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  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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      "text": "Spruce Point raises further concern that language seems to be carefully selected around the 3rd amendment as the prior language that included non-cancelable is no longer being used.",
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      "text": "Original JV Agreement table",
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      "kind": "paragraph",
      "text": "In June 2019, the Company entered into multiple agreements with Baker Hughes... $46.7 million in fiscal year 2020, $53.3 million in fiscal year 2021, $75.0 million in fiscal year 2022, $125.0 million in fiscal year 2023, and $150.0 million in fiscal year 2024.",
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      "text": "There is a redaction in the 3rd amendment regarding revenue commitments. Oddly, revenue commitment under the 3rd amendment were disclosed in the most recent 10-Q. Spruce Point raises further concern that language seems to be carefully selected around the 3rd amendment as the prior language that included non-cancelable is no longer being used.",
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      "text": "The Company and Baker Hughes further revised these agreements in October 2021... $85.0 million in fiscal year 2023, $110.0 million in fiscal year 2024, and $125.0 million in fiscal year 2025",
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      "text": "In June 2019, the Company entered into multiple agreements with Baker Hughes Company (\"Baker Hughes\") under which Baker Hughes received a three-year subscription to use the Company's software. These agreements were revised in June 2020 to extend the term to five years and modify the subscription fees due. Under the revised agreements, Baker Hughes has made minimum, non-cancelable revenue commitments... — SEC Filings Disclosure",
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      "text": "Sources: Original JV Agreement, 2nd Amendment to JV, 3rd Amendment to JV, 2Q'22 10-Q, 1Q'22 10-Q",
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      "text": "3rd Amendment Revenue Commitment Redaction Raises Further Questions",
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