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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide uses a checkmark/X matrix to highlight reporting discrepancies.",
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      "text": "We find Sunnova reports metrics that are not aligned with those its peers report. Spruce Point has concerns about the quality and relevance of these metrics including Adjusted EBITDA, Adjusted Operating Expenses and Adjusted Operating Cash Flow.",
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      "text": "We find Sunnova reports metrics that are not aligned with those its peers report. Spruce Point has concerns about the quality and relevance of these metrics including Adjusted EBITDA, Adjusted Operating Expenses and Adjusted Operating Cash Flow. We believe investors should be concerned by the Company’s focus on these highly adjusted metrics that are not reported by Sunnova’s peers.",
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      "text": "Source: Company filings",
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      "text": "Comparison matrix of metrics reported by Sunnova vs Sunrun and Vivint Solar",
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      "kind": "title",
      "text": "Sunnova’s Unique Metrics",
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      "evidence": "The document agitates these issues, highlighting the flaws in Sunnova's business model and the risks associated with investing in the company.",
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      "evidence": "The document presents evidence to support the hypothesis that Sunnova's business model is flawed.",
      "position": 2,
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      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
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