Linde's on-site delivery model locks customers into decade-plus take-or-pay contracts with built-in price escalators, creating a visible, inflation-protected revenue base that competitors cannot replicate without building adjacent plants. The $64 billion minimum-purchase backlog quantifies the annuity-like stream these contracts generate.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s