Company Quick10K Filing
Sunnova Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 9 $89
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-19 Quarter: 2019-06-30
S-1 2019-06-27 Public Filing
10-K 2019-03-19 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-23 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-20 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-12 Quarter: 2016-03-31
10-K 2016-03-22 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-08-11 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-Q 2014-07-29 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-03-28 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-03-27 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-13 Quarter: 2012-08-13
10-Q 2012-05-11 Quarter: 2012-03-31
10-K 2012-03-29 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-Q 2011-05-02 Quarter: 2011-03-31
10-K 2011-03-22 Annual: 2010-12-31
10-Q 2010-11-10 Quarter: 2010-09-30
10-Q 2010-08-13 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-24 Annual: 2009-12-31
8-K 2020-02-14 Enter Agreement, Leave Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-02-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-02-04 Enter Agreement
8-K 2020-01-23 Regulation FD, Exhibits
8-K 2019-12-05 Enter Agreement
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-10-03 Enter Agreement
8-K 2019-09-13 Enter Agreement, Exhibits
8-K 2019-09-12 Enter Agreement
8-K 2019-08-30 Regulation FD
8-K 2019-08-19 Earnings, Regulation FD, Exhibits
8-K 2019-07-24 Enter Agreement, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2018-01-23 Accountant, Exhibits
NOVA 2019-09-30
Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Information 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-10.16 tephagreementex1016.htm
EX-10.18 sladebtamendmentex1018.htm
EX-31.1 q32019ex311.htm
EX-31.2 q32019ex312.htm
EX-32.1 q32019ex321.htm
EX-32.2 q32019ex322.htm

Sunnova Energy Earnings 2019-09-30

NOVA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NOBH 92 56 8 48 13 8 10 71 28% 6.9 14%
AKOM 92 54 10 3 0 -9 -8 86 3% -11.2 -16%
NCLC 91 15,962 9,854 6,307 0 994 1,582 6,146 0% 3.9 6%
HGEN 90 2 12 0 0 -10 -9 89 -9.8 -638%
FZMD 90 21 19 24 14 6 6 89 56% 15.2 27%
MATR 89 29 33 50 36 -11 -5 93 72% -20.5 -39%
NOVA 89 1,953 1,404 35 0 -50 -50 1,218 0% -24.5 -3%
TRPO 86 1 4 0 0 -1 -1 86 -98.1 -69%
REPR 86 12 2 19 12 0 0 82 63% 165.2 0%
LSYN 85 42 13 24 20 5 8 78 85% 9.6 11%

Q3 2019 Form 10-Q Document
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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 September 30, 2019
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 475
Houston, Texas 77046
(Address, including zip code, of principal executive offices)

(281) 985-9904
(Registrant's telephone number, including area code)
_______________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per share
NOVA
New 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 filer
 
Accelerated 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 83,980,885 shares of common stock outstanding as of October 29, 2019.

1

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TABLE OF CONTENTS

 
 
Page
 
 
 
 
 
 
 
 
 

2

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PART I - FINANCIAL INFORMATION


SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts and share par values)
 
As of 
 September 30, 2019
 
As of 
 December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash
$
51,026

 
$
52,706

Accounts receivable—trade, net
10,383

 
6,312

Accounts receivable—other
5,922

 
3,721

Other current assets
59,058

 
26,794

Total current assets
126,389

 
89,533

 
 
 
 
Property and equipment, net
1,620,048

 
1,328,457

Customer notes receivable, net
255,070

 
172,031

Other assets
148,279

 
75,064

Total assets (1)
$
2,149,786

 
$
1,665,085

 
 
 
 
Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
40,342

 
$
20,075

Accrued expenses
17,904

 
18,650

Current portion of long-term debt
59,404

 
26,965

Current portion of long-term debt—affiliates

 
16,500

Other current liabilities
13,501

 
13,214

Total current liabilities
131,151

 
95,404

 
 
 
 
Long-term debt, net
1,116,369

 
872,249

Long-term debt, net—affiliates

 
44,181

Other long-term liabilities
119,128

 
66,453

Total liabilities (1)
1,366,648

 
1,078,287

 
 
 
 
Commitments and contingencies (Note 15)

 

 
 
 
 
Redeemable noncontrolling interests
156,578

 
85,680

 
 
 
 
Stockholders' equity:
 
 
 
Series A convertible preferred stock, 0 and 44,942,594 shares issued as of September 30, 2019 and December 31, 2018, respectively, at $0.01 par value

 
449

Series C convertible preferred stock, 0 and 13,006,780 shares issued as of September 30, 2019 and December 31, 2018, respectively, at $0.01 par value

 
130

Series A common stock, 0 and 8,612,728 shares issued as of September 30, 2019 and December 31, 2018, respectively, at $0.01 par value

 
86

Series B common stock, 0 and 21,727 shares issued as of September 30, 2019 and December 31, 2018, respectively, at $0.01 par value

 

Common stock, 83,980,885 and 0 shares issued as of September 30, 2019 and December 31, 2018, respectively, at $0.0001 par value
8

 

Additional paid-in capital—convertible preferred stock

 
701,326

Additional paid-in capital—common stock
991,936

 
85,439

Accumulated deficit
(365,384
)
 
(286,312
)
Total stockholders' equity
626,560

 
501,118

Total liabilities, redeemable noncontrolling interests and stockholders' equity
$
2,149,786

 
$
1,665,085


(1) The consolidated assets as of September 30, 2019 and December 31, 2018 include $658,690 and $411,325, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $5,483 and $3,674 as of September 30, 2019 and December 31, 2018, respectively; accounts receivable—trade, net of $1,302 and $884 as of September 30, 2019 and December 31, 2018, respectively; accounts receivable—other of $0 and $109 as of

3

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September 30, 2019 and December 31, 2018, respectively; other current assets of $16,876 and $4,821 as of September 30, 2019 and December 31, 2018, respectively; property and equipment, net of $628,821 and $398,693 as of September 30, 2019 and December 31, 2018, respectively; and other assets of $6,208 and $3,144 as of September 30, 2019 and December 31, 2018, respectively. The consolidated liabilities as of September 30, 2019 and December 31, 2018 include $9,076 and $9,260, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $1,458 and $4,278 as of September 30, 2019 and December 31, 2018, respectively; accrued expenses of $25 and $14 as of September 30, 2019 and December 31, 2018, respectively; other current liabilities of $143 and $296 as of September 30, 2019 and December 31, 2018, respectively; and other long-term liabilities of $7,450 and $4,672 as of September 30, 2019 and December 31, 2018, respectively.

See accompanying notes to Sunnova Energy International Inc. unaudited condensed consolidated financial statements.

4

Table of Contents



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

 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
36,615

 
$
30,429

 
$
97,942

 
$
79,176

 
 
 
 
 
 
 
 
Operating expense:
 
 
 
 
 
 
 
Cost of revenue—depreciation
10,942

 
9,349

 
30,820

 
25,468

Cost of revenue—other
1,186

 
614

 
2,914

 
1,474

Operations and maintenance
1,925

 
(96
)
 
6,468

 
4,495

General and administrative
28,509

 
17,170

 
70,984

 
49,103

Other operating income
(49
)
 
(12
)
 
(129
)
 
(51
)
Total operating expense, net
42,513

 
27,025

 
111,057

 
80,489

 
 
 
 
 
 
 
 
Operating income (loss)
(5,898
)
 
3,404

 
(13,115
)
 
(1,313
)
 
 
 
 
 
 
 
 
Interest expense, net
30,884

 
9,416

 
99,855

 
25,123

Interest expense, net—affiliates
701

 
2,398

 
4,098

 
7,245

Interest income
(3,407
)
 
(1,763
)
 
(8,868
)
 
(4,373
)
Loss on extinguishment of long-term debt, net—affiliates

 

 
10,645

 

Other (income) expense
293

 

 
827

 
(1
)
Loss before income tax
(34,369
)
 
(6,647
)
 
(119,672
)
 
(29,307
)
 
 
 
 
 
 
 
 
Income tax

 

 

 

Net loss
(34,369
)
 
(6,647
)
 
(119,672
)
 
(29,307
)
Net income (loss) attributable to redeemable noncontrolling interests
3,221

 
(13
)
 
7,170

 
4,111

Net loss attributable to stockholders
(37,590
)
 
(6,634
)
 
(126,842
)
 
(33,418
)
Dividends earned on Series A convertible preferred stock

 
(9,437
)
 
(19,271
)
 
(26,765
)
Dividends earned on Series C convertible preferred stock

 
(1,794
)
 
(5,454
)
 
(3,340
)
Deemed dividends on convertible preferred stock exchange

 

 

 
(19,332
)
Net loss attributable to common stockholders—basic and diluted
$
(37,590
)
 
$
(17,865
)
 
$
(151,567
)
 
$
(82,855
)
 
 
 
 
 
 
 
 
Net loss per share attributable to common stockholders—basic and diluted
$
(0.62
)
 
$
(2.07
)
 
$
(5.77
)
 
$
(9.60
)
Weighted average common shares outstanding—basic and diluted
60,890,129

 
8,634,541

 
26,245,493

 
8,634,484


See accompanying notes to Sunnova Energy International Inc. unaudited condensed consolidated financial statements.


5

Table of Contents



SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Nine Months Ended 
 September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net loss
$
(119,672
)
 
$
(29,307
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation
34,987

 
29,000

Impairment and loss on disposals, net
1,236

 
1,235

Amortization of deferred financing costs
8,795

 
6,488

Amortization of debt discount
2,027

 
766

Non-cash effect of equity-based compensation plans
6,974

 
2,182

Non-cash payment-in-kind interest on loanaffiliates
2,716

 
4,132

Unrealized (gain) loss on derivatives
30,262

 
(20,647
)
Unrealized loss on fair value option instruments
97

 

Loss on extinguishment of long-term debt, net—affiliates
10,645

 

Other non-cash items
4,637

 
3,601

Changes in components of operating assets and liabilities:
 
 
 
Accounts receivable
(8,006
)
 
(7,674
)
Dealer advances

 
(237
)
Other current assets
(11,753
)
 
(7,394
)
Other assets
(37,787
)
 
(6,571
)
Accounts payable
5,156

 
(145
)
Accrued expenses
(2,455
)
 
2,087

Other current liabilities
75

 
(1,644
)
Long-term debt—paid-in-kindaffiliates
(719
)
 
(1,144
)
Other long-term liabilities
(1,753
)
 
30

Net cash used in operating activities
(74,538
)
 
(25,242
)
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Purchases of property and equipment
(299,199
)
 
(184,260
)
Payments for investments and customer notes receivable
(104,391
)
 
(80,557
)
Proceeds from customer notes receivable
14,072

 
5,733

State utility rebates
401

 
691

Other, net
(584
)
 
(1,439
)
Net cash used in investing activities
(389,701
)
 
(259,832
)
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Proceeds from long-term debt
588,153

 
132,674

Payments of long-term debt
(318,855
)
 
(27,045
)
Proceeds of long-term debt from affiliates
15,000

 
15,000

Payments of long-term debt to affiliates
(56,236
)
 
(20,000
)
Payments on notes payable
(2,177
)
 

Payments of deferred financing costs
(10,435
)
 
(1,753
)
Payments of debt discounts
(1,084
)
 
(1,883
)
Proceeds from issuance of common stock, net
164,695

 

Proceeds from issuance of convertible preferred stock, net
(2,510
)
 
157,117

Contributions from redeemable noncontrolling interests
119,372

 
51,427

Distributions to redeemable noncontrolling interests
(6,289
)
 
(1,322
)
Payments of costs related to redeemable noncontrolling interests
(3,155
)
 
(985
)
Other, net
(15
)
 
(6
)
Net cash provided by financing activities
486,464

 
303,224

Net increase in cash and restricted cash
22,225

 
18,150

Cash and restricted cash at beginning of period
87,046

 
81,778

Cash and restricted cash at end of period
109,271

 
99,928

Restricted cash included in other current assets
(16,688
)
 
(368
)
Restricted cash included in other assets
(41,557
)
 
(28,411
)
Cash at end of period
$
51,026

 
$
71,149


6

Table of Contents



 
Nine Months Ended 
 September 30,
 
2019
 
2018
Non-cash investing and financing activities:
 
 
 
Change in accounts payable and accrued expenses related to purchases of property and equipment
$
25,576

 
$
7,754

Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable
$
(6,335
)
 
$
(8,079
)
Notes payable for financing of insurance premiums
$
7,101

 
$

 
 
 
 
Supplemental cash flow information:
 
 
 
Cash paid for interest
$
48,866

 
$
45,781

Cash paid for income taxes
$

 
$


See accompanying notes to Sunnova Energy International Inc. unaudited condensed consolidated financial statements.

7

Table of Contents



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 B
Convertible
Preferred Stock
 
Series C
Convertible
Preferred Stock
 
Series A
Common Stock
 
Series B
Common Stock
 
Series B
Treasury
Stock
 
Additional
Paid-in
Capital -
Convertible
Preferred
Stock
 
Additional
Paid-in
Capital -
Common
Stock
 
Accumulated
Deficit
 
Total
Stockholders'
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
December 31, 2017
$
38,590

 
 
40,179,508

 
$
402

 
4,583,576

 
$
46

 

 
$

 
8,612,728

 
$
86

 
21,727

 
$

 
$

 
$
530,951

 
$
82,455

 
$
(242,757
)
 
$
371,183

Net income (loss)
774

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
(14,210
)
 
(14,210
)
Issuance of common stock, net

 
 

 

 

 

 

 

 

 

 
149

 

 

 

 

 

 

Issuance of convertible preferred stock, net

 
 

 

 
13,013

 

 
7,390,218

 
74

 

 

 

 

 

 
97,256

 

 

 
97,330

Non-cash exchange of Series B convertible preferred stock for Series A convertible preferred stock

 
 
4,763,086

 
47

 
(4,596,588
)
 
(46
)
 

 

 

 

 

 

 

 
(1
)
 

 

 

Contributions from redeemable noncontrolling interests
17,139

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to redeemable noncontrolling interests
(339
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions payable to redeemable noncontrolling interests
(111
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs related to redeemable noncontrolling interests
(701
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in subsidiaries attributable to parent
(5,995
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
5,995

 
5,995

Equity-based compensation expense

 
 

 

 

 

 

 

 

 

 

 

 

 

 
726

 

 
726

Acquisition of treasury stock

 
 

 

 

 

 

 

 

 

 

 

 
(1
)
 

 

 

 
(1
)
Retirement of treasury stock

 
 

 

 

 

 

 

 

 

 
(149
)
 

 
1

 

 

 
(1
)
 

Other, net

 
 

 

 
(1
)
 

 

 

 

 

 

 

 

 

 

 
(1
)
 
(1
)
March 31, 2018
49,357

 
 
44,942,594

 
449

 

 

 
7,390,218

 
74

 
8,612,728

 
86

 
21,727

 

 

 
628,206

 
83,181

 
(250,974
)
 
461,022

Net income (loss)
3,350

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
(12,574
)
 
(12,574
)
Contributions from redeemable noncontrolling interests
17,726

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions receivable from redeemable noncontrolling interests
1,108

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to redeemable noncontrolling interests
(450
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions payable to redeemable noncontrolling interests
(178
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs related to redeemable noncontrolling interests
(91
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in subsidiaries attributable to parent
(5,592
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 
5,592