Vivint Solar Beats Q4 Expectations
Vivint Solar Inc (NYSE: VSLR) announced financial results Wednesday for the fourth quarter ended December 31, 2014.
Total revenue for the quarter was $6.9 million, above estimates of $6.01 million, and up 24 percent from the $2.0 million reported in the fourth quarter of the prior year.
Operating leases and incentives revenue was $5.9 million, up 202 percent from $1.9 million in the fourth quarter of the prior year.
The non-GAAP loss per share was $(0.36), narrower than the expected loss of $(0.37). The GAAP Net Loss per share was ($0.06).
The loss from operations was $40.0 million compared to $16.7 million in the same period of 2013.
Fourth quarter MW Booked was approximately 52 MWs, up approximately 150 percent year-over-year.
Cash and cash equivalents as of December 31, 2014 were $261.6 million.
According to the company's press release, "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."
The company provided first quarter guidance and expected total revenues of $8.0 to $8.5 million. Analysts had expected revenue of $8.73 million.
First quarter total operating expenses were expected at $47 to $50 million.
For the full year of 2015, the company expected MW installed of 290 to 310 MWs.
Vivint Solar traded at $8.79 in the after-hours session, up 3.05 percent.
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