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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 March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number: 001-38995
_________________________________________________________________________________________
Sunnova Energy International Inc.
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________________
Delaware
30-1192746
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
20 East Greenway Plaza, Suite 540
Houston, Texas 77046
(Address, including zip code, of principal executive offices)

(281) 892-1588
(Registrant's telephone number, including area code)
_______________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per shareNOVANew York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The registrant had 123,981,666 shares of common stock outstanding as of April 29, 2024.



TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Unless the context otherwise requires, the terms "Sunnova," "the Company," "we," "us" and "our" refer to Sunnova Energy International Inc. ("SEI") and its consolidated subsidiaries. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this report include, but are not limited to, statements about:

federal, state and local statutes, regulations and policies;
determinations of the Internal Revenue Service ("IRS") of the fair market value of our solar energy systems;
the price of centralized utility-generated electricity and electricity from other sources and technologies;
technical and capacity limitations imposed by operators of the power grid;
the availability of tax rebates, credits and incentives, including changes to the rates of, or expiration of, federal tax credits and the availability of related safe harbors;
our need and ability to raise capital to finance the installation and acquisition of distributed solar energy systems, refinance existing debt or otherwise meet our liquidity needs;
our expectations concerning relationships with third parties, including the attraction, retention, performance and continued existence of our dealers;
our ability to manage our supply chains and distribution channels and the impact of natural disasters and other events beyond our control;
our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets;
our investment in our platform and new product offerings and the demand for and expected benefits of our platform and product offerings;
the ability of our solar energy systems, energy storage systems or other product offerings to operate or deliver energy for any reason, including if interconnection or transmission facilities on which we rely become unavailable;
our ability to maintain our brand and protect our intellectual property and customer data;
our ability to manage the cost of solar energy systems, energy storage systems and our service offerings;
the willingness of and ability of our dealers and suppliers to fulfill their respective warranty and other contractual obligations;
our expectations regarding litigation and administrative proceedings; and
our ability to renew or replace expiring, canceled or terminated customer agreements at favorable rates or on a long-term basis.

Our actual results and timing of these events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed under "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts and share par values)
As of 
 March 31, 2024
As of 
 December 31, 2023
Assets
Current assets:
Cash and cash equivalents$231,711 $212,832 
Accounts receivable—trade, net35,756 40,767 
Accounts receivable—other163,724 253,350 
Other current assets, net of allowance of $4,649 and $4,659 as of March 31, 2024 and December 31, 2023, respectively
386,222 429,299 
Total current assets817,413 936,248 
Property and equipment, net6,042,158 5,638,794 
Customer notes receivable, net of allowance of $111,576 and $111,818 as of March 31, 2024 and December 31, 2023, respectively
3,890,835 3,735,986 
Intangible assets, net126,539 134,058 
Other assets938,629 895,885 
Total assets (1)$11,815,574 $11,340,971 
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable$374,861 $355,791 
Accrued expenses87,626 122,355 
Current portion of long-term debt493,496 483,497 
Other current liabilities146,449 133,649 
Total current liabilities1,102,432 1,095,292 
Long-term debt, net7,273,736 7,030,756 
Other long-term liabilities1,117,617 1,086,011 
Total liabilities (1)9,493,785 9,212,059 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests187,312 165,872 
Stockholders' equity:
Common stock, 123,971,555 and 122,466,515 shares issued as of March 31, 2024 and December 31, 2023, respectively, at $0.0001 par value
12 12 
Additional paid-in capital—common stock1,766,966 1,755,461 
Accumulated deficit
(162,973)(228,583)
Total stockholders' equity
1,604,005 1,526,890 
Noncontrolling interests530,472 436,150 
Total equity
2,134,477 1,963,040 
Total liabilities, redeemable noncontrolling interests and equity$11,815,574 $11,340,971 

(1) The consolidated assets as of March 31, 2024 and December 31, 2023 include $5,568,816 and $5,297,816, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $63,777 and $54,674 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—trade, net of $15,729 and $13,860 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—other of $145,886 and $187,607 as of March 31, 2024 and December 31, 2023, respectively; other current assets of $631,951 and $693,772 as of March 31, 2024 and December 31, 2023, respectively; property and equipment, net of $4,615,433 and $4,273,478 as of March 31, 2024 and December 31, 2023, respectively; and other assets of $96,040 and $74,425 as of March 31, 2024 and December 31, 2023, respectively. The consolidated liabilities as of March 31, 2024 and December 31, 2023 include $249,869 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $156,518 and $197,072 as of March 31, 2024 and December 31, 2023, respectively; accrued expenses of $532 and $157 as of March 31, 2024 and December 31, 2023, respectively; other current liabilities of $11,684 and $7,269 as of March 31, 2024 and December 31, 2023, respectively; and other long-term liabilities of $81,135 and $73,518 as of March 31, 2024 and December 31, 2023, respectively.

See accompanying notes to unaudited condensed consolidated financial statements.
4

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)

Three Months Ended 
 March 31,
20242023
Revenue$160,904 $161,696 
Operating expense:
Cost of revenue—depreciation42,156 28,197 
Cost of revenue—inventory sales21,892 51,779 
Cost of revenue—other39,348 19,224 
Operations and maintenance36,945 10,739 
General and administrative117,111 101,261 
Other operating income
(12,326)(723)
Total operating expense, net245,126 210,477 
Operating loss
(84,222)(48,781)
Interest expense, net84,601 85,607 
Interest income(35,696)(24,788)
Other (income) expense
(24)236 
Loss before income tax
(133,103)(109,836)
Income tax (benefit) expense
(43,028)510 
Net loss
(90,075)(110,346)
Net loss attributable to redeemable noncontrolling interests and noncontrolling interests
(20,115)(29,263)
Net loss attributable to stockholders
$(69,960)$(81,083)
Net loss per share attributable to stockholders—basic and diluted
$(0.57)$(0.70)
Weighted average common shares outstanding—basic and diluted122,894,548 115,073,975 

See accompanying notes to unaudited condensed consolidated financial statements.

5

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended 
 March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$(90,075)$(110,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation50,759 32,671 
Impairment and loss on disposals, net
21,718 647 
Amortization of intangible assets7,108 7,108 
Amortization of deferred financing costs8,288 5,171 
Amortization of debt discount6,656 3,512 
Non-cash effect of equity-based compensation plans13,587 9,515 
Non-cash direct sales revenue(13,750)(12,161)
Provision for current expected credit losses and other bad debt expense
1,674 11,858 
Unrealized (gain) loss on derivatives
(30,698)23,616 
Unrealized gain on fair value instruments and equity securities
(12,339)(487)
Other non-cash items11,065 3,261 
Changes in components of operating assets and liabilities:
Accounts receivable48,507 20,837 
Other current assets(6,585)(43,060)
Other assets(52,524)(80,308)
Accounts payable16,591 (10,618)
Accrued expenses(39,083)(11,588)
Other current liabilities8,104 (3,470)
Other long-term liabilities(14,639)(15,485)
Net cash used in operating activities
(65,636)(169,327)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment(398,768)(289,296)
Payments for investments and customer notes receivable(114,044)(274,362)
Proceeds from customer notes receivable50,538 36,111 
Proceeds from investments in solar receivables2,259 2,132 
Other, net1,332 1,120 
Net cash used in investing activities
(458,683)(524,295)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt729,499 604,240 
Payments of long-term debt(475,190)(188,724)
Payments on notes payable(2,507) 
Payments of deferred financing costs(12,625)(6,832)
Proceeds from issuance of common stock, net1,884 (1,488)
Contributions from redeemable noncontrolling interests and noncontrolling interests301,728 174,951 
Distributions to redeemable noncontrolling interests and noncontrolling interests(105,240)(8,554)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests(8,517)(4,511)
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests
88,776  
Other, net(370)(211)
Net cash provided by financing activities
517,438 568,871 
Net decrease in cash, cash equivalents and restricted cash
(6,881)(124,751)
Cash, cash equivalents and restricted cash at beginning of period494,402 545,574 
Cash, cash equivalents and restricted cash at end of period487,521 420,823 
Restricted cash included in other current assets(28,765)(52,699)
Restricted cash included in other assets(227,045)(157,240)
Cash and cash equivalents at end of period$231,711 $210,884 
6

Three Months Ended 
 March 31,
20242023
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment$37,944 $(142)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests$(40,604)$563 
Supplemental cash flow information:
Cash paid for interest$104,889 $69,033 
Cash paid for income taxes$166 $510 

See accompanying notes to unaudited condensed consolidated financial statements.
7

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(in thousands, except share amounts)

Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
December 31, 2022$165,737 114,939,079 $11 $1,637,847 $(364,782)$1,273,076 $448,637 $1,721,713 
Net loss(20,404)— — — (81,083)(81,083)(8,859)(89,942)
Issuance of common stock, net— 645,580 1 (1,625)— (1,624)— (1,624)
Contributions from redeemable noncontrolling interests and noncontrolling interests60,203 — — — — — 114,748 114,748 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,448)— — — — — (7,106)(7,106)
Costs related to redeemable noncontrolling interests and noncontrolling interests(2,605)— — — — — (1,460)(1,460)
Equity in subsidiaries attributable to parent(21,528)— — — 78,893 78,893 (57,365)21,528 
Equity-based compensation expense— — — 9,515 — 9,515 — 9,515 
Other, net(453)— — — — — (110)(110)
March 31, 2023$179,502 115,584,659 $12 $1,645,737 $(366,972)$1,278,777 $488,485 $1,767,262 

Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
December 31, 2023$165,872 122,466,515 $12 $1,755,461 $(228,583)$1,526,890 $436,150 $1,963,040 
Net loss
(13,893)— — — (69,960)(69,960)(6,222)(76,182)
Issuance of common stock, net— 1,505,040  (1,878)— (1,878)— (1,878)
Contributions from redeemable noncontrolling interests and noncontrolling interests
160,153 — — — — — 141,575 141,575 
Distributions to redeemable noncontrolling interests and noncontrolling interests
(92,115)— — — — — (13,125)(13,125)
Costs related to redeemable noncontrolling interests and noncontrolling interests
(3,097)— — — — — (7,599)(7,599)
Distributions payable to redeemable noncontrolling interests and noncontrolling interests
42,463 — — — — — (1,860)(1,860)
Investment tax credit sales
43,661 — — — — — 1,390 1,390 
Equity in subsidiaries attributable to parent(115,732)— — — 135,569 135,569 (19,837)115,732 
Equity-based compensation expense— — — 13,383 — 13,383 — 13,383 
Other, net — — — 1 1 — 1 
March 31, 2024$187,312 123,971,555 $12 $1,766,966 $(162,973)$1,604,005 $530,472 $2,134,477 

See accompanying notes to unaudited condensed consolidated financial statements.
8

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) Description of Business and Basis of Presentation

We are an industry-leading energy services company focused on making clean energy more accessible, reliable and affordable for homeowners and businesses, serving over 438,000 customers in more than 50 United States ("U.S.") states and territories. Sunnova Energy Corporation was incorporated in Delaware on October 22, 2012 and formed Sunnova Energy International Inc. ("SEI") as a Delaware corporation on April 1, 2019. We completed our initial public offering on July 29, 2019 (our "IPO"); and in connection with our IPO, all of Sunnova Energy Corporation's ownership interests were contributed to SEI. Unless the context otherwise requires, references in this report to "Sunnova," the "Company," "we," "our," "us," or like terms, refer to SEI and its consolidated subsidiaries.

We partner with local dealers and contractors who originate, design and install our customers' solar energy systems, energy storage systems and related products and services on our behalf, as well as other sustainable home solutions, such as home security and monitoring, smart home devices, modern heating, ventilation and air conditioning, generators, upgraded roofing, water systems, water heaters, main panel upgrades and electric vehicle chargers. Our focus on our dealer and contractor model enables us to leverage our dealers' and contractors' specialized knowledge, connections and experience in local markets to drive customer origination while providing our dealers and contractors with access to high quality products at competitive prices, as well as technical oversight and expertise. We believe this structure provides operational flexibility, reduces exposure to labor shortages and lowers fixed costs relative to true vertically integrated models.

We offer customers products to power and improve the energy efficiency and sustainability of their homes and businesses with affordable solar energy and related products and services. We are able to offer energy generation savings compared to utility-based retail rates with little to no up-front expense to the customer in conjunction with solar and solar plus energy storage products, and, in the case of the latter, are able to also provide energy resiliency. Our customer agreements typically are structured as either a legal-form lease (a "lease") of a solar energy system and/or energy storage system to the customer, the sale of the solar energy system's output to the customer under a power purchase agreement ("PPA") or the purchase of a solar energy system, energy storage system and/or accessory either with financing provided by us (a "loan") or paid in full by the customer (a "sale"); however, we also offer service plans and repair services for systems we did not originate. We make it possible in some states for a customer to obtain a new roof and/or other ancillary products. We also allow customers originated through our homebuilder channel the option of purchasing the system when the customer closes on the purchase of a new home. The initial term of our customer agreements is typically between 10 and 25 years, during which time we provide or arrange for ongoing services to customers, including monitoring, maintenance and warranty services. Our lease and PPA agreements typically include an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. Our ancillary products include both cash sales and loans with an initial term between one year and 20 years. Customer payments and rates can be fixed for the duration of the customer agreement or escalated at a pre-determined percentage annually. We also receive tax benefits and other incentives from leases and PPAs, a portion of which we finance through tax equity, non-recourse debt structures and hedging arrangements in order to fund our upfront costs, overhead and growth investments. Our future success depends in part on our ability to raise capital from third-party investors and commercial sources.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements ("interim financial statements") include our consolidated balance sheets, statements of operations, statements of redeemable noncontrolling interests and equity and statements of cash flows and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. We have condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As such, these interim financial statements should be read in conjunction with our 2023 annual audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed with the SEC on February 22, 2024. Our interim financial statements reflect all normal recurring adjustments necessary, in our opinion, to state fairly our financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period because of our continual growth, seasonal fluctuations in demand for power, timing of maintenance and other expenditures, changes in interest expense and other factors.

Our interim financial statements include our accounts and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation, we consolidate any VIE of which we are the primary beneficiary. We form VIEs with our investors in the ordinary course of business to facilitate the funding and monetization of certain attributes
9

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
associated with our solar energy systems. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve holding a majority of the voting interests. A primary beneficiary is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We do not consolidate a VIE in which we have a majority ownership interest when we are not considered the primary beneficiary. We have considered the provisions within the contractual arrangements that grant us power to manage and make decisions that affect the operation of our VIEs, including determining the solar energy systems contributed to the VIEs, and the installation, operation and maintenance of the solar energy systems. We consider the rights granted to the other investors under the contractual arrangements to be more protective in nature rather than substantive participating rights. As such, we have determined we are the primary beneficiary of our VIEs and evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.

(2) Significant Accounting Policies

Included below are updates to significant accounting policies disclosed in our 2023 annual audited consolidated financial statements.

Use of Estimates

The application of GAAP in the preparation of the interim financial statements requires us to make estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates.

Accounts Receivable

Accounts Receivable—Trade.    Accounts receivable—trade primarily represents trade receivables from customers that are generally collected in the subsequent month. Accounts receivable—trade is recorded net of an allowance for credit losses, which is based on our assessment of the collectability of customer accounts based on the best available data at the time. We review the allowance by considering factors such as historical experience, customer credit rating, contractual term, aging category and current economic conditions that may affect a customer's ability to pay to identify customers with potential disputes or collection issues. We write off accounts receivable when we deem them uncollectible. The following table presents the changes in the allowance for credit losses recorded against accounts receivable—trade, net in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$2,559 $1,676 
Provision for current expected credit losses1,826 928 
Write off of uncollectible accounts(1,478)(779)
Recoveries99 62 
Other, net(67) 
Balance at end of period$2,939 $1,887 

Accounts Receivable—Other.    Accounts receivable—other primarily represents receivables from ITC sales and receivables from our dealers or other parties related to the sale of inventory and the use of inventory procured by us. The
10

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
following table presents the changes in the allowance for credit losses recorded against accounts receivable—other in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$13,045 $ 
Provision for current expected credit losses
581 671 
Write off of uncollectible accounts(6,850) 
Balance at end of period$6,776 $671 

Inventory

Inventory is stated at the lower of cost and net realizable value using the first-in, first-out method. Inventory primarily represents (a) raw materials, such as energy storage systems, photovoltaic modules, inverters, meters and modems, (b) homebuilder construction in progress and (c) other associated equipment purchased. These materials are typically procured by us and used by our dealers, sold to our dealers or held for use as original parts on new solar energy systems or replacement parts on existing solar energy systems. We remove these items from inventory and record the transaction in typically one of these manners: (a) expense to operations and maintenance expense when installed as a replacement part for a solar energy system, (b) recognize in accounts receivable—other when procured by us and used by our dealers, (c) expense to cost of revenue—inventory sales if sold directly to a dealer or other party, (d) capitalize to property and equipment when installed on an existing home or business, (e) expense to cost of revenue—other when installed on a new home or business as part of a cash sale or (f) capitalize to property and equipment when placed in service under the homebuilder program. We periodically evaluate our inventory for unusable and obsolete items based on assumptions about future demand and market conditions. Based on this evaluation, provisions are made to write inventory down to net realizable value. The following table presents the detail of inventory as recorded in other current assets in the unaudited condensed consolidated balance sheets:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Energy storage systems and components$55,110 $83,178 
Homebuilder construction in progress42,668 36,461 
Modules and inverters31,246 27,143 
Meters and modems1,732 1,793 
Total$130,756 $148,575 

Fair Value of Financial Instruments

Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or a liability. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes inputs that may be used to measure fair value as follows:

Level 1—Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2—Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires
11

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
judgment and consideration of factors specific to the asset or liability. Our financial instruments include cash, cash equivalents, accounts receivable, customer notes receivable, investments in solar receivables, accounts payable, accrued expenses, long-term debt, interest rate swaps and caps and contingent consideration. The carrying values of accounts receivable, accounts payable and accrued expenses approximate the fair values due to the fact that they are short-term in nature (Level 1). We estimate the fair value of our customer notes receivable based on interest rates currently offered under the loan program with similar maturities and terms (Level 3). We estimate the fair value of our investments in solar receivables based on a discounted cash flows model that utilizes market data related to solar irradiance, production factors by region and projected electric utility rates in order to build up revenue projections (Level 3). In addition, lease-related revenue and maintenance and service costs were supported through the use of available market studies and data. We estimate the fair value of our fixed-rate long-term debt based on an analysis of debt with similar book values, maturities and required market yields based on current interest rates (Level 3). We determine the fair values of the interest rate derivative transactions based on a discounted cash flow method using contractual terms of the transactions and counterparty credit risk as key inputs. The floating interest rate is based on observable rates consistent with the frequency of the interest cash flows (Level 2). For contingent consideration, we estimate the fair value of the installation earnout using the Monte Carlo model based on the forecasted placements for the installations and the microgrid earnout using a scenario-based methodology based on the probabilities of the microgrid earnout, both using Level 3 inputs. See Note 6, Customer Notes Receivable, Note 7, Long-Term Debt and Note 8, Derivative Instruments.

The following tables present our financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

As of March 31, 2024
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$67,942 $ $ $67,942 
Derivative assets54,226  54,226  
Total$122,168 $ $54,226 $67,942 
Financial liabilities:
Contingent consideration$4,685 $ $ $4,685 
Total$4,685 $ $ $4,685 

As of December 31, 2023
TotalLevel 1Level 2Level 3
(in thousands)
Financial assets:
Investments in solar receivables$69,334 $ $ $69,334 
Derivative assets55,471  55,471  
Total$124,805 $ $55,471 $69,334 
Financial liabilities:
Contingent consideration$19,916 $ $ $19,916 
Total$19,916 $ $ $19,916 

Changes in the fair value of our investments in solar receivables are included in other operating income/expense in the consolidated statements of operations. The following table summarizes the change in the fair value of our financial assets
12

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other current assets and other assets in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$69,334 $72,171 
Additions 969 
Settlements(2,335)(2,173)
Gain (loss) recognized in earnings
943 (245)
Balance at end of period$67,942 $70,722 

Changes in the fair value of our contingent consideration are included in other operating expense/income in the consolidated statements of operations. The following table summarizes the change in the fair value of our financial liabilities accounted for at fair value on a recurring basis using Level 3 inputs as recorded in other long-term liabilities in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$19,916 $26,787 
Settlements(3,859)(10,779)
Gain recognized in earnings
(11,372)(968)
Balance at end of period$4,685 $15,040 

The following table summarizes the significant unobservable inputs used in the valuation of our liabilities as of March 31, 2024 using Level 3 inputs:

Unobservable
Input
Weighted
Average
Liabilities:
Contingent consideration - installation earnoutVolatility30.00%
Revenue risk premium15.70%
Risk-free discount rate5.03%
Contingent consideration - microgrid earnoutProbability of success10.00%
Risk-free discount rate5.03%

Significant increases or decreases in the volatility, revenue risk premium, probability of success or risk-free discount rate in isolation could result in a significantly higher or lower fair value measurement.

13

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Revenue

The following table presents the detail of revenue as recorded in the unaudited condensed consolidated statements of operations:

Three Months Ended 
 March 31,
20242023
(in thousands)
PPA revenue$30,075 $21,746 
Lease revenue50,555 31,343 
Inventory sales revenue23,574 59,914 
Service revenue1,039 3,817 
Direct sales revenue
13,750 12,161 
Solar renewable energy certificate revenue8,408 7,791 
Cash sales revenue21,954 16,819 
Loan revenue11,176 7,143 
Other revenue373 962 
Total$160,904 $161,696 

We recognize revenue from contracts with customers as we satisfy our performance obligations at a transaction price reflecting an amount of consideration based upon an estimated rate of return, net of cash incentives. We express this rate of return as the solar rate per kilowatt hour ("kWh") in the customer contract. The amount of revenue we recognize does not equal customer cash payments because we satisfy performance obligations ahead of cash receipt or evenly as we provide continuous access on a stand-ready basis to the solar energy system. We reflect the differences between revenue recognition and cash payments received in accounts receivable, other assets or deferred revenue, as appropriate. Revenue allocated to remaining performance obligations represents contracted revenue we have not yet recognized and includes deferred revenue as well as amounts that will be invoiced and recognized as revenue in future periods. Contracted but not yet recognized revenue was approximately $6.0 billion as of March 31, 2024, of which we expect to recognize approximately 4% over the next 12 months. We do not expect the annual recognition to vary significantly over approximately the next 19 years as the vast majority of existing customer agreements have at least 19 years remaining, given the average age of the fleet of solar energy systems under contract is less than four years.

Certain customers may receive cash incentives. We defer recognition of the payment of these cash incentives and recognize them over the life of the contract as a reduction to revenue. The deferred payment is recorded in other assets for customers who receive the cash incentives under our lease and PPA agreements, and as a contra-liability in other long-term liabilities for customers who receive the cash incentives under our loan agreements.

PPA Revenue.    Customers purchase electricity from us under PPAs. Pursuant to ASC 606, we recognize revenue based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs. All customers must pass our credit evaluation process. The PPAs generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options.

Lease Revenue.    We are the lessor under lease agreements for solar energy systems and energy storage systems, which do not meet the definition of a lease under ASC 842 and are accounted for as contracts with customers under ASC 606. We recognize revenue on a straight-line basis over the contract term as we satisfy our obligation to provide continuous access to the solar energy system. All customers must pass our credit evaluation process. The lease agreements generally have a term of 20 or 25 years with an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options.

In most cases, we provide customers under our lease agreements a performance guarantee that each solar energy system will achieve a certain specified minimum solar energy production output, which is a significant proportion of its expected output. The specified minimum solar energy production output may not be achieved due to natural fluctuations in the weather or equipment failures from exposure and wear and tear outside of our control, among other factors. We determine the amount of the guaranteed output based on a number of different factors, including: (a) the specific site information related to the tilt of the panels, azimuth (a horizontal angle measured clockwise in degrees from a reference direction) of the panels, size of the system,
14

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
and shading on site; (b) the calculated amount of available irradiance (amount of energy for a given flat surface facing a specific direction) based on historical average weather data and (c) the calculated amount of energy output of the solar energy system. While actual irradiance levels can significantly change year over year due to natural fluctuations in the weather, we expect the levels to average out over the term of a lease and to approximate the levels used in determining the amount of the performance guarantee. Generally, weather fluctuations are the most likely reason a solar energy system may not achieve a certain specified minimum solar energy production output.

If the solar energy system does not produce the guaranteed production amount, we are required to refund a portion of the previously remitted customer payments, where the repayment is calculated as the product of (a) the shortfall production amount and (b) the dollar amount (guaranteed rate) per kWh that is fixed throughout the term of the contract. These remittances of a customer's payments, if needed, are payable as early as the first anniversary of the solar energy system's placed in service date and then every annual period thereafter. See Note 13, Commitments and Contingencies.

Inventory Sales Revenue.    Inventory sales revenue represents revenue from the direct sale of inventory to our dealers or other parties. We recognize the related revenue under ASC 606 upon shipment or upon sale when a bill and hold agreement is in place. Shipping and handling costs are included in cost of revenue—inventory sales in the consolidated statements of operations.

Service Revenue.    Service revenue includes sales of service plans and repair services. Service plans are available to customers whose solar energy system was not originally sold by Sunnova. We recognize revenue from service plan contracts on a straight-line basis over the life of the contract, which is typically 10 years. We recognize revenue from repair services in the period in which the service was performed.

Direct Sales Revenue.    Direct sales revenue includes revenue from the direct sale of solar energy systems and energy storage systems to customers with financing provided by us. We recognize revenue from the direct sale of solar energy systems and energy storage systems in the period in which the systems are placed in service.

Solar Renewable Energy Certificate Revenue.    Each solar renewable energy certificate ("SREC") represents the environmental benefit of one megawatt hour (1,000 kWh) generated by a solar energy system. SRECs can be sold separate from the actual electricity generated by the renewable-based generation source. We account for the SRECs we generate from our solar energy systems as governmental incentives with no costs incurred to obtain them and do not consider those SRECs output of the underlying solar energy systems. We classify these SRECs as inventory held until sold and delivered to third parties. As we did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of March 31, 2024 and December 31, 2023. We enter into economic hedges related to expected production of SRECs through forward contracts. While these fixed price forward contracts serve as an economic hedge against spot price fluctuations for the SRECs, the contracts do not qualify for hedge accounting and are not designated as cash flow hedges or fair value hedges. The contracts require us to physically deliver the SRECs upon settlement. We recognize the related revenue under ASC 606 upon satisfaction of the performance obligation to transfer the SRECs to the stated counterparty. Payments are typically received within one month of transferring the SREC to the counterparty. The costs related to the sales of SRECs are generally limited to broker fees (recorded in cost of revenue—other), which are only paid in connection with certain transactions. In certain circumstances we are required to purchase SRECs on the open market to fulfill minimum delivery requirements under our forward contracts.

Cash Sales Revenue.    Cash sales revenue represents revenue from a customer's purchase of a solar energy system from us typically when purchasing a new home. We recognize the related revenue under ASC 606 upon verification of the home closing.

Loan Revenue.    See discussion of loan revenue in the "Loans" section below.

Other Revenue.    Other revenue includes certain state and utility incentives. We recognize revenue from state and utility incentives in the periods in which they are earned.

Loans

We offer a loan program, under which the customer finances the purchase of a solar energy system, energy storage system and/or accessory through a customer agreement, typically for a term of 10, 15 or 25 years. We recognize cash payments received from customers on a monthly basis under our loan program (a) as interest income, to the extent attributable to earned interest on the contract that financed the customer's purchase; (b) as a reduction of a note receivable on the balance sheet, to the extent attributable to a return of principal (whether scheduled or prepaid) on the contract that financed the customer's purchase; and (c) as revenue, to the extent attributable to payments for operations and maintenance services provided by us. To qualify for
15

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
the loan program, a customer must pass our credit evaluation process, which requires the customer to have a minimum FICO® score of 600 to 780 depending on certain circumstances, and we secure the loans with the solar energy systems, energy storage systems or accessories financed. The credit evaluation process is performed once for each customer at the time the customer is entering into the customer agreement with us.

Our investments in solar energy systems, energy storage systems and/or accessories related to the loan program that are not yet placed in service are recorded in other assets in the consolidated balance sheets and are transferred to customer notes receivable upon being placed in service. Customer notes receivable are recorded at amortized cost, net of an allowance for credit losses (as described below), in other current assets and customer notes receivable in the consolidated balance sheets. Accrued interest receivable related to our customer notes receivable is recorded in accounts receivable—trade, net in the consolidated balance sheets. Interest income from customer notes receivable is recorded in interest income in the consolidated statements of operations. The amortized cost of our customer notes receivable is equal to the principal balance of customer notes receivable outstanding and does not include accrued interest receivable. Customer notes receivable continue to accrue interest until they are written off against the allowance, which occurs when the balance is 180 days or more past due unless the balance is in the process of collection. Customer notes receivable are considered past due one day after the due date based on the contractual terms of the loan agreement. In all cases, customer notes receivable balances are placed on a nonaccrual status or written off at an earlier date when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously written off and expected to be written off. Accrued interest receivable for customer notes receivable placed on a nonaccrual status is recorded as a reduction to interest income. Interest received on such customer notes receivable is accounted for on a cash basis until the customer notes receivable qualifies for the return to accrual status. Customer notes receivable are returned to accrual status when there is no longer any principal or interest amounts past due and future payments are reasonably assured.

The allowance for credit losses is deducted from the customer notes receivable amortized cost to present the net amount expected to be collected. It is measured on a collective (pool) basis when similar risk characteristics (such as financial asset type, customer credit rating, contractual term and vintage) exist. In determining the allowance for credit losses, we identify customers with potential disputes or collection issues and consider our historical level of credit losses and current economic trends that might impact the level of future credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics, such as differences in underwriting standards. Expected credit losses are estimated over the contractual term of the loan agreements based on the best available data at the time and adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: (a) we have a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual customer or (b) the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by us. Expected credit losses are recorded in general and administrative expense in the consolidated statements of operations. See Note 6, Customer Notes Receivable.

Deferred Revenue

Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes (a) payments for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements, net of any cash incentives earned by the customers, (b) down payments and partial or full prepayments from customers and (c) differences due to the timing of energy production versus billing for certain types of PPAs. Deferred revenue was $615.6 million as of December 31, 2022. The following table presents the detail of deferred revenue as recorded in other current liabilities and other long-term liabilities in the unaudited condensed consolidated balance sheets:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Loans$972,453 $930,999 
PPAs and leases63,615 55,651 
Solar receivables4,273 4,339 
Other15 14 
Total (1)$1,040,356 $991,003 

(1) Of this amount, $59.0 million and $50.8 million is recorded in other current liabilities as of March 31, 2024 and December 31, 2023, respectively.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
During the three months ended March 31, 2024 and 2023, we recognized revenue of $13.9 million and $7.9 million, respectively, from amounts recorded in deferred revenue at the beginning of the respective years.

Contract Assets and Contract Liabilities

Billing practices are governed by the contract terms of each project based upon costs incurred, production or predetermined schedules. Billings do not necessarily correlate with revenue recognized using the percentage-of-completion method to reflect the transfer of control over time. Contract assets include unbilled amounts typically resulting from revenue under contracts when the percentage-of-completion method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Retainage, included in contract assets, represents the amounts withheld from billings by our clients pursuant to provisions in the contracts and may not be paid to us until the completion of specific tasks or the completion of the project and, in some instances, for even longer periods. Retainage may also be subject to restrictive conditions such as performance guarantees. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The payment terms of our contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. As of March 31, 2024 and December 31, 2023, contract assets were $279,000 and contract liabilities were $3.9 million and $3.8 million, respectively. The increase in contract liabilities was due to the timing of advance payments partially offset by revenue recognized during the period. During the three months ended March 31, 2024 and 2023, we recognized revenue of an insignificant amount and $0, respectively, from amounts recorded in contract liabilities at the beginning of the respective years.

Equity-Based Compensation

We account for equity-based compensation, which requires the measurement and recognition of compensation expense related to the fair value of equity-based compensation awards. Equity-based compensation expense includes the compensation cost for all share-based awards granted to employees, consultants and members of our board of directors. We use the Black-Scholes option-pricing model to measure the fair value of stock options at the measurement date. For restricted stock units that will be settled in cash, we use the closing price of our common stock on the measurement date to measure the fair value at the measurement date and record in other current liabilities in the consolidated balance sheets. For restricted stock units that will be settled in common stock, we use the closing price of our common stock on the grant date to measure the fair value at the measurement date and record in additional paid-in capital—common stock in the consolidated balance sheets. We account for forfeitures as they occur. Equity-based compensation expense is recorded in general and administrative expense in the consolidated statements of operations. See Note 11, Equity-Based Compensation.

Self-Insurance

In January 2023, we changed our health insurance policy for qualifying employees in the U.S. from a fully-insured policy to a self-insured policy in order to administer insurance coverage to our employees at a lower cost to us. The change in insurance policy did not have a significant impact on our consolidated financial statements and related disclosures. Under the self-insured policy, we maintain stop-loss coverage from a third party that limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize a third-party actuary to estimate a range of expected losses, which are based on an analysis of historical data. Assumptions are monitored and adjusted when warranted by changing circumstances. We record our liability for estimated losses under our self-insured policy in accrued liabilities in the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, our liability for self-insured claims was $4.9 million and $3.5 million, respectively, which represents our best estimate of the future cost of claims incurred as of that date. We believe we have adequate reserves for these claims as of March 31, 2024; however, the actual value of such claims could be significantly affected if future occurrences and claims differ from these assumptions.

Sales of Investment Tax Credits ("ITCs")

We enter into tax credit purchase and sale agreements with third-party purchasers to sell to such third-party purchasers, for cash, the Section 48(a) ITCs generated by certain solar energy systems that have or will be placed in service, subject to certain conditions set forth therein. We account for ITCs using the flow-through method, which states the tax benefit is to be recognized when the ITC is realizable. During the three months ended March 31, 2024 and 2023, we recognized income tax benefit of $44.2 million and $0, respectively, related to estimated future sales of ITCs for the remaining part of the year. For tax credit purchase and sale agreements entered into by certain of our consolidated tax equity partnerships, we record our share of the sale as income tax benefit in the unaudited condensed consolidated statements of operations and the tax equity investor's share as an increase to redeemable noncontrolling interests or noncontrolling interests in the unaudited condensed consolidated
17

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
balance sheets. As of March 31, 2024 and December 31, 2023, accounts receivable from ITC sales of $144.9 million and $200.7 million, respectively, is recorded in accounts receivable—other in the unaudited condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, we recognized ITC sales of $48.0 million and $0, respectively, of which $3.0 million and $0, respectively, is recorded in income tax (benefit) expense and $45.0 million and $0, respectively, is recorded in redeemable noncontrolling interests and noncontrolling interests.

New Accounting Guidance

New accounting pronouncements are issued by the FASB or other standard setting bodies and are adopted as of the specified effective date.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, to refine and ensure a broader and more transparent representation of segment-related financial activities. This ASU is effective for annual periods beginning in January 2024 and interim periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to improve the transparency and effectiveness of income tax disclosures, including rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning in January 2025. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.

(3) Property and Equipment

The following table presents the detail of property and equipment, net as recorded in the unaudited condensed consolidated balance sheets:

Useful LivesAs of 
 March 31, 2024
As of 
 December 31, 2023
(in years)(in thousands)
Solar energy systems and energy storage systems35$5,953,572 $5,443,796 
Construction in progress464,875 530,180 
Asset retirement obligations3084,554 78,538 
Software and business technology systems
3133,331 130,300 
Computers and equipment
3-5
7,715 7,503 
Leasehold improvements
3-6
6,379 6,170 
Furniture and fixtures71,172 1,172 
Vehicles
4-5
1,640 1,640 
Other
5-6
419 419 
Property and equipment, gross6,653,657 6,199,718 
Less: accumulated depreciation(611,499)(560,924)
Property and equipment, net$6,042,158 $5,638,794 

The amounts included in the above table for solar energy systems and energy storage systems and substantially all the construction in progress relate to our customer contracts (including PPAs and leases). These assets had accumulated depreciation of $531.7 million and $489.7 million as of March 31, 2024 and December 31, 2023, respectively.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(4) Detail of Certain Balance Sheet Captions

The following table presents the detail of other current assets as recorded in the unaudited condensed consolidated balance sheets:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Inventory$130,756 $148,575 
Current portion of customer notes receivable185,098 176,562 
Restricted cash28,765 62,188 
Prepaid assets27,884 25,996 
Deferred receivables5,568 7,601 
Current portion of investments in solar receivables7,330 7,457 
Other821 920 
Total$386,222 $429,299 

The following table presents the detail of other assets as recorded in the unaudited condensed consolidated balance sheets:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Construction in progress - customer notes receivable$123,508 $159,066 
Restricted cash227,045 219,382 
Exclusivity and other bonus arrangements with dealers, net174,512 166,359 
Investments in solar receivables60,612 61,877 
Straight-line revenue adjustment, net66,585 62,941 
Other286,367 226,260 
Total$938,629 $895,885 

The following table presents the detail of other current liabilities as recorded in the unaudited condensed consolidated balance sheets:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Interest payable$65,988 $67,647 
Deferred revenue59,044 50,815 
Current portion of operating and finance lease liability4,471 4,231 
Current portion of performance guarantee obligations3,061 2,667 
Other13,885 8,289 
Total$146,449 $133,649 

(5) Asset Retirement Obligations ("ARO")

AROs consist primarily of costs to remove solar energy system assets and costs to restore the solar energy system sites to the original condition, which we estimate based on current market rates. For each solar energy system, we recognize the fair value of the ARO as a liability and capitalize that cost as part of the cost basis of the related solar energy system. The related assets are depreciated on a straight-line basis over 30 years, which is the estimated average time a solar energy system will be installed in a location before being removed, and the related liabilities are accreted to the full value over the same period of time. We revise our estimated future liabilities based on recent actual experiences, including third party cost estimates, average size of solar energy systems and inflation rates, which we evaluate at least annually. Changes in our estimated future liabilities
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
are recorded as either a reduction or addition in the carrying amount of the remaining unamortized asset and the ARO and either decrease or increase our depreciation and accretion expense amounts prospectively. The following table presents the changes in AROs as recorded in other long-term liabilities in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$96,227 $69,869 
Additional obligations incurred6,032 3,355 
Accretion expense1,477 1,081 
Other(24)(13)
Balance at end of period$103,712 $74,292 

(6) Customer Notes Receivable

We offer a loan program, under which the customer finances the purchase of a solar energy system, energy storage system and/or accessory through a customer agreement for a term of 10, 15 or 25 years. The following table presents the detail of customer notes receivable as recorded in the unaudited condensed consolidated balance sheets and the corresponding fair values:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
Customer notes receivable$4,192,158 $4,029,025 
Allowance for credit losses(116,225)(116,477)
Customer notes receivable, net $4,075,933 $3,912,548 
Estimated fair value, net$3,987,979 $3,800,754 

The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in the unaudited condensed consolidated balance sheets:

Three Months Ended 
 March 31,
20242023
(in thousands)
Balance at beginning of period$116,477 $81,248 
Provision for current expected credit (gains) losses
(252)10,211 
Balance at end of period$116,225 $91,459 

As of March 31, 2024 and December 31, 2023, we invested $123.5 million and $159.1 million, respectively, in loan solar energy systems, energy storage systems and/or accessories not yet placed in service. For the three months ended March 31, 2024 and 2023, interest income related to our customer notes receivable was $31.0 million and $20.1 million, respectively. As of March 31, 2024 and December 31, 2023, accrued interest receivable related to our customer notes receivable was $8.7 million and $14.3 million, respectively. As of March 31, 2024 and December 31, 2023, there was $44.3 million and $34.2 million, respectively, of customer notes receivable not accruing interest and there was $966,000 and $754,000, respectively, of allowance recorded for loans on nonaccrual status. For the three months ended March 31, 2024 and 2023, interest income of $0 was recognized for loans on nonaccrual status and accrued interest receivable of $41,000 and $13,000, respectively, was written off by reversing interest income.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We consider the performance of our customer notes receivable portfolio and its impact on our allowance for credit losses. We also evaluate the credit quality based on the aging status and payment activity. The following table presents the aging of the amortized cost of customer notes receivable:

As of 
 March 31, 2024
As of 
 December 31, 2023
(in thousands)
1-90 days past due$188,377 $164,150 
91-180 days past due45,568 40,428 
Greater than 180 days past due95,226 77,110 
Total past due329,171 281,688 
Not past due3,862,987 3,747,337 
Total$4,192,158 $4,029,025 

As of March 31, 2024 and December 31, 2023, the amortized cost of our customer notes receivable more than 90 days past due but not on nonaccrual status was $96.5 million and $83.3 million, respectively. The following table presents the amortized cost by origination year of our customer notes receivable based on payment activity:

Amortized Cost by Origination Year
20242023202220212020PriorTotal
(in thousands)
Payment performance:
Performing$205,656 $1,455,795 $1,319,753 $683,536 $208,689 $223,503 $4,096,932 
Nonperforming (1) 18,422 36,661 20,629 5,903 13,611 95,226 
Total$205,656 $1,474,217 $1,356,414 $704,165 $214,592 $237,114 $4,192,158 

(1)    A nonperforming loan is a loan in which the customer is in default and has not made any scheduled principal or interest payments for 181 days or more.

(7) Long-Term Debt

Our subsidiaries with long-term debt include Sunnova Energy Corporation, Sunnova EZ-Own Portfolio, LLC ("EZOP"), Sunnova Helios II Issuer, LLC ("HELII"), Sunnova RAYS I Issuer, LLC ("RAYSI"), Sunnova Helios III Issuer, LLC ("HELIII"), Sunnova TEP Holdings, LLC ("TEPH"), Sunnova Sol Issuer, LLC ("SOLI"), Sunnova Helios IV Issuer, LLC ("HELIV"), Sunnova Asset Portfolio 8, LLC ("AP8"), Sunnova Sol II Issuer, LLC ("SOLII"), Sunnova Helios V Issuer, LLC ("HELV"), Sunnova Sol III Issuer, LLC ("SOLIII"), Sunnova Helios VI Issuer, LLC ("HELVI"), Sunnova Helios VII Issuer, LLC ("HELVII"), Sunnova Helios VIII Issuer, LLC ("HELVIII"), Sunnova Sol IV Issuer, LLC ("SOLIV"), Sunnova Helios IX Issuer, LLC ("HELIX"), Sunnova Helios X Issuer, LLC ("HELX"), Sunnova Inventory Supply, LLC ("IS"), Sunnova Sol V Issuer, LLC ("SOLV"), Sunnova Helios XI Issuer, LLC ("HELXI"), Sunnova Helios XII Issuer, LLC ("HELXII"), Sunnova Asset Portfolio 9, LLC ("AP9"), Sunnova Hestia I Borrower, LLC ("HESI"), Sunnova Sol VI Issuer, LLC ("SOLVI") and Sunnova Helios XIII Issuer, LLC ("HELXIII"). The following table presents the detail of long-term debt, net as recorded in the unaudited condensed consolidated balance sheets: