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  "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": "Uses red boxes and arrows to highlight the discrepancy in interest expense placement.",
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      "text": "Air Lease, another leasing business, lists interest expense as the first line item on its income statement",
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      "text": "Unlike other specialty finance businesses whose largest expense is interest, Sunnova lists interest expense below operating income/loss on the income statement. We believe treating interest as a non-operating expense completely ignores that capital and financing is its main business activity. As a result, we believe its current financial presentation does not accurately reflect its business.",
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