Vivint Solar (VSLR) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $20.14 million, or $ 0.18 a share in the quarter, against a net loss of $13.19 million, or $0.12 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $45.41 million, or $0.41 a share from a loss of $53.27 million or $0.50 a share, a year ago.
Revenue during the quarter surged 160.61 percent to $41.77 million from $16.03 million in the previous year period.
Operating loss for the quarter was $38.09 million, compared with an operating loss of $55.71 million in the previous year period.
Operating cash flow remains negative
Vivint Solar has spent $165.69 million cash to meet operating activities during the year as against cash outgo of $189.24 million in the last year.
The company has spent $414.45 million cash to meet investing activities during the year as against cash outgo of $556.45 million in the last year.
Cash flow from financing activities was $584.51 million for the year, up 1.43 percent or $8.26 million, when compared with the last year.
Cash and cash equivalents stood at $96.59 million as on Dec. 31, 2016, up 4.74 percent or $4.37 million from $92.21 million on Dec. 31, 2015.
Working capital turns positive
Working capital of Vivint Solar has turned positive to $33.52 million on Dec. 31, 2016 from negative $2.91 million on Dec. 31, 2015. Current ratio was at 1.25 as on Dec. 31, 2016, up from 0.97 on Dec. 31, 2015.
Debt increases substantially
Vivint Solar has witnessed an increase in total debt over the last one year. It stood at $767.62 million as on Dec. 31, 2016, up 77.94 percent or $336.22 million from $431.39 million on Dec. 31, 2015. Total debt was 36.10 percent of total assets as on Dec. 31, 2016, compared with 26.81 percent on Dec. 31, 2015. Debt to equity ratio was at 1.15 as on Dec. 31, 2016, up from 0.71 as on Dec. 31, 2015.
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