Vivint Solar: Q3 Results

Vivint Solar hat die Zwischenbilanz für das dritte Quartal vorgelegt. Wir veröffentlichen die Mitteilung des US-Solarprojektierers hierzu im Wortlaut.

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LEHI, Utah -- Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider, announced financial results for the third quarter ended September 30, 2016.

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.

About Vivint Solar

Vivint Solar is a leading provider of distributed solar energy – 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, typically receive significant savings relative to utility generated electricity 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 for its customers. Vivint Solar also sells solar energy systems; customers can pay cash or finance the purchase through one of Vivint Solar's industry-leading finance partners. For more information, visit www.vivintsolar.com

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