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  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-02-16 00:00:00",
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  "pageNumber": 43,
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  "notes": "The slide uses red boxes to highlight specific data points that support the thesis of accounting manipulation.",
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      "kind": "callout",
      "text": "It's worth noting the guidance range C3 provides is very narrow, and it has barely been beating its estimates by a small margin.",
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      "kind": "callout",
      "text": "Spruce Point has had a lot of success in identifying aggressive accounting related to unbilled receivables. Suspiciously, the rise in unbilled receivables may have given C3.ai a \"cookie jar\" needed to deliver quarterly revenues above the high end of its guidance.",
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      "kind": "metric",
      "text": "unbilled receivables: $5.8",
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      "kind": "source-note",
      "text": "Sources: IPO Prospectus, 3Q'21 10-Q, FY21 10-K, 2Q'22 10-Q, 1Q'22 10-Q, company press releases. (1) Unbilled receivables are recognized revenue that you have accounted for, but not yet sent an invoice to the customer",
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      "kind": "table",
      "text": "Financial table comparing Baker Hughes JV Revenues, Unbilled Receivables, and Reported Revenues vs. Guidance across six quarters.",
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      "kind": "title",
      "text": "Are Unbilled Receivables Being Used To Beat Quarterly Guidance?",
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      "arcName": "Overcoming the Monster",
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