{
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  "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",
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  "pageNumber": 11,
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  "notes": "The table serves to undermine the credibility of the company's reported backlog by showing historical project failures and lack of revenue conversion.",
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      "kind": "callout",
      "text": "Ballard claims a backlog order book of $264m (1); we estimate that announced China projects (assuming most are still live) account for $204m or 78% of the company’s backlog",
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      "text": "backlog: $264m",
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      "kind": "paragraph",
      "text": "Ballard claims a backlog order book of $264m (1); we estimate that announced China projects (assuming most are still live) account for $204m or 78% of the company’s backlog",
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      "kind": "source-note",
      "text": "Source: Company Reports, press releases and J Capital. 1) Ballard Announces $264m Order Backlog, Sept 13, 2017",
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      "text": "Table showing Date, Partner/buyer, Item, Value US$ m, Delivery Date, Remaining Value, and Status for 8 projects.",
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      "kind": "title",
      "text": "Ballard Backlog Heavily Dependent on China",
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