Vivint Solar: Q2 Results
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LEHI, Utah - Vivint Solar (NYSE: VSLR), announced financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Operating Highlights
Key operating and development highlights for the quarter ended June 30, 2015 include:
MW Booked of approximately 73 MWs for the quarter, up 40% year-over-year.
MW Installed of approximately 66 MWs, up 78% year-over-year. Total cumulative MWs installed were approximately 340 MWs.
Installations were 9,312 for the quarter, up 72% year-over-year. Cumulative installations were 51,458.
Estimated Nominal Contracted Payments Remaining increased by approximately $238 million during the quarter and was approximately $1.4 billion, up 123% year-over-year.
Estimated Retained Value increased by approximately $120 million during the quarter to approximately $680 million, up 119% year-over-year.
Estimated Retained Value per Watt was $2.00.
Cost per Watt was $3.00, down from $3.21 in the first quarter of 2015 and down from $3.55 in the second quarter of 2014.
Second Quarter 2015 GAAP Financial Results
Summary GAAP financial results for the quarter ended June 30, 2015 include:
Operating Leases and Incentives Revenue was $15.3 million, up 164% from $5.8 million in the second quarter of the prior year. Total revenue for the quarter was $16.1 million, up 146% from $6.6 million in the second quarter of the prior year.
Cost of Revenue – Operating Leases and Incentives was $33.3 million, up from $16.5 million in the same period of 2014.
Total Operating Expenses, including cost of revenue, were $88.5 million, compared to $40.7 million in the second quarter of 2014. Operating expenses included non-cash stock-based compensation expense of $17.9 million and amortization of intangibles of $3.7 million.
Loss from Operations was $72.3 million compared to $34.1 million in the same period of 2014.
GAAP Net Income Available to Stockholders per Diluted Share was $0.12.
Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.85). See below for a further discussion of Non-GAAP Loss per Share.
Cash and Cash Equivalents as of June 30, 2015 were $152.2 million.
As of June 30, 2015, the Company had $100 million in undrawn capacity in our working capital facility, $216.5 million in undrawn capacity in our aggregation facility, and 231 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 www.vivintsolar.com