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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________

FORM 10-Q
_______________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number: 001-38995
_______________________________________________________________________________
Sunnova Energy International Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
Delaware
30-1192746
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
20 East Greenway Plaza, Suite 540
Houston, Texas 77046
(Address, including zip code, of principal executive offices)

(281) 892-1588
(Registrant's telephone number, including area code)
_______________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per shareNOVANew York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The registrant had 111,985,750 shares of common stock outstanding as of July 26, 2021.


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Unless the context otherwise requires, the terms "Sunnova," "the Company," "we," "us" and "our" refer to Sunnova Energy International Inc. ("SEI") and its consolidated subsidiaries. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this report include, but are not limited to, statements about:

the benefits and risks of the Acquisition (as defined in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments");
our future operations and financial performance following the Acquisition;
the effects of the coronavirus ("COVID-19") pandemic on our business and operations, results of operations and financial position;
federal, state and local statutes, regulations and policies;
determinations of the Internal Revenue Service ("IRS") of the fair market value of our solar energy systems;
the price of centralized utility-generated electricity and electricity from other sources and technologies;
technical and capacity limitations imposed by operators of the power grid;
the availability of tax rebates, credits and incentives, including changes to the rates of, or expiration of, federal tax credits and the availability of related safe harbors;
our need and ability to raise capital to finance the installation and acquisition of distributed residential solar energy systems, refinance existing debt or otherwise meet our liquidity needs;
our expectations concerning relationships with third parties, including the attraction, retention, performance and continued existence of our dealers;
our ability to manage our supply chains and distribution channels and the impact of natural disasters and other events beyond our control, such as the COVID-19 pandemic;
our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets;
our investment in our platform and new product offerings and the demand for and expected benefits of our platform and product offerings;
the ability of our solar energy systems, energy storage systems or other product offerings to operate or deliver energy for any reason, including if interconnection or transmission facilities on which we rely become unavailable;
our ability to maintain our brand and protect our intellectual property and customer data;
our ability to manage the cost of solar energy systems, energy storage systems and our service offerings;
the willingness of and ability of our dealers and suppliers to fulfill their respective warranty and other contractual obligations;
our expectations regarding litigation and administrative proceedings; and
our ability to renew or replace expiring, canceled or terminated solar service agreements at favorable rates or on a long-term basis.

Our actual results and timing of these events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed under "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.

2

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts and share par values)
As of 
 June 30, 2021
As of 
 December 31, 2020
Assets
Current assets:
Cash$368,626 $209,859 
Accounts receivable—trade, net17,886 10,243 
Accounts receivable—other23,123 21,378 
Other current assets, net of allowance of $1,041 and $707 as of June 30, 2021 and December 31, 2020, respectively
230,043 215,175 
Total current assets639,678 456,655 
Property and equipment, net2,591,041 2,323,169 
Customer notes receivable, net of allowance of $24,977 and $16,961 as of June 30, 2021 and December 31, 2020, respectively
773,466 513,386 
Intangible assets, net200,097 49 
Goodwill4,096  
Other assets357,730 294,324 
Total assets (1)$4,566,108 $3,587,583 
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable$39,955 $39,908 
Accrued expenses42,676 34,049 
Current portion of long-term debt128,320 110,883 
Other current liabilities28,104 26,014 
Total current liabilities239,055 210,854 
Long-term debt, net2,592,797 1,924,653 
Other long-term liabilities321,693 171,395 
Total liabilities (1)3,153,545 2,306,902 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests140,185 136,124 
Stockholders' equity:
Common stock, 111,985,517 and 100,412,036 shares issued as of June 30, 2021 and December 31, 2020, respectively, at $0.0001 par value
11 10 
Additional paid-in capital—common stock1,596,659 1,482,716 
Accumulated deficit(529,936)(530,995)
Total stockholders' equity1,066,734 951,731 
Noncontrolling interests205,644 192,826 
Total equity1,272,378 1,144,557 
Total liabilities, redeemable noncontrolling interests and equity$4,566,108 $3,587,583 

(1) The consolidated assets as of June 30, 2021 and December 31, 2020 include $1,690,509 and $1,471,796, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $20,400 and $13,407 as of June 30, 2021 and December 31, 2020, respectively; accounts receivable—trade, net of $5,304 and $2,953 as of June 30, 2021 and December 31, 2020, respectively; accounts receivable—other of $840 and $583 as of June 30, 2021 and December 31, 2020, respectively; other current assets of $156,307 and $182,646 as of June 30, 2021 and December 31, 2020, respectively; property and equipment, net of $1,485,775 and $1,257,953 as of June 30, 2021 and December 31, 2020, respectively; and other assets of $21,883 and $14,254 as of June 30, 2021 and December 31, 2020, respectively. The consolidated liabilities as of June 30, 2021 and December 31, 2020 include $38,682 and $32,345, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $4,006 and $2,744 as of June 30, 2021 and December 31, 2020, respectively; accrued expenses of $92 and $827 as of June 30, 2021 and December 31, 2020, respectively; other current liabilities of $3,049 and $3,284 as of June 30, 2021 and December 31, 2020, respectively; and other long-term liabilities of $31,535 and $25,490 as of June 30, 2021 and December 31, 2020, respectively.

See accompanying notes to unaudited condensed consolidated financial statements.
4

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)

Three Months Ended 
 June 30,
Six Months Ended 
 June 30,
2021202020212020
Revenue$66,556 $42,790 $107,832 $72,619 
Operating expense:
Cost of revenue—depreciation18,548 14,021 35,956 27,007 
Cost of revenue—other4,996 2,869 6,230 3,912 
Operations and maintenance4,985 2,926 8,605 5,145 
General and administrative48,336 28,133 90,656 56,026 
Other operating expense (income)4,034 (16)4,034 (22)
Total operating expense, net80,899 47,933 145,481 92,068 
Operating loss(14,343)(5,143)(37,649)(19,449)
Interest expense, net50,109 30,532 58,160 97,850 
Interest income(7,988)(6,680)(15,168)(11,300)
Loss on extinguishment of long-term debt, net9,824  9,824  
Other income(16)(266)(129)(266)
Loss before income tax(66,272)(28,729)(90,336)(105,733)
Income tax    
Net loss(66,272)(28,729)(90,336)(105,733)
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests(2,876)(3,471)6,043 (9,400)
Net loss attributable to stockholders$(63,396)$(25,258)$(96,379)$(96,333)
Net loss per share attributable to common stockholders—basic and diluted$(0.57)$(0.30)$(0.88)$(1.15)
Weighted average common shares outstanding—basic and diluted111,973,338 84,033,278 109,181,788 84,017,214 

See accompanying notes to unaudited condensed consolidated financial statements.

5

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
6

Six Months Ended 
 June 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(90,336)$(105,733)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation40,325 30,814 
Impairment and loss on disposals, net1,612 1,222 
Amortization of intangible assets7,065 15 
Amortization of deferred financing costs8,833 5,409 
Amortization of debt discount6,047 7,610 
Non-cash effect of equity-based compensation plans10,844 6,044 
Non-cash payment-in-kind interest on loan 679 
Unrealized (gain) loss on derivatives(2,932)4,543 
Unrealized (gain) loss on fair value instruments4,169 (256)
Loss on extinguishment of long-term debt, net9,824  
Other non-cash items3,742 7,287 
Changes in components of operating assets and liabilities:
Accounts receivable(9,301)(1,941)
Other current assets(67,854)(81)
Other assets(29,066)(21,504)
Accounts payable(2,274)(706)
Accrued expenses5,544 (16,033)
Other current liabilities(4,328)4,631 
Other long-term liabilities(2,598)(4,928)
Net cash used in operating activities(110,684)(82,928)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment(236,347)(274,333)
Payments for investments and customer notes receivable(305,498)(99,016)
Proceeds from customer notes receivable30,881 15,090 
State utility rebates and tax credits273 172 
Other, net1,502 490 
Net cash used in investing activities(509,189)(357,597)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt1,282,796 936,938 
Payments of long-term debt(570,068)(629,268)
Payments on notes payable(8,022)(2,451)
Payments of deferred financing costs(12,939)(16,819)
Payments of debt discounts(2,324)(3,132)
Purchase of capped call transactions(91,655) 
Proceeds from issuance of common stock, net9,822 (129)
Proceeds from equity component of debt instrument, net 73,657 
Contributions from redeemable noncontrolling interests and noncontrolling interests116,610 120,653 
Distributions to redeemable noncontrolling interests and noncontrolling interests(6,261)(2,600)
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests(6,778)(2,187)
Other, net(103)(1)
Net cash provided by financing activities711,078 474,661 
Net increase in cash and restricted cash91,205 34,136 
Cash and restricted cash at beginning of period377,893 150,291 
Cash and restricted cash at end of period469,098 184,427 
Restricted cash included in other current assets(39,470)(18,644)
Restricted cash included in other assets(61,002)(63,504)
Cash at end of period$368,626 $102,279 
7

Six Months Ended 
 June 30,
20212020
Non-cash investing and financing activities:
Change in accounts payable and accrued expenses related to purchases of property and equipment$17,443 $(318)
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable$(17,614)$(7,738)
Note payable for financing the purchase of inventory$28,994 $ 
Non-cash conversion of convertible senior notes for common stock$95,648 $ 
Supplemental cash flow information:
Cash paid for interest$48,279 $38,476 
Cash paid for income taxes$ $ 

See accompanying notes to unaudited condensed consolidated financial statements.
8

SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(in thousands, except share amounts)
Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
December 31, 2019$127,129 83,980,885 $8 $1,007,751 $(361,824)$645,935 $45,176 $691,111 
Cumulative-effect adjustment— — — — (9,908)(9,908)— (9,908)
Net income (loss)1,576 — — — (71,075)(71,075)(7,505)(78,580)
Issuance of common stock, net— 45,405 — 214 — 214 — 214 
Contributions from redeemable noncontrolling interests and noncontrolling interests3,170 — — — — — 99,172 99,172 
Distributions to redeemable noncontrolling interests(1,373)— — — — — — — 
Costs related to redeemable noncontrolling interests and noncontrolling interests187 — — — — — (894)(894)
Equity in subsidiaries attributable to parent145 — — — 24,164 24,164 (24,309)(145)
Equity-based compensation expense— — — 2,690 — 2,690 — 2,690 
Other, net(44)— — — — — (3)(3)
March 31, 2020130,790 84,026,290 8 1,010,655 (418,643)592,020 111,637 703,657 
Net income (loss)2,869 — — — (25,258)(25,258)(6,340)(31,598)
Issuance of common stock, net— 29,742 — 558 — 558 — 558 
Equity component of debt instrument, net— — — 73,657 — 73,657 — 73,657 
Contributions from noncontrolling interests— — — — — — 18,311 18,311 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,211)— — — — — (16)(16)
Costs related to noncontrolling interests— — — — — — (604)(604)
Equity in subsidiaries attributable to parent(68)— — — 17,358 17,358 (17,290)68 
Equity-based compensation expense— — — 3,354 — 3,354 — 3,354 
Other, net193 — — (1)— (1)34 33 
June 30, 2020$132,573 84,056,032 $8 $1,088,223 $(426,543)$661,688 $105,732 $767,420 
9

Redeemable
Noncontrolling
Interests
Common StockAdditional
Paid-in
Capital -
Common
Stock
Accumulated
Deficit
Total
Stockholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
December 31, 2020$136,124 100,412,036 $10 $1,482,716 $(530,995)$951,731 $192,826 $1,144,557 
Cumulative-effect adjustment— — — — 2,254 2,254 — 2,254 
Net income (loss)2,110 — — — (32,983)(32,983)6,809 (26,174)
Issuance of common stock, net— 8,141,766 1 65,541 — 65,542 — 65,542 
Equity component of debt instrument— — — (8,807)— (8,807)— (8,807)
Contributions from noncontrolling interests— — — — — — 40,802 40,802 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,090)— — — — — (1,743)(1,743)
Costs related to noncontrolling interests— — — — — — (55)(55)
Equity in subsidiaries attributable to parent40 — — — 37,213 37,213 (37,253)(40)
Equity-based compensation expense— — — 7,924 — 7,924 — 7,924 
Other, net(62)— — 1 — 1 (476)(475)
March 31, 2021137,122 108,553,802 11 1,547,375 (524,511)1,022,875 200,910 1,223,785 
Net income (loss)4,236 — — — (63,396)(63,396)(7,112)(70,508)
Issuance of common stock, net— 3,431,715 — 138,020 — 138,020 — 138,020 
Capped call transactions— — — (91,655)— (91,655)— (91,655)
Contributions from noncontrolling interests— — — — — — 75,808 75,808 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,128)— — — — — (2,300)(2,300)
Costs related to noncontrolling interests— — — — — — (3,035)(3,035)
Equity in subsidiaries attributable to parent2 — — — 57,971 57,971 (57,973)(2)
Equity-based compensation expense— — — 2,920 — 2,920 — 2,920 
Other, net(47)— — (1)— (1)(654)(655)
June 30, 2021$140,185 111,985,517 $11 $1,596,659 $(529,936)$1,066,734 $205,644 $1,272,378 

See accompanying notes to unaudited condensed consolidated financial statements.
10

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) Description of Business and Basis of Presentation

We are a leading residential solar and energy storage service provider, serving over 162,000 customers in more than 25 United States ("U.S.") states and territories. Sunnova Energy Corporation was incorporated in Delaware on October 22, 2012 and formed Sunnova Energy International Inc. ("SEI") as a Delaware corporation on April 1, 2019. We completed our initial public offering on July 29, 2019 (our "IPO"); and in connection with our IPO, all of Sunnova Energy Corporation's ownership interests were contributed to SEI. Unless the context otherwise requires, references in this report to "Sunnova," the "Company," "we," "our," "us," or like terms, refer to SEI and its consolidated subsidiaries.

We have a differentiated residential solar dealer model in which we partner with local dealers who originate, design and install our customers' solar energy systems and energy storage systems on our behalf. Our focus on our dealer model enables us to leverage our dealers' specialized knowledge, connections and experience in local markets to drive customer origination while providing our dealers with access to high quality products at competitive prices, as well as technical oversight and expertise. We believe this structure provides operational flexibility, reduces exposure to labor shortages and lowers fixed costs relative to our peers, furthering our competitive advantage.

Our recently completed acquisition of SunStreet Energy Group, LLC, a Delaware limited liability company ("SunStreet"), focuses primarily on solar energy systems and energy storage systems for homebuilders. The acquisition is expected to enhance our position in the new homebuilder market. We believe the acquisition will provide us a new strategic path to further scale our business, reduce customer acquisition costs, provide a multi-year supply of homesites through the development of new home solar communities and develop clean and resilient residential microgrids across the U.S.

We provide our services through long-term residential solar service agreements with a diversified pool of credit quality customers. Our solar service agreements typically are structured as either a legal-form lease (a "lease") of a solar energy system or energy storage system to the customer, the sale of the solar energy system's output to the customer under a power purchase agreement ("PPA") or the purchase of a solar energy system or energy storage system with financing provided by us (a "loan"). We also enable customers originated through our homebuilder channel the option of purchasing the system when the customer closes on the purchase of a new home. The initial term of our solar service agreements is typically 10, 15, 20 or 25 years, during which time we provide or arrange for ongoing services to customers, including monitoring, maintenance and warranty services. Our lease and PPA agreements typically include an opportunity for customers to renew for up to an additional 10 years, via two five-year or one ten-year renewal options. Customer payments and rates can be fixed for the duration of the solar service agreement or escalated at a pre-determined percentage annually. We also receive tax benefits and other incentives from leases and PPAs, a portion of which we finance through tax equity, non-recourse debt structures and hedging arrangements in order to fund our upfront costs, overhead and growth investments. Our future success depends in part on our ability to raise capital from third-party investors and commercial sources. We have an established track record of attracting capital from diverse sources. From our inception through June 30, 2021, we have raised more than $8.0 billion in total capital commitments from equity, debt and tax equity investors.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements ("interim financial statements") include our consolidated balance sheets, statements of operations, statements of redeemable noncontrolling interests and equity and statements of cash flows and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") from records maintained by us. We have condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. As such, these interim financial statements should be read in conjunction with our 2020 annual audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed with the SEC on February 25, 2021. Our interim financial statements reflect all normal recurring adjustments necessary, in our opinion, to state fairly our financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period because of our continual growth, seasonal fluctuations in demand for power, timing of maintenance and other expenditures, changes in interest expense and other factors.

Our interim financial statements include our accounts and those of our subsidiaries in which we have a controlling financial interest. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation, we consolidate any VIE of which we are the primary beneficiary. We form VIEs with our investors in the ordinary course of business to facilitate the funding and monetization of certain attributes associated with our solar energy systems. The typical condition for a controlling financial interest is holding a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through
11

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
arrangements that do not involve holding a majority of the voting interests. A primary beneficiary is defined as the party that has (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. We do not consolidate a VIE in which we have a majority ownership interest when we are not considered the primary beneficiary. We have considered the provisions within the contractual arrangements that grant us power to manage and make decisions that affect the operation of our VIEs, including determining the solar energy systems contributed to the VIEs, and the installation, operation and maintenance of the solar energy systems. We consider the rights granted to the other investors under the contractual arrangements to be more protective in nature rather than substantive participating rights. As such, we have determined we are the primary beneficiary of our VIEs and evaluate our relationships with our VIEs on an ongoing basis to determine whether we continue to be the primary beneficiary. We have eliminated all intercompany transactions in consolidation.

Revisions

We have revised our previously issued interim financial statements to correct immaterial classification errors pertaining to the Class A members' interests in certain of our tax equity funds. We incorrectly classified the Class A members' interests as redeemable noncontrolling interests whereas these interests should have been classified as noncontrolling interests. These misclassifications impacted our consolidated statements of redeemable noncontrolling interests and equity. The following table presents the impact of these revisions on the financial statements:
Redeemable
Noncontrolling
Interests
Noncontrolling
Interests
As Previously
Reported
RevisionsAs
Revised
As Previously
Reported
RevisionsAs
Revised
(in thousands)
December 31, 2019$172,305 $(45,176)$127,129 $ $45,176 $45,176 
Net income (loss)(5,929)7,505 1,576  (7,505)(7,505)
Contributions from redeemable noncontrolling interests and noncontrolling interests102,342 (99,172)3,170  99,172 99,172 
Distributions to redeemable noncontrolling interests(1,373) (1,373)   
Costs related to redeemable noncontrolling interests and noncontrolling interests(707)894 187  (894)(894)
Equity in subsidiaries attributable to parent(24,164)24,309 145  (24,309)(24,309)
Other, net(47)3 (44) (3)(3)
March 31, 2020242,427 (111,637)130,790  111,637 111,637 
Net income (loss)(3,471)6,340 2,869  (6,340)(6,340)
Contributions from noncontrolling interests18,311 (18,311)  18,311 18,311 
Distributions to redeemable noncontrolling interests and noncontrolling interests(1,227)16 (1,211) (16)(16)
Costs related to noncontrolling interests(604)604