Sunnova Reports Fourth Quarter and Full Year 2024 Financial Results
Sunnova Energy (NYSE: NOVA) reported its Q4 and full-year 2024 financial results, highlighting an 11% increase in total cash to $548 million. The company expanded its total cumulative solar power generation to 3.0 gigawatts and energy storage to 1,662 megawatt hours.
Key financial metrics include:
- Customer agreements and incentives revenue increased 43% (+$163.4M)
- Battery attachment rates rose from 27% to 34%
- SREC revenue grew 16% (+$8.2M)
- Loan revenue increased 38% (+$13.2M)
- Solar energy system and product sales revenue decreased 13% (-$44.1M)
The company announced operational optimization expected to reduce annual cash costs by $70 million and secured a new $185 million non-recourse asset-based loan facility. Despite total cash growth, unrestricted cash remained flat, missing the estimated $100 million increase due to lower tax equity contributions and fewer installed systems.
Sunnova Energy (NYSE: NOVA) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando un aumento dell'11% nel totale dei contanti, raggiungendo i 548 milioni di dollari. L'azienda ha ampliato la sua produzione cumulativa totale di energia solare a 3,0 gigawatt e la capacità di stoccaggio energetico a 1.662 megawattora.
I principali indicatori finanziari includono:
- Le entrate da contratti con i clienti e incentivi sono aumentate del 43% (+163,4 milioni di dollari)
- I tassi di attacco delle batterie sono passati dal 27% al 34%
- Le entrate SREC sono cresciute del 16% (+8,2 milioni di dollari)
- Le entrate da prestiti sono aumentate del 38% (+13,2 milioni di dollari)
- Le entrate da vendite di sistemi e prodotti per l'energia solare sono diminuite del 13% (-44,1 milioni di dollari)
L'azienda ha annunciato un'ottimizzazione operativa prevista per ridurre i costi annuali in contante di 70 milioni di dollari e ha ottenuto una nuova linea di credito di 185 milioni di dollari basata su asset senza ricorso. Nonostante la crescita totale dei contanti, i contanti non vincolati sono rimasti stabili, mancando l'aumento stimato di 100 milioni di dollari a causa di minori contributi di equità fiscale e di meno sistemi installati.
Sunnova Energy (NYSE: NOVA) informó sus resultados financieros del cuarto trimestre y del año completo 2024, destacando un aumento del 11% en el total de efectivo, alcanzando los 548 millones de dólares. La empresa amplió su generación total acumulativa de energía solar a 3,0 gigavatios y el almacenamiento de energía a 1,662 megavatios hora.
Los principales indicadores financieros incluyen:
- Los ingresos por acuerdos con clientes e incentivos aumentaron un 43% (+163,4 millones de dólares)
- Las tasas de instalación de baterías aumentaron del 27% al 34%
- Los ingresos de SREC crecieron un 16% (+8,2 millones de dólares)
- Los ingresos por préstamos aumentaron un 38% (+13,2 millones de dólares)
- Los ingresos por ventas de sistemas y productos de energía solar disminuyeron un 13% (-44,1 millones de dólares)
La empresa anunció una optimización operativa que se espera reduzca los costos anuales en efectivo en 70 millones de dólares y aseguró una nueva línea de crédito de 185 millones de dólares basada en activos sin recurso. A pesar del crecimiento total del efectivo, el efectivo no restringido se mantuvo estable, sin alcanzar el aumento estimado de 100 millones de dólares debido a menores contribuciones de capital fiscal y menos sistemas instalados.
선노바 에너지 (NYSE: NOVA)는 2024년 4분기 및 연간 재무 결과를 보고하며, 총 현금이 5억 4800만 달러로 11% 증가했다고 강조했습니다. 이 회사는 총 누적 태양광 발전량을 3.0 기가와트로, 에너지 저장 용량을 1662 메가와트시로 확대했습니다.
주요 재무 지표는 다음과 같습니다:
- 고객 계약 및 인센티브 수익이 43% 증가(+1억 6340만 달러)
- 배터리 부착률이 27%에서 34%로 증가
- SREC 수익이 16% 증가(+820만 달러)
- 대출 수익이 38% 증가(+1320만 달러)
- 태양광 시스템 및 제품 판매 수익이 13% 감소(-4410만 달러)
회사는 연간 현금 비용을 7000만 달러 줄일 것으로 예상되는 운영 최적화를 발표했으며, 1억 8500만 달러 규모의 비회수 자산 기반 대출 시설을 확보했습니다. 총 현금이 증가했음에도 불구하고, 제한 없는 현금은 평탄하게 유지되어 세금 자본 기여 감소와 설치된 시스템 감소로 인해 예상했던 1억 달러 증가를 놓쳤습니다.
Sunnova Energy (NYSE: NOVA) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en avant une augmentation de 11% du total des liquidités, atteignant 548 millions de dollars. L'entreprise a élargi sa production totale cumulée d'énergie solaire à 3,0 gigawatts et son stockage d'énergie à 1 662 mégawattheures.
Les principaux indicateurs financiers incluent :
- Les revenus des contrats clients et des incitations ont augmenté de 43% (+163,4 millions de dollars)
- Les taux d'attachement des batteries sont passés de 27% à 34%
- Les revenus SREC ont augmenté de 16% (+8,2 millions de dollars)
- Les revenus des prêts ont augmenté de 38% (+13,2 millions de dollars)
- Les revenus des ventes de systèmes et de produits d'énergie solaire ont diminué de 13% (-44,1 millions de dollars)
L'entreprise a annoncé une optimisation opérationnelle qui devrait réduire les coûts annuels en liquidités de 70 millions de dollars et a sécurisé une nouvelle ligne de crédit de 185 millions de dollars basée sur des actifs sans recours. Malgré la croissance totale des liquidités, les liquidités non restreintes sont restées stables, manquant l'augmentation estimée de 100 millions de dollars en raison de contributions fiscales en capital plus faibles et de moins de systèmes installés.
Sunnova Energy (NYSE: NOVA) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei einen Anstieg von 11% im Gesamtbetrag an Bargeld auf 548 Millionen US-Dollar hervorgehoben. Das Unternehmen hat seine gesamte kumulierte Solarstromerzeugung auf 3,0 Gigawatt und den Energiespeicher auf 1.662 Megawattstunden ausgeweitet.
Wichtige Finanzkennzahlen sind:
- Die Einnahmen aus Kundenverträgen und Anreizen stiegen um 43% (+163,4 Millionen US-Dollar)
- Die Anbringungsraten von Batterien stiegen von 27% auf 34%
- SREC-Einnahmen wuchsen um 16% (+8,2 Millionen US-Dollar)
- Darlehenseinnahmen stiegen um 38% (+13,2 Millionen US-Dollar)
- Die Einnahmen aus dem Verkauf von Solarenergiesystemen und -produkten sanken um 13% (-44,1 Millionen US-Dollar)
Das Unternehmen kündigte eine betriebliche Optimierung an, die voraussichtlich die jährlichen Bargeldausgaben um 70 Millionen US-Dollar senken wird, und sicherte sich eine neue nicht rückzahlbare kreditbasierte Darlehensfazilität in Höhe von 185 Millionen US-Dollar. Trotz des Wachstums des Gesamtbetrags an Bargeld blieb das ungebundene Bargeld stabil und verfehlte den geschätzten Anstieg von 100 Millionen US-Dollar aufgrund geringerer steuerlicher Eigenkapitalbeiträge und weniger installierter Systeme.
- 11% increase in total cash to $548M
- 43% growth in customer agreements revenue (+$163.4M)
- Battery attachment rate improved from 27% to 34%
- $70M annual cost reduction from operational optimization
- Secured $185M new asset-based loan facility
- 38% increase in loan revenue (+$13.2M)
- 16% growth in SREC revenue (+$8.2M)
- Missed $100M unrestricted cash growth target
- 13% decrease in system and product sales revenue (-$44.1M)
- 27% decrease in service revenue (-$4.4M)
- 32% increase in interest expense (+$119.2M)
- 19% increase in general and administrative expenses (+$74.8M)
Insights
Sunnova's Q4 and full-year 2024 results present a mixed financial picture with significant strategic pivots underway. While total cash increased by
Core revenue metrics show encouraging growth: customer agreements and incentives revenue increased
However, several concerning cost trends emerged: interest expense increased
Sunnova's strategic shift away from inventory reselling (sales down
Sunnova's strategic realignment in 2024 reveals important developments for distributed energy resource (DER) deployment models. The increased battery attachment rate (
The announced shift to mandating domestic content for dealers is particularly noteworthy, as it positions Sunnova to capture enhanced ITC percentages through domestic content bonuses. This adjustment could provide significant margin improvements as the company navigates the challenging solar finance landscape.
The operational data shows Sunnova managing 3.0 gigawatts of solar generation capacity and 1,662 megawatt hours of energy storage, establishing a substantial installed base for recurring revenue. However, the decrease in direct sales solar energy systems (
The company's
2024 and Recent Highlights
- Increased total cumulative solar power generation and energy storage under management to 3.0 gigawatts and 1,662 megawatt hours, respectively, as of December 31, 2024
-
Grew total cash by
11% to$548 million -
Announced a further optimization of operations estimated to reduce annual cash costs by
$70 million -
Signed a
$185 million
"Total cash increased by
Berger continued, "During 2024 and the first two months of 2025 we acted on several initiatives, including mandating domestic content for our dealers to increase our weighted average ITC percentage, raising price, simplifying our business to reduce costs, and changing dealer payment terms to align with our own funding sources. We believe, these actions better position Sunnova in the current environment and support positive cash in 2025 and beyond."
2024 Results
Customer agreements and incentives revenue, which is core to our business operations, increased by
SREC revenue increased by
Loan revenue increased by
Solar energy system and product sales revenue decreased by
Cost of revenue—customer agreements and incentives, which is core to our business operations, increased by
Cost of revenue related to service customers, loan agreements and underwriting costs (such as credit checks, title searches and the amortization of UCC filing costs) for new customers and solar energy systems increased by
Cost of revenue—solar energy system and product sales decreased by
Operations and maintenance expense increased by
General and administrative expense increased by
The provision for current expected credit losses decreased by
Other operating (income) expense changed by
Interest expense, net increased by
Interest income increased by
Income tax benefit increased by
Net loss attributable to redeemable noncontrolling interests and noncontrolling interests decreased by
Liquidity & Capital Resources
As of December 31, 2024, we had total cash and restricted cash of
Term Loan Agreement
On March 2, 2025, Sunnova Solstice Borrower, LLC, a
The Facility bears interest at a rate of
In connection with the transaction, the Company has agreed to provide the Lenders
The Facility will be secured by, and payable from the cash flow generated by, among other things, (a) a pledge of the membership interests of the Borrower by its direct parent entity, Sunnova Solstice Pledgor, LLC, (b) a pledge of the membership interests in the Borrower’s subsidiaries at closing that directly or indirectly own the membership interests in the issuers of the Company’s existing securitization transactions (other than 2023-GRID1 (Hestia I), 2024-GRID1 (Hestia II), RAYSI 2019-1 and RAYSI 2019-2 (RAYS I)) and (c) all assets of Borrower, its direct subsidiary Sunnova Solstice Holdings, LLC, its direct subsidiaries Sunnova Solstice ABS HoldCo, LLC and Sunnova Solstice ABS HoldCo II, LLC and each of their respective direct subsidiaries up to the parent of a subsidiary that is a “Depositor” under an existing securitization transaction, in each case who collectively, indirectly own the membership interests in the issuers of the Company’s existing securitization transactions, but in each case of (a), (b) and (c), excluding certain equity interests for regulatory risk retention purposes.
The Loan Agreement includes (i) customary affirmative covenants including, but not limited to, reporting, notice and information obligations, maintenance of existence and insurance, compliance with laws, payment of obligations, use of proceeds, further assurances and assistance in involuntary bankruptcy proceedings, distributions, additional collateral, and certain tax matters and (ii) customary negative covenants including, but not limited to, restrictions on incurrence of indebtedness, liens, modification of collateral documents, fundamental changes, asset sales, restricted payments and investments, change in business, affiliate transactions, activities related to sanctions, money-laundering, bankruptcy and similar matters, ERISA plans and employee matters, settlement of disputes, separateness, and certain tax and accounting matters.
The Loan Agreement includes events of default including, but not limited to, (a) failure to pay accrued interest subject to the applicable cure period, (b) failure to pay principal, any unpaid MOIC or any accrued interest on the applicable maturity date, (c) failure to make other payments within 5 business days of the due date, (d) any representation, warranty or certification is incorrect when made, subject to applicable cure periods, (e) default under applicable covenants in the loan agreements, subject to applicable cure periods, (f) certain events related to insolvency, bankruptcy or liquidation, (g) certain final judgments, subject to applicable cure, (h) change of control of the Borrower, (i) cross-defaults, subject to applicable grace periods, to the securitization transactions and other indebtedness of the Borrower’s subsidiaries whose indirect residual equity interest are pledged as collateral under the Facility, (j) replacement or removal of securitization or project company manager or servicers, and (k) failure to comply with certain covenants in favor of the Lenders during the occurrence of certain insolvency events of securitization or project company manager or servicers. Upon the occurrence, and during the continuance, of an event of default, the Agent may, in addition to other customary rights and remedies, declare any outstanding obligations under the Facility including the MOIC Amount immediately due and payable.
Going Concern
Our unrestricted cash, cash flows from operating activities and availability and commitments under existing financing agreements are not sufficient to meet obligations and fund operations for a period of at least one year from the date we issue our consolidated financial statements without implementing additional measures to manage our working capital, secure additional tax equity investment commitments or waivers of conditions to access existing tax equity commitments, and refinance certain of our obligations. Management's plans to address these conditions are described in Note 2, Significant Accounting Policies, to our consolidated financial statements included in our Annual Report on Form 10-K as of December 31, 2024, to be filed with the Securities and Exchange Commission. While management has fully implemented certain aspects of its plan at this time, management cannot conclude completing future components of its plans are probable at this time as certain aspects of these plans are, at least in part, beyond management's unilateral control. Therefore, substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year from the date we issue our consolidated financial statements.
Management's plans to address these conditions include certain or all of the following: (a) refinancing certain of our obligations due during the look-forward period, (b) executing additional debt financing that can be used for general corporate purposes, (c) reducing expenditures, (d) revising dealer payment terms and (e) obtaining tax equity investment commitment that is sufficient to continue operating our business model. We can offer no assurances we will be able to successfully implement any of these plans or obtain financing at acceptable terms or at all. To support executing elements of this plan, we have hired a financial advisor to help us manage certain aspects of our debt management and refinancing efforts. See Note 7, Long-Term Debt of our Annual Report on Form 10-K as of December 31, 2024, to be filed with the Securities and Exchange Commission, for further discussion of our debt obligations.
Conference Call Information
Sunnova is hosting a conference call for analysts and investors to discuss its fourth quarter and full year 2024 results at 8:00 a.m. Eastern Time, on March 3, 2025. The conference call can be accessed live over the phone by dialing 833-470-1428 or 404-975-4839. The access code for the live call is 601536.
A replay will be available two hours after the call and can be accessed by dialing 866-813-9403 or 929-458-6194. The access code for the replay is 736946. The replay will be available until March 6, 2025.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of Sunnova’s website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our level of growth, customer value propositions, technological developments, service levels, the ability to achieve our operational and financial targets, operating performance, including our outlook and guidance, demand for Sunnova’s products and services, future financing and ability to raise capital therefrom, and liquidity forecasts. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the substantial doubt about our ability to continue as a going concern and risks regarding our ability to forecast our business due to fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainties, results of operations and financial position, our competition, changes in regulations applicable to our business, and our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2023, and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. For more information, visit sunnova.com.
SUNNOVA ENERGY INTERNATIONAL INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts and share par values) |
|||||||
|
As of December 31, |
||||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
211,192 |
|
$ |
212,832 |
|
|
Accounts receivable—trade, net |
|
43,670 |
|
|
40,767 |
|
|
Accounts receivable—other, net |
|
318,330 |
|
|
253,350 |
|
|
Other current assets, net of allowance of |
|
454,311 |
|
|
429,299 |
|
|
Total current assets |
|
1,027,503 |
|
|
936,248 |
|
|
|
|
|
|
||||
Property and equipment, net |
|
7,411,954 |
|
|
5,638,794 |
|
|
Customer notes receivable, net of allowance of |
|
3,925,256 |
|
|
3,735,986 |
|
|
Intangible assets, net |
|
105,214 |
|
|
134,058 |
|
|
Other assets |
|
883,772 |
|
|
895,885 |
|
|
Total assets (1) |
$ |
13,353,699 |
|
$ |
11,340,971 |
|
|
|
|
|
|
||||
Liabilities, Redeemable Noncontrolling Interests and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
699,396 |
|
$ |
355,791 |
|
|
Accrued expenses |
|
131,266 |
|
|
122,355 |
|
|
Current portion of long-term debt |
|
327,228 |
|
|
483,497 |
|
|
Other current liabilities |
|
165,861 |
|
|
133,649 |
|
|
Total current liabilities |
|
1,323,751 |
|
|
1,095,292 |
|
|
|
|
|
|
||||
Long-term debt, net |
|
8,133,179 |
|
|
7,030,756 |
|
|
Other long-term liabilities |
|
1,211,676 |
|
|
1,086,011 |
|
|
Total liabilities (1) |
|
10,668,606 |
|
|
9,212,059 |
|
|
|
|
|
|
||||
Redeemable noncontrolling interests |
|
260,562 |
|
|
165,872 |
|
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock, 125,067,917 and 122,466,515 shares issued as of December 31, 2024 and 2023, respectively, at |
|
13 |
|
|
12 |
|
|
Additional paid-in capital—common stock |
|
1,785,041 |
|
|
1,755,461 |
|
|
Retained earnings (accumulated deficit) |
|
46,590 |
|
|
(228,583 |
) |
|
Total stockholders' equity |
|
1,831,644 |
|
|
1,526,890 |
|
|
Noncontrolling interests |
|
592,887 |
|
|
436,150 |
|
|
Total equity |
|
2,424,531 |
|
|
1,963,040 |
|
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
13,353,699 |
|
$ |
11,340,971 |
|
|
(1) The consolidated assets as of December 31, 2024 and 2023 include |
SUNNOVA ENERGY INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) |
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|
Year Ended December 31, |
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|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
||||
Customer agreements and incentives |
$ |
541,530 |
|
|
$ |
378,136 |
|
Solar energy system and product sales |
|
298,392 |
|
|
|
342,517 |
|
Total revenue |
|
839,922 |
|
|
|
720,653 |
|
|
|
|
|
||||
Operating expense: |
|
|
|
||||
Cost of revenue—customer agreements and incentives |
|
213,407 |
|
|
|
149,206 |
|
Cost of revenue—solar energy system and product sales |
|
249,555 |
|
|
|
278,291 |
|
Operations and maintenance |
|
104,947 |
|
|
|
96,997 |
|
General and administrative |
|
458,982 |
|
|
|
384,223 |
|
Goodwill impairment |
|
— |
|
|
|
13,150 |
|
Provision for current expected credit losses and other bad debt expense |
|
35,094 |
|
|
|
46,199 |
|
Other operating (income) expense |
|
17,478 |
|
|
|
(3,978 |
) |
Total operating expense, net |
|
1,079,463 |
|
|
|
964,088 |
|
|
|
|
|
||||
Operating loss |
|
(239,541 |
) |
|
|
(243,435 |
) |
|
|
|
|
||||
Interest expense, net |
|
491,172 |
|
|
|
371,937 |
|
Interest income |
|
(149,918 |
) |
|
|
(115,872 |
) |
Loss on extinguishment of long-term debt, net |
|
4,551 |
|
|
|
— |
|
Other (income) expense |
|
6,940 |
|
|
|
3,949 |
|
Loss before income tax |
|
(592,286 |
) |
|
|
(503,449 |
) |
|
|
|
|
||||
Income tax (benefit) expense |
|
(144,513 |
) |
|
|
(1,023 |
) |
Net loss |
|
(447,773 |
) |
|
|
(502,426 |
) |
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
(79,880 |
) |
|
|
(84,465 |
) |
Net loss attributable to stockholders |
$ |
(367,893 |
) |
|
$ |
(417,961 |
) |
|
|
|
|
||||
Net loss per share attributable to stockholders—basic and diluted |
$ |
(2.96 |
) |
|
$ |
(3.53 |
) |
Weighted average common shares outstanding—basic and diluted |
|
124,240,517 |
|
|
|
118,344,728 |
|
SUNNOVA ENERGY INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
Net loss |
$ |
(447,773 |
) |
|
$ |
(502,426 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation |
|
229,012 |
|
|
|
153,387 |
|
Impairment and loss on disposals, net |
|
55,904 |
|
|
|
56,592 |
|
Amortization of intangible assets |
|
28,432 |
|
|
|
28,432 |
|
Amortization of deferred financing costs |
|
59,222 |
|
|
|
25,226 |
|
Amortization of debt discount |
|
30,130 |
|
|
|
19,174 |
|
Non-cash effect of equity-based compensation plans |
|
28,192 |
|
|
|
25,535 |
|
Non-cash direct sales revenue |
|
(49,350 |
) |
|
|
(60,590 |
) |
Provision for current expected credit losses and other bad debt expense |
|
35,094 |
|
|
|
46,199 |
|
Unrealized loss on derivatives |
|
3,771 |
|
|
|
67,318 |
|
Unrealized (gain) loss on fair value instruments and equity securities |
|
(17,294 |
) |
|
|
188 |
|
Loss on sales of customer notes receivable |
|
43,448 |
|
|
|
— |
|
Loss on extinguishment of long-term debt, net |
|
4,551 |
|
|
|
— |
|
Other non-cash items |
|
(11,695 |
) |
|
|
7,332 |
|
Changes in components of operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(108,220 |
) |
|
|
101,125 |
|
Other current assets |
|
(144,361 |
) |
|
|
(105,743 |
) |
Other assets |
|
(76,682 |
) |
|
|
(115,488 |
) |
Accounts payable |
|
9,210 |
|
|
|
(5,493 |
) |
Accrued expenses |
|
(2,907 |
) |
|
|
(11,213 |
) |
Other current liabilities |
|
22,109 |
|
|
|
43,665 |
|
Other long-term liabilities |
|
(1,641 |
) |
|
|
(10,782 |
) |
Net cash used in operating activities |
|
(310,848 |
) |
|
|
(237,562 |
) |
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
Purchases of property and equipment |
|
(1,642,838 |
) |
|
|
(1,832,714 |
) |
Payments for investments and customer notes receivable |
|
(302,614 |
) |
|
|
(909,488 |
) |
Proceeds from customer notes receivable |
|
226,256 |
|
|
|
180,721 |
|
Proceeds from sales of customer notes receivable |
|
84,874 |
|
|
|
— |
|
Proceeds from investments in solar receivables |
|
11,915 |
|
|
|
11,582 |
|
Other, net |
|
6,632 |
|
|
|
5,238 |
|
Net cash used in investing activities |
|
(1,615,775 |
) |
|
|
(2,544,661 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from long-term debt |
|
2,780,375 |
|
|
|
3,507,828 |
|
Payments of long-term debt |
|
(1,835,474 |
) |
|
|
(1,406,022 |
) |
Payments on notes payable |
|
(8,890 |
) |
|
|
(7,151 |
) |
Payments of deferred financing costs |
|
(61,053 |
) |
|
|
(75,920 |
) |
Proceeds from issuance of common stock, net |
|
(1,668 |
) |
|
|
81,316 |
|
Contributions from redeemable noncontrolling interests and noncontrolling interests |
|
1,212,142 |
|
|
|
692,894 |
|
Distributions to redeemable noncontrolling interests and noncontrolling interests |
|
(589,037 |
) |
|
|
(48,986 |
) |
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests |
|
(27,412 |
) |
|
|
(11,881 |
) |
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests |
|
519,906 |
|
|
|
5,971 |
|
Other, net |
|
(8,557 |
) |
|
|
(6,998 |
) |
Net cash provided by financing activities |
|
1,980,332 |
|
|
|
2,731,051 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
53,709 |
|
|
|
(51,172 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
494,402 |
|
|
|
545,574 |
|
Cash, cash equivalents and restricted cash at end of period |
|
548,111 |
|
|
|
494,402 |
|
Restricted cash included in other current assets |
|
(78,240 |
) |
|
|
(62,188 |
) |
Restricted cash included in other assets |
|
(258,679 |
) |
|
|
(219,382 |
) |
Cash and cash equivalents at end of period |
$ |
211,192 |
|
|
$ |
212,832 |
|
Key Operational Metrics |
|||||||||||||||
Supplemental Items |
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||||||||||
Net loss |
$ |
(127,681 |
) |
|
$ |
(234,836 |
) |
|
$ |
(447,773 |
) |
|
$ |
(502,426 |
) |
Interest expense, net |
$ |
102,530 |
|
|
$ |
171,782 |
|
|
$ |
491,172 |
|
|
$ |
371,937 |
|
Interest income |
$ |
(40,262 |
) |
|
$ |
(34,202 |
) |
|
$ |
(149,918 |
) |
|
$ |
(115,872 |
) |
Income tax (benefit) expense |
$ |
14,900 |
|
|
$ |
609 |
|
|
$ |
(144,513 |
) |
|
$ |
(1,023 |
) |
Depreciation expense |
$ |
62,924 |
|
|
$ |
45,430 |
|
|
$ |
229,012 |
|
|
$ |
153,387 |
|
Amortization expense |
$ |
8,012 |
|
|
$ |
7,471 |
|
|
$ |
30,738 |
|
|
$ |
29,583 |
|
Non-cash compensation expense |
$ |
3,079 |
|
|
$ |
5,723 |
|
|
$ |
28,192 |
|
|
$ |
25,535 |
|
ARO accretion expense |
$ |
1,840 |
|
|
$ |
1,414 |
|
|
$ |
6,652 |
|
|
$ |
4,905 |
|
Non-cash disaster (gains) losses |
$ |
— |
|
|
$ |
465 |
|
|
$ |
(3,094 |
) |
|
$ |
3,865 |
|
Loss on extinguishment of long-term debt, net |
$ |
4,551 |
|
|
$ |
— |
|
|
$ |
4,551 |
|
|
$ |
— |
|
Unrealized (gain) loss on fair value instruments and equity securities |
$ |
(1,931 |
) |
|
$ |
(658 |
) |
|
$ |
(17,294 |
) |
|
$ |
188 |
|
Amortization of payments to dealers for exclusivity and other bonus arrangements |
$ |
2,471 |
|
|
$ |
1,987 |
|
|
$ |
8,745 |
|
|
$ |
6,944 |
|
Provision for current expected credit losses |
$ |
9,944 |
|
|
$ |
6,048 |
|
|
$ |
24,442 |
|
|
$ |
35,515 |
|
Non-cash impairments |
$ |
1,033 |
|
|
$ |
28,889 |
|
|
$ |
47,833 |
|
|
$ |
50,995 |
|
ITC sales |
$ |
270,882 |
|
|
$ |
193,003 |
|
|
$ |
645,521 |
|
|
$ |
207,425 |
|
Loss on sales of non-core customer notes receivable |
$ |
— |
|
|
$ |
— |
|
|
$ |
23,962 |
|
|
$ |
— |
|
ITC buyer underutilization fees |
$ |
12,766 |
|
|
$ |
— |
|
|
$ |
12,766 |
|
|
$ |
— |
|
Other, net |
$ |
— |
|
|
$ |
(1,639 |
) |
|
$ |
— |
|
|
$ |
3,571 |
|
Interest income |
$ |
40,262 |
|
|
$ |
34,202 |
|
|
$ |
149,918 |
|
|
$ |
115,872 |
|
Principal proceeds from customer notes receivable, net of related revenue |
$ |
47,672 |
|
|
$ |
43,787 |
|
|
$ |
179,378 |
|
|
$ |
146,701 |
|
Proceeds from investments in solar receivables |
$ |
2,642 |
|
|
$ |
2,874 |
|
|
$ |
11,915 |
|
|
$ |
11,582 |
|
Supplemental Expense Items |
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||||||||||
Total operating expense, net |
$ |
268,031 |
|
|
$ |
290,849 |
|
|
$ |
1,079,463 |
|
|
$ |
964,088 |
|
Depreciation expense |
$ |
(62,924 |
) |
|
$ |
(45,430 |
) |
|
$ |
(229,012 |
) |
|
$ |
(153,387 |
) |
Amortization expense |
$ |
(8,012 |
) |
|
$ |
(7,471 |
) |
|
$ |
(30,738 |
) |
|
$ |
(29,583 |
) |
Non-cash compensation expense |
$ |
(3,079 |
) |
|
$ |
(5,723 |
) |
|
$ |
(28,192 |
) |
|
$ |
(25,535 |
) |
ARO accretion expense |
$ |
(1,840 |
) |
|
$ |
(1,414 |
) |
|
$ |
(6,652 |
) |
|
$ |
(4,905 |
) |
Non-cash disaster gains (losses) |
$ |
— |
|
|
$ |
(465 |
) |
|
$ |
3,094 |
|
|
$ |
(3,865 |
) |
Amortization of payments to dealers for exclusivity and other bonus arrangements |
$ |
(2,471 |
) |
|
$ |
(1,987 |
) |
|
$ |
(8,745 |
) |
|
$ |
(6,944 |
) |
Provision for current expected credit losses |
$ |
(9,944 |
) |
|
$ |
(6,048 |
) |
|
$ |
(24,442 |
) |
|
$ |
(35,515 |
) |
Non-cash impairments |
$ |
(1,033 |
) |
|
$ |
(28,889 |
) |
|
$ |
(47,833 |
) |
|
$ |
(50,995 |
) |
Cost of revenue related to direct sales |
$ |
(12,593 |
) |
|
$ |
(14,850 |
) |
|
$ |
(59,571 |
) |
|
$ |
(48,049 |
) |
Cost of revenue related to cash sales |
$ |
(29,757 |
) |
|
$ |
(18,643 |
) |
|
$ |
(85,214 |
) |
|
$ |
(52,644 |
) |
Cost of revenue related to inventory sales |
$ |
(23,890 |
) |
|
$ |
(47,355 |
) |
|
$ |
(103,332 |
) |
|
$ |
(176,371 |
) |
Unrealized gain on fair value instruments |
$ |
3,990 |
|
|
$ |
638 |
|
|
$ |
24,234 |
|
|
$ |
3,761 |
|
Gain on held-for-sale loans |
$ |
— |
|
|
$ |
8 |
|
|
$ |
37 |
|
|
$ |
19 |
|
Loss on sales of customer notes receivable |
$ |
(22 |
) |
|
$ |
— |
|
|
$ |
(43,448 |
) |
|
$ |
— |
|
ITC buyer underutilization fees |
|
(12,766 |
) |
|
|
— |
|
|
|
(12,766 |
) |
|
|
— |
|
Other, net |
$ |
— |
|
|
$ |
1,639 |
|
|
$ |
— |
|
|
$ |
(3,571 |
) |
|
As of December 31, 2024 |
|
As of December 31, 2023 |
||
Number of customers |
441,200 |
|
419,200 |
||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Weighted average number of systems, excluding loan agreements and cash sales |
308,000 |
|
243,800 |
|
283,000 |
|
219,100 |
||||
Weighted average number of systems with loan agreements, including accessory loans |
109,900 |
|
150,000 |
|
128,800 |
|
120,400 |
||||
Weighted average number of systems with cash sales |
18,700 |
|
11,500 |
|
16,000 |
|
9,300 |
||||
Weighted average number of systems |
436,600 |
|
405,300 |
|
427,800 |
|
348,800 |
||||
Key Terms for Our Key Metrics
Number of Customers. We define number of customers to include every unique premises on which a Sunnova product or Sunnova-financed product is installed or on which Sunnova is obligated to perform services for a counterparty. We track the total number of customers as an indicator of our historical growth and our rate of growth from period to period.
Weighted Average Number of Systems. We calculate the weighted average number of systems based on the number of months a customer and any additional service obligation related to a solar energy system is in-service during a given measurement period. The weighted average number of systems reflects the number of systems at the beginning of a period, plus the total number of new systems added in the period adjusted by a factor that accounts for the partial period nature of those new systems. For purposes of this calculation, we assume all new systems added during a month were added in the middle of that month. The number of systems for any end of period will exceed the number of customers, as defined above, for that same end of period as we are also including any additional services and/or contracts a customer or third party executed for the additional work for the same residence or business. We track the weighted average system count in order to accurately reflect the contribution of the appropriate number of systems to key financial metrics over the measurement period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250302530009/en/
Investor Contact:
Rodney McMahan
IR@sunnova.com
281-971-3323
Media Contact:
Russell Wilkerson
Russell.Wilkerson@sunnova.com
203-581-2114
Source: Sunnova Energy International Inc.
FAQ
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