Investor Presentation
TM
Sunnova
Financial Statements & Operating Metrics
(dollars in thousands; customer counts and per customer values in units; customer values in millions)
D
STATEMENT OF CASH FLOWS
Period
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Adjustments to reconcile net loss to
net cash provided by (used in) operating activities:
Depreciation
Impairment and loss on disposals, net
Amortization of deferred financing costs
Amortization of debt discount
1Q 2017
2Q 2017
3Q 2017
4Q 2017
1Q 2018
2Q 2018
3Q 2018
4Q 2018
1Q 2019
2Q 2019
($18,732)
($34,694)
($16,718)
($20,038)
($13,436)
($9,224)
($6,647)
($39,102)
($35,496)
($49,807)
6,626
68
7,025
410
7,612
8,219
8,964
259
1,043
704
9,386
451
10,650
10,290
11,012
80
6,330
364
11,627
487
1,797
7,968
2,510
2,293
2,570
1,793
2,125
2,586
6,324
1,446
9
28
453
269
242
259
265
317
472
820
Amortization of debt discount - affiliates
600
8,402
-
Non-cash effect of equity-based compensation plans
272
341
532
350
726
682
774
802
281
713
Non-cash payment-in-kind interest on loan - affiliates
880
1,426
1,263
1,297
1,403
1,432
1,392
1,158
1,043
Unrealized (gain) loss on derivatives
509
5,105
1,832
(1,502)
(9,140)
(4,518)
(6,989)
26,747
7,032
10,417
Loss on fair value option securities
534
Loss on extinguishment of long-term debt, net - affiliates
10,645
Other non-cash items
679
595
731
1,075
1,599
1,026
976
1,217
1,000
2,470
Changes in components of operating assets and liabilities:
Accounts receivable
(424)
(1,927)
867
643
(1,154)
(3,328)
(3,192)
2,691
(1,167)
(5,430)
Channel partner advances
(2,320)
(559)
(5,065)
(2,734)
(237)
Other current assets
(2,208)
(692)
1,065
(1,157)
(3,640)
(2,965)
(789)
(3,937)
(8,961)
(396)
Other assets
Accounts payable
Accrued expenses
Other current liabilities
(1,129)
(1,187)
(1,050)
(1,107)
(1,546)
(2,054)
(2,971)
(1,958)
(3,979)
(22,084)
(305)
(2,169)
987
267
(1,064)
485
434
(851)
6,771
(4,492)
(2,670)
969
2,003
1,079
(2,134)
2,072
2,149
2,147
(4,455)
2,460
927
2,764
(2,469)
4,654
(776)
2,603
(3,471)
6,582
(2,206)
7,568
Long-term debt - paid-in-kind - affiliates
(17,277)
(1,144)
(2,040)
Other long-term liabilities
Net cash provided by (used in) operating activities
(155)
(16,456)
444
(23,574)
445
(4,580)
1,026
(1,051)
588
493
459
(2,580)
715
(4,357)
(19,220)
(1,341)
(4,681)
13,672
(24,430)
(31,264)
50,657
(1,365)
536,097
(316,607)
80,000
(19,005)
(196,835)
(247)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
(48,011)
(57,826)
(63,923)
(70,818)
(60,977)
(63,090)
(60,193)
(68,358)
(68,902)
(95,894)
Payments for investments and customer notes receivable
(9,440)
(8,874)
(13,220)
(20,871)
(23,462)
(27,047)
(30,048)
(27,797)
(27,732)
(34,628)
Principal proceeds from customer notes receivable
442
1,020
615
739
1,526
2,242
1,965
1,982
3,757
5,579
State utility rebates
Other, net
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt
Payments of long-term debt
Proceeds of long-term debt from affiliates
Payments of long-term debt to affiliates
Payments on notes payable
16
3
68
534
41
(56,952)
(874)
(66,551)
224
(76,236)
1,022
(89,394)
189
(1,586)
(84,310)
261
241
162
111
116
101
(87,533)
46
(87,989)
4,994
(89,017)
86
(92,680)
97
(124,730)
90,614
57,126
45,967
(51,666)
(4,912)
(10,448)
36,940
(3,973)
49,767
(12,624)
312,912
(265,046)
227,930
(123,858)
15,000
15,000
298,115
(163,505)
15,000
(20,000)
(20,000)
(248)
Payments of deferred financing costs
(112)
(23,151)
(2,788)
(1,576)
(572)
(178)
(1,003)
(6,845)
(5,281)
(1,987)
Payments of debt discounts
(375)
(70)
(1,813)
(582)
(525)
(559)
Payments of initial public offering costs
(484)
Proceeds from issuance of convertible preferred stock, net
25,000
64,890
99,877
(2,731)
59,971
15,654
(2,253)
(256)
Contributions from redeemable noncontrolling interests
8,070
16,177
22,105
Distributions to redeemable noncontrolling interests
£ +
25,871
17,139
17,726
16,562
27,590
18,030
32,207
(294)
(339)
(450)
(533)
(695)
(3,652)
(1,491)
Payments of costs related to redeemable noncontrolling interests
(1,709)
(84)
(44)
(877)
(832)
(47)
(106)
(525)
(1,035)
(587)
Other, net
(29)
(19)
(19)
(1)
(5)
(5)
(2)
Net cash provided by financing activities
60,914
95,568
73,202
140,209
145,791
47,217
110,216
62,463
109,351
176,203
Net increase (decrease) in cash and restricted cash
(12,494)
5,443
(7,614)
46,458
42,261
(41,657)
17,546
(12,882)
(7,759)
20,209
Cash and restricted cash at beginning of period
49,985
37,491
42,934
35,320
81,778
124,039
82,382
99,928
87,046
79,287
Cash and restricted cash at end of period
Restricted cash included in other current assets
Restricted cash included in other assets
Cash at end of period
37,491
42,934
35,320
81,778
124,039
82,382
99,928
87,046
79,287
99,496
(218)
(238)
(430)
(4,555)
(293)
(2,979)
(368)
(5,190)
(430)
(482)
(11,844)
(15,524)
(19,381)
(20,905)
(23,720)
(25,680)
(28,411)
(29,150)
(34,999)
(40,238)
$25,429
$27,172
$15,509
$56,318
$100,026
$53,723
$71,149
$52,706
$43,858
$58,776
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