Alibaba Group Holding Ltd. (BABA) Q3 2021 Earnings Call Transcript
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Arlington Asset Investment (NYSE:AI)
Q4 2021 Earnings Call
Jun 02, 2021, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by, and welcome to the C3.ai fourth-quarter fiscal year 2021 earnings call. At this time all participants are in a listen-only mode. After the speakers’ remarks, there will be a question and answer session. [Operator instructions] Please be advised that today’s conference is may be recorded.

[Operator instructions] I would now like to hand the conference over to your speaker today, Paul Phillips. Please go ahead.

Paul PhillipsVice President, Investor Relations

Good afternoon, and welcome to C3.ai’s earnings call for the fourth-quarter and full-year fiscal 2021, which ended April 30, 2021. This is Paul Phillips, VP of investor relations of C3.ai. With me on the call today are Tom Siebel, chairman and chief executive officer; and David Bartner, chief financial officer. After the market closed today, we issued a press release with details regarding our fourth-quarter and full-year fiscal results, as well as a supplement to our results, both of which can be accessed on 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 conclusion of the call. During today’s call, we will make statements related to our business that may be considered forward looking under federal securities laws. These statements reflect our views only as of today, and should not be considered representative of our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook.

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our actual results, please refer to our filings with the SEC. Also during the course of today’s call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release.

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

Tom SiebelChairman and Chief Executive Officer

Well, thank you, Paul; and good afternoon, everyone. I am very pleased to give you an update on the state of the business. Bottom line, Q4 was a great quarter and the fiscal year ’21 was a great year. I’m pleased to report that C3.ai is well-positioned to substantially accelerate growth and continue to gain market share in the coming year.

Let’s talk about our fourth-quarter results. We’ve exceeded our guidance for both revenue and non-GAAP operating income. Our bookings grew, believe it or not, over 500% in Q4 compared to the quarter a year earlier. Our bookings grew 179% quarter to quarter.

Revenue in the fourth quarter was 52.3 million, an increase of 26% year over year. Subscription revenue for the quarter was 43.1 million, up from 36.8 million a year ago, an increase of 17% year over year. Gross profit for the quarter was 40.6 million, a 78% gross margin, compared to 32.1 million gross profit a year ago, an increase in gross profit of 26% year over year over. Our remaining performance obligations were 293.8 million compared to 239.7 million a year earlier, an increase of 23% year over year.

Including cancellable orders, our non-GAAP RPO was 345.1 million compared to 246.9 million a year ago, an increase of 40% year over year. Our total enterprise AI customer count at the end of this year was 89, representing an 82% growth rate year over year. Now, let’s take a look at fiscal year ’21 in entirety. Total revenue for the year was 183.2 million, up from 156.7 million a year ago, an increase of 17% year over year.

Subscription revenue for the year was 157.4 million, up from 135.4 million a year earlier, an increase of 16% year over year. Subscription revenue — importantly subscription revenue as a percentage of total revenue remained 86% constant year over year. Gross profit for the year was 138.7 million, a 76% gross margin, compared to 117.9 million gross profit a year ago, an increase of 18% year over year. Most importantly, our average contract value for the year continued to decrease from 16.2 million in fiscal year ’19 to 12.1 million in fiscal year ’20 to 7.2 million in fiscal year ’21, providing smoothing growth in bookings and greater revenue visibility going forward.

We experienced continued customer momentum in the course of the year, accelerating in the half of the year. Specifically, in the fourth quarter, we expanded our enterprise AI footprint in defense and intelligence, financial services, manufacturing, oil and gas, utilities and energy sustainability. We had a number of new enterprise production application deployments at the United States Air Force, Bank of America, Standard Chartered Bank, Koch Industries, MEG Energy, Duke Energy, and ENGIE. The 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, 1Medical, San Mateo County, Stanford Health Care, SWIFT, and Yokogawa Electric Corporation in Japan.

We enjoyed substantially expanded business agreements with existing customers including the United States Air Force, the U.S. Rapid Sustainment Office, and the F-35 Joint Program Office. Importantly, Shell executed a very significant expansion that spans over — you know, slightly but excess of 5years to significantly accelerate the deployment of C3.ai and ML applications across Shell’s global assets. This represents a major expansion of the partnership that C3.ai and Shell have forged over the past several years.

Again importantly, the total number of C3.ai customers at the end of the year was 89, up from 49 at the end of the previous year, an 82% increase year over year. We continue to expand our partner market — our market-partner ecosystem to extend our global distribution and service capabilities. During the quarter, C3 expanded its relationship with strategic partner and financially — and financial technology leader FIS to launch joint solutions for the financial services industry, including FIS Credit Intelligence powered by C3.ai. This builds upon the previously announced launch of FIS AML or Anti-Money Laundering, Compliance powered by C3.ai.

The company saw continued success in its partnership with Baker Hughes, exceeding its fiscal year ’21 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. Let’s talk a little bit about product and technology. It is difficult to overstate the significance of the rate of innovation in product engineering at C3.ai.

As of the end of Q4, we have released 20 enterprise AI applications in the general availability across 5vertical markets. This, in addition to the C3.ai suite itself. In the course of the fourth quarter alone, we released 40 updates and upgrades to these applications. And to give you a feel for the complexity of some of these deployments, we update one of our larger deployments in excess of 320 million tons per day.

Operating at now-massive scale as of the end of the year, the C3.ai suite and applications were integrated with more than 800 unique enterprise and extraprise data sources and sensor constellations. We manage more than 4.8 million concurrent production AI models. We process more than 1.5 billion AI predictions per day, and we evaluate over 30 billion machine learning features daily. Our service levels remain superlative, offering our customers 99.99% product availability with exceptional performance characteristics for the C3.ai suite over the course of the year.

Ladies and gentlemen, this would constitute the gold standard in the software industry. The production released of Ex Machina, serving the needs of the citizen data scientist, opens a new, large, and rapidly growing market opportunity for C3, previously served by Alteryx. For those of you interested, I encourage you to go to our website and sign up for our free trial of Ex Machina. If you’ll like it, buy it.

I am most enthusiastic about the advancements we are making in C3.ai CRM. AI CRM represents the next generation of the now $80 billion addressable CRM market, a market segment that I am confident we will lead. Keep your eye on this space. You can expect a number of exciting announcements and product releases from C3 in the coming year.

With Shell and Microsoft, C3.ai expanded the Open AI Energy Initiative, an open marketplace for C3.ai applications. Announced in February, the Open AI initiative accelerates 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 offer interoperable solutions powered by the C3.ai suite and Microsoft Azure. Fiscal year ’21 was a great year for C3.ai The enterprise AI software market is rapidly growing. We — 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, to expand our market partner ecosystem and associated distribution capacity. As we continue to execute and delivering high-value outcomes for our customers, we are increasingly well-positioned to establish a global leadership position in enterprise API application software. Bottom line, performance was strong across the board, and we’re planning for accelerating growth in the coming year. And with that, I’ll turn it over to our CFO, David Barter, for further — for a more complete color on the quarter and the year.

David?

David BarterChief Financial Officer

Thank you, Tom. We’ve exceeded our guidance for both revenue and profitability in the fourth quarter while also building significant backlog that will help drive future growth in fiscal year 2022 and beyond. Revenue in the fourth quarter was $52.3 million, up 26% from a year ago due to increasing demand for our enterprise AI applications, with particularly strong deal volume late in the quarter as reflected in our accounts receivable, deferred revenue, calculated billings, and remaining performance obligation. Our fourth-quarter revenue growth is a meaningful improvement over the 19% growth in Q3 and the 11% growth in the first half of the fiscal year, which reflected the impact COVID had on our business.

Subscription revenue increased to $43.1 million in the fourth quarter while professional services revenue grew to $9.2 million, reflecting strong customer implementation activity and the engagement with Baker Hughes that will make our virtual data lake and reliability applications even more compelling for oil and gas customers. In Q4, 82% of our revenue was from subscriptions and 18% was from professional services. On a full-year basis, 86% of our revenue was from subscriptions, and 14% ws from professional services, consistent with our revenue mix in fiscal year 2020. We continued to anticipate subscription revenue mix in the upper 80% range on a trended basis.

However, there may be some variation in the revenue mix quarter to quarter. Our revenue growth was highlighted by contributions from each different industry verticals including some newer verticals such as high tech, life sciences, financial services, and telco. Over the course of fiscal year 2021, these newer verticals contributed 17% of revenue compared to 8% in fiscal year 2020. Geographically, our revenue diversification also increased as activity in EMEA and APAC continued to expand.

On a full-year basis, EMEA and APAC drove 34% of our revenue, compared to 22% in the prior year. Our sales execution in Q4 often drove a meaningful increase in our contracted backlog. Total remaining performance obligation or RPO at the end of the quarter was $293.8 million, an increase of 23% from a year ago and a 19% sequential increase from the third quarter. Current RPO, which we expect to recognize in the next 12 months, was $145.2 million, an increase of 11% from the prior quarter.

In addition, we had $51.3 million of additional contracted backlog from contracts with the cancellation right. When combined with our GAAP RPO, this produces a non-GAAP RPO of $345.1 million. Our non-GAAP RPO grew 40% from a year ago. And this represents a sequential increase of 17% from the third quarterl.

It’s important to note that our non-GAAP RPO does not include any backlog associated with Baker Hughes. It does not have an existing customer contract. This commitment at the end of the fourth quarter was $219.3 million. And it leads to an adjusted RPO of $564.4 million, an increase of 31% year over year.

Before moving on, I’d like to provide a brief update on our performance in oil and gas. Our revenue related to the Baker Hughes market-partner relationship was $55.9 million, and it exceeded its revenue commitment of $55.3 million. Baker Hughes partnership revenue increased 20% compared to 46.7 million of revenue generated in fiscal year 2020. In our financials, a portion of the Baker Hughes partner revenue is reported as related party revenue.

And it is contracted directly with Baker Hughes. And the balance of the revenue reflects situations where C3.ai has the contractual relationship with the end customer. But Baker Hughes assisted with the sales process. In the fourth quarter, the related party revenue was $13.8 million, and the nonrelated party component was $8.7 million.

For full fiscal year 2021, related party revenue was $35.4 million and the nonrelated party revenue was $20.5 million dollars. Turning to expenses and profitability. I will be referring to non-GAAP metrics, which excludes stock-based compensation expense and the employer portion of payroll tax expense related to stock transactions. A GAAP to non-GAAP reconciliation is provided with our earnings press release.

Gross margin in the fourth quarter was 78.3%, up from 77.5% a year ago. For full fiscal year 2021, our gross margin was 76.4%, up from 75.6%. The margin expansion over the year was driven by subscription gross margin, which increased to 80.6% up from 77% in the prior year. Our operating loss was $15.4 million in the fourth quarter and favorable to our guidance of a loss of $28 millin to $27 million.

In the fourth quarter, headcount increased by 56, an 11% sequential increase, compared to the third quarter. For the full fiscal year, headcount increased by 134, a year-over-year increase of 30%. We thoughtfully invested throughout the year, and we will continue to invest with focus on expanding our market leadership position as we scale our business. Shifting to our balance sheet and cash flows.

We entered the year with 1.09 billion in cash and cash equivalents and investments, compared to 1.12 billion at the end of the third quarter. We had an operating cash outflow of $31.7 million in the fourth quarter, including capital expenditures of 462,000 free cash flow with an outflow of $32.2 million in the fourth quarter. For full fiscal year 2021, operating cash flow was an outflow of $37.6 million, and free cash flow was an outflow of $329.2 million. Reflecting on the deal activity in the fourth quarter, accounts receivable increased over $65.5 million up, 112% over the fourth quarter in the prior year.

Deferred revenue grew to $75.2 million, a healthy 25% increase from the end of fiscal year 2020, as well as a 21% sequential increase from the third quarter. Now, turning to our guidance for fiscal year 2022 and the first quarter. We’re beginning the year with a healthy contracted backlog. As I mentioned earlier, current RPO increased sequentially 11% last quarter and our non-GAAP RPO increased 17% sequentially.

This level of growth provides us with meaningful revenue coverage In Q1, we expect subscription revenue will continue to expand, and our subscription revenue mix will climb back to prior-year levels. We also expect approximately 2 million left of professional services revenue in Q1 when compared to the prior quarter. On a full-year basis, we expect our subscription revenue mix increase slightly year over year, given our focus as a software company. Gross margin will continue to expand.

It’s important to keep in mind C3.ai has been designed to be a structurally profitable business. We expect gross margin to expand by another point in the coming year driven by the growth of our subscriptions. And finally, it is worth noting that we will invest thoughtfully to expand our leadership position in the market. Investment will be higher in Q1 and then it will be more balanced for the remaining quarters of the year.

With that in mind, for full fiscal year 2022, we anticipate revenue to be in the range of $243 million to $247 million, non-GAAP operating loss in the range of $119 million to $107 million. For the first quarter of fiscal year ’22, we expect revenue in the range of $50 million to $52 million and non-GAAP operating loss in the range of $35 million to $28 million. In summary, we exceeded our guidance for revenue and operating income in the fourth quarter. With our growth initiatives well under way and the increasing demand for our technology, we believe we are in a strong position to deliver an even better performance in fiscal year 2022.

Thank you for joining today’s call. Now, I’ll turn the call over to the operator for questions. Operator?

Questions & Answers:

Operator

Thank you. [Operator instructions] We have our first question coming from the line of Daniel Ives with Wedbush. Your line is open.

Daniel IvesWedbush Securities — Analyst

Yes. Thanks. Can you talk just about the success that you’re having, vertically speaking, when I think about utilities and oil and gas versus financials? Are you starting to see, you know, just more and more penetration across verticals from a customer base?

Tom SiebelChairman and Chief Executive Officer

Well, yes. I mean we began — we had a huge concentration in utilities if you’ll recall than a couple of years ago into the oil and gas business. And now that’s a pretty big chunk of our business. We’re seeing initial success that’s quite significant in financial services with Bank of America and Standard Chartered Bank, and now with the relationship with FIS and a number of discussions we have about going on in the world.

We expect to see substantial expansion in financial services as our products are used for, you know, anti-money laundering, customer churn, cash management, Volcker Rule compliance, margin lending. Manufacturing remains a big business for us as — particularly, as it was fantastic optimization of the supply chain production optimization. So, I mean, we’re clearly, you know, diversifying across a wide range of industries. And I think we’ll see, you know, increasing diversification both in terms of additional industry segments and a wider range — you know, instead of only doing, you know, very, very large deals like we did, you know, three and four years ago, and now we have a mix of large deals, medium deals, and small deals that is resulting in a substantial reduction in our average contract value.

So you know, as this, you know, as this plays out, just like the relational database business did and the mini computer market did and the CRM did, I think that, you know, enterprise AI will be adopted across all sectors: precision health, travel transportation, aerospace, you name it. And we expect to play in all those sectors.

Daniel IvesWedbush Securities — Analyst

Great. And just a quick follow-up. Can you just talk about from that conversation that you have with customers, when you’re talking to CIOs, CEOs, how it’s changed in terms of where C3 stands today versus even six months to a year ago? I mean, is it — has really gone from to just more strategic, and it’s almost more of a pull versus push. Can you just compare and contrast, especially, just given what you’ve seen in the last, you know, 30, 40 years? Thanks.

Tom SiebelChairman and Chief Executive Officer

Well, you know, I think where you really hit an inflection point after, you know, — you know, I mean the first two quarters of this calendar year were — or issued this calendar year ’20, OK, were tough, right? And, you know, we’re doing these large enterprise transactions and then COVID hit, Paris closed, Rome closed, London closed, Europe closed, Chicago closed. And so, you know, that did slow us down. Now when we get into, you know, May, June, July of last year, we saw dramatic acceleration. And, you know, this mandate toward digital transformation seems to have made it at the top of everybody’s agenda.

And digital transformation is very much about the application of enterprise AI to, you know, make stuff more efficiently — plan stuff more efficiently, you know, deliver higher-quality products into the hands of more satisfied customers at lower cost. We are clearly more credible today in the market than we ever have been. I think that — you know, I think we’re doing a pretty good job of demonstrating thought leadership in AI, the work that we’re doing with major research institutions like, you know, Illinois Carnegie Mellon, Princeton, MIT, Stanford, Berkeley, KTH is kind of really helping us at the high end. But, you know, now we have, you know, production use cases in, you know, all over the place in utilities, all over the place in manufacturing and financial services, in aerospace.

And so the pipeline has never been larger, OK, and the sales cycles are shorter than they have ever been. So, we’re right now, we’re, you know, we’re pretty optimistic about the — what the next coming two years look like.

Daniel IvesWedbush Securities — Analyst

Great. Thanks.

Operator

We have our next question coming from the line of Brad Sills with Bank of America. Your line is open.

Brad SillsBank of America Merrill Lynch — Analyst

Oh, great. Thanks, guys, for taking my question. I wanted to ask one just about the general environment for AI and the sales audience. Are you seeing a change where now your deals are sponsored more by a data scientist owner, if you will, or is it still very much a CIO sales as a line of business? You know, as AI becomes more of the forefront of, you know, critical capabilities for these companies, you know, is the sales audience changing, and are you seeing that more pervasively through these organizations?

Tom SiebelChairman and Chief Executive Officer

Well, I mean, it’s a good question, Brad. And I think it is changing, you know, if you see like the uptake on Ex Machina, there we’re selling to basically individual data scientists and citizen data scientists, all these organizations like, you know, $500 at a time or something. And, you know, the uptake there is pretty substantial. But I would say it varies from organization to organization.

Someplace, it’s starting in divisions. At other places, like Bank of America, it’s starting at the very top or, you know, or at or near the top. So it, you know, whether we started the bottom or we started the middle, we seemed to make it to the top sooner or later. And so with Bank of America, or Standard Chartered Bank, or Koch, you know, it’s — this is a rapidly growing hot market with a lot of people really interested.

And they’ve been — I think they’re a little bit frustrated with what they’ve been attempting to accomplish in the last three, four, five years, but haven’t been able to accomplish. So we, you know, present the prospect of being able to fix that and business is good.

Brad SillsBank of America Merrill Lynch — Analyst

That’s great. Thank you, Tom. And then one more, if I may please. As you pivoted toward these, you know, smaller deals, you know, smaller land deals, what does that mean for the expansion opportunity? How is that different from some of these larger deals where you land bigger? Should we see a greater velocity of expand deals in some of these early really wins that perhaps are smaller in footprint? Thank you so much.

Tom SiebelChairman and Chief Executive Officer

You know, I think it’s a really good question. And the answer is yes. I mean, as you get into, you know, selling to small and medium businesses, selling CRM, selling Ex Machina, I mean there you’re selling, you know, $500 or $1,000 at a time. And, you know, it becomes an NRR game.

And, you know, NRR has been really less important as a metric for us, historically, because we’re landing contracts that were, you know, so long in duration and so large. I mean, you can remember in, you know, fiscal year ’18 and ’19, you’re here when we were doing, you know, $30 million, $40 million, $50 million deals all the time. And, you know, that’s clearly changing now. So I think it’s a healthy mix of large deals, medium deals and, you know, de minimis transactions.

I would say, you know, $500 a month, you know, by our standards is de minimis. But, you know, it certainly looks good in a long run in terms of evening out, you know, get the lumpiness out of bookings, so we don’t have to deal with that anymore.

Brad SillsBank of America Merrill Lynch — Analyst

That’s great. Thanks, Tom. 

Operator

Thank you. We have our next question comes from the line of Michael Turits with KeyBanc. Your line is open.

Michael TuritsKeyBanc Capital Markets — Analyst

Hey there, Tom. Can you just give us a little bit more on the Shell deal? Is it an expansion? How does it impact, if it does, revenue going forward?

Tom SiebelChairman and Chief Executive Officer

Well, it is revenue, and it’s more revenue, and it’s more revenue. So I think like, an interesting context that we had in place with Shell, Michael. And I could be wrong on this. I think it was the second or third contract, OK.

And it was about four years in duration. Originally, we did a couple of production trials with them. I forget what year. And those were successful.

And then they expanded kind of a small enterprise deal, then they expanded to a larger enterprise deal, which was three or four years in duration. Now, Shell is very much reinventing itself around all aspects of this business with initiative they called Shell AI, which is a combination of basically C3.ai sitting on top of Azure and then a number of very, very bright people, who are applying AI to basically all aspects of Shell’s business, upstream, downstream, midstream and really importantly renewables. I think by 2050, you know, I’m not really privy to all of Shell’s company, but — all Shell’s strategy, but it looks to me like it might become an electricity business. Anyhow, they were deploying, you know, many, many successful applications.

They decided to renew their application a year before it expired. And so they entered into a new five-year relationship with us to kind of dramatically expand the number of assets to which they can apply the C3 applications and the C3 stack. We work with them independently of that to develop this Open API Initiative, which you can think of as a marketplace that’s being sponsored by Shell, C3, and Microsoft. And it’s a marketplace in which all the energy providers can basically put their C3 applications and they can trade them to one another.

So Shell is a — you know, it’s a strategic deal. It’s five-plus years. And it is, you know, irrevocable, nonrefundable commitment. And, you know, it’s a very substantial and important transaction that we think will serve, you know, it’s something of a bell cow in the oil and gas industry.

It is — you know, Shell is, you know, perceived of as a technology leader in that space. And so we think that will help fuel our oil and gas business, which is, you know, already quite healthy. And I know a lot of people think oil and gas is kind of yucky. But, you know, these guys are all reinventing themselves, and it’s renewable energy companies.

And, you know, we’re very pleased to be able to play a role in that.

Michael TuritsKeyBanc Capital Markets — Analyst

Thanks, Tom. And David, if you could, could you talk to us a little bit about the move downmarket from a couple of aspects, one, in terms of Ex Machina, in terms of the progress there and how much might be built into the guide? And then maybe, what your TCV was like in the quarter if it’s really moving down?

David BarterChief Financial Officer

OK. Michael, we couldn’t quite hear the second part of your question. Could you repeat it, please?

Michael TuritsKeyBanc Capital Markets — Analyst

So, again, I’m sorry about that. So all about the move downmarket. And maybe you could approach it from a couple of angles, first of all, you know, how much traction with Ex Machina, how much is built into the guide for next year from Ex Machina? And on TCV, what was it, not just in the year, but in the quarter, and how effectively are you moving that down?

David BarterChief Financial Officer

Great questions. Michael, in terms of planning, the way we planned our business, we think about our subscription revenue accelerating over the course of the year. And as you see in our guide, we’re looking at a midpoint of 26, going up to 34, and ex Machina certainly features in that. So we have thought about it in terms of our go-to-market teams, and we planned it in a detailed level as we thought about the outlook for the year and how to continue to accelerate our growth.

That’s in terms of Ex Machina. And then in terms of TCV in the quarter, we’re at about 7.5 million of TCV in quarter.

Michael TuritsKeyBanc Capital Markets — Analyst

OK. All right. David and Tom, thanks very much.

David BarterChief Financial Officer

Thank you.

Operator

We have our next question coming from the line of Patrick Colville with Deutsche Bank. Your line is open.

Patrick ColvilleDeutsche Bank — Analyst

Hey, thank you so much for taking my question. In the — the presentation is fascinating, and I was really interested to kind of hear, you know, how you see their market evolving. Just help me understand though this quarter, and I guess implicit in your guide, it doesn’t seem like the — this is translating into dollars just yet. You know, subscription revenue is kind of basically flat sequentially, and implicit in the guide is it kind of flat again in the first quarter.

So, I just want to understand just the kind of puts and takes between this, you know, this fantastic long-term potential that you articulated and, you know, we can see versus the kind of near-term and you know, this translating into, you know, kind of dollars now.

Tom SiebelChairman and Chief Executive Officer

We figured it’s kind of flat last year, Q4 to Q1, wasn’t it, Patrick, if my memory serves me correct. And, you know, I think that the growth projections that you and others had for us and why don’t you even correct me if I am wrong, for this year was about 9%, or I think we came in at about 17. The — you know, we’re seeing — you know, part of what’s going on in Q1 is, you know, we — the growth of the year is going to be a very healthy year. Q1 will be a very healthy quarter.

We are raising guidance, OK, for Q1 over what the consensus was. Part of what’s going on Q1, however, is an artifact of you have to go back and look at bookings, which I’m not going to disclose, OK, for like Q1 and Q2 of fiscal year ’20. OK? And, you know, but if you look at ’19 and ’20, you know, we’re kind of thrashing around quarter to quarter, quarter to quarter in bookings. And there’s kind of an artifact there.

It has some downward pressure on, you know, on Q — you know, and we’re thinking as this — as the revenue kind of water — some bookings waterfalls out over, say, 36 months. And, you know, there was a quarterback there that was wasn’t very big and the term of the revenue was not very long in the quarter. And that’s, you know, a little bit downward pressure on Q1. The Q1 is going to be — it will be a fine quarter, and the year’s going to be a great year.

Patrick ColvilleDeutsche Bank — Analyst

Great. That’s very helpful. And I guess, as we kind of think beyond fiscal first quarter into kind of, you know, fiscal second, third, and fourth of next year, and just kind of, you know, sticking the numbers there, you know, again, the guide suggests quite a mature reacceleration. I mean I remember the time of the IPO, you know, we were talking about a number of factors including the exit in coronavirus.

We’re talking about kind of lapsing of the banking whose contract reset. Are they still the kind of key reasons for this reacceleration in subscription revenue in the second half of fiscal ’22, or are there other factors that we should be aware of? Thank you.

Tom SiebelChairman and Chief Executive Officer

Well, I think what we saw was a reacceleration of bookings in second half of fiscal year ’21 really. OK. And, you know, as we — you know, we came into fiscal year ’21 blowing and going, I think. Wasn’t the growth rate in fiscal year ’20 like 91% growth or something?

David BarterChief Financial Officer

71%.

Tom SiebelChairman and Chief Executive Officer

71%. OK. Sorry. It was big numbers.

David BarterChief Financial Officer

It was a big number.

Tom SiebelChairman and Chief Executive Officer

It was significantly non-zero. OK. It was big. And then we got, you know, kicked in the teeth with COVID.

OK. And the — and I think what you’re seeing is just what we saw in the second half of the year is just a reacceleration of business. And, you know, COVID is clearly over, and our digital transformation is, you know, where the interest in that is more acute than it ever has been. OK.

The interest in enterprise AI is more significant than it ever has been. OK. And we’re perceived of as a, you know, kind of more substantial, more reliable provider than we ever have been. So I think what we’re just seeing is acceleration of business.

It’s a good thing.

Patrick ColvilleDeutsche Bank — Analyst

Thank you so much. Really appreciate you taking the time.

Operator

We have our next question coming from the line of Jack Andrews with Needham. Your line is open.

Jack AndrewsNeedham & Company — Analyst

Good afternoon, and thanks for taking my question. Hey, Thomas, wondered if you could speak to just the hiring environment. You know, it’s historically certainly been difficult for applicants to secure opportunities at C3. And so could you speak to are you able to scale the organization the way you want to in terms of, you know, finding the right types of people to go about the organization these days?

Tom SiebelChairman and Chief Executive Officer

I reviewed those data to date, Jack. It’s a great question. Last quarter, I think we had 12,000 applicants, OK, job applicants from all over the world to C3.ai. Count them, 12,000.

OK. And, you know, this annualizes to roughly 50,000. And we’re in the heart of Silicon Valley. This is supposed to be a very, very challenging hiring environment.

You know, of the — of those 12,000, I think we had interviewed some one form or another, you know, almost 3,000. And we hired a net of like 56. So we have really the brightest and most — you know, highly trained and experienced data scientists, you know, in the world, and application engineers, and salespeople, and sales leadership, OK, and marketing leadership who want to join us. And so we’re very, very fortunate in that respect.

We kind of need to figure what’s going on. And, you know, get — you know, bottle this, you know, as we go forward. But, you know, the rate of interest in people coming to work with — at C3 has not slowed down. OK.

And our rate in interest in hiring people has definitely not slowed down. And if you go — and I encourage, you know, anybody who’s interested to, you know, just either you get a pretty good feel for what the culture is like and what the morale is like if you go look up at glassdoor.com. But the — it was I think 12,050 people or 12,500 people who applied for jobs here in the last quarter. It’s really rewarding.

Jack AndrewsNeedham & Company — Analyst

That was great, and thanks for the color around that. And just as a follow-up question. I think in your prepared remarks, you referenced strong fuel volume late in the quarter. I was wondering if you could provide some more context around that.

Was that something that just happened organically within your customer base or was that the result of maybe some of your partnerships really coalescing? Any further clarity would be appreciated.

Tom SiebelChairman and Chief Executive Officer

I don’t think I could say anything like that.

David BarterChief Financial Officer

I mean, Jack, you may have heard it in one of my paragraphs.

Tom SiebelChairman and Chief Executive Officer

I missed that. I was out earlier.

David BarterChief Financial Officer

And so I think all we were highlighting is the correlation, Jack, between our bookings and how that manifested in terms of accounts receivable, deferred revenue and the strengthening of our performance measures like RPO. And so it was just —

Jack AndrewsNeedham & Company — Analyst

Got it. OK. Thanks.

David BarterChief Financial Officer

It’s just all bookings, you know, percolate through the financial results.

Jack AndrewsNeedham & Company — Analyst

Thanks.

Operator

We have our next question coming from the line of Mark Murphy with J.P. Morgan. Your line is open.

Mark MurphyJPMorgan Chase & Co. — Analyst

Yes, thank you. Tom, how is the signaling from some of your end markets that benefit from higher commodity prices like oil and gas, or higher inflation and interest rates, such as financial services? I’m just wondering because that’s a pretty good portion of your customer base, is it safe to assume that’s on, you know, a much firmer footing versus a year ago where you would see that driving strong pipeline growth for later in this year?

Tom SiebelChairman and Chief Executive Officer

Well, oil and gas — you know, I don’t know what gas prices were a year ago, but I remember about a year and a half ago, you couldn’t give oil away, right? It was like negative $37 a barrel or something, where is it today, you know, better than I have at roughly 67 bucks or something like that. So you get the same.

Mark MurphyJPMorgan Chase & Co. — Analyst

Yep.

Tom SiebelChairman and Chief Executive Officer

It’s easier to do business with oil at $67 a barrel and it is at negative 37. I can assure you of that. And the banks all seem to be printing money around the world. So those segments do look, you know, healthier than they have in some time for us.

And we expect to see outsized growth in those segments. We’re not now — we’re not stopping you there. I mean, you can expect us to be investing this year in a big way in defense and intelligence. And that’s been manifested in some of the hiring that you’ve seen.

Telco, where we’ll put — we’ve put together a large organization around telco. You would expect to see a large investment in precision health. So, yes, we will be further penetrating in oil and gas businesses, and the banking business and those industries today look very healthy.

Mark MurphyJPMorgan Chase & Co. — Analyst

OK. As a follow-up, I guess, regarding the Shell partnership extension. You know, are you able to comment on the dollar amount? And it wasn’t clear to me whether that is reflected in the RPO balance that we’re seeing for Q4, or is that something — would that manifest in the Q1 metrics?

Tom SiebelChairman and Chief Executive Officer

That’s in RPO. We closed it in Q4, and it’s in our RPO. But in terms of the size of it, you know, I could tell you if you take all of our deals, you know, the size of those — some of the deals and divide by the number of deals, it’s what I’d say, sounds like 2 million. And — and the size of Shell, you know, it’s a good one.

It’s bigger than a breadbox, you know. It did — let’s say, it didn’t contribute to bringing our average total contract value down.

Mark MurphyJPMorgan Chase & Co. — Analyst

Yeah. OK. And then just one final one, David. The — on the CRPO I think it grew well sequentially.

I think it grew 9 or 10% year over year. Is there any perspective on maybe how to drive that current piece of RPO a bit faster? I think a prior analyst was commenting that we see it in the kind of longer-term portions. But can — but for instance, do you think that CRPO number could be growing a little faster a couple of quarters down the road?

David BarterChief Financial Officer

Yes is the short answer.

Mark MurphyJPMorgan Chase & Co. — Analyst

Thank you.

Operator

We have our next question coming from the line of David Hynes what Canaccord. Your line is open.

David HynesCanaccord Genuity — Analyst

Hey, thanks very much. Tom, you highlighted CRM is kind of the opportunity that excites you the most. I’m just curious, like, where do you see the most low-hanging fruit in CRM and what’s the homerun vision for that market as you kind of reimagine it?

Tom SiebelChairman and Chief Executive Officer

Well, I’m not sure if these things excited me the most, but I’m really excited about it. OK. It’s not going to be our biggest market. Our biggest market is going to be enterprise AI written large.

Think precision health, think banking, think oil and gas, travel transportation, what have you. That being said, you know, guys, you know, CRM today is an $80 billion addressable market. OK. The next generation of CRM is all about AI-enabled CRM.

OK. And AI-enabled CRM is basically when you take the data that are in the CRM system and combine it with all sorts of exogenous data. let’s take a hypothetical of a manufacturing company, maybe Boeing. OK.

So Boeing has all these and they used to sell $60 billion with the commercial aircraft. I have no idea what they sell today. OK. But, you know, they have a CRM system, probably Salesforce, or Siebel, or something.

They’re all kind of the same. OK. And they, you know, where they have all these sales forecast that those guys put in and these sales — these systems are just like the systems that, you know, you guys have at JPMorgan Chase and every place else. You know, the sales guys just put whatever they need to get it, but put it in there to get the sales manager off the back.

OK. And so they put in all these records. Already have 35,000 salespeople at Merck. Each of which are putting, you know, 100 hundred lines of garbage.

And so you get, you know, 350,000 lines of kind of garbage in your forecasting system. And you take some of that, and it’s supposed to be your sales forecast. Well, it really doesn’t work that way. Now, however, the data really aren’t useless.

And if we think about, you know, just a hypothetical because we’re not talking with them about this, but let’s think about Dave Calhoun at Boeing. And he’s got, you know, he’s got the information that’s in their CRM system about contacts, about opportunities, about deals that are supposed to close at Lufthansa, at Bank of America, at Southwest Airlines. And it’s just the information that the salespeople put in. Now imagine combining that data with, you know, almost, you know, nine times more of that or order of magnitude, more exogenous data about the market.

Think, you know, commodity prices, jet fuel prices, the equity prices of Boeing’s customers: Southwest Airlines, Lufthansa, American Airlines. NLP on social media. OK. NLP on analyst reports, equity prices of all these companies.

GDP growth rates, travel — passenger travel miles. Is the country at war? Is the country at peace? OK. NLP on media. If Southwest Airlines is, you know, is announcing, you know, a 15% layoff for whatever reason, like airlines do from time to time, and their stock just goes down 30%.

What’s the probability that this order for, like, you know, 100 737 MAXes is going to close this quarter? Oh, that would be zero. OK. So, you can see how we can take all of those data, tens of thousands of signals from the market, analysts’ reports, news reports, stock prices, commodity prices, jet fuel prices, GDP growth rates. Is the country at war? Is the country at peace? And so, a very precise machine learning models that tell Dave Calhoun what deals are actually going to close.

OK. And not only is that going to set Calhoun aside because they — let’s talk about, you know, something like a — what would ne Procter & Gamble. OK. So Procter & Gamble not only needs the revenue — forecast revenue, they need to forecast products because they need to make the right amount of stuff at the right time to meet the demand function in order to realize their revenue, right? So we can build a — we have now demonstrated that we can build these AI models, OK, that are literally in order of magnitude more precise.

As it relates to revenue forecasting, customer forecasting, an excellent product, an excellent offer customer churn, then what’s going on in CRM today. And you’re going to see us releasing these products this year for banking, OK; for aerospace, OK; for manufacturing; for healthcare, what have you. And most products will be well perceived. Now, we have done, you know, extensive market research on the levels of customer satisfaction in the CRM industry today.

And I’m telling you, the levels of customer — these people hate their vendors, OK. And so the levels of customer dissatisfaction are uniform. It’s an $80 billion market. And as with the last segment that’s related to AI, the intersection of AI and CRM, I believe we’re going to establish a leadership position in that market.

We’ve hired some, you know, very key people in CRM here. You’ll be seeing some announcements soo or some other, you know, very key people who are joining us. And that is going to be exciting market. As you people know, it’s a market that I’m not entirely unfamiliar with.

And so we’re going to have some fun there. I think we’re going to put existing CRM companies out of business, no way, no how. They’re great companies, they’re going to continue to survive. Will we establish a, you know, a significant toehold in that segment that is where people are interested in using AI for these things? Don’t bet against this.

David HynesCanaccord Genuity — Analyst

Yeah, yeah. OK. It’s helpful. And then maybe you could speak to the mix of kind of direct versus partner-led business and maybe how that differs today versus, you know, what it looked like a year ago.

Tom SiebelChairman and Chief Executive Officer

How do you shift the partner we will add? OK, so — 

David BarterChief Financial Officer

Partner assisted, I guess. Yeah.

Tom SiebelChairman and Chief Executive Officer

Yeah. Well, partner-assisted, I think is right. OK. I’m not really certain we really have any — you know, it’s a great question, David.

And we’re going to — and we go to market like at massive scale, I’d say, with Microsoft, OK, with Baker Hughes and now we’re just kind of kicking into gear, OK, with FIS, OK, and Infor. And I think we’re ready to go to market with Singtel in Asia. Partner assisted, I mean, probably right. I mean, I think our pipeline today is larger than it has ever been.

I think that this is off the record. I’ll never say it again. OK, it’s probably off by 10%. But I think our pipeline for this year, it’s like $1.6 billion or something.

OK. And so give me some slack on that one, guys. I don’t have any numbers in front of me, but I think it’s pretty — actually, it’s about right. I would say, it would be my — I would speculate that on 50% of those transactions, we are engaged with a partner, either Microsoft or a Baker Hughes, or something like that, to bring the deal home.

David HynesCanaccord Genuity — Analyst

Yeah, OK. That’s a helpful data point. Thank you.

Tom SiebelChairman and Chief Executive Officer

This partner ecosystem is an important part of the equation. Can we really rely on the partner to close the deal for us? You know, I’m not so sure. I think we’re going to have to close it ourselves. OK.

But the partner assists, you know, if your partner happens to be Satya, you know, or Judson Althoff at Microsoft, there’s going to — you know, they’re pretty good sales guys. I’m telling you.

Operator

Thank you. We have our next question coming from the line of Sanjit Singh with Morgan Stanley. Your line is open.

Sanjit SinghMorgan Stanley — Analyst

Thank you for taking the questions. I wanted to follow up on the previous question relating to the customer count, which picked up pretty nicely. I think they’re up to like 89 customers from around 64 at the time of IPO. And just wanted to get a sense of what’s driving out of this to better sort of spending environment or from a sort of go-to-market sales execution, sales hiring perspective, you’re starting to see that sales productivity really start to come through the door to help accelerate that customer count velocity.

Tom SiebelChairman and Chief Executive Officer

Well, Sanjit, I think, there are two things that we’re seeing that are very influencing that. Number one, you recall that you know, pre-IPO, we were only elephants having. OK, we’re only at a major accounts group. OK.

And since then, we’ve been building, you know, a kind of a traditional enterprise sales organization, a middle-market sales organization, and a mass-market sales organization. One of our — you know, we did a pretty large transaction this quarter, I believe, to place on the Microsoft, on the Azure marketplace. We, they’ve done thing in Asia, they did, OK. OK.

And it is all you guys, I encourage you to go to C3.ai.com. — C3.ai now, OK, put in your name, address. And credit card number, and for 30 days use, use the X mark and up for free. I mean, hundreds and hundreds of people are doing that.

OK, so and so please do it and please also forget to dial in 30 days and cancel your subscription, OK. But I think there are two things. Sanjay, number one is, remember, you remember we said a couple of years ago we’re putting to do we’re going to expand the major accounts group, we’re going to expand the enterprise group, we’re going to put a middle-market group in place, we’ll put a mass-market group in place, we’re doing all that including telesales marketplaces in the internet sales, and then this is combined with the partner ecosystem, being at Microsoft, AWS, Baker Hughes, or what have you. So it’s a resulting in just a much larger diversity of different size deals.

So the strategy that we said we were going to execute starting in well before the IPO, I mean, I communicated this as early as the early 2018. We’re executing it and it work.

Sanjit SinghMorgan Stanley — Analyst

It makes total sense, though, the follow-up question is, it’s a topic that we’ve talked about for a couple quarters now, Tom which is around like the competitive environment and sort of look at the broader landscape, including the C3 and then some of the other vendors that either own parts of the space or kind of few multiple on pro multiple parts of workflows and data science, machine learning, it seems like, everybody’s doing like a weed. And I know your view is that a lot of customers are stuck in proof of concept health. Going back to that question of customers sort of do the dance with that sort of fits together approach where they come to sort of a end to end platform like the C3, where are we in that journey do you think?

Tom SiebelChairman and Chief Executive Officer

Well, I think everybody’s going to try to build with themselves. And that’s what IT people do. And they try to build relation database systems themselves. They tried to build the ERP systems themselves.

They tried to build their own CRM systems themselves. How that worked for Morgan Stanley? OK. I mean, they tried, OK. They tried to build all of those things themselves.

OK, I was there, OK, how would it work for JPMorgan Chase? I mean, they tried to build all of those systems themselves and today JPMorgan Chase is trying to build their own AI platform, after that comes out of crash just they tried to build their own ERP system, they tried to build their own CRM system. All that came crashing down around them. So they will spend, I don’t know how many hundreds of millions to billions of dollars a year trying to build their own AI platform, and then Jamie will be gone and they will begin in some new CEO in, fire everybody and I will buy it from a commercial vendor. That’s the way this works.

So, virtually every one of our customers, Shell, ENGIE, Koch Industries, United States Air Force, Army Futures Command, have tried to build this themselves, a bigger use, that would be GE and it could work out so well. And so this is just the phase we have seen this over and over and over in the industry and it’s just a phase that everybody has got to go through. They have to try it themselves and crash and burn a couple of times for them. They buy it from a reliable vendor.

Sanjit SinghMorgan Stanley — Analyst

I appreciate the background. Thank you.

Operator

Thank you. We have our next question coming from the line of Arvind Ramnani with Piper Sandler. Your line is open.

Arvind RamnaniPiper Sandler — Analyst

Hi, Tom. Most of my questions have been asked, but I did have a couple of questions. I had a question about your overall product. Can you talk about the applicability of using the same code base across different industries or different applications?

Tom SiebelChairman and Chief Executive Officer

Yes, Arvind, I mean, it’s a really good question. And you and I have talked about this before, but I really do appreciate you asking it. So, we deliver I think you have about 21 different AI products today across five different industries. And we have a family of products for manufacturing, for gas, for financial services, for aerospace.

And what’s counterintuitive is that whether we are doing object identification for the Space Command, clearance adjudication for the Defense Intelligence Agency, sarcastic optimization of the supply chain at Koch Industries, or AI-based predictive maintenance for Shell for offshore oil rigs, all of which we do. Now, these are separate products with separate documentation, separate user interfaces, separate APIs to aggregate data, but 90% of the codes that are running across all of those applications, whether it’s cash management, Bank of America, or predictive maintenance for offshore oil rigs at Shell, it’s the same code base. And so that’s counterintuitive. And this is the beauty of this model-driven architecture and we have really broken the code on that.

OK, so we are able to — everything we do is reusable. And so I mean, that’s what people, we have broken the code, we all know the intellectual property the patents have been awarded to us, it is our invention, OK, this idea of using a model-driven architecture for enterprise AI and IoT applications. So, it’s a 90% of the cost, but what changes from customer to customer are the data sources, the APIs that we use for the data source trivial problem, OK. The user interface expression, it differs from say anti-money laundering to predictive maintenance for low-pressure compressors on offshore oil rigs, but we can all agree I hope that the user interface is trivial.

And then the part that differs from the most from installation are the machine learning models. Then the machine learning models we quite hopefully going to agree these are non-trivial, but they constitute maybe 3% of the code.

Arvind RamnaniPiper Sandler — Analyst

Terrific. And I know you have answered a couple of questions on guidance, but I just maybe wanted to frame it a little bit differently. At the midpoint of the guide, you are really adding $62 million in revenue in fiscal ’22. And then, when I look at like fiscal ’20, which was a good year before the pandemic hit, you added $65 million.

So, it seems like the guidance has fair bit of conservatism because you have $62 million adding, but you also have some delays and some pent-up demand from the delays that you experienced last year that should kind of boost revenue add more than like $62 million. So, I just wanted to get a sense of how conservative your guide maybe?

Tom SiebelChairman and Chief Executive Officer

Well, Arvind, you know me a little bit and I hope that at the end of the day that people will believe that I was credible and I am credible. So we are focusing on being credible. And we are — what we want to do is meet and exceed, beat and exceed, beat and exceed. So, we are — I think that I don’t know how many enterprise application software companies are growing, what’s the expected growth rate in the middle of 33% or something?

David BarterChief Financial Officer

34%.

Tom SiebelChairman and Chief Executive Officer

34%. I mean, I don’t know how many enterprise software companies are growing at 34% compound annual growth rates, but I can assure that would be in the top deck, I suspect to not really check this stuff out, but I suspect it’s in the top decile. And right now we improve — we intend to move in the top decile this year. And hopefully, it would come back the next year and move up a little higher.

Arvind RamnaniPiper Sandler — Analyst

Terrific. Thank you.

Pat WalravensJMP Securities– Analyst

Great. Thank you and congratulations on the quarter. So, Tom, you have got oil and gas, financial services, CRM, Ex Machina, can you just tell us for this year, for this coming here, what are your top three sort of strategic imperatives?

Tom SiebelChairman and Chief Executive Officer

It’s really a good question. I think there is strategic imperatives Pat and you will see a number of announcements coming in this area and there have been some announcements is making sure that we have the leadership in place to scale this business globally. And you have seen some of this with Ed Cardon, you’ve seen some of this from General Cardon, who is the Chairman of C3 Federal, the new General Manager of C3 Federal and you can expect that we will be adding a number of — you saw this with Jim Snabe, the co-CEO of SAP joining our board. And we have been really, really focused on bringing senior leadership into the company in the last none months.

And we are — and you are going to see a number of announcements there that I think you will agree are significant. And I think that is the — I mean, we have the technology. The market is much bigger than we can address in rapidly growing. The technology foundation we have is very rich and it works.

We have us — we are leaving in our wake a string of highly satisfied customers. I think we are doing a pretty good job at building brand equity. The competitive dynamics of this market are not very significant. I mean, basically, we are selling vehicles and everybody else is selling ball bearings and wheels and carburetors, OK.

And we are selling vehicles, OK. And so there is not much going on in terms of the competitive dynamics. And so we just need to make sure that we have the seasoned leadership in place to scale this business in federal systems, in Asia-Pacific, in Japan, in Europe, in manufacturing, healthcare, telecommunications, aerospace, etcetera. I think it’s human capital.

That is the game and if you go look on Glassdoor and if you are interested, I think that this focus on human capital has been consistent for many years and it will continue.

Pat WalravensJMP Securities– Analyst

Great. Thank you.

Operator

Thank you. There are no further questions at this time. I will now turn the call over back to Tom Siebel for closing remarks.

Tom SiebelChairman and Chief Executive Officer

OK. Ladies and gentlemen, we thank you for taking time out of your busy day, OK to check in on us. We appreciate your interest. And you know that we are — it is now June of 2021, I am very pleased to report that there has been no day in the history of this company when this company has been better positioned when the market has been — whether there has been more market opportunity or whether this company has been better positioned to seize the market opportunity.

So, as we approach the next two, three, four years, I can tell you, we approach it with great enthusiasm. And we will see how this turns out when it’s over, but I think there is some probability that we might build a pretty substantial company here. So, thank you for your interest. Thank you for your support and thank you for your questions.

And we wish you all a great day.

Operator

[Operator signoff]

Duration: 71 minutes

Call participants:

Paul PhillipsVice President, Investor Relations

Tom SiebelChairman and Chief Executive Officer

David BarterChief Financial Officer

Daniel IvesWedbush Securities — Analyst

Brad SillsBank of America Merrill Lynch — Analyst

Michael TuritsKeyBanc Capital Markets — Analyst

Patrick ColvilleDeutsche Bank — Analyst

Jack AndrewsNeedham & Company — Analyst

Mark MurphyJPMorgan Chase & Co. — Analyst

David HynesCanaccord Genuity — Analyst

Sanjit SinghMorgan Stanley — Analyst

Arvind RamnaniPiper Sandler — Analyst

Pat WalravensJMP Securities– Analyst

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