SUNL Spartan Acquisition Corp II

- 3Q22 Record-High Funded Loan Volume of $835 Million - - 3Q22 Total Revenue up 10% to $33 Million - - 3Q22 GAAP Net Income of $(415) Million - - 3Q22 Adjusted EBITDA of $(27) Million - - 3Q22 Adjusted Net Income of $(26) Million - - Assessing Strategic Alternatives -

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 third quarter 2022.

“Despite a challenging macro-economic backdrop, Sunlight continued to deliver growth in the third quarter, with funded loan volume of $835 million and 22,470 borrowers served, a significant year-over-year increase," said Matt Potere, Chief Executive Officer of Sunlight. "While our earnings this quarter were negatively impacted by non-cash charges related to the insolvency of an installer and a goodwill impairment, our core performance was in line with our expectations."

Potere continued, "We expect the operating environment will remain challenging for the near-term. The unprecedented speed and magnitude of interest rate increases have reduced our direct capital provider capacity, increased our reliance on the Indirect Channel, and affected our ability to profitably monetize Indirect Channel loans originated at lower interest rates. These factors will have a significant negative impact on our financial performance in the near term, until the substantial pricing increases implemented over the past several months take effect. In addition, we are exploring a hedging program to protect us from interest rate volatility in the future."

"Sunlight continues to operate in an attractive and growing market, with continued growth in solar demand driven by rising utility rates, improved federal tax incentives, and an increasing need for energy reliability," added Potere. "I am confident we are taking the steps necessary to be successful in the current environment."

Third Quarter 2022 Key Operational and Financial Metrics

• Funded loans of $834.7 million, up 31% from $639.5 million in the prior-year period
• Average solar loan balance of $45,750, up 12% from $40,991 in the prior-year period
• Borrowers served of 22,470, up 24% from 18,189 in the prior-year period
• Total contractor relationships of 1,880, up 27% from 1,484 in the prior-year period
• Total Revenue of $33.0 million, a 10% increase from the prior-year period
• GAAP Net Income of $(415.5) million, relative to $(22.2) million in the prior-year period, primarily due to a $384.4 million non-cash impairment of Goodwill driven by challenges in the macro economic environment
• Adjusted EBITDA of $(27.0) million, relative to $11.4 million in the prior-year period, primarily driven by an impairment related to the bankruptcy of an installer partner
• Total Platform Fee Margin of 5.1% (up from 4.3% in the prior-year period) and Solar Direct Channel Platform Fee Margin of 5.5% (up from 5.0% in the prior-year period)
• Total cumulative funded loans of $8.2 billion as of September 30, 2022

A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.

Recent Developments

Strategic Alternatives. Sunlight's Board of Directors and management believe the Company's current share price does not reflect the intrinsic value of the company. Therefore, as a number of parties have approached the Company with a range of strategies, the Board has commenced a process to explore, review and evaluate potential alternatives that enable the Company to continue to grow and maximize value for all stakeholders. Sunlight will make further public comments once the Board has approved a specific transaction or otherwise concludes its review.

Installer Insolvency. In September 2022, one of Sunlight’s largest contractors became insolvent; as a result, the Company determined it would be unable to collect outstanding advances owed by the installer and recorded a non-cash charge of $32.4 million against Contractor Advances. While the contractor’s bankruptcy stemmed from issues unrelated to Sunlight or macroeconomic conditions, Sunlight has re-underwritten all other contractors in the advance program and has subsequently taken actions to further reduce its exposure to counterparty risk.

Goodwill Impairment. In September 2022, Sunlight recorded a goodwill impairment charge of $384.4 million primarily due to changes in the macro-economic environment, such as interest rate volatility, impacting the financial and market performance of Sunlight and its peers.

Share Repurchase Program. In May 2022, Sunlight's Board of Directors authorized a share repurchase program pursuant to which Sunlight may repurchase up to $50 million of Sunlight’s Class A common stock over an 18-month period from the date of the authorization. As of November 7, 2022, Sunlight repurchased a total of 3,036,259 shares for a total of $10.5 million, funded through cash on hand and cash from operations. The Company has suspended share repurchases under the program to preserve liquidity in the current environment but may resume repurchases in the future.

Revolving Credit Facility Covenants. Sunlight's Loan and Security Agreement contains financial covenants that are detailed in the Company's Q3 2022 Form 10-Q. As the negative impacts to Sunlight's near-term financial performance may affect Sunlight’s financial covenant compliance, the Company is in discussions with the bank to remain in compliance.

Conference Call Information

Sunlight will host a conference call and webcast to discuss its third quarter 2022 financial and operational results and business outlook at 5:30 PM ET today, November 14, 2022. 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 Form 10-Q, which Sunlight filed with the SEC on November 14, 2022.

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-Q as filed with the Securities and Exchange Commission (“SEC”) on November 14, 2022, which amends and restates the risk factors set forth in the Company’s Form 10-K as filed with the SEC on March 29, 2022 and Forms 10-Q as filed with the SEC on May 16, 2022 and on August 15, 2022, and other documents of Sunlight filed, or to be filed, with the SEC. 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 EBITDA Margin, Free Cash Flow, Adjusted Net Income and Adjusted Net Income per Share (Diluted) or Adjusted EPS (Diluted) 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, including Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net Income and Adjusted Net Income per Share (Diluted) or Adjusted EPS (Diluted) 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

 

September 30, 2022

 

December 31, 2021

 

 

 

 

 

Assets

 

 

 

 

Cash and cash equivalents

 

$

70,569

 

 

$

91,882

 

Restricted cash

 

 

1,228

 

 

 

2,018

 

Advances (net of allowance for credit losses of $7,458 and $238)

 

 

56,608

 

 

 

66,839

 

Financing receivables (net of allowance for credit losses of $186 and $148)

 

 

3,581

 

 

 

4,313

 

Goodwill

 

 

61,377

 

 

 

445,756

 

Intangible assets, net

 

 

327,673

 

 

 

365,839

 

Property and equipment, net

 

 

1,681

 

 

 

4,069

 

Other assets

 

 

30,849

 

 

 

21,531

 

Total Assets

 

$

553,566

 

 

$

1,002,247

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

Accounts payable and accrued expenses

 

$

24,931

 

 

$

23,386

 

Funding commitments

 

 

21,411

 

 

 

22,749

 

Debt

 

 

20,613

 

 

 

20,613

 

Deferred tax liabilities

 

 

25,338

 

 

 

36,686

 

Warrants, at fair value

 

 

3,691

 

 

 

19,007

 

Other liabilities

 

 

13,433

 

 

 

843

 

Total Liabilities

 

$

109,417

 

 

$

123,284

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

Class A Common Stock

 

 

8

 

 

 

9

 

Additional paid-in capital

 

 

759,105

 

 

 

764,366

 

Accumulated deficit

 

 

(459,706

)

 

 

(186,022

)

Total Capital

 

 

299,407

 

 

 

578,353

 

Treasury stock, at cost

 

 

(15,671

)

 

 

(15,535

)

Total Stockholders' Equity

 

 

283,736

 

 

 

562,818

 

Noncontrolling interests in consolidated subsidiaries

 

 

160,413

 

 

 

316,145

 

Total Equity

 

 

444,149

 

 

 

878,963

 

 

 

 

 

 

Total Liabilities and Equity

 

$

553,566

 

 

$

1,002,247

 

 

SUNLIGHT FINANCIAL HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

dollars in thousands

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Revenue

 

$

33,265

 

 

$

28,594

 

 

$

91,086

 

 

$

79,584

 

Costs and Expenses

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of items shown separately below)

 

 

5,619

 

 

 

5,206

 

 

 

16,621

 

 

 

15,397

 

Compensation and benefits

 

 

16,378

 

 

 

33,824

 

 

 

43,641

 

 

 

49,944

 

Selling, general, and administrative

 

 

4,504

 

 

 

3,660

 

 

 

15,522

 

 

 

6,780

 

Property and technology

 

 

2,069

 

 

 

1,664

 

 

 

5,981

 

 

 

4,292

 

Depreciation and amortization

 

 

8,572

 

 

 

20,619

 

 

 

40,713

 

 

 

22,229

 

Provision for losses

 

 

37,247

 

 

 

254

 

 

 

41,927

 

 

 

1,426

 

Goodwill impairment

 

 

384,379

 

 

 

—

 

 

 

384,379

 

 

 

—

 

Management fees to affiliate

 

 

—

 

 

 

4

 

 

 

—

 

 

 

204

 

Total Costs and Expenses

 

 

458,768

 

 

 

65,231

 

 

 

548,784

 

 

 

100,272

 

Operating income (loss)

 

 

(425,503

)

 

 

(36,637

)

 

 

(457,698

)

 

 

(20,688

)

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

 

 

 

 

 

 

 

Interest income

 

 

189

 

 

 

86

 

 

 

360

 

 

 

339

 

Interest expense

 

 

(375

)

 

 

(323

)

 

 

(931

)

 

 

(895

)

Change in fair value of warrant liabilities

 

 

6,590

 

 

 

8,677

 

 

 

15,316

 

 

 

4,612

 

Change in fair value of contract derivatives, net

 

 

(2,340

)

 

 

614

 

 

 

(2,247

)

 

 

(173

)

Realized gains on contract derivatives, net

 

 

(278

)

 

 

1,383

 

 

 

3,686

 

 

 

4,369

 

Other realized losses, net

 

 

(196

)

 

 

—

 

 

 

(569

)

 

 

—

 

Other income (expense)

 

 

(839

)

 

 

(65

)

 

 

(1,667

)

 

 

556

 

Business combination expenses

 

 

—

 

 

 

(1,622

)

 

 

—

 

 

 

(8,104

)

Total Other Income (Expense), Net

 

 

2,751

 

 

 

8,750

 

 

 

13,948

 

 

 

704

 

Net Income (Loss) Before Income Taxes

 

 

(422,752

)

 

 

(27,887

)

 

 

(443,750

)

 

 

(19,984

)

Income tax benefit (expense)

 

 

7,299

 

 

 

5,684

 

 

 

11,350

 

 

 

5,684

 

Net Income (Loss)

 

 

(415,453

)

 

 

(22,203

)

 

 

(432,400

)

 

 

(14,300

)

Noncontrolling interests in loss of consolidated subsidiaries

 

 

151,389

 

 

 

9,108

 

 

 

158,478

 

 

 

9,108

 

Net Income (Loss) Attributable to Class A Shareholders

 

$

(264,064

)

 

$

(13,095

)

 

$

(273,922

)

 

$

(5,192

)

 

 

 

 

 

 

 

 

 

Loss Per Class A Share1

 

 

 

 

 

 

 

 

Net loss per Class A share

 

 

 

 

 

 

 

 

Basic

 

$

(3.16

)

 

$

(0.13

)

 

$

(3.25

)

 

$

(0.13

)

Diluted

 

$

(3.16

)

 

$

(0.15

)

 

$

(3.25

)

 

$

(0.15

)

Weighted average number of Class A shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

83,049,291

 

 

 

84,833,808

 

 

 

84,157,718

 

 

 

84,833,808

 

Diluted

 

 

83,049,291

 

 

 

131,088,438

 

 

 

84,157,718

 

 

 

131,088,438

 

 

(1) Reflects net loss per share and weighted shares outstanding only for the Successor period starting July 10, 2021 for the Three Months ended September 30, 2021 and for the Nine Months ended September 30, 2021.

 

SUNLIGHT FINANCIAL HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

For the Nine Months Ended Sept. 30,

dollars in thousands

 

2022

 

2021

Cash Flows From Operating Activities

 

 

 

 

Net income (loss)

 

$

(432,400

)

 

$

(14,300

)

Depreciation and amortization

 

 

40,713

 

 

 

22,323

 

Goodwill impairment

 

 

384,379

 

 

 

—

 

Provision for losses

 

 

41,927

 

 

 

1,426

 

Change in fair value of warrant liabilities

 

 

(15,316

)

 

 

(4,612

)

Change in fair value of contract derivatives, net

 

 

2,247

 

 

 

173

 

Other expense (income)

 

 

2,120

 

 

 

(556

)

Share-based payment arrangements

 

 

14,143

 

 

 

24,839

 

Deferred income tax expense (benefit)

 

 

(11,350

)

 

 

(5,684

)

Increase in advances

 

 

(25,133

)

 

 

(36,004

)

Decrease (increase) in due from affiliates

 

 

—

 

 

 

(358

)

Decrease (increase) in other assets

 

 

(5,978

)

 

 

(14,315

)

Increase (decrease) in accounts payable and accrued expenses

 

 

545

 

 

 

(10,290

)

Increase (decrease) in funding commitments

 

 

(1,785

)

 

 

2,602

 

Increase (decrease) in due to affiliates

 

 

—

 

 

 

761

 

Increase (decrease) in other liabilities

 

 

(1,249

)

 

 

430

 

Net cash provided by (used in) operating activities

 

 

(7,137

)

 

 

(33,565

)

 

 

 

—

 

 

 

—

 

Cash Flows From Investing Activities

 

 

 

 

Return of investments in loan pool participation and loan principal repayments

 

 

780

 

 

 

1,183

 

Payments to acquire loans and participations in loan pools

 

 

(2,058

)

 

 

(1,424

)

Payments to acquire property and equipment

 

 

(1,918

)

 

 

(1,937

)

Payments to acquire Sunlight Financial LLC, net of cash acquired

 

 

—

 

 

 

(304,570

)

Net cash used in investing activities

 

 

(3,196

)

 

 

(306,748

)

 

 

 

—

 

 

 

—

 

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

 

 

(136

)

 

 

(18,591

)

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

 

 

(11,770

)

 

 

209,766

 

 

 

 

—

 

 

 

—

 

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

 

 

(22,103

)

 

 

(130,547

)

 

 

 

—

 

 

 

—

 

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

 

 

93,900

 

 

 

269,224

 

 

 

 

—

 

 

 

—

 

Cash, Cash Equivalents, and Restricted Cash, End of Period

 

$

71,797

 

 

$

138,677

 

 

RECONCILIATION OF GAAP MEASURES TO ADJUSTED FINANCIAL MEASURES

ADJUSTED EBITDA AND FREE CASH FLOW RECONCILIATIONS

 

 

 

Three Months

 

Nine Months

 

 

Ended September 30,

dollars in thousands

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 

$

33,265

 

 

$

28,594

 

 

$

91,086

 

 

$

79,584

 

(+) Realized gain on contract derivatives, net

 

 

(278

)

 

 

1,383

 

 

 

3,686

 

 

 

4,369

 

Total Revenue

 

$

32,987

 

 

$

29,977

 

 

$

94,772

 

 

$

83,953

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

Nine Months

 

 

Ended September 30,

dollars in thousands

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net Income (Loss)

 

$

(415,453

)

 

$

(22,203

)

 

$

(432,400

)

 

$

(14,300

)

Amortization of Business Combination intangibles

 

 

8,202

 

 

 

20,221

 

 

 

39,786

 

 

 

20,221

 

Non-cash change in financial instruments

 

 

(3,411

)

 

 

(9,252

)

 

 

(11,402

)

 

 

(5,021

)

Goodwill impairment

 

 

384,379

 

 

 

—

 

 

 

384,379

 

 

 

—

 

Expenses from the Business Combination and Other

 

 

32

 

 

 

1,622

 

 

 

522

 

 

 

8,104

 

Adjusted Net Income (Loss)

 

$

(26,251

)

 

$

(9,612

)

 

$

(19,115

)

 

$

9,004

 

Depreciation and amortization

 

 

370

 

 

$

398

 

 

 

927

 

 

$

2,008

 

Interest expense

 

 

375

 

 

 

323

 

 

 

931

 

 

 

895

 

Income tax expense (benefit)

 

 

(7,299

)

 

 

(5,684

)

 

 

(11,350

)

 

 

(5,684

)

Equity-based compensation

 

 

5,491

 

 

 

24,821

 

 

 

14,143

 

 

 

24,839

 

Fees paid to brokers

 

 

315

 

 

 

1,126

 

 

 

2,060

 

 

 

3,294

 

Adjusted EBITDA

 

$

(26,999

)

 

$

11,372

 

 

$

(12,404

)

 

$

34,356

 

Interest expense

 

$

(375

)

 

$

(323

)

 

$

(931

)

 

$

(895

)

Income tax benefit

 

 

—

 

 

 

5,684

 

 

 

—

 

 

 

5,684

 

Fees paid to brokers

 

 

(315

)

 

 

(1,126

)

 

 

(2,060

)

 

 

(3,294

)

Expenses from the Business Combination and Other

 

 

(32

)

 

 

(1,622

)

 

 

(522

)

 

 

(8,104

)

Provision for losses

 

 

37,247

 

 

 

254

 

 

 

41,927

 

 

 

1,426

 

Changes in advances, net of funding commitments

 

 

4,470

 

 

 

—

 

 

 

(26,918

)

 

 

—

 

Changes in operating capital and other

 

 

(3,133

)

 

 

(64,910

)

 

 

(6,229

)

 

 

(62,738

)

Net Cash Provided by (Used in) Operating Activities

 

$

10,863

 

 

$

(50,671

)

 

$

(7,137

)

 

$

(33,565

)

Capital expenditures

 

$

(903

)

 

$

(789

)

 

$

(2,568

)

 

$

(1,626

)

Changes in advances, net of funding commitments

 

 

(4,470

)

 

 

33,402

 

 

 

26,918

 

 

 

61,997

 

Changes in restricted cash

 

 

(353

)

 

 

1,602

 

 

 

(791

)

 

 

1,460

 

Payments of Business Combination costs

 

 

—

 

 

 

1,035

 

 

 

—

 

 

 

7,979

 

Other changes in working capital

 

 

3,078

 

 

 

20,247

 

 

 

7,160

 

 

 

(20,155

)

Free Cash Flow

 

$

8,215

 

 

$

4,826

 

 

$

23,582

 

 

$

16,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss) per Class A Share, Diluted1

 

$

(0.16

)

 

$

(0.06

)

 

$

(0.12

)

 

$

(0.06

)

 

(1) Reflects Net Income (Loss) for the Successor period starting July 10, 2021 for the Three and Nine Months ended Sept. 30, 2021.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221114005982/en/

Investor Relations Lucia Dempsey investors@sunlightfinancial.com 888.315.0822 Public Relations media@sunlightfinancial.com