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Vivint Solar, Inc. (VSLR)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
 
In millions, except per share itemsDec-31-19Dec-31-18Dec-31-17Dec-31-16Dec-31-15Dec-31-14Dec-31-13
   10-K10-K10-K10-K10-K10-K10-K
Revenues:  
    Operating leases and incentives     105.461.221.75.9
    Solar energy system and product sales     29.83.03.60.3
Total revenues   [+]341.0290.3268.0135.264.225.36.2
            Revenue growth   [+]17.5%8.3%98.3%110.6%154.1%309.4% 
Cost of goods sold  258.5248.3230.3174.0133.02.00.1
Gross profit  82.542.037.7-38.8-68.823.36.0
            Gross margin  24.2%14.5%14.1%-28.7%-107.2%92.1%98.0%
Selling, general and administrative   [+]269.0152.7118.7123.2140.7100.823.8
Research and development  2.01.93.33.03.91.9 
Other operating expenses     0.913.282.933.6
EBITDA   [+]-106.6-42.9-23.1-118.2-188.5-138.7-34.8
            EBITDA margin  -31.3%-14.8%-8.6%-87.5%-293.7%-549.2%-563.4%
Depreciation  81.769.160.646.824.98.52.0
EBITA  -188.4-112.0-83.6-165.0-213.4-147.3-36.7
            EBITA margin  -55.2%-38.6%-31.2%-122.1%-332.5%-583.0%-595.5%
Amortization of intangibles  0.20.50.60.913.215.014.6
EBIT   [+]-188.6-112.5-84.2-165.9-226.6-162.3-51.3
            EBIT margin  -55.3%-38.7%-31.4%-122.8%-353.1%-642.5%-832.1%
Non-recurring items   [+]   36.64.5  
Interest expense  82.365.364.334.012.69.33.1
Other income (expense), net   [+]-1.44.5-0.41.40.2-1.4-1.9
Pre-tax income  -272.3-173.3-148.9-235.1-243.5-173.0-56.3
Income taxes  151.0106.3-157.37.49.7-7.10.1
            Tax rate    105.7%  4.1% 
Minority interest  -321.1-264.0-200.6-260.5-266.3-137.0-62.1
Net income  -102.2-15.6209.118.013.1-28.95.6
            Net margin  -30.0%-5.4%78.0%13.3%20.4%-114.4%91.4%
   
Basic EPS   [+]($0.84)($0.13)$1.85$0.17$0.12($0.35)$0.08
Diluted EPS   [+]($0.84)($0.13)$1.77$0.16$0.12($0.35)$0.07
   
Shares outstanding (basic)   [+]121.3117.6113.1108.2106.183.475.0
Shares outstanding (diluted)   [+]121.3117.6118.3112.5109.983.475.2
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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