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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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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "pageNumber": 65,
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  "notes": "Highlights the specific accounting policy differences between the target and its peers using excerpts from company filings.",
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      "kind": "callout",
      "text": "As the costs of solar systems inputs (PV modules, batteries, meters) decline overtime, the use of the weighted-average method lowers Sunnova's cost of goods sold relative to its peers.",
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      "text": "Sunrun: first-in, first-out basis",
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      "text": "Vivint Solar: first-in, first-out (FIFO) basis",
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      "text": "Sunnova: weighted-average method",
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      "text": "Spruce Point finds Sunnova's use of the weighted-average method for inventory to be aggressive relative to Sunrun and Vivint Solar's use of first-in-firs-out (FIFO). As the costs of solar systems inputs (PV modules, batteries, meters) decline overtime, the use of the weighted-average method lowers Sunnova's cost of goods sold relative to its peers. This increases Sunnova's near-term earnings and is another example of Sunnova's aggressive accounting practices.",
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      "text": "Source: Company filings",
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      "text": "Aggressive Inventory Method Accounting",
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