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Dec 31, 2020
Sunnova Q4 2020 Earnings Report
Announced financial results for Q4 and full year ended December 31, 2020.
Key Takeaways
Sunnova reported a revenue increase to $38.0 million for the fourth quarter of 2020, compared to $33.6 million for the same period in 2019. The company incurred a net loss of $128.8 million for the quarter, compared to a net loss of $13.8 million for the same period in 2019. Adjusted EBITDA was $10.0 million for the fourth quarter of 2020, compared to $10.8 million for the same period in 2019.
Added approximately 29,000 customers in 2020, bringing total customer count to 107,500 as of December 31, 2020.
Reduced adjusted operating expense per weighted average customer by 9.5% in 2020.
Met all 2020 guidance targets despite unprecedented public health and macro-economic challenges.
Entered into a definitive merger agreement to acquire Lennar's residential solar platform SunStreet, accelerating Sunnova's growth and increasing Sunnova's operating leverage.
Forward Guidance
Management increases full-year 2021 guidance for customer additions, Adjusted EBITDA, and Recurring Operating Cash Flow.
Positive Outlook
- Customer additions increases from 42,000 - 48,000 to 55,000 - 58,000
- Adjusted EBITDA increases from $77 million - $83 million to $80 million - $85 million
- Customer principal payments received from solar loans, net of amounts recorded in revenue of $57 million - $63 million reaffirmed
- Customer interest payments received from solar loans of $28 million - $34 million reaffirmed
- Adjusted Operating Cash Flow of $20 million - $30 million reaffirmed
Challenges Ahead
- Recurring Operating Cash Flow increases from $(15) million - $5 million to $(5) million - $5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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