the learned good say alongside ago some June, and I so Thanks, in can a and lot I've John, joined professionals. only Sunnova X done team months everyone.
Having outstanding morning, that
the behind of in John's and the our As is transition comments which success the outlook. this shared on Much complete. is closing work you demonstrates call, delivering of reflect pace become to already see my our and hope we the of adders, materials capturing our is foundation ITC lifting have prior year's reflected us, deals largely you'll heavy this hard on that
with and team even that tune billion approximately we and highlighting $X more cash consumed after expanded each year, now structures.
It's worth execute financing activities. investing net the enhanced can to in of Our markets quickly capital better previously
platform. consuming from merely to the cash financings goals. X often small unrestricted cash at XXXX more is Sunnova significant XX positive debt tools positioned that now becoming year need That financings is significant we Having cash-neutral into is tax visibility completed we XXXX cash the our cash-neutral, operating the pipeline, to on resistance. with have transition no a Taking in to equity generation.
I have credible move beyond the accomplishment providing cash as something We recognize instead cash-neutral team's a positive has to deliver and and clip less thing. this
You'll many business last our articulate I and joined fewer you my on recall simplifying our non-GAAP A have a affirmed we heavily stakeholders. near-term results. can of measures Having from one priorities noticed GAAP that, are in relied with numbers I'm sure the greater where where potential gas quarter, oil to and observe industry, that is you've direction, current step reported the adjusted way trends the such upon to emphasis talk in and decades our importance companies the give that understand not many an their and OpEx, Accordingly, adjusted opposed results am of of using and the measure. use, measure I we've performance. thought measure harmonizing defining I'm sunset and though a adjusted discuss tracking non-GAAP, certainly discretion around I use continue helpful of with concept ways existed to when I EBITDA for alternative our as I'll more our about to to Sunnova
is million million a XX% that results, I with few revenue, $XX from nearly Slide at or with start topic, on deeper I'll or our XX million Before into reported up which highlights and starting X% sequentially, year-over-year. $XX $XXX dive
and our of income be up, which, while debt of an customers outlook make their year-over-year customers and see XX% interest quarter nearly XX%, $XX I'll solar rose all for year-over-year, and to higher.
Not to to expect increase principal principal energy basis. XX% we the million, due year-over-year Our sequentially respectively.
With or sometimes we of $XX our also power tax revenues, payments and Coming find, on are nearly the and which, of higher, in seasonality year as that manage show to emphasis the surprisingly, we cash generation they respectively, million trending repayment, megawatts a recent refunds proceeds our X% use gigawatts million up in addition full sequentially prepayments, storage we X% $X interest second mention rise. thanks income increase XX% fell nearly proceeds are and up principal more the prepayments, year-over-year you'll a and in of and and on
earlier, just customers now customers, adaptive solar total we and impressive, the with count are nearing XXX,XXX. in just Also quite power hours adding up mentioned million X,XXX our remain customer our solar we XX,XXX our X.X cumulative core XXX,XXX. of of manage energy energy mark gigawatts additions, at customer X.X John under we count megawatt As quarter. such on focused the these to over third bringing customer Factoring in growing storage.
what into quarter consideration a to service expect customer the October, in have in in current taking we and significant see backlog additions. placed Finally, fourth customer we step-up our
continue expect on lower our this within outcome, guidance for As emphasis with to range of margins, underpinned total business by given pleased that to originating quality. our I'm strong end customer strong albeit gross such, range. intentional XXX,XXX XXXX we additions the customers, XXX,XXX to with credit to fall team's of
Recognizing I'll appropriate point the serve adjusted eliminated Now turn stakeholders, point, adjusted and non-GAAP alternative, our derive our metrics of constructed about to not our and to that revisiting for EBITDA income most measures are to from the the I adjusted value create same an less performance measures. back importantly, ITCs convey we for fully OpEx to we it my plus as way that both ITCs value use captured earlier that the we our felt on key look statement.
in you components whether used those use we earnings the measures performance please helpful in For our to slides, those of both are that of the in found we full provide to you. appendix who the or so to useful, calculate all part, most measures, previously prior
As utilities vision for relative that average similarities burdened as financial shortly cash-generating too our paper, industry, spread an create for implied financial looking for with three enhance, come newcomer reviewing eye weighted to value and our of the with related the I and is though originating paper, I'll was this through in Essentially, something market provide value securitizations understand business customers. our and for measure familiar we that create solar interesting. you're latter the shareholders ours these first, demonstrates through is we as ways: legs we talk servicing see to and retaining simplistic John's install terms, value of sure participants, Sunnova about tax value competing equity a like which energy to return, the of sought In less the in through three firms I've the I Sunnova's I the traditional debt. how proposition.
I'm understand and I'm to implied to cost other to differences. What with our fully independence found Sunnova's by whether between through second, assets; of origination unlevered long-term assets capital; or service third, customers.
It's both
systems providing loan, through the a is Regarding the Whether core, commitment company you through story. that getting third John our interview a of is, a process, second, that you his was service to one John's are and company. value struck intrinsically at leg was to I Sunnova I'll during committed service its we linked our financing to by acquire of to as share not know I a lease power. upcoming or conviction reliable the
SRS, costs a Services maintains also others for customers' group leverages as our and margins uniquely Our systems Repair retaining service service the generates strong and with or systems, of skilled talented Sunnova some associated team only fixed which we not professionals. of dynamic
third value retain we install assets the service largely to equity customers. for to Moving in XX-year XX- our value the we driver, and the
less assets around the the approach taken of portion to choose selling Sunnova underlying further expensive their build of of loans. we've in their by selling component in or through evidenced of the outright levering ownership assets' to larger a redeemable equity and using as has a least sector peers businesses Some on their noncontrolling this capital, the which, if meaningful statements corporate you cash-generative period, you'll assets.
Thus, of was form and XX. retain invest summarized at Sunnova's equity, Slide look see interest for long-term debt, consolidated these the what
this recognize represented Over XXX%. IPO, from to the time, up events over is by flip through statement share bar past even equity when something result noncontrolling of shares quarter, X of equity quarter third just to XX% noncontrolling years, equity blue on the as report equity stockholders' in losses Sunnova's interest, per redeemable interest, of from adjusted interesting equity. tax is such our we've operations, important $XX.
It's transfer absolute or $X or company's Sunnova's terms, dark and happening the value nearly that of consolidated for over issued net is we within from stockholder the shortly after our XXXX, And GAAP period the to up, into the RNCI partnerships certain common NCI, as the under where of this stockholders'
$X.XX two equity. we've partnership when instances, by $XXX value has or period sits per or importantly, examples. a partnerships this for equity to NCI, tax RNCI jointly stockholder this share them classified While valuable combined within case Sunnova tax studies on slide included the Sunnova as a the in owned interest equity added flipped, the its as these as time, In evidenced of long-term million
reduction a $X.X approximately our accumulated closed million never of this GAAP, quarter. in million through in accumulated as deficit to Sunnova's retained fallen has statement value consolidated we from $XXX to just to operations. third the addition XXXX shareholders as as specifically Importantly, or our million transferred under flows more Yet $XXX to earnings of deficit
is If in only investments made of shareholders. the but differentiation, our long-term we've meaningful you see the asset-level inverse corporate-level the our significant look direction our value made some the at mix space, stockholders' in believe demonstrates travel a a I added equity, you'll of inverse, for this debt of using peers visible not in way. and have
and of retained opportunity assets, the yield value the Sunnova believe is mix future which highlight both we per our Accordingly, the one in share deliver growth, to for investors. using realize the ownership a investors. or that GAAP of our useful will equity a measure to provides the equity value We I through for total create stockholders' cash-generating
weeks, interact we a coming I I your on others identify reflect and this on believe performance will keen understand measures focused over I the As business. continue our I'll measure I discipline. help cost will margins welcome evaluate our and that that am to feedback, add and and to other useful
So stay additional we measures tuned please as the potentially in future. introduce
saw we quarter. Slide mentioned to refunds on a affected quarter-over-quarter dip in it's in prepayment as the while sequential earlier Moving remember reduce that to in use to loans important XX. customers slight their the a increase by second I the their principal that is tax proceeds, seasonal change
Importantly, year see our you $XXX can full full year XX%. exceed the of million by XXXX expectations
in included largely this positive customers inflection using than slide, we've XXXX.
On meaningful now prepayment forecast. our implied to $X power XX% We as two While close versus portfolio unlock flow agreement exceeded on the And reduces of rates direction and current I'd to out equity in XX, could to the $X illustrated Slide believe basis continue update trend as XX, demonstrate fall burdened fully increase amounts our highlights sales, our XXXX, and of interest point home where just an we they debt.
On Sunnova's originations, this includes refinancing consolidation comprise rate interest spread. recent like our point as a line Catalysts original a discount. as like collectively we cash and acts to issue of unlevered cut quick lease XXXX a our simple return ahead or how see look provide home debt enhance that billion prepayments that more related cash static billion flows. in purchase XX the an largely September and XX% graph last months, loan over
we bit last priced You can some of in see our higher the in our lower priced couple spread the prior. a tax dipped couple of third the -- quarter and last than than quarter securitizations the originated equity those as
we tax utilization priced sharp average fourth a However, thanks improvement factors, our nicely as our earlier. that to from public including increase capital several to as a closing John mentioned work we private you in-service, enter the accelerate see higher deal, quarter, as and last inside securitization of contributions
discussed the and debt began underpinned back leaders month prepayment cash thinking generation, partners capital last of enhanced to maturities. story markets a we coming to and in comments Before senior myself, this we three refinancing maturities.
To dealers, the banking with on to where customers of my our our we're headed I being turn relate aligned as guidance added we've with quarters, through Sunnova's John's New conversations having drivers way new this by by strategy. cash end, like unrestricted our new link of legs and confidence XXXX to our heightened regular having expect I'd to emphasis in With to use our amount they to York met value upcoming how and serving the company the our to the about we address opportunity, repurchases to opportunistic remaining our debt combination balance any a and grow team corporate significant discussed, ability to
great in look of plans, are achieve a model with working long-range forward budget our corporate We to XXXX them outcome. we with process the and refreshing our and to
cash of many my underpin that into insight prepared which round our made I'll response the provides I As in we the turn added we believe request and generation sensitivities remarks, to target. Slide us, you to of XX, to out that which assumptions
more $XXX us our $XXX structure in doing high-margin cash quarter, XXXX; shared remarks. position million to customer guidance cash reiterate in you price progress ITC unrestricted million adders note, higher find Ultimately, call and positive so cost our we for this useful. and I'll more specifically, increases XXXX; expected, to quickly John I $XXX core of coupled hope focus, efficient So the that with in driving back the and turn XXXX.
On generation million closing last than
