Vivint Solar Announces First Quarter 2016 Financial Results

Vivint Solar
Image courtesy of Vivint Solar.

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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