Sunnova(NOVA)

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Sunnova CEO tries to reassure rattled investors after stock plunged 26% in worst day since March 2020
CNBC· 2024-02-23 14:05
John Berger, chairman and chief executive officer of Sunnova Energy Corp., speaks during the 2019 CERAWeek by IHS Markit conference in Houston, Texas, U.S., on Thursday, March 14, 2019.The residential solar company Sunnova Energy took a beating this week as investors dumped their shares after the announcement of a stock offering plan rattled confidence in the company.Sunnova shares plummeted 26.7% Thursday after the residential solar company announced a $100 million at-the-market stock offering program. Sun ...
Why Sunnova Energy Stock Crashed on Thursday
The Motley Fool· 2024-02-22 18:50
The bad news for American solar energy companies, and the companies that supply them, got a little bit worse on Thursday when residential solar company Sunnova Energy International (NOVA -20.32%) stock tumbled 19% (through 12:45 p.m. ET) after reporting earnings last night.Heading into the fourth quarter of 2023, analysts already weren't terribly optimistic about Sunnova's chances, forecasting an $0.18 per share loss on sales of $223.4 million. But the news was even worse than that. Sunnova reported only $1 ...
Sunnova(NOVA) - 2023 Q4 - Earnings Call Transcript
2024-02-22 17:37
Financial Data and Key Metrics Changes - Adjusted EBITDA for the year ended 2023 was $549 million, which included a $207 million contribution from Investment Tax Credit (ITC) sales [6][25] - Expected levered cash flows for 2024 are projected to be $136 million, with cumulative nominal cash inflows of $4.9 billion over the life of customer contracts [5][23] - The weighted average cost of debt as of December 31, 2023, was just over 5% [27] Business Line Data and Key Metrics Changes - Customer additions are expected to be back-end weighted, with 15% in Q1, 25% in Q2, and the remainder evenly distributed in the second half of the year [10] - The implied spread on near-term origination has improved to 600 basis points [8] - The company has paused spending on select growth initiatives, including international expansion, until market conditions improve [22] Market Data and Key Metrics Changes - The company has seen encouraging signs of improved market dynamics, with tighter risk premiums and an uptick in overall market demand [3] - The expected cumulative nominal contracted cash inflows associated with customer contracts over a weighted average remaining life of 22 years is $16 billion [23] - The company is experiencing strong growth in the South and other states where it historically had less presence [103] Company Strategy and Development Direction - The company remains committed to prudent capital management and shareholder value creation, focusing on maximizing returns on capital [33] - The strategy includes evaluating opportunities for capital deployment while maintaining a focus on cash generation [33] - The company is exploring attractive asset purchases but is currently focused on generating cash without needing to expand aggressively [107] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the potential for market share gains despite current challenges in the industry [44] - The company is focused on improving customer service and operational efficiency to enhance cash generation [134] - Management believes that the current market conditions, including rising utility rates, present opportunities for growth [127] Other Important Information - The company has updated its liquidity forecast for 2024 and introduced guidance for 2025 and 2026, expecting to generate enough cash to meet growth targets while keeping cash positions relatively flat [29] - The company has a significant liquidity position, with nearly $1.4 billion available, excluding additional tax equity funds and securitization closures [26] Q&A Session Summary Question: How is the company assessing risks in the upcoming election year? - Management believes that the provisions of the IRA will remain intact regardless of the election outcome, with significant activity in hydrogen and carbon sequestration in the region [46] Question: What is the company's strategy regarding asset sales and liquidity? - The company is focused on generating cash to pay down debt and is considering asset sales as an opportunistic strategy [62][114] Question: How is the company managing customer acquisition costs? - The company is seeing a decrease in customer acquisition costs due to improved processes and leadership, aiming for significant reductions moving forward [134] Question: What are the growth expectations in different markets? - Management noted strong growth in the South and other states, with plans to improve market share in California through partnerships and new channels [75][103] Question: How does the company view the current state of the industry? - Management acknowledged challenges in the industry but emphasized the company's strong execution and the potential for growth despite negative headlines [125]
Sunnova(NOVA) - 2023 Q4 - Earnings Call Presentation
2024-02-22 16:22
Investments in New Systems is a component of Corporate Cash Reconciliation that represents all capitalized and expensed cash outflows, net of certain cash inflows, that are invested in projects and assets we are originating, building, and placing into service during the period. These include purchases of property and equipment (net of corporate capital expenditures included in Recurring Operating Cash Flow), state utility rebates and tax credits, payments for investments and customer notes receivable, payme ...
Sunnova Energy (NOVA) Reports Q4 Loss, Lags Revenue Estimates
Zacks Investment Research· 2024-02-21 23:21
Sunnova Energy (NOVA) came out with a quarterly loss of $0.20 per share versus the Zacks Consensus Estimate of a loss of $0.24. This compares to loss of $0.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this residential solar company would post a loss of $0.34 per share when it actually produced a loss of $0.53, delivering a surprise of -55.88%.Over the last four quarters, the co ...
Sunnova(NOVA) - 2023 Q4 - Annual Report
2024-02-21 16:00
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________________ FORM 10-K ______________________________________________________________________________________________ (Mark One) For ...
Sunnova(NOVA) - 2023 Q4 - Annual Results
2024-02-20 16:00
Exhibit 99.1 Sunnova Reports Fourth Quarter and Full Year 2023 Financial Results Fourth Quarter 2023 and Recent Highlights HOUSTON, February 21, 2024 (BUSINESS WIRE) - Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, today announced financial results for the fourth quarter and full year ended December 31, 2023. "In 2023, Sunnova demonstrated good performance across its operations. For the year, we expanded our customer base to 419,200 and hit our 2023 t ...
Will Sunnova Energy (NOVA) Report Negative Earnings Next Week? What You Should Know
Zacks Investment Research· 2024-02-14 16:06
Wall Street expects a year-over-year increase in earnings on higher revenues when Sunnova Energy (NOVA) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 21, 2024, might help the stock move higher if these key numbers are better t ...
Lumin's Smart Electrical Panel Selected by Sunnova to Supercharge its Solar and Storage Offering
Businesswire· 2024-01-30 14:00
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Lumin, the pioneer and leading provider of responsive energy management solutions, today announced a partnership with Sunnova Energy International, Inc. (“Sunnova”) (NYSE: NOVA), one of the nation’s leading adaptive energy services companies, to integrate the Lumin Smart Panel and its intelligent energy management platform into Sunnova’s Adaptive Home offering. Through the partnership, the Lumin Smart Panel will be available to tens of thousands of homeowners through S ...
Sunnova Announces Fourth Quarter and Full Year 2023 Earnings Release Date and Conference Call
Businesswire· 2024-01-15 21:05
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, announced today it will release its fourth quarter and full year 2023 results after the markets close on February 21, 2024, to be followed by a conference call to discuss the results at 8:00 a.m. Eastern Time on February 22, 2024. The conference call can be accessed live over the phone by dialing 833-470-1428, or for international callers, 929-526-1599. The access code for the l ...