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  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "Uses a timeline-style flow to show changing terminology, followed by two tables demonstrating the data gaps and growth deceleration.",
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      "kind": "callout",
      "text": "Even as C3.ai attempted to pivot to a more generous definition of \"customer\", we are now a witnessing a deceleration in customer growth",
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      "text": "We always pay close attention to changing disclosure, especially about key metrics. In C3.ai's case, it now solely reports customers vs. its draft prospectus that reported \"production customers\". Between Q1 and Q2'2022, C3 changed its description of \"Total enterprise AI customer\" count to just \"customer count.\" Regardless, we are now witnessing a deceleration in customer growth.",
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      "text": "customer count: 104",
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      "text": "Sources: IPO Prospectus, 3Q'21 10Q, FY21 10-K, 1Q'22 10-Q, 2Q'22 Press Release",
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      "text": "Key Performance Metric: Number of Customers",
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      "text": "Shifty Discussion of \"Customers\"",
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