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Vivint Solar Reports Fourth Quarter And Full Year 2017 Results

LEHI, Utah, March 7, 2018 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), today announced financial results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter 2017 Operating Highlights

Key operating and development highlights include:

  • MW Booked of approximately 55 MWs for the quarter.
  • MW Installed of approximately 45 MWs for the quarter. Total cumulative MWs installed were approximately 865 MWs.
  • Installations were 6,467 for the quarter. Cumulative installations were 126,830.
  • Estimated Retained Value increased by approximately $80 million during the quarter to approximately $1.6 billion. Estimated Retained Value per Watt at quarter end was $2.00.
  • Cost per Watt was $2.95, an increase from $2.94 in the third quarter of 2017 and down from $3.08 in the fourth quarter of 2016.

Financing Activity

As of December 31, 2017, the company had $240 million in undrawn capacity in the aggregation facility and approximately 17 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 $75 million commitment that will fund the installation of approximately 52 MWs. In addition, the company received $401 million of non-binding tax equity term sheets for five tax equity partnerships. The company estimates that these tax equity partnerships will enable the company to install approximately 265 MWs of residential solar energy systems. These tax equity partnerships are subject to customary conditions and the execution of definitive documents.

Summary Fourth Quarter 2017 Financial Results

$ amounts in millions, except per share data

                     
 

Three Months Ended December 31,

 
 

2017

   

2016

   

YoY

 

Revenue:

                     

     Operating leases and incentives

$

31.2

   

$

25.3

   

up 23%

 

     Solar energy system and product sales

 

35.6

     

16.5

   

up 116%

 

Total Revenue

 

66.8

     

41.8

   

up 60%

 

Cost of revenue:

                     

     Operating leases and incentives

 

37.7

     

35.2

   

up 7%

 

     Solar energy system and product sales

 

25.3

     

12.6

   

up 101%

 

Total cost of revenue

 

63.1

     

47.8

   

up 32%

 

Gross profit (loss)

 

3.7

     

(6.0)

   

up 162%

 

Loss from Operations

 

(26.9)

     

(38.1)

   

up 29%

 

Net income1

$

183.9

   

$

20.1

   

up 815%

 

Net income per diluted share1

$

1.54

   

$

0.18

   

up 756%

 

Non-GAAP net loss per share

$

(0.43)

   

$

(0.41)

   

down 5%

 

(1) In December 2017, the 2017 Tax Cuts and Jobs Act was enacted and significantly impacted U.S. tax law. As a result of this legislation, our fourth quarter provision for income taxes included a benefit of $188 million, which affected our net income and net income per diluted share. 

Summary Full Year 2017 Financial Results

$ amounts in millions, except per share data

                     
 

Year Ended December 31,

 
 

2017

   

2016

   

YoY

 

Revenue:

                     

     Operating leases and incentives

$

150.9

   

$

105.4

   

up 43%

 

     Solar energy system and product sales

 

117.2

     

29.8

   

up 293%

 

Total Revenue

 

268.0

     

135.2

   

up 98%

 

Cost of revenue:

                     

     Operating leases and incentives

 

141.3

     

150.8

   

down 6%

 

     Solar energy system and product sales

 

89.0

     

23.2

   

up 284%

 

Total cost of revenue

 

230.3

     

174.0

   

up 32%

 

Gross profit (loss)

 

37.7

     

(38.8)

   

up 197%

 

Loss from Operations

 

(84.2)

     

(202.5)

   

up 58%

 

Net income1

$

209.1

   

$

18.0

   

up 1062%

 

Net income per diluted share1

$

1.77

   

$

0.16

   

up 1006%

 

Non-GAAP net loss per share

$

(1.58)

   

$

(1.90)

   

up 17%

 

Note: Totals may not sum due to rounding.(1) In December 2017, the 2017 Tax Cuts and Jobs Act was enacted and significantly impacted U.S. tax law. As a result of this legislation, our full year provision for income taxes included a benefit of $188 million which, affected our net income and net income per diluted share.

Guidance for the First 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 2018 financial results.

For the first quarter of 2018, Vivint Solar expects:

  • MW Installed: 40 MWs
  • Cost per Watt: $3.15 - $3.20

Earnings Conference Call

Vivint Solar will host an investor conference call and live webcast today, Wednesday, March 7, 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 537 6536. 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 April 30, 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. Through an exclusive collaboration, Vivint Solar also offers solar plus storage systems with Mercedes-Benz Energy home batteries. 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 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; 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.

 

Consolidated Unaudited Balance Sheets

 

(In thousands)

 
               
 

December 31,

   

December 31,

 
 

2017

   

2016

 

ASSETS

             

Current assets:

             

Cash and cash equivalents

$

108,452

   

$

96,586

 

Accounts receivable, net

 

19,665

     

12,658

 

Inventories

 

22,597

     

11,285

 

Prepaid expenses and other current assets

 

34,049

     

46,683

 

Total current assets

 

184,763

     

167,212

 

Restricted cash and cash equivalents

 

46,486

     

26,853

 

Solar energy systems, net

 

1,673,532

     

1,458,355

 

Property and equipment, net

 

15,078

     

23,199

 

Intangible assets, net

 

862

     

1,420

 

Prepaid tax asset, net

 

505,883

     

419,474

 

Other non-current assets, net

 

37,325

     

29,843

 

TOTAL ASSETS

$

2,463,929

   

$

2,126,356

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

             

Current liabilities:

             

Accounts payable

$

40,736

   

$

46,630

 

Accounts payable—related party

 

163

     

191

 

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

 

16,437

     

16,176

 

Accrued compensation

 

20,992

     

20,003

 

Current portion of long-term debt

 

13,585

     

6,252

 

Current portion of deferred revenue

 

41,846

     

19,911

 

Current portion of capital lease obligation

 

4,166

     

5,163

 

Accrued and other current liabilities

 

29,675

     

19,364

 

Total current liabilities

 

167,600

     

133,690

 

Long-term debt, net of current portion

 

925,964

     

750,728

 

Deferred revenue, net of current portion

 

29,200

     

34,379

 

Capital lease obligation, net of current portion

 

1,599

     

5,476

 

Deferred tax liability, net

 

342,382

     

395,218

 

Other non-current liabilities

 

13,674

     

10,355

 

Total liabilities

 

1,480,419

     

1,329,846

 

Commitments and contingencies

             

Redeemable non-controlling interests

 

122,444

     

129,676

 

Stockholders' equity:

             

Common stock

 

1,151

     

1,102

 

Additional paid-in capital

 

559,788

     

542,348

 

Accumulated other comprehensive income

 

6,905

     

7,631

 

Retained earnings

 

213,107

     

5,217

 

Total stockholders' equity

 

780,951

     

556,298

 

Non-controlling interests

 

80,115

     

110,536

 

Total equity

 

861,066

     

666,834

 

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

$

2,463,929

   

$

2,126,356



Vivint Solar, Inc.

 

Consolidated Unaudited Statements of Operations

 

(In thousands, except per share data)

 
                               
 

Three Months Ended

   

Year Ended

 
 

December 31,

   

December 31,

 
 

2017

   

2016

   

2017

   

2016

 

Revenue:

                             

Operating leases and incentives

$

31,151

   

$

25,320

   

$

150,862

   

$

105,353

 

Solar energy system and product sales

 

35,629

     

16,451

     

117,166

     

29,814

 

Total revenue

 

66,780

     

41,771

     

268,028

     

135,167

 

Cost of revenue:

                             

Cost of revenue—operating leases and incentives

 

37,741

     

35,230

     

141,305

     

150,796

 

Cost of revenue—solar energy system and product sales

 

25,313

     

12,579

     

88,977

     

23,185

 

Total cost of revenue

 

63,054

     

47,809

     

230,282

     

173,981

 

Gross profit (loss)

 

3,726

     

(6,038)

     

37,746

     

(38,814)

 

Operating expenses:

                             

Sales and marketing

 

10,659

     

9,358

     

38,696

     

41,436

 

Research and development

 

653

     

761

     

3,340

     

2,979

 

General and administrative

 

19,140

     

21,796

     

79,399

     

81,802

 

Amortization of intangible assets

 

140

     

139

     

558

     

901

 

Impairment of goodwill

 

     

     

     

36,601

 

Total operating expenses

 

30,592

     

32,054

     

121,993

     

163,719

 

Loss from operations

 

(26,866)

     

(38,092)

     

(84,247)

     

(202,533)

 

Interest expense

 

16,557

     

11,469

     

64,264

     

34,008

 

Other (income) expense, net

 

(834)

     

(1,342)

     

352

     

(1,437)

 

Loss before income taxes

 

(42,589)

     

(48,219)

     

(148,863)

     

(235,104)

 

Income tax (benefit) expense

 

(181,265)

     

(2,812)

     

(157,333)

     

7,433

 

Net income (loss)

 

138,676

     

(45,407)

     

8,470

     

(242,537)

 

Net loss attributable to non-controlling interests and redeemable

non-controlling interests

 

(45,245)

     

(65,545)

     

(200,628)

     

(260,523)

 

Net income available to common stockholders

$

183,921

   

$

20,138

   

$

209,098

   

$

17,986

 

Net income available per share to common stockholders:

                             

Basic

$

1.60

   

$

0.18

   

$

1.85

   

$

0.17

 

Diluted

$

1.54

   

$

0.18

   

$

1.77

   

$

0.16

 

Weighted-average shares used in computing net income available per share to common stockholders:

                             

Basic

 

114,847

     

110,198

     

113,132

     

108,190

 

Diluted

 

119,578

     

114,898

     

118,268

     

112,538

 

Vivint Solar, Inc.

 

Consolidated Unaudited Statements of Cash Flows

 

(In thousands)

 
                               
 

Three Months Ended

   

Year Ended

 
 

December 31,

   

December 31,

 
 

2017

   

2016

   

2017

   

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES:

                             

Net income (loss)

$

138,676

   

$

(45,407)

   

$

8,470

   

$

(242,537)

 

Adjustments to reconcile net loss to net cash used in operating activities:

                             

Depreciation and amortization

 

15,935

     

14,445

     

60,606

     

46,821

 

Amortization of intangible assets

 

140

     

139

     

558

     

901

 

Impairment of goodwill and intangible assets

 

     

     

     

36,601

 

Deferred income taxes

 

(151,321)

     

49,178

     

(52,828)

     

174,090

 

Stock-based compensation

 

3,416

     

4,469

     

12,917

     

10,614

 

Loss on solar energy systems and property and equipment

 

1,834

     

1,856

     

6,858

     

6,432

 

Noncash interest and other expense

 

2,067

     

2,198

     

9,422

     

7,161

 

Reduction in lease pass-through financing obligation

 

(970)

     

(960)

     

(4,515)

     

(4,239)

 

Losses (gains) on interest rate swaps

 

(834)

     

(1,333)

     

359

     

(1,591)

 

Excess tax detriment from stock-based compensation

 

     

(433)

     

     

(1,713)

 

Changes in operating assets and liabilities:

                             

Accounts receivable, net

 

9,852

     

(578)

     

(7,007)

     

(9,022)

 

Inventories

 

(2,795)

     

(4,763)

     

(11,312)

     

(10,654)

 

Prepaid expenses and other current assets

 

(5,425)

     

(32,624)

     

10,864

     

(32,526)

 

Prepaid tax asset, net

 

(23,437)

     

(19,665)

     

(86,409)

     

(141,978)

 

Other non-current assets, net

 

419

     

(1,823)

     

(5,502)

     

(6,078)

 

Accounts payable

 

(967)

     

2,034

     

(93)

     

2,698

 

Accounts payable—related party

 

(312)

     

(234)

     

(192)

     

(1,714)

 

Accrued compensation

 

(1,005)

     

(2,767)

     

495

     

5,567

 

Deferred revenue

 

5,083

     

2,622

     

16,756

     

6,018

 

Accrued and other liabilities

 

464

     

(8,164)

     

6,699

     

(10,541)

 

Net cash used in operating activities

 

(9,180)

     

(41,810)

     

(33,854)

     

(165,690)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

                             

Payments for the cost of solar energy systems

 

(65,426)

     

(87,362)

     

(276,651)

     

(405,635)

 

Payments for property and equipment

 

     

(88)

     

(672)

     

(2,785)

 

Proceeds from disposals of solar energy systems and property and equipment

 

476

     

220

     

2,428

     

913

 

Change in restricted cash and cash equivalents

 

(893)

     

(3,384)

     

(19,633)

     

(11,818)

 

Proceeds from state tax credits

 

1,504

     

5,169

     

3,720

     

5,169

 

Purchase of intangible assets

 

     

     

     

(291)

 

Net cash used in investing activities

 

(64,339)

     

(85,445)

     

(290,808)

     

(414,447)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

                             

Proceeds from investment by non-controlling interests and redeemable non-controlling interests

 

51,437

     

40,700

     

213,728

     

277,848

 

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

 

(13,515)

     

(9,904)

     

(47,289)

     

(32,134)

 

Proceeds from long-term debt

 

50,000

     

88,989

     

356,750

     

589,246

 

Payments on long-term debt

 

(7,560)

     

(8,844)

     

(172,495)

     

(233,244)

 

Payments for debt issuance and deferred offering costs

 

(240)

     

     

(13,917)

     

(16,774)

 

Proceeds from lease pass-through financing obligation

 

1,114

     

971

     

3,581

     

2,388

 

Principal payments on capital lease obligations

 

(1,054)

     

(1,300)

     

(4,467)

     

(5,657)

 

Proceeds from issuance of common stock

 

34

     

192

     

637

     

2,837

 

Net cash provided by financing activities

 

80,216

     

110,804

     

336,528

     

584,510

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

6,697

     

(16,451)

     

11,866

     

4,373

 

CASH AND CASH EQUIVALENTS—Beginning of period

 

101,755

     

113,037

     

96,586

     

92,213

 

CASH AND CASH EQUIVALENTS—End of period

$

108,452

   

$

96,586

   

$

108,452

   

$

96,586

 

Vivint Solar, Inc.

 

Key Operating Metrics

 
                       
                       
 

Three Months Ended

 
 

December 31,

   

September 30,

   

December 31,

 
 

2017

   

2017

   

2016

 
                       

 Installations

 

6,467

     

7,076

     

6,460

 

 Megawatts installed

 

44.6

     

46.5

     

47.1

 

 Cumulative installations

 

126,830

     

120,363

     

99,598

 

 Cumulative megawatts installed

 

864.9

     

820.3

     

681.1

 

 Estimated nominal contracted payments remaining (in millions)

$

3,021.6

   

$

2,913.2

   

$

2,568.6

 

      Estimated retained value under energy contract (in millions)

$

1,238.0

   

$

1,175.5

   

$

1,015.1

 

      Estimated retained value of renewal (in millions)

$

377.1

   

$

359.7

   

$

299.4

 

 Estimated retained value (in millions)

$

1,615.1

   

$

1,535.2

   

$

1,314.5

 

 Estimated retained value per watt

$

2.00

   

$

1.98

   

$

1.98

 

Sensitivity Analysis for Retained Value

The following table provides quantitative sensitivity analysis of our estimate of retained value of solar energy systems under contracts as of December 31, 2017, including both the contracted and estimated renewal portion, at a range of discount rates (retained value amounts in millions):

 

4%

   

6%

   

8%

 

 Estimated retained value under energy contract

$

1,476.1

   

$

1,238.0

   

$

1,051.0

 

 Estimated retained value of renewal

 

588.5

     

377.1

     

244.2

 

 Total estimated retained value

$

2,064.6

   

$

1,615.1

   

$

1,295.2

  

Non-GAAP Earnings per Share (EPS) Before Non-controlling Interests 

We report GAAP EPS, which is based upon net income available to common stockholders. We also report non-GAAP EPS. The difference between GAAP EPS and non-GAAP EPS is that non-GAAP EPS is based on net loss, which excludes net loss attributable to non-controlling interests and redeemable non-controlling interests. Additionally, we have excluded the effects of the federal tax rate reduction from 35% to 21% from the quarter and year ended December 31, 2017 and the goodwill impairment from the year ended December 31, 2016 as they are non-cash, non-recurring events that are not representative of our ongoing business. We believe that presenting non-GAAP EPS provides a meaningful supplemental measure of operating performance. As we are in a net loss position for all periods reported, potentially issuable shares are excluded from the diluted EPS calculation since the effect would be antidilutive. Therefore, basic and diluted non-GAAP EPS are the same in each period presented.

Under GAAP accounting, we report net loss attributable to non-controlling interests and redeemable non-controlling interests to reflect our joint venture fund investors' allocable share in the results of these joint venture investment funds. Net loss attributable to non-controlling interests and redeemable non-controlling interests is calculated based primarily on the hypothetical liquidation at book value, or HLBV, method, which assumes that the joint venture funds are liquidated at the reporting date, even though liquidation may or may not ever occur. Additionally, the returns that will be allocated to the investors over the expected terms of the investment funds may differ significantly from the amounts calculated under the HLBV method. Accordingly, we also report non-GAAP EPS based on our losses before net loss attributable to non-controlling interests and redeemable non-controlling interests per share, which we view as a better measure of our operating performance.  Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

According to this definition, the diluted non-GAAP loss before the allocation of loss attributable to non-controlling interests and redeemable non-controlling interests per share was ($0.43) and ($1.58) for the three months and year ended December 31, 2017.

Vivint Solar, Inc.

 

Reconciliation from GAAP EPS to Non-GAAP EPS

 

(In thousands, except per share data)

 
                               
 

Three Months Ended

 
 

December 31, 2017

   

December 31, 2016

 
 

Net Loss

   

EPS

   

Net Loss

   

EPS

 

Net income available to common stockholders

$

183,921

   

$

1.60

   

$

20,138

   

$

0.18

 

Net loss attributable to non-controlling interests and redeemable non-controlling interests

 

(45,245)

     

(0.40)

     

(65,545)

     

(0.59)

 

Effect of federal tax rate reduction from 35% to 21%

 

(187,501)

     

(1.63)

     

     

 

Non-GAAP net loss

$

(48,825)

   

$

(0.43)

   

$

(45,407)

   

$

(0.41)

 

Weighted-average shares used in computing net loss per share

         

114,847

             

110,198

 
   
   
 

Year Ended

 
 

December 31, 2017

   

December 31, 2016

 
 

Net Loss

   

EPS

   

Net Loss

   

EPS

 

Net income available to common stockholders

$

209,098

   

$

1.85

   

$

17,986

   

$

0.17

 

Net loss attributable to non-controlling interests and redeemable non-controlling interests

 

(200,628)

     

(1.77)

     

(260,523)

     

(2.41)

 

Effect of federal tax rate reduction from 35% to 21%

 

(187,501)

     

(1.66)

     

     

 

Impairment of goodwill

 

     

     

36,601

     

0.34

 

Non-GAAP net loss

$

(179,031)

   

$

(1.58)

   

$

(205,936)

   

$

(1.90)

 

Weighted-average shares used in computing net loss per share

         

113,132

             

108,190

 

Glossary of Definitions

"Installations" represents the number of solar energy systems installed on customers' premises.

"MWs or megawatts" represents the DC nameplate megawatt production capacity.

"MW Booked" represents the aggregate megawatt nameplate capacity of solar energy systems that were permitted during the period net of cancellations in the period.

"MW Installed" represents the aggregate megawatt nameplate capacity of solar energy systems for which panels, inverters, and mounting and racking hardware have been installed on customer premises in the period.

"Nominal Contracted Payments Remaining" equals the sum of the remaining cash payments that Vivint Solar's customers are expected to pay over the term of their agreements for systems installed as of the measurement date. For a power purchase agreement, Vivint Solar multiplies the contract price per kilowatt-hour by the estimated annual energy output of the associated solar energy system to determine the estimated nominal contracted payments. For a customer lease, Vivint Solar includes the monthly fees and upfront fee, if any, as set forth in the lease.

"Retained Value" represents the net cash flows, discounted at 6%, that Vivint Solar expects to receive from customers pursuant to long-term customer contracts net of estimated cash distributions to fund investors and estimated operating expenses for systems installed as of the measurement date. For purposes of the calculation, Vivint Solar aggregates the estimated retained value from the solar energy systems during the typical 20-year term of Vivint Solar's contracts, which Vivint Solar refers to as estimated retained value under energy contracts, and the estimated retained value associated with an assumed 10-year renewal term following the expiration of the initial contract term, which Vivint Solar refers to as estimated retained value of renewal. To calculate estimated retained value of renewal, Vivint Solar assumes all contracts are renewed at 90% of the contractual price in effect at the expiration of the initial term.

"Retained Value per Watt" is calculated by dividing the estimated retained value as of the measurement date by the aggregate nameplate capacity of solar energy systems under long-term customer contracts that have been installed as of such date, and is subject to the same assumptions and uncertainties as estimated retained value.

"Undeployed Tax Equity Financing Capacity" represents a forecast of the amount of megawatts that can be deployed based on committed available tax equity financing for energy contracts.

Investor Contact:

Rob Kain
855-842-1844
ir@vivintsolar.com

 

Press Contact:

Helen Langan
385-202-6577
pr@vivintsolar.com