| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|-------|----------|-------|---------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter | | | | July 27, 2022 | | | | | | | 2022 | | Earnings | | | | | | | | | | | | | | | | | | | Legal Disclaimer This presentation and the accompanying oral presentations contain fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________ FORM 10-Q _______________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Financial Data and Key Metrics Changes - The company reported strong first quarter results, exceeding the expected 12% of full-year 2022 Adjusted EBITDA, with actual results ahead of that goal [8] - Total liquidity as of March 31, 2022, was $703 million, down from $831 million as of December 31, 2021, but up from $276 million as of March 31, 2021 [23] - The weighted average contract life remaining on customer contracts was 22.3 years, with expected cash inflows over the next twelve months increasing to $403 million [16] Business Line Data and Key Metrics Changes - The company added approximately 15,300 customers in Q1 2022, a 74% increase compared to the same period last year, and expects to meet full-year guidance of 85,000 to 89,000 customer additions [9] - Battery penetration rate reached 12.5% as of March 31, 2022, with a battery attachment rate on origination of 19% [14] - The Net Contracted Customer Value (NCCV) per customer was nearly $10,800 as of March 31, 2022, with a target of $18,000 to $20,000 by the end of 2025 [10] Market Data and Key Metrics Changes - The company is experiencing increased demand for energy services beyond solar, including batteries, electric vehicle charging, and generators [10] - The company has secured over $1.1 billion in firm contracts for equipment, which will not show up on the balance sheet [48][95] Company Strategy and Development Direction - The company aims to provide affordable, reliable, and sustainable energy, focusing on a combination of service, software, and aggregation to distinguish itself from competitors [37] - The Sunnova Adaptive Home concept integrates various energy services, positioning the company for future growth [41] - The company is committed to enhancing its ESG strategy and reporting, with a goal to offset 52 million metric tons of CO2 by year-end 2023 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing equipment and maintaining a strong position despite macroeconomic challenges [48] - The company anticipates continued improvement in returns and pricing strategies in response to rising utility rates and costs of capital [56][62] - Management emphasized the importance of cash flow per share and the ability to balance growth with shareholder returns [100] Other Important Information - The company has implemented new software to analyze customer data, resulting in a reduction of fewer than 3,000 customers from previous counts, ensuring a more accurate customer definition [11] - The company is focused on increasing cash flow per share by driving up value on a per-customer basis and growing its overall customer base [13] Q&A Session Summary Question: Impact of anti-circumvention case on business - Management indicated that they have stockpiled equipment and feel comfortable moving into 2023 regarding equipment availability [48][49] Question: Pricing strategy and increases - Management confirmed that they are constantly reviewing pricing and have already implemented price increases across the board, with room for further increases [66][70] Question: Financing and securitization strategy - Management stated that the ABS market remains attractive, and they are exploring various financing options while locking in favorable terms [81][82] Question: Balancing price increases against equipment costs - Management expects to see continued improvement in returns and has ample room to increase prices in response to rising utility rates [89][90]

First Quarter 2022 Earnings April 27, 2022 Legal Disclaimer 2 This presentation and the accompanying oral presentations contain 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 " ...

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Q1 2022, including Balance Sheets, Statements of Operations, Cash Flows, and Equity, with accompanying notes [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$5.93 billion** as of March 31, 2022, driven by property and equipment and customer notes receivable growth Condensed Consolidated Balance Sheet Data (in thousands) | | As of March 31, 2022 | As of December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $562,551 | $615,742 | | **Property and equipment, net** | $3,056,898 | $2,909,613 | | **Customer notes receivable, net** | $1,449,991 | $1,204,073 | | **Total assets** | **$5,928,453** | **$5,504,234** | | **Total current liabilities** | $345,616 | $310,897 | | **Long-term debt, net** | $3,461,614 | $3,135,681 | | **Total liabilities** | **$4,275,844** | **$3,882,621** | | **Total equity** | **$1,507,423** | **$1,476,277** | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2022 revenue grew 59% to **$65.7 million**, but increased operating expenses resulted in an operating loss of **$34.2 million** and a net loss of **$33.6 million** Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Revenue** | $65,722 | $41,276 | | **Total operating expense, net** | $99,928 | $64,582 | | **Operating loss** | $(34,206) | $(23,306) | | **Net loss** | $(20,629) | $(24,064) | | **Net loss attributable to stockholders** | **$(33,583)** | **$(32,983)** | | **Net loss per share** | **$(0.30)** | **$(0.31)** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 cash flow included **$92.1 million** used in operations and **$357.7 million** in investing, largely funded by **$382.8 million** from financing activities Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(92,129) | $(49,908) | | **Net cash used in investing activities** | $(357,650) | $(226,213) | | **Net cash provided by financing activities** | $382,813 | $161,691 | | **Net decrease in cash and restricted cash** | $(66,966) | $(114,430) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail business operations, accounting policies, and financial components, including revenue sources, inventory, debt, derivatives, and various commitments - Sunnova is a residential energy service provider serving over **207,000 customers** in more than 25 U.S. states and territories, utilizing a dealer model for origination and installation[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue Breakdown (in thousands) | Revenue Type | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | PPA revenue | $21,185 | $16,834 | | Lease revenue | $21,780 | $16,397 | | SREC revenue | $6,244 | $5,957 | | Cash sales revenue | $11,348 | $— | | Loan revenue | $3,376 | $1,195 | | Other revenue | $1,789 | $893 | | **Total** | **$65,722** | **$41,276** | - As of March 31, 2022, the company had future minimum purchase commitments for solar energy systems and accessories estimated to range from **$580.0 million to $640.0 million** through December 2023[88](index=88&type=chunk) - In April 2022, subsequent to the quarter end, the company issued **694,446 shares** of common stock to Lennar, LLC as part of an earnout agreement from the SunStreet acquisition[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, financial condition, and key trends, highlighting customer growth, revenue increase, financing strategies, and key metrics like Adjusted EBITDA and Estimated Gross Contracted Customer Value [Recent Developments](index=31&type=section&id=Recent%20Developments) Recent developments include ongoing COVID-19 related supply chain disruptions and significant February 2022 financing transactions, such as a **$150.0 million** tax equity fund and **$298 million** in solar loan-backed notes - The industry is currently facing shortages and shipping delays for energy storage systems, modules, and component parts, partly attributed to the COVID-19 pandemic and supply chain issues[102](index=102&type=chunk) - In February 2022, the company secured a new tax equity investor with a total capital commitment of approximately **$150.0 million**[104](index=104&type=chunk) - In February 2022, a subsidiary issued the HELVIII Notes, a securitization of solar loans, totaling **$297.9 million** across three classes with interest rates ranging from **2.79% to 3.53%**[105](index=105&type=chunk) [Key Financial and Operational Metrics](index=33&type=section&id=Key%20Financial%20and%20Operational%20Metrics) Key metrics include customer base growth to **207,800**, Adjusted EBITDA of **$12.5 million**, and Estimated Gross Contracted Customer Value increasing to **$4.74 billion** Customer Growth | | As of March 31, 2022 | As of December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Number of customers | 207,800 | 192,600 | 15,200 | Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net loss | $(20,629) | $(24,064) | | EBITDA | $(2,023) | $(3,618) | | **Adjusted EBITDA** | **$12,547** | **$12,783** | - Estimated Gross Contracted Customer Value was **$4.735 billion** as of March 31, 2022, calculated using a **4% discount rate**[128](index=128&type=chunk) [Results of Operations Comparison](index=42&type=section&id=Results%20of%20Operations%E2%80%94Three%20Months%20Ended%20March%2031%2C%202022%20Compared%20to%20Three%20Months%20Ended%20March%2031%2C%202021) Q1 2022 revenue increased **$24.4 million** (59%) YoY, driven by customer base growth and SunStreet acquisition, but rising operating expenses widened the operating loss to **$34.2 million** - Revenue increased by **$24.4 million** YoY, primarily due to a higher number of solar energy systems in service and the April 2021 acquisition of SunStreet[161](index=161&type=chunk) - Cost of revenue—other increased by **$6.3 million**, with **$5.8 million** of that increase related to costs from cash sales revenue, which began with the SunStreet acquisition[164](index=164&type=chunk) - General and administrative expense increased by **$27.9 million** YoY, driven by higher payroll (**$10.4 million**), amortization of intangibles (**$7.3 million**), provision for credit losses (**$3.3 million**), and consultant fees (**$2.6 million**)[166](index=166&type=chunk) - Interest expense, net, decreased by **$10.5 million** YoY, primarily due to a **$16.6 million** increase in unrealized gains on derivative instruments[168](index=168&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, Sunnova had **$208.5 million** unrestricted cash and **$311.8 million** available borrowing capacity, with Q1 2022 financing activities providing **$382.8 million** in cash - As of March 31, 2022, the company had total cash of **$324.9 million**, of which **$208.5 million** was unrestricted, and **$311.8 million** of available borrowing capacity[173](index=173&type=chunk) Historical Cash Flow Summary (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(92,129) | $(49,908) | | Net cash used in investing activities | $(357,650) | $(226,213) | | Net cash provided by financing activities | $382,813 | $161,691 | [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure on variable-rate debt, mitigated by derivatives, with a hypothetical 10% rate increase impacting Q1 2022 interest expense by **$0.4 million** - The company's primary market risk exposure is to changes in interest rates on its floating-rate debt[187](index=187&type=chunk) - A hypothetical **10%** increase in interest rates on variable-rate debt facilities would have increased interest expense by **$0.4 million** for the three months ended March 31, 2022[187](index=187&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, concluded disclosure controls and procedures were effective as of March 31, 2022, while integrating SunStreet's internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[188](index=188&type=chunk) - The company is integrating SunStreet's internal controls, which has resulted in changes to its internal control over financial reporting[190](index=190&type=chunk) Part II [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in ordinary course legal matters but does not anticipate any material adverse effect on its financial position or operations - The company is not a party to any litigation or proceeding that it believes will have a material adverse impact on its financial position or operations[193](index=193&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to the company's risk factors have occurred since its Annual Report on Form 10-K filed on February 24, 2022 - There have been no material changes in the company's risk factors since its last Annual Report on Form 10-K[194](index=194&type=chunk) [Other Part II Items](index=48&type=section&id=Other%20Part%20II%20Items) Items 2, 3, and 4 are marked as "Not applicable," and Item 5 is marked as "None" - Items 2, 3, and 4 are marked as "Not applicable," and Item 5 is marked as "None"[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Form 10-Q, including debt indentures for Series 2022-A Notes, a note purchase agreement, and CEO/CFO certifications - Key exhibits filed with this report include debt indentures for the HELVIII Notes (Series 2022-A), a note purchase agreement, and CEO/CFO certifications[199](index=199&type=chunk)

Sunnova Energy International, Inc. (NYSE:NOVA) Q4 2021 Earnings Conference Call February 24, 2022 8:30 AM ET Company Participants Rodney McMahan - VP, IR William Berger - Chairman, President & CEO Robert Lane - EVP & CFO Conference Call Participants Maheep Mandloi - Cr??dit Suisse Sophie Karp - KeyBanc Capital Markets Philip Shen - ROTH Capital Partners Joseph Osha - Guggenheim Securities Pavel Molchanov - Raymond James & Associates Sean Morgan - Evercore ISI Ameet Thakkar - BMO Capital Markets Julien Dumou ...

Fourth Quarter and Full-Year February 23, 2022 2021 Earnings Legal Disclaimer 2 This presentation and the accompanying oral presentations contain 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 conta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________ FORM 10-K _______________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ ...

Third Quarter 2021 Earnings October 27, 2021 • This presentation and the accompanying oral presentations contain 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," " ...

Sunnova Energy International Inc. (NYSE:NOVA) Q3 2021 Earnings Conference Call October 28, 2021 8:30 AM ET Company Participants Rodney McMahan ??? Vice President-Investor Relations John Berger ??? Chairman and Chief Executive Officer Robert Lane ??? Executive Vice President and Chief Financial Officer Conference Call Participants Philip Shen ??? Roth Capital Partners Ben Kallo ??? Baird Brian Lee ??? Goldman Sachs Julien Dumoulin-Smith ??? Bank of America Merrill Lynch Maheep Mandloi ??? Credit Suisse Mark ...