Sunnova Energy International Inc. (NYSE:NOVA) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 08:30 am ET
Good morning, and welcome to Sunnova's Second Quarter 2020 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 call over to Rodney McMahan, Vice President, Investor Relations at Sunnova. Please go ahead.
Thank you, operator and good morning, everyone. Yesterday, we released our earnings press release and posted a slide presentation to the Investor Relations portion of our website at investors.sunnova.com, which will be referenced during this call.
Joining me today are John Berger, Sunnova's Chairman and Chief Executive Officer; and Robert Lane, Executive Vice President and Chief Financial Officer.
Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include remarks about future expectations, beliefs, estimates, plans and prospects. Such statements are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements. Such risks and other factors are set forth in our press releases and filings with the Securities and Exchange Commission. We do not undertake any duty to update such forward-looking statements.
Additionally, during today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most comparable GAAP measure can be found in our earnings release.
I will now turn the call over to John.
William J. (John) Berger
Good morning and thank you for joining us for our second quarter 2020 earnings call. We are pleased to report another quarter of strong results and to once again reaffirm our full year 2020 guidance. As I will detail, our second quarter performance was characterized by strong continued growth in both our customer base and battery attachment rate. As a result, we continue to see improvements to our key financial and operating metrics, specifically a sharp decline in adjusted operating expense on a per customer basis, as we continue to gain operating leverage. And while our business was evolving and experiencing the fastest growth in the industry, we continue to drive down our all-in weighted average cost of capital and greatly enhance our liquidity by closing on several key financing transactions with favorable terms.
As we have noted, Sunnova's flexible technology enabled service model is well equipped to meet the challenge of COVID-19 head on. The pandemic demanded that our industry accommodate and even embrace the acceleration of several mega trends that required an increased reliance on technology, such as remote working and the use of virtual marketing communication tools. As these mega trends continue and people continue spending more time in the home using more electricity, homeowners remain focused on ensuring the energy they use to power their lives is