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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses direct quotes to establish a precedent of industry leaders favoring direct sales over independent dealers.",
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      "text": "We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers.",
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      "text": "Sunrun, one of Sunnova’s largest competitors and a market leader of solar installations, relies on in-house installation teams. Sunrun’s CEO states that independent dealers hurt the economics of the business and prevent the highest level of long-term value to customers. Both Sunrun and Vivint Solar believe that the direct selling model will experience faster growth than dealer channels and is best positioned in the current market environment.",
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      "kind": "quote",
      "text": "Our growth is coming across all of our channels, but remains strongest in our inside sales, retail and home builder channels... we expect those channels to continue to grow faster than our direct-to-home and dealer channels",
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      "text": "We are seeing that the larger companies like ourselves and some of the larger dealers are faring better... I would suspect that our direct will take share versus the pre-COVID for all those reasons that the market leaders, I think, will take share generally.",
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      "text": "As always, we are focused on the building the industry's most valuable and satisfied customer base... We don't compete with dealer-only businesses... We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers.",
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      "text": "\"We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers.\" — Lynn Michelle Jurich, CEO of Sunrun, Q4 2019 Earnings Call. \"I would suspect that our direct will take share versus the pre-COVID for all those reasons that the market leaders, I think, will take share generally.\" — Lynn Michelle Jurich, CEO of Sunrun, Q1 2020 Earnings Call. \"we expect those channels to continue to grow faster than our direct-to-home and dealer channels\" — David H. Bywater, CEO of Vivint Solar, Q4 2019 Earnings Call.",
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      "text": "Source: Earnings call transcripts",
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      "text": "Sunrun Cautious Of Independent Dealers",
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