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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, 2022
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 114,909,899 shares of common stock outstanding as of October 24, 2022.


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:

our future operations and financial performance following the acquisition of SunStreet Energy Group, LLC, a Delaware limited liability company ("SunStreet");
the effects of the coronavirus ("COVID-19") pandemic on our business and operations, results of operations and financial position;
the impact of Hurricane Fiona and Hurricane Ian on our business and operations, results of operations and financial position;
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 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 hurricanes and the COVID-19 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.

2

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.

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 
 September 30, 2022
As of 
 December 31, 2021
Assets
Current assets:
Cash and cash equivalents$412,581 $243,101 
Accounts receivable—trade, net35,743 18,584 
Accounts receivable—other152,942 57,736 
Other current assets, net of allowance of $5,306 and $1,646 as of September 30, 2022 and December 31, 2021, respectively
336,047 296,321 
Total current assets937,313 615,742 
Property and equipment, net3,537,177 2,909,613 
Customer notes receivable, net of allowance of $62,682 and $39,492 as of September 30, 2022 and December 31, 2021, respectively
2,072,264 1,204,073 
Intangible assets, net169,187 190,520 
Goodwill13,150 13,150 
Other assets920,634 571,136 
Total assets (1)$7,649,725 $5,504,234 
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable$94,647 $55,033 
Accrued expenses121,195 81,721 
Current portion of long-term debt191,131 129,793 
Other current liabilities51,093 44,350 
Total current liabilities458,066 310,897 
Long-term debt, net4,807,107 3,135,681 
Other long-term liabilities631,137 436,043 
Total liabilities (1)5,896,310 3,882,621 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests153,469 145,336 
Stockholders' equity:
Common stock, 114,895,870 and 113,386,600 shares issued as of September 30, 2022 and December 31, 2021, respectively, at $0.0001 par value
11 11 
Additional paid-in capital—common stock1,633,507 1,649,199 
Accumulated deficit(387,073)(459,715)
Total stockholders' equity1,246,445 1,189,495 
Noncontrolling interests353,501 286,782 
Total equity1,599,946 1,476,277 
Total liabilities, redeemable noncontrolling interests and equity$7,649,725 $5,504,234 

(1) The consolidated assets as of September 30, 2022 and December 31, 2021 include $2,721,620 and $2,148,398, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $33,695 and $23,538 as of September 30, 2022 and December 31, 2021, respectively; accounts receivable—trade, net of $9,834 and $6,167 as of September 30, 2022 and December 31, 2021, respectively; accounts receivable—other of $739 and $410 as of September 30, 2022 and December 31, 2021, respectively; other current assets of $273,175 and $272,421 as of September 30, 2022 and December 31, 2021, respectively; property and equipment, net of $2,362,041 and $1,817,471 as of September 30, 2022 and December 31, 2021, respectively; and other assets of $42,136 and $28,391 as of September 30, 2022 and December 31, 2021, respectively. The consolidated liabilities as of September 30, 2022 and December 31, 2021 include $59,908 and $47,225, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $8,965 and $6,014 as of September 30, 2022 and December 31, 2021, respectively; accrued expenses of $178 and $88 as of September 30, 2022 and December 31, 2021, respectively; other current liabilities of $2,894 and $3,845 as of September 30, 2022 and December 31, 2021, respectively; and other long-term liabilities of $47,871 and $37,278 as of September 30, 2022 and December 31, 2021, 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 
 September 30,
Nine Months Ended 
 September 30,
2022202120222021
Revenue$149,364 $68,901 $362,098 $176,733 
Operating expense:
Cost of revenue—depreciation24,663 19,665 69,935 55,621 
Cost of revenue—inventory sales40,917  89,884  
Cost of revenue—other15,567 7,342 32,974 13,572 
Operations and maintenance9,774 6,035 23,787 14,640 
General and administrative75,897 53,372 214,362 144,028 
Other operating expense (income)10,267 (9,337)(4,186)(5,303)
Total operating expense, net177,085 77,077 426,756 222,558 
Operating loss(27,721)(8,176)(64,658)(45,825)
Interest expense, net18,328 26,588 36,275 84,748 
Interest income(16,185)(9,098)(40,428)(24,266)
Loss on extinguishment of long-term debt, net   9,824 
Other (income) expense(12)189 (327)60 
Loss before income tax(29,852)(25,855)(60,178)(116,191)
Income tax expense 64  64 
Net loss(29,852)(25,919)(60,178)(116,255)
Net income attributable to redeemable noncontrolling interests and noncontrolling interests32,195 1,622 72,455 7,665 
Net loss attributable to stockholders$(62,047)$(27,541)$(132,633)$(123,920)
Net loss per share attributable to common stockholders—basic and diluted$(0.54)$(0.25)$(1.16)$(1.12)
Weighted average common shares outstanding—basic and diluted114,816,879 112,159,698 114,293,251 110,185,333 

See accompanying notes to unaudited condensed consolidated financial statements.

5

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended 
 September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(60,178)$(116,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation78,401 62,286 
Impairment and loss on disposals, net2,971 3,522 
Amortization of intangible assets21,333 14,111 
Amortization of deferred financing costs9,690 11,556 
Amortization of debt discount6,273 8,231 
Non-cash effect of equity-based compensation plans20,059 13,937 
Unrealized gain on derivatives(35,685)(5,574)
Unrealized gain on fair value instruments(4,136)(4,665)
Loss on extinguishment of long-term debt, net 9,824 
Other non-cash items(14,087)12,622 
Changes in components of operating assets and liabilities:
Accounts receivable(100,537)(27,194)
Other current assets(139,946)(99,731)
Other assets(84,142)(41,404)
Accounts payable1,403 (5,226)
Accrued expenses41,571 19,923 
Other current liabilities(4,243)(1,617)
Other long-term liabilities(4,542)(1,193)
Net cash used in operating activities(265,795)(146,847)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment(637,556)(344,044)
Payments for investments and customer notes receivable(902,773)(553,475)
Proceeds from customer notes receivable79,870 47,300 
Proceeds from investments in solar receivables9,388  
Other, net(282)3,038 
Net cash used in investing activities(1,451,353)(847,181)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt2,308,033 1,890,185 
Payments of long-term debt(571,261)(815,710)
Payments on notes payable (34,555)
Payments of deferred financing costs(24,748)(27,031)
Payments of debt discounts (2,324)
Purchase of capped call transactions(48,420)(91,655)
Proceeds from issuance of common stock, net(3,345)9,911 
Contributions from redeemable noncontrolling interests and noncontrolling interests236,661 226,432 
Distributions to redeemable noncontrolling interests and noncontrolling interests(20,847)(10,407)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests(10,380)(8,159)
Other, net(601)(283)
Net cash provided by financing activities1,865,092 1,136,404 
Net increase in cash, cash equivalents and restricted cash147,944 142,376 
Cash, cash equivalents and restricted cash at beginning of period391,897 377,893 
Cash, cash equivalents and restricted cash at end of period539,841 520,269 
Restricted cash included in other current assets(14,584)(52,042)
Restricted cash included in other assets(112,676)(60,071)
Cash and cash equivalents at end of period$412,581 $408,156 
6

Nine Months Ended 
 September 30,
20222021
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment$14,019 $50,057 
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable$21,750 $(37,086)
Non-cash issuance of common stock related to the settlement of contingent consideration$16,014 $ 
Non-cash conversion of convertible senior notes for common stock$ $95,648 
Supplemental cash flow information:
Cash paid for interest$105,375 $70,415 
Cash paid for income taxes$ $94 

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, 2020$136,124 100,412,036 $10 $1,482,716 $(530,995)$951,731 $192,826 $1,144,557 
Cumulative-effect adjustment— — — — 2,254 2,254 — 2,254 
Net income (loss)2,110 — — — (32,983)(32,983)6,809 (26,174)
Issuance of common stock, net— 8,141,766 1 65,541 — 65,542 — 65,542 
Equity component of debt instrument— — — (8,807)— (8,807)— (8,807)
Contributions from noncontrolling interests— — — — — — 40,802 40,802 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,090)— — — — — (1,743)(1,743)
Costs related to noncontrolling interests— — — — — — (55)(55)
Equity in subsidiaries attributable to parent40 — — — 37,213 37,213 (37,253)(40)
Equity-based compensation expense— — — 7,924 — 7,924 — 7,924 
Other, net(62)— — 1 — 1 (476)(475)
March 31, 2021137,122 108,553,802 11 1,547,375 (524,511)1,022,875 200,910 1,223,785 
Net income (loss)4,236 — — — (63,396)(63,396)(7,112)(70,508)
Issuance of common stock, net— 3,431,715 — 138,020 — 138,020 — 138,020 
Capped call transactions— — — (91,655)— (91,655)— (91,655)
Contributions from noncontrolling interests— — — — — — 75,808 75,808 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,128)— — — — — (2,300)(2,300)
Costs related to noncontrolling interests— — — — — — (3,035)(3,035)
Equity in subsidiaries attributable to parent2 — — — 57,971 57,971 (57,973)(2)
Equity-based compensation expense— — — 2,920 — 2,920 — 2,920 
Other, net(47)— — (1)— (1)(654)(655)
June 30, 2021140,185 111,985,517 11 1,596,659 (529,936)1,066,734 205,644 1,272,378 
Net income (loss)3,332 — — — (27,541)(27,541)(1,710)(29,251)
Issuance of common stock, net— 279,137 — 1,188 — 1,188 — 1,188 
Contributions from noncontrolling interests— — — — — — 109,822 109,822 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,146)— — — — — (3,000)(3,000)
Costs related to noncontrolling interests— — — — — — (3,037)(3,037)
Equity in subsidiaries attributable to parent5 — — — 51,683 51,683 (51,688)(5)
Equity-based compensation expense— — — 3,093 — 3,093 — 3,093 
Other, net1 — — — 1 1 (1,392)(1,391)
September 30, 2021$142,377 112,264,654 $11 $1,600,940 $(505,793)$1,095,158 $254,639 $1,349,797 

8

Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
December 31, 2021$145,336 113,386,600 $11 $1,649,199 $(459,715)$1,189,495 $286,782 $1,476,277 
Net income (loss)(2,432)— — — (33,583)(33,583)15,386 (18,197)
Issuance of common stock, net— 524,788 — (2,976)— (2,976)— (2,976)
Contributions from redeemable noncontrolling interests and noncontrolling interests3,757 — — — — — 48,132 48,132 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,122)— — — — — (4,732)(4,732)
Costs related to redeemable noncontrolling interests and noncontrolling interests(57)— — — — — (2,292)(2,292)
Equity in subsidiaries attributable to parent(173)— — — 69,769 69,769 (69,596)173 
Equity-based compensation expense— — — 10,864 — 10,864 — 10,864 
Other, net(123)— — — — — 174 174 
March 31, 2022145,186 113,911,388 11 1,657,087 (423,529)1,233,569 273,854 1,507,423 
Net income (loss)4,563 — — — (37,003)(37,003)22,743 (14,260)
Issuance of common stock, net— 745,829 — 15,828 — 15,828 — 15,828 
Contributions from redeemable noncontrolling interests and noncontrolling interests13,423 — — — — — 111,967 111,967 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,239)— — — — — (5,237)(5,237)
Costs related to redeemable noncontrolling interests and noncontrolling interests(193)— — — — — (2,417)(2,417)
Equity in subsidiaries attributable to parent(10,168)— — — 83,316 83,316 (73,148)10,168 
Equity-based compensation expense— — — 4,732 — 4,732 — 4,732 
Other, net(65)— — — (1)(1)(2,010)(2,011)
June 30, 2022151,507 114,657,217 11 1,677,647 (377,217)1,300,441 325,752 1,626,193 
Net income (loss)(1,507)— — — (62,047)(62,047)33,702 (28,345)
Issuance of common stock, net— 238,653 — (183)— (183)— (183)
Capped call transactions— — — (48,420)— (48,420)— (48,420)
Contributions from redeemable noncontrolling interests and noncontrolling interests5,990 — — — — — 53,392 53,392 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,203)— — — — — (7,314)(7,314)
Costs related to redeemable noncontrolling interests and noncontrolling interests(8)— — — — — (226)(226)
Equity in subsidiaries attributable to parent(1,240)— — — 52,191 52,191 (50,951)