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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",
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  "pageNumber": 20,
  "pageCount": 40,
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  "density": "dense",
  "nDataPoints": 28,
  "notes": "Uses an analogy to frame restricted cash as a negative indicator similar to high DSOs.",
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      "kind": "callout",
      "text": "In growing sales by offering customers direct operating leases... PLUG management effectively manufactured top-line growth by levering up its balance sheet... Even if investors deem PLUG's customers as sufficiently trustworthy, this trend clearly demonstrates that the economics of the business transformed for the worse.",
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      "kind": "callout",
      "text": "PLUG’s embrace of direct lease financing to create incremental sales (or to appease large customers) materially transformed Company economics for the worse, and any incremental sales created through this mechanism are demonstrably “low-quality” sales.",
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      "text": "Effective Days Sales Outstanding",
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      "kind": "paragraph",
      "text": "Investors often look to Days Sales Outstanding (DSOs) as a measure of company liquidity... PLUG's restricted cash balance can be thought of as analogous to accounts receivable... PLUG's embrace of direct lease financing... materially transformed Company economics for the worse.",
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      "kind": "title",
      "text": "Bloated Restricted Cash Balance Analogous To Inflated DSOs",
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      "evidence": "Compares restricted cash balance to accounts receivable (DSOs) to frame it as a negative financial indicator.",
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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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