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  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
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  "pageCount": 88,
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  "notes": "Uses red boxes and lines to visually connect contradictory data points.",
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      "text": "IPO Prospectus Revenue Growth Chart",
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      "text": "Forbes Article from July 2017",
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      "text": "Press Release from April 2018",
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      "text": "An article from Forbes in July of 2017 indicated that revenues for all of 2017 would approach $100 million at 100% growth. The prospectus shows that FY 2018 (ending April 30, 2018) revenues of $62 million fell well short of the $100 million cited in the Forbes article, and presumably articulated by C3 management. Approximately one year later on May 30, 2018, C3.ai issued a press release that FY 2018 revenues grew 60%. Yet, the IPO prospectus states a more flattering revenue growth trajectory in FY 2018 of 88%. Notice carefully: C3's auditor Deloitte & Touche was appointed in 2018, indicating that the previous auditor left around the period of the discrepancy. C3's CFO during this period was current VP of IR Paul Phillips, who we believe may have misrepresented his credentials as having been CFO and Head of Corporate Development at vArmour Networks.",
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      "kind": "table",
      "text": "Auditor Since 2018, Who Came Before?",
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      "kind": "title",
      "text": "Historical Press Release And Media Account Indicate A Vastly Different Narrative Than What Was Presented in C3's IPO Prospectus",
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