Sunnova Reports Third Quarter 2024 Financial Results
Sunnova reported its third-quarter 2024 financial results, highlighting a 19% revenue increase to $235.3 million compared to Q3 2023. The company maintained its cash generation guidance of $100 million for 2024, $350 million for 2025, and $400 million for 2026. Sunnova's cumulative solar power generation under management reached 2.9 gigawatts, and energy storage under management increased to 1,556 megawatt hours as of September 30, 2024. Customer agreements and incentives revenue, core to Sunnova's operations, rose by 46% to $49.3 million. However, solar energy system and product sales revenue decreased by 14% due to strategic shifts. Costs related to customer agreements increased by 40%, primarily due to higher depreciation costs. Despite these increases, Sunnova faces challenges with rising operations and maintenance expenses, including non-recoverable costs from terminated dealers and higher interest expenses.
Sunnova ha comunicato i risultati finanziari del terzo trimestre 2024, evidenziando un aumento del fatturato del 19% a $235,3 milioni rispetto al terzo trimestre 2023. L'azienda ha mantenuto le sue previsioni di generazione di cassa di $100 milioni per il 2024, $350 milioni per il 2025 e $400 milioni per il 2026. La generazione cumulativa di energia solare sotto gestione di Sunnova ha raggiunto 2,9 gigawatt, e l'energia immagazzinata sotto gestione è aumentata a 1.556 megawattora al 30 settembre 2024. I ricavi derivanti da accordi con i clienti e incentivi, fondamentali per le operazioni di Sunnova, sono aumentati del 46% a $49,3 milioni. Tuttavia, i ricavi delle vendite di sistemi e prodotti per l'energia solare sono diminuiti del 14% a causa di cambiamenti strategici. I costi legati agli accordi con i clienti sono aumentati del 40%, principalmente a causa di costi di ammortamento più elevati. Nonostante questi aumenti, Sunnova affronta sfide con l'aumento delle spese operative e di manutenzione, inclusi costi non recuperabili da rivenditori terminati e spese per interessi più elevate.
Sunnova informó sobre sus resultados financieros del tercer trimestre de 2024, destacando un incremento en los ingresos del 19% que alcanzó los $235,3 millones en comparación con el tercer trimestre de 2023. La compañía mantuvo su guía de generación de efectivo de $100 millones para 2024, $350 millones para 2025 y $400 millones para 2026. La generación acumulativa de energía solar bajo gestión de Sunnova alcanzó 2,9 gigavatios, y el almacenamiento de energía bajo gestión aumentó a 1.556 megavatios hora al 30 de septiembre de 2024. Los ingresos por acuerdos e incentivos a clientes, fundamentales para las operaciones de Sunnova, crecieron un 46% hasta $49,3 millones. Sin embargo, los ingresos por ventas de sistemas y productos de energía solar disminuyeron un 14% debido a cambios estratégicos. Los costos asociados a los acuerdos con clientes aumentaron un 40%, principalmente por mayores costos de depreciación. A pesar de estos aumentos, Sunnova enfrenta desafíos con el aumento de los gastos operativos y de mantenimiento, incluyendo costos no recuperables de concesionarios dados de baja y mayores gastos por intereses.
Sunnova는 2024년 3분기 재무 결과를 보고하며, 2023년 3분기와 비교하여 매출이 19% 증가하여 2억 3,530만 달러에 이르렀다고 밝혔습니다. 이 회사는 2024년 1억 달러, 2025년 3억 5천만 달러, 2026년 4억 달러의 현금 생성 가이드라인을 유지했습니다. Sunnova의 관리 하에서 누적 태양광 발전량은 2.9 기가와트에 도달했으며, 2024년 9월 30일 기준으로 관리되는 에너지 저장은 1,556메가와트시로 증가했습니다. 고객 계약 및 인센티브 매출은 Sunnova의 핵심 운영으로서 46% 증가하여 4,930만 달러에 이르렀습니다. 그러나 태양광 에너지 시스템 및 제품 판매 매출은 전략적 변화로 인해 14% 감소했습니다. 고객 계약 관련 비용은 40% 증가했으며, 주로 더 높은 감가상각 비용 때문입니다. 이러한 증가에도 불구하고 Sunnova는 해지된 딜러의 회수 불가능한 비용과 높은 이자 비용을 포함한 증가하는 운영 및 유지 관리 비용에 대한 도전에 직면해 있습니다.
Sunnova a annoncé ses résultats financiers du troisième trimestre 2024, mettant en avant une augmentation des revenus de 19% pour atteindre 235,3 millions de dollars par rapport au troisième trimestre 2023. La société a maintenu ses prévisions de génération de trésorerie de 100 millions de dollars pour 2024, 350 millions de dollars pour 2025 et 400 millions de dollars pour 2026. La production cumulée d'énergie solaire sous gestion de Sunnova a atteint 2,9 gigawatts, et le stockage d'énergie sous gestion a augmenté à 1 556 mégawattheures au 30 septembre 2024. Les revenus des accords clients et des incitations, essentiels aux opérations de Sunnova, ont augmenté de 46% pour atteindre 49,3 millions de dollars. Cependant, les revenus des ventes de systèmes et produits d'énergie solaire ont diminué de 14 % en raison de changements stratégiques. Les coûts liés aux accords clients ont augmenté de 40 %, principalement en raison de coûts d'amortissement plus élevés. Malgré ces augmentations, Sunnova est confrontée à des défis liés à l'augmentation des dépenses opérationnelles et de maintenance, y compris des coûts non récupérables dus à des concessionnaires résiliés et des dépenses d'intérêts plus élevées.
Sunnova hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und hebt einen Umsatzanstieg von 19% auf 235,3 Millionen US-Dollar im Vergleich zum dritten Quartal 2023 hervor. Das Unternehmen hat seine Prognose für die Cash-Generierung von 100 Millionen US-Dollar für 2024, 350 Millionen US-Dollar für 2025 und 400 Millionen US-Dollar für 2026 beibehalten. Die kumulierte Solarenergieerzeugung unter Verwaltung von Sunnova erreichte 2,9 Gigawatt, und die verwaltete Energiespeicherung erhöhte sich zum 30. September 2024 auf 1.556 Megawattstunden. Die Einnahmen aus Kundenverträgen und Anreizen, die für die Operationen von Sunnova von zentraler Bedeutung sind, stiegen um 46% auf 49,3 Millionen US-Dollar. Die Einnahmen aus dem Verkauf von Solarenergiesystemen und -produkten hingegen sanken um 14% aufgrund strategischer Änderungen. Die Kosten im Zusammenhang mit Kundenverträgen stiegen um 40%, hauptsächlich aufgrund höherer Abschreibungskosten. Trotz dieser Erhöhungen sieht sich Sunnova Herausforderungen durch steigende Betriebs- und Instandhaltungskosten gegenüber, einschließlich nicht erstattungsfähiger Kosten von gekündigten Händlern und höheren Zinsaufwendungen.
- Revenue increased by 19% to $235.3 million.
- Customer agreements and incentives revenue rose by 46% to $49.3 million.
- Cash sales revenue increased by 55%.
- Solar energy system and product sales revenue decreased by 14%.
- Operations and maintenance expenses increased by 92%.
- Interest expense increased by 217%.
Insights
The Q3 results show mixed signals for Sunnova. While core customer agreements and incentives revenue increased by
The company maintains its cash generation guidance of
Sunnova's operational metrics show promising growth with total power generation under management reaching 2.9 gigawatts and storage capacity at 1,556 megawatt hours. The battery attachment rate increased from
The shift toward domestic content bonus credits could pressure near-term margins but positions the company well for long-term incentives. The vulnerable power grid and rising utility prices create favorable market conditions, though higher insurance costs and operational expenses need to be managed effectively.
Third Quarter 2024 and Recent Highlights
-
Cash generation guidance of
for 2024,$100 million for 2025, and$350 million for 2026 maintained$400 million -
Revenue of
increased$235.3 million 19% from the third quarter of 2023 -
Monthly weighted average investment tax credit rate on origination of
40.7% in September 2024, increased to42.2% in October 2024 - Total cumulative solar power generation under management increased to 2.9 gigawatts and megawatt hours of energy storage under management increased to 1,556 as of September 30, 2024
“In the third quarter, the Sunnova team delivered solid results as we continued to focus on the key priorities we outlined at the beginning of fiscal year 2024, mainly aimed at driving cash generation,” said William J. (John) Berger, Sunnova's founder and CEO. “Although our unrestricted cash balance declined in the third quarter, it was largely due to working capital seasonality. With the tax capital proceeds received in early October and additional asset-level capital proceeds expected later in the year, we remain confident in our ability to deliver on our
Berger continued, “Looking ahead, we expect our working capital needs to ease, additional asset-level capital to close, and an increase in the number of assets placed in service. These factors, coupled with recent increases in our weighted average investment tax credit rate, cost reductions, increasing levered cash flows from our large, long-term contracted cash flow base, and growth of our virtual power plant network, position Sunnova for multi-year cash generation. These company fundamentals are supported by the current macroeconomic environment, where we see growing power demand and utility pricing, declining equipment costs, and an increasingly vulnerable power grid - all providing Sunnova with the opportunity to offer consumers an attractive energy solution, while creating long-term incremental value for our stakeholders."
Third Quarter 2024 Results - Three Months Ended
Customer agreements and incentives revenue, which is core to our business operations, 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 decreased by
Interest expense, net increased by
Interest income increased by
Income tax benefit increased by
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests changed by
Third Quarter 2024 Results - Nine Months Ended
Customer agreements and incentives, which is core to our business operations, 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 increased by
Liquidity & Capital Resources
As of September 30, 2024, we had total cash on the balance sheet of
Conference Call Information
Sunnova is hosting a conference call for analysts and investors to discuss its third quarter 2024 results at 8:00 a.m. Eastern Time, on October 31, 2024. 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 433996.
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 346098. The replay will be available until November 7, 2024.
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 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. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts and share par values) |
|||||||
|
As of September 30, 2024 |
|
As of December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
208,913 |
|
|
$ |
212,832 |
|
Accounts receivable—trade, net |
|
46,416 |
|
|
|
40,767 |
|
Accounts receivable—other |
|
257,733 |
|
|
|
253,350 |
|
Other current assets, net of allowance of |
|
401,530 |
|
|
|
429,299 |
|
Total current assets |
|
914,592 |
|
|
|
936,248 |
|
|
|
|
|
||||
Property and equipment, net |
|
6,980,352 |
|
|
|
5,638,794 |
|
Customer notes receivable, net of allowance of |
|
3,930,847 |
|
|
|
3,735,986 |
|
Intangible assets, net |
|
112,322 |
|
|
|
134,058 |
|
Other assets |
|
944,199 |
|
|
|
895,885 |
|
Total assets (1) |
$ |
12,882,312 |
|
|
$ |
11,340,971 |
|
|
|
|
|
||||
Liabilities, Redeemable Noncontrolling Interests and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
484,252 |
|
|
$ |
355,791 |
|
Accrued expenses |
|
96,990 |
|
|
|
122,355 |
|
Current portion of long-term debt |
|
324,748 |
|
|
|
483,497 |
|
Other current liabilities |
|
153,036 |
|
|
|
133,649 |
|
Total current liabilities |
|
1,059,026 |
|
|
|
1,095,292 |
|
|
|
|
|
||||
Long-term debt, net |
|
7,908,860 |
|
|
|
7,030,756 |
|
Other long-term liabilities |
|
1,230,979 |
|
|
|
1,086,011 |
|
Total liabilities (1) |
|
10,198,865 |
|
|
|
9,212,059 |
|
|
|
|
|
||||
Redeemable noncontrolling interests |
|
256,440 |
|
|
|
165,872 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock, 124,923,776 and 122,466,515 shares issued as of September 30, 2024 and December 31, 2023, respectively, at |
|
12 |
|
|
|
12 |
|
Additional paid-in capital—common stock |
|
1,780,464 |
|
|
|
1,755,461 |
|
Accumulated deficit |
|
(1,573 |
) |
|
|
(228,583 |
) |
Total stockholders' equity |
|
1,778,903 |
|
|
|
1,526,890 |
|
Noncontrolling interests |
|
648,104 |
|
|
|
436,150 |
|
Total equity |
|
2,427,007 |
|
|
|
1,963,040 |
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
12,882,312 |
|
|
$ |
11,340,971 |
|
(1) The consolidated assets as of September 30, 2024 and December 31, 2023 include |
SUNNOVA ENERGY INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Customer agreements and incentives |
$ |
157,538 |
|
|
$ |
108,192 |
|
|
$ |
404,348 |
|
|
$ |
282,848 |
|
Solar energy system and product sales |
|
77,756 |
|
|
|
90,206 |
|
|
|
211,447 |
|
|
|
243,623 |
|
Total revenue |
|
235,294 |
|
|
|
198,398 |
|
|
|
615,795 |
|
|
|
526,471 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expense: |
|
|
|
|
|
|
|
||||||||
Cost of revenue—customer agreements and incentives |
|
54,722 |
|
|
|
39,130 |
|
|
|
155,064 |
|
|
|
105,956 |
|
Cost of revenue—solar energy system and product sales |
|
66,679 |
|
|
|
76,288 |
|
|
|
183,111 |
|
|
|
196,921 |
|
Operations and maintenance |
|
35,868 |
|
|
|
18,702 |
|
|
|
89,811 |
|
|
|
59,306 |
|
General and administrative |
|
110,678 |
|
|
|
100,342 |
|
|
|
339,692 |
|
|
|
279,105 |
|
Provision for current expected credit losses and other bad debt expense |
|
22,646 |
|
|
|
11,203 |
|
|
|
21,738 |
|
|
|
35,085 |
|
Other operating (income) expense |
|
(2,812 |
) |
|
|
(9,051 |
) |
|
|
22,016 |
|
|
|
(3,134 |
) |
Total operating expense, net |
|
287,781 |
|
|
|
236,614 |
|
|
|
811,432 |
|
|
|
673,239 |
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
(52,487 |
) |
|
|
(38,216 |
) |
|
|
(195,637 |
) |
|
|
(146,768 |
) |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
182,528 |
|
|
|
57,601 |
|
|
|
388,642 |
|
|
|
200,155 |
|
Interest income |
|
(38,565 |
) |
|
|
(30,590 |
) |
|
|
(109,656 |
) |
|
|
(81,670 |
) |
Other expense |
|
— |
|
|
|
561 |
|
|
|
4,882 |
|
|
|
3,969 |
|
Loss before income tax |
|
(196,450 |
) |
|
|
(65,788 |
) |
|
|
(479,505 |
) |
|
|
(269,222 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(46,126 |
) |
|
|
(9,325 |
) |
|
|
(159,413 |
) |
|
|
(1,632 |
) |
Net loss |
|
(150,324 |
) |
|
|
(56,463 |
) |
|
|
(320,092 |
) |
|
|
(267,590 |
) |
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
(27,735 |
) |
|
|
6,684 |
|
|
|
(94,490 |
) |
|
|
(37,269 |
) |
Net loss attributable to stockholders |
$ |
(122,589 |
) |
|
$ |
(63,147 |
) |
|
$ |
(225,602 |
) |
|
$ |
(230,321 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share attributable to stockholders—basic and diluted |
$ |
(0.98 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.82 |
) |
|
$ |
(1.97 |
) |
Weighted average common shares outstanding—basic and diluted |
|
124,852,073 |
|
|
|
119,554,008 |
|
|
|
123,998,539 |
|
|
|
116,971,318 |
|
SUNNOVA ENERGY INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
Net loss |
$ |
(320,092 |
) |
|
$ |
(267,590 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation |
|
166,088 |
|
|
|
107,957 |
|
Impairment and loss on disposals, net |
|
53,101 |
|
|
|
24,930 |
|
Amortization of intangible assets |
|
21,324 |
|
|
|
21,324 |
|
Amortization of deferred financing costs |
|
27,764 |
|
|
|
17,007 |
|
Amortization of debt discount |
|
21,365 |
|
|
|
12,971 |
|
Non-cash effect of equity-based compensation plans |
|
25,113 |
|
|
|
19,812 |
|
Non-cash direct sales revenue |
|
(36,012 |
) |
|
|
(43,034 |
) |
Provision for current expected credit losses and other bad debt expense |
|
21,738 |
|
|
|
35,085 |
|
Unrealized (gain) loss on derivatives |
|
61,820 |
|
|
|
(10,208 |
) |
Unrealized (gain) loss on fair value instruments and equity securities |
|
(15,363 |
) |
|
|
846 |
|
Loss on sales of customer notes receivable |
|
43,426 |
|
|
|
— |
|
Other non-cash items |
|
(24,051 |
) |
|
|
2,633 |
|
Changes in components of operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
29,485 |
|
|
|
99,753 |
|
Other current assets |
|
(114,339 |
) |
|
|
(77,976 |
) |
Other assets |
|
(100,706 |
) |
|
|
(95,321 |
) |
Accounts payable |
|
12,829 |
|
|
|
(6,711 |
) |
Accrued expenses |
|
(22,790 |
) |
|
|
(35,193 |
) |
Other current liabilities |
|
(87,800 |
) |
|
|
9,604 |
|
Other long-term liabilities |
|
(2,881 |
) |
|
|
(10,680 |
) |
Net cash used in operating activities |
|
(239,981 |
) |
|
|
(194,791 |
) |
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
Purchases of property and equipment |
|
(1,329,197 |
) |
|
|
(1,315,192 |
) |
Payments for investments and customer notes receivable |
|
(269,903 |
) |
|
|
(716,972 |
) |
Proceeds from customer notes receivable |
|
166,598 |
|
|
|
126,980 |
|
Proceeds from sales of customer notes receivable |
|
65,867 |
|
|
|
— |
|
Proceeds from investments in solar receivables |
|
9,273 |
|
|
|
8,708 |
|
Other, net |
|
4,642 |
|
|
|
4,707 |
|
Net cash used in investing activities |
|
(1,352,720 |
) |
|
|
(1,891,769 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from long-term debt |
|
2,007,524 |
|
|
|
2,859,489 |
|
Payments of long-term debt |
|
(1,291,587 |
) |
|
|
(1,090,338 |
) |
Payments on notes payable |
|
(6,402 |
) |
|
|
(4,356 |
) |
Payments of deferred financing costs |
|
(38,954 |
) |
|
|
(60,336 |
) |
Proceeds from issuance of common stock, net |
|
(1,882 |
) |
|
|
81,329 |
|
Contributions from redeemable noncontrolling interests and noncontrolling interests |
|
976,379 |
|
|
|
520,611 |
|
Distributions to redeemable noncontrolling interests and noncontrolling interests |
|
(366,402 |
) |
|
|
(30,159 |
) |
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests |
|
(21,572 |
) |
|
|
(8,475 |
) |
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests |
|
316,392 |
|
|
|
4,950 |
|
Other, net |
|
(1,272 |
) |
|
|
(6,662 |
) |
Net cash provided by financing activities |
|
1,572,224 |
|
|
|
2,266,053 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(20,477 |
) |
|
|
179,493 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
494,402 |
|
|
|
545,574 |
|
Cash, cash equivalents and restricted cash at end of period |
|
473,925 |
|
|
|
725,067 |
|
Restricted cash included in other current assets |
|
(10,186 |
) |
|
|
(30,307 |
) |
Restricted cash included in other assets |
|
(254,826 |
) |
|
|
(226,858 |
) |
Cash and cash equivalents at end of period |
$ |
208,913 |
|
|
$ |
467,902 |
|
Key Operational Metrics |
|||||||||||||||
Supplemental Items |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||||||||||
Net loss |
$ |
(150,324 |
) |
|
$ |
(56,463 |
) |
|
$ |
(320,092 |
) |
|
$ |
(267,590 |
) |
Interest expense, net |
$ |
182,528 |
|
|
$ |
57,601 |
|
|
$ |
388,642 |
|
|
$ |
200,155 |
|
Interest income |
$ |
(38,565 |
) |
|
$ |
(30,590 |
) |
|
$ |
(109,656 |
) |
|
$ |
(81,670 |
) |
Income tax (benefit) expense |
$ |
(46,126 |
) |
|
$ |
(9,325 |
) |
|
$ |
(159,413 |
) |
|
$ |
(1,632 |
) |
Depreciation expense |
$ |
59,540 |
|
|
$ |
40,082 |
|
|
$ |
166,088 |
|
|
$ |
107,957 |
|
Amortization expense |
$ |
7,620 |
|
|
$ |
7,416 |
|
|
$ |
22,726 |
|
|
$ |
22,112 |
|
Non-cash compensation expense |
$ |
6,702 |
|
|
$ |
5,494 |
|
|
$ |
25,113 |
|
|
$ |
19,812 |
|
ARO accretion expense |
$ |
1,724 |
|
|
$ |
1,257 |
|
|
$ |
4,812 |
|
|
$ |
3,491 |
|
Non-cash disaster (gains) losses |
$ |
(519 |
) |
|
$ |
— |
|
|
$ |
(3,094 |
) |
|
$ |
3,400 |
|
Unrealized (gain) loss on fair value instruments and equity securities |
$ |
(2,240 |
) |
|
$ |
(8,482 |
) |
|
$ |
(15,363 |
) |
|
$ |
846 |
|
Amortization of payments to dealers for exclusivity and other bonus arrangements |
$ |
2,255 |
|
|
$ |
1,996 |
|
|
$ |
6,274 |
|
|
$ |
4,957 |
|
Provision for current expected credit losses |
$ |
19,186 |
|
|
$ |
8,360 |
|
|
$ |
14,498 |
|
|
$ |
29,467 |
|
Non-cash impairments |
$ |
20,448 |
|
|
$ |
6,443 |
|
|
$ |
46,800 |
|
|
$ |
22,106 |
|
ITC sales |
$ |
140,547 |
|
|
$ |
14,422 |
|
|
$ |
374,639 |
|
|
$ |
14,422 |
|
Loss on sales of non-core customer notes receivable |
$ |
— |
|
|
$ |
— |
|
|
$ |
23,962 |
|
|
$ |
— |
|
Other, net |
$ |
— |
|
|
$ |
2,200 |
|
|
$ |
— |
|
|
$ |
5,210 |
|
Interest income |
$ |
38,565 |
|
|
$ |
30,590 |
|
|
$ |
109,656 |
|
|
$ |
81,670 |
|
Principal proceeds from customer notes receivable, net of related revenue |
$ |
40,024 |
|
|
$ |
36,966 |
|
|
$ |
131,706 |
|
|
$ |
102,914 |
|
Proceeds from investments in solar receivables |
$ |
3,719 |
|
|
$ |
3,779 |
|
|
$ |
9,273 |
|
|
$ |
8,708 |
|
Supplemental Expense Items |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||||||||||
Total operating expense, net |
$ |
287,781 |
|
|
$ |
236,614 |
|
|
$ |
811,432 |
|
|
$ |
673,239 |
|
Depreciation expense |
$ |
(59,540 |
) |
|
$ |
(40,082 |
) |
|
$ |
(166,088 |
) |
|
$ |
(107,957 |
) |
Amortization expense |
$ |
(7,620 |
) |
|
$ |
(7,416 |
) |
|
$ |
(22,726 |
) |
|
$ |
(22,112 |
) |
Non-cash compensation expense |
$ |
(6,702 |
) |
|
$ |
(5,494 |
) |
|
$ |
(25,113 |
) |
|
$ |
(19,812 |
) |
ARO accretion expense |
$ |
(1,724 |
) |
|
$ |
(1,257 |
) |
|
$ |
(4,812 |
) |
|
$ |
(3,491 |
) |
Non-cash disaster gains (losses) |
$ |
519 |
|
|
$ |
— |
|
|
$ |
3,094 |
|
|
$ |
(3,400 |
) |
Amortization of payments to dealers for exclusivity and other bonus arrangements |
$ |
(2,255 |
) |
|
$ |
(1,996 |
) |
|
$ |
(6,274 |
) |
|
$ |
(4,957 |
) |
Provision for current expected credit losses |
$ |
(19,186 |
) |
|
$ |
(8,360 |
) |
|
$ |
(14,498 |
) |
|
$ |
(29,467 |
) |
Non-cash impairments |
$ |
(20,448 |
) |
|
$ |
(6,443 |
) |
|
$ |
(46,800 |
) |
|
$ |
(22,106 |
) |
Cost of revenue related to direct sales |
$ |
(16,357 |
) |
|
$ |
(12,635 |
) |
|
$ |
(46,978 |
) |
|
$ |
(33,199 |
) |
Cost of revenue related to cash sales |
$ |
(22,238 |
) |
|
$ |
(12,698 |
) |
|
$ |
(55,457 |
) |
|
$ |
(34,001 |
) |
Cost of revenue related to inventory sales |
$ |
(27,719 |
) |
|
$ |
(50,694 |
) |
|
$ |
(79,442 |
) |
|
$ |
(129,016 |
) |
Unrealized loss on fair value instruments |
$ |
2,239 |
|
|
$ |
9,043 |
|
|
$ |
20,244 |
|
|
$ |
3,123 |
|
Gain on held-for-sale loans |
$ |
— |
|
|
$ |
8 |
|
|
$ |
37 |
|
|
$ |
11 |
|
Loss on sales of customer notes receivable |
$ |
(603 |
) |
|
$ |
— |
|
|
$ |
(43,426 |
) |
|
$ |
— |
|
Other, net |
$ |
— |
|
|
$ |
(2,200 |
) |
|
$ |
— |
|
|
$ |
(5,210 |
) |
|
As of September 30, 2024 |
|
As of December 31, 2023 |
Number of customers |
422,700 |
|
419,200 |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Weighted average number of systems, excluding loan agreements and cash sales |
290,900 |
|
225,200 |
|
274,400 |
|
210,900 |
Weighted average number of systems with loan agreements plus accessory loans |
108,000 |
|
133,300 |
|
135,200 |
|
110,500 |
Weighted average number of systems with cash sales |
16,700 |
|
10,000 |
|
15,200 |
|
8,600 |
Weighted average number of systems |
415,600 |
|
368,500 |
|
424,800 |
|
330,000 |
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/20241030464218/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.
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