Vivint Solar Reports Second Quarter 2020 Results – Yahoo Finance

LEHI, Utah , Aug. 5, 2020 /PRNewswire/ —¬† Vivint Solar , Inc. (NYSE: VSLR), today announced financial results for the second quarter ended June 30, 2020 .

Vivint Solar (PRNewsfoto/Vivint Solar)Vivint Solar (PRNewsfoto/Vivint Solar)
Vivint Solar (PRNewsfoto/Vivint Solar)

Second Quarter 2020 Operating Highlights  

Key operating and development highlights include:

  • MWs Installed of approximately 44 MWs for the quarter. This is above the high end of the company’s guidance of 35 to 38 MWs for the quarter. Total cumulative MWs installed were approximately 1,394 MWs.
  • Installations were 6,735 for the quarter. Cumulative installations were 203,264.
  • Estimated Gross Retained Value increased by approximately $85 million during the quarter to approximately $2.5 billion . Estimated Gross Retained Value per Watt at quarter end was $1.98 .
  • Cost per Watt was $3.87 , an increase from $3.80 in the first quarter of 2020 and an increase from $3.56 in the second quarter of 2019.
  • Margin created was $37 million . Unlevered NPV per Watt was $0.84 .

Financing Activity

As of June 30, 2020 , Vivint Solar had $429 million in undrawn capacity in various debt facilities and approximately 192 MWs of Undeployed Tax Equity Financing Capacity.

Summary Second Quarter 2020 Financial Results

$ amounts in millions, except per share data

Three Months Ended June 30th

2020

2019

YoY

Revenue:

     Customer agreements and incentives

$

81.8

$

63.4

up 29%

     Solar energy system and product sales

24.6

27.4

down 10%

Total Revenue

106.4

90.8

up 17%

Cost of revenue:

     Customer agreements and incentives

44.3

43.1

up 3%

     Solar energy system and product sales

15.6

15.8

down 1%

Total cost of revenue

60.0

58.9

up 2%

Gross profit

46.4

31.9

up 46%

Loss from operations

(26.1)

(36.9)

up 29%

Net loss attributable to common stockholders

$

(1.2)

$

(28.6)

up 96%

Net loss attributable per share to common stockholders

$

(0.01)

$

(0.24)

up 96%

Non-GAAP net loss per share

$

(0.68)

$

(0.73)

up 7%

Note: Totals may not sum due to rounding.

About Vivint Solar

Vivint Solar is a leading full-service residential solar provider in the United States . With the help of Vivint Solar, homeowners can power their homes with clean, renewable energy, typically achieving significant financial savings over time. Vivint Solar designs and installs solar energy systems for homeowners and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, homeowners may benefit from Vivint Solar’s affordable, flexible financing options, including power purchase agreements, or lease agreements, where available. Vivint Solar also offers solar plus storage systems with LG Chem home batteries and electric vehicle chargers with ChargePoint Home. 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. 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 continued negative impact of the COVID-19 pandemic on general economic conditions, the capital and credit markets, and Vivint Solar’s business, financial condition, liquidity and results of operations;¬†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¬†our recent¬†and¬†future 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 potential inaccuracy of the¬†assumptions employed¬†in¬†calculating our operating¬†metrics; the course and outcome of litigation and investigations;¬†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¬†Vivint Solar.¬†These¬†documents¬†are¬†available¬†on¬†both¬†the¬†EDGAR section¬†of¬†the SEC’s website¬†at¬†www.sec.gov¬†and¬†the¬†investor relations section¬†of¬†Vivint Solar’s website¬†at investors.vivintsolar.com/ .


Vivint Solar, Inc.

Condensed Consolidated Unaudited Balance Sheets

(In thousands)

June   30,

December   31,

2020

2019

ASSETS

Current assets:

Cash and cash equivalents

$

336,137

$

166,048

Accounts receivable, net

32,162

24,314

Inventories

13,144

20,576

Prepaid expenses and other current assets

27,818

41,137

Total current assets

409,261

252,075

Restricted cash and cash equivalents

86,809

89,892

Solar energy systems, net

1,873,031

1,759,861

Property and equipment, net

20,021

17,500

Other non-current assets, net

716,186

680,062

TOTAL ASSETS

$

3,105,308

$

2,799,390

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

Current liabilities:

Accounts payable

$

27,178

$

59,007

Distributions payable to non-controlling interests and redeemable non-controlling interests

15,458

10,253

Accrued compensation

25,435

34,149

Current portion of long-term debt

24,664

16,405

Current portion of deferred revenue

20,260

40,715

Current portion of finance lease obligation

2,534

2,274

Accrued and other current liabilities

85,847

78,539

Total current liabilities

201,376

241,342

Long-term debt, net of current portion

1,794,990

1,483,256

Deferred revenue, net of current portion

24,516

17,631

Finance lease obligation, net of current portion

6,029

6,443

Deferred tax liability, net

636,869

583,695

Other non-current liabilities

139,449

74,423

Total liabilities

2,803,229

2,406,790

Commitments and contingencies

Redeemable non-controlling interests

114,989

115,384

Stockholders’¬†equity:

Common stock

1,254

1,231

Additional paid-in capital

600,627

591,639

Accumulated other comprehensive loss

(41,589)

(20,436)

Accumulated deficit

(423,787)

(381,961)

Total stockholders’¬†equity

136,505

190,473

Non-controlling interests

50,585

86,743

Total equity

187,090

277,216

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND

   EQUITY

$

3,105,308

$

2,799,390

 


Vivint Solar, Inc.

Condensed Consolidated Unaudited Statements of Operations

(In thousands, except per share data)

Three Months Ended

Six Months Ended

June   30,

June   30,

2020

2019

2020

2019

Revenue:

Customer agreements and incentives

$

81,835

$

63,355

$

133,111

$

102,958

Solar energy system and product sales

24,559

27,402

64,434

57,170

Total revenue

106,394

90,757

197,545

160,128

Cost of revenue:

Cost of revenuecustomer agreements and incentives

44,331

43,074

97,154

83,265

Cost of revenuesolar energy system and product sales

15,627

15,791

37,675

33,054

Total cost of revenue

59,958

58,865

134,829

116,319

Gross profit

46,436

31,892

62,716

43,809

Operating expenses:

Sales and marketing

35,394

37,037

75,002

66,671

Research and development

286

524

842

993

General and administrative

36,860

31,205

64,886

54,254

Total operating expenses

72,540

68,766

140,730

121,918

Loss from operations

(26,104)

(36,874)

(78,014)

(78,109)

Interest expense, net

24,712

19,472

46,344

38,599

Other expense, net

1,145

1,365

29,503

2,750

Loss before income taxes

(51,961)

(57,711)

(153,861)

(119,458)

Income tax expense

32,406

29,950

55,820

57,437

Net loss

(84,367)

(87,661)

(209,681)

(176,895)

Net loss attributable to non-controlling interests and redeemable

   non-controlling interests

(83,126)

(59,094)

(168,180)

(122,086)

Net loss attributable to common stockholders

$

(1,241)

$

(28,567)

$

(41,501)

$

(54,809)

Net loss attributable per share to common stockholders:

Basic and diluted

$

(0.01)

$

(0.24)

$

(0.33)

$

(0.45)

Weighted-average shares used in computing net loss attributable

   per share to common stockholders:

Basic and diluted

124,844

120,869

124,383

120,589

 


Vivint Solar, Inc.

Condensed Consolidated Unaudited Statements of Cash Flows

(In thousands)

Three Months Ended

Six Months Ended

June   30,

June   30,

2020

2019

2020

2019

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(84,367)

Source: https://finance.yahoo.com/news/vivint-solar-reports-second-quarter-200500826.html

« »
Malcare WordPress Security