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Revenue Grew but Net Loss Extended: Vivint Solar’s Financial Results of 1Q15

published: 2015-05-13 14:53

Vivint Solar announced financial results for the first quarter ended March 31, 2015. Although the company booked and installed more solar portfolios in the quarter comparing to 1Q14 and the revenue rapidly grew, the net loss extended from US$36 million (1Q14) to US$59.9 million. Higher operating expenses could be one reason to this situation.

Its diluted net income available per share to common stockholders was US$0.11, higher than $0.09/share in 1Q14.

Viviant Solar has raised or expanded investment fund with investors, securing US$350 million of investment. The company will further have a commitment letter from two investors for a new investment fund to which they would agree to invest US$100 million. These investments would be sufficient for more than 200MW of deployment. Vivint Solar expects 63-67MW of new installation in the second quarter and 290-310 MW for full year 2015.

First Quarter 2015 Operating Highlights

  • MW Booked of approximately 50 MWs for the quarter, up 90% year-over-year.
  • MW Installed of approximately 46 MWs, up 131% year-over-year. Total cumulative MWs installed were approximately 274 MWs.
  • Installations were 6,426 for the quarter, up 100% year-over-year. Cumulative installations were 42,146.
  • Estimated Nominal Contracted Payments Remaining increased by approximately $174 million during the quarter and was approximately $1.2 billion, up 146% year-over-year.
  • Estimated Retained Value increased by approximately $79 million during the quarter to approximately $560 million, up 138% year-over-year.
  • Estimated Retained Value per Watt was $2.05.

First Quarter 2015 GAAP Financial Results

  • Operating Leases and Incentives Revenue was $8.6 million, up 200% from $2.9 million in the first quarter of the prior year. Total revenue for the quarter was $9.5 million, up 172% from $3.5 million in the first quarter of the prior year.
  • Cost of Revenue – Operating Leases and Incentives was $23.9 million, up from $11.2 million in the same period of 2014.
  • Total Operating Expenses, including cost of revenue, were $58.2 million, compared to $33.4 million in the first quarter of 2014. Operating expenses included non-cash stock-based compensation expense of $2.7 million, amortization of intangibles of $3.8 million, and an impairment of intangible assets of $4.5 million.
  • Loss from Operations was $48.7 million compared to $29.9 million in the same period of 2014.
  • GAAP Net Income Available to Stockholders per Diluted Share was $0.11.
  • Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.57). See below for a further discussion of Non-GAAP Loss per Share.
  • Cash and Cash Equivalents as of March 31, 2015 were $194.2 million.

Guidance for Second Quarter 2015 and Full Year 2015

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 second quarter 2015 financial results.

For the second quarter of 2015:

  • MW Installed: 63 to 67 MWs
  • Total Revenue: $14 – $15 million
  • Total Operating Expenses: $80 – $85 million (including $22 to $24 million in non-cash amortization of intangibles and stock compensation expense)
  • Shares Outstanding: 105.9 million

For the full year 2015:

  • MW Installed: 290 – 310 MWs


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