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  "docSlug": "e2fe4c87e4ef",
  "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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  "notes": "Uses historical data to predict future negative outcomes for the company.",
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      "kind": "callout",
      "text": "When management is inevitably forced to curtail its use of operating-type sale/leasebacks to support sales today, the resulting decline in revenue growth could be even more dramatic, as there will be no remaining deferred revenue or profit associated with these operating leasebacks left to be recognized in subsequent periods.",
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      "text": "Net Revenue, TTM",
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      "text": "Restricted Cash, Total",
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      "text": "Recall that PLUG similarly pursued operating-type sale/leasebacks throughout 2015 before seeking alternative, more cash-flow friendly financing arrangements in 2016. So what happened the last time that PLUG pivoted from operating-type to capital-type sale/leasebacks after stretching its balance sheet with restricted cash? TTM revenue growth quickly turned negative towards the end of 2015 – perhaps in part because PLUG lost the ability to pull forward lease revenue as it transitioned to capital-type leasebacks – and did not significantly recover until the Company announced its warrant deals with Amazon and Walmart in late 2017.",
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      "kind": "title",
      "text": "PLUG In For A Repeat Of 2016?",
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      "evidence": "Links the curtailment of leasebacks to revenue deceleration.",
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      "evidence": "The majority of the deck is spent exposing contradictions in PLUG's financials and business practices",
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