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C3 AI Announces Record Fiscal 2021 Results

Fourth Quarter Revenue of $52.3 million, increased 26% year over year

C3.ai, Inc. (NYSE: AI), the Enterprise AI application software company, today announced results for its fiscal fourth quarter and the full year ended April 30, 2021.

“We achieved strong business and financial results in the fourth quarter and full fiscal year, as we advance our leadership position as the enterprise AI application software pure play,” said CEO Thomas M. Siebel. “The enterprise AI software market is rapidly growing, and we see accelerating interest in enterprise AI solutions across industries, geographies, and market segments. We are aggressively investing to extend our product and technology leadership and to expand our market-partner ecosystem and associated distribution capacity. As we continue to execute on delivering high-value outcomes for customers, we are increasingly well-positioned to establish a global market leadership position in enterprise AI application software. Bottom line, performance was strong across the board and we are planning for accelerating growth in the coming year.”

Fourth Quarter Financial Highlights

  • Revenue: Total revenue for the quarter was $52.3 million, up from $41.6 million one year ago, an increase of 26% year over year.
  • Subscription revenue: Subscription revenue for the quarter was $43.1 million, up from $36.8 million one year ago, an increase of 17% year over year.
  • Gross Profit: Gross profit for the quarter was $40.6 million (a 78% gross margin), compared to $32.1 million gross profit (a 77% gross margin) one year ago, an increase in gross profit of 26% year over year.
  • Remaining Performance Obligations (“RPO”): RPO was $293.8 million, compared to $239.7 million one year ago, an increase of 23% year over year.
  • Non-GAAP RPO: Non-GAAP RPO was $345.1 million, compared to $246.9 million one year ago, an increase of 40% year over year.
  • C3 AI Customer Count: Total enterprise AI customer count was 89, an increase of 82% year over year.

Full Year Fiscal 2021 Financial Highlights

  • Revenue: Total revenue for the year was $183.2 million, up from $156.7 million one year ago, an increase of 17% year over year.
  • Subscription revenue: Subscription revenue for the year was $157.4 million, up from $135.4 million one year ago, an increase of 16% year over year. Subscription revenue as a percentage of total revenue remained 86%, constant year over year.
  • Gross Profit: Gross profit for the year was $138.7 million (a 76% gross margin), compared to $117.9 million gross profit (a 75% gross margin) one year ago, an increase of 18% year over year.

Recent Business Highlights

  • C3 AI continued to accelerate customer momentum and expanded its enterprise AI footprint in Defense and Intelligence, Financial Services, Manufacturing, Oil & Gas, Utilities, and Energy Sustainability, with new enterprise production deployments at the United States Air Force, Bank of America, Standard Chartered Bank, Koch Industries, MEG Energy, Duke Energy, and ENGIE. C3 AI also initiated new enterprise AI projects with 3M, ConEd, FIS, Infor, Koch Industries, New York Power Authority, and Shell, and signed new contracts with Commonwealth Bank, George Washington University School of Medicine and Health Sciences, NCS, One Medical, San Mateo County, Stanford Health Care, SWIFT, and Yokogawa Electric Corporation, as well as expanded business with the US Air Force, including the Rapid Sustainment Office (RSO) and the F-35 Joint Program Office (JPO). Shell signed an expanded 5+-year enterprise agreement with C3 AI to accelerate the deployment of C3 AI and ML applications across Shell global assets. This represents a major expansion of the partnership C3 AI and Shell have forged over the past several years.
  • The total number of C3 AI customers at the end of Q4 FY2021 was 89, up from 49 at the end of Q4 FY2020, an 82% increase year over year.
  • C3 AI further expanded its market-partner ecosystem to extend its global distribution and service capabilities. During the quarter C3 AI expanded its relationship with strategic partner and financial technology leader FIS to launch joint solutions for the financial services industry, including FIS Credit Intelligence powered by C3 AI. This builds on the previously announced launch of FIS AML Compliance Hub powered by C3 AI.
  • The company saw continued success in its partnership with Baker Hughes, exceeding its FY 2021 revenue target for the alliance.
  • The company formed a wide-ranging strategic alliance with Infor, an ERP technology cloud leader, to jointly expand enterprise-class AI solutions across industries and extend Infor’s native machine learning capabilities. C3 AI also established its first strategic partnership in the telecommunications industry, forming an alliance with Singtel subsidiary NCS, a leading information, communications, and technology service provider. The partnership will focus on delivering enterprise AI solutions to customers in Southeast Asia, Australia, and New Zealand across multiple industries including telecommunications, government, financial services, transportation, and others.
  • C3 AI demonstrated ongoing product leadership in enterprise AI. In the fourth quarter, the company released C3 AI v7.19 and v7.20, delivering significant new features and enhancements including new advanced AutoML capabilities in the no-code AI and analytics platform C3 AI Ex Machina, as well as the release of C3 AI UI Designer in C3 AI Integrated Design Studio, a no-code development tool that allows users to create C3 AI application user interfaces rapidly and easily with drag-and-drop components. In addition, in partnership with Baker Hughes, C3 AI released BHC3 Production Schedule Optimization application for demand planning & manufacturing production scheduling.
  • C3 AI extended its investment in C3 AI CRM, the first enterprise-class, AI-first CRM solution custom-built for industries, developed in partnership with Microsoft and Adobe. C3 AI released new precision sales forecasting capabilities in C3 AI CRM to improve forecasting accuracy for sales teams and executives. C3 AI CRM leverages all relevant economic (stock market indexes, commodity prices, inflation, interest rates, etc.) and company-specific (bankruptcy, M&A, share repurchases, etc.) data along with the traditional CRM data to develop rich AI models enabling precise revenue forecasting, accurate product forecasting, next-best product, next best offer, and customer churn prediction.
  • C3 AI grew its enterprise AI production application footprint through both new customer acquisitions and expanded use by existing customers, with 91 discrete applications in production at the end of the fourth quarter, including some of largest enterprise AI application deployments in the world at customers such as Shell, Enel, LyondellBasell, Koch Industries, and the US Air Force. C3 AI production applications showed significantly increased industry diversification, growing to 11 industries in Q4 FY2021 compared to 5 industries in Q4 FY2020, with notable expansion in Financial Services. C3 AI application end users also continued to grow, exceeding 7,400 worldwide in Q4 FY2021.
  • Operating at massive scale, as of April 30, 2021 the C3 AI Suite and Applications were integrated with more than 800 unique enterprise and extraprise data sources, manage more than 4.8 million concurrent production AI models, process more than 1.5 billion predictions per day, and evaluate over 30.5 billion machine learning features daily.
  • With Shell and Microsoft, C3 AI expanded the Open Energy AI Initiative, an open marketplace for C3 AI energy applications. Announced in February 2021, the Open Energy AI Initiative aims to accelerate the deployment and availability of enterprise AI solutions to the energy industry by providing a framework for energy operators, service providers, equipment providers, and independent software vendors to offer interoperable solutions powered by the C3 AI Suite and Microsoft Azure.
  • C3 AI continued to invest in its public-private partnership with the C3.ai Digital Transformation Institute, to accelerate research into the new science of Digital Transformation. In the fourth quarter, DTI conducted a weekly series of colloquia presenting original research by DTI-affiliated researchers from leading institutions. DTI also issued its second call for research proposals, on AI for Energy and Climate Security, receiving 52 proposals. Grant awards will be announced later in June. For additional information see: https://c3dti.ai.
  • C3 AI saw ongoing success in building brand awareness. In Q4 FY 2021, C3 AI ranked #1 in internet search results for the term “Enterprise AI” across virtually all measurements.
  • C3 AI further enhanced the company’s leadership with the addition of senior executives to the company’s Federal Systems unit including: Lieutenant General (Retired) Edward Cardon as Chair, C3 AI Federal Systems, and Tod Weber as SVP and General Manager, C3 AI Federal Systems. A 36-year US Army career officer, Lieutenant General Cardon most recently served as the Director of the US Army Office of Business Transformation, a role in which he helped to establish the Army Futures Command. Tod Weber most recently served as CEO and chairman of Software AG Government Solutions, and previously held senior roles at webMethods, Oracle, and PTC.
  • C3 AI continued to attract exceptional talent to the company, adding 56 net new employees in the fourth quarter to end the quarter with 574 fulltime employees. The company received over 12,500 employment applications in Q4.

Financial Outlook:

Our guidance includes GAAP and non-GAAP financial measures.

The following table summarizes our guidance for the first quarter of fiscal 2022 and full-year fiscal 2022:

(in millions)

First Quarter Fiscal 2022

Guidance

 

Full Year Fiscal 2022

Guidance

Total revenue

$50.0 - $52.0

 

$243.0 - $247.0

Non-GAAP loss from operations

($28.0) - ($35.0)

 

($107.0) - ($119.0)

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes.

Conference Call Details

What:

C3 AI Fourth Quarter Fiscal 2021 Financial Results Conference Call

When:

Wednesday, June 2, 2021

Time:

2:00 p.m. PT / 5:00 p.m. ET

Live Call:

(833) 900-2294, Domestic

 

(236) 714-2785, International

 

Conference ID: 5242869

Webcast:

https://event.on24.com/wcc/r/3080127/97E4F6577A3CC43864859BF7208EE9B6 (live and replay)

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.

Statement Regarding Use of non-GAAP Financial Measures

We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

  • Non-GAAP gross profit, non-GAAP gross margin, and non-GAAP loss from operations. Our non-GAAP gross profit, non-GAAP gross margin, and non-GAAP loss from operations measures exclude the effect of stock-based compensation expense-related charges and employer payroll tax expense related to employee stock-based compensation. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
  • Non-GAAP RPO: Non-GAAP RPO represents our GAAP RPO plus the associated cancellable contracted backlog. We believe the presentation of our RPO inclusive of the cancellable backlog provides useful supplemental information to investors about our aggregate contractual backlog and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.

Use of Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including our market leadership position, plans to license certain technologies, financial outlook, our business strategies, plans, and objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2021, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.

About C3.ai, Inc.

C3.ai, Inc. (NYSE:AI) is a leading provider of enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.

Source: C3.ai, Inc.

C3.AI, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

Three Months Ended April 30,

 

Year Ended April 30,

 

2021

 

2020

 

2021

 

2020

Revenue

 

 

 

 

 

 

 

Subscription(1)

$

43,118

 

 

$

36,767

 

 

$

157,366

 

 

$

135,394

 

Professional services(2)

9,166

 

 

4,851

 

 

25,851

 

 

21,272

 

Total revenue

52,284

 

 

41,618

 

 

183,217

 

 

156,666

 

Cost of revenue

 

 

 

 

 

 

 

Subscription(3)

8,621

 

 

7,986

 

 

31,315

 

 

31,479

 

Professional services

3,091

 

 

1,523

 

 

13,204

 

 

7,308

 

Total cost of revenue

11,712

 

 

9,509

 

 

44,519

 

 

38,787

 

Gross profit

40,572

 

 

32,109

 

 

138,698

 

 

117,879

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing(4)

32,093

 

 

34,589

 

 

96,991

 

 

94,974

 

Research and development

20,711

 

 

17,426

 

 

68,856

 

 

64,548

 

General and administrative

11,676

 

 

10,313

 

 

33,109

 

 

29,854

 

Total operating expenses

64,480

 

 

62,328

 

 

198,956

 

 

189,376

 

Loss from operations

(23,908

)

 

(30,219

)

 

(60,258

)

 

(71,497

)

Interest income

258

 

 

1,136

 

 

1,255

 

 

4,251

 

Other (expense) income, net

(152

)

 

(1,254

)

 

4,011

 

 

(1,752

)

Net loss before provision for income taxes

(23,802

)

 

(30,337

)

 

(54,992

)

 

(68,998

)

Provision for income taxes

248

 

 

97

 

 

704

 

 

380

 

Net loss

$

(24,050

)

 

$

(30,434

)

 

$

(55,696

)

 

$

(69,378

)

Net loss attributable to Class A common shareholders, basic and diluted

$

(0.24

)

 

$

(0.82

)

 

$

(0.90

)

 

$

(1.94

)

Net loss attributable to Class A-1 common shareholders, basic and diluted

$

 

 

$

(0.82

)

 

$

(0.55

)

 

$

(1.94

)

Net loss attributable to Class B common shareholders, basic and diluted

$

(0.24

)

 

$

 

 

$

(0.35

)

 

$

 

Weighted-average shares used in computing net loss per share attributable to Class A common stockholders, basic and diluted

97,328,701

 

 

30,369,014

 

 

56,677,947

 

 

29,133,157

 

Weighted-average shares used in computing net loss per share attributable to Class A-1 common stockholders, basic and diluted

 

 

6,666,665

 

 

6,666,665

 

 

6,666,665

 

Weighted-average shares used in computing net loss per share attributable to Class B common stockholders, basic and diluted

3,499,992

 

 

 

 

3,499,992

 

 

 

 

(1) Including related party revenue of $8,986, $9,865, $30,557 and $40,425 for the three months and year ended April 30, 2021 and 2020, respectively.

(2) Including related party revenue of $4,825, $82, $4,825 and $292 for the three months and year ended April 30, 2021 and 2020, respectively.

(3) Including related party cost of revenue of $56, nil, $56 and nil for the three months and year ended April 30, 2021 and 2020, respectively.

(4) Including related party sales and marketing expense of $44, nil, $44 and nil for the three months and year ended April 30, 2021 and 2020, respectively.

C3.AI, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

(unaudited)

 

 

As of April 30,

 

2021

 

2020

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

115,355

 

 

$

33,104

 

Short-term investments

978,020

 

 

211,874

 

Accounts receivable, net of allowance of $812 and $755 as of April 30, 2021 and 2020, respectively(1)

65,460

 

 

30,827

 

Prepaid expenses and other current assets(2)

14,302

 

 

5,400

 

Total current assets

1,173,137

 

 

281,205

 

Property and equipment, net

6,133

 

 

8,723

 

Goodwill

625

 

 

625

 

Long-term investments

 

 

725

 

Other assets, non-current(3)

16,582

 

 

13,830

 

Total assets

$

1,196,477

 

 

$

305,108

 

Liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ equity (deficit)

 

 

 

Current liabilities

 

 

 

Accounts payable(4)

$

12,075

 

 

$

4,726

 

Accrued compensation and employee benefits

21,829

 

 

13,693

 

Deferred revenue, current(5)

72,263

 

 

53,537

 

Accrued and other current liabilities(6)

18,318

 

 

9,083

 

Total current liabilities

124,485

 

 

81,039

 

Deferred revenue, non-current

2,964

 

 

6,758

 

Other long-term liabilities(7)

7,853

 

 

6,001

 

Total liabilities

135,302

 

 

93,798

 

Commitments and contingencies

 

 

 

Redeemable convertible preferred stock, $0.001 par value. No shares and 233,107,379 shares authorized as of April 30, 2021 and 2020, respectively; no shares and 37,128,768 shares issued and outstanding as of April 30, 2021 and 2020, respectively; Liquidation preference of $376,178 as of April 30, 2020

 

 

375,207

 

Redeemable convertible class A-1 common stock, $0.001 par value. No shares and 6,666,667 shares authorized as of April 30, 2021 and 2020, respectively; no shares and 6,666,665 shares issued and outstanding as of April 30, 2021 and 2020, respectively; Liquidation preference of $18,800 as of April 30, 2020

 

 

18,800

 

Stockholders’ equity (deficit)

 

 

 

Class A common stock, $0.001 par value. 1,000,000,000 and 390,000,000 shares authorized as of April 30, 2021 and 2020, respectively; 98,494,729 and 31,210,159 shares issued and outstanding as of April 30, 2021 and 2020 respectively

99

 

 

31

 

Class B common stock, $0.001 par value; 3,500,000 and 21,000,000 shares authorized as of April 30, 2021 and 2020, respectively; 3,499,992 and no shares issued and outstanding as of April 30, 2021 and 2020, respectively

3

 

 

 

Additional paid-in capital

1,410,325

 

 

110,485

 

Accumulated other comprehensive income

81

 

 

424

 

Accumulated deficit

(349,333

)

 

(293,637

)

Total stockholders’ equity (deficit)

1,061,175

 

 

(182,697

)

Total liabilities, redeemable convertible preferred stock, redeemable convertible Class A-1 common stock and stockholders’ equity (deficit)

$

1,196,477

 

 

$

305,108

 

(1) Including amounts from a related party of $15,180 and $250 as of April 30, 2021 and 2020, respectively.

(2) Including amounts from a related party of $1,662 and nil as of April 30, 2021 and 2020, respectively.

(3) Including amounts from a related party of $6,602 and nil as of April 30, 2021 and 2020, respectively.

(4) Including amounts from a related party of $56 and nil as of April 30, 2021 and 2020, respectively.

(5) Including amounts from a related party of $7,697 and $1,499 as of April 30, 2021 and 2020, respectively.

(6) Including amounts from a related party of $3,413 and nil as of April 30, 2021 and 2020, respectively.

(7) Including amounts from a related party of $4,895 and nil as of April 30, 2021 and 2020, respectively.

C3.AI, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

Year Ended April 30,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(55,696)

 

 

$

(69,378)

 

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

Depreciation and amortization

4,297

 

 

1,302

 

Non-cash operating lease costs

3,315

 

 

3,052

 

Stock-based compensation

21,740

 

 

8,310

 

Impairment on investment

 

 

1,025

 

Other

(180)

 

 

(657)

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable(1)

(34,690)

 

 

32,659

 

Prepaid expenses, other current assets and other assets(2)

(14,855)

 

 

(4,265)

 

Accounts payable(3)

7,450

 

 

(1,219)

 

Accrued compensation and employee benefits

8,135

 

 

651

 

Operating lease liabilities

(3,551)

 

 

(3,174)

 

Other liabilities(4)

11,549

 

 

1,343

 

Deferred revenue(5)

14,933

 

 

(30,930)

 

Net cash used in operating activities

(37,553)

 

 

(61,281)

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(1,628)

 

 

(2,298)

 

Capitalized software development costs

 

 

(581)

 

Proceeds from sale of non-marketable equity security

725

 

 

 

Purchases of investments

(1,152,142)

 

 

(219,853)

 

Maturities and sales of investments

385,893

 

 

98,659

 

Net cash used in investing activities

(767,152)

 

 

(124,073)

 

Cash flows from financing activities:

 

 

 

Proceeds from initial public offering and private placements, net of underwriting discounts

851,859

 

 

 

Proceeds from repayment of shareholder loan

26,003

 

 

 

Proceeds from issuance of Series G, net of issuance costs

 

 

25,333

 

Proceeds from issuance of Series H, net of issuance costs

 

 

49,836

 

Repurchase of common stock and options in tender offer

 

 

(3,548)

 

Payment of deferred offering costs

(7,179)

 

 

 

Proceeds from issuance of common stock

 

 

44,027

 

Proceeds from exercise of Class A common stock options

16,673

 

 

4,203

 

Net cash provided by financing activities

887,356

 

 

119,851

 

Net increase (decrease) in cash, cash equivalents and restricted cash

82,651

 

 

(65,503)

 

Cash, cash equivalents and restricted cash at beginning of period

33,604

 

 

99,107

 

Cash, cash equivalents and restricted cash at end of period

$

116,255

 

 

$

33,604

 

Cash and cash equivalents

$

115,355

 

 

$

33,104

 

Restricted cash included in other assets

900

 

 

500

 

Total cash, cash equivalents and restricted cash

$

116,255

 

 

$

33,604

 

Supplemental disclosure of cash flow information—cash paid for income taxes

$

550

 

 

$

660

 

Supplemental disclosures of non-cash investing and financing activities:

 

 

 

Purchases of property and equipment included in accounts payable and accrued liabilities

$

212

 

 

$

417

 

Deferred offering costs included in accounts payable and accrued liabilities

$

105

 

 

$

 

Vesting of early exercised stock options

$

2,869

 

 

$

655

 

(1) Including changes in related party balances of $(14,930) and $19,750 for the year ended April 30, 2021 and 2020, respectively.

(2) Including changes in related party balances of $8,264 and nil for the year ended April 30, 2021 and 2020, respectively.

(3) Including changes in related party balances of $56 and nil for the year ended April 30, 2021 and 2020, respectively.

(4) Including changes in related party balances of $8,308 and nil for the year ended April 30, 2021 and 2020, respectively.

(5) Including changes in related party balances of $6,198 and $(18,445) for the year ended April 30, 2021 and 2020, respectively.

C3.AI, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages)

(unaudited)

 

 

Three Months Ended April 30,

 

Year Ended April 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of GAAP gross profit to non-GAAP gross profit:

 

 

 

 

 

 

 

Gross profit on a GAAP basis

$

40,572

 

 

$

32,109

 

 

$

138,698

 

 

$

117,879

 

Stock-based compensation expense (1)

347

 

 

153

 

 

1,205

 

 

492

 

Employer payroll tax expense related to employee stock-based compensation (2)

33

 

 

 

 

33

 

 

 

Gross profit on a non-GAAP basis

$

40,952

 

 

$

32,262

 

 

$

139,936

 

 

$

118,371

 

 

 

 

 

 

 

 

 

Gross margin on a GAAP basis

78

%

 

77

%

 

76

%

 

75

%

Gross margin on a non-GAAP basis

78

%

 

78

%

 

76

%

 

76

%

 

 

 

 

 

 

 

 

Reconciliation of GAAP loss from operations to non-GAAP loss from operations:

 

 

 

 

 

 

 

Loss from operations on a GAAP basis

$

(23,908

)

 

$

(30,219

)

 

$

(60,258

)

 

$

(71,497

)

Stock-based compensation expense (1)

7,470

 

 

2,886

 

 

21,740

 

 

8,310

 

Employer payroll tax expense related to employee stock-based compensation (2)

995

 

 

 

 

995

 

 

 

Loss from operations on a non-GAAP basis

$

(15,443

)

 

$

(27,333

)

 

$

(37,523

)

 

$

(63,187

)

(1)

Stock-based compensation expense for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows:

 

Three Months Ended April 30,

 

Year Ended April 30,

 

2021

 

2020

 

2021

 

2020

Cost of subscription

$

271

 

 

$

124

 

 

$

828

 

 

$

370

 

Cost of professional services

76

 

 

29

 

 

377

 

 

122

 

Sales and marketing

3,245

 

 

1,180

 

 

9,080

 

 

3,074

 

Research and development

997

 

 

313

 

 

2,949

 

 

1,223

 

General and administrative

2,881

 

 

1,240

 

 

8,506

 

 

3,521

 

Total stock-based compensation expense

$

7,470

 

 

$

2,886

 

 

$

21,740

 

 

$

8,310

 

(2)

Employer payroll tax expense related to employee stock-based compensation were immaterial and as such were excluded in periods prior to January 31, 2021. Employer payroll tax expense to employee stock-based compensation for gross profits, gross margin and loss from operations includes employer payroll tax expense to employee stock-based compensation as follows:

 

Three Months Ended April 30,

 

Year Ended April 30,

 

2021

 

2020

 

2021

 

2020

Cost of subscription

$

30

 

 

$

 

 

$

30

 

 

$

 

Cost of professional services

3

 

 

 

 

3

 

 

 

Sales and marketing

338

 

 

 

 

338

 

 

 

Research and development

353

 

 

 

 

353

 

 

 

General and administrative

271

 

 

 

 

271

 

 

 

Total employer payroll tax expense

$

995

 

 

$

 

 

$

995

 

 

$

 

Reconciliation of remaining performance obligations (“RPO”) to Non-GAAP RPO:

The following table presents a reconciliation of RPO to Non-GAAP RPO:

 

As of April 30,

 

2021

 

2020

RPO

$

293,836

 

 

$

239,742

 

Cancellable amount of contract value

51,252

 

 

7,183

 

Non-GAAP RPO

$

345,088

 

 

$

246,925

 

 

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