Exhibit 99.1

 

VIVINT SOLAR ANNOUNCES SECOND QUARTER 2017 RESULTS

 

 

LEHI, Utah, August 8, 2017 -- Vivint Solar (NYSE: VSLR), today announced financial results for the second quarter ended June 30, 2017.

 

Second Quarter 2017 Operating Highlights

 

Key operating and development highlights for the quarter ended June 30, 2017 include:

 

 

MW Booked of approximately 55 MWs for the quarter.

 

 

MW Installed of approximately 47 MWs. Total cumulative MWs installed were approximately 774 MWs.

 

 

Installations were 7,108 for the quarter. Cumulative installations were 113,287.

 

 

Estimated Nominal Contracted Payments Remaining increased by approximately $111 million during the quarter to approximately $2.8 billion.

 

 

Estimated Retained Value increased by approximately $75 million during the quarter to approximately $1.5 billion.

 

 

Estimated Retained Value per Watt was $1.98.

 

 

Cost per Watt was $2.88, a decrease from $2.98 in the first quarter of 2017 and down from $2.94 in the second quarter of 2016.

 

Second Quarter 2017 GAAP Financial Results

 

Summary GAAP financial results for the quarter ended June 30, 2017 include:

 

 

Operating Leases and Incentives Revenue was $43.4 million, up 45% from $30.0 million in the second quarter of the prior year. Total revenue for the quarter was $73.0 million, up 109% from $34.9 million in the second quarter of the prior year.

 

 

Cost of Revenue – Operating Leases and Incentives was $33.8 million, down from $38.5 million in the same period of 2016.

 


 

 

 

Total Operating Expenses, including cost of revenue, were $87.3 million, compared to $71.4 million in the second quarter of 2016.

 

 

Loss from Operations was $14.3 million compared to $36.5 million in the same period of 2016.

 

 

GAAP Net Income Available (Loss Attributable) per Diluted Share to Common Stockholders was $0.04, down from $0.11 in the second quarter of 2016.

 

 

Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.33), up from ($0.49) in the same period of 2016. See below for a further discussion of Non-GAAP Loss per Share.

 

 

Cash and Cash Equivalents as of June 30, 2017 were $115.6 million.

 

Financing Activity

 

As of June 30, 2017, the Company had $15 million in undrawn capacity in the working capital facility, had $308 million in undrawn capacity in the aggregation facility, and had approximately 109 MWs of installation capacity remaining in its tax equity funds.

 

Guidance for Third Quarter 2017

 

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 2017 financial results.

 

For the third quarter of 2017, Vivint Solar expects:

 

 

MW Installed: 46 to 52 MWs

 

 

Cost per Watt: $2.80 - $2.90

 

Earnings Conference Call

 

Vivint Solar will host an investor conference call and live webcast today, Tuesday, August 8, 2017, at 5:00 p.m. ET to discuss these financial results. To access the conference call, dial 1.844.579.6824 or 1.763.488.9145 for international callers. The conference ID is 5190 5606. A listen-only webcast will be accessible on the investor relations page of the Company’s website at http://investors.vivintsolar.com and will be archived and available on this site until August 31, 2017. 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 http://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 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, 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 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 http://investors.vivintsolar.com.

 

 

 


 

Vivint Solar, Inc.

 

Condensed Consolidated Unaudited Balance Sheets

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

115,612

 

 

$

96,586

 

Accounts receivable, net

 

21,673

 

 

 

12,658

 

Inventories

 

16,141

 

 

 

11,285

 

Prepaid expenses and other current assets

 

26,516

 

 

 

46,683

 

Total current assets

 

179,942

 

 

 

167,212

 

Restricted cash and cash equivalents

 

43,284

 

 

 

26,853

 

Solar energy systems, net

 

1,567,598

 

 

 

1,458,355

 

Property and equipment, net

 

18,934

 

 

 

23,199

 

Intangible assets, net

 

1,141

 

 

 

1,420

 

Prepaid tax asset, net

 

462,580

 

 

 

419,474

 

Other non-current assets, net

 

38,186

 

 

 

29,843

 

TOTAL ASSETS

$

2,311,665

 

 

$

2,126,356

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

38,830

 

 

$

46,630

 

Accounts payable—related party

 

138

 

 

 

191

 

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

 

9,455

 

 

 

16,176

 

Accrued compensation

 

18,276

 

 

 

20,003

 

Current portion of long-term debt

 

12,940

 

 

 

6,252

 

Current portion of deferred revenue

 

27,173

 

 

 

19,911

 

Current portion of capital lease obligation

 

4,684

 

 

 

5,163

 

Accrued and other current liabilities

 

24,890

 

 

 

19,364

 

Total current liabilities

 

136,386

 

 

 

133,690

 

Long-term debt, net of current portion

 

854,838

 

 

 

750,728

 

Deferred revenue, net of current portion

 

33,786

 

 

 

34,379

 

Capital lease obligation, net of current portion

 

3,262

 

 

 

5,476

 

Deferred tax liability, net

 

458,865

 

 

 

395,218

 

Other non-current liabilities

 

13,679

 

 

 

10,355

 

Total liabilities

 

1,500,816

 

 

 

1,329,846

 

Commitments and contingencies

 

 

 

 

 

 

 

Redeemable non-controlling interests

 

132,392

 

 

 

129,676

 

Stockholders' equity:

 

 

 

 

 

 

 

Common stock

 

1,142

 

 

 

1,102

 

Additional paid-in capital

 

551,807

 

 

 

542,348

 

Accumulated other comprehensive income

 

6,430

 

 

 

7,631

 

Retained earnings

 

22,281

 

 

 

5,217

 

Total stockholders' equity

 

581,660

 

 

 

556,298

 

Non-controlling interests

 

96,797

 

 

 

110,536

 

Total equity

 

678,457

 

 

 

666,834

 

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

$

2,311,665

 

 

$

2,126,356

 


 


 

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,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases and incentives

$

43,413

 

 

$

30,061

 

 

$

73,802

 

 

$

46,639

 

Solar energy system and product sales

 

29,582

 

 

 

4,843

 

 

 

52,307

 

 

 

5,495

 

Total revenue

 

72,995

 

 

 

34,904

 

 

 

126,109

 

 

 

52,134

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue—operating leases and incentives

 

33,763

 

 

 

38,538

 

 

 

68,833

 

 

 

76,298

 

Cost of revenue—solar energy system and product sales

 

22,831

 

 

 

3,716

 

 

 

41,496

 

 

 

4,138

 

Sales and marketing

 

9,411

 

 

 

10,813

 

 

 

18,229

 

 

 

23,461

 

Research and development

 

895

 

 

 

144

 

 

 

1,791

 

 

 

1,376

 

General and administrative

 

20,301

 

 

 

18,064

 

 

 

40,880

 

 

 

40,984

 

Amortization of intangible assets

 

139

 

 

 

155

 

 

 

279

 

 

 

420

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

36,601

 

Total operating expenses

 

87,340

 

 

 

71,430

 

 

 

171,508

 

 

 

183,278

 

Loss from operations

 

(14,345

)

 

 

(36,526

)

 

 

(45,399

)

 

 

(131,144

)

Interest expense

 

16,838

 

 

 

7,413

 

 

 

31,559

 

 

 

13,178

 

Other expense, net

 

715

 

 

 

309

 

 

 

991

 

 

 

339

 

Loss before income taxes

 

(31,898

)

 

 

(44,248

)

 

 

(77,949

)

 

 

(144,661

)

Income tax expense

 

5,156

 

 

 

8,055

 

 

 

14,557

 

 

 

13,204

 

Net loss

 

(37,054

)

 

 

(52,303

)

 

 

(92,506

)

 

 

(157,865

)

Net loss attributable to non-controlling interests and redeemable

   non-controlling interests

 

(42,034

)

 

 

(64,674

)

 

 

(110,778

)

 

 

(139,017

)

Net income available (loss attributable) to common stockholders

$

4,980

 

 

$

12,371

 

 

$

18,272

 

 

$

(18,848

)

Net income available (loss attributable) per share to common

   stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.04

 

 

$

0.12

 

 

$

0.16

 

 

$

(0.18

)

Diluted

$

0.04

 

 

$

0.11

 

 

$

0.16

 

 

$

(0.18

)

Weighted-average shares used in computing net income available

   (loss attributable) per share to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

112,351

 

 

 

107,226

 

 

 

111,562

 

 

 

106,922

 

Diluted

 

117,570

 

 

 

111,380

 

 

 

116,988

 

 

 

106,922

 


 


 

Vivint Solar, Inc.

 

Condensed Consolidated Unaudited Statements of Cash Flows

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(37,054

)

 

$

(52,303

)

 

$

(92,506

)

 

$

(157,865

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

14,877

 

 

 

10,773

 

 

 

29,039

 

 

 

19,876

 

Amortization of intangible assets

 

139

 

 

 

155

 

 

 

279

 

 

 

420

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

36,601

 

Deferred income taxes

 

29,130

 

 

 

39,466

 

 

 

65,255

 

 

 

83,837

 

Stock-based compensation

 

3,330

 

 

 

842

 

 

 

7,252

 

 

 

2,467

 

Loss on solar energy systems and property and equipment

 

1,741

 

 

 

(185

)

 

 

3,766

 

 

 

259

 

Non-cash interest and other expense

 

3,185

 

 

 

1,567

 

 

 

5,311

 

 

 

2,997

 

Reduction in lease pass-through financing obligation

 

(1,346

)

 

 

(1,228

)

 

 

(1,995

)

 

 

(1,666

)

Losses on interest rate swaps

 

717

 

 

 

 

 

 

993

 

 

 

 

Excess tax detriment from stock-based compensation

 

 

 

 

(588

)

 

 

 

 

 

(981

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(4,534

)

 

 

(4,915

)

 

 

(9,015

)

 

 

(8,304

)

Inventories

 

(2,741

)

 

 

(2,337

)

 

 

(4,856

)

 

 

(3,236

)

Prepaid expenses and other current assets

 

(6,528

)

 

 

4,449

 

 

 

21,373

 

 

 

2,307

 

Prepaid tax asset, net

 

(18,925

)

 

 

(45,043

)

 

 

(43,106

)

 

 

(87,040

)

Other non-current assets, net

 

(2,164

)

 

 

(1,587

)

 

 

(6,025

)

 

 

(3,294

)

Accounts payable

 

(358

)

 

 

(623

)

 

 

(62

)

 

 

(1,078

)

Accounts payable—related party

 

(398

)

 

 

(393

)

 

 

(53

)

 

 

(1,412

)

Accrued compensation

 

(259

)

 

 

308

 

 

 

(2,022

)

 

 

4,638

 

Deferred revenue

 

4,560

 

 

 

116

 

 

 

6,669

 

 

 

1,174

 

Accrued and other liabilities

 

(194

)

 

 

3,293

 

 

 

6,279

 

 

 

1,578

 

Net cash used in operating activities

 

(16,822

)

 

 

(48,233

)

 

 

(13,424

)

 

 

(108,722

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for the cost of solar energy systems

 

(69,893

)

 

 

(104,925

)

 

 

(145,033

)

 

 

(211,622

)

Payments for property and equipment

 

(355

)

 

 

(496

)

 

 

(633

)

 

 

(1,888

)

Proceeds from disposals of solar energy systems and property

   and equipment

 

929

 

 

 

374

 

 

 

1,100

 

 

 

374

 

Change in restricted cash and cash equivalents

 

3,326

 

 

 

(1,904

)

 

 

(16,431

)

 

 

(4,517

)

Purchase of intangible assets

 

 

 

 

 

 

 

 

 

 

(291

)

Net cash used in investing activities

 

(65,993

)

 

 

(106,951

)

 

 

(160,997

)

 

 

(217,944

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from investment by non-controlling interests and

   redeemable non-controlling interests

 

56,954

 

 

 

93,277

 

 

 

115,514

 

 

 

183,263

 

Distributions paid to non-controlling interests and redeemable

   non-controlling interests

 

(7,453

)

 

 

(5,419

)

 

 

(22,480

)

 

 

(11,813

)

Proceeds from long-term debt

 

20,000

 

 

 

50,204

 

 

 

273,750

 

 

 

144,706

 

Payments on long-term debt

 

(18,145

)

 

 

 

 

 

(159,304

)

 

 

(4,150

)

Payments for debt issuance costs

 

(2,980

)

 

 

 

 

 

(13,410

)

 

 

(6,230

)

Proceeds from lease pass-through financing obligation

 

635

 

 

 

579

 

 

 

1,487

 

 

 

860

 

Principal payments on capital lease obligations

 

(1,147

)

 

 

(1,497

)

 

 

(2,343

)

 

 

(3,059

)

Proceeds from issuance of common stock

 

86

 

 

 

490

 

 

 

233

 

 

 

490

 

Net cash provided by financing activities

 

47,950

 

 

 

137,634

 

 

 

193,447

 

 

 

304,067

 

NET (DECREASE) INCREASE IN CASH AND CASH

   EQUIVALENTS

 

(34,865

)

 

 

(17,550

)

 

 

19,026

 

 

 

(22,599

)

CASH AND CASH EQUIVALENTS—Beginning of period

 

150,477

 

 

 

87,164

 

 

 

96,586

 

 

 

92,213

 

CASH AND CASH EQUIVALENTS—End of period

$

115,612

 

 

$

69,614

 

 

$

115,612

 

 

$

69,614

 


 


 

Vivint Solar, Inc.

 

Key Operating Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

2017

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Installations

 

7,108

 

 

 

6,581

 

 

 

8,641

 

Megawatts installed

 

46.9

 

 

 

45.8

 

 

 

61.4

 

Cumulative installations

 

113,287

 

 

 

106,179

 

 

 

84,872

 

Cumulative megawatts installed

 

773.8

 

 

 

726.9

 

 

 

575.2

 

Estimated nominal contracted payments remaining (in millions)

$

2,802.4

 

 

$

2,691.9

 

 

$

2,255.3

 

      Estimated retained value under energy contract (in millions)

$

1,121.6

 

 

$

1,068.3

 

 

$

862.0

 

      Estimated retained value of renewal (in millions)

$

339.0

 

 

$

317.4

 

 

$

252.9

 

Estimated retained value (in millions)

$

1,460.6

 

 

$

1,385.7

 

 

$

1,115.0

 

Estimated retained value per watt

$

1.98

 

 

$

1.97

 

 

$

1.95

 

Sensitivity Analysis for Retained Value

The following table provides quantitative sensitivity analysis of our estimate of retained value of solar energy systems under contract as of June 30, 2017, including both the contracted and estimated renewal portion, at a range of discount rates (retained value amounts in million):

 

 

4%

 

 

 

6%

 

 

 

8%

 

Estimated retained value under energy contract

$

1,342.6

 

 

$

1,121.6

 

 

$

948.6

 

Estimated retained value of renewal

 

532.2

 

 

 

339.0

 

 

 

218.4

 

Total estimated retained value

$

1,874.8

 

 

$

1,460.6

 

 

$

1,167.0

 


 


 

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

We report GAAP EPS, which is based upon net income available (loss attributable) 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 effect of the goodwill impairment for the six months ended June 30, 2016 as it is a non-cash, non-recurring event that is not representative of our ongoing business. 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 non-GAAP loss before the allocation of loss attributable to non-controlling interests and redeemable non-controlling interests per share was ($0.33) and ($0.83) for the three and six months ended June 30, 2017.

Vivint Solar, Inc.

 

Reconciliation from GAAP EPS to Non-GAAP EPS

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

June 30, 2017

 

 

June 30, 2016

 

 

Net Loss

 

 

EPS

 

 

Net Loss

 

 

EPS

 

Net income available (loss attributable) to common stockholders

$

4,980

 

 

$

0.04

 

 

$

12,371

 

 

$

0.12

 

Net loss attributable to non-controlling interests and

   redeemable non-controlling interests

 

(42,034

)

 

 

(0.37

)

 

 

(64,674

)

 

 

(0.61

)

Non-GAAP net loss

$

(37,054

)

 

$

(0.33

)

 

$

(52,303

)

 

$

(0.49

)

Weighted-average shares used in computing net loss per share

 

 

 

 

 

112,351

 

 

 

 

 

 

 

107,226

 

 

 

Six Months Ended

 

 

June 30, 2017

 

 

June 30, 2016

 

 

Net Loss

 

 

EPS

 

 

Net Loss

 

 

EPS

 

Net income available (loss attributable) to common stockholders

$

18,272

 

 

$

0.16

 

 

$

(18,848

)

 

$

(0.18

)

Net loss attributable to non-controlling interests and

   redeemable non-controlling interests

 

(110,778

)

 

$

(0.99

)

 

 

(139,017

)

 

$

(1.29

)

Impairment of goodwill

 

 

 

$

 

 

 

36,601

 

 

$

0.34

 

Non-GAAP net loss

$

(92,506

)

 

$

(0.83

)

 

$

(121,264

)

 

$

(1.13

)

Weighted-average shares used in computing net loss per share:

 

 

 

 

 

111,562

 

 

 

 

 

 

 

106,922

 


 


 

Glossary of Definitions

 

Installationsrepresents 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
Vice President of Investor Relations
855-842-1844

ir@vivintsolar.com

 

Media Contact:


Helen Langan

Director of Public Relations
385-202-6577

pr@vivintsolar.com

 

Agency Contact:

 

Ashlyn Hewlett

Method Communications

801-461-9772

ashlyn@methodcommunications.com

 

 

 

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