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  "documentTitle": "C3.ai, Inc. (AI)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses two tables to demonstrate the discrepancy between implied growth expectations and actual backlog trends.",
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      "kind": "callout",
      "text": "Backlog growth outside of the Baker Hughes JV does not support an acceleration of growth heading into FY23",
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      "text": "Sell-side estimates are now imputing FY23 growth of 40% for C3.ai customers outside of the Baker Hughes JV. Prior to the 3rd amendment, the imputed growth was 18%",
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      "text": "revenue growth: 41%",
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      "text": "The Baker Hughes revenue commitment for FY23 was reduced from $125m to $85m as part of the 3rd amendment on October 31, 2021. Surprisingly, sell-side estimates have actually increased since the amendment (see next slide). The sell-side is now imputing that revenues from all customers outside of the Baker Hughes JV will fill the gap.",
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      "text": "Estimate Revision History Since 10/31/2021",
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      "text": "Spruce Point Calculation of True Backlog",
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      "text": "We Believe Estimate Revisions Are On The Horizon",
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