C3.ai, Inc.

Good day and thank you for standing by. Welcome to the C3.ai Fiscal First Quarter 2027 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. Please be advised that today's conference is being recorded. And now I'd like to hand the call over to today's host, Please go ahead.

Good afternoon, and welcome to C3.ai's earnings call for the first quarter of fiscal year 2027, which ended on July 31, 2026. My name is Amit Berry, and I lead investor relations at C3.ai. With me on the call today are Tom Siebel, Chairman and Chief Executive Officer, and Hitesh Lath, Chief Financial Officer. After the market closed today, we issued a press release with details regarding our first quarter results, which can be accessed through the investor relations section on 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 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. All figures will be discussed on a non-GAAP basis unless otherwise noted. Also during today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures to the extent reasonably available is included in our press release. Finally, at times in our prepared remarks, in response to your questions, we may discuss metrics that are incremental to our usual presentation to give greater insight into the dynamics of our business or our quarterly results. Please be advised that we may or may not continue to provide this additional detail in the future. And with that, let me turn the call over to Tom.

Good afternoon, everyone, and thank you for joining us. Three months ago, I returned as chief executive officer with a mandate to turn this company around. I returned as CEO because the company was candidly underperforming despite every advantage. The product offerings are exceptional. The market is huge and rapidly growing, and the balance sheet is rock solid. None of that was the problem. The problem was execution. And one quarter into the turnaround, I believe the company is on track. In the past three months, we have restored fundamental management discipline to this business. We completely restructured the company. We restructured sales. We restructured products. We restructured services. We reset the cost structure, driving massive costs out of the business and implemented rigorous cost controls. We reinstated the fundamental management practices necessary to run a serious business. Clear Ownership, Hard Deadlines, Weekly Reviews. We rebuilt the selling motion around disciplined account management and pipeline development rather than heroics. We now have experienced executives in charge of every aspect of the business in sales and products and services and finance and legal. This is the leadership team that will execute the turnaround. We refocused the product offerings on our agentic AI stack, our greatest technical strength, and the largest and most rapidly growing segment of the market. And this quarter showed meaningful progress. Revenue came in above our guidance, bookings grew at 73%, and we took real costs out of the business to narrow our operating loss and generate free cash flow in the quarter. We closed 22 enterprise agreements in the quarter, including with Heidelberg Materials, Johnson & Johnson, Ford Motor Company, C-SPAN, Holson, the Department of War, the Defense Logistics Agency, and the U.S. Department of Agriculture. Federal business was particularly strong, with federal bookings growing 138% year over year. These results are early evidence that the turnaround is taking hold. The C3 agentic AI platform remains the starting point of every sales engagement. It reflects over 15 years of software development in which we invested in excess of $3 billion. Last month, Forrester Research released a very significant study in which they evaluated the strengths of all the AI platform providers. And in that evaluation, they ranked C3.ai at the top of the stack. Forrester ranked the C3.ai platform number one in data modeling, number one in agent development, number one in application development tools, number one in cohesive experience, number one in governance controls, number one in platform management, number one in security certification, and number one in supporting services and offerings. The other companies evaluated in this study include a who's who in software, Palantir, Google, Databricks, and 11 others. So this study is a pretty significant benchmark and really a hallmark of the technology of achievement of C3.ai in the marketplace over the last 15 years. Our primary offerings today include the C3 Agentic AI Platform, C3 Generative AI, C3 AI Studio, and importantly, C3 Code. The C3 AI Studio is our control plane for developing and operating large-scale enterprise AI applications. And C3 Code is our agentic AI application builder that turns a natural language prompt into a working enterprise AI application in minutes to hours. C3 Code will be at the vanguard of our growth engine going forward. This product is absolutely remarkable, and I encourage you to go onto the web, take a look at it, and take it for a try. As an example of the power of C3 Code, you can take an RFP or you can take a six-inch thick product specification. You can provide it to C3 Code. It assembles the data, it does the data aggregation, it autonomously builds the ontology, it develops the pipeline, it builds the machine learning models, it designs the user interface, and it autonomously delivers a working enterprise AI application without writing one line of manual code. This is really remarkable and you have to see it to believe it. C3 code broader platform adoption, federal systems growth, and sales discipline are at the heart of our growth engine going forward. In closing, let me be clear about where we are going. Our priorities are clear. They are measured. The turnaround is on track. We have a well-designed plan, and this is all about execution. Return the company to quarter over quarter consistent revenue growth, attain free cash flow from operations, and reach non-GAAP profitability. Every objective in this company ties to those goals every day, every week, every month. We're not going to ask the market to underwrite a story. Our plan is to deliver results quarter over quarter and let those results speak for themselves. And with that, let me turn the call over to Hitesh Lath to talk about the specific financial results of the quarter.