Exhibit 99.1

 

VIVINT SOLAR ANNOUNCES THIRD QUARTER 2017 RESULTS

 

 

LEHI, Utah, November 7, 2017 -- Vivint Solar (NYSE: VSLR), today announced financial results for the third quarter ended September 30, 2017.

 

Third Quarter 2017 Operating Highlights

 

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

 

 

MW Booked of approximately 53 MWs for the quarter.

 

 

MW Installed of approximately 47 MWs. Total cumulative MWs installed were approximately 820 MWs.

 

 

Installations were 7,076 for the quarter. Cumulative installations were 120,363.

 

 

Estimated Nominal Contracted Payments Remaining increased by approximately $111 million during the quarter to approximately $2.9 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 $2.94, an increase from $2.88 in the second quarter of 2017 and up from $2.85 in the third quarter of 2016.

 

Third Quarter 2017 GAAP Financial Results

 

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

 

 

Operating Leases and Incentives Revenue was $45.9 million, up 37% from $33.4 million in the third quarter of the prior year. Total revenue for the quarter was $75.1 million, up 82% from $41.3 million in the third quarter of the prior year.

 

 


 

 

Cost of Revenue – Operating Leases and Incentives was $34.7 million, down from $39.3 million in the same period of 2016.

 

 

Total Operating Expenses, including cost of revenue, were $87.1 million, compared to $74.6 million in the third quarter of 2016.

 

 

Loss from Operations was $12.0 million compared to $33.3 million in the same period of 2016.

 

 

GAAP Net Income Available (Loss Attributable) per Share to Common Stockholders was $0.06, down from $0.15 in the third quarter of 2016.

 

 

Non-GAAP Net Loss Attributable Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.33), up from ($0.36) in the same period of 2016. See below for a further discussion of Non-GAAP Loss per Share.

 

 

Cash and Cash Equivalents as of September 30, 2017 were $101.8 million.

 

Financing Activity

 

As of September 30, 2017, the company had $15 million in undrawn capacity in the working capital facility, had $275 million in undrawn capacity in the aggregation facility, and had approximately 76 MWs of installation capacity remaining in its tax equity funds.

 

Guidance for Fourth 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 fourth quarter of 2017, Vivint Solar expects:

 

 

MW Installed: 46 to 50 MWs

 

 

Cost per Watt: $2.90 - $3.00

 

Earnings Conference Call

 

Vivint Solar will host an investor conference call and live webcast today, Tuesday, November 7, 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 9870 3603. 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 November 30, 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 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 investors.vivintsolar.com/.

 

 

 


 

Vivint Solar, Inc.

 

Condensed Consolidated Unaudited Balance Sheets

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

101,755

 

 

$

96,586

 

Accounts receivable, net

 

29,517

 

 

 

12,658

 

Inventories

 

19,802

 

 

 

11,285

 

Prepaid expenses and other current assets

 

29,519

 

 

 

46,683

 

Total current assets

 

180,593

 

 

 

167,212

 

Restricted cash and cash equivalents

 

45,593

 

 

 

26,853

 

Solar energy systems, net

 

1,622,561

 

 

 

1,458,355

 

Property and equipment, net

 

17,040

 

 

 

23,199

 

Intangible assets, net

 

1,002

 

 

 

1,420

 

Prepaid tax asset, net

 

482,446

 

 

 

419,474

 

Other non-current assets, net

 

36,889

 

 

 

29,843

 

TOTAL ASSETS

$

2,386,124

 

 

$

2,126,356

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

42,315

 

 

$

46,630

 

Accounts payable—related party

 

476

 

 

 

191

 

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

 

11,664

 

 

 

16,176

 

Accrued compensation

 

23,199

 

 

 

20,003

 

Current portion of long-term debt

 

13,454

 

 

 

6,252

 

Current portion of deferred revenue

 

32,283

 

 

 

19,911

 

Current portion of capital lease obligation

 

4,571

 

 

 

5,163

 

Accrued and other current liabilities

 

25,044

 

 

 

19,364

 

Total current liabilities

 

153,006

 

 

 

133,690

 

Long-term debt, net of current portion

 

882,672

 

 

 

750,728

 

Deferred revenue, net of current portion

 

33,680

 

 

 

34,379

 

Capital lease obligation, net of current portion

 

2,294

 

 

 

5,476

 

Deferred tax liability, net

 

491,834

 

 

 

395,218

 

Other non-current liabilities

 

13,999

 

 

 

10,355

 

Total liabilities

 

1,577,485

 

 

 

1,329,846

 

Commitments and contingencies

 

 

 

 

 

 

 

Redeemable non-controlling interests

 

127,833

 

 

 

129,676

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock

 

1,148

 

 

 

1,102

 

Additional paid-in capital

 

554,420

 

 

 

542,348

 

Accumulated other comprehensive income

 

6,027

 

 

 

7,631

 

Retained earnings

 

29,186

 

 

 

5,217

 

Total stockholders’ equity

 

590,781

 

 

 

556,298

 

Non-controlling interests

 

90,025

 

 

 

110,536

 

Total equity

 

680,806

 

 

 

666,834

 

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY

$

2,386,124

 

 

$

2,126,356

 


 


 

Vivint Solar, Inc.

 

Condensed Consolidated Unaudited Statements of Operations

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases and incentives

$

45,909

 

 

$

33,394

 

 

$

119,711

 

 

$

80,033

 

Solar energy system and product sales

 

29,230

 

 

 

7,868

 

 

 

81,537

 

 

 

13,363

 

Total revenue

 

75,139

 

 

 

41,262

 

 

 

201,248

 

 

 

93,396

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue—operating leases and incentives

 

34,731

 

 

 

39,268

 

 

 

103,564

 

 

 

115,566

 

Cost of revenue—solar energy system and product sales

 

22,168

 

 

 

6,468

 

 

 

63,664

 

 

 

10,606

 

Sales and marketing

 

9,808

 

 

 

8,617

 

 

 

28,037

 

 

 

32,078

 

Research and development

 

896

 

 

 

842

 

 

 

2,687

 

 

 

2,218

 

General and administrative

 

19,379

 

 

 

19,022

 

 

 

60,259

 

 

 

60,006

 

Amortization of intangible assets

 

139

 

 

 

342

 

 

 

418

 

 

 

762

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

36,601

 

Total operating expenses

 

87,121

 

 

 

74,559

 

 

 

258,629

 

 

 

257,837

 

Loss from operations

 

(11,982

)

 

 

(33,297

)

 

 

(57,381

)

 

 

(164,441

)

Interest expense

 

16,148

 

 

 

9,361

 

 

 

47,707

 

 

 

22,539

 

Other expense (income), net

 

195

 

 

 

(434

)

 

 

1,186

 

 

 

(95

)

Loss before income taxes

 

(28,325

)

 

 

(42,224

)

 

 

(106,274

)

 

 

(186,885

)

Income tax expense (benefit)

 

9,375

 

 

 

(2,959

)

 

 

23,932

 

 

 

10,245

 

Net loss

 

(37,700

)

 

 

(39,265

)

 

 

(130,206

)

 

 

(197,130

)

Net loss attributable to non-controlling interests and redeemable

   non-controlling interests

 

(44,605

)

 

 

(55,961

)

 

 

(155,383

)

 

 

(194,978

)

Net income available (loss attributable) to common stockholders

$

6,905

 

 

$

16,696

 

 

$

25,177

 

 

$

(2,152

)

Net income available (loss attributable) per share to common

   stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.06

 

 

$

0.15

 

 

$

0.22

 

 

$

(0.02

)

Diluted

$

0.06

 

 

$

0.15

 

 

$

0.21

 

 

$

(0.02

)

Weighted-average shares used in computing net income available

   (loss attributable) per share to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

114,505

 

 

 

108,692

 

 

 

112,554

 

 

 

107,516

 

Diluted

 

119,465

 

 

 

113,344

 

 

 

117,825

 

 

 

107,516

 


 


 

Vivint Solar, Inc.

 

Condensed Consolidated Unaudited Statements of Cash Flows

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(37,700

)

 

$

(39,265

)

 

$

(130,206

)

 

$

(197,130

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

15,632

 

 

 

12,500

 

 

 

44,671

 

 

 

32,376

 

Amortization of intangible assets

 

139

 

 

 

342

 

 

 

418

 

 

 

762

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

36,601

 

Deferred income taxes

 

33,238

 

 

 

41,075

 

 

 

98,493

 

 

 

124,912

 

Stock-based compensation

 

2,249

 

 

 

3,678

 

 

 

9,501

 

 

 

6,145

 

Loss on solar energy systems and property and equipment

 

1,258

 

 

 

4,317

 

 

 

5,024

 

 

 

4,576

 

Non-cash interest and other expense

 

2,044

 

 

 

1,966

 

 

 

7,355

 

 

 

4,963

 

Reduction in lease pass-through financing obligation

 

(1,550

)

 

 

(1,613

)

 

 

(3,545

)

 

 

(3,279

)

Losses (gains) on interest rate swaps

 

200

 

 

 

(258

)

 

 

1,193

 

 

 

(258

)

Excess tax detriment from stock-based compensation

 

 

 

 

(299

)

 

 

 

 

 

(1,280

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(7,844

)

 

 

(140

)

 

 

(16,859

)

 

 

(8,444

)

Inventories

 

(3,661

)

 

 

(2,655

)

 

 

(8,517

)

 

 

(5,891

)

Prepaid expenses and other current assets

 

(5,084

)

 

 

(2,209

)

 

 

16,289

 

 

 

98

 

Prepaid tax asset, net

 

(19,866

)

 

 

(35,273

)

 

 

(62,972

)

 

 

(122,313

)

Other non-current assets, net

 

104

 

 

 

(961

)

 

 

(5,921

)

 

 

(4,255

)

Accounts payable

 

936

 

 

 

1,742

 

 

 

874

 

 

 

664

 

Accounts payable—related party

 

173

 

 

 

(68

)

 

 

120

 

 

 

(1,480

)

Accrued compensation

 

3,522

 

 

 

3,696

 

 

 

1,500

 

 

 

8,334

 

Deferred revenue

 

5,004

 

 

 

2,222

 

 

 

11,673

 

 

 

3,396

 

Accrued and other liabilities

 

(44

)

 

 

(3,955

)

 

 

6,235

 

 

 

(2,377

)

Net cash used in operating activities

 

(11,250

)

 

 

(15,158

)

 

 

(24,674

)

 

 

(123,880

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for the cost of solar energy systems

 

(66,192

)

 

 

(106,651

)

 

 

(211,225

)

 

 

(318,273

)

Payments for property and equipment

 

(39

)

 

 

(809

)

 

 

(672

)

 

 

(2,697

)

Proceeds from disposals of solar energy systems and property

   and equipment

 

852

 

 

 

319

 

 

 

1,952

 

 

 

693

 

Change in restricted cash and cash equivalents

 

(2,309

)

 

 

(3,917

)

 

 

(18,740

)

 

 

(8,434

)

Proceeds from state tax credits

 

2,216

 

 

 

 

 

 

2,216

 

 

 

 

Purchase of intangible assets

 

 

 

 

 

 

 

 

 

 

(291

)

Net cash used in investing activities

 

(65,472

)

 

 

(111,058

)

 

 

(226,469

)

 

 

(329,002

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from investment by non-controlling interests and

   redeemable non-controlling interests

 

46,777

 

 

 

53,885

 

 

 

162,291

 

 

 

237,148

 

Distributions paid to non-controlling interests and redeemable

   non-controlling interests

 

(11,294

)

 

 

(10,417

)

 

 

(33,774

)

 

 

(22,230

)

Proceeds from long-term debt

 

33,000

 

 

 

355,551

 

 

 

306,750

 

 

 

500,257

 

Payments on long-term debt

 

(5,631

)

 

 

(220,250

)

 

 

(164,935

)

 

 

(224,400

)

Payments for debt issuance and deferred offering costs

 

(267

)

 

 

(10,544

)

 

 

(13,677

)

 

 

(16,774

)

Proceeds from lease pass-through financing obligation

 

980

 

 

 

557

 

 

 

2,467

 

 

 

1,417

 

Principal payments on capital lease obligations

 

(1,070

)

 

 

(1,298

)

 

 

(3,413

)

 

 

(4,357

)

Proceeds from issuance of common stock

 

370

 

 

 

2,155

 

 

 

603

 

 

 

2,645

 

Net cash provided by financing activities

 

62,865

 

 

 

169,639

 

 

 

256,312

 

 

 

473,706

 

NET (DECREASE) INCREASE IN CASH AND CASH

   EQUIVALENTS

 

(13,857

)

 

 

43,423

 

 

 

5,169

 

 

 

20,824

 

CASH AND CASH EQUIVALENTS—Beginning of period

 

115,612

 

 

 

69,614

 

 

 

96,586

 

 

 

92,213

 

CASH AND CASH EQUIVALENTS—End of period

$

101,755

 

 

$

113,037

 

 

$

101,755

 

 

$

113,037

 


 


 

Vivint Solar, Inc.

 

Key Operating Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

2017

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Installations

 

7,076

 

 

 

7,108

 

 

 

8,266

 

Megawatts installed

 

46.5

 

 

 

46.9

 

 

 

58.8

 

Cumulative installations

 

120,363

 

 

 

113,287

 

 

 

93,138

 

Cumulative megawatts installed

 

820.3

 

 

 

773.8

 

 

 

634.0

 

Estimated nominal contracted payments remaining (in millions)

$

2,913.2

 

 

$

2,802.4

 

 

$

2,432.2

 

      Estimated retained value under energy contracts (in millions)

$

1,175.5

 

 

$

1,121.6

 

 

$

948.3

 

      Estimated retained value of renewal (in millions)

$

359.7

 

 

$

339.0

 

 

$

280.0

 

Estimated retained value (in millions)

$

1,535.2

 

 

$

1,460.6

 

 

$

1,228.3

 

Estimated retained value per watt

$

1.98

 

 

$

1.98

 

 

$

1.96

 

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 September 30, 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 contracts

$

1,405.6

 

 

$

1,175.5

 

 

$

995.1

 

Estimated retained value of renewal

 

562.8

 

 

 

359.7

 

 

 

232.4

 

Total estimated retained value

$

1,968.4

 

 

$

1,535.2

 

 

$

1,227.5

 


 


 

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 nine months ended September 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 ($1.16) for the three and nine months ended September 30, 2017.

Vivint Solar, Inc.

 

Reconciliation from GAAP EPS to Non-GAAP EPS

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

September 30, 2017

 

 

September 30, 2016

 

 

Net Loss

 

 

EPS

 

 

Net Loss

 

 

EPS

 

Net income available to common stockholders

$

6,905

 

 

$

0.06

 

 

$

16,696

 

 

$

0.15

 

Net loss attributable to non-controlling interests and

   redeemable non-controlling interests

 

(44,605

)

 

 

(0.39

)

 

 

(55,961

)

 

 

(0.51

)

Non-GAAP net loss

$

(37,700

)

 

$

(0.33

)

 

$

(39,265

)

 

$

(0.36

)

Weighted-average shares used in computing net loss per share

 

 

 

 

 

114,505

 

 

 

 

 

 

 

108,692

 

 

 

Nine Months Ended

 

 

September 30, 2017

 

 

September 30, 2016

 

 

Net Loss

 

 

EPS

 

 

Net Loss

 

 

EPS

 

Net income available (loss attributable) to common stockholders

$

25,177

 

 

$

0.22

 

 

$

(2,152

)

 

$

(0.02

)

Net loss attributable to non-controlling interests and

   redeemable non-controlling interests

 

(155,383

)

 

$

(1.38

)

 

 

(194,978

)

 

$

(1.81

)

Impairment of goodwill

 

 

 

$

 

 

 

36,601

 

 

$

0.34

 

Non-GAAP net loss

$

(130,206

)

 

$

(1.16

)

 

$

(160,529

)

 

$

(1.49

)

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

 

 

 

 

 

112,554

 

 

 

 

 

 

 

107,516

 


 


 

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

 

Press Contact:

 

Ashlyn Hewlett

Method Communications

801-461-9772

ashlyn@methodcommunications.com

 

 

 

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