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Vivint Solar Announces Third Quarter 2016 Financial Results

Vivint Solar Announces Third Quarter 2016 Financial Results

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Vivint Solar recently announced financial results for the third quarter ended September 30, 2016. In addition, yesterday the company announced future tax equity commitments of $200 million representing approximately 123 MWs in new solar energy systems installations.

Third Quarter 2016 Operating Highlights

Key operating and development highlights for the quarter ended September 30, 2016 include:

  • MW Booked of approximately 59 megawatts (MWs) for the quarter.
  • MW Installed of approximately 59 MWs. Total cumulative MWs installed were approximately 634 MWs.
  • Installations were 8,266 for the quarter. Cumulative installations were 93,138.
  • Estimated Nominal Contracted Payments Remaining increased by approximately $177 million during the quarter and was approximately $2.4 billion.
  • Estimated Retained Value increased by approximately $113 million during the quarter to approximately $1.2 billion.
  • Estimated Retained Value per Watt was $1.96.
  • Cost per Watt was $2.85, improved from $2.94 in the second quarter of 2016 and improved from $3.12 in the third quarter of 2015.

Third Quarter 2016 GAAP Financial Results

Summary GAAP financial results for the quarter ended September 30, 2016 include:

  • Operating Leases and Incentives Revenue was $33.4 million, up from $21.8 million in the third quarter of the prior year. Total revenue for the quarter was $41.3 million, up from $22.5 million in the third quarter of the prior year.
  • Cost of Revenue – Operating Leases and Incentives was $39.3 million, up from $37.6 million in the same period of 2015.
  • Total Operating Expenses, including cost of revenue, were $74.6 million, compared to $76.9 million in the third quarter of 2015.
  • Loss from Operations was $33.3 million compared to $54.4 million in the same period of 2015.
  • GAAP Net Income Available (Loss Attributable) to Stockholders per Diluted Share was $0.15, up from $0.00 in the third quarter of 2015.
  • Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.36), up from ($0.47) in the same period of 2015. See below for a further discussion of Non-GAAP Loss per Share.
  • Cash and Cash Equivalents as of September 30, 2016 were $113.0 million.

Financing Activity

As of September 30, 2016, the company had $226.5 million in undrawn capacity in the aggregation facility, $100 million in undrawn capacity in the Subordinated HoldCo credit facility, and approximately 10 MWs of installation capacity remaining in its investment funds. Subsequent to quarter end, the company received $200 million of tax equity commitments for three new tax equity partnerships. The company estimates that these tax equity commitments will support investments in solar energy systems with a total value of over $480 million and will enable the company to install approximately 123 megawatts of residential solar energy systems. These tax equity commitments are subject to customary conditions.

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Anand Gupta Editor - EQ Int'l Media Network

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