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  "documentTitle": "C3.ai, Inc. (AI)",
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  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "The slide uses a red flag icon and red borders to emphasize the excessive nature of the lease expansion.",
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      "kind": "callout",
      "text": "On August 25, 2021, days before announcing a highly promoted alliance with Google on September 1st, C3 entered into a massive real estate lease expansion... A benchmarking analysis... suggests that C3's total lease burden... is 2.2x greater than peers.",
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      "kind": "callout",
      "text": "A benchmarking analysis of high growth data technology peers suggests that C3's total lease burden relative to its current employee base is 2.2x greater than peers.",
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      "text": "Lease burden 2.2x average",
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      "text": "Undiscounted Lease / Employee: 2.2x",
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      "kind": "source-note",
      "text": "Source: Latest company filings that undiscounted leases\n1) Real estate lease with Google, filed as 8-K\n2) \"Google Cloud and C3AI Create Industry-First Alliance To Accelerate Enterprise AI,\" press release",
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      "text": "Benchmark Analysis of Lease Obligations Relative To Current Employee Base",
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