Second Quarter 2016 Operating Highlights
Key operating and development highlights for the quarter ended June 30, 2016 include:
MW Booked of approximately 74 MWs for the quarter, approximately flat year-over-year.
MW Installed of approximately 61 MWs, down 6% year-over-year. Total cumulative MWs installed were approximately 575 MWs.
Installations were 8,641 for the quarter, down 7% year-over-year. Cumulative installations were 84,872.
Estimated Nominal Contracted Payments Remaining increased by approximately $191 million during the quarter and was approximately $2.3 billion, up 56% year-over-year.
Estimated Retained Value increased by approximately $103 million during the quarter to approximately $1.1 billion, up 64% year-over-year.
Estimated Retained Value per Watt was $1.95.
Cost per Watt was $2.94, down from $3.34 in the first quarter of 2016 and down from $3.00 in the second quarter of 2015.
Second Quarter 2016 GAAP Financial Results
Summary GAAP financial results for the quarter ended June 30, 2016 include:
Operating Leases and Incentives Revenue was $30.1 million, up 97% from $15.3 million in the second quarter of the prior year. Total revenue for the quarter was $34.9 million, up 116% from $16.1 million in the second quarter of the prior year.
Cost of Revenue – Operating Leases and Incentives was $38.5 million, up from $33.3 million in the same period of 2015.
Total Operating Expenses, including cost of revenue, were $71.4 million, compared to $88.5 million in the second quarter of 2015. Operating expenses included non-cash stock-based compensation expense of $0.8 million, and amortization of intangibles of $0.2 million.
Loss from Operations was $36.5 million compared to $72.3 million in the same period of 2015.
GAAP Net Income Available (Loss Attributable) to Stockholders per Diluted Share was $0.11, down from $0.12 in the second quarter of 2015.
Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.49), down from ($0.85) in the same period of 2015. See below for a further discussion of Non-GAAP Loss per Share.
Cash and Cash Equivalents as of June 30, 2016 were $69.6 million.
