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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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      "text": "Mid year commission accrual at ~2X “maximum potential revenues eligible for commissions”",
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      "text": "Over 90% of the $24.3m of commissions accrued will be paid to Baker Hughes by October 31, 2022 including $16m payable before April 30, 2022",
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      "text": "Spruce Point calls on management to explain the commission structure they are using to pay Baker Hughes above its minimum annual commitments.",
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      "text": "Commissions % of Annual Revenue Contribution: 219%",
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      "text": "Sources: IPO Prospectus, FY21 10-K, 2Q'22 10-Q, 1Q'22 10-Q, 3rd Amendment to JV",
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      "text": "Commission Accruals Are Suspect",
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