Sunnova Energy International Inc. (NYSE:NOVA) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET

Company Participants

Rodney McMahan - Vice President, Investor Relations
John Berger - Chairman & Chief Executive Officer
Eric Williams - Executive Vice President & Chief Financial Officer

Conference Call Participants

Philip Shen - ROTH Capital Partners
Andrew Percoco - Morgan Stanley
James West - Evercore ISI
Brian Lee - Goldman Sachs.
Dylan Nassano - Wolfe Research
Michael Blum - Wells Fargo
Pavel Molchanov - Raymond James
Sophie Karp - KeyBanc
Jordan Levy - Truist Securities
Ameet Thakkar - BMO
William Griffin - UBS
Maheep Mandloi - Mizuho

Operator

Good morning and welcome to Sunnova's Second Quarter 2024 Earnings Conference Call. Today's call is being recorded and we have allocated an hour for prepared remarks and question-and-answer.

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

Rodney McMahan

Thank you, operator. Before we begin, please note that during today's call, we will make forward-looking statements that are subject to various risks and uncertainties as described in our slide presentation, earnings press release, and our 2023 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 reconciliation and cautionary disclosures.

On the call today are John Berger, Sunnova's Chairman and Chief Executive Officer; and Eric Williams, Executive Vice President and Chief Financial Officer.

I will now turn the call over to John.

John Berger

Good morning everyone. First, I want to extend a warm welcome to Eric Williams, our new Chief Financial Officer, who is with us today for his first earnings call with Sunnova.

Eric joined us in June from Diversified Energy where he accumulated significant expertise in leveraging the capital markets, specifically the asset-backed securitization market, which is particularly relevant for Sunnova and our long-term financing strategy.

I speak on behalf of the entire management team and our Board when I say we are looking forward to working with him and utilizing his strategic insights and wealth of experience.

Before I jump into more detailed remarks, I want to provide a quick update on our cash balance and cash generation forecast which can be found on Slide 4. We are continuing to make progress on the four key priorities we outlined last quarter of maximizing asset-level capital, driving cost efficiencies, increasing ITC adder utilization, and refocusing on our core adaptive energy customers. Progress against these initiatives resulted in a $21.5 million increase in our unrestricted cash balance for this quarter.