Investor Presentation
sunnova
TM
Key Performance Indicators & Other Metrics and Calculations
(dollars in millions; customer and per customer values in units)
D
KEY PERFORMANCE INDICATORS
As of
Cumulative customer count
3/31/17
35,896
6/30/17
38,758
9/30/17
41,663
12/31/17
45,713
3/31/18
49,787
6/30/18
53,643
9/30/18
57,036
12/31/18
3/31/19
6/30/19
60,299
63,575
67,588
Period
1Q 2017
2Q 2017
3Q 2017
4Q 2017
1Q 2018
2Q 2018
3Q 2018
4Q 2018
1Q 2019
2Q 2019
Weighted average customer count
34,324
37,260
40,176
43,529
47,787
51,787
55,391
58,760
62,007
65,782
Adjusted EBITDA
$1.5
$8.8
$9.0
$4.1
$4.6
$13.2
$15.3
$8.0
$8.1
$13.6
Interest income from customer notes receivable
$0.6
$0.7
$0.8
$0.9
$1.1
$1.4
$1.7
$2.0
$2.3
$2.7
Principal payments on customer notes receivable, less amounts recorded in revenue
$0.4
$0.9
$0.5
$0.6
$1.3
$2.0
$1.7
$1.7
$3.4
$5.2
Adjusted Operating Cash Flow
($15.9)
($22.5)
($3.9)
($2.2)
($15.2)
$2.9
($1.3)
$22.0
($18.0)
($1.9)
Adjusted Operating Expense
$13.4
$13.0
$13.3
$13.7
$15.2
$15.8
$15.1
$17.2
$18.6
$21.0
Adjusted Operating Expense per Weighted Average Customer
$391
$348
$332
$315
$317
$304
$273
$293
$301
$320
Adjusted Operating Expense per Customer, trailing twelve months
$1,359
$1,288
$1,255
$1,212
$1,194
$1,177
$1,186
OTHER METRICS AND CALCULATIONS
As of
Estimated Gross Contracted Customer Value
Estimated Gross Contracted Customer Value per Customer
Estimated Gross Customer Value
Estimated Gross Customer Value per Customer
Estimated Gross Contracted Customer Value
(+) Estimated Gross Renewal Customer Value
Estimated Gross Customer Value
(-) Project Debt, net
Estimated Net Earning Assets
(-) Corporate Debt, net
(+) Cash and restricted cash
(+) Construction in process
Estimated Net Customer Value
(-) Estimated Gross Renewal Customer Value
Estimated Net Contracted Customer Value
Cumulative Capital Deployed in Solar energy systems
Cumulative Capital Deployed in Customer notes receivable
Exclusivity and other bonus arrangements with dealers, net
Cumulative Capital Deployed
Average Cumulative Capital Deployed, trailing twelve months
Revenue
Interest income from customer notes receivable
Principal proceeds from customer notes receivable, net of related revenue
Adjusted EBITDA
3/31/17
6/30/17
9/30/17
12/31/17
3/31/18
6/30/18
9/30/18
12/31/18
3/31/19
6/30/19
$903
$25,153
$948
$1,027
$24,433
$24,628
$1,127
$24,661
$1,270
$1,316
$1,382
$1,476
$1,568
$1,652
$25,502
$24,552
$24,246
$24,478
$24,654
$24,438
$1,014
$28,245
$1,065
$27,448
$1,166
$27,962
$1,276
$27,921
$1,428
$28,675
$1,480
$27,612
$1,573
$27,596
$1,675
$27,778
$1,771
$27,846
$1,861
$27,530
$903
$948
$1,027
$1,127
$1,270
$1,316
$1,382
$1,476
$1,568
$1,652
111
117
139
149
158
164
191
199
203
209
1,014
1,065
1,166
1,276
1,428
1,480
1,573
1,675
1,771
1,861
(658)
(661)
(696)
(750)
(787)
(821)
(857)
(899)
(1,006)
(1,138)
356
404
470
527
641
659
716
776
765
723
(79)
(95)
(82)
(78)
(79)
(81)
(61)
(62)
(91)
38
43
35
82
124
82
100
87
79
100
125
128
148
131
109
104
106
98
114
142
518
496
558
657
797
766
840
900
896
873
(111)
(117)
(139)
(149)
(158)
(164)
(191)
(199)
(203)
(209)
$407
$379
$419
$508
$639
$602
$649
$701
$693
$664
$818
$873
33
40
$936
47
$1,032
$1,115
58
74
$1,187
97
$1,254
$1,311
$1,374
$1,459
120
146
169
193
$2
$22
$852
$913
$982
$1,089
$1,188
$1,284
$1,374
$1,457
$1,545
$1,674
$936
$1,020
$1,099
$1,178
$1,273
$1,367
$1,479
$15.0
$21.7
$22.4
$17.8
$19.8
$29.0
$30.4
$25.2
$26.7
$34.6
$0.6
$0.7
$0.8
$0.9
$1.1
$1.4
$1.7
$2.0
$2.3
$2.7
$0.4
$0.9
$0.5
$1.5
$8.8
$9.0
$0.6
$4.1
$1.3
$2.0
$1.7
$1.7
$4.6
$13.2
$15.3
$8.0
$3.4
$8.1
$5.2
$13.6
Note: revenue, interest income from customer notes receivable, and principal proceeds from customer notes receivable, net of related related revenue, all exclude benefits from tax credits, which are in cash flows from financing, "platform services," loan sales and sales of other
future cash flow streams.
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