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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Spartan Acquisition Corp II | NYSE:SUNL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0 | 00:00:00 |
From Jan 2023 to Jan 2025
- 2022 Funded Loan Volume of $2.9 Billion -
- 2022 Total Revenue of $101.1 Million -
- 2022 GAAP Net Loss of $(511.9) Million -
- 2022 Adjusted EBITDA of $(35.7) Million -
- 2022 Adjusted Net Loss of $(22.2) Million -
Sunlight Financial Holdings Inc. (“Sunlight Financial”, "Sunlight" or the “Company”) (NYSE: SUNL), a premier, technology-enabled point-of-sale finance company, today announced its results for the fourth quarter and full-year 2022.
“While 2022 was a challenging year for the Company and the residential solar industry overall, Sunlight continued to execute on its operational metrics, funding 15% more loans than in 2021, increasing the average solar loan balance to $46 thousand and serving over 79 thousand borrowers throughout 2022," said Matt Potere, Chief Executive Officer of Sunlight. "As we turn to 2023, I am excited to return to profitability, supported by the comprehensive financing agreement we recently signed with Cross River Bank."
Full Year 2022 Key Operational and Financial Metrics
Fourth Quarter 2022 Key Operational and Financial Metrics
First Quarter 2023 Key Operational Metrics
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Update on Key Priorities
Review of Strategic Alternatives
As previously announced on November 14, 2022, Sunlight's Board of Directors has undertaken a review of strategic alternatives for the Company. The Cross River Bank financing agreement aligns with the goals of the strategic alternatives process and the Board is continuing to review additional actions to maximize value.
Conference Call Information
Sunlight will host a conference call and webcast to discuss its fourth quarter and full-year 2022 financial and operational results and business outlook at 5:30 PM ET today, May 4, 2023. The conference call will be webcast live from the Company's investor relations website at ir.sunlightfinancial.com. A replay will be available on the investor relations website following the call.
Earnings Presentation
A supplemental earnings presentation is available at ir.sunlightfinancial.com. Additional information is available in the 2022 Form 10-K, which Sunlight filed with the SEC on May 4, 2023.
About Sunlight Financial
Sunlight Financial is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.
Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may generally be identified by the use of words such as “could,” “should,” “would,” “will,” “may,” “believe,” “anticipate,” "outlook," "2022 guidance," “intend,” “estimate,” “expect,” “project,” “plan,” “continue,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Sunlight disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Sunlight cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Sunlight. Such risks and uncertainties include, among others: the ability to consummate a strategic alternative in the timeframe and on terms and conditions favorable to the Company and its stakeholders, material adverse impacts from macro-economic conditions including unprecedented interest rate increases on business, profitability and cash-flow, risks relating to our ability to secure relief from our current bank covenants, risks relating to the uncertainty of the projected operating and financial information with respect to Sunlight; risks related to Sunlight’s business and the timing of expected business milestones or results; global supply chain shortages, competition for skilled labor, and permitting delays; the effects of competition and regulatory risks, and the impacts of changes in legislation or regulations on Sunlight’s future business; the expiration, renewal, modification or replacement of the federal solar investment tax credit, rebates and other incentives; the effects of the COVID-19 pandemic on Sunlight’s business or future results; Sunlight’s ability to sustain profitability and to attract and retain its relationships with third parties, including Sunlight’s capital providers and solar contractors; the financial performance of Sunlight’s capital providers and contractors; the willingness of Sunlight’s capital providers to fund loans on terms desired by relevant markets and economically favorable to Sunlight; the impact of inflation and increased interest rates on Sunlight’s capital providers and the cost and availability of credit from our capital providers as well as on the demand for solar panel installation and home improvement; changes in the retail prices of traditional utility generated electricity; the availability of solar panels, batteries and other components and raw materials; and such other risks and uncertainties discussed in the “Risk Factors” section of Sunlight’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on May 4, 2023. Should one or more of the risks or uncertainties described herein occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Sunlight’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Non-GAAP Financial Measures
Some of the operating and financial information and data contained in this press release, such as Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Class A Share have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Sunlight believes these non-GAAP measures of financial and business results provide useful information to management and the reader regarding certain financial and business trends relating to Sunlight’s financial condition and results of operations. Sunlight further believes that the use of these non-GAAP financial and business measures provides an additional tool for use in evaluating projected operating results and trends and in comparing Sunlight’s financial and operating measures with other similar companies, many of which present similar non-GAAP financial and operating measures to their investors and potential investors. While Adjusted EBITDA, in particular, is relevant and widely used across industries and in the industries in which Sunlight participates, they may contain or exclude adjustments, exclusions and one-time items that third parties may or may not adjust for in connection with such measure, and such measure should not be considered an alternative to any GAAP measures in evaluating the profitability of an investment in, or whether to invest in or consummate a transaction involving, Sunlight. The principal limitation of the Adjusted EBITDA non-GAAP financial measure is that it excludes significant items of income and expense that are required by GAAP to be recorded in Sunlight’s financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgment by Sunlight’s management about which items of income and expense are excluded or included in determining this non-GAAP financial measure. The Adjusted EBITDA non-GAAP financial measure and other non-GAAP metrics used herein, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Class A Share should not be relied on or considered an alternative to any GAAP measures or other measures related to the liquidity, financial condition or financial results of Sunlight. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release.
SUNLIGHT FINANCIAL HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
dollars in thousands
December 31, 2022
December 31, 2021
Assets
Cash and cash equivalents
$
47,515
$
91,882
Restricted cash
4,272
2,018
Advances (net of allowance for credit losses of $7,458 and $238)
45,393
66,839
Financing receivables (net of allowance for credit losses of $186 and $148)
3,532
4,313
Goodwill
—
445,756
Intangible assets, net
319,920
365,839
Property and equipment, net
1,489
4,069
Other assets
30,074
21,531
Total Assets
$
452,195
$
1,002,247
Liabilities and Equity
Liabilities
Accounts payable and accrued expenses
$
20,674
$
23,386
Funding commitments
20,400
22,749
Debt
20,613
20,613
Deferred tax liabilities
688
36,686
Warrants, at fair value
4,297
19,007
Other liabilities
17,196
843
Total Liabilities
$
83,868
$
123,284
Stockholders' Equity
Class A Common Stock
8
9
Additional paid-in capital
761,698
764,366
Accumulated deficit
(501,635
)
(186,022
)
Total Capital
260,071
578,353
Treasury stock, at cost
(15,307
)
(15,535
)
Total Stockholders' Equity
244,764
562,818
Noncontrolling interests in consolidated subsidiaries
123,563
316,145
Total Equity
368,327
878,963
Total Liabilities and Equity
$
452,195
$
1,002,247
SUNLIGHT FINANCIAL HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
dollars in thousands
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2022
2021
2022
2021
Revenue
$
7,420
$
35,154
$
98,506
$
114,738
Costs and Expenses
Cost of revenues (exclusive of items shown separately below)
10,474
5,032
27,095
20,429
Compensation and benefits
8,105
12,214
51,746
62,158
Selling, general, and administrative
9,349
4,089
24,871
10,869
Property and technology
1,466
1,586
7,447
5,878
Depreciation and amortization
8,681
22,848
49,394
45,077
Provision for losses
9,366
963
51,293
2,389
Goodwill impairment
61,377
224,701
445,756
224,701
Management fees to affiliate
—
—
—
204
Total Costs and Expenses
108,818
271,433
657,602
371,705
Operating income (loss)
(101,398
)
(236,279
)
(559,096
)
(256,967
)
Other Income (Expense), Net
Interest income
3,125
72
3,485
411
Interest expense
(473
)
(263
)
(1,404
)
(1,158
)
Change in fair value of warrant liabilities
(606
)
12,467
14,710
17,079
Change in fair value of contract derivatives, net
1,285
149
(962
)
(24
)
Realized gains on contract derivatives, net
(1,085
)
1,489
2,601
5,858
Other realized losses, net
(134
)
—
(703
)
—
Other income (expense)
(5,821
)
(121
)
(7,488
)
435
Business combination expenses
—
(1,987
)
—
(10,091
)
Total Other Income (Expense), Net
(3,709
)
11,806
10,239
12,510
Net Income (Loss) Before Income Taxes
(105,107
)
(224,473
)
(548,857
)
(244,457
)
Income tax benefit (expense)
25,571
(2,180
)
36,921
3,504
Net Income (Loss)
(79,536
)
(226,653
)
(511,936
)
(240,953
)
Noncontrolling interests in loss of consolidated subsidiaries
37,607
78,420
196,085
87,528
Net Income (Loss) Attributable to Class A Shareholders
$
(41,929
)
$
(148,233
)
$
(315,851
)
$
(153,425
)
Loss Per Class A Share1
Net loss per Class A share
Basic
$
(0.51
)
$
(1.74
)
$
(3.76
)
$
(1.87
)
Diluted
$
(0.64
)
$
(1.72
)
$
(3.89
)
$
(1.87
)
Weighted average number of Class A shares outstanding
Basic
83,804,659
84,824,109
83,804,659
84,824,109
Diluted
130,618,205
84,824,109
130,618,205
84,824,109
(1) Reflects net loss per share and weighted shares outstanding for the Successor period starting July 10, 2021 for the twelve months ended Dec. 31, 2021.
SUNLIGHT FINANCIAL HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twelve Months Ended December 31,
dollars in thousands
2022
2021
Cash Flows From Operating Activities
Net income (loss)
$
(511,936
)
$
(240,953
)
Depreciation and amortization
49,394
45,171
Goodwill impairment
445,756
224,701
Provision for losses
51,293
2,389
Change in fair value of warrant liabilities
(14,710
)
(17,079
)
Change in fair value of contract derivatives, net
962
24
Other expense (income)
6,984
(435
)
Share-based payment arrangements
17,851
29,664
Deferred income tax expense (benefit)
(35,823
)
(5,524
)
Increase in advances
(21,782
)
(31,533
)
Decrease (increase) in other assets
(4,619
)
(14,238
)
Increase (decrease) in accounts payable and accrued expenses
(4,234
)
(1,149
)
Increase (decrease) in funding commitments
(3,039
)
4,363
Increase (decrease) in other liabilities
(1,736
)
390
Net cash provided by (used in) operating activities
(25,639
)
(4,209
)
—
—
Cash Flows From Investing Activities
—
—
Return of investments in loan pool participation and loan principal repayments
931
1,542
Payments to acquire loans and participations in loan pools
(3,296
)
(1,886
)
Payments to acquire property and equipment
(2,321
)
(4,502
)
Payments to acquire Sunlight Financial LLC, net of cash acquired
—
(304,570
)
Net cash used in investing activities
(4,686
)
(309,416
)
—
—
Cash Flows From Financing Activities
—
—
Proceeds from borrowings under line of credit
—
20,746
Repayments of borrowings under line of credit
—
(14,758
)
Proceeds from issuance of private placement
—
250,000
Payments of stock issuance costs
—
(19,618
)
Payments for share-based payment tax withholding
(154
)
(26,424
)
Payments for repurchase of redeemable convertible preferred stock
(10,452
)
—
Payment of capital distributions
(1,182
)
(7,522
)
Payment of debt issuance costs
—
(491
)
Net cash provided by (used in) financing activities
(11,788
)
201,933
—
—
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
(42,113
)
(111,692
)
—
—
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period
93,900
52,705
—
—
Cash, Cash Equivalents, and Restricted Cash, End of Period
$
51,787
$
93,900
RECONCILIATION OF GAAP MEASURES TO ADJUSTED FINANCIAL MEASURES
ADJUSTED EBITDA AND FREE CASH FLOW RECONCILIATIONS
Three Months Ended
Twelve Months Ended
December 31,
December 31,
dollars in thousands
2022
2021
2022
2021
Revenue
$
7,420
$
35,154
$
98,506
$
114,738
(+) Realized gain on contract derivatives, net
(1,085
)
1,489
2,601
5,858
Total Revenue
$
6,335
$
36,643
$
101,107
$
120,596
Three Months Ended
Twelve Months Ended
December 31,
December 31,
dollars in thousands
2022
2021
2022
2021
Net Income (Loss)
$
(79,536
)
$
(226,653
)
$
(511,936
)
$
(240,953
)
Amortization of Business Combination intangibles
8,202
22,693
47,988
43,152
Accelerated post-combination compensation expense
—
—
—
20,979
Non-cash change in financial instruments
5,142
(12,471
)
(6,260
)
(17,492
)
Goodwill impairment
61,377
224,701
445,756
224,701
Expenses from the Strategic Alternatives Process
1,723
—
1,723
—
Expenses from the Business Combination and Other
25
1,987
547
10,091
Adjusted Net Income (Loss)
$
(3,067
)
$
10,257
$
(22,182
)
$
40,478
Depreciation and amortization
479
$
155
1,406
$
1,925
Interest expense
473
263
1,404
1,158
Income tax expense (benefit)
(25,571
)
2,180
(36,921
)
(3,504
)
Equity-based compensation
3,708
4,825
17,851
8,685
Fees paid to brokers
691
868
2,751
4,162
Adjusted EBITDA
$
(23,287
)
$
18,548
$
(35,691
)
$
52,904
Interest expense
$
(473
)
$
(263
)
$
(1,404
)
$
(1,158
)
Income tax benefit
36,921
(2,180
)
36,921
3,504
Fees paid to brokers
(691
)
(868
)
(2,751
)
(4,162
)
Expenses from the Strategic Alternatives Process
(1,723
)
—
(1,723
)
—
Expenses from the Business Combination and Other
(25
)
(1,987
)
(547
)
(10,091
)
Provision for losses
9,366
963
51,293
2,389
Changes in advances, net of funding commitments
(2,097
)
6,232
(29,015
)
(28,969
)
Changes in operating capital and other
(36,493
)
8,911
(42,722
)
(18,626
)
Net Cash Provided by (Used in) Operating Activities
$
(18,502
)
$
29,356
$
(25,639
)
$
(4,209
)
Capital expenditures
$
(681
)
$
(1,313
)
$
(3,249
)
$
(3,168
)
Changes in advances, net of funding commitments
2,097
(6,232
)
29,015
28,969
Changes in restricted cash
3,045
241
2,254
1,718
Payments of Strategic Alternatives costs
866
—
866
—
Payments of Business Combination costs
—
802
—
8,319
Other changes in working capital
(12,623
)
(7,328
)
(5,463
)
12,720
Free Cash Flow
$
(25,798
)
$
15,526
$
(2,216
)
$
44,349
Adjusted Net Income (Loss) per Class A Share, Diluted1
$
(0.02
)
$
0.06
$
(0.14
)
$
0.13
(1) Reflects Net Income (Loss) for the Successor period starting July 10, 2021 for the Twelve Months ended Dec. 31, 2021.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230504006079/en/
Media:
Investor Relations Lucia Dempsey investors@sunlightfinancial.com 888.315.0822
Public Relations media@sunlightfinancial.com
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