{
  "docId": "019dd923-622c-750b-8b98-d3d87669988f",
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 40,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses three news clippings as evidence to support the argument that warrant deals are common practice for Amazon.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d3d87669988f/25",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point sees these deals as a sign that Amazon and Walmart used their leverage as major customers to secure advantageous terms from a producer",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8e-7ecf1f135883",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.5,
        "y": 0.0031
      },
      "kind": "image",
      "text": "Kornit Digital grants Amazon warrants to buy stock",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81d33e9d-e43b-4c26-8924-950e039a36ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.0031
      },
      "kind": "image",
      "text": "Amazon to Lease 10 More Freighters from Air Transport Services",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3053e3a-6d5c-4021-bfc7-e13aadef1bb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.2,
        "y": 0.0060999999999999995
      },
      "kind": "image",
      "text": "Amazon Gets Warrant To Take Stake In Call Center Operator STARTEK",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd5607b2-7c12-483b-9f28-2ef694b73abe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.0016799999999999999
      },
      "kind": "paragraph",
      "text": "Bullish investors are quick to interpret these warrant deals as indications that Amazon and Walmart are interested in making strategic investments in PLUG. However, it is not uncommon for Amazon in particular to strike deals involving warrants with suppliers (particularly of commodity products) or other partners, particularly smaller ones. Spruce Point sees these deals as a sign that Amazon and Walmart used their leverage as major customers to secure advantageous terms from a producer",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "468c9073-6761-4932-a5c0-eb8cea0cc9e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Warrant Deals Likely Not An Indication Of Interest In Owning PLUG",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bfa10ef-deec-4fd8-ac86-66f3ea76bd37",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "2dc25457-e001-4e24-8aea-5f3f4562edef",
      "evidence": "The slide explicitly addresses and refutes a common bullish argument (that warrants = strategic interest) by providing counter-examples.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 39,
      "from": 7,
      "beatId": "aff8fa50-4988-4771-b3a6-4b387373ecdb",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the deck is spent exposing contradictions in PLUG's financials and business practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}