term profitability.
Good day and welcome to the C3.aiâs Fourth Quarter Fiscal Year 2024 Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Amit Berry. Please go ahead.
Good afternoon and welcome to C3.ai's earnings call for the fourth quarter fiscal year 2024, which ended on April 30th 2024. My name is Amit Berry, and I lead Investor Relations at C3.ai. With me on the call today is Tom Siebel, Chairman and Chief Executive Officer, and Hitesh Lath, Chief Financial Officer.
After the market closed today, we issued a press release with details regarding our fourth quarter results as well as a supplemental to our results, both of which can be accessed through the Investor Relations section of our website at ir.c3.ai. This call is being webcast and a replay will be available on our IR website following the
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