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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",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide highlights a shift from positive to negative margins in the adjusted calculation.",
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      "text": "Gross margin has transitioned from mostly positive to mostly negative",
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      "text": "Gross Margin: 4.1%",
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      "text": "Not only is GAAP gross margin decreasing, but this metric does not show the complete picture of the Company's true cost of revenue. Sunnova's largest cost of revenue is the interest expense required to fund its financing business. By including interest expense in the calculation of gross margin, NOVA's true gross margin is substantially lower than its GAAP gross margin and negative over many periods.",
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      "text": "Note: Figures may not add due to rounding. Source: Company filings",
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      "text": "Financial table showing Revenue, Interest Income, Adjusted Revenue, Cost of Revenue components, Interest Expense, Adjusted Cost of Revenue, Gross Profit, and Gross Margin for 2018-2020.",
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      "kind": "title",
      "text": "Gross Margin Is Worse Than Appears",
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