{
  "docId": "019dd923-622c-750b-8b99-3322bc9ae76c",
  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 88,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Uses a table to adjust reported bookings by removing Baker Hughes revenue to show underlying performance.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3322bc9ae76c/16",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.22,
        "w": 0.46,
        "x": 0.51,
        "y": 0.48
      },
      "kind": "callout",
      "text": "At Transform 2020, company founder and CEO Tom Siebel (and also the founder and longtime CEO of Siebel Systems) reported that C3.ai is on track for a 143% increase in bookings to $447 million in fiscal year 2020, up from $184 million in FY 2019.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a2d13b6-f312-4a99-a9b8-a43b25c9b0b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "If we exclude bookings growth from Baker Hughes, its 3rd largest shareholder and JV partner, we estimate that core bookings (ex: Baker Hughes) would have been down by -4% to -31%.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-bae83f8ee1e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Bookings Growth: 143%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-c22a82b41d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "In February 2020 at C3.ai's “Transform” conference in San Francisco, CEO Seibel during his keynote speech reported that C3 was on track to increase bookings in FY20 by 143% to $447m...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6fb67fe-2634-4da2-8f52-4e6bec4f0610",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "At Transform 2020, company founder and CEO Tom Seibel (and also the founder and longtime CEO of Siebel Systems) reported that C3.ai is on track for a 143% increase in bookings to $447 million in fiscal year 2020, up from $184 million in FY 2019. — ZDNet.com",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-bc069cfae8d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.49,
        "x": 0.03,
        "y": 0.73
      },
      "kind": "source-note",
      "text": "(1) Booking analysis here is based on quote from Tom Siebel (2) As of April 30, 2020 Total Baker Hughes RPO of $87.2m and $183.8m of total remaining Baker Hughes minimum revenue commitments not yet contracted...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a8e69ff-345f-4391-9461-007ff8790f5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.1,
        "x": 0.51,
        "y": 0.73
      },
      "kind": "source-note",
      "text": "Source: ZDNet.com",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c18ae797-801b-4c35-9402-acf920e2d0ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.49,
        "x": 0.03,
        "y": 0.42
      },
      "kind": "table",
      "text": "FY19 vs FY20E Bookings analysis excluding Baker Hughes",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78a4dc5d-2c0e-49d4-a7ec-91c30eb6decb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Pre-IPO Promotion From February 2020 Regarding Bookings Growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d00b886-6254-410f-9e20-10474421b3bc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "75444ca7-0e68-43c1-85e5-a01a6085d571",
      "evidence": "The slide explicitly calculates 'Core Bookings' by removing a specific partner to expose inflated growth claims.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 11,
      "beatId": "52faac95-a3b7-441a-8dc7-c9afddcebc77",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Challenges and Critique",
      "beatSlug": null,
      "evidence": "The document presents a detailed critique of C3.ai's financials, business dealings, and corporate governance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}