{
  "docId": "019dd923-622c-750b-8b99-3322bc9ae76c",
  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 7,
  "pageCount": 88,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "valuation_reveal",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a vertical arrow process flow to contrast 'Pattern of Announcing Partnerships' with 'Limited Traction' and 'Baker Hughes Contract' issues.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3322bc9ae76c/7",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3322bc9ae76c#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "A former C3 employee we spoke with said, \"Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it. The culture of C3 is so different that they can't work together.\"",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-708477e608d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.8,
        "w": 0.15,
        "x": 0.02,
        "y": 0.15
      },
      "kind": "diagram",
      "text": "A Pattern of Announcing Partnerships... Limited Traction... Baker Hughes Contract Amended... Revenues Keep Getting Deferred... CEO Resigns",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6879aac-cc4e-4e93-8855-6a659b63a5a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside risk: 40% - 50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-7ab4ccbc64d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.8,
        "w": 0.8,
        "x": 0.18,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Since 2019, C3 has been busy issuing press releases announcing strategic alliances... Spruce Point's diligence indicates significant strain with C3's JV with Baker Hughes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22b33766-61dc-4b02-976a-7b2f4d752df3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it. The culture of C3 is so different that they can't work together.\" — Former C3 employee; \"Baker Hughes just invested and entered a JV with a company called Augury and they can do everything that C3 is currently doing for them.\" — Former C3 employee",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1c-754a-9de5-75f12c4cd34c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Estimates 40% - 50% Downside Risk To C3.ai (NYSE: AI) Share Price: ($12.85 - $15.40)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e4c27d6-db3a-40c7-aecf-65880627c8bd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "de1670a2-0cae-400a-97e3-8f550965ad8d",
      "evidence": "Systematic debunking of company claims regarding partnerships and customer health.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 6,
      "beatId": "5d79b746-5b8b-42b0-a388-e5797fb716ae",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem Statement",
      "beatSlug": "complication",
      "evidence": "Spruce Point outlines its concerns with C3.ai's financials and business practices.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 6,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "ae12e6f1-6b73-4e35-a5a5-7f3414bbd03d",
      "evidence": "Spruce Point estimates a 40-50% downside risk to C3.ai's share price.",
      "position": 0,
      "objective": "To reveal potential discrepancies in C3.ai's financials",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}