Vivint Solar Announces Fourth Quarter 2015 And Fiscal 2015 Financial Results

Publié le 16 mars 2016
Vivint 
Vivint Solar today announced financial results for the fourth quarter and year ended December 31, 2015.

Fourth Quarter 2015 Operating Highlights

Key operating and development highlights for the quarter ended December 31, 2015 include:

- MW Booked of approximately 80MWs for the quarter, up approximately 56% year-over-year.

- MW Installed of approximately 59MWs, up 17% year-over-year. Total cumulative MWs installed were approximately 459MWs as of December 31, 2015.

- Installations were 8,411 for the quarter, up 23% year-over-year. Cumulative installations were 68,527 as of December 31, 2015.

- Estimated Nominal Contracted Payments Remaining increased by approximately $215 million during the quarter and was approximately $1,872 million, up 82% year-over-year.

- Estimated Retained Value increased by approximately $113 million during the quarter to approximately $906 million, up 88% year-over-year.

- Estimated Retained Value per Watt was $1.98.

- Cost per Watt was $3.12, flat from the third quarter of 2015 and up from $2.96 in the fourth quarter of 2014.

Fourth Quarter 2015 GAAP Financial Results

Summary GAAP financial results for the quarter ended December 31, 2015 include:

- Operating Leases and Incentives Revenue was $15.5 million, up 163% from $5.9 million in the fourth quarter of the prior year. Total revenue for the quarter was $16.0 million, up 134% from $6.9 million in the fourth quarter of the prior year.

- Cost of Revenue – Operating Leases and Incentives was $36.4 million, up from $20.8 million in the same period of 2014.

- Total Operating Expenses, including cost of revenue, were $71.7 million, compared to $46.8 million in the fourth quarter of 2014. Operating expenses included one-time cash expenses of $5.3 million in transaction related expenses, non-cash stock-based compensation expense of $2.4 million and amortization of intangibles of $2.0 million.

- Loss from Operations was $55.7 million compared to $40.0 million in the same period of 2014.

- GAAP Net Loss Attributable to Stockholders per Share was ($0.12), down from ($0.06) in the fourth quarter of 2014.

- Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.50), down from ($0.36) in the same period of 2014. See below for a further discussion of Non-GAAP Loss per Share.

- Cash and Cash Equivalents as of December 31, 2015 were $92.2 million.

Full Year 2015 GAAP Financial Results

Summary GAAP financial results for the full year ended December 31, 2015 include:

- Operating Leases and Incentives Revenue was $61.2 million, up 182% from $21.7 million in 2014. Total revenue for the year was $64.2 million, up 154% from $25.3 million in the prior year.

- Cost of Revenue – Operating Leases and Incentives was $131.2 million in 2015, up from $68.0 million in 2014.

- Total Operating Expenses, including cost of revenue, were $295.3 million in 2015, compared to $187.6 million in 2014. Operating expenses included one-time cash expenses of $10.5 million in transaction related expenses, non-cash stock-based compensation expense of $25.6 million, amortization of intangibles of $13.2 million, and impairment of intangible assets of $4.5 million.

- Loss from Operations was $231.1 million compared to $162.3 million in 2014.

- GAAP Net Income Available to Stockholders per Share was 0.12.

- Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($2.39). See below for a further discussion of Non-GAAP Loss per Share.

Financing Activity

As of December 31, 2015, the Company had fully drawn down on its working capital facility, had $105.9 million in undrawn capacity in the aggregation facility, and had approximately 84 MWs of installation capacity remaining in our tax equity funds. On March 14, 2016, the Company entered into a term loan facility that provides for up to $200 million aggregate principal amount of borrowings. At closing, the Company incurred $25 million in borrowings and will incur an additional $50 million in borrowings within 30 days. For additional detail regarding this facility see the Company's Annual Report on Form 10-K to be filed on March 15, 2016.


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Vivint (Installateurs): https://fr.enfsolar.com/vivint
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