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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The chart highlights the discrepancy between reported Adjusted EBITDA and the underlying cash-intensive nature of the business.",
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      "text": "While Sunnova presents Adjusted EBITDA to investors, treating interest and depreciation as non-core expenses, interest plus depreciation exceeds the Company revenue. Sunnova, a cash-burning, capital insensitive business becomes profitable on an “Adjusted EBITDA” basis.",
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      "text": "Note: Interest expense adjusted for effect of interest rate swaps. Source: Company filings",
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