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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 direct quote from the CEO to frame the contradiction.",
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      "text": "Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV.",
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      "text": "Net Cash Commitments: ($9.3M)",
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      "text": "C3.ai touted to investors on its 2Q22 conference call on December 1, 2021 that the 3rd amendment was a big positive as it increased total revenue commitments. Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV",
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      "kind": "quote",
      "text": "\"Let's address customer momentum. We expanded and extended our strategic partnership with Baker Hughes last quarter for the second time. . .This October, we increased the value of the contract again, this time by an additional $45 million to $495 million and extended this term from five to six years. Importantly now guaranteeing a minimum of $357 million in revenue to C3 over the next 3.5 years.\"",
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      "text": "\"Let's address customer momentum. We expanded and extended our strategic partnership with Baker Hughes last quarter for the second time. . .This October, we increased the value of the contract again, this time by an additional $45 million to $495 million and extended this term from five to six years. Importantly now guaranteeing a minimum of $357 million in revenue to C3 over the next 3.5 years.\" — CEO Siebel, 2Q'22 Conference Call",
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      "text": "Sources: Company Transcripts, 2nd Amendment to JV, 3rd Amendment to JV, 2Q'22 10-Q",
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      "text": "Pro Forma Revenue Commitments as of 10/31/2021 Under 2nd and 3rd Amendments",
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      "text": "Management Claims vs Spruce Point Commentary comparison table",
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      "text": "3rd Amendment Increased The Contract Duration By 1 Year While Also Reducing The Total \"Cash Commitments\"",
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