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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": 38,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 40,
  "notes": "The slide uses two bar charts to illustrate the deterioration of financial health over time, specifically highlighting the divergence between reported metrics and the analyst's adjusted view.",
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      "kind": "callout",
      "text": "Spruce Point believes that PLUG cannot issue equity or raise debt fast enough to support its current restricted cash build - and, therefore, cannot continue to support customer leases through operating-type leasebacks...",
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      "text": "Spruce Point believes that PLUG cannot issue equity or raise debt fast enough to support its current restricted cash build - and, therefore, cannot continue to support customer leases through operating-type leasebacks, the source of the Company's recent \"inflection\" to profitability.",
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      "text": "Net Debt",
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      "text": "Net Debt: $410M",
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      "kind": "paragraph",
      "text": "The extent to which PLUG has strained its balance sheet should not be ignored. Excluding restricted cash, PLUG's net debt stood at $410M at Q3-end, up from $234M at the beginning of this year and just $79M at year-end 2017...",
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      "kind": "title",
      "text": "Balance Sheet Stretched Too Thin to Support Much More Growth-Accelerating Operating Leasebacks",
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