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  "documentTitle": "C3.ai, Inc. (AI)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a 'villain' framing technique to highlight management dishonesty.",
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      "text": "From the perspective of a recent VP in C3's financial industry vertical, the sales cycle was at least 18 months in late 2020. C3's prospectus notes sales cycles of generally six to nine months, while the CEO recently references a 17 month figure, but is claiming it's down to 4.5 months and is decreasing every month.",
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      "text": "What C3 Says About Sales Cycles In Recent 10-Q",
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      "text": "CEO Siebel Contradicts SEC Filings Above",
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      "text": "\"The length of our sales cycle, from initial evaluation to payment for our subscriptions is generally six to nine months but can vary substantially from customer to customer and can extend over a number of years for some customers.\" — C3 10-Q, December 2021. \"And the cycle of sale here have been continually decreasing, okay, over the last 5 years, right, from like 17 months down to -- I think last quarter, it was something like average sales cycle, 4.5 months, and it's decreased every month.\" — CEO Siebel, DB Bank Tech Conference, Sept 2021. \"So the next is 18 months of pain. It's a very, very long sales cycle because it is a strategic decision.\" — Former VP, Financial Services, Tegus Interview, Oct 2020.",
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      "text": "Sales Cycle Much Longer Than Disclosed, While CEO Makes Conflicting Statements",
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