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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-01-25 00:00:00",
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      "text": "Spruce Point has significant concerns about the financial condition of Ballard's partner Broad Ocean, and don't believe it has the clout necessary to make the partnership a winner in the industry.",
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      "text": "Broad Ocean's performance was so weak that the Shenzhen stock exchange, in August 2017, requested a formal explanation from the company, including why the Shanghai Edrive acquisition has performed so far below guidance. Cash flow from operations has been negative all year, and the rebound in new energy vehicle sales in Q3 did not translate into improved cash flow: Q4 cash flow should improve as new energy vehicle sales will peak in that period; however, we expect it will be a small positive number",
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      "text": "Net Cash Flow from operations: (47)",
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      "text": "Source: Company Reports",
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      "text": "Broad Ocean Cash Flow From Operations and Borrowing (Cumulative). RMB millions. Q1 2017, Q2 2017, Q3 2017. Net Cash Flow from operations 2017 (39), (90), (47). Net Cash Flow from operations 2016 47, 124, 364. Net increase in borrowings 2017 100, 557, 765.",
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      "kind": "title",
      "text": "Transition to New Energy Vehicles Has Negatively Impacted Broad Ocean Cash Flows",
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