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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": 36,
  "pageCount": 40,
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  "nDataPoints": 48,
  "notes": "The slide uses a table to highlight a specific line item (Right-of-Use Asset Depreciation) as a questionable add-back.",
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      "kind": "callout",
      "text": "Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy",
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      "text": "Adj. EBITDA: $31.0",
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      "text": "If management recognizes as revenue sales related to leaseback arrangements – sales which exist only because PLUG is willing to provide vendor financing, and which it able to recognize up front due only to the manner in which the lease is structured – then it should recognize the expenses associated with these lease arrangements as a necessary and unavoidable reduction to PLUG profitability.",
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      "text": "Now included in management’s EBITDA adjustments are interest expenses associated with its leaseback financing. However, much like the cost of the warrants associated with the 2017 Walmart and Amazon deals, the revenue associated with these lease expenses would be unavailable to PLUG without these financing arrangements, particularly as it recognizes an increasing amount of this revenue up front. Spruce Point believes that removing these costs from EBITDA only renders management’s presentation of Company profitability more out-of-line with the underlying economics of the business.",
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      "text": "PLUG Adj. EBITDA Reconciliation (As Reported As Of Q2 2019)",
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      "kind": "title",
      "text": "True Profitability Remains Clouded By Dubious Adjustments",
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