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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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      "text": "We believe the Company and investors should consider interest and depreciation as core operating expenses of Sunnova's business.",
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      "text": "We believe the Company and investors should consider interest and depreciation as core operating expenses of Sunnova's business. NOVA's 10K states Adjusted EBITDA is useful to measure core financial performance, while omitting core expenses of the Company's business. We believe Adjusted EBITDA, traditionally used as a proxy for operating cash flow, is not a fair representation of Sunnova's operating cash flow. Using Adjusted EBITDA provides NOVA with the benefit of not accounting for true core operating expenses.",
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      "text": "We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our Board in setting performance-based compensation targets.",
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      "text": "We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our Board in setting performance-based compensation targets. — NOVA 2019 10K",
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      "text": "Source: Company filings, Spruce Point analysis",
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