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Vivint Solar Announces Fourth Quarter 2014 And Fiscal 2014 Financial Results

Megawatts Installed Increased 191% Year-over-Year

Retained Value Increased 153% Year-over-Year

Cost per Watt of $2.96 for the Fourth Quarter

LEHI, Utah, March 4, 2015 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), today announced financial results for the fourth quarter and year ended December 31, 2014.

 

Fourth Quarter 2014 Operating Highlights

 

Key operating and development highlights for the quarter ended December 31, 2014 include:

 

MW Booked of approximately 52 MWs for the quarter, up approximately 150% year-over-year.

MW Installed of approximately 50 MWs, up 191% year-over-year. Total cumulative MWs installed were approximately 228 MWs as of December 31, 2014.

Installations were 6,864 for the quarter, up 135% year-over-year. Cumulative installations were 35,720 as of December 31, 2014.

Estimated Nominal Contracted Payments Remaining increased by approximately $188 million during the quarter and was approximately $1,031 million at December 31, 2014, up 161% year-over-year.

Estimated Retained Value increased by approximately $82 million during the quarter to approximately $481 million at December 31, 2014, up 153% compared to the fourth quarter of 2013.

Estimated Retained Value per Watt was $2.11 as of December 31, 2014.

Fourth Quarter 2014 GAAP Financial Results

 

Summary GAAP financial results for the quarter ended December 31, 2014 include:

 

Operating Leases and Incentives Revenue was $5.9 million, up 202% from $1.9 million in the fourth quarter of the prior year. Total revenue for the quarter was $6.9 million, up 248% from $2.0 million in the fourth quarter of the prior year.

Cost of Revenue – Operating Leases and Incentives was $20.8 million, up from $6.2 million in the same period of 2013.

Total Operating Expenses, including cost of revenue, were $46.8 million, compared to $18.7 million in the fourth quarter of 2013. Operating expenses included non-cash stock-based compensation expense of $2.8 million and amortization of intangibles of $3.8 million.

Loss from Operations was $40.0 million compared to $16.7 million in the same period of 2013.

GAAP Net Loss Attributable to Stockholders per Share was ($0.06).

Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.36). See below for a further discussion of Non-GAAP Loss per Share.

Cash and Cash Equivalents as of December 31, 2014 were $261.6 million.

Full Year 2014 GAAP Financial Results

 

Summary GAAP financial results for the full year ended December 31, 2014 include:

 

Operating Leases and Incentives Revenue was $21.7 million, up 270% from $5.9 million in 2013. Total revenue for the year was $25.3 million, up 309% from $6.2 million in the prior year.

Cost of Revenue – Operating Leases and Incentives was $68.0 million in 2014, up from $19.0 million in 2013.

Total Operating Expenses, including cost of revenue, were $187.6 million in 2014, compared to $57.5 million in 2013. Operating expenses included non-cash stock-based compensation expense of $23.7 million and amortization of intangibles of $15.0 million.

Loss from Operations was $162.3 million compared to $51.3 million in 2013.

GAAP Net Loss Attributable to Stockholders per Share was ($0.35).

Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($1.99).  See below for a further discussion of Non-GAAP Loss per Share.

Financing Activity

 

On March 3, 2015, Vivint Solar entered into a working capital facility with a capacity of $131 million. In addition, during the quarter and subsequent to quarter end, the company closed two new tax equity partnerships with existing tax equity partners. In total, we estimate the two funds will enable us to install approximately 66 MWs of solar energy systems.

 

Guidance for First 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 2015 financial results.

 

For the first quarter of 2015, we expect:

 

MW Installed: 40 to 42 MWs

Total Revenue: $8.0 – $8.5 million

Total Operating Expenses: $47 – $50 million

Shares Outstanding: 105.3 million

For the full year 2015, we expect:

 

MW Installed: 290 - 310 MWs

Earnings Conference Call

 

Vivint Solar will host an investor conference call and live webcast today, Wednesday, March 4, 2015, at 5:00 p.m. ET to discuss these financial results. To access the conference call, dial 1.877.201.0168 or 1.647.788.4901 for international callers. The conference ID is 6171 7531. A listen-only webcast will be accessible on the investor relations page of our website at http://investors.vivintsolar.com and will be archived and available on this site until March 19, 2015. 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 our Investor Relations site by 5:00 p.m. ET. This press release and the financial information discussed on today's conference call are available on the investor relations page of our website at http://investors.vivintsolar.com.

 

About Vivint Solar

 

Vivint Solar is a leading provider of distributed solar energy systems – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity rates and continue to benefit from guaranteed energy prices over the 20-year term of their contracts.  Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.

 

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 growth prospects, and operating and financial results such as estimates of nominal contracted payments remaining, estimated retained value, estimated retained value per watt, estimated shares outstanding, the capacity of solar energy systems expected to be installed, estimated total revenue, and estimated total operating expenses and 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 credits, or SRECs and state incentives, that affect the pricing of our offering; 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 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; Vivint Solar's limited operating history, particularly as a new public company; 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 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 www.vivintsolar.com