Vivint Solar (VSLR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $13.29 million, or $ 0.11 a share in the quarter, against a net loss of $31.22 million, or $0.29 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $55.45 million, or $0.50 a share from a loss of $68.96 million or $0.65 a share, a year ago.
Revenue during the quarter surged 208.26 percent to $53.11 million from $17.23 million in the previous year period.
Operating loss for the quarter was $31.05 million, compared with an operating loss of $94.62 million in the previous year period.
Operating cash flow turns positiveVivint Solar has generated cash of $3.40 million from operating activities during the quarter as against cash outgo of $60.49 million in the last year period. The company has spent $95 million cash to meet investing activities during the quarter as against cash outgo of $110.99 million in the last year period.
Cash flow from financing activities was $145.50 million for the quarter, down 12.58 percent or $20.94 million, when compared with the last year period.
Cash and cash equivalents stood at $150.48 million as on Mar. 31, 2017, up 72.64 percent or $63.31 million from $87.16 million on Mar. 31, 2016.
Working capital increases sharply
Vivint Solar has recorded an increase in the working capital over the last year. It stood at $69.54 million as at Mar. 31, 2017, up 11,152.10 percent or $68.92 million from $0.62 million on Mar. 31, 2016. Current ratio was at 1.53 as on Mar. 31, 2017, up from 1.01 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 45 days for the quarter from 86 days for the last year period. Days sales outstanding went down to 18 days for the quarter compared with 28 days for the same period last year.
Days inventory outstanding has increased to 11 days for the quarter compared with 3 days for the previous year period. At the same time, days payable outstanding went down to 74 days for the quarter from 116 for the same period last year.
Debt increases substantiallyVivint Solar has witnessed an increase in total debt over the last one year. It stood at $874.14 million as on Mar. 31, 2017, up 69.66 percent or $358.90 million from $515.24 million on Mar. 31, 2016. Total debt was 38.61 percent of total assets as on Mar. 31, 2017, compared with 29.94 percent on Mar. 31, 2016. Debt to equity ratio was at 1.30 as on Mar. 31, 2017, up from 0.85 as on Mar. 31, 2016. 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: [email protected]
