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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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      "text": "Incremental Revenue and Profit recognized up front due to accounting change. Incremental Revenue carries 100% Gross Margin.",
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      "text": "In late 2018, PLUG early-adopted ASC Topic 842... Spruce Point acknowledges that, in recognizing revenue and profit associated with operating-type sale/leasebacks up front, management is no longer bending GAAP accounting rules... However, we also find that... the Company undertook several measures which should raise questions among investors as to whether recent improvements in Company financials are sustainable or meaningful in any sense.",
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      "text": "New Accounting Guidance Gives Management a Chance To Practice Old Leaseback Accounting",
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