Vivint Solar Announces First Quarter 2016 Financial Results

Vivint Solar
Image courtesy of Vivint Solar.

 Vivint Solar (NYSE: VSLR), a provider of distributed solar energy systems – electricity generated by a solar energy system installed at a customer’s location – to residential customers in the United States, announced financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Operating Highlights

Key operating and development highlights for the quarter ended March 31, 2016 include:

  • MW Booked of approximately 66 MWs for the quarter, up 33% year-over-year.
  • MW Installed of approximately 55 MWs, up 19% year-over-year. Total cumulative MWs installed were approximately 514 MWs.
  • Installations were 7,704 for the quarter, up 20% year-over-year. Cumulative installations were 76,231.
  • Estimated Nominal Contracted Payments Remaining increased by approximately $193 million during the quarter and was approximately $2.1 billion, up 71% year-over-year.
  • Estimated Retained Value increased by approximately $106 million during the quarter to approximately $1.0 billion, up 81% year-over-year.
  • Estimated Retained Value per Watt was $1.97.
  • Cost per Watt was $3.34, up from $3.12 in the fourth quarter of 2015 and up from $3.21 in the first quarter of 2015.

First Quarter 2016 GAAP Financial Results

Summary GAAP financial results for the quarter ended March 31, 2016 include:

  • Operating Leases and Incentives Revenue was $16.6 million, up 93% from $8.6 million in the first quarter of the prior year. Total revenue for the quarter was $17.2 million, up 81% from $9.5 million in the first quarter of the prior year.
  • Cost of Revenue – Operating Leases and Incentives was $37.8 million, up from $23.9 million in the same period of 2015.
  • Total Operating Expenses, including cost of revenue, were $111.8 million, compared to $58.2 million in the first quarter of 2015. Operating expenses included goodwill impairment of $36.6 million, non-cash stock-based compensation expense of$1.6 million, and amortization of intangibles of $0.3 million.
  • Loss from Operations was $94.6 million compared to $48.7 million in the same period of 2015.
  • GAAP Net (Loss Attributable) Income Available to Stockholders per Diluted Share was ($0.29), down from $0.11 in the first quarter of 2015.
  • Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.65), down from ($0.57) in the same period of 2015. See below for a further discussion of Non-GAAP Loss per Share.
  • Cash and Cash Equivalents as of March 31, 2016 were $87.2 million.

Financing Activity

As of March 31, 2016, the Company had $36.5 million in undrawn capacity in the aggregation facility, $175 million in undrawn capacity in the term debt facility, and 31 MWs of installation capacity remaining in our tax equity funds.

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