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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "pageNumber": 52,
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  "notes": "Uses a contrast-pairs framework to highlight management's narrative versus the activist's skepticism.",
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      "text": "Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions.",
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      "text": "Comparison of Company Portrayal vs Spruce Point's View",
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      "text": "Given Sunnova's poor underlying financial performance and poor cash flow profile, we believe management is attempting to shift investors focus to positive reported Adjusted EBITDA and growth of contracted customer value (CCV). Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions.",
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      "kind": "quote",
      "text": "\"Both our GCCV and our NCCV are experiencing significant increases year-over-year, and this translates directly into shareholder value creation.\" - William Berger, CEO (Q2 2020 Earnings Call)",
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      "kind": "title",
      "text": "Where Should Investors Focus?",
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