Vivint Solar (NYSE: VSLR), today announced financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Operating Highlights
Key operating and development highlights for the quarter ended March 31, 2017 include:
MW Booked of approximately 52 MWs for the quarter.
MW Installed of approximately 46 MWs. Total cumulative MWs installed were approximately 727 MWs.
Installations were 6,581 for the quarter. Cumulative installations were 106,179.
Estimated Nominal Contracted Payments Remaining increased by approximately $123 million during the quarter to approximately $2.7 billion.
Estimated Retained Value increased by approximately $71 million during the quarter to approximately $1.4 billion.
Estimated Retained Value per Watt was $1.97.
Cost per Watt was $2.98, a decrease from $3.08 in the fourth quarter of 2016 and down from $3.34 in the first quarter of 2016.
First Quarter 2017 GAAP Financial Results
Summary GAAP financial results for the quarter ended March 31, 2017 include:
Operating Leases and Incentives Revenue was $30.4 million, up 83% from $16.6 million in the first quarter of the prior year. Total revenue for the quarter was $53.1 million, up 209% from $17.2 million in the first quarter of the prior year.
Cost of Revenue – Operating Leases and Incentives was $35.1 million, down from $37.8 million in the same period of 2016.
Total Operating Expenses, including cost of revenue, were $84.2 million, compared to $111.8 million in the first quarter of 2016.
Loss from Operations was $31.1 million compared to $94.6 million in the same period of 2016.
GAAP Net Income Available (Loss Attributable) per Diluted Share to Common Stockholders was $0.11, up from ($0.29) in the first quarter of 2016.
Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.50), up from ($0.65) in the same period of 2016. See below for a further discussion of Non-GAAP Loss per Share.
Cash and Cash Equivalents as of March 31, 2017 were $150.5 million.
As of March 31, 2017, the Company had fully drawn down on its working capital facility, had $328 million in undrawn capacity in the aggregation facility, and had approximately 77 MWs of installation capacity remaining in its tax equity funds.
Guidance for Second Quarter 2017
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements supersede all prior statements regarding 2017 financial results.
For the second quarter of 2017, Vivint Solar expects:
MW Installed: 44 to 48 MWs
Cost per Watt: $2.95 – $3.05
Earnings Conference Call
Vivint Solar will host an investor conference call and live webcast today, Tuesday, May 9, 2017, at 5:00 p.m. ET to discuss these financial results. To access the conference call, dial 1.877.201.0168 or 1.647.788.4901 for international callers. The conference ID is 9958 5273. A listen-only webcast will be accessible on the investor relations page of the Company’s website at http://investors.vivintsolar.com and will be archived and available on this site until June 30, 2017. Participants should follow the instructions provided on the website to download and install the necessary audio applications in advance of the call. In addition, the earnings presentation slides will be available on the investor relations page of the site by 5:00 p.m. ET along with this press release and the financial information discussed on today’s conference call at http://investors.vivintsolar.com.