Vivint Solar recently announced financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Operating Highlights
Key operating and development highlights for the quarter ended June 30, 2016 include:
MW Booked of approximately 74 MWs for the quarter, approximately flat year-over-year.
MW Installed of approximately 61 MWs, down 6% year-over-year. Total cumulative MWs installed were approximately 575 MWs.
Installations were 8,641 for the quarter, down 7% year-over-year. Cumulative installations were 84,872.
Estimated Nominal Contracted Payments Remaining increased by approximately $191 million during the quarter and was approximately $2.3 billion, up 56% year-over-year.
Estimated Retained Value increased by approximately $103 million during the quarter to approximately $1.1 billion, up 64% year-over-year.
Estimated Retained Value per Watt was $1.95.
Cost per Watt was $2.94, down from $3.34 in the first quarter of 2016 and down from $3.00 in the second quarter of 2015.
Second Quarter 2016 GAAP Financial Results
Summary GAAP financial results for the quarter ended June 30, 2016 include:
Operating Leases and Incentives Revenue was $30.1 million, up 97% from $15.3 million in the second quarter of the prior year. Total revenue for the quarter was $34.9 million, up 116% from $16.1 million in the second quarter of the prior year.
Cost of Revenue – Operating Leases and Incentives was $38.5 million, up from $33.3 million in the same period of 2015.
Total Operating Expenses, including cost of revenue, were $71.4 million, compared to $88.5 million in the second quarter of 2015. Operating expenses included non-cash stock-based compensation expense of $0.8 million, and amortization of intangibles of $0.2 million.
Loss from Operations was $36.5 million compared to $72.3 million in the same period of 2015.
GAAP Net Income Available (Loss Attributable) to Stockholders per Diluted Share was $0.11, down from $0.12 in the second quarter of 2015.
Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.49), down from ($0.85) in the same period of 2015. See below for a further discussion of Non-GAAP Loss per Share.
Cash and Cash Equivalents as of June 30, 2016 were $69.6 million.
Financing Activity
As of June 30, 2016, the Company had $36.5 million in undrawn capacity in the aggregation facility, $125 million in undrawn capacity in the term debt facility, and 32 MWs of installation capacity remaining in our tax equity funds. Subsequent to quarter end, the Company entered into a $313 million term debt facility.
