{
  "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": 37,
  "pageCount": 40,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a bar chart to compare reported FCF vs. Spruce Point's adjusted FCF, highlighting the discrepancy caused by restricted cash accounting.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_grouped",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d3d87669988f/37",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d3d87669988f#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.68,
        "y": 0.485
      },
      "kind": "callout",
      "text": "Growing sales and earnings through operating leases - as it has through recent quarters - requires a serious, and likely unsustainable, capital commitment for PLUG. Ending its \"investment\" in operating leasebacks, however, would dramatically slow sales growth and undo the \"inflection\" to profitability",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f01a3fe4-4766-4963-afe7-fd29a31927bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Ending its \"investment\" in operating leasebacks, however, would dramatically slow sales growth and undo the \"inflection\" to profitability",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8f-fe93e37717d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.56,
        "x": 0.06,
        "y": 0.41
      },
      "kind": "chart",
      "text": "Free Cash Flow bar chart comparing FCF Before Changes in Restricted Cash vs FCF (Spruce Point)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f890e883-bf2c-41f7-bad8-fcdd81459292",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f90-022916d36354",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "With management tying up significant sums of cash in sale/leaseback agreements to support continued sales and earnings growth – particularly with its newfound incentive to structure leasebacks as operating leases – PLUG FCF is consistently and dramatically negative.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d4b09be-c707-4669-8aad-33dcbd00d5ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "How should investors evaluate PLUG's profitability? The majority of our criticisms with PLUG's presentation of its earnings power are, in effect, cash flow arguments...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3af50d9-daff-43e2-94d9-b6c8a152c66d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Free Cash Flow: The Best View Into PLUG Economics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc4bdc87-b581-439a-9ceb-e5ffea25a536",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "35abd751-acad-45af-982a-c56f42f2b36a",
      "evidence": "The slide explicitly argues that management is using accounting structures (leasebacks) to mask negative cash flow and inflate earnings.",
      "confidence": 0.95
    }
  ],
  "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
}