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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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  "notes": "The slide uses a red flag callout to emphasize the core thesis of a troubled relationship.",
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      "kind": "callout",
      "text": "With ~30% of revenues tied to BH, the equity story is very dependent on success of the partnership between Baker Hughes and C3. However, multiple contract amendments pushing revenue into the future, and the resignation of BH's CEO from C3's Board all point to a troubled relationship.",
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      "text": "Chronological breakdown of the JV history, including the 2019 inception, IPO-era revenue commitments, subsequent amendments, stake reduction, and board resignation.",
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      "text": "Sources: IPO Prospectus, Original JV Agreement, 2nd Amendment to JV, 3rd Amendment to JV, Baker Hughes Form 4s, Baker Hughes FY20 10-K, Baker Hughes 3Q'21 10-Q; Simonelli Resignation",
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      "text": "Baker Hughes JV High Level Narrative",
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