{
  "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": 32,
  "pageCount": 40,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a 'quote vs. reality' structure to highlight management hypocrisy.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d3d87669988f/32",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.22,
        "x": 0.05,
        "y": 0.67
      },
      "kind": "callout",
      "text": "Deal priced at $2.75 per share, or 27% below PLUG's closing price",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "787a23c1-3305-4d60-891f-f910b3a073e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point is concerned that management is sacrificing liquidity for faster top-line growth – growth which is not reflective of improving fundamentals, but which we believe is simply attributable to (1) a shift in how management accounts for operating leasebacks and (2) a rapid re-adoption of operating-type sale/leaseback agreements which are now being recognized as revenue in full up front.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f90-6262b05c4feb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "As discussed, because operating-type sale/leaseback agreements require PLUG to tie up its balance sheet in restricted cash, they do not offer the liquidity relief for which the Company sought sale/leasebacks in the first place...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2266184f-cd77-4d8a-b64e-90552c29bd16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.89
      },
      "kind": "paragraph",
      "text": "Spruce Point is concerned that management is sacrificing liquidity for faster top-line growth – growth which is not reflective of improving fundamentals...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4402d9ca-95c5-4c31-a3c7-e1eee41bd7a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.05,
        "y": 0.37
      },
      "kind": "quote",
      "text": "So let me reiterate our key goals around liquidity and funding our growth... avoid restricting additional cash, maintain sufficient working capital... and avoid dilution of existing equity owners.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fe3ae56-5473-4251-87bd-7301e7f49ddc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"So let me reiterate our key goals around liquidity and funding our growth. Our key goals remain to continue driving more efficient and seamless direct customer and PPA financing platforms, avoid restricting additional cash, maintain sufficient working capital to support the growing backlog of deployments and avoid dilution of existing equity owners.\" — Paul Middleton - CFO, Plug Power",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f90-649d0ac335a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Sacrificing Liquidity – And Shareholders – For The Sake of Accounting-Driven Growth?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aad73f09-1931-43e4-b3fb-95cbde1fbcc9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c3601898-1215-4d4c-8e6d-950111ee06e8",
      "evidence": "Contrasts a past quote from the CFO with a subsequent press release regarding a dilutive stock offering.",
      "confidence": 1
    }
  ],
  "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
}