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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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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The table shows a consistent pattern of negative cash flow before financing across multiple years and quarters.",
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      "text": "Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows.",
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      "text": "Cash Flow Before Financing: ($739)",
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      "text": "Sunnova offers an undifferentiated business model that relies on access to capital markets to support its unprofitable underlying business. The Company generates negative operating cash flow, even before the negative adjustments for working capital.",
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      "text": "1) Includes Payments and customer notes receivable, Proceeds from customer notes receivable, State utility rebates, and Other\nNote: Figures may not add due to rounding\nSource: Company filings",
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      "text": "Continuous Need To Raise Capital",
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