Vivint Solar, Inc. (VSLR)

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First Quarter 2020 Operating Highlights

Key operating and development highlights include:

MWs Installed of approximately 56 MWs for the quarter, up 23% over the year ago period. Total cumulative MWs installed were approximately 1,350 MWs.
Installations were 8,238 for the quarter. Cumulative installations were 196,529.
Estimated Gross Retained Value increased by approximately $88 million during the quarter to approximately $2.4 billion. Estimated Gross Retained Value per Watt at quarter end was $1.97.
Cost per Watt was $3.80, an increase from $3.54 in the fourth quarter of 2019 and an increase from $3.46 in the first quarter of 2019.
Margin created was $60 million, a 31% increase from the first quarter of 2019. Unlevered NPV per Watt was $1.06.
David Bywater, Vivint Solar's chief executive officer, stated, "COVID-19 has been unlike any other crisis that we have experienced in our lifetimes. The health and safety of our customers and employees has been our greatest concern during this pandemic. We have responded by making painful but necessary changes to our sales practices and cost structure. Our team has shown great resilience and remains focused on the values of our business. Although our volumes have declined, we expect that navigating this crisis will make us a stronger and more nimble company in the future."