Sunnova Energy International Inc. (NYSE:NOVA) Q2 2023 Earnings Conference Call July 27, 2023 8:00 AM ET

Company Participants

Rodney McMahan - Vice President of Investor Relations

William Berger - Chairman & Chief Executive Officer

Robert Lane - Executive Vice President & CFO

Conference Call Participants

Andrew Percoco - Morgan Stanley

Philip Shen - ROTH

Brian Lee - Goldman Sachs

Joseph Osha - Guggenheim

Praneeth Satish - Wells Fargo

Mark Strouse - JPMorgan

Steve Fleishman - Wolfe Research

Pavel Molchanov - Raymond James

Sean Morgan - Evercore

Kasope Harrison - Piper Sandler

Corinne Blanchard - Deutsche Bank

Operator

Good morning, and welcome to Sunnova's Second Quarter 2023 Earnings Conference Call. Today's call is being recorded and will have an allocated an hour for prepared remarks and questions and answers.

At this time, I would like to turn the conference over to Rodney McMahan, Vice President, Investor Relations at Sunnova. Please go ahead.

Rodney McMahan

Thank you, operator.

Before we begin, please note, during today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in our slide presentation, earnings press release and our 2022 Form 10-K. Please see those documents for additional information regarding those factors that may affect these forward-looking statements. Also, we will reference certain non-GAAP measures during today's call. Please refer to the appendix of our presentation as well as the earnings press release for the appropriate GAAP to non-GAAP reconciliations and Cautionary disclosures. On the call today are John Berger, Sunnova's Chairman and Chief Executive Officer; and Robert Lane, Executive Vice President and Chief Financial Officer.

I will now turn the call over to John.

William Berger

Good morning, and thank you for joining us. Sunnova achieved record growth in customer additions in the second quarter. This outstanding performance can be attributed to the strong demand for our comprehensive suite of services, the continued growth of our dealer base and the expansion of our addressable market and market share. What sets Sunnova apart and fuels our growth is our unique business model, exemplified by an unwavering commitment to delivering responsive and reliable service. While solar forms the foundation of our existing customer base, we have observed a growing trend among newer consumers.

We see homeowners seeking a broader range of services that go beyond panels on the roof. To meet this evolving demand, we have introduced innovative solutions such as the Sunnova Adaptive Home and the Sunnova adapted business, which combine advanced technologies to optimize energy usage for homeowners and businesses as well as Sunnova repair services to ensure the uninterrupted performance of solar systems without service. Underpinning our commitment to providing exceptional customer service is our 24-hour response time for our customers currently in 4 markets. We have plans to expand to 7 markets by the end of this year, which is expected to cover 70% of our customer base. This rapid expansion of our 24-hour response time will help us to solidify our position as the fastest service delivery leader while expanding our Sunnova repair service business.