Company Quick10K Filing
Sunnova Energy
Price11.65 EPS-1
Shares61 P/E-8
MCap709 P/FCF-38
Net Debt1,067 EBIT-84
TEV1,776 TEV/EBIT-21
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
S-1 2020-06-29 Public Filing
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-19
S-1 2019-06-27 Public Filing
10-K 2018-12-31 Filed 2019-03-19
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-23
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-20
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-22
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-08-13 Filed 2012-08-13
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-03-22
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-24
8-K 2020-07-29 Earnings, Regulation FD, Exhibits
8-K 2020-07-01 Enter Agreement, Other Events, Exhibits
8-K 2020-06-29 Enter Agreement
8-K 2020-06-22
8-K 2020-06-17
8-K 2020-06-12
8-K 2020-05-20
8-K 2020-05-14
8-K 2020-04-02
8-K 2020-03-03
8-K 2020-02-24
8-K 2020-02-14
8-K 2020-02-11
8-K 2020-02-04
8-K 2020-01-23
8-K 2019-12-05
8-K 2019-10-31
8-K 2019-10-16
8-K 2019-10-03
8-K 2019-09-13
8-K 2019-09-12
8-K 2019-08-30
8-K 2019-08-19
8-K 2019-07-24
8-K 2018-01-23

NOVA 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 exhibit311-q22020.htm
EX-31.2 exhibit312-q22020.htm
EX-32.1 exhibit321-q22020.htm
EX-32.2 exhibit322-q22020.htm

Sunnova Energy Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.21.81.30.90.40.02018201820192020
Assets, Equity
0.10.10.0-0.0-0.1-0.12018201820192020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22018201820192020
Ops, Inv, Fin

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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 June 30, 2020
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) 985-9904
(Registrant's telephone number, including area code)

20 East Greenway Plaza, Suite 475
Houston, Texas 77046
(Former address)
_______________________________________________________________________________

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 85,028,799 shares of common stock outstanding as of July 27, 2020.


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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"). 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 "may," "will," "likely," "should," "expect," "anticipate," "could," "contemplate," "target," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "target," "predict," "potential," "continue" 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:

the effects of the coronavirus disease pandemic on our business and operations, results of operations and financial position;
federal, state and local statutes, regulations and policies;
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 residential 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, such as the coronavirus disease pandemic;
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 solar service 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.

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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.

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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 
 June 30, 2020
As of 
 December 31, 2019
Assets
Current assets:
Cash$102,279  $83,485  
Accounts receivable—trade, net12,504  10,672  
Accounts receivable—other6,094  6,147  
Other current assets, net of allowance of $542 and $112 as of June 30, 2020 and December 31, 2019, respectively
165,928  174,016  
Total current assets286,805  274,320  
Property and equipment, net2,006,115  1,745,060  
Customer notes receivable, net of allowance of $13,001 and $979 as of June 30, 2020 and December 31, 2019, respectively
378,976  297,975  
Other assets195,699  169,712  
Total assets (1)$2,867,595  $2,487,067  
Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity
Current liabilities:
Accounts payable$27,590  $36,190  
Accrued expenses21,496  39,544  
Current portion of long-term debt114,141  97,464  
Other current liabilities26,534  21,804  
Total current liabilities189,761  195,002  
Long-term debt, net1,628,672  1,346,419  
Other long-term liabilities149,169  127,406  
Total liabilities (1)1,967,602  1,668,827  
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests238,305  172,305  
Stockholders' equity:
Common stock, 84,056,032 and 83,980,885 shares issued as of June 30, 2020 and December 31, 2019, respectively, at $0.0001 par value
8  8  
Additional paid-in capital—common stock1,088,223  1,007,751  
Accumulated deficit(426,543) (361,824) 
Total stockholders' equity661,688  645,935  
Total liabilities, redeemable noncontrolling interests and stockholders' equity$2,867,595  $2,487,067  

(1) The consolidated assets as of June 30, 2020 and December 31, 2019 include $1,113,760 and $790,211, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $10,415 and $7,347 as of June 30, 2020 and December 31, 2019, respectively; accounts receivable—trade, net of $2,601 and $1,460 as of June 30, 2020 and December 31, 2019, respectively; accounts receivable—other of $214 and $4 as of June 30, 2020 and December 31, 2019, respectively; other current assets of $96,675 and $47,606 as of June 30, 2020 and December 31, 2019, respectively; property and equipment, net of $994,155 and $726,415 as of June 30, 2020 and December 31, 2019, respectively; and other assets of $9,700 and $7,379 as of June 30, 2020 and December 31, 2019, respectively. The consolidated liabilities as of June 30, 2020 and December 31, 2019 include $17,963 and $13,440, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $2,470 and $1,926 as of June 30, 2020 and December 31, 2019, respectively; accrued expenses of $96 and $35 as of June 30, 2020 and December 31, 2019, respectively; other current liabilities of $485 and $612 as of June 30, 2020 and December 31, 2019, respectively; and other long-term liabilities of $14,912 and $10,867 as of June 30, 2020 and December 31, 2019, respectively.

See accompanying notes to unaudited condensed consolidated financial statements.
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SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)

Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2020201920202019
Revenue$42,790  $34,612  $72,619  $61,327  
Operating expense:
Cost of revenue—depreciation14,021  10,225  27,007  19,878  
Cost of revenue—other2,869  1,076  3,912  1,728  
Operations and maintenance2,926  2,289  5,145  4,543  
General and administrative28,133  23,794  56,026  42,475  
Other operating income(16) (62) (22) (80) 
Total operating expense, net47,933  37,322  92,068  68,544  
Operating loss(5,143) (2,710) (19,449) (7,217) 
Interest expense, net30,532  37,310  97,850  68,971  
Interest expense, net—affiliates  1,575    3,397  
Interest income(6,680) (2,967) (11,300) (5,461) 
Loss on extinguishment of long-term debt, net—affiliates  10,645    10,645  
Other (income) expense(266) 534  (266) 534  
Loss before income tax(28,729) (49,807) (105,733) (85,303) 
Income tax        
Net loss(28,729) (49,807) (105,733) (85,303) 
Net income (loss) attributable to redeemable noncontrolling interests(3,471) 931  (9,400) 3,949  
Net loss attributable to stockholders(25,258) (50,738) (96,333) (89,252) 
Dividends earned on Series A convertible preferred stock  (9,760)   (19,271) 
Dividends earned on Series C convertible preferred stock  (2,762)   (5,454) 
Net loss attributable to common stockholders—basic and diluted$(25,258) $(63,260) $(96,333) $(113,977) 
Net loss per share attributable to common stockholders—basic and diluted$(0.30) $(7.32) $(1.15) $(13.20) 
Weighted average common shares outstanding—basic and diluted84,033,278  8,636,598  84,017,214  8,636,065  

See accompanying notes to unaudited condensed consolidated financial statements.

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SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended 
 June 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(105,733) $(85,303) 
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation30,814  22,639  
Impairment and loss on disposals, net1,222  851  
Amortization of deferred financing costs5,409  7,770  
Amortization of debt discount7,610  1,292  
Non-cash effect of equity-based compensation plans6,044  994  
Non-cash payment-in-kind interest on loan679    
Non-cash payment-in-kind interest on loan—affiliates
  2,201  
Unrealized loss on derivatives4,543  17,449  
Unrealized (gain) loss on fair value option instruments(256) 534  
Loss on extinguishment of long-term debt, net—affiliates  10,645  
Other non-cash items7,302  3,470  
Changes in components of operating assets and liabilities:
Accounts receivable(1,941) (6,597) 
Other current assets(81) (9,357) 
Other assets(21,504) (26,063) 
Accounts payable(706) 2,279  
Accrued expenses(16,033) (1,995) 
Other current liabilities4,631  5,362  
Other long-term liabilities(4,928) (1,865) 
Net cash used in operating activities(82,928) (55,694) 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment(274,333) (164,796) 
Payments for investments and customer notes receivable(99,016) (62,360) 
Proceeds from customer notes receivable15,090  9,336  
State utility rebates and tax credits172  227  
Other, net490  183  
Net cash used in investing activities(357,597) (217,410) 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt936,938  526,045  
Payments of long-term debt(629,268) (287,363) 
Proceeds of long-term debt from affiliates  15,000  
Payments on notes payable(2,451) (248) 
Payments of deferred financing costs(16,819) (7,268) 
Payments of debt discounts(3,132) (1,084) 
Proceeds from issuance of common stock, net(129) (478) 
Proceeds from equity component of debt instrument, net73,657    
Proceeds from issuance of convertible preferred stock, net  (2,509) 
Contributions from redeemable noncontrolling interests120,653  50,237  
Distributions to redeemable noncontrolling interests(2,600) (5,143) 
Payments of costs related to redeemable noncontrolling interests(2,187) (1,622) 
Other, net(1) (13) 
Net cash provided by financing activities474,661  285,554  
Net increase in cash and restricted cash34,136  12,450  
Cash and restricted cash at beginning of period150,291  87,046  
Cash and restricted cash at end of period184,427  99,496  
Restricted cash included in other current assets(18,644) (482) 
Restricted cash included in other assets(63,504) (40,238) 
Cash at end of period$102,279  $58,776  
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Six Months Ended 
 June 30,
20202019
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment$(318) $28,343  
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable$(7,738) $(4,369) 
Change in accounts payable and accrued expenses related to financing costs$(768) $3,854  
Transfers of inventory to property and equipment, net and customer notes receivable$20,347  $1,255  
Supplemental cash flow information:
Cash paid for interest$38,476  $25,395  
Cash paid for income taxes$  $  

See accompanying notes to unaudited condensed consolidated financial statements.
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SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in thousands, except share amounts)
Redeemable
Noncontrolling
Interests
Series A
Convertible
Preferred Stock
Series C
Convertible
Preferred Stock
Series A
Common Stock
Series B
Common Stock
Additional
Paid-in
Capital -
Convertible
Preferred
Stock
Additional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
SharesAmountSharesAmountSharesAmountSharesAmount
December 31, 2018$85,680  44,942,594  $449  13,006,780  $130  8,612,728  $86  21,727  $  $701,326  $85,439  $(286,312) $501,118  
Net income (loss)3,018  —  —  —  —  —  —  —  —  —  —  (38,514) (38,514) 
Issuance of common stock—  —  —  —  —  —  —  2,143  —  —  4  —  4  
Repurchase of convertible preferred stock—  (13,484) —  —  —  —  —  —  —  (183) —  (8) (191) 
Contributions from redeemable noncontrolling interests18,030  —  —  —  —  —  —  —  —  —  —  —  —  
Distributions to redeemable noncontrolling interests(3,652) —  —  —  —  —  —  —  —  —  —  —  —  
Costs related to redeemable noncontrolling interests(1,562) —  —  —  —  —  —  —  —  —  —  —  —  
Equity in subsidiaries attributable to parent(10,125) —  —  —  —  —  —  —  —  —  —  10,125  10,125  
Equity-based compensation expense—  —  —  —  —  —  —  —  —  —  281  —  281  
Other, net2,627  —  —  —  —  —  —  —  —  493  —  (2) 491  
March 31, 201994,016  44,929,110  449  13,006,780  130  8,612,728  86  23,870    701,636  85,724  (314,711) 473,314  
Net income (loss)931  —  —  —  —  —  —  —  —  —  —  (50,738)