Sunnova Reports Third Quarter 2024 Financial Results
Third Quarter 2024 and Recent Highlights
-
Cash generation guidance of
$100 million for 2024,$350 million for 2025, and$400 million for 2026 maintained -
Revenue of
$235.3 million increased 19% from the third quarter of 2023 -
Monthly weighted average investment tax credit rate on origination of 40.7% in
September 2024 , increased to 42.2% inOctober 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
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
Conference Call Information
Sunnova is hosting a conference call for analysts and investors to discuss its third quarter 2024 results at
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
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
About Sunnova
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts and share par values) |
|||||||
|
|
As of
|
|
As of
|
||||
|
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 |
|
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 |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) |
|||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
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 |
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||
|
|
Nine Months Ended
|
||||||
|
|
|
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
|
|
Nine Months Ended
|
||||||||||||
|
|
|
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
|
Nine Months Ended
|
|||||||||||||
|
|
|
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
|
|
As of
|
|
Number of customers |
422,700 |
|
419,200 |
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
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:
IR@sunnova.com
281-971-3323
Media Contact:
Russell.Wilkerson@sunnova.com
203-581-2114
Source:
