Vivint solar, inc. (VSLR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss

-125,314

-125,325

-121,100

-87,661

-89,234

-86,797

-72,692

-58,690

-61,384

138,676

-37,700

-37,054

-55,452

-45,407

-39,265

-52,303

-105,562

-53,273

-50,312

-89,705

-59,975

-38,072

-51,693

-39,611

-36,543

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

21,224

20,687

21,926

21,658

17,659

18,387

17,807

16,997

16,443

16,493

15,632

14,877

14,162

14,445

12,500

10,773

9,103

8,153

7,018

5,545

4,208

3,088

2,426

1,700

1,309

Excess tax detriment from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

433

299

588

393

-

-

-

-

-

-

-

-

Non-cash contributions for services

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

62

55

64

Deferred income taxes

27,937

43,204

50,666

29,951

27,727

26,741

25,948

35,204

18,969

-151,321

33,238

29,130

36,125

49,178

41,075

39,466

44,371

29,986

23,277

37,179

17,024

29,281

9,702

18,029

17,836

Amortization of intangible assets

-

-

-

-

-

-

-

-

-

-

139

139

140

139

342

155

265

1,977

3,711

3,721

3,763

3,772

3,769

3,764

3,737

Impairment of goodwill

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

36,601

-

-

-

-

-

-

-

-

Impairment of goodwill and intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,506

-

-

-

-

Noncash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,403

1,478

1,399

Stock-based compensation

3,939

4,433

4,150

4,156

3,679

3,279

3,103

3,812

2,969

3,416

2,249

3,330

3,922

4,469

3,678

842

1,625

2,398

2,596

17,903

2,707

2,841

20,030

379

437

Loss on solar energy systems and property and equipment

4,811

8,239

5,097

2,924

1,233

2,961

1,414

2,455

570

1,834

1,258

1,741

2,025

1,856

4,317

-185

444

-

-

-

-

-

-

-

-

Noncash interest and other expense

1,553

1,553

3,986

1,657

1,645

1,689

1,661

11,649

2,007

2,067

2,044

3,185

2,126

2,198

1,966

1,567

1,430

1,167

885

877

795

-

-

-

-

Reduction in lease pass-through financing obligation

712

992

1,630

1,337

695

884

1,385

1,477

687

970

1,550

1,346

649

960

1,613

1,228

438

-

-

-

-

-

-

-

-

Losses on interest rate swaps

-28,358

5,223

1,904

-1,366

-1,384

-1,131

0

-983

2,262

834

-200

-717

-276

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net

1,948

-2,889

-983

8,194

5,785

-5,703

-4,444

6,118

-1,429

-9,852

7,844

4,534

4,481

578

140

4,915

3,389

-1,828

41

2,049

1,537

-875

192

1,073

628

Inventories

-6,193

6,849

656

1,539

-1,725

-2,523

2,645

-2,655

-6,807

2,795

3,661

2,741

2,115

4,763

2,655

2,337

899

159

130

-430

-2

216

-5

70

-86

Prepaid expenses and other current assets

-6,227

6,739

75

1,930

-2,746

6,126

-655

3,470

-11,746

5,425

5,084

6,528

-27,901

32,624

2,209

-4,449

2,142

2,074

-1,246

-476

224

-1,124

2,682

4,795

4,133

Prepaid tax asset, net

-

-

-

-

-

-

-

-

-

23,437

19,866

18,925

24,181

19,665

35,273

45,043

41,997

29,635

48,758

50,756

36,437

35,355

22,017

13,292

10,508

Other non-current assets, net

51,116

55,706

61,770

38,093

26,539

-214

1,429

6,998

-385

-419

-104

2,164

3,861

1,823

961

1,587

1,707

4,278

762

324

-96

-2,899

5,079

5,367

904

Accounts payable

5,062

-2,033

1,516

-1,360

1,876

957

-957

1,524

374

-1,279

1,109

-756

641

2,034

1,742

-623

-455

-4,934

5,519

1,022

29

662

-3,848

1,091

4,000

Accounts payablerelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-234

-68

-393

-1,019

361

-434

154

-308

2,126

-2,300

873

-1,634

Accrued compensation

-5,460

-6,060

15,408

3,069

-4,068

372

6,719

22

-2,351

-1,005

3,522

-259

-1,763

-2,767

3,696

308

4,330

-4,605

102

4,080

-469

1,713

565

1,373

-4,724

Deferred revenue

-13,332

13,212

694

3,448

-2,731

5,515

4,073

-1,431

-9,083

5,083

5,004

4,560

2,109

2,622

2,222

116

1,058

17,731

23,010

1,262

1,489

2,047

660

307

373

Accrued and other liabilities

-3,284

6,465

8,871

794

-615

1,738

9,092

-1,812

-103

464

-44

-194

6,473

-8,164

-3,955

3,293

-1,715

-8,876

10,858

-9,344

20,271

-8,561

1,680

4,329

1,779

Net cash used in operating activities

-95,862

-108,245

-73,838

-71,091

-69,993

-22,597

-4,192

-4,695

-14,171

-9,180

-11,250

-16,822

3,398

-41,810

-15,158

-48,233

-60,489

-44,609

-21,046

-79,529

-44,060

-31,047

-46,654

-30,163

-28,054

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the cost of solar energy systems

79,190

127,604

62,928

59,874

64,526

98,168

87,301

74,039

72,208

65,426

66,192

69,893

75,140

87,362

106,651

104,925

106,697

156,725

149,624

125,865

108,185

133,910

99,163

90,678

59,771

Payments for property and equipment

2,361

765

225

703

291

414

64

25

40

0

39

355

278

88

809

496

1,392

1,025

1,880

2,226

1,176

449

2,908

87

61

Proceeds from disposals of solar energy systems and property and equipment

890

1,428

897

479

649

1,044

492

1,068

775

476

852

929

171

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from tax credits and U.S. Treasury grants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

62

128

Purchase of intangible assets

228

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

291

-454

1,346

307

22

-

-

-

-

Change in restricted cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

3,384

3,917

1,904

2,613

1,863

524

488

5,644

-

-

-

-

Payment in connection with business acquisition, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

12,040

Net cash used in investing activities

-80,889

-128,225

-63,230

-60,213

-64,168

-97,538

-87,096

-72,996

-71,473

-63,446

-63,163

-69,319

-75,247

-85,445

-111,058

-106,951

-110,993

-159,159

-153,374

-128,886

-115,027

-134,460

-102,256

-92,303

-71,744

Proceeds from investment by non-controlling interests and redeemable non-controlling interests

85,749

100,316

124,417

75,270

84,368

105,821

86,634

65,516

42,771

51,437

46,777

56,954

58,560

40,700

53,885

93,277

89,986

60,658

63,288

87,565

81,218

98,649

83,417

61,561

95,885

Distributions paid to non-controlling interests and redeemable non-controlling interests

12,258

18,572

15,258

9,038

9,013

13,003

13,171

10,436

18,122

13,515

11,294

7,453

15,027

9,904

10,417

5,419

6,394

8,395

6,457

8,324

2,365

3,267

3,552

851

1,081

Proceeds from long-term debt

77,373

211,508

218,808

71,809

61,355

66,677

41,748

836,000

40,000

50,000

33,000

20,000

253,750

88,989

355,551

50,204

94,502

162,850

44,500

86,000

17,500

-

-

-

-

Payments on long-term debt

5,073

139,974

118,167

15,320

5,593

6,361

4,462

681,572

7,748

7,560

5,631

18,145

141,159

8,844

220,250

0

4,150

-

-

-

-

-

-

-

-

Payments for debt issuance and deferred offering costs

-

-

-

-

-

-

-

-

-

240

267

2,980

10,430

0

10,544

0

6,230

2,933

0

0

3,078

-

-

-

-

Proceeds from lease pass-through financing obligation

877

1,134

1,009

654

864

1,118

994

645

852

1,114

980

635

852

971

557

579

281

-

-

-

-

-

-

-

-

Principal payments on finance lease obligations

1,196

526

377

306

271

660

732

916

1,015

1,054

1,070

1,147

1,196

1,300

1,298

1,497

1,562

1,763

1,530

1,057

1,013

813

695

671

444

Proceeds from revolving lines of creditrelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

40,500

24,000

90,000

Payments on revolving lines of creditrelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58,692

40,500

24,000

77,000

Payments for deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

589

2,282

4,341

1,268

175

Net proceeds from issuance of common stock

1,027

699

34

231

39

471

39

630

207

34

370

86

147

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

146,499

147,914

204,046

120,338

131,749

154,063

107,556

192,152

56,945

80,216

62,865

47,950

145,497

110,804

169,639

137,634

166,433

214,226

103,951

166,404

91,673

361,007

189,829

134,271

107,185

NET DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED AMOUNTS

-30,252

-88,556

66,978

-10,966

-2,412

33,928

16,268

114,461

-28,699

7,590

-11,548

-38,191

73,648

-16,451

43,423

-17,550

-5,049

10,458

-70,469

-42,011

-67,414

195,500

40,919

11,805

7,387

NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued distributions to non-controlling interests and redeemable non-controlling interests

-

-

-

-

-

-

-

-

-

4,251

2,209

-16,949

10,228

263

-6,619

-4,997

6,524

-6,103

2,511

-1,357

382

2,902

-63

1,528

837

Change in fair value of interest rate swaps

-

-

-

-

-

-

-

-

-

-

-

-

-473

-

-

-

-

-

-

-

-

-

-

-

-

Costs of solar energy systems included in changes in accounts payable, accrued compensation and accrued and other liabilities

46,702

4,995

12,155

2,772

40,256

3,821

4,801

2,399

-2,518

2,511

4,434

-1,069

-5,266

-5,011

-6,159

7,260

-598

-35,208

-11,818

25,160

15,277

-7,606

4,487

20,755

8,354

Right-of-use assets obtained in exchange for new operating lease liabilities

12,230

3,007

545

1,755

6,910

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right-of-use assets obtained in exchange for new finance lease liabilities

1,664

3,405

2,321

2,703

1,053

543

460

420

199

159

346

271

98

79

57

465

1,346

2,481

4,154

3,448

1,280

2,120

1,407

2,578

2,436

Property acquired under build-to-suit agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,896

13,310

5,631

3,710

2,909

-

-

-

-

Solar energy system sales
Receivable for state tax credits recorded as a reduction to solar energy system costs

-

-

-

-

-

-

-2

5

4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-