Plug Power Inc

NASDAQ: PLUG

Key Statistics (Latest 4 Quarters)*

Price Performance
Price on 3/28/14
52-Week High/Low
Volume on 3/28/14
10-Day Avg. Volume
Price 1 Month Ago
1 Month Price Performance
Price 3 Months Ago
3 Month Price Performance
Price 6 Months Ago
6 Month Price Performance
Price 12 Months Ago
12 Month Price Performance
Market Capitalization
Beta

$6.90
$11.72 / 0.15
26,162,945
60,219,975
$4.67
47.8%
$1.66
315.7%
$0.70
881.5%
$0.22
3085.6%
$733.8 Million
1.25

EPS Growth
EPS Growth 3 Year, annualized
EPS Growth 5 Year, annualized
Sales Growth
Asset Turnover
Inventory Turnover
Receivables Turnover
Effective Tax Rate
Total Debt to Equity
Interest Coverage
Quick Ratio
Current Ratio
Payout Ratio
Debt to Capital

Business Description
16.0%
-38.7%
-42.8%
35.7%
0.7x
3.7x
5.2x
0.6%
-1,661.4x
NA
1.0x
1.9x
NA
0.7x

Company to Industry Comparisons (Using S&P GICS Groupings)

Sector: Industrials

Benchmark Price Performance

Market Cap.

Market Cap.

PLUG

836 companies

$259.4 B

$247.0 Th

509 companies

$259.4 B

Industry
Group
-0.8%
0.5%
11.2%
27.8%

SubIndustry
-0.9%
3.6%
19.3%
52.0%

Overview
Historical Trend Data
Peer Analysis
Fundamental Ratios
Industry Overview
Earnings & Dividends
Annual Income Statement
Annual Balance Sheet
Annual Cash Flow
Quarterly Income Statement
Quarterly Balance Sheet
Quarterly Cash Flow
Glossary

1
2
3
4
5
6
7
9
11
12
13
14
15

Duration
1 Month
3 Month
6 Month
12 Month

Revenue

PLUG

Revenue

PLUG

$2.0 Th

715 companies

$142.9 B

Industry: Electrical Equipment

Table of Contents

$4.0 Th

438 companies

$142.9 B

Sub-Industry: Electrical Components & Equipment

Market Cap.

PLUG

Market Cap.

PLUG

$643.3 Th

95 companies

$58.9 B

$643.3 Th

75 companies

$46.9 B

69 companies

$24.7 B

Revenue

PLUG

Revenue

PLUG

$4.0 Th

Plug Power Inc

968 Albany Shaker Road
Latham, NY 12110
518-782-7700
[Link]

Industry Group: Capital Goods

PLUG

$43.5 Th

Plug Power Inc., an alternative energy

technology provider, engages in the design,
development, commercialization, and
manufacture of fuel cell systems for the
industrial off-road markets worldwide.

86 companies

$41.8 B

$4.0 Th

This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither Standard & Poor's nor another party guarantees
its accuracy or makes warranties regarding results from its use. Redistribution is prohibited without written permission. Copyright 2014. *Preliminary data

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Price & Earnings History

Price ($US)

Calendar Year EPS

$-6.20 EPS

$-6.40 EPS

$-8.60 EPS

$-9.10 EPS

$-3.80 EPS

$-1.89 EPS

$-1.04 EPS

$-0.73 EPS

Change in Earnings
vs. Previous Year

+ 1.6%

3.2%

34.4%

5.8%

+ 58.2%

+ 50.3%

+ 45.0%

+ 29.8%

70

60

50

40

30
40 Week Moving Average
20

10
10 Week Moving Average
Volume by Price

2006

2007

2008

2009

2010

2011

2012

2013

2014

MACD ( 12-26 EMA) (EMA 9 )

The MACD is presently offering a bullish
signal because it is above the signal line, a 9
Month moving average, and higher than 0,
which means that the underlying moving
averages are trending higher.

0
-5

Moving Average Difference

The 10 and 40 Week moving averages indicate
that PLUG may be in a bullish trend. This is
because the 10 Week moving average is
above the 40 Week moving average.

0
-10

On Balance Volume (Millions)

The On Balance Volume indicator (OBV)
1,000
presently offers a bullish signal. This is
because the slope of the indicator is positive 500
and shows that there is considerable buying
interest.
0

Price/Earnings
Price/Sales
Price/Book Value
Price/Cash Flow
Gross Margin
Profit Margin
Sales/Employee
Income/Employee
Return on Equity
Return on Assets
PEG (Historical Growth)
Beta
Annual Dividend
Dividend Yield

-6.7x
43.1x
1.1x
-7.2x
-57.6%
-642.0%
$24.2 Th
-$155.3 Th
-17.1%
-16.3%
0.5x
2.3
$0.00
0.0%

-5.7x
21.3x
1.4x
-6.3x
-74.8%
-372.3%
$41.7 Th
-$155.3 Th
-24.3%
-22.6%
-2.3x
1.5
$0.00
0.0%

-0.7x
7.3x
1.0x
-1.1x
-71.2%
-679.9%
$86.1 Th
-$585.1 Th
-96.7%
-58.2%
0.0x
1.5
$0.00
0.0%

-2.2x
7.5x
1.0x
-2.6x
-60.1%
-331.2%
$58.0 Th
-$192.0 Th
-46.1%
-24.8%
0.1x
0.9
$0.00
0.0%

2010

-1.0x
2.5x
1.1x
-1.2x
-51.4%
-241.1%
$130.7 Th
-$315.2 Th
-109.4%
-79.4%
0.1x
1.0
$0.00
0.0%

-1.4x
1.7x
1.6x
-2.0x
-25.9%
-99.4%
$141.7 Th
-$140.8 Th
-94.6%
-49.3%
0.0x
1.2
$0.00
0.0%

-0.5x
0.7x
1.3x
-0.7x
-47.1%
-122.0%
$167.4 Th
-$204.2 Th
-212.0%
-80.7%
0.0x
1.1
$0.00
0.0%

8.0*

7.5
4.6

6.4

2012

5.9

7.7

7.8
5.9

2011

4.3

6.2

5.8

4.4

3.1

3.9

3.2

2.5

2009

4.8

2008

2.6

5.3

4.8

4.1

5.1

2007

3.7

4.5

4.0

2.6

1.0

2.8

2006

5.5

Fundamentals

1.8

2.3

11.9

Revenue History (Millions of $)

2013

Preliminary

-1.9x
----35.1%
-235.6%
--351.3%
-177.6%
0.0x
1.3
-0.0%

2014

---------------

All values in the Fundamentals table are calculated using fiscal year data unless otherwise noted
Copyright 2014 The McGrawHill Companies, Inc. *Preliminary data

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Peer Comparison Ratios

Mar. 29, 2014

All values are for the last fiscal year unless otherwise noted.
P/E (3/28/14)
*-8.7
33.7
22.2
58.1
2.7
-67.2

High P/E
*-14.8
42.7
30.6
69.1
3.5
-97.7

Low P/E
*-0.2
26.5
21.1
47.5
2.5
-67.1

PEG Ratio
*0.0
2.4
2.4
18.0
0.3
2.3

Price to Earnings
Current Peer Values

400.0
Price to Earnings

Company Name (Ticker Symbol)

Plug Power Inc (PLUG)
Thermon Group Holdings Inc (THR)
II VI Inc (IIVI)
LSI Industries Inc (LYTS)
Lihua International Inc (LIWA)
General Cable Corp. (BGC)

-1,000.0
2009 2010

IIVI
LIWA

20.3
3.1

BGC

-79.5

PLUG *-1.9

LYTS -809.0
THR
-2011

2012 2013

High and Low P/E are for trailing twelve months using diluted EPS excluding extraordinary items. PEG ratio is historical.

Valuation

Line charts below give a 5 year history for PLUG and up to 5 peers.

The deciles below show the

current fiscal year distribution for
PLUG in several GICS groupings.
Price to Sales in Sector

Price to Sales

Price to Book

Price to Cash Flow

8.0

4.0

30.0

In Industry

IIVI
LYTS
BGC
LIWA

1.8
0.7
0.2
0.2

THR

--

PLUG *-0.0

Price to Cash Flow in Sector

Beta

Price to Tangible Book

2.2

5.0

Lowest

1.7
1.6
1.5
1.4

THR

--

THR

--

0.0

In Industry
BGC
LYTS
IIVI
LIWA

1.6
1.4
1.1
0.5

BGC 12.9
IIVI 11.0
LIWA 2.8

PLUG *-THR

-30.0

Price to Free Cash Flow

IIVI
BGC
LYTS
LIWA

2.4
1.6
1.6
0.5

THR

--

100.0
IIVI
12.3
LIWA 3.2
BGC -18.7
LYTS -26.4

PLUG *--

PLUG *--

PLUG *1.3

Highest
0.8

--

PLUG *--

In Sub-Industry

In Sub-Industry

IIVI
LYTS
BGC
LIWA

LYTS 27.5

THR
-35.0

--

-200.0

Management Effectiveness
Return on Assets (%)

Return on Assets in Sector

25.0

In Industry

Return on Equity (%)

LIWA
IIVI
LYTS
BGC

15.4
5.9
-0.1
-0.4

400.0

LIWA
IIVI
LYTS
BGC
THR

In Sub-Industry
Lowest

PLUG *-177.6

Highest

THR

--

-200.0

Return on Investments (%)

PLUG *351.3

600.0

PLUG *505.5

16.2
8.0
-0.1
-1.4
--

-300.0

-200.0

LIWA
IIVI
LYTS
BGC
THR

16.2
6.8
-0.1
-0.7
--

Profitability
Gross Margin (%)

Gross Margin in Sector

Operating Margin (%)

60.0

In Industry
In Sub-Industry

EBITDA Margin (%)

50.0
IIVI
LYTS
BGC
LIWA

50.0
IIVI
LIWA
BGC
LYTS

43.5
24.1
13.2
10.1

12.6
8.4
3.9
0.8

PLUG *-93.2

PLUG *-108.9
THR

IIVI
19.9
LIWA 8.8
BGC
5.9
LYTS
3.3

--

THR

--

IIVI
LIWA
BGC
LYTS

12.7
8.4
0.4
0.2

PLUG *-35.1
THR

Net Margin in Sector

--

-80.0

-350.0

-300.0

In Industry
Net Margin (%)

In Sub-Industry
Lowest

Effective Tax Rate (%)

50.0

140.0
IIVI
LIWA
LYTS
BGC

Highest

9.1
6.2
0.0
-0.3

PLUG *-235.6
THR
-350.0

Copyright 2014 The McGrawHill Companies, Inc. *Preliminary data

Pretax Margin (%)

BGC 135.2
LYTS 120.0

50.0

PLUG *-237.1

IIVI
26.5
LIWA 26.0

--

0.0

PLUG *0.6
THR

--

THR

--

-350.0

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Peer Comparison

Growth Rates

This peer comparison scatter shows a relative comparison of valuation,

management effectiveness and risk for PLUG and several peers.
Higher risk
Marker size = lower risk

Annual Sales Growth (%)

20.0%

Annual EPS Growth (%)

Current Peer Values

250.0
Sales Growth

0.0%

4.0x

-20.0%

Mar. 29, 2014

BGC
LIWA
LYTS
IIVI

6.0
5.5
4.6
4.4

THR

--

PLUG *1.9
-50.0

2009

2010

2011

2012

700.0

PLUG *10.8

LIWA -3.1
IIVI -14.9
LYTS
-BGC
-THR
--

-100.0

2013

Plug Power Inc (PLUG)

Financial Strength
Price to Book

Receivable Turnover

Current Ratio
16.0

2.0x

22.5

LIWA 15.1

LIWA 17.0

Thermon Group Holdings Inc (THR)

II VI Inc (IIVI)

LYTS
BGC
IIVI

6.1
5.5
5.3

THR

--

Return on Equity

0.0

Total Debt to Equity

Interest Coverage

200.0

1,000.0

BGC 88.8
IIVI
17.9
LYTS
0.0
LIWA 0.0

0.0x

LSI Industries Inc (LYTS)

THR

--

THR

--

IIVI 60.7
LYTS 34.6
BGC 2.0

PLUG *-17.2
-25.0

4.9
3.9
1.9

PLUG *1.9

PLUG *5.1
2.5

Lihua International Inc (LIWA)

IIVI
LYTS
BGC

PLUG *-LIWA
THR

0.0

---

Peer Group Relative Strength

Relative Price Performance for the
following companies:
Plug Power Inc
Thermon Group Holdings Inc
II VI Inc
LSI Industries Inc
Lihua International Inc
General Cable Corp.

500%

400%

300%

200%

100%

0%

2006

Copyright 2014 The McGrawHill Companies, Inc. *Preliminary data

2007

2008

2009

2010

2011

2012

2013

2014

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Industry Comparison

Mar. 29, 2014

All values are for the last fiscal year unless otherwise noted.

This peer comparison table shows a list of the companies in the "Electrical Equipment" industry sorted by market capitalization.

Company Name (Ticker Symbol)

Emerson Electric Co. (EMR)
Eaton Corp Plc (ETN)
Rockwell Automation Inc. (ROK)
Nidec Corp (NJ)
Roper Industries Inc. (ROP)
AMETEK Inc (AME)
Sensata Technologies Holding NV (ST)
Hubbell Inc (HUB.B)
SolarCity Corp (SCTY)
Acuity Brands Inc. (AYI)
Generac Holdings Inc (GNRC)
EnerSys Inc (ENS)
Regal-Beloit Corp. (RBC)
Franklin Electric Co Inc (FELE)
Polypore International Inc (PPO)
Graftech International Ltd (GTI)
Brady Corp (BRC)
General Cable Corp. (BGC)
Encore Wire Corp (WIRE)
II VI Inc (IIVI)
Powell Industries Inc (POWL)
Plug Power Inc (PLUG) *
Thermon Group Holdings Inc (THR)
FuelCell Energy Inc (FCEL)
Ballard Power Systems Inc (BLDP)
Growlife Inc (PHOT)
Preformed Line Products Company (PLPC)
Vicor Corp. (VICR)
Enphase Energy Inc (ENPH)
Revolution Lighting Technologies Inc (RVLT)
Hydrogenics Corp (HYGS)
International Wire Group Holdings Inc (ITWG)
LSI Industries Inc (LYTS)
Orion Energy Systems Inc (OESX)
Lihua International Inc (LIWA)
Jinpan International Ltd (JST)
American Superconductor Corp (AMSC)
Allied Motion Technologies Inc (AMOT)
SL Industries Inc. (SLI)
Lighting Science Group Corp (LSCG)
Ultralife Corp (ULBI)
Huayue Electronics Inc (HUAY)
Highpower International Inc (HPJ)
Espey Manufacturing & Electronics Corp. (ESP)
Borealis Exploration Ltd (BOREF)
Magnetek Inc. (MAG)
Ideal Power Inc (IPWR)
American Electric Technologies Inc (undefined)
Altair Nanotechnologies Inc (ALTI)
ZBB Energy Corp (ZBB)
Asia Pacific Wire & Cable Corp (APWC)
Energy Focus Inc (EFOI)
Axion Power International Inc (AXPW)
Neah Power Systems Inc (NPWZ)
Flux Power Holdings Inc (FLUX)
Copyright 2014 The McGrawHill Companies, Inc. *Preliminary data

Current
Market Cap.
Revenue
(Millions of $) (Millions of $)
46,931.3
24,669.0
35,330.7
22,046.0
17,243.5
6,351.9
16,377.6
7,532.6
13,218.0
3,271.5
12,587.5
3,594.1
7,312.2
1,980.7
6,112.6
3,183.9
5,616.5
163.8
5,607.3
2,089.1
3,996.8
1,485.8
3,246.2
2,277.6
3,216.1
3,095.7
1,986.3
965.5
1,517.2
636.3
1,449.6
1,166.7
1,378.3
1,152.1
1,257.0
6,421.2
973.7
1,158.3
944.4
558.4
751.6
671.0
733.8
26.6
728.7
284.0
581.5
187.7
469.2
61.3
412.8
1.5
385.0
409.8
378.1
199.2
305.0
232.8
254.4
4.5
253.6
31.8
244.7
733.9
196.0
280.8
150.3
86.1
150.2
900.7
126.2
225.7
111.1
87.4
108.9
125.5
102.3
200.6
81.1
127.1
75.5
78.8
75.2
14.3
67.8
132.9
64.7
34.3
62.8
0.0
61.9
103.3
61.5
1.9
54.1
65.3
50.6
1.5
42.0
7.7
37.7
462.3
32.3
29.8
27.1
9.8
25.9
0.1
24.4
0.8

1 Year %
Revenue
Growth
1.1
35.2
1.5
-9.0
9.3
7.8
3.5
4.6
27.3
8.0
26.3
-0.3
-2.2
8.3
-11.3
-6.5
-13.0
6.0
8.0
4.4
-6.4
1.9
5.0
55.6
40.2
--6.7
-8.9
7.5
-50.1
33.5
-15.7
4.6
-14.4
5.5
7.2
14.2
23.1
-5.5
16.6
-22.4
67.7
17.9
7.1
--9.6
67.9
20.8
-70.4
60.7
-2.1
15.9
20.9
-34.6
-87.0

1 Year
Modified
% EPS Total Debt % Return
Growth to Capital on Capital
3.4
0.3
77.2
12.7
0.3
33.5
4.5
0.3
76.4
-84.2
0.4
4.7
10.5
0.3
222.7
11.7
0.3
93.1
7.1
0.5
63.3
9.4
0.2
64.1
20.5
0.5
-9.3
8.5
0.3
78.1
85.9
0.8
84.7
16.7
0.1
31.8
-43.1
0.3
23.3
-2.9
0.2
30.1
-52.0
0.5
11.7
-0.3
4.6
-685.7
0.3
45.2
-0.5
10.5
148.4
0.0
16.1
-14.9
0.2
20.0
41.0
0.0
21.8
10.8
-0.3
-199.3
117.9
0.3
61.8
13.0
0.6
-69.9
58.3
0.2
-72.6
-1.4
-2,051.6
-30.8
0.1
17.0
-500.0
0.0
-23.5
34.7
0.2
-46.8
-90.9
0.1
155.6
-8.9
0.2
195.8
-45.3
0.9
30.7
-0.0
1.9
-0.1
-9.0
-3.1
0.0
60.8
17.9
0.2
7.8
53.5
0.1
-61.2
-28.6
0.6
13.3
-22.9
0.0
43.4
-206.2
0.0
-225.0
0.0
0.0
-1.5
1,100.0
0.3
32.0
-15.4
0.7
4.0
24.6
0.0
42.7
-2.7
-282.6
-47.2
0.0
30.9
-105.3
0.0
-4,565.2
92.0
0.0
14.2
39.9
0.2
-209.5
59.5
0.5
-245.1
-0.3
9.8
44.0
0.8
-214.4
20.0
0.0
-78.6
0.0
-0.1
167.8
-2.5
-551.8

% Profit
Margin
8.1
8.4
11.9
1.1
16.5
14.4
9.5
10.3
-34.1
6.1
11.7
7.3
3.9
8.5
5.3
-2.3
-12.2
-0.3
4.1
9.1
6.3
-235.6
9.5
-18.3
-32.6
-150.7
5.0
-11.9
-11.1
-191.4
-39.9
1.5
0.0
-12.1
6.2
7.3
-75.6
3.1
4.7
-87.6
-1.3
26.2
1.1
16.2
-3.6
-504.9
7.0
-1,162.6
-153.8
2.4
-19.1
-87.5
-1,601.3
45.5
5

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Earnings History

-0.14

-0.19

-0.28*

-0.17

-0.19

-0.28*

-0.19

-0.18
-0.18

-0.17

-0.22
-0.21

-0.18

-0.27
-0.27

-0.22

-0.17
-0.17

-0.27

-0.28
-0.28

-0.17

-0.32
-0.30

-0.28

-0.28
-0.31

-0.32

-0.41
-0.41

-0.31

-0.50
-0.50

-0.41

-0.70
-0.80

-0.05

-0.70
-0.70

-0.09

-1.40
-0.90

-0.07

-0.80
-0.80

-0.14

-0.90
-0.90

-0.08

-0.80
-0.80

-0.09

-0.80
-0.80

-0.08

-0.60
-0.60

-0.08

-6.90
-1.10

-0.06

-1.60
-1.50

-0.25

-2.60
-2.20

-0.15

-2.40
-2.40

-0.24

-2.00
-2.00

-0.21

-1.70
-1.70

-0.20

-1.90
-1.90

-0.17

-1.30
-1.30

-0.19

-1.50
-1.50

-0.13

-1.40
-1.40

-0.15

-1.50

-0.14

-1.40

S&P Operating EPS ($)

-1.50

-0.15

Reported EPS ($)

-1.40

S&P Core EPS ($)

-0.14

Standard & Poor's Core Earnings is a uniform methodology for calculating operating earnings, and focuses on a company's after-tax earnings generated from its principal businesses.

Annual Earnings
S&P Core EPS ($)
Reported EPS ($)
S&P Operating EPS ($)
Ratio of Core / Reported

2006

-0.58
-5.80
-5.80
0.10

2007

-0.69
-6.90
-6.90
0.10

2008

-0.85
-13.60
-7.20
0.06

2009

-0.32
-3.20
-3.10
0.10

2010

-0.38
-3.60
-3.20
0.11

2011

-1.50
-1.46
-1.47
1.03

2012

-0.93
-0.93
-0.92
1.00

2013

2014

Preliminary

--0.83
-0.85
--

-----

Dividend Analysis
The data is not available to complete the SmartText analysis. Twenty-four of the 83 companies in the Electrical Components & Equipment
sub-industry currently pay a dividend. The list below shows which of those 24 companies have historically had the largest annual dividend payments.
(The per share value shown is the indicated annual dividend. All other data in this table is from the last fiscal year).

Company Name (Ticker Symbol)

International Wire Group Holdings Inc (ITWG)
Rockwell Automation Inc. (ROK)
Hubbell Inc (HUB.A)
Hubbell Inc (HUB.B)
Eaton Corp Plc (ETN)
Emerson Electric Co. (EMR)
Espey Manufacturing & Electronics Corp. (ESP)
Powell Industries Inc (POWL)
Preformed Line Products Company (PLPC)
Regal-Beloit Corp. (RBC)
Roper Industries Inc. (ROP)
Brady Corp (BRC)
General Cable Corp. (BGC)
Acuity Brands Inc. (AYI)
EnerSys Inc (ENS)
Franklin Electric Co Inc (FELE)
Servotronics Inc. (SVT)
AMETEK Inc (AME)
LSI Industries Inc (LYTS)
Nidec Corp (NJ)
Jinpan International Ltd (JST)
Vicor Corp. (VICR)
Allied Motion Technologies Inc (AMOT)
Copyright 2014 The McGrawHill Companies, Inc. *Preliminary data

Annual Dividend
($ per share)
9.14
2.32
2.00
2.00
1.96
1.72
1.00
1.00
0.80
0.80
0.80
0.78
0.72
0.52
0.50
0.31
0.31
0.24
0.24
0.21
0.16
0.15
0.10

Payout
Ratio (%)
0.9
0.4
0.3
0.3
0.4
0.6
0.8
0.0
0.2
0.3
0.1
-0.3
-1.5
0.2
0.0
0.2
0.4
0.1
-70.3
1.5
--0.2

Shares
Outstanding
(Millions)
6.1
138.9
59.2
59.2
475.1
706.7
2.2
12.0
5.4
45.1
99.3
51.9
49.6
42.5
47.8
47.7
2.2
245.0
24.1
538.7
16.3
38.5
9.1

Annual Cash
Dividends
(Millions of $)
10.0
276.3
109.5
109.5
796.0
1,181.0
4.4
0.0
2.3
35.1
49.1
39.2
27.0
22.4
0.0
15.3
0.7
58.4
8.6
128.8
2.0
-0.9
6

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Annual Income Statement

Change vs. Previous Year

Summary: Despite annual earnings that trended upward over the last five years, PLUG is still losing money. Additionally, their earnings were among
the most volatile in the Electrical Components & Equipment industry.
Chart of Gross Profit (Loss)
169.7%
4.7%
+ 42.1%
35.5%
+ 28.6%
72.0%
+ 24.0%
-5,000

-10,000

Thousands of $US

2006

2007

2008

2009

2010

2011

2012

2013
Preliminary

Sales/Turnover (Net)
Cost of Goods Sold
Gross Profit (Loss)

$7,836
12,350 BD
(4,514)

$16,271 AA
28,444
(12,173)

$17,901
30,652
(12,751)

$12,293
19,681
(7,388)

$19,473
29,483
(10,010)

$27,626
34,769 BD
(7,143)

$26,108
38,392 BD
(12,284)

$26,601
35,941 BD
(9,340)

Selling, General and Administrative Expenses

Operating Income Before Depreciation

50,745
(55,259)

54,842
(67,015)

51,184
(63,935)

27,578
(34,966)

25,407
(35,417)

19,750
(26,893)

19,725
(32,009)

15,446
(24,786)

Amortization of Intangibles
Depreciation and Amortization - Total
Operating Income After Depreciation

0
3,220
(58,479)

1,614
5,314
(72,329)

2,225
6,625
(70,560)

2,132
5,767
(40,733)

2,264
7,233
(42,650)

2,323
4,455
(31,348)

2,306
4,376
(36,385)

2,271
4,179
(28,965)

Interest and Related Expense

Interest Income - Total
Other Non-Operating Income
Nonoperating Income (Expense) - Total
Special Items
Pretax Income

171
8,340
0
8,340
0
(50,310)

429
CF
12,187
12,187
0
(60,571)

CF
CF
4,734
4,734
(55,874)
(121,700)

CF
CF
562
562
(538)
(40,709)

CF
CF
570
570
(4,879)
(46,959)

CF
CF
3,673
3,673
221
(27,454)

CF
CF
4,809
4,809
(286)
(31,862)

CF
CF
(37,350)
(37,350)
3,235
(63,080)

(410)

(50,310)AC
0
(50,310)

(60,571)
0
(60,571)

(121,700)
0
(121,700)

(40,709)
0
(40,709)

(46,959)
0
(46,959)

(27,454)
0
(27,454)

(31,862)
0
(31,862)

(62,670)
121
(62,791)

EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands)

EPS - Basic Excluding Extraordinary Items
(5.80)
EPS - Basic Including Extraordinary Items
(5.80)
EPS - Diluted Excluding Extraordinary Items
(5.80)
EPS - Diluted Including Extraordinary Items
(5.80)
EPS from Operations - Basic
(5.80)
EPS from Operations - Diluted
(5.80)

(6.90)
(6.90)
(6.90)
(6.90)
(6.90)
(6.90)

(13.60)
(13.60)
(13.60)
(13.60)
(7.20)NC
(7.20)NC

Common Shares Used to Calculate EPS Basic

Common Shares Used to Calculate EPS Diluted

8,610
8,610

8,734
8,734

8,938
8,938

12,911
12,911

13,123
13,123

18,778
18,778

34,376
34,376

76,436
76,436

SUPPLEMENTAL ITEMS
Interest Income - Total

8,340

CF

CF

CF

CF

CF

CF

CF

Income Taxes - Total

Income Before Extraordinary Items
Dividends - Preferred/Preference
Net Income (Loss)

AA
AC
BD

Restated for/Reflects merger/acquisition

Restated for/reflects an accounting change
Reduced by an amount of depreciation which should be allocated to SGA

Copyright 2014 The McGrawHill Companies, Inc.

(3.20)
(3.20)
(3.20)
(3.20)
(3.10)NC
(3.10)NC

(3.60)
(3.60)
(3.60)
(3.60)
(3.20)NC
(3.20)NC

(1.46)
(1.46)
(1.46)
(1.46)
(1.47)NC
(1.47)NC

(0.93)
(0.93)
(0.93)
(0.93)
(0.92)NC
(0.92)NC

(0.83)
(0.83)
(0.83)
(0.83)
(0.85)NR
(0.85)NR

NC

S&P calculation and may disagree with company reports

Statutory rate used in calculation
CF Combined Figure

NR

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Annual Income Statement, continued

Change vs. Previous Year

Summary: Over the last year, PLUG's revenue grew at a rate that was in-line with the Electrical Components & Equipment group norm. During fiscal
year 2013, they recorded $26.6M as revenues which was a 1.9% improvement from the previous year.
Chart of Gain/Loss on Sale of Assets Pretax
NA
NA
NA
NA
NA
NA
79.1%
3,000
2,000
1,000

Thousands of $US

2006

2007

2008

2009

2010

2011

2012

2013
Preliminary

SPECIAL ITEMS - BREAKOUT

Gain/Loss on Sale of Assets Pretax
Impairment of Goodwill Pretax
Restructuring Costs Pretax
Special Items - Other Pretax
Price Chart with Quarterly EPS (

----) Overlay

-----

-(45,843)
(10,031)
(1,900)

--(538)
--

$3,218
-(8,097)
--

$673
-(452)
--

--(286)
--

$3,235
----

Earnings data is shown on calendar quarters for this chart.

$75

$0.00

50

-2.50

25

-5.00

-7.50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006
2007
2008
2009
2010
2011
2012
2013

Copyright 2014 The McGrawHill Companies, Inc.

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Annual Balance Sheet

Change vs. Previous Year

Summary: PLUG's capital structure consists of little or no debt.

Chart of Current Assets - Total
36.0%

6.0%

20.6%

71.0%

+ 2.1%

39.4%

2008

2009

2010

2011

2012

0.9%

300
200
100

Millions of $US

2006

2007

2013
Preliminary

CURRENT ASSETS
Cash
Short-Term Investments
Cash and Short-Term Investments
Receivables - Trade
Receivables - Current - Other
Receivables - Total
Inventories - Raw Material
Inventories - Work in Process
Inventories - Finished Goods
Inventories - Total
Prepaid Expense and Accrued Income
Current Assets - Other (Sundry)
Current Assets - Other - Total
Current Assets - Total

27
242
269
1
0
1
---6
CF
4
4
279

12
154
166
4
0
5
---6
CF
3
3
179

81
76
157
2
CF
2
---6
CF
2
2
168

15
107
122
2
CF
2
---6
CF
3
3
133

11
10
21
4
CF
4
---11
CF
3
3
39

14
0
14
13
CF
13
---10
CF
2
2
39

9
0
9
4
0
4
8
0
1
9
CF
2
2
24

NON-CURRENT ASSETS
Property Plant and Equipment - Total (Gross)
Depreciation, Depletion, and Amortization (Accumulated)
Property Plant and Equipment - Total (Net)
Investment and Advances - Other
Goodwill
Intangibles - Other
Intangible Assets - Total
Assets - Other (Sundry)
Assets - Other - Total
Assets - Total

46
(28)TS
18
0
10
0
10
0
0
308

52
(31)TS
21
0
51
17
68
0
0
268

53
(35)TS
18
10
0
13
13
0
0
209

40
(25)TS
14
2
0
12
12
2
2
164

35
(25)TS
10
0
0
10
10
1
1
59

34
(26)TS
9
0
0
7
7
0
0
56

37
(27)TS
10
1
0
5
5
0
0
39

CURRENT LIABILITIES
Long-Term Debt Due In One Year
Notes Payable (Short-Term Borrowings)
Debt in Current Liabilities
Account Payable/Creditors - Trade
Accrued Expenses
Current Liabilities - Other (Sundry)
Current Liabilities - Other
Current Liabilities - Total

0
0
0
2
3
8
10
12

0
0
0
5
6
5
10
15

0
63
63
3
10
5
15
82

0
59
60
3
6
5
11
73

0
0
0
4
4
7
11
15

0
5
5
5
3
7
10
20

1
3
4
4
4
6
9
17

1
0
1
3
3
6
9
13

LONG-TERM LIABILITIES
Long-Term Debt - Total
Liabilities - Other - Total
Liabilities - Total

0
1
13

4
0
19

0
1
83

1
1
76

0
1
16

0
7
27

1
6
24

3
35
51

TS

Computed using straight-line method

Copyright 2014 The McGrawHill Companies, Inc.

5
0
5
6
CF
6
---10
CF
2
2
24

-32,768
8
1
0
3
3
1
1
35

CF Combined Figure

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Annual Balance Sheet, continued

Change vs. Previous Year

Chart of Stockholders' Equity - Total

15.5%

49.4%

29.9%

51.4%

32.3%

48.2%

2007

2008

2009

2010

2011

2012

Not Meaningful

200

Millions of $US

2006

2013
Preliminary

SHAREHOLDERS' EQUITY
Preferred/Preference Stock - Redeemable
Preferred/Preference Stock - Nonredeemable
Total Preferred Stock
Common/Ordinary Stock (Capital)
Capital Surplus/Share Premium Reserve
Retained Earnings
Treasury Stock - Total
Common/Ordinary Equity - Total
Stockholders' Equity - Total

0
0
0
1
751
(457)
0
295
295

0
0
0
1
758
(510)
0
249
249

0
0
0
1
765
(640)
(1)
126
126

0
0
0
1
768
(680)
(1)
88
88

0
0
0
1
770
(726)
(2)
43
43

0
0
0
0
784
(754)
(2)
29
29

0
0
0
0
802
(786)
(2)
15
15

2
0
2
---32,768
(18)
(16)

Liabilities and Stockholders' Equity - Total

308

268

209

164

59

56

39

35

Common Shares Outstanding (Millions)

13

13

13

23

38

--

DEBT COMPONENTS
Debt - Capitalized Lease Obligations
Debt - Notes
Other Long-Term Debt

0
0
0

0
0
4

0
0
0

0 IC
1 IC
0 IC

0
0
0

0
0
0

1
0
0

----

DEBT MATURITY TABLE

Debt - Maturing 1st Year
Debt - Maturing 2nd Year
Debt - Maturing 3rd Year
Debt - Maturing 4th Year
Debt - Maturing 5th Year

0
0
0
0
0

0
-----

0
-----

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

1
1 EA
1 EA
0 EA
0 EA

1
-----

SUPPLEMENTAL
Deferred Revenue - Current
Deferred Revenue - Long-Term
Debt - Mortgages and Other Secured

3
0
0

3
0
0

5
0
0

5
0
1

4
0
0

6
0
0

3
4
1

3
6
--

RENTAL COMMITMENTS
Rental Commitments - Minimum - 1st Year
Rental Commitments - Minimum - 2nd Year
Rental Commitments - Minimum - 3rd Year
Rental Commitments - Minimum - 4th Year
Rental Commitments - Minimum - 5th Year
Rental Commitments - Minimum - 5-Year Total
Thereafter Leases

0
0
0
0
0
1
0

2
2
2
1
0
6
0

2
1
1
0
0
4
0

1
1
0
0
--1

1
0
0
0
--1

1
1
0
0
--1

1
0
0
0
--1

--------

EA

Debt commitments include interest on Capitalized Lease Obligations.

Copyright 2014 The McGrawHill Companies, Inc.

IC

Components include current portion of long-term debt

10

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Annual Cash Flow

Change vs. Previous Year

Summary: PLUG does a better job of collecting its accounts receivable than nearly any other company in the Electrical Components & Equipment
group. In 2013, the average number of days its accounts receivable were outstanding was 88. However, this was 2 days slower than the accounts
receivables collection during the previous year.
Chart of Operating Activities - Net Cash Flow
6.9%
14.8%
+ 32.5%
6.6%
+ 18.3%
+ 39.5%
33.3%
-30,000
-40,000
-50,000

Thousands of $US

2006

2007

2008

2009

2010

2011

2012

2013
Preliminary

OPERATING ACTIVITIES
Income Before Extraordinary Items
($50,310)
Depreciation and Amortization
3,220
Sale of PP&E and Investments - (Gain) Loss
0
Funds from Operations - Other excluding Option Tax Benefit
4,302
Funds from Operations - Other
4,302
Accounts Receivable - Decrease (Increase)
589
Inventory - Decrease (Increase)
(866)
Accounts Payable and Accrued Liabilities - Increase (Decrease)
(1,399)
Assets and Liabilities - Other (Net Change)
(1,643)
Operating Activities - Net Cash Flow
(46,107)

($60,571)
5,461
12
5,479
5,479
(2,738)
656
253
2,137
(49,311)

($121,700)
6,623
(2)
53,276
53,276
2,282
(521)
1,103
2,343
(56,596)

($40,709)
5,767
504
1,698
1,698
65
(96)
(3,944)
(1,513)
(38,228)

($46,959)
7,233
87
1,475
1,475
(2,193)
(4,410)
2,619
1,378
(40,770)

($27,454)
4,455
(342)
(1,995)
(1,995)
(9,193)
1,438
CF
(219)
(33,310)

($31,862)
4,376
72
(2,843)
(2,843)
8,797
(1,295)
CF
2,590
(20,165)

($62,670)
4,179
(3,169)
39,283
39,283
(2,347)
(1,856)
CF
(300)
(26,880)

INVESTING ACTIVITIES
Increase in Investments
Sale of Investments
Short-Term Investments - Change
Capital Expenditures
Sale of Property, Plant, & Equipment
Acquisitions
Investing Activities - Other
Investing Activities - Net Cash Flow

0
0
(166,351)
1,275
0
0
4,000
(163,626)

0
0
83,741
2,944
14
47,733
0
33,078

0
0
67,060
1,419
15
0
0
65,656

4,727
0
(20,747)
533
223
0
0
(25,784)

2,233
1,740
96,817
1,100
122
0
3,221
98,567

0
10,399
525
1,326
47
0
673
10,318

0
0
0
78
64
0
0
(14)

0
3,235
0
111
84
0
0
3,208

FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
Long-Term Debt - Issuance
Long-Term Debt - Reduction
Changes in Current Debt
Financing Activities - Other
Financing Activities - Net Cash Flow

217,708
0
0
4,048
CF
1,095
214,755

481
0
0
400
CF
0
81

203
619
0
2,235
62,875
0
60,224

76
534
1,793
230
(3,500)
0
(2,395)

0
442
0
1,561
(59,375)
0
(61,378)

22,584
158
0
10
5,405
(1,891)
25,930

17,192
0
2,105
170
(2,024)
(1,402)
15,701

23,506
0
2,600
4,080
CF
(2,658)
19,368

1,329

(517)

143

(45)

(36)

(49)

5,022

(14,823)

68,767

(66,264)

(3,626)

2,902

(4,477)

(4,353)

160

1,000

471

13

256

--

Exchange Rate Effect

CHANGE IN CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents - Increase (Decrease)
SUPPLEMENTAL ITEMS
Interest Paid - Net
CF Combined Figure

Additional Summary Items: During Fiscal Year 2013, PLUG spent $111.0Th on capital expenditures. As a percent of sales, this was among the lowest
in the Electrical Components & Equipment Sub-industry group and represents a steady decrease in spending over the last four years.
During 2013, PLUG's investment activities resulted in a negative cash flow of $-58,491.0Th. This was less than nearly any other company in the
Electrical Components & Equipment group.
PLUG's assets generate sales which are typical for companies in the Electrical Components & Equipment group. During fiscal year 2013, its Total
Asset Turnover was 0.8x. However, the productivity of its assets has decreased during each of the last three years.
Copyright 2014 The McGrawHill Companies, Inc.

11

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Quarterly Income Statement

Change vs. Previous Year

Chart of Gross Profit (Loss)

+ 16.6%

381.2%

+ 53.2%

+ 45.5%

+ 1.2%

113.1%

6/30/12

9/30/12

12/31/12

3/31/13

6/30/13

9/30/13

+ 22.0%

-2,500

-5,000

Thousands of $US

Quarter Ending on

3/31/12

12/31/13
Preliminary

Sales/Turnover (Net)
Cost of Goods Sold
Gross Profit (Loss)

$7,752
9,341 BD
(1,589)

$7,659
8,985 BD
(1,326)

$4,776
11,157 BD
(6,381)

$5,921
8,909 BD
(2,988)

$6,445
8,073 BD
(1,628)

$7,497
9,106 BD
(1,609)

$4,627
8,055 BD
(3,428)

$8,032
10,707 BD
(2,675)

Selling, General and Administrative Expenses

Operating Income Before Depreciation

5,163
(6,752)

5,145
(6,471)

4,338
(10,719)

5,079
(8,067)

3,631
(5,259)

4,040
(5,649)

3,522
(6,950)

4,253
(6,928)

Depreciation and Amortization - Total

Operating Income After Depreciation

1,062
(7,814)

1,062
(7,533)

1,062
(11,781)

1,190
(9,257)

1,119
(6,378)

968
(6,617)

1,051
(8,001)

1,041
(7,969)

Interest and Related Expense

Nonoperating Income (Expense) - Total
Special Items
Pretax Income

CF
1,231
0
(6,583)

CF
1,053
0
(6,480)

CF
1,456
0
(10,325)

CF
1,069
(286)
(8,474)

CF
(2,198)
0
(8,576)

CF
(5,939)
3,235
(9,321)

CF
(8,305)
0
(16,306)

CF
(20,908)
0
(28,877)

AF
0

AF
0

AF
0

0
0

AF
0

AF
0

AF
(410)

-0

(6,583)
0
(6,583)

(6,480)
0
(6,480)

(10,325)
0
(10,325)

(8,474)
0
(8,474)

(8,576)
0
(8,576)

(9,321)
17
(9,321)

(15,896)
52
(15,896)

(28,877)
52
(28,877)

(0.17)
(0.17)
(0.17)
(0.17)
(0.17)
(0.17)

(0.27)
(0.27)
(0.27)
(0.27)
(0.27)
(0.27)

(0.19)
(0.19)
(0.19)
(0.19)
(0.19)
(0.19)

(0.28)
(0.28)
(0.28)
(0.28)
(0.28)
(0.28)

23,438 ZR
23,438 ZR

37,853 ZR
37,853 ZR

37,977 ZR
37,977 ZR

38,157 ZR
38,157 ZR

48,567 ZR
48,567 ZR

68,662 ZR
68,662 ZR

84,151 ZR
84,151 ZR

103,477 ZR
103,477 ZR

(1.29)
(1.29)
(1.30)
(1.30)

(1.03)
(1.03)
(1.04)
(1.04)

(1.03)
(1.03)
(1.01)
(1.01)

(0.93)
(0.93)
(0.92)
(0.92)

(0.84)
(0.84)
(0.83)
(0.83)

(0.80)
(0.80)
(0.82)
(0.82)

(0.73)
(0.73)
(0.75)
(0.75)

(0.83)
(0.83)
(0.85)
(0.85)

---

---

---

-(286)

---

3,235
--

0
--

0
--

Income Taxes - Deferred

Income Taxes - Total
Income Before Extraordinary Items
Dividends - Preferred/Preference
Net Income (Loss)

EARNINGS PER SHARE - DETAIL (EPS data in $US, Shares in Thousands)

EPS - Basic Excluding Extraordinary Items
(0.28)
EPS - Basic Including Extraordinary Items
(0.28)
EPS - Diluted Excluding Extraordinary Items
(0.28)
EPS - Diluted Including Extraordinary Items
(0.28)
EPS from Operations - Basic
(0.28)
EPS from Operations - Diluted
(0.28)
Common Shares Used to Calculate EPS Basic
Common Shares Used to Calculate EPS Diluted
12 MONTH MOVING EPS
EPS Basic Excl. Extraordinary Items
EPS Diluted Excl. Extraordinary Items
EPS from Operations
EPS from Operations - Diluted
SPECIAL ITEMS - BREAKOUT
Gain/Loss on Sale of Assets Pretax
Restructuring Costs Pretax
BD
NC
NR

Reduced by an amount of depreciation which should be allocated to SGA

S&P calculation and may disagree with company reports
Statutory rate used in calculation

Copyright 2014 The McGrawHill Companies, Inc.

(0.22)
(0.22)
(0.22)
(0.22)
(0.21)NC
(0.21)NC

(0.18)
(0.18)
(0.18)
(0.18)
(0.18)
(0.18)

(0.14)
(0.14)
(0.14)
(0.14)
(0.17)NR
(0.17)NR

ZR

Weighted Average Shares are Reported

AF Annual Figure
CF Combined Figure

12

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Quarterly Balance Sheet

Change vs. Previous Year

Chart of Current Assets - Total

12.6%

15.9%

24.4%

7.8%

+ 1.1%

+ 21.7%

6/30/12

9/30/12

12/31/12

3/31/13

6/30/13

9/30/13

12.7%

40
30
20

Millions of $US

Quarter Ending on

3/31/12

12/31/13
Preliminary

CURRENT ASSETS
Cash and Short-Term Investments
Receivables - Total
Inventories - Total
Current Assets - Other - Total
Current Assets - Total

$21
13
8
1
43

$16
11
10
1
38

$9
8
13
2
32

$9
4
9
2
24

$5
6
10
2
22

$7
4
9
2
22

$11
4
10
2
27

$5
6
10
2
24

-32,768
8
7
7
58

34
(26)
8
6
7
52

34
(27)
7
6
6
46

37
(27)
10
5
6
39

37
(28)
9
5
6
37

37
(28)
9
4
5
36

37
(29)
8
3
4
40

-32,768
8
3
4
35

CURRENT LIABILITIES
Debt in Current Liabilities
Account Payable/Creditors - Trade
Current Liabilities - Other
Current Liabilities - Total

0
3
11
14

0
4
8
12

1
6
10
16

4
4
9
17

1
6
8
14

1
3
7
11

1
4
8
13

1
3
9
13

LONG-TERM LIABILITIES
Long-Term Debt - Total
Liabilities - Other - Total
Liabilities - Total

0
5
19

0
7
19

0
6
23

1
6
24

4
12
29

3
12
27

3
20
35

3
35
51

0
0
0
800
(760)
(2)
39
39

0
0
0
801
(767)
(2)
33
33

0
0
0
801
(777)
(2)
23
23

0
0
0
802
(786)
(2)
15
15

0
0
1
803
(794)
(2)
8
8

2
2
1
811
(804)
(2)
7
9

2
2
1
822
(820)
(2)
2
5

2
2
---32,768
(18)
(16)

Liabilities and Stockholders' Equity - Total

58

52

46

39

37

36

40

35

Common Shares Outstanding (Millions)

38

38

38

38

64

81

102

--

SUPPLEMENTAL
Pension Expense
Deferred Revenue - Current
Deferred Revenue - Long-Term

AF
7
0

AF
4
3

AF
4
4

-3
4

AF
3
6

AF
3
6

AF
3
6

-3
6

NON-CURRENT ASSETS
Property Plant and Equipment - Total (Gross)
Depreciation, Depletion, and Amortization (Accumulated)
Property Plant and Equipment - Total (Net)
Intangibles - Other
Assets - Other - Total
Assets - Total

SHAREHOLDERS' EQUITY
Preferred/Preference Stock - Redeemable
Total Preferred Stock
Common/Ordinary Stock (Capital)
Capital Surplus/Share Premium Reserve
Retained Earnings
Treasury Stock - Total
Common/Ordinary Equity - Total
Stockholders' Equity - Total

AF Annual Figure

Copyright 2014 The McGrawHill Companies, Inc.

13

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Quarterly Cash Flow

Change vs. Previous Year

Chart of Operating Activities - Net Cash Flow

141.8%

85.0%

29.7%

+ 70.6%

84.3%

64.1%

6/30/12

9/30/12

12/31/12

3/31/13

6/30/13

9/30/13

49.8%

-10,000

-20,000

Thousands of $US

Quarter Ending on

3/31/12

12/31/13
Preliminary

OPERATING ACTIVITIES
Income Before Extraordinary Items
Depreciation and Amortization
Sale of PP&E and Investments - (Gain) Loss
Funds from Operations - Other excluding Option Tax Benefit
Funds from Operations - Other
Accounts Receivable - Decrease (Increase)
Inventory - Decrease (Increase)
Accounts Payable and Accrued Liabilities - Increase (Decrease)
Assets and Liabilities - Other (Net Change)
Operating Activities - Net Cash Flow

($6,583)
1,062
58
(715)
(715)
420
2,245
CF
37
(3,476)

($13,063)
2,124
58
(1,269)
(1,269)
1,663
843
CF
1,238
(8,406)

($23,388)
3,186
58
(2,227)
(2,227)
5,142
(2,650)
CF
4,331
(15,548)

($31,862)
4,376
72
(2,843)
(2,843)
8,797
(1,295)
CF
2,590
(20,165)

($8,576)
1,119
0
2,637
2,637
(1,540)
(1,540)
CF
1,968
(5,932)

($17,897)
2,087
(3,291)
8,985
8,985
(297)
(45)
CF
(475)
(10,933)

($33,793)
3,138
(3,291)
17,748
17,748
(234)
(1,218)
CF
(295)
(17,945)

($62,670)
4,179
(3,169)
39,283
39,283
(2,347)
(1,856)
CF
(300)
(26,880)

INVESTING ACTIVITIES
Increase in Investments
Sale of Investments
Capital Expenditures
Sale of Property, Plant, & Equipment
Investing Activities - Net Cash Flow

0
0
0
58
58

0
0
41
58
17

0
0
292
58
(234)

0
0
78
64
(14)

CF
CF
2
0
(2)

CF
3,235
71
57
3,221

CF
3,235
145
57
3,147

0
3,235
111
84
3,208

FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Long-Term Debt - Issuance
Long-Term Debt - Reduction
Changes in Current Debt
Financing Activities - Other
Financing Activities - Net Cash Flow

17,685
0
0
(5,405)
(1,891)
10,389

17,192
0
0
(5,405)
(1,402)
10,385

17,192
0
0
(4,405)
(1,402)
11,385

17,192
2,105
170
(2,024)
(1,402)
15,701

3,692
2,600
158
(3,381)
(1,694)
1,059

8,701
2,600
338
(3,381)
(1,837)
5,745

20,252
2,600
516
(3,381)
(2,578)
16,377

23,506
2,600
4,080
CF
(2,658)
19,368

(1)

(2)

(2)

(49)

6,972

1,995

(4,395)

(4,477)

(4,877)

(1,969)

1,580

(4,353)

--

--

--

256

83

230

355

--

Exchange Rate Effect

CHANGE IN CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents - Increase (Decrease)
SUPPLEMENTAL ITEMS
Interest Paid - Net
CF Combined Figure

Copyright 2014 The McGrawHill Companies, Inc.

14

Compustat Company Research

Plug Power Inc

NASDAQ: PLUG

Mar. 29, 2014

Glossary
Global Industry Classification Standard (GICS) - An industry classification

Modified Return on Capital - This value from page 5 is calculated using a

standard, developed by Standard & Poor's in collaboration with Morgan Stanley

Capital International (MSCI). A company is assigned to a single GICS
sub-industry according to the definition of its principal business activity as
determined by Standard & Poor's and MSCI. Revenues are a significant factor in
defining principal business activity; however, earnings analysis and market
perception are also important criteria.

formula that equally weights return on capital, defined as the trailing twelve
months' earnings before interest and taxes, and earnings yield, defined as
earnings before interest and taxes divided by market value plus net debt.

S&P Operating EPS - Earnings from Operations represents earnings per share
that excludes the effect of all nonrecurring events. EPS is adjusted to remove the
effect of all special or one-time items from the calculation.

S&P Core Earnings - Standard & Poor's Core Earnings is a uniform methodology
for calculating operating earnings, and focuses on a company's after-tax
earnings generated from its principal businesses. Included in the definition are
employee stock option grant expenses, pension costs, restructuring charges
from ongoing operations, writedowns of depreciable or amortizable operating
assets, purchased research and development, M&A related expenses and
unrealized gains/losses from hedging activities. Excluded are pension gains,
impairment of goodwill charges, gains or losses from asset sales, reversal of
prior-year charges and provision from litigation or insurance settlements.

Preliminary Data - Preliminary update indicates that the company has been
updated from a source with limited financial data, but the data is expected to
become available or has been available historically. Final update (not indicated)
means that the company has been updated from a complete source (usually the
Form 10-K or 10-Q), and no further data will be available.

Value Scales - Abbreviations for scale are as follows: Th = Thousand, M =

Million, B = Billion, and T = Trillion.

Company to Industry Comparison - The Market Capitalization and Revenue

charts on page 1 are displayed using a logarithmic scale to accommodate the
large range of values that are shown.

Balance Sheet Debt Components - The sum of the Debt Components below the
Balance Sheet may not equal "Long-Term Debt - Total" due to the fact that, for
some companies, the debt component can include "Long-Term Debt Due in One
Year," which is a short-term liability.

PEG Ratio - The computation of PEG (on pages 2 and 3) includes 3 years of
compounded earnings growth.

Dividends - Values for dividends in this report are not split adjusted.
Presentation for Financial Services - For companies that fall under a Financial
Services classification, annual income statement and balance sheet information
is displayed with financial specific data items. Please note, however, that all
quarterly financial statements and the annual statement of cash flow are
displayed in the standardized industrial template format.

Copyright 2014 The McGrawHill Companies, Inc.

15