Vivint Solar Announces Fourth Quarter 2016 And Fiscal 2016 Financial Results
Vivint Solar (NYSE: VSLR), today announced financial results for the fourth quarter and year ended December 31, 2016.
Fourth Quarter 2016 Operating Highlights
Key operating and development highlights for the quarter ended December 31, 2016 include:
MW Booked of approximately 57 MWs for the quarter.
MW Installed of approximately 47 MWs. Total cumulative MWs installed were approximately 681 MWs.
Installations were 6,460 for the quarter. Cumulative installations were 99,598.
Estimated Nominal Contracted Payments Remaining increased by approximately $136 million during the quarter and was approximately $2.6 billion.
Estimated Retained Value increased by approximately $86 million during the quarter to approximately $1.3 billion.
Estimated Retained Value per Watt was $1.98.
Cost per Watt was $3.08, an increase from the third quarter of 2016 and down from $3.12 in the fourth quarter of 2015.
Fourth Quarter 2016 GAAP Financial Results
Summary GAAP financial results for the quarter ended December 31, 2016 include:
Operating Leases and Incentives Revenue was $25.3 million, up 63% from $15.5 million in the fourth quarter of the prior year. Total revenue for the quarter was $41.8 million, up 161% from $16.0 million in the fourth quarter of the prior year.
Cost of Revenue – Operating Leases and Incentives was $35.2 million, down from $36.4 million in the same period of 2015.
Total Operating Expenses, including cost of revenue, were $79.9 million, compared to $71.7 million in the fourth quarter of 2015.
Loss from Operations was $38.1 million compared to $55.7 million in the same period of 2015.
GAAP Net Income Available (Loss Attributable) per Diluted Share to Common Stockholders was $0.18, up from ($0.12) in the fourth quarter of 2015.
Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.41), up from ($0.50) in the same period of 2015. See below for a further discussion of Non-GAAP Loss per Share.
Cash and Cash Equivalents as of December 31, 2016 were $96.6 million.
Full Year 2016 GAAP Financial Results
Summary GAAP financial results for the full year ended December 31, 2016 include:
Operating Leases and Incentives Revenue was $105.4 million, up 72% from $61.2 million in 2015. Total revenue for the year was $135.2 million, up 111% from $64.2 million in the prior year.
Cost of Revenue – Operating Leases and Incentives was $150.8 million in 2016, up from $131.2 million in 2015.
Total Operating Expenses, including cost of revenue, were $337.7 million in 2016, compared to $295.3 million in 2015.
Loss from Operations was $202.5 million compared to $231.1 million in 2015.
GAAP Net Income Available (Loss Attributable) per Diluted Share to Common Stockholders was $0.16.
Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($1.90), an increase from ($2.39) in 2015. See below for a further discussion of Non-GAAP Net Loss per Share.
Financing Activity
As of December 31, 2016, the Company had fully drawn down on its working capital facility, had $188 million in undrawn capacity in the aggregation facility, and had approximately 114 MWs of installation capacity remaining in our tax equity funds. On March 9, 2017, the Company extended the term of the availability period for borrowing under its aggregation credit facility by an additional three years to March 2020 and the final maturity to September 2020.
Guidance for First Quarter 2017 and Full Year 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 first quarter of 2017, we expect:
MW Installed: 43 to 46 MWs
Cost per Watt: $ 2.95 – $ 3.05
For the full year 2017, we expect:
MW Installed: 210 – 230 MWs
Cost per Watt: $ 2.82 – $ 2.94
Source:prnewswire
