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  "docSlug": "522270211ac4",
  "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",
  "orientation": "landscape",
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  "pageNumber": 62,
  "pageCount": 91,
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  "nDataPoints": 180,
  "notes": "The table uses a green box to highlight the company's reported adjusted OCF and a red box to highlight the analyst's adjusted OCF and the resulting delta.",
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      "kind": "callout",
      "text": "When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports.",
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      "text": "Adjusted Operating Cash Flow",
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      "kind": "paragraph",
      "text": "Spruce Point believes Sunnova's adjusted operating cash flow is not reflective of the nature of Sunnova's financing business. We believe items such as dealer exclusivity payments and prepaid inventory should not be added back to cash flow as they are true operating costs of the business. In addition, Sunnova ignores financing transaction costs despite financing being core to its business. When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports.",
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      "text": "Note: Figures may not add due to rounding Source: Company filings",
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      "text": "Reconciliation table showing FY2017-Q2 2020 data for reported vs adjusted operating cash flow.",
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      "kind": "title",
      "text": "Sunnova's Adjusted Operating Cash Flow Is Not Representative Of True Operating Cash Flow",
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