Sunnova Reports First Quarter 2024 Financial Results

First Quarter 2024 Highlights

  • Deployed 27,000 customers in the first quarter of 2024; bringing total customer count to 438,500 as of March 31, 2024;
  • Total Adjusted Operating Expense decreased in the first quarter of 2024 compared to the prior quarter;
  • Unrestricted Cash increased $18.9 million in the first quarter of 2024 compared to the prior quarter; and
  • Selected as exclusive national solar and battery storage services provider for The Home Depot.

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, today announced financial results for the first quarter ended March 31, 2024.

“Our team is squarely focused on increasing our cash generation and maintaining our margins. Through continued cost efficiencies, maximizing our asset-level financing, further utilizing investment tax credit adders, and re-focusing on our core adaptive energy customers, we expect to be able to drive improved performance, all while remaining true to the values that have driven Sunnova forward for the last twelve years,” said William J. (John) Berger, Sunnova's founder and CEO. “Our core value thesis remains strong and intact, and homeowners and businesses continue to see the benefits of becoming Sunnova customers in the face of rising utility rates and grid instability. As we look to the remainder of 2024, we remain steadfast in our commitment to delivering an exceptional customer experience, implementing top, industry-leading technologies to deliver customized energy solutions for our customers, and driving positive cash generation and value creation for our shareholders.”

Berger continued, “During the first quarter we acted on several initiatives such as rebalancing our capital expenditure budget and updating our pricing that will continue to bolster our cash generation. Early success helped us to increase our unrestricted cash balance by $18.9 million this quarter. Our ongoing progress gives us confidence in our ability to increase our cash efficiency, giving us conviction in our cash generation outlook for 2025 and beyond.”

First Quarter 2024 Results

Revenue decreased by $0.8 million to $160.9 million for the three months ended March 31, 2024, compared to $161.7 million for the three months ended March 31, 2023. This decrease was driven largely by $36.3 million of lower inventory sales revenue and a decrease of $2.8 million in service revenue. This was partially offset by an increase of $37.3 million in revenue from our core adaptive energy customers in the form of PPA, lease, SREC, loan, and cash sales revenue.

Total operating expense, net increased by $34.6 million to $245.1 million for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. This increase was driven primarily by an increase in the number of solar energy systems in service, higher general and administrative expense, and higher other cost of revenue associated with Sunnova's growing direct sales, cash sales, and repair services businesses. This was partially offset by lower cost of revenue from inventory sales and an increase in other operating income primarily due to changes in the fair value of certain financial instruments and contingent consideration.

Adjusted Operating Expense increased by $29.9 million to $108.3 million for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. This increase was primarily the result of an increased number of solar energy systems in service and higher general and administrative expense.

Sunnova incurred a net loss of $90.1 million for the three months ended March 31, 2024, compared to a net loss of $110.3 million for the three months ended March 31, 2023. This lower net loss was primarily the result of ITC sales that resulted in an income tax benefit, an increase in interest income, primarily due to our larger customer loan portfolio, and an increase in other operating income primarily due to changes in the fair value of certain financial instruments and contingent consideration. This was partially offset by higher operations and maintenance expense and higher general and administrative expense.

Adjusted EBITDA was $46.4 million for the three months ended March 31, 2024, compared to $14.6 million for the three months ended March 31, 2023. This increase was primarily the result of investment tax credit sales, which began in the third quarter of 2023.

Principal proceeds from customer notes receivable (net of amounts recorded in revenue) and proceeds from investments in solar receivables was $41.9 million for the three months ended March 31, 2024, compared to $31.2 million for the three months ended March 31, 2023. This increase was primarily due to our larger customer loan portfolio.

Interest income was $35.7 million for the three months ended March 31, 2024, compared to $24.8 million for the three months ended March 31, 2023. This increase was also primarily due to our larger customer loan portfolio.

Liquidity & Capital Resources

As of March 31, 2024, Sunnova had total cash of $487.5 million, including restricted and unrestricted cash.

2024 Full Year Guidance

We are lowering our guidance for customer additions. As Sunnova re-focuses on its core adaptive energy customers it now expects full year 2024 customer additions to fall between 140,000 and 150,000.

We are reaffirming our guidance for Adjusted EBITDA, interest income, and principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables.

  • Customer additions between 140,000 and 150,000;
  • Adjusted EBITDA between $350 million and $450 million;
  • Interest income between $150 million and $190 million; and
  • Principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables between $210 million and $250 million.

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). We believe certain financial measures, such as Adjusted EBITDA and Adjusted Operating Expense, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our business. We use Adjusted EBITDA and Adjusted Operating Expense as performance measures and believe investors and securities analysts also use Adjusted EBITDA and Adjusted Operating Expense in evaluating our performance. While Adjusted EBITDA effectively captures the operating performance of our leases and PPAs, it only reflects the service portion of the operating performance under our loan agreements. Therefore, we separately show customer P&I payments. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used both to better assess our business from period to period and to better assess our business against other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by other companies. In addition, other companies may not publish these or similar measures. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. Sunnova is unable to reconcile projected Adjusted EBITDA and Adjusted Operating Expense to the most comparable financial measures calculated in accordance with GAAP because of fluctuations in interest rates and their impact on our unrealized and realized interest rate hedge gains or losses. Sunnova provides a range for the forecasts of Adjusted EBITDA and Adjusted Operating Expense to allow for the variability in the timing of cash receipts and disbursements, customer utilization of our assets, and the impact on the related reconciling items, many of which interplay with each other. Therefore, the reconciliation of projected Adjusted EBITDA and Adjusted Operating Expense to projected net income (loss) and total operating expense, as the case may be, is not available without unreasonable effort.

Conference Call Information

Sunnova is hosting a conference call for analysts and investors to discuss its first quarter 2024 results at 8:00 a.m. Eastern Time, on May 2, 2024. The conference call can be accessed live over the phone by dialing 833-470-1428 (toll-free) or 404-975-4839. The access code for the live call is 282028.

A replay will be available two hours after the call and can be accessed by dialing 866-813-9403 (toll-free) or 929-458-6194. The access code for the replay is 195253. The replay will be available until May 9, 2024.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of Sunnova’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our level of growth, customer value propositions, technological developments, service levels, the ability to achieve our 2024 operational and financial targets, operating performance, including its outlook and guidance, demand for Sunnova’s products and services, future financing and ability to raise capital therefrom, discussions of planned sales of loans, and references to Adjusted EBITDA and customer P&I payments from solar loans. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, supply chain uncertainties, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, and our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. For more information, visit sunnova.com.

SUNNOVA ENERGY INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts and share par values)

 

 

As of

March 31, 2024

 

As of

December 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

231,711

 

 

$

212,832

 

Accounts receivable—trade, net

 

35,756

 

 

 

40,767

 

Accounts receivable—other

 

163,724

 

 

 

253,350

 

Other current assets, net of allowance of $4,649 and $4,659 as of March 31, 2024 and December 31, 2023, respectively

 

386,222

 

 

 

429,299

 

Total current assets

 

817,413

 

 

 

936,248

 

 

 

 

 

Property and equipment, net

 

6,042,158

 

 

 

5,638,794

 

Customer notes receivable, net of allowance of $111,576 and $111,818 as of March 31, 2024 and December 31, 2023, respectively

 

3,890,835

 

 

 

3,735,986

 

Intangible assets, net

 

126,539

 

 

 

134,058

 

Other assets

 

938,629

 

 

 

895,885

 

Total assets (1)

$

11,815,574

 

 

$

11,340,971

 

 

 

 

 

Liabilities, Redeemable Noncontrolling Interests and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

374,861

 

 

$

355,791

 

Accrued expenses

 

87,626

 

 

 

122,355

 

Current portion of long-term debt

 

493,496

 

 

 

483,497

 

Other current liabilities

 

146,449

 

 

 

133,649

 

Total current liabilities

 

1,102,432

 

 

 

1,095,292

 

 

 

 

 

Long-term debt, net

 

7,273,736

 

 

 

7,030,756

 

Other long-term liabilities

 

1,117,617

 

 

 

1,086,011

 

Total liabilities (1)

 

9,493,785

 

 

 

9,212,059

 

 

 

 

 

Redeemable noncontrolling interests

 

187,312

 

 

 

165,872

 

 

 

 

 

Stockholders' equity:

 

 

 

Common stock, 123,971,555 and 122,466,515 shares issued as of March 31, 2024 and December 31, 2023, respectively, at $0.0001 par value

 

12

 

 

 

12

 

Additional paid-in capital—common stock

 

1,766,966

 

 

 

1,755,461

 

Accumulated deficit

 

(162,973

)

 

 

(228,583

)

Total stockholders' equity

 

1,604,005

 

 

 

1,526,890

 

Noncontrolling interests

 

530,472

 

 

 

436,150

 

Total equity

 

2,134,477

 

 

 

1,963,040

 

Total liabilities, redeemable noncontrolling interests and equity

$

11,815,574

 

 

$

11,340,971

 

 

(1) The consolidated assets as of March 31, 2024 and December 31, 2023 include $5,568,816 and $5,297,816, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $63,777 and $54,674 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—trade, net of $15,729 and $13,860 as of March 31, 2024 and December 31, 2023, respectively; accounts receivable—other of $145,886 and $187,607 as of March 31, 2024 and December 31, 2023, respectively; other current assets of $631,951 and $693,772 as of March 31, 2024 and December 31, 2023, respectively; property and equipment, net of $4,615,433 and $4,273,478 as of March 31, 2024 and December 31, 2023, respectively; and other assets of $96,040 and $74,425 as of March 31, 2024 and December 31, 2023, respectively. The consolidated liabilities as of March 31, 2024 and December 31, 2023 include $249,869 and $278,016, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $156,518 and $197,072 as of March 31, 2024 and December 31, 2023, respectively; accrued expenses of $532 and $157 as of March 31, 2024 and December 31, 2023, respectively; other current liabilities of $11,684 and $7,269 as of March 31, 2024 and December 31, 2023, respectively; and other long-term liabilities of $81,135 and $73,518 as of March 31, 2024 and December 31, 2023, respectively.

SUNNOVA ENERGY INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

 

 

Three Months Ended

March 31,

 

2024

 

2023

Revenue

$

160,904

 

 

$

161,696

 

 

 

 

 

Operating expense:

 

 

 

Cost of revenue—depreciation

 

42,156

 

 

 

28,197

 

Cost of revenue—inventory sales

 

21,892

 

 

 

51,779

 

Cost of revenue—other

 

39,348

 

 

 

19,224

 

Operations and maintenance

 

36,945

 

 

 

10,739

 

General and administrative

 

117,111

 

 

 

101,261

 

Other operating income

 

(12,326

)

 

 

(723

)

Total operating expense, net

 

245,126

 

 

 

210,477

 

 

 

 

 

Operating loss

 

(84,222

)

 

 

(48,781

)

 

 

 

 

Interest expense, net

 

84,601

 

 

 

85,607

 

Interest income

 

(35,696

)

 

 

(24,788

)

Other (income) expense

 

(24

)

 

 

236

 

Loss before income tax

 

(133,103

)

 

 

(109,836

)

 

 

 

 

Income tax (benefit) expense

 

(43,028

)

 

 

510

 

Net loss

 

(90,075

)

 

 

(110,346

)

Net loss attributable to redeemable noncontrolling interests and noncontrolling interests

 

(20,115

)

 

 

(29,263

)

Net loss attributable to stockholders

$

(69,960

)

 

$

(81,083

)

 

 

 

 

Net loss per share attributable to stockholders—basic and diluted

$

(0.57

)

 

$

(0.70

)

Weighted average common shares outstanding—basic and diluted

 

122,894,548

 

 

 

115,073,975

 

SUNNOVA ENERGY INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three Months Ended

March 31,

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net loss

$

(90,075

)

 

$

(110,346

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation

 

50,759

 

 

 

32,671

 

Impairment and loss on disposals, net

 

21,718

 

 

 

647

 

Amortization of intangible assets

 

7,108

 

 

 

7,108

 

Amortization of deferred financing costs

 

8,288

 

 

 

5,171

 

Amortization of debt discount

 

6,656

 

 

 

3,512

 

Non-cash effect of equity-based compensation plans

 

13,587

 

 

 

9,515

 

Non-cash direct sales revenue

 

(13,750

)

 

 

(12,161

)

Provision for current expected credit losses and other bad debt expense

 

1,674

 

 

 

11,858

 

Unrealized (gain) loss on derivatives

 

(30,698

)

 

 

23,616

 

Unrealized gain on fair value instruments and equity securities

 

(12,339

)

 

 

(487

)

Other non-cash items

 

11,065

 

 

 

3,261

 

Changes in components of operating assets and liabilities:

 

 

 

Accounts receivable

 

48,507

 

 

 

20,837

 

Other current assets

 

(6,585

)

 

 

(43,060

)

Other assets

 

(52,524

)

 

 

(80,308

)

Accounts payable

 

16,591

 

 

 

(10,618

)

Accrued expenses

 

(39,083

)

 

 

(11,588

)

Other current liabilities

 

8,104

 

 

 

(3,470

)

Other long-term liabilities

 

(14,639

)

 

 

(15,485

)

Net cash used in operating activities

 

(65,636

)

 

 

(169,327

)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Purchases of property and equipment

 

(398,768

)

 

 

(289,296

)

Payments for investments and customer notes receivable

 

(114,044

)

 

 

(274,362

)

Proceeds from customer notes receivable

 

50,538

 

 

 

36,111

 

Proceeds from investments in solar receivables

 

2,259

 

 

 

2,132

 

Other, net

 

1,332

 

 

 

1,120

 

Net cash used in investing activities

 

(458,683

)

 

 

(524,295

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from long-term debt

 

729,499

 

 

 

604,240

 

Payments of long-term debt

 

(475,190

)

 

 

(188,724

)

Payments on notes payable

 

(2,507

)

 

 

 

Payments of deferred financing costs

 

(12,625

)

 

 

(6,832

)

Proceeds from issuance of common stock, net

 

1,884

 

 

 

(1,488

)

Contributions from redeemable noncontrolling interests and noncontrolling interests

 

301,728

 

 

 

174,951

 

Distributions to redeemable noncontrolling interests and noncontrolling interests

 

(105,240

)

 

 

(8,554

)

Payments of costs related to redeemable noncontrolling interests and noncontrolling interests

 

(8,517

)

 

 

(4,511

)

Proceeds from sales of investment tax credits for redeemable noncontrolling interests and noncontrolling interests

 

88,776

 

 

 

 

Other, net

 

(370

)

 

 

(211

)

Net cash provided by financing activities

 

517,438

 

 

 

568,871

 

Net decrease in cash, cash equivalents and restricted cash

 

(6,881

)

 

 

(124,751

)

Cash, cash equivalents and restricted cash at beginning of period

 

494,402

 

 

 

545,574

 

Cash, cash equivalents and restricted cash at end of period

 

487,521

 

 

 

420,823

 

Restricted cash included in other current assets

 

(28,765

)

 

 

(52,699

)

Restricted cash included in other assets

 

(227,045

)

 

 

(157,240

)

Cash and cash equivalents at end of period

$

231,711

 

 

$

210,884

 

Key Financial and Operational Metrics

 

 

Three Months Ended

March 31,

 

2024

 

2023

 

(in thousands)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

Net loss

$

(90,075

)

 

$

(110,346

)

Interest expense, net

 

84,601

 

 

 

85,607

 

Interest income

 

(35,696

)

 

 

(24,788

)

Income tax (benefit) expense

 

(43,028

)

 

 

510

 

Depreciation expense

 

50,759

 

 

 

32,671

 

Amortization expense

 

7,527

 

 

 

7,338

 

EBITDA

 

(25,912

)

 

 

(9,008

)

Non-cash compensation expense

 

13,587

 

 

 

9,515

 

ARO accretion expense

 

1,477

 

 

 

1,081

 

Non-cash disaster losses

 

(10

)

 

 

 

Unrealized gain on fair value instruments and equity securities

 

(12,339

)

 

 

(487

)

Amortization of payments to dealers for exclusivity and other bonus arrangements

 

1,974

 

 

 

1,386

 

Provision for current expected credit (gains) losses

 

(268

)

 

 

10,259

 

Non-cash inventory and other impairments

 

19,982

 

 

 

 

ITC sales

 

47,953

 

 

 

 

Other, net

 

 

 

 

1,807

 

Adjusted EBITDA

$

46,444

 

 

$

14,553

 

 

Three Months Ended

March 31,

 

2024

 

2023

 

(in thousands)

Interest income

$

35,696

 

$

24,788

Principal proceeds from customer notes receivable, net of related revenue

$

39,616

 

$

29,098

Proceeds from investments in solar receivables

$

2,259

 

$

2,132

 

Three Months Ended

March 31,

 

2024

 

2023

 

(in thousands, except per system data)

Reconciliation of Total Operating Expense, Net to Adjusted Operating Expense:

 

 

 

Total operating expense, net

$

245,126

 

 

$

210,477

 

Depreciation expense

 

(50,759

)

 

 

(32,671

)

Amortization expense

 

(7,527

)

 

 

(7,338

)

Non-cash compensation expense

 

(13,587

)

 

 

(9,515

)

ARO accretion expense

 

(1,477

)

 

 

(1,081

)

Non-cash disaster losses

 

10

 

 

 

 

Amortization of payments to dealers for exclusivity and other bonus arrangements

 

(1,974

)

 

 

(1,386

)

Provision for current expected credit gains (losses)

 

268

 

 

 

(10,259

)

Non-cash inventory and other impairments

 

(19,982

)

 

 

 

Cost of revenue related to direct sales

 

(18,421

)

 

 

(7,597

)

Cost of revenue related to cash sales

 

(13,839

)

 

 

(9,345

)

Cost of revenue related to inventory sales

 

(21,892

)

 

 

(51,779

)

Unrealized gain on fair value instruments

 

12,315

 

 

 

723

 

Gain on held-for-sale loans

 

24

 

 

 

 

Other, net

 

 

 

 

(1,807

)

Adjusted operating expense

$

108,285

 

 

$

78,422

 

Adjusted operating expense per weighted average system

$

250

 

 

$

267

 

 

As of

March 31, 2024

 

As of

December 31, 2023

Number of customers

438,500

 

419,200

 

Three Months Ended

March 31,

 

2024

 

2023

Weighted average number of systems (excluding loan agreements and cash sales)

259,400

 

197,500

Weighted average number of systems with loan agreements

160,900

 

88,700

Weighted average number of systems with cash sales

13,500

 

7,300

Weighted average number of systems

433,800

 

293,500

 

As of

March 31, 2024

 

As of

December 31, 2023

 

(in millions)

Estimated gross contracted customer value - PV6

$

9,490

 

$

9,097

Key Terms for Our Key Metrics and Non-GAAP Financial Measures

Estimated Gross Contracted Customer Value. Estimated gross contracted customer value as of a specific measurement date represents the sum of the present value of the remaining estimated future net cash flows we expect to receive from existing customers during the initial contract term of our customer agreements, which are typically 25 years in length, plus the present value of future net cash flows we expect to receive from the sale of related solar renewable energy certificates ("SRECs"), either under existing contracts or in future sales, plus the cash flows we expect to receive from energy services programs such as grid services, plus the carrying value of outstanding customer loans on our balance sheet. From these aggregate estimated initial cash flows, we subtract the present value of estimated net cash distributions to redeemable noncontrolling interests and noncontrolling interests and estimated operating, maintenance and administrative expenses associated with the customer agreements. These estimated future cash flows reflect the projected monthly customer payments over the life of our customer agreements and depend on various factors including but not limited to agreement type, contracted rates, expected sun hours and the projected production capacity of the solar equipment installed. For the purpose of calculating this metric, we discount all future cash flows at 6%.

Number of Customers. We define number of customers to include every unique premises on which a Sunnova product or Sunnova-financed product is installed or on which Sunnova is obligated to perform services for a counterparty. We track the total number of customers as an indicator of our historical growth and our rate of growth from period to period.

Weighted Average Number of Systems. We calculate the weighted average number of systems based on the number of months a customer and any additional service obligation related to a solar energy system is in-service during a given measurement period. The weighted average number of systems reflects the number of systems at the beginning of a period, plus the total number of new systems added in the period adjusted by a factor that accounts for the partial period nature of those new systems. For purposes of this calculation, we assume all new systems added during a month were added in the middle of that month. The number of systems for any end of period will exceed the number of customers, as defined above, for that same end of period as we are also including any additional services and/or contracts a customer or third party executed for the additional work for the same residence or business. We track the weighted average system count in order to accurately reflect the contribution of the appropriate number of systems to key financial metrics over the measurement period.

Definitions of Non-GAAP Measures

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) excluding the impacts of interest expense, income tax (benefit) expense, depreciation and amortization expense, non-cash compensation expense, asset retirement obligation ("ARO") accretion expense, non-cash disaster losses, losses on unenforceable contracts, losses on extinguishment of long-term debt, unrealized gains and losses on fair value instruments and equity securities, amortization of payments to dealers for exclusivity and other bonus arrangements, provision for current expected credit losses and non-cash inventory and other impairments and including the impacts of investment tax credit ("ITC") sales.

Adjusted Operating Expense. We define Adjusted Operating Expense as total operating expense less depreciation and amortization expense, non-cash disaster losses, amortization of payments to dealers for exclusivity and other bonus arrangements, cost of revenue related to direct sales, cost of revenue related to cash sales, cost of revenue related to inventory sales, unrealized gains and losses on fair value instruments, gains and losses on held-for-sale loans and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, losses on unenforceable contracts and other non-cash items such as non-cash compensation expense, ARO accretion expense, provision for current expected credit losses and non-cash inventory and other impairments.

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