Spruce Point Capital Management · activist-deck
C3.ai, Inc. (AI)
88 pages · 5 arc beats · 4 loops
C3.ai, Inc. (AI)
Spruce Point Capital Management · 2022-02 arc beats above · slides in the middle · loops below · scroll → 4 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 88 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Introduction 5 slides 100% 5/5 slides 100% 5/5 slides · 21 hits — 0/5 slides
— 0/5 slides
20% 1/5 slides 100% 5/5 slides — 0/5 slides
Problem Statement 5 slides 100% 5/5 slides 100% 5/5 slides · 34 hits — 0/5 slides
— 0/5 slides
80% 4/5 slides · 5 hits 100% 5/5 slides 100% 5/5 slides Challenges and Critique 40 slides 100% 40/40 slides 100% 40/40 slides · 266 hits — 0/40 slides
2.5% 1/40 slides 97.5% 39/40 slides · 40 hits 100% 40/40 slides — 0/40 slides
Analysis and Evidence 25 slides 100% 25/25 slides 100% 25/25 slides · 162 hits — 0/25 slides
— 0/25 slides
80% 20/25 slides 100% 25/25 slides 80% 20/25 slides Conclusion and Valuation 13 slides 100% 13/13 slides 100% 13/13 slides · 69 hits — 0/13 slides
23.1% 3/13 slides 46.2% 6/13 slides 100% 13/13 slides 61.5% 8/13 slides Slide inventory
88 every slide · same image gating as the playbook
01
The text on the wall is a list of product/market categories (ML, DOS, NF, CRM, AI, IOT) written in a scribbled, informal style. The imagery of cockroaches and afront_matter
Open slide detailBeat · Introduction
03
The slide uses a comparative table structure to validate the firm's thesis-driven research methodology.cite_precedent
Open slide detailBeat · Introduction
05
Standard Spruce Point Capital Management branding slide.front_matter
Open slide detailBeat · Introduction
06
The slide uses a vertical red arrow visual to connect the thesis summary to specific evidence points.summarize
07
Uses a vertical arrow process flow to contrast 'Pattern of Announcing Partnerships' with 'Limited Traction' and 'Baker Hughes Contract' issues.expose_contradiction
08
The slide uses a red arrow visual to denote a downward trajectory or negative critique of the company's financial health.expose_contradiction
09
Uses a vertical red arrow on the left to categorize governance failures.name_villain
10
Includes a vertical sidebar summarizing the core pillars of the short thesis.frame_problem
11
The slide uses a 'Warning' callout to establish a pattern of behavior by the CEO, referencing a specific SEC case.expose_contradiction
Open slide detailBeat · Challenges and Critique
12
Uses a red flag icon to signal risk/activist concern. The diagram uses arrows to imply directionality of payments or influence.expose_contradiction
Open slide detailBeat · Challenges and Critique
13
The slide uses the Spruce Point Capital Management logo (the tree).frame_problem
Open slide detailBeat · Challenges and Critique
14
The slide uses a grid of screenshots from CNBC interviews to support the claim of excessive media promotion.expose_contradiction
Open slide detailBeat · Challenges and Critique
15
The slide uses a line chart to visualize the correlation between the company's name changes and the decline of previous buzzwords.expose_contradiction
Open slide detailBeat · Challenges and Critique
16
Uses a table to adjust reported bookings by removing Baker Hughes revenue to show underlying performance.expose_contradiction
Open slide detailBeat · Challenges and Critique
17
Uses red boxes and lines to visually connect contradictory data points.expose_contradiction
Open slide detailBeat · Challenges and Critique
18
The slide uses three distinct industry landscape maps (DevOps.com, Firstmark, CB Insights) to visually demonstrate C3's invisibility.expose_contradiction
Open slide detailBeat · Challenges and Critique
19
The slide uses a red flag icon to signal a warning or negative finding.expose_contradiction
Open slide detailBeat · Challenges and Critique
20
Uses a red flag icon to signal warning; highlights specific jumps in TAM valuation with callout boxes.expose_contradiction
Open slide detailBeat · Challenges and Critique
21
Uses CEO quotes to frame the contradiction against the quantitative market share data.expose_contradiction
Open slide detailBeat · Challenges and Critique
22
Uses a red flag icon to signal the contradiction; includes specific quotes from the CEO and historical financial data.expose_contradiction
Open slide detailBeat · Challenges and Critique
23
Uses visual evidence (screenshots) to highlight a shift in corporate messaging.expose_contradiction
Open slide detailBeat · Challenges and Critique
24
Uses a 'villain' framing technique to highlight management dishonesty.expose_contradiction
Open slide detailBeat · Challenges and Critique
25
Uses a timeline-style flow to show changing terminology, followed by two tables demonstrating the data gaps and growth deceleration.expose_contradiction
Open slide detailBeat · Challenges and Critique
26
Uses a chronological list of quotes to demonstrate the shift in definition.expose_contradiction
Open slide detailBeat · Challenges and Critique
27
The slide uses a chronological layout to show the evolution of marketing language, with red callouts highlighting discrepancies and risks.expose_contradiction
Open slide detailBeat · Challenges and Critique
28
Uses a red flag icon to signal the core contradiction/accusation.expose_contradiction
Open slide detailBeat · Challenges and Critique
29
The slide uses a Q&A format to present qualitative evidence of management and market-fit issues.expose_contradiction
Open slide detailBeat · Challenges and Critique
30
The slide uses a Q&A format to undermine company narrative.expose_contradiction
Open slide detailBeat · Challenges and Critique
31
The slide uses a red-bordered callout box to highlight the contradiction between the company's self-promotion and its absence from institutional portfolios.expose_contradiction
Open slide detailBeat · Challenges and Critique
32
Spruce Point Capital Management branding (pine tree logo).transition
Open slide detailBeat · Challenges and Critique
33
The slide uses a red flag callout to emphasize the core thesis of a troubled relationship.expose_contradiction
Open slide detailBeat · Challenges and Critique
34
Includes a CEO quote callout at the bottom.summarize
Open slide detailBeat · Challenges and Critique
35
The slide uses red dashed boxes to highlight the shift in peak revenue targets from $170m in 2022 to $125m in 2025.expose_contradiction
Open slide detailBeat · Challenges and Critique
36
The slide uses a red flag callout to highlight the degradation of signatory seniority.expose_contradiction
Open slide detailBeat · Challenges and Critique
37
The slide uses a comparison table to expose what the activist perceives as a lopsided contract amendment.expose_contradiction
Open slide detailBeat · Challenges and Critique
38
Uses red flags and callout boxes to highlight specific problematic clauses in legal/financial documents.expose_contradiction
Open slide detailBeat · Challenges and Critique
39
Uses a direct quote from the CEO to frame the contradiction.expose_contradiction
Open slide detailBeat · Challenges and Critique
40
Uses a comparison table/layout to contrast contract language with SEC filings.expose_contradiction
Open slide detailBeat · Challenges and Critique
41
Uses red flags and boxes to draw attention to the discrepancy between reported margins and cost descriptions.expose_contradiction
Open slide detailBeat · Challenges and Critique
42
The slide uses a red flag icon to signal a warning/contradiction.expose_contradiction
Open slide detailBeat · Challenges and Critique
43
The slide uses red boxes to highlight specific data points that support the thesis of accounting manipulation.expose_contradiction
Open slide detailBeat · Challenges and Critique
44
The slide uses a forensic accounting argument to suggest 'cookie jar' accounting practices.expose_contradiction
Open slide detailBeat · Challenges and Critique
45
The slide contrasts the 1Q'21 disclosure (fixed commitments) with the 2Q'21 disclosure (modified commitments) and the new 10-Q risk factor.expose_contradiction
Open slide detailBeat · Challenges and Critique
46
Uses a red flag icon to signal a warning/contradiction.expose_contradiction
Open slide detailBeat · Challenges and Critique
47
The slide uses a timeline and two tables to contrast reported vs. unreported sales, alleging regulatory non-compliance.expose_contradiction
Open slide detailBeat · Challenges and Critique
48
The slide uses a Q&A format to build credibility and expose potential business risks.expose_contradiction
Open slide detailBeat · Challenges and Critique
49
Uses a 'Company Promotion' vs 'Spruce Point Reality' comparison frame to expose a contradiction.expose_contradiction
Open slide detailBeat · Challenges and Critique
50
Uses two tables to demonstrate the discrepancy between implied growth expectations and actual backlog trends.expose_contradiction
Open slide detailBeat · Challenges and Critique
51
The slide uses a Bloomberg terminal screenshot to demonstrate the lack of downward revision in consensus estimates following the December 2, 2021 disclosure.expose_contradiction
52
Spruce Point Capital Management branding (pine tree logo).transition
53
Uses a red flag icon to signal a warning/contradiction.expose_contradiction
54
Uses screenshots of a live chat with an HPE virtual assistant to demonstrate the lack of internal knowledge or integration.expose_contradiction
55
Uses a red flag icon to signal a warning/contradiction.expose_contradiction
56
Uses a red flag icon to denote a warning/contradiction.expose_contradiction
57
Uses screenshots of a live chat transcript to demonstrate lack of product knowledge by Microsoft sales staff.expose_contradiction
58
Uses a red flag icon to signal a warning/contradiction. The diagram maps the flow of funds and alliances between C3.ai, Microsoft, and the DTI.expose_contradiction
59
Uses a red flag icon to denote a warning/contradiction.expose_contradiction
60
The slide uses a red flag icon and red borders to emphasize the excessive nature of the lease expansion.compare_peers
61
Uses red flag icon and red boxes to highlight the contradiction between management claims and public data.expose_contradiction
63
Uses red flag imagery to emphasize the activist's skepticism regarding corporate governance.expose_contradiction
64
Uses Wayback Machine screenshots to demonstrate the contradiction.expose_contradiction
65
This is a character attack/reputational risk slide common in activist short reports.expose_contradiction
66
The slide uses a red arrow to highlight the specific 'YES' answer in the court document.expose_contradiction
67
The slide uses a red border to emphasize the negative findings regarding the CFO's past performance.expose_contradiction
68
The slide uses a 'CEO quote vs reality' structure to undermine management credibility.expose_contradiction
69
Uses a Q&A format to highlight management issues and potential fraud/misrepresentation of sales pipeline.expose_contradiction
70
The slide uses a red flag icon to signal a warning about the accounting team's composition.expose_contradiction
71
The slide uses external validation (Glassdoor) to reinforce internal findings from interviews.expose_contradiction
Open slide detailBeat · Analysis and Evidence
73
Uses red boxes to highlight missing disclosures and a callout box to emphasize the high rate of executive turnover.expose_contradiction
Open slide detailBeat · Analysis and Evidence
74
Uses a red box to highlight specific line items in a tax document and red text to emphasize director affiliations.expose_contradiction
Open slide detailBeat · Analysis and Evidence
75
Uses a red flag icon to highlight the conflict of interest.expose_contradiction
Open slide detailBeat · Analysis and Evidence
76
The slide uses a red flag icon to emphasize the warning.expose_contradiction
77
The slide uses a combination of tables and a quote to suggest a contradiction between the CEO's stated mission and his personal financial behavior.expose_contradiction
78
The slide uses a rhetorical question to frame the lack of a clawback policy as a governance failure.expose_contradiction
80
The slide uses a specific SEC filing excerpt to cast doubt on management's outlook.expose_contradiction
81
The slide highlights discrepancies between market data and Spruce Point's adjusted figures.show_valuation_bridge
82
Includes a 'SP Adjusted' row for C3.ai to demonstrate the impact of a 20% revenue haircut.compare_peers
83
The slide uses a red flag icon to emphasize the bearish thesis.show_valuation_bridge
84
The slide uses a red callout box to highlight the discrepancy between sell-side growth projections and the firm's own backlog analysis.analyze_data
Open slide detailBeat · Conclusion and Valuation
86
The slide uses a table to perform a financial reconciliation and includes a callout box to emphasize a specific trend in the data.analyze_data
Open slide detailBeat · Conclusion and Valuation
87
The table tracks revenue burn and contract amendments over time, showing the transition from original contract terms to subsequent amendments.analyze_data
Open slide detailBeat · Conclusion and Valuation
88
The slide uses a red box to highlight the 'All Other Customers' GM% row, emphasizing the mid-60% margin figure.preempt_rebuttal
Open slide detailBeat · Conclusion and Valuation