{
  "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": 2,
  "pageCount": 27,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a table to demonstrate the downward adjustment of reported net income to an adjusted net income estimate.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-386a39fe2e3c/2",
  "deckHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a331-7dba56617620",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Net Income: ($235.4 million)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a331-81c47a017e3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.78,
        "x": 0.11,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a615bb1-4479-4cce-90be-8ebdb05adbbb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1 MW midpoint estimate. 2 MW midpoint estimate. 3 Our count of undisclosed HASI loans to SunStrong...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1678ca5b-fc66-4d90-a728-e62838fec69b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.64,
        "x": 0.18,
        "y": 0.62
      },
      "kind": "table",
      "text": "HASI Reported Net Income vs Adjusted Net Income for 2020 and 2021",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60d43e58-0742-4e75-88f1-1a682b094532",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "title",
      "text": "HASI: \"ESG\" is for Exaggerating, Scamming, and Grifting",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ced33213-0451-413f-97ed-ecee57653176",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b0b190d8-ff11-439d-b9a2-06a1473e7780",
      "evidence": "The slide explicitly outlines accounting manipulation techniques to expose a short thesis.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}