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Vivint Solar Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Megawatts Installed Increased 24% Year-over-Year

Retained Value Increased 99% Year-over-Year

Revenue Increased 170% Year-over-Year

Third Quarter 2015 Operating Highlights

Key operating and development highlights for the quarter ended September 30, 2015 include:

MW Booked

of approximately 71 MWs for the quarter, up 15% year-over-year.

MW Installed

of approximately 61 MWs, up 24% year-over-year. Total cumulative MWs installed were approximately 400 MWs.


were 8,658 for the quarter, up 25% year-over-year. Cumulative installations were 60,116.

Estimated Nominal Contracted Payments Remaining

increased by approximately $214 million during the quarter and was approximately $1.7 billion, up 97% year-over-year.

Estimated Retained Value

increased by approximately $113 million during the quarter to approximately $793 million, up 99% year-over-year.

Estimated Retained Value per Watt

was $1.98.

Cost per Watt

was $3.12, up from $3.00 in the second quarter of 2015 and flat compared to the third quarter of 2014.

GAAP Financial Results

Summary GAAP financial results for the quarter ended September 30, 2015 include:

Operating Leases and Incentives Revenue

was $21.8 million, up 205% from $7.1 million in the third quarter of the prior year. Total revenue for the quarter was $22.5 million, up 170% from $8.3 million in the third quarter of the prior year.

Cost of Revenue – Operating Leases and Incentives

was $37.6 million, up from $19.5 million in the same period of 2014

Total Operating Expenses,

including cost of revenue,

were $76.9 million, compared to $66.7 million in the third quarter of 2014. Operating expenses included non-cash stock-based compensation expense of $2.6 million and amortization of intangibles of $3.7 million.

Loss from Operations

was $54.4 million compared to $58.4 million in the same period of 2014.

GAAP Net Income Available to Stockholders per Diluted Share

was $0.00, up from ($0.45) in the third quarter of 2014.

Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share

was ($0.47), up from ($0.66) in the same period of 2014. See below for a further discussion of Non-GAAP Loss per Share.

Cash and Cash Equivalents

as of September 30, 2015 were $81.8 million.

Financing Activity

As of September 30, 2015, the Company had $77 million in undrawn capacity in the working capital facility, $192 million in undrawn capacity in the aggregation facility, and 167 MWs of installation capacity remaining in our tax equity funds.

About Vivint Solar

Vivint Solar is a leading 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. Vivint Solar’s customers pay little to no money upfront, receive significant savings relative to utility generated electricity rates and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit or follow @VivintSolar.

Note on Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding Vivint Solar’s growth prospects, and operating and financial results such as estimates of nominal contracted payments remaining, estimated retained value, estimated retained value per watt, estimated shares outstanding, the capacity of solar energy systems expected to be installed, estimated total revenue, and estimated total operating expenses and the assumptions related to the calculation of the foregoing metrics.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to: the availability of additional financing on acceptable terms; changes in the retail price of traditional utility generated electricity; changes in electric utility policies and regulations; the availability of rebates, tax credits and other incentives, including solar renewable energy certificates, or SRECs and state incentives, that affect the pricing of our offering; regulations and policies related to net metering; changes in regulations, tariffs and other trade barriers and tax policy affecting us and our industry; our ability to manage our recent and future growth effectively, including attracting, training and retaining sales...