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08.05.2018 22:05
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Vivint Solar Reports First Quarter 2018 Results
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PR Newswire
LEHI, Utah, May 8, 2018
LEHI, Utah, May 8, 2018 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), today announced financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Operating Highlights
Key operating and development highlights include:
- MW Booked of approximately 52 MWs for the quarter.
- MW Installed of approximately 40 MWs for the quarter. Total cumulative MWs installed were approximately 905 MWs.
- Installations were 5,813 for the quarter. Cumulative installations were 132,643.
- Estimated Retained Value increased by approximately $77 million during the quarter to approximately $1.7 billion. Estimated Retained Value per Watt at quarter end was $2.02.
- Cost per Watt was $3.15, an increase from $2.95 in the fourth quarter of 2017 and an increase from $2.98 in the first quarter of 2017.
Financing Activity
As of March 31, 2018, the company had $200 million in undrawn capacity in the aggregation facility and approximately 29 MWs of available installation capacity remaining in its tax equity funds. Subsequent to quarter end, the company closed a new tax equity partnership with a $101 million commitment that will fund the installation of approximately 64 MWs with a new tax equity investor.
Summary First Quarter 2018 Financial Results
| $ amounts in millions, except per share data | | | | | | | | | | | |
| | Three Months Ended March 31, | | |||||||||
| | 2018 | | | 2017 | | | YoY | | |||
| Revenue: | | | | | | | | | | | |
| Operating leases and incentives | $ | 31.1 | | | $ | 30.4 | | | up 2% | | |
| Solar energy system and product sales | | 37.1 | | | | 22.7 | | | up 63% | | |
| Total Revenue | | 68.3 | | | | 53.1 | | | up 28% | | |
| Cost of revenue: | | | | | | | | | | | |
| Operating leases and incentives | | 38.7 | | | | 35.1 | | | up 10% | | |
| Solar energy system and product sales | | 26.0 | | | | 18.7 | | | up 40% | | |
| Total cost of revenue | | 64.7 | | | | 53.7 | | | up 20% | | |
| Gross profit (loss) | | 3.5 | | | | (0.6) | | | up 667% | | |
| Loss from Operations | | (28.1) | | | | (31.1) | | | up 10% | | |
| Net (loss) income | $ | (13.0) | | | $ | 13.3 | | | down 198% | | |
| Net (loss) income per diluted share | $ | (0.11) | | | $ | 0.11 | | | down 200% | | |
| Non-GAAP net loss per share | $ | (0.53) | | | $ | (0.50) | | | down 6% | | |
| | | | | | | | | | | | |
| Note: Totals may not sum due to rounding. | |||||||||||
Guidance for the Second Quarter 2018
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 projected 2018 financial results.
For the second quarter of 2018, Vivint Solar expects:
- MW Installed: 45 to 48 MWs
- Cost per Watt: $3.05 - $3.13
Earnings Conference Call
Vivint Solar will host an investor conference call and live webcast today, Tuesday, May 8, 2018, at 5:00 p.m. ET to discuss these financial results. To access the conference call, dial 1.866.393.4306 or 1.734.385.2616 for international callers. The conference ID is 233 7889. A listen-only webcast will be accessible on the investor relations page of the company's website at investors.vivintsolar.com/ and will be archived and available on this site until May 31, 2018. Participants should follow the instructions provided on the website to download and install the necessary audio applications in advance of the call. In addition, the earnings presentation slides will be available on the investor relations page of the site by 5:00 p.m. ET along with this press release and the financial information discussed on today's conference call at investors.vivintsolar.com/.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings over time. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs and installs the solar energy systems for its customers, and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options, power purchase agreements, or lease agreements, where available. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding Vivint Solar's guidance for Megawatts Installed and Cost per Watt, installation capacity remaining in tax equity funds, growth prospects, and operating and financial results, such as estimates of nominal contracted payments remaining, estimated retained value, and estimated retained value per watt, including the assumptions related to the calculation of the foregoing metrics.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to: the availability of additional financing on acceptable terms; changes in the retail price of traditional utility generated electricity; changes in electric utility policies and regulations; the availability of rebates, tax credits and other incentives, including solar renewable energy certificates, or SRECs, and other federal and state incentives; regulations and policies related to net metering; changes in regulations, tariffs and other trade barriers and tax policy affecting us and our industry; our ability to manage growth, product offering mix, and costs effectively, including attracting, training and retaining sales personnel and solar energy system installers; the availability and price of solar panels and other system components, the assumptions employed in calculating our operating metrics may be inaccurate; and such other risks identified in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, or SEC, from time to time. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in those statements will be achieved or will occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Except as required by law, Vivint Solar does not undertake and expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Solar has filed with the SEC for more complete information about the company. These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of the company's website at investors.vivintsolar.com/.
| Vivint Solar, Inc. | | ||||||
| Condensed Consolidated Unaudited Balance Sheets | | ||||||
| (In thousands) | | ||||||
| | | | | | | | |
| | March 31, | | | December 31, | | ||
| | 2018 | | | 2017 | | ||
| ASSETS | | | | | | | |
| Current assets: | | | | | | | |
| Cash and cash equivalents | $ | 78,466 | | | $ | 108,452 | |
| Accounts receivable, net | | 18,236 | | | | 19,665 | |
| Inventories | | 15,790 | | | | 22,597 | |
| Prepaid expenses and other current assets Werbung Mehr Nachrichten zur Vivint Solar Aktie kostenlos abonnieren
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