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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "Uses a chronological layout to contrast early management statements with later financial disclosures.",
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      "text": "Q3 2015: 80% of customers lease",
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      "text": "Q3 2009: Implies ~25% of shipments were supported by lease financing",
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      "text": "Q2 2015: \"Most\" of revenue is associated leases",
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      "text": "As we will show, this shift to providing expanded financing directly to customers came at a significant cost and transformed the underlying economics of the business.",
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      "text": "It appears that, since PLUG first began to provide operating leases to customers, these leases have become a dominant source of revenue for the Company...",
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      "text": "In most cases, on the food and retail side, customers outright buy the equipment. On the heavy manufacturing side, you may have 40% to 60% of those customers lease the equipment.",
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      "text": "\"In most cases, on the food and retail side, customers outright buy the equipment. On the heavy manufacturing side, you may have 40% to 60% of those customers lease the equipment. Because we don't know what our deals are yet for those years, I can't tell you what we expect in terms of what the mix is between capital purchases and lease financing deals.... 50% of our shipments will be in food.\" — Gerry Anderson, CFO, Plug Power",
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      "text": "Leases Quickly Become A Material Source of Revenue",
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