Vivint edges higher after Q4 beat, light Q1 outlook
Vivint (NYSE:VSLR) installed 50MW of solar systems in Q4, up 191% Y/Y and topping guidance of 45MW-47MW. Bookings rose 150% to 52MW.
Installations are expected to fall to 40MW-42MW in Q1 (seasonality), and revenue is only expected to total $8M-$8.5M (below an $8.7M consensus). However, Vivint expects 290MW-310MW of installations for the whole of 2015 (compares with 228MW of cumulative installations as of Dec. 31).
6,864 installations took place in Q4, up 135% Y/Y. Cumulative installations totaled 35,720 at quarter's end. Estimated nominal contracted payments rose 22% Q/Q and 161% Y/Y to $1.031B. Estimated retained value rose 21% Q/Q and 153% Y/Y to $481M.
GAAP operating expenses (inc. cost of revenue) rose 150% Y/Y to $46.8M. Vivint ended Q4 with $261.6M in cash and $105M in long-term debt.
VSLR +0.8% AH to $8.60.
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