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  "docSlug": "e2fe4c87e4ef",
  "documentTitle": "Plug Power Inc. (PLUG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-19 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 11,
  "pageCount": 40,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "Uses a series of historical quotes to highlight management's recurring failure to meet profitability targets.",
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      "kind": "callout",
      "text": "Does management not understand its own business well enough to judge when it will finally become profitable? Or is it simply trying to drum up confidence in the Company? Either way, Spruce Point believes investors should be hesitant to invest in this management team",
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      "kind": "callout",
      "text": "Does management not understand its own business well enough to judge when it will finally become profitable? Or is it simply trying to drum up confidence in the Company?",
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      "text": "Adjusted EBITDA(S) 2009-2018",
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      "kind": "list",
      "text": "Four historical quotes from Plug Power management regarding profitability targets.",
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      "kind": "metric",
      "text": "Adjusted EBITDA",
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      "kind": "paragraph",
      "text": "Investors bullish on PLUG see hydrogen fuel cells as a promising, eco-friendly technology with a long runway for growth. The reality is that PLUG now has a ~20 year history of consistent unprofitability despite management’s frequent claims that profitability is just around the corner.",
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      "kind": "quote",
      "text": "\"I'm going to just give you the highlight -- we will achieve profitability in 2012, and we have a clear path to get there.\" — Andrew Marsh – CEO, Plug Power; \"When I step back and look at it all, I'm more bullish than ever that Plug Power is in the early stages of a very rapid growth market. I'm also bullish that we will make our goal of EBITDA breakeven in 2014.\" — Andrew Marsh – CEO, Plug Power; \"This is something that, as we grow the top line, as we expand the margin side, we are going to grow into that and look to turn profitable in 2016.\" — Andrew Marsh – CEO, Plug Power; \"This year-to-date performance, the growing contract backlog and the continued momentum of driving cost down are a strong indication that we're on track to build a profitable long-term enterprise.\" — Andrew Marsh – CEO, Plug Power",
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      "kind": "title",
      "text": "The Holy Grail Of Profitability: Always Just A Few Quarters Away",
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      "name": "ceo-quote-contradiction",
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      "matchId": "9a5ee4b5-31bc-4e1f-aaad-e077e2f2631a",
      "evidence": "Contrasting historical CEO quotes with actual financial performance data.",
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      "evidence": "The majority of the deck is spent exposing contradictions in PLUG's financials and business practices",
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