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The slide uses three distinct industry landscape maps (DevOps.com, Firstmark, CB Insights) to visually demonstrate C3's invisibility.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
19
The slide uses a red flag icon to signal a warning or negative finding.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
24
Uses a 'villain' framing technique to highlight management dishonesty.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
30
The slide uses a Q&A format to undermine company narrative.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
32
Spruce Point Capital Management branding (pine tree logo).C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
33
The slide uses a red flag callout to emphasize the core thesis of a troubled relationship.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
34
Includes a CEO quote callout at the bottom.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
35
The slide uses red dashed boxes to highlight the shift in peak revenue targets from $170m in 2022 to $125m in 2025.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
36
The slide uses a red flag callout to highlight the degradation of signatory seniority.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
37
The slide uses a comparison table to expose what the activist perceives as a lopsided contract amendment.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
39
Uses a direct quote from the CEO to frame the contradiction.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
40
Uses a comparison table/layout to contrast contract language with SEC filings.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
45
The slide contrasts the 1Q'21 disclosure (fixed commitments) with the 2Q'21 disclosure (modified commitments) and the new 10-Q risk factor.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
47
The slide uses a timeline and two tables to contrast reported vs. unreported sales, alleging regulatory non-compliance.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
48
The slide uses a Q&A format to build credibility and expose potential business risks.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
49
Uses a 'Company Promotion' vs 'Spruce Point Reality' comparison frame to expose a contradiction.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Challenges and Critique1 hit
51
The slide uses a Bloomberg terminal screenshot to demonstrate the lack of downward revision in consensus estimates following the December 2, 2021 disclosure.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Cost Of Inaction1 hit
54
Uses screenshots of a live chat with an HPE virtual assistant to demonstrate the lack of internal knowledge or integration.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Cost Of Inaction1 hit
57
Uses screenshots of a live chat transcript to demonstrate lack of product knowledge by Microsoft sales staff.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Cost Of Inaction1 hit
61
Uses red flag icon and red boxes to highlight the contradiction between management claims and public data.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
63
Uses red flag imagery to emphasize the activist's skepticism regarding corporate governance.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
66
The slide uses a red arrow to highlight the specific 'YES' answer in the court document.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
67
The slide uses a red border to emphasize the negative findings regarding the CFO's past performance.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
68
The slide uses a 'CEO quote vs reality' structure to undermine management credibility.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
69
Uses a Q&A format to highlight management issues and potential fraud/misrepresentation of sales pipeline.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and EvidenceLoop · Hypothesis Test1 hit
71
The slide uses external validation (Glassdoor) to reinforce internal findings from interviews.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and Evidence1 hit
73
Uses red boxes to highlight missing disclosures and a callout box to emphasize the high rate of executive turnover.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Analysis and Evidence1 hit
77
The slide uses a combination of tables and a quote to suggest a contradiction between the CEO's stated mission and his personal financial behavior.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Conclusion and ValuationLoop · Quick Win Big Bet1 hit
78
The slide uses a rhetorical question to frame the lack of a clawback policy as a governance failure.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Conclusion and ValuationLoop · Quick Win Big Bet1 hit
80
The slide uses a specific SEC filing excerpt to cast doubt on management's outlook.C3.ai, Inc. (AI) · Spruce Point Capital Management
Activist deck Short seller Beat · Conclusion and ValuationLoop · Quick Win Big Bet1 hit