Vivint Solar announced financial results for the second quarter ended June 30, 2017.
Second Quarter 2017 Operating Highlights
Key operating and development highlights for the quarter ended June 30, 2017 include:
- MW Booked of approximately 55MWs for the quarter.
- MW Installed of approximately 47MWs. Total cumulative MWs installed were approximately 774MWs.
- Installations were 7,108 for the quarter. Cumulative installations were 113,287.
- Estimated Nominal Contracted Payments Remaining increased by approximately $111 million during the quarter to approximately $2.8 billion.
- Estimated Retained Value increased by approximately $75 million during the quarter to approximately $1.5 billion.
- Estimated Retained Value per Watt was $1.98.
- Cost per Watt was $2.88, a decrease from $2.98 in the first quarter of 2017 and down from $2.94 in the second quarter of 2016.
Second Quarter 2017 GAAP Financial Results
Summary GAAP financial results for the quarter ended June 30, 2017 include:
- Operating Leases and Incentives Revenue was $43.4 million, up 45% from $30.0 million in the second quarter of the prior year. Total revenue for the quarter was $73.0 million, up 109% from $34.9 million in the second quarter of the prior year.
- Cost of Revenue - Operating Leases and Incentives was $33.8 million, down from $38.5 million in the same period of 2016.
- Total Operating Expenses, including cost of revenue, were $87.3 million, compared to $71.4 million in the second quarter of 2016.
- Loss from Operations was $14.3 million compared to $36.5 million in the same period of 2016.
- GAAP Net Income Available (Loss Attributable) per Diluted Share to Common Stockholders was $0.04, down from $0.11 in the second quarter of 2016.
- Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.33), up from ($0.49) in the same period of 2016. See below for a further discussion of Non-GAAP Loss per Share.
- Cash and Cash Equivalents as of June 30, 2017 were $115.6 million.
As of June 30, 2017, the Company had $15 million in undrawn capacity in the working capital facility, had $308 million in undrawn capacity in the aggregation facility, and had approximately 109 MWs of installation capacity remaining in its tax equity funds.
Guidance for Third Quarter 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 third quarter of 2017, Vivint Solar expects:
- MW Installed: 46 to 52MWs
- Cost per Watt: $2.80 - $2.90