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  "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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      "text": "Spruce Point believes that current market data services fail to account for significant dilutive securities (options and RSUs), new operating lease commitments, and the liability to the Digital Transformation Institute (DTI).",
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      "text": "Enterprise Value: $2,538.4",
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      "text": "Source: Spruce Point Analysis; 1) 34.4m dilutive options... 2) Cash commitments... 3) $103m lease discounted...",
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      "text": "Spruce Point Adjusted Enterprise Value table",
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      "kind": "title",
      "text": "The Market Mismodels C3's Capital Structure",
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      "name": "Quick Win Big Bet",
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      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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      "evidence": "Spruce Point estimates a 40-50% downside risk to C3.ai's share price.",
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