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October 26, 2023 6:19 AM EDT

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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, 2023


☐			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 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 122,416,359 shares of common stock outstanding as of October 23, 2023.

TABLE OF CONTENTS


		Page
PART I - FINANCIAL INFORMATION
Item 1.	Unaudited Condensed Consolidated Balance Sheets	4
	Unaudited Condensed Consolidated Statements of Operations	5
	Unaudited Condensed Consolidated Statements of Cash Flows	6
	Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Equity	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	61

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 3.	Defaults Upon Senior Securities	62
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
	Signatures	66

Table of Contents

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:

•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 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;

•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.

Table of Contents

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, 2023		As of December 31, 2022


Assets
Current assets:
Cash and cash equivalents	$	467,902	$	360,257
Accounts receivable—trade, net	40,170		24,435
Accounts receivable—other	101,907		212,397

Other current assets, net of allowance of $4,276 and $3,250 as of September 30, 2023 and December 31, 2022, respectively	383,961		351,300
Total current assets	993,940		948,389

Property and equipment, net	5,119,027		3,784,801
Customer notes receivable, net of allowance of $106,385 and $77,998 as of September 30, 2023 and December 31, 2022, respectively	3,531,083		2,466,149
Intangible assets, net	141,175		162,512
Goodwill	13,150		13,150
Other assets	986,930		961,891
Total assets (1)	$	10,785,305	$	8,336,892

Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable	$	194,551	$	116,136
Accrued expenses	107,140		139,873
Current portion of long-term debt	470,133		214,431
Other current liabilities	96,949		71,506
Total current liabilities	868,773		541,946

Long-term debt, net	6,710,734		5,194,755

Other long-term liabilities	1,003,922		712,741
Total liabilities (1)	8,583,429		6,449,442

Commitments and contingencies (Note 14)

Redeemable noncontrolling interests	124,082		165,737

Stockholders' equity:
Common stock, 122,405,788 and 114,939,079 shares issued as of September 30, 2023 and December 31, 2022, respectively, at $0.0001 par value	12		11
Additional paid-in capital—common stock	1,749,419		1,637,847
Accumulated deficit	(191,513)		(364,782)
Total stockholders' equity	1,557,918		1,273,076
Noncontrolling interests	519,876		448,637
Total equity	2,077,794		1,721,713
Total liabilities, redeemable noncontrolling interests and equity	$	10,785,305	$	8,336,892

(1) The consolidated assets as of September 30, 2023 and December 31, 2022 include $4,712,182 and $3,201,271, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $51,260 and $40,382 as of September 30, 2023 and December 31, 2022, respectively; accounts receivable—trade, net of $13,789 and $8,542 as of September 30, 2023 and December 31, 2022, respectively; accounts receivable—other of $1,198 and $810 as of September 30, 2023 and December 31, 2022, respectively; other current assets of $805,774 and $422,364 as of September 30, 2023 and December 31, 2022, respectively; property and equipment, net of $3,778,707 and $2,680,587 as of September 30, 2023 and December 31, 2022, respectively; and other assets of $61,454 and $48,586 as of September 30, 2023 and December 31, 2022, respectively. The consolidated liabilities as of September 30, 2023 and December 31, 2022 include $88,275 and $66,441, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $17,502 and $9,015 as of September 30, 2023 and December 31, 2022, respectively; accrued expenses of $77 and $287 as of September 30, 2023 and December 31, 2022, respectively; other current liabilities of $6,112 and $4,420 as of September 30, 2023 and December 31, 2022, respectively; and other long-term liabilities of $64,584 and $52,719 as of September 30, 2023 and December 31, 2022, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue	$	198,398	$	149,364	$	526,471	$	362,098

Operating expense:
Cost of revenue—depreciation	33,743		24,663		92,262		69,935
Cost of revenue—inventory sales	50,694		40,917		129,016		89,884
Cost of revenue—other	30,981		15,567		81,599		32,974
Operations and maintenance	18,702		9,774		59,306		23,787
General and administrative	111,545		75,897		314,190		214,362

Other operating (income) expense	(9,051)		10,267		(3,134)		(4,186)
Total operating expense, net	236,614		177,085		673,239		426,756

Operating loss	(38,216)		(27,721)		(146,768)		(64,658)

Interest expense, net	57,601		20,824		200,155		44,380

Interest income	(30,590)		(16,185)		(81,670)		(40,428)


Other (income) expense	561		(12)		3,969		(327)
Loss before income tax	(65,788)		(32,348)		(269,222)		(68,283)

Income tax benefit	(9,325)		—		(1,632)		—
Net loss	(56,463)		(32,348)		(267,590)		(68,283)
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests	6,684		32,195		(37,269)		72,455
Net loss attributable to stockholders	$	(63,147)	$	(64,543)	$	(230,321)	$	(140,738)






Net loss per share attributable to stockholders—basic and diluted	$	(0.53)	$	(0.56)	$	(1.97)	$	(1.23)
Weighted average common shares outstanding—basic and diluted	119,554,008		114,816,879		116,971,318		114,293,251

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)


	Nine Months Ended September 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(267,590)	$	(68,283)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	107,957		78,401
Impairment and loss on disposals, net	24,930		2,971
Amortization of intangible assets	21,324		21,333
Amortization of deferred financing costs	17,007		9,690
Amortization of debt discount	12,971		6,273

Non-cash effect of equity-based compensation plans	19,812		20,059


Non-cash direct sales revenue	(43,034)		(4,448)
Provision for current expected credit losses and other bad debt expense	35,085		28,773
Unrealized gain on derivatives	(10,208)		(27,580)
Unrealized (gain) loss on fair value instruments and equity securities	846		(4,136)


Other non-cash items	2,633		(38,412)
Changes in components of operating assets and liabilities:
Accounts receivable	99,753		(100,537)

Other current assets	(77,976)		(139,946)

Other assets	(95,321)		(84,142)
Accounts payable	(6,711)		1,403
Accrued expenses	(35,193)		41,571
Other current liabilities	9,604		(4,243)


Other long-term liabilities	(10,680)		(4,542)
Net cash used in operating activities	(194,791)		(265,795)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,315,192)		(637,556)
Payments for investments and customer notes receivable	(716,972)		(902,773)
Proceeds from customer notes receivable	126,980		79,870

Proceeds from investments in solar receivables	8,708		9,388


Other, net	4,707		(282)
Net cash used in investing activities	(1,891,769)		(1,451,353)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	2,859,489		2,308,033
Payments of long-term debt	(1,090,338)		(571,261)


Payments on notes payable	(4,356)		—
Payments of deferred financing costs	(60,336)		(24,748)

Purchase of capped call transactions	—		(48,420)
Proceeds from issuance of common stock, net	81,329		(3,345)


Contributions from redeemable noncontrolling interests and noncontrolling interests	520,611		236,661
Distributions to redeemable noncontrolling interests and noncontrolling interests	(30,159)		(20,847)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests	(8,475)		(10,380)
Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests	4,950		—
Other, net	(6,662)		(601)
Net cash provided by financing activities	2,266,053		1,865,092
Net increase in cash, cash equivalents and restricted cash	179,493		147,944
Cash, cash equivalents and restricted cash at beginning of period	545,574		391,897
Cash, cash equivalents and restricted cash at end of period	725,067		539,841
Restricted cash included in other current assets	(30,307)		(14,584)
Restricted cash included in other assets	(226,858)		(112,676)
Cash and cash equivalents at end of period	$	467,902	$	412,581

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	Nine Months Ended September 30,
	2023		2022
Non-cash investing and financing activities:

Change in accounts payable and accrued expenses related to purchases of property and equipment	$	66,022	$	14,019
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable	$	11,800	$	21,750










Supplemental cash flow information:
Cash paid for interest	$	213,016	$	105,375
Cash paid for income taxes	$	11,693	$	—

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 EQUITY

(in thousands, except share amounts)


	Redeemable Noncontrolling Interests		Common Stock			Additional Paid-in Capital - Common Stock		Accumulated Deficit		Total Stockholders' Equity		Noncontrolling Interests		Total Equity


			Shares	Amount
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)		—	—		—		(35,058)		(35,058)		15,386		(19,672)
Issuance of common stock, net	—		524,788	—		(2,976)		—		(2,976)		—		(2,976)

Contributions from redeemable noncontrolling interests and noncontrolling interests	3,757		—	—		—		—		—		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, 2022	145,186		113,911,388	11		1,657,087		(425,004)		1,232,094		273,854		1,505,948
Net income (loss)	4,563		—	—		—		(41,137)		(41,137)		22,743		(18,394)
Issuance of common stock, net	—		745,829	—		15,828		—		15,828		—		15,828

Contributions from redeemable noncontrolling interests and noncontrolling interests	13,423		—	—		—		—		—		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, 2022	151,507		114,657,217	11		1,677,647		(382,826)		1,294,832		325,752		1,620,584
Net income (loss)	(1,507)		—	—		—		(64,543)		(64,543)		33,702		(30,841)
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 interests	5,990		—	—		—		—		—		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)		1,240
Equity-based compensation expense	—		—	—		4,463		—		4,463		—		4,463
Other, net	(70)		—	—		—		—		—		(854)		(854)
September 30, 2022	$	153,469	114,895,870	$	11	$	1,633,507	$	(395,178)	$	1,238,340	$	353,501	$	1,591,841

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	Redeemable Noncontrolling Interests		Common Stock			Additional Paid-in Capital - Common Stock		Accumulated Deficit		Total Stockholders' Equity		Noncontrolling Interests		Total Equity


			Shares	Amount
December 31, 2022	$	165,737	114,939,079	$	11	$	1,637,847	$	(364,782)	$	1,273,076	$	448,637	$	1,721,713

Net loss	(20,404)		—	—		—		(81,083)		(81,083)		(8,859)		(89,942)
Issuance of common stock, net	—		645,580	1		(1,625)		—		(1,624)		—		(1,624)
Contributions from redeemable noncontrolling interests and noncontrolling interests	60,203		—	—		—		—		—		114,748		114,748
Distributions to redeemable noncontrolling interests and noncontrolling interests	(1,448)		—	—		—		—		—		(7,106)		(7,106)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(2,605)		—	—		—		—		—		(1,460)		(1,460)
Equity in subsidiaries attributable to parent	(21,528)		—	—		—		78,893		78,893		(57,365)		21,528
Equity-based compensation expense	—		—	—		9,515		—		9,515		—		9,515
Other, net	(453)		—	—		—		—		—		(110)		(110)
March 31, 2023	179,502		115,584,659	12		1,645,737		(366,972)		1,278,777		488,485		1,767,262
Net income (loss)	860		—	—		—		(86,091)		(86,091)		(15,550)		(101,641)
Issuance of common stock, net	—		809,283	—		11,409		—		11,409		—		11,409
Contributions from redeemable noncontrolling interests and noncontrolling interests	40,201		—	—		—		—		—		104,204		104,204
Distributions to redeemable noncontrolling interests and noncontrolling interests	(2,498)		—	—		—		—		—		(7,320)		(7,320)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(719)		—	—		—		—		—		(721)		(721)
Equity in subsidiaries attributable to parent	(111,121)		—	—		—		180,877		180,877		(69,756)		111,121
Equity-based compensation expense	—		—	—		4,803		—		4,803		—		4,803
Other, net	(6,144)		—	—		—		—		—		(1,073)		(1,073)
June 30, 2023	100,081		116,393,942	12		1,661,949		(272,186)		1,389,775		498,269		1,888,044
Net income (loss)	(8,715)		—	—		—		(63,147)		(63,147)		15,399		(47,748)
Issuance of common stock, net	—		6,011,846	—		81,976		—		81,976		—		81,976

Contributions from redeemable noncontrolling interests and noncontrolling interests	137,580		—	—		—		—		—		63,675		63,675
Distributions to redeemable noncontrolling interests and noncontrolling interests	(3,347)		—	—		—		—		—		(8,440)		(8,440)
Costs related to redeemable noncontrolling interests and noncontrolling interests	(2,575)		—	—		—		—		—		(155)		(155)
Equity in subsidiaries attributable to parent	(96,524)		—	—		—		143,820		143,820		(47,296)		96,524
Equity-based compensation expense	—		—	—		5,494		—		5,494		—		5,494
Other, net	(2,418)		—	—		—		—		—		(1,576)		(1,576)
September 30, 2023	$	124,082	122,405,788	$	12	$	1,749,419	$	(191,513)	$	1,557,918	$	519,876	$	2,077,794

See accompanying notes to unaudited condensed consolidated financial statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1) Description of Business and Basis of Presentation

We are a leading Energy as a Service provider, serving over 386,000 customers in more than 45 United States ("U.S.") states and territories. Sunnova Energy Corporation was incorporated in Delaware on October 22, 2012 and formed Sunnova Energy International Inc. ("SEI") as a Delaware corporation on April 1, 2019. We completed our initial public offering on July 29, 2019 (our "IPO"); and in connection with our IPO, all of Sunnova Energy Corporation's ownership interests were contributed to SEI. Unless the context otherwise requires, references in this report to "Sunnova," the "Company," "we," "our," "us," or like terms, refer to SEI and its consolidated subsidiaries.

We have a differentiated dealer model in which we partner with local dealers who originate, design and install our customers' solar energy systems, energy storage systems and related products and services on our behalf. Our focus on our dealer model enables us to leverage our dealers' specialized knowledge, connections and experience in local markets to drive customer origination while providing our dealers with access to high quality products at competitive prices, as well as technical oversight and expertise. We believe this structure provides operational flexibility, reduces exposure to labor shortages and lowers fixed costs relative to our peers, furthering our competitive advantage.

We provide our services through long-term agreements with a diversified pool of customers. Our solar service agreements typically are structured as either a legal-form lease (a "lease") of a solar energy system and/or energy storage system to the customer, the sale of the solar energy system's output to the customer under a power purchase agreement ("PPA") or the purchase of a solar energy system, energy storage system and/or accessory either with financing provided by us (a "loan") or paid in full by the customer (a "sale"); however, we also offer service plans and repair services for systems we did not originate. We make it possible in some states for a customer to obtain a new roof and/or other ancillary products. We also allow customers originated through our homebuilder channel the option of purchasing the system when the customer closes on the purchase of a new home. The initial term of our solar service agreements is typically between 10 and 25 years, during which time we provide or arrange for ongoing services to customers, including monitoring, maintenance and warranty services. Our lease and PPA agreements typically include an opportunity for customers to renew for up to an additional 10 years, via two five-year or one 10-year renewal options. Our ancillary products include both cash sales and loans with an initial term between one year and 20 years. Customer payments and rates can be fixed for the duration of the solar service agreement or escalated at a pre-determined percentage annually. We also receive tax benefits and other incentives from leases and PPAs, a portion of which we finance through tax equity, non-recourse debt structures and hedging arrangements in order to fund our upfront costs, overhead and growth investments. Our future success depends in part on our ability to raise capital from third-party investors and commercial sources. We have an established track record of attracting capital from diverse sources. From our inception through September 30, 2023, we have raised more than $14.5 billion in total capital commitments from equity, debt and tax equity investors.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements ("interim financial statements") include our consolidated balance sheets, statements of operations, statements of redeemable noncontrolling interests and equity and statements of cash flows and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. We have condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As such, these interim financial statements should be read in conjunction with our 2022 annual audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed with the SEC on February 23, 2023. Our interim financial statements reflect all normal recurring adjustments necessary, in our opinion, to state fairly our financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period because of our continual growth, seasonal fluctuations in demand for power, timing of maintenance and other expenditures, changes in interest expense and other factors.

Our interim financial statements include our accounts and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation, we consolidate any VIE of which we are the primary beneficiary. We form VIEs with our investors in the ordinary course of business to facilitate the funding and monetization of certain attributes associated with our solar energy systems. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve holding a majority of the voting interests. A primary beneficiary is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We do not consolidate a VIE in which we have a majority ownership interest when we are not considered the primary beneficiary. We have considered the provisions within the contractual arrangements that grant us power to manage and make decisions that affect the operation of our VIEs, including determining the solar energy systems contributed to the VIEs, and the installation, operation and maintenance of the solar energy systems. We consider the rights granted to the other investors under the contractual arrangements to be more protective in nature rather than substantive participating rights. As such, we have determined we are the primary beneficiary of our VIEs and evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a significant impact on our interim financial statements.

Revisions

We have revised our previously issued interim financial statements to correct immaterial errors pertaining to our interest rate derivative financial instruments, specifically the credit valuation adjustment to account for the counterparties' credit risk. We originally did not record the estimated reduction to the derivative assets related to the credit valuation adjustment as of March 31, 2022, June 30, 2022 and September 30, 2022. These immaterial errors impacted our consolidated balance sheets, consolidated statements of operations, consolidated statements of cash flows and consolidated statements of redeemable noncontrolling interests and equity. The following tables present the impact of these revisions on the interim financial statements:

Consolidated Balance Sheets


	As of March 31, 2022
	As Previously Reported		Revisions		As Revised
	(in thousands)
Other assets	$	662,456	$	(1,475)	$	660,981
Accumulated deficit	$	(423,529)	$	(1,475)	$	(425,004)


	As of June 30, 2022
	As Previously Reported		Revisions		As Revised
	(in thousands)
Other assets	$	802,862	$	(5,609)	$	797,253
Accumulated deficit	$	(377,217)	$	(5,609)	$	(382,826)


	As of September 30, 2022
	As Previously Reported		Revisions		As Revised
	(in thousands)
Other assets	$	920,634	$	(8,105)	$	912,529
Accumulated deficit	$	(387,073)	$	(8,105)	$	(395,178)

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Operations


	Three Months Ended March 31, 2022
	As Previously Reported		Revisions		As Revised
	(in thousands)
Interest expense, net	$	(2,490)	$	1,475	$	(1,015)
Loss before income tax	$	(20,629)	$	(1,475)	$	(22,104)
Net loss	$	(20,629)	$	(1,475)	$	(22,104)
Net loss attributable to stockholders	$	(33,583)	$	(1,475)	$	(35,058)
Net loss per share attributable to stockholders—basic and diluted	$	(0.30)	$	(0.01)	$	(0.31)


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Revisions		As Revised		As Previously Reported		Revisions		As Revised
	(in thousands)
Interest expense, net	$	20,437	$	4,134	$	24,571	$	17,947	$	5,609	$	23,556
Loss before income tax	$	(9,697)	$	(4,134)	$	(13,831)	$	(30,326)	$	(5,609)	$	(35,935)
Net loss	$	(9,697)	$	(4,134)	$	(13,831)	$	(30,326)	$	(5,609)	$	(35,935)
Net loss attributable to stockholders	$	(37,003)	$	(4,134)	$	(41,137)	$	(70,586)	$	(5,609)	$	(76,195)
Net loss per share attributable to stockholders—basic and diluted	$	(0.32)	$	(0.04)	$	(0.36)	$	(0.62)	$	(0.05)	$	(0.67)


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	As Previously Reported		Revisions		As Revised		As Previously Reported		Revisions		As Revised
	(in thousands)
Interest expense, net	$	18,328	$	2,496	$	20,824	$	36,275	$	8,105	$	44,380
Loss before income tax	$	(29,852)	$	(2,496)	$	(32,348)	$	(60,178)	$	(8,105)	$	(68,283)
Net loss	$	(29,852)	$	(2,496)	$	(32,348)	$	(60,178)	$	(8,105)	$	(68,283)
Net loss attributable to stockholders	$	(62,047)	$	(2,496)	$	(64,543)	$	(132,633)	$	(8,105)	$	(140,738)
Net loss per share attributable to stockholders—basic and diluted	$	(0.54)	$	(0.02)	$	(0.56)	$	(1.16)	$	(0.07)	$	(1.23)

Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2022
	As Previously Reported		Revisions		As Revised
	(in thousands)
Net loss	$	(20,629)	$	(1,475)	$	(22,104)
Unrealized gain on derivatives	$	(35,349)	$	1,475