Sunlight Financial Reports Third Quarter 2022 Results
Sunlight Financial Holdings reported a record-high funded loan volume of $835 million in Q3 2022, up 31% year-over-year. Total revenue increased by 10% to $33 million, despite a substantial GAAP net income loss of $(415 million), primarily due to a $384.4 million goodwill impairment. The company is exploring strategic alternatives as its current stock price doesn't reflect intrinsic value. While the macroeconomic environment remains challenging, Sunlight is focusing on reducing counterparty risk and maintaining liquidity amidst interest rate volatility.
- Record-high funded loan volume of $835 million, up 31% year-over-year.
- Total revenue increased by 10% to $33 million.
- Total cumulative funded loans reached $8.2 billion as of September 30, 2022.
- Total contractor relationships increased by 27% to 1,880.
- GAAP net income loss of $(415 million) due to a $384.4 million goodwill impairment.
- Adjusted EBITDA of $(27 million) compared to $11.4 million in the prior year.
- Increased reliance on Indirect Channel loans impacting profitability.
- Suspension of share repurchases to preserve liquidity.
- 3Q22 Record-High Funded Loan Volume of
- 3Q22 Total Revenue up
- 3Q22 GAAP Net Income of
- 3Q22 Adjusted EBITDA of
- 3Q22 Adjusted Net Income of
- Assessing Strategic Alternatives -
“Despite a challenging macro-economic backdrop, Sunlight continued to deliver growth in the third quarter, with funded loan volume of
Potere continued, "We expect the operating environment will remain challenging for the near-term. The unprecedented speed and magnitude of interest rate increases have reduced our direct capital provider capacity, increased our reliance on the Indirect Channel, and affected our ability to profitably monetize Indirect Channel loans originated at lower interest rates. These factors will have a significant negative impact on our financial performance in the near term, until the substantial pricing increases implemented over the past several months take effect. In addition, we are exploring a hedging program to protect us from interest rate volatility in the future."
"Sunlight continues to operate in an attractive and growing market, with continued growth in solar demand driven by rising utility rates, improved federal tax incentives, and an increasing need for energy reliability," added Potere. "I am confident we are taking the steps necessary to be successful in the current environment."
Third Quarter 2022 Key Operational and Financial Metrics
-
Funded loans of
, up$834.7 million 31% from in the prior-year period$639.5 million -
Average solar loan balance of
, up$45,750 12% from in the prior-year period$40,991 -
Borrowers served of 22,470, up
24% from 18,189 in the prior-year period -
Total contractor relationships of 1,880, up
27% from 1,484 in the prior-year period -
Total Revenue of
, a$33.0 million 10% increase from the prior-year period -
GAAP Net Income of
, relative to$(415.5) million in the prior-year period, primarily due to a$(22.2) million non-cash impairment of$384.4 million Goodwill driven by challenges in the macro economic environment -
Adjusted EBITDA of
, relative to$(27.0) million in the prior-year period, primarily driven by an impairment related to the bankruptcy of an installer partner$11.4 million -
Total Platform
Fee Margin of5.1% (up from4.3% in the prior-year period) and Solar Direct Channel PlatformFee Margin of5.5% (up from5.0% in the prior-year period) -
Total cumulative funded loans of
as of$8.2 billion September 30, 2022
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Recent Developments
Strategic Alternatives. Sunlight's Board of Directors and management believe the Company's current share price does not reflect the intrinsic value of the company. Therefore, as a number of parties have approached the Company with a range of strategies, the Board has commenced a process to explore, review and evaluate potential alternatives that enable the Company to continue to grow and maximize value for all stakeholders. Sunlight will make further public comments once the Board has approved a specific transaction or otherwise concludes its review.
Installer Insolvency. In
Goodwill Impairment. In
Share Repurchase Program. In
Revolving Credit Facility Covenants. Sunlight's Loan and Security Agreement contains financial covenants that are detailed in the Company's Q3 2022 Form 10-Q. As the negative impacts to Sunlight's near-term financial performance may affect Sunlight’s financial covenant compliance, the Company is in discussions with the bank to remain in compliance.
Conference Call Information
Sunlight will host a conference call and webcast to discuss its third quarter 2022 financial and operational results and business outlook at
Earnings Presentation
A supplemental earnings presentation is available at ir.sunlightfinancial.com. Additional information is available in the Form 10-Q, which Sunlight filed with the
About
Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith may include “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 may generally be identified by the use of words such as “could,” “should,” “would,” “will,” “may,” “believe,” “anticipate,” "outlook," "2022 guidance," “intend,” “estimate,” “expect,” “project,” “plan,” “continue,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Sunlight disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Sunlight cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Sunlight. Such risks and uncertainties include, among others: the ability to consummate a strategic alternative in the timeframe and on terms and conditions favorable to the Company and its stakeholders, material adverse impacts from macro-economic conditions including unprecedented interest rate increases on business, profitability and cash-flow, risks relating to our ability to secure relief from our current bank covenants, risks relating to the uncertainty of the projected operating and financial information with respect to Sunlight; risks related to Sunlight’s business and the timing of expected business milestones or results; global supply chain shortages, competition for skilled labor, and permitting delays; the effects of competition and regulatory risks, and the impacts of changes in legislation or regulations on Sunlight’s future business; the expiration, renewal, modification or replacement of the federal solar investment tax credit, rebates and other incentives; the effects of the COVID-19 pandemic on Sunlight’s business or future results; Sunlight’s ability to sustain profitability and to attract and retain its relationships with third parties, including Sunlight’s capital providers and solar contractors; the financial performance of Sunlight’s capital providers and contractors; the willingness of Sunlight’s capital providers to fund loans on terms desired by relevant markets and economically favorable to Sunlight; the impact of inflation and increased interest rates on Sunlight’s capital providers and the cost and availability of credit from our capital providers as well as on the demand for solar panel installation and home improvement; changes in the retail prices of traditional utility generated electricity; the availability of solar panels, batteries and other components and raw materials; and such other risks and uncertainties discussed in the “Risk Factors” section of Sunlight’s Form 10-Q as filed with the
Non-GAAP Financial Measures
Some of the operating and financial information and data contained in this press release, such as Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net Income and Adjusted Net Income per Share (Diluted) or Adjusted EPS (Diluted) have not been prepared in accordance with
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
dollars in thousands |
|
|
|
|
||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
70,569 |
|
|
$ |
91,882 |
|
Restricted cash |
|
|
1,228 |
|
|
|
2,018 |
|
Advances (net of allowance for credit losses of |
|
|
56,608 |
|
|
|
66,839 |
|
Financing receivables (net of allowance for credit losses of |
|
|
3,581 |
|
|
|
4,313 |
|
|
|
|
61,377 |
|
|
|
445,756 |
|
Intangible assets, net |
|
|
327,673 |
|
|
|
365,839 |
|
Property and equipment, net |
|
|
1,681 |
|
|
|
4,069 |
|
Other assets |
|
|
30,849 |
|
|
|
21,531 |
|
Total Assets |
|
$ |
553,566 |
|
|
$ |
1,002,247 |
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
||||
|
|
|
|
|
||||
Liabilities |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
24,931 |
|
|
$ |
23,386 |
|
Funding commitments |
|
|
21,411 |
|
|
|
22,749 |
|
Debt |
|
|
20,613 |
|
|
|
20,613 |
|
Deferred tax liabilities |
|
|
25,338 |
|
|
|
36,686 |
|
Warrants, at fair value |
|
|
3,691 |
|
|
|
19,007 |
|
Other liabilities |
|
|
13,433 |
|
|
|
843 |
|
Total Liabilities |
|
$ |
109,417 |
|
|
$ |
123,284 |
|
|
|
|
|
|
||||
Stockholders' Equity |
|
|
|
|
||||
Class A Common Stock |
|
|
8 |
|
|
|
9 |
|
Additional paid-in capital |
|
|
759,105 |
|
|
|
764,366 |
|
Accumulated deficit |
|
|
(459,706 |
) |
|
|
(186,022 |
) |
Total Capital |
|
|
299,407 |
|
|
|
578,353 |
|
|
|
|
(15,671 |
) |
|
|
(15,535 |
) |
Total Stockholders' Equity |
|
|
283,736 |
|
|
|
562,818 |
|
Noncontrolling interests in consolidated subsidiaries |
|
|
160,413 |
|
|
|
316,145 |
|
Total Equity |
|
|
444,149 |
|
|
|
878,963 |
|
|
|
|
|
|
||||
Total Liabilities and Equity |
|
$ |
553,566 |
|
|
$ |
1,002,247 |
|
|
||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
dollars in thousands |
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
33,265 |
|
|
$ |
28,594 |
|
|
$ |
91,086 |
|
|
$ |
79,584 |
|
Costs and Expenses |
|
|
|
|
|
|
|
|
||||||||
Cost of revenues (exclusive of items shown separately below) |
|
|
5,619 |
|
|
|
5,206 |
|
|
|
16,621 |
|
|
|
15,397 |
|
Compensation and benefits |
|
|
16,378 |
|
|
|
33,824 |
|
|
|
43,641 |
|
|
|
49,944 |
|
Selling, general, and administrative |
|
|
4,504 |
|
|
|
3,660 |
|
|
|
15,522 |
|
|
|
6,780 |
|
Property and technology |
|
|
2,069 |
|
|
|
1,664 |
|
|
|
5,981 |
|
|
|
4,292 |
|
Depreciation and amortization |
|
|
8,572 |
|
|
|
20,619 |
|
|
|
40,713 |
|
|
|
22,229 |
|
Provision for losses |
|
|
37,247 |
|
|
|
254 |
|
|
|
41,927 |
|
|
|
1,426 |
|
|
|
|
384,379 |
|
|
|
— |
|
|
|
384,379 |
|
|
|
— |
|
Management fees to affiliate |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
204 |
|
Total Costs and Expenses |
|
|
458,768 |
|
|
|
65,231 |
|
|
|
548,784 |
|
|
|
100,272 |
|
Operating income (loss) |
|
|
(425,503 |
) |
|
|
(36,637 |
) |
|
|
(457,698 |
) |
|
|
(20,688 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Other Income (Expense), Net |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
189 |
|
|
|
86 |
|
|
|
360 |
|
|
|
339 |
|
Interest expense |
|
|
(375 |
) |
|
|
(323 |
) |
|
|
(931 |
) |
|
|
(895 |
) |
Change in fair value of warrant liabilities |
|
|
6,590 |
|
|
|
8,677 |
|
|
|
15,316 |
|
|
|
4,612 |
|
Change in fair value of contract derivatives, net |
|
|
(2,340 |
) |
|
|
614 |
|
|
|
(2,247 |
) |
|
|
(173 |
) |
Realized gains on contract derivatives, net |
|
|
(278 |
) |
|
|
1,383 |
|
|
|
3,686 |
|
|
|
4,369 |
|
Other realized losses, net |
|
|
(196 |
) |
|
|
— |
|
|
|
(569 |
) |
|
|
— |
|
Other income (expense) |
|
|
(839 |
) |
|
|
(65 |
) |
|
|
(1,667 |
) |
|
|
556 |
|
Business combination expenses |
|
|
— |
|
|
|
(1,622 |
) |
|
|
— |
|
|
|
(8,104 |
) |
Total Other Income (Expense), Net |
|
|
2,751 |
|
|
|
8,750 |
|
|
|
13,948 |
|
|
|
704 |
|
Net Income (Loss) Before Income Taxes |
|
|
(422,752 |
) |
|
|
(27,887 |
) |
|
|
(443,750 |
) |
|
|
(19,984 |
) |
Income tax benefit (expense) |
|
|
7,299 |
|
|
|
5,684 |
|
|
|
11,350 |
|
|
|
5,684 |
|
Net Income (Loss) |
|
|
(415,453 |
) |
|
|
(22,203 |
) |
|
|
(432,400 |
) |
|
|
(14,300 |
) |
Noncontrolling interests in loss of consolidated subsidiaries |
|
|
151,389 |
|
|
|
9,108 |
|
|
|
158,478 |
|
|
|
9,108 |
|
Net Income (Loss) Attributable to Class A Shareholders |
|
$ |
(264,064 |
) |
|
$ |
(13,095 |
) |
|
$ |
(273,922 |
) |
|
$ |
(5,192 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Loss Per Class A Share1 |
|
|
|
|
|
|
|
|
||||||||
Net loss per Class A share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(3.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(3.25 |
) |
|
$ |
(0.13 |
) |
Diluted |
|
$ |
(3.16 |
) |
|
$ |
(0.15 |
) |
|
$ |
(3.25 |
) |
|
$ |
(0.15 |
) |
Weighted average number of Class A shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
83,049,291 |
|
|
|
84,833,808 |
|
|
|
84,157,718 |
|
|
|
84,833,808 |
|
Diluted |
|
|
83,049,291 |
|
|
|
131,088,438 |
|
|
|
84,157,718 |
|
|
|
131,088,438 |
|
(1) Reflects net loss per share and weighted shares outstanding only for the Successor period starting |
|
||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
|
For the Nine Months Ended |
||||||
dollars in thousands |
|
2022 |
|
2021 |
||||
Cash Flows From Operating Activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
(432,400 |
) |
|
$ |
(14,300 |
) |
Depreciation and amortization |
|
|
40,713 |
|
|
|
22,323 |
|
|
|
|
384,379 |
|
|
|
— |
|
Provision for losses |
|
|
41,927 |
|
|
|
1,426 |
|
Change in fair value of warrant liabilities |
|
|
(15,316 |
) |
|
|
(4,612 |
) |
Change in fair value of contract derivatives, net |
|
|
2,247 |
|
|
|
173 |
|
Other expense (income) |
|
|
2,120 |
|
|
|
(556 |
) |
Share-based payment arrangements |
|
|
14,143 |
|
|
|
24,839 |
|
Deferred income tax expense (benefit) |
|
|
(11,350 |
) |
|
|
(5,684 |
) |
Increase in advances |
|
|
(25,133 |
) |
|
|
(36,004 |
) |
Decrease (increase) in due from affiliates |
|
|
— |
|
|
|
(358 |
) |
Decrease (increase) in other assets |
|
|
(5,978 |
) |
|
|
(14,315 |
) |
Increase (decrease) in accounts payable and accrued expenses |
|
|
545 |
|
|
|
(10,290 |
) |
Increase (decrease) in funding commitments |
|
|
(1,785 |
) |
|
|
2,602 |
|
Increase (decrease) in due to affiliates |
|
|
— |
|
|
|
761 |
|
Increase (decrease) in other liabilities |
|
|
(1,249 |
) |
|
|
430 |
|
Net cash provided by (used in) operating activities |
|
|
(7,137 |
) |
|
|
(33,565 |
) |
|
|
|
— |
|
|
|
— |
|
Cash Flows From Investing Activities |
|
|
|
|
||||
Return of investments in loan pool participation and loan principal repayments |
|
|
780 |
|
|
|
1,183 |
|
Payments to acquire loans and participations in loan pools |
|
|
(2,058 |
) |
|
|
(1,424 |
) |
Payments to acquire property and equipment |
|
|
(1,918 |
) |
|
|
(1,937 |
) |
Payments to acquire |
|
|
— |
|
|
|
(304,570 |
) |
Net cash used in investing activities |
|
|
(3,196 |
) |
|
|
(306,748 |
) |
|
|
|
— |
|
|
|
— |
|
Cash Flows From Financing Activities |
|
|
|
|
||||
Proceeds from borrowings under line of credit |
|
|
— |
|
|
|
20,746 |
|
Repayments of borrowings under line of credit |
|
|
— |
|
|
|
(14,758 |
) |
Proceeds from issuance of private placement |
|
|
— |
|
|
|
250,000 |
|
Payments of stock issuance costs |
|
|
— |
|
|
|
(19,618 |
) |
Payments for share-based payment tax withholding |
|
|
(136 |
) |
|
|
(18,591 |
) |
Payments for repurchase of redeemable convertible preferred stock |
|
|
(10,452 |
) |
|
|
— |
|
Payment of capital distributions |
|
|
(1,182 |
) |
|
|
(7,522 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(491 |
) |
Net cash provided by (used in) financing activities |
|
|
(11,770 |
) |
|
|
209,766 |
|
|
|
|
— |
|
|
|
— |
|
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash |
|
|
(22,103 |
) |
|
|
(130,547 |
) |
|
|
|
— |
|
|
|
— |
|
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period |
|
|
93,900 |
|
|
|
269,224 |
|
|
|
|
— |
|
|
|
— |
|
Cash, Cash Equivalents, and Restricted Cash, End of Period |
|
$ |
71,797 |
|
|
$ |
138,677 |
|
RECONCILIATION OF GAAP MEASURES TO ADJUSTED FINANCIAL MEASURES |
||||||||||||||||
ADJUSTED EBITDA AND FREE CASH FLOW RECONCILIATIONS |
||||||||||||||||
|
|
Three Months |
|
Nine Months |
||||||||||||
|
|
Ended |
||||||||||||||
dollars in thousands |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
$ |
33,265 |
|
|
$ |
28,594 |
|
|
$ |
91,086 |
|
|
$ |
79,584 |
|
(+) Realized gain on contract derivatives, net |
|
|
(278 |
) |
|
|
1,383 |
|
|
|
3,686 |
|
|
|
4,369 |
|
Total Revenue |
|
$ |
32,987 |
|
|
$ |
29,977 |
|
|
$ |
94,772 |
|
|
$ |
83,953 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months |
|
Nine Months |
||||||||||||
|
|
Ended |
||||||||||||||
dollars in thousands |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net Income (Loss) |
|
$ |
(415,453 |
) |
|
$ |
(22,203 |
) |
|
$ |
(432,400 |
) |
|
$ |
(14,300 |
) |
Amortization of Business Combination intangibles |
|
|
8,202 |
|
|
|
20,221 |
|
|
|
39,786 |
|
|
|
20,221 |
|
Non-cash change in financial instruments |
|
|
(3,411 |
) |
|
|
(9,252 |
) |
|
|
(11,402 |
) |
|
|
(5,021 |
) |
|
|
|
384,379 |
|
|
|
— |
|
|
|
384,379 |
|
|
|
— |
|
Expenses from the Business Combination and Other |
|
|
32 |
|
|
|
1,622 |
|
|
|
522 |
|
|
|
8,104 |
|
Adjusted Net Income (Loss) |
|
$ |
(26,251 |
) |
|
$ |
(9,612 |
) |
|
$ |
(19,115 |
) |
|
$ |
9,004 |
|
Depreciation and amortization |
|
|
370 |
|
|
$ |
398 |
|
|
|
927 |
|
|
$ |
2,008 |
|
Interest expense |
|
|
375 |
|
|
|
323 |
|
|
|
931 |
|
|
|
895 |
|
Income tax expense (benefit) |
|
|
(7,299 |
) |
|
|
(5,684 |
) |
|
|
(11,350 |
) |
|
|
(5,684 |
) |
Equity-based compensation |
|
|
5,491 |
|
|
|
24,821 |
|
|
|
14,143 |
|
|
|
24,839 |
|
Fees paid to brokers |
|
|
315 |
|
|
|
1,126 |
|
|
|
2,060 |
|
|
|
3,294 |
|
Adjusted EBITDA |
|
$ |
(26,999 |
) |
|
$ |
11,372 |
|
|
$ |
(12,404 |
) |
|
$ |
34,356 |
|
Interest expense |
|
$ |
(375 |
) |
|
$ |
(323 |
) |
|
$ |
(931 |
) |
|
$ |
(895 |
) |
Income tax benefit |
|
|
— |
|
|
|
5,684 |
|
|
|
— |
|
|
|
5,684 |
|
Fees paid to brokers |
|
|
(315 |
) |
|
|
(1,126 |
) |
|
|
(2,060 |
) |
|
|
(3,294 |
) |
Expenses from the Business Combination and Other |
|
|
(32 |
) |
|
|
(1,622 |
) |
|
|
(522 |
) |
|
|
(8,104 |
) |
Provision for losses |
|
|
37,247 |
|
|
|
254 |
|
|
|
41,927 |
|
|
|
1,426 |
|
Changes in advances, net of funding commitments |
|
|
4,470 |
|
|
|
— |
|
|
|
(26,918 |
) |
|
|
— |
|
Changes in operating capital and other |
|
|
(3,133 |
) |
|
|
(64,910 |
) |
|
|
(6,229 |
) |
|
|
(62,738 |
) |
Net Cash Provided by (Used in) Operating Activities |
|
$ |
10,863 |
|
|
$ |
(50,671 |
) |
|
$ |
(7,137 |
) |
|
$ |
(33,565 |
) |
Capital expenditures |
|
$ |
(903 |
) |
|
$ |
(789 |
) |
|
$ |
(2,568 |
) |
|
$ |
(1,626 |
) |
Changes in advances, net of funding commitments |
|
|
(4,470 |
) |
|
|
33,402 |
|
|
|
26,918 |
|
|
|
61,997 |
|
Changes in restricted cash |
|
|
(353 |
) |
|
|
1,602 |
|
|
|
(791 |
) |
|
|
1,460 |
|
Payments of Business Combination costs |
|
|
— |
|
|
|
1,035 |
|
|
|
— |
|
|
|
7,979 |
|
Other changes in working capital |
|
|
3,078 |
|
|
|
20,247 |
|
|
|
7,160 |
|
|
|
(20,155 |
) |
Free Cash Flow |
|
$ |
8,215 |
|
|
$ |
4,826 |
|
|
$ |
23,582 |
|
|
$ |
16,090 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income (Loss) per Class A Share, Diluted1 |
|
$ |
(0.16 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
(1) Reflects Net Income (Loss) for the Successor period starting |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114005982/en/
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