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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 timeline-like structure to show SEC pressure leading to a temporary change in reporting.",
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      "text": "The SEC would follow-up with two additional letters dated Aug 2 and Sep 23 further questioning these metrics before PLUG finally eliminated these non-GAAP figures from its Q3 2016 earnings presentation.",
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      "text": "SEC Letters",
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      "text": "It appears that the SEC agrees with our assessment of PLUG's adjusted financial metrics. On Jul 1, 2016, the SEC submitted a letter to PLUG questioning management's non-GAAP metrics...",
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      "kind": "quote",
      "text": "Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures...",
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      "kind": "quote",
      "text": "As a reminder, we've been working on a number of finance alternatives... The accounting rules dictate we cannot recognize revenues up front...",
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      "text": "\"As a reminder, we've been working on a number of finance alternatives to eliminate the need for new restricted cash or PPA deals where Plug Power finances the assets directly. In some, or likely all, of the new financing scenarios the cat profile of the transaction will be much better. The accounting rules dictate we cannot recognize revenues up front as we've done with traditional sale-leaseback arrangements. The presentation of adjusted numbers is intended to show our performance as if we finance a transaction as we have in the past. Again, we believe it provides a clearer picture of the sales and implementation progress of the Company and a consistent comparison to past performance.\" — Andrew Marsh - CEO, Plug Power; \"Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS, or adjusted EPS to reflect the impact of deployed Power Purchase Agreement transactions under alternative financing arrangements. However, we will continue to provide supplemental information to all external stakeholders as we believe it's important we convey the company's overall progress in growth and cost-downs and to maintain complete transparency.\" — Andrew Marsh - CEO, Plug Power",
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      "text": "PLUG Q3 FY16 Earnings Call Nov 7, 2016",
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      "text": "PLUG (Temporarily) Eliminates Improper Adjustments Due To SEC Pressure?",
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      "text": "PLUG Q1 FY16 Earnings Call May 10, 2016",
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