Vivint Solar (VSLR) has reported a 3,467.52 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $16.70 million in the quarter, compared with $0.47 million for the same period last year. On the other hand, adjusted net loss for the quarter narrowed to $39.26 million, or $0.36 a share from a loss of $50.31 million or $0.47 a share, a year ago. Revenue during the quarter surged 83.60 percent to $41.26 million from $22.47 million in the previous year period. Gross margin for the quarter stood at negative 10.84 percent as compared to a negative 69.50 percent for the previous year period.
Operating loss for the quarter was $33.30 million, compared with an operating loss of $54.38 million in the previous year period.
Operating cash flow remains negative
Vivint Solar has spent $123.88 million cash to meet operating activities during the nine month period as against cash outgo of $144.64 million in the last year period. The company has spent $329 million cash to meet investing activities during the nine month period as against cash outgo of $397.29 million in the last year period.
Cash flow from financing activities was $473.71 million for the nine month period, up 30.85 percent or $111.68 million, when compared with the last year period.
Cash and cash equivalents stood at $113.04 million as on Sep. 30, 2016, up 38.26 percent or $31.28 million from $81.76 million on Sep. 30, 2015.
Working capital turns positive
Working capital of Vivint Solar has turned positive to $13.35 million on Sep. 30, 2016 from negative $50.16 million on Sep. 30, 2015. Current ratio was at 1.10 as on Sep. 30, 2016, up from 0.68 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 103 days for the quarter from 179 days for the last year period. Days sales outstanding went down to 20 days for the quarter compared with 22 days for the same period last year.
Days inventory outstanding has increased to 7 days for the quarter compared with 1 days for the previous year period. At the same time, days payable outstanding went down to 129 days for the quarter from 202 for the same period last year.
Debt increases substantially
Vivint Solar has witnessed an increase in total debt over the last one year. It stood at $688.18 million as on Sep. 30, 2016, up 156.84 percent or $420.24 million from $267.95 million on Sep. 30, 2015. Total debt was 34.27 percent of total assets as on Sep. 30, 2016, compared with 18.59 percent on Sep. 30, 2015. Debt to equity ratio was at 1.04 as on Sep. 30, 2016, up from 0.44 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
