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  "documentTitle": "C3.ai, Inc. (AI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "Uses a chronological list of quotes to demonstrate the shift in definition.",
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      "text": "C3 significantly modified its definition of a customer and we believe the language gets looser over time. In its first quarter after going public, notice that it qualified its language that a customer only had to “establish governing terms should we contract to deploy”. In other words, our interpretation is that customer need not be using C3's product or earning revenue to be considered a customer",
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      "text": "C3 significantly modified its definition of a customer and we believe the language gets looser over time.",
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      "text": "We define a Customer as each such buying entity that has an active contract to deploy the C3 AI Suite or one or more C3 AI Applications. We often provide our software to a distinct department, business unit, or group within a Customer. — C3 DRS October 23, 2020",
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      "text": "A Closer Look At C3's Language Around Customers...",
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