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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": 22,
  "pageCount": 40,
  "prevPage": 21,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a visual comparison framework to contrast two business models and highlight the accounting discrepancy.",
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      "kind": "callout",
      "text": "Being forced to accept payments from end users over time, while at the same time being restricted from up-front cash payments from sale/leasebacks, represents a material deterioration of PLUG's economics that should NOT be adjusted out of Company financials.",
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      "kind": "diagram",
      "text": "Direct Sale Model vs PLUG Provides Lease to Customer",
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      "kind": "paragraph",
      "text": "Spruce Point strongly believes that PLUG's adjusted metrics presented a skewed view of Company financials. Management claimed that its adjustments were needed to \"show our performance as if we finance a transaction as we have in the past.\"",
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      "kind": "title",
      "text": "Aggressive Non-GAAP Adjustments Ignore Economic Realities of the Business",
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      "beatName": "Expose Contradiction",
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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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