{
  "docId": "019dd923-622c-750b-8b98-56362394aa64",
  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 10,
  "pageCount": 60,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "comparison_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide uses red boxes to highlight negative Y/Y changes and zero-revenue forecasts, emphasizing the 'disappointing results' narrative.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/10",
  "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-56362394aa64.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "SP believes that the HDM backlog and growth is heavily predicated on China, despite select other opportunities",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea5-ab68f866131e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.68
      },
      "kind": "chart",
      "text": "Ballard Revenue By Geography, Increasingly China Dependent",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d31c67f8-801c-484b-8bda-e2949420ee0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea5-ad96f0a25195",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.04,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Source: Company Reports, Earnings Transcripts, Lake Street Capital Markets",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a092199-a2bb-4753-bb0e-8c0ce7ba21c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.96,
        "x": 0.04,
        "y": 0.188
      },
      "kind": "table",
      "text": "Revenue table by segment with Q3 17, TTM, Y/Y Change, and 2018-2020 forecasts.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8446279b-21e5-4a0d-bee0-19227a2e20e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Ballard Business (and Stock Price) Heavily Dependent on China HDM Growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34ea808d-cf7f-4ff2-932e-256c522ea97f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "385f989f-085d-4159-9f00-2c2955f672ec",
      "evidence": "Ballard Revenue By Geography, Increasingly China Dependent",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 13,
      "from": 9,
      "beatId": "aea3bba2-2f7f-4df7-82a2-34ad12935ce8",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in Ballard's business model and partnerships, highlighting red flags for investors.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 7,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "41c5218b-adf5-43d4-8452-44e0de3ce56b",
      "evidence": "The document uses a pattern-hunting approach to identify concerns about Ballard's partnerships and business model.",
      "position": 0,
      "objective": "To identify patterns in Ballard's business model that may indicate a flawed investment opportunity.",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}