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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide highlights that Sunnova's true gross margin is significantly lower than reported GAAP figures when financing costs are included.",
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      "text": "Gross margin has transitioned from mostly positive to mostly negative",
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      "text": "gross margin: 136.1%",
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      "text": "Not only is GAAP gross margin decreasing, but this metric does not show the complete picture of the Company's true cost of revenue. Sunnova's largest cost of revenue is the interest expense required to fund its financing business. By including interest expense in the calculation of gross margin, NOVA's true gross margin is substantially lower than its GAAP gross margin and negative over many periods.",
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      "text": "Note: Figures may not add due to rounding\nSource: Company filings",
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      "text": "Gross Margin Is Worse Than Appears",
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