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  "documentTitle": "Plug Power Inc. (PLUG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-19 00:00:00",
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  "pageNumber": 35,
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  "nDataPoints": 45,
  "notes": "Uses a red box highlight on the table and chart to emphasize the impact of the accounting change post-Q3 2018.",
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      "kind": "callout",
      "text": "Adding back gross profit on operating leaseback arrangements has a dramatic effect on reported profitability and is entirely responsible for the \"inflection\" to profitability",
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      "text": "Bar chart comparing Adjusted EBITDA(S) vs EBITDA(S) Ex-Leaseback Gross Profit over time.",
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      "kind": "disclaimer",
      "text": "Spruce Point believes that the recent wave of bullishness in PLUG is misplaced. Analysts and investors should reconsider whether PLUG's apparent profitability reflects an improvement in Company performance in any meaningful sense.",
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      "text": "Adjusted EBITDA: $2.5",
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      "kind": "paragraph",
      "text": "Since adopting the new lease accounting standard in 2018, PLUG discloses the amount of gross profit realized on all operating leaseback agreements. Removing this accounting-driven windfall from PLUG EBITDA(S) reveals that, without this benefit, EBITDA(S) has not turned positive - and, in fact, would have declined to a two-year low in Q2.",
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      "kind": "table",
      "text": "Table showing Adj. EBITDA(S), Less: Gross Profit on Operating Leasebacks, and Adj. EBITDA(S) Ex-Leaseback Profit from Q1 2016 to Q3 2019.",
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      "kind": "title",
      "text": "\"Inflection\" To Profitability Appears To Be Product of New Lease Accounting",
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