{
  "docId": "019dd923-622c-750b-8b97-386a39fe2e3c",
  "docSlug": "5f1b43d262e5",
  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 27,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Includes detailed footnotes explaining the derivation of the 166.7% gross-up factor and the 59.8% ITC-related portion.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-386a39fe2e3c/16",
  "deckHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our High End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $60.6 million and $353.2 million",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a333-2cc2c1be18ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.8
      },
      "kind": "disclaimer",
      "text": "67 Engie recorded a loss of (€338 million) for Jupiter in 2021... 69 Since the Tax Equity Partner's contribution accounts for ~40% of the total project investment...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3f14891-1a41-4d12-8fdc-7c4633f733da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ITC-Related HLBV Income: $353.2 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a333-30beea7b8d50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.108
      },
      "kind": "paragraph",
      "text": "We also account for income inflation at HASI's EMI Jupiter... We multiply the $364.2 million variance by the same 59.8% to arrive at the non-cash ITC-related portion of the HLBV income.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99da3c5b-43a5-4f9a-9603-b87750b07327",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "To estimate the high end of ITC-related HLBV income, we take HASI's cash outflows to EMIs in the preceding year from its cash flow statement...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "adef0e3b-9b99-43d0-bd8b-da37f0800764",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.35,
        "x": 0.18,
        "y": 0.595
      },
      "kind": "source-note",
      "text": "Sources: HASI 2021 10-K, p. 84; Renewables Financing Expert C",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a677781f-a510-49ff-b18c-17c124562a9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.64,
        "x": 0.18,
        "y": 0.478
      },
      "kind": "table",
      "text": "HASI Non-Cash HLBV-Related Income, Derived from Cash Flows (MWC High End Estimate)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80c491b6-3c79-4bc4-9037-ba9aca26fd5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.645
      },
      "kind": "title",
      "text": "GAAP Income Manipulation Technique #2: HASI Books Non-Cash, Likely Unrealizable Gains on Securitizations by Manipulating Discount Rates",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2bf8b59-1429-4f55-9ebf-187ef88defd3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "2dd5c8b7-4c03-4e98-b6a6-a27aeb2d2e5b",
      "evidence": "The components include a table/data titled 'HASI Non-Cash HLBV-Related Income, Derived from Cash Flows (MWC High End Estimate)' which suggests a waterfall chart.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6f37cfa3-7668-4470-a344-de4d8a1f18c3",
      "evidence": "The slide explicitly labels the content as 'GAAP Income Manipulation Technique #2'",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}