Vivint solar, inc. (VSLR)
CashFlow / TTM
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

-459,400

-423,320

-384,792

-336,384

-307,413

-279,563

-54,090

-19,098

2,538

8,470

-175,613

-177,178

-192,427

-242,537

-250,403

-261,450

-298,852

-253,265

-238,064

-239,445

-189,351

-165,919

0

0

0

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

85,495

81,930

79,630

75,511

70,850

69,634

67,740

65,565

63,445

61,164

59,116

55,984

51,880

46,821

40,529

35,047

29,819

24,924

19,859

15,267

11,422

8,523

0

0

0

Excess tax detriment from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

1,713

0

0

0

-

-

-

-

-

-

-

-

Non-cash contributions for services

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Deferred income taxes

151,758

151,548

135,085

110,367

115,620

106,862

-71,200

-63,910

-69,984

-52,828

147,671

155,508

165,844

174,090

154,898

137,100

134,813

107,466

106,761

93,186

74,036

74,848

0

0

0

Amortization of intangible assets

-

-

-

-

-

-

-

-

-

-

557

760

776

901

2,739

6,108

9,674

13,172

14,967

15,025

15,068

15,042

0

0

0

Impairment of goodwill

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Impairment of goodwill and intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,506

0

0

0

-

-

-

-

Noncash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Stock-based compensation

16,678

16,418

15,264

14,217

13,873

13,163

13,300

12,446

11,964

12,917

13,970

15,399

12,911

10,614

8,543

7,461

24,522

25,604

26,047

43,481

25,957

23,687

0

0

0

Loss on solar energy systems and property and equipment

21,071

17,493

12,215

8,532

8,063

7,400

6,273

6,117

5,403

6,858

6,880

9,939

8,013

6,432

0

0

0

-

-

-

-

-

-

-

-

Noncash interest and other expense

8,749

8,841

8,977

6,652

16,644

17,006

17,384

17,767

9,303

9,422

9,553

9,475

7,857

7,161

6,130

5,049

4,359

3,724

0

0

0

-

-

-

-

Reduction in lease pass-through financing obligation

4,671

4,654

4,546

4,301

4,441

4,433

4,519

4,684

4,553

4,515

4,505

4,568

4,450

4,239

0

0

0

-

-

-

-

-

-

-

-

Losses on interest rate swaps

-22,597

4,377

-1,977

-3,881

-3,498

148

2,113

1,913

2,179

-359

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net

6,270

10,107

7,293

3,832

1,756

-5,458

-9,607

2,681

1,097

7,007

17,437

9,733

10,114

9,022

6,616

6,517

3,651

1,799

2,752

2,903

1,927

1,018

0

0

0

Inventories

2,851

7,319

-2,053

-64

-4,258

-9,340

-4,022

-3,006

2,390

11,312

13,280

12,274

11,870

10,654

6,050

3,525

758

-143

-86

-221

279

195

0

0

0

Prepaid expenses and other current assets

2,517

5,998

5,385

4,655

6,195

-2,805

-3,506

2,233

5,291

-10,864

16,335

13,460

2,483

32,526

1,976

-1,479

2,494

576

-2,622

1,306

6,577

10,486

0

0

0

Prepaid tax asset, net

-

-

-

-

-

-

-

-

-

86,409

82,637

98,044

124,162

141,978

151,948

165,433

171,146

165,586

171,306

144,565

107,101

81,172

0

0

0

Other non-current assets, net

206,685

182,108

126,188

65,847

34,752

7,828

7,623

6,090

1,256

5,502

7,744

8,809

8,232

6,078

8,533

8,334

7,071

5,268

-1,909

2,408

7,451

8,451

0

0

0

Accounts payable

3,185

-1

2,989

516

3,400

1,898

-338

1,728

-552

-285

3,028

3,661

3,794

2,698

-4,270

-493

1,152

1,636

7,232

-2,135

-2,066

1,905

0

0

0

Accounts payablerelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,714

-1,119

-1,485

-938

-227

1,538

-328

391

-935

0

0

0

Accrued compensation

6,957

8,349

14,781

6,092

3,045

4,762

3,385

188

-93

495

-1,267

-1,093

-526

5,567

3,729

135

3,907

-892

5,426

5,889

3,182

-1,073

0

0

0

Deferred revenue

4,022

14,623

6,926

10,305

5,426

-926

-1,358

-427

5,564

16,756

14,295

11,513

7,069

6,018

21,127

41,915

43,061

43,492

27,808

5,458

4,503

3,387

0

0

0

Accrued and other liabilities

12,846

15,515

10,788

11,009

8,403

8,915

7,641

-1,495

123

6,699

-1,929

-5,840

-2,353

-10,541

-11,253

3,560

-9,077

12,909

13,224

4,046

17,719

-773

0

0

0

Net cash used in operating activities

-349,036

-323,167

-237,519

-167,873

-101,477

-45,655

-32,238

-39,296

-51,423

-33,854

-66,484

-70,392

-101,803

-165,690

-168,489

-174,377

-205,673

-189,244

-175,682

-201,290

-151,924

-135,918

0

0

0

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

329,596

314,932

285,496

309,869

324,034

331,716

298,974

277,865

273,719

276,651

298,587

339,046

374,078

405,635

474,998

517,971

538,911

540,399

517,584

467,123

431,936

383,522

0

0

0

Payments for property and equipment

4,054

1,984

1,633

1,472

794

543

129

104

434

672

760

1,530

1,671

2,785

3,722

4,793

6,523

6,307

5,731

6,759

4,620

3,505

0

0

0

Proceeds from disposals of solar energy systems and property and equipment

3,694

3,453

3,069

2,664

3,253

3,379

2,811

3,171

3,032

2,428

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from tax credits and U.S. Treasury grants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

190

0

0

0

Purchase of intangible assets

0

-

-

-

-

-

-

-

-

-

-

-

-

291

-163

1,183

1,490

1,221

0

0

0

-

-

-

-

Change in restricted cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

11,818

10,297

6,904

5,488

8,519

0

0

0

-

-

-

-

Payment in connection with business acquisition, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,040

0

0

0

Net cash used in investing activities

-332,557

-315,836

-285,149

-309,015

-321,798

-329,103

-295,011

-271,078

-267,401

-271,175

-293,174

-341,069

-378,701

-414,447

-488,161

-530,477

-552,412

-556,446

-531,747

-480,629

-444,046

-400,763

0

0

0

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

385,752

384,371

389,876

352,093

342,339

300,742

246,358

206,501

197,939

213,728

202,991

210,099

246,422

277,848

297,806

307,209

301,497

292,729

330,720

350,849

324,845

339,512

0

0

0

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

55,126

51,881

46,312

44,225

45,623

54,732

55,244

53,367

50,384

47,289

43,678

42,801

40,767

32,134

30,625

26,665

29,570

25,541

20,413

17,508

10,035

8,751

0

0

0

Proceeds from long-term debt

579,498

563,480

418,649

241,589

1,005,780

984,425

967,748

959,000

143,000

356,750

395,739

718,290

748,494

589,246

663,107

352,056

387,852

310,850

0

0

0

-

-

-

-

Payments on long-term debt

278,534

279,054

145,441

31,736

697,988

700,143

701,342

702,511

39,084

172,495

173,779

388,398

370,253

233,244

0

0

0

-

-

-

-

-

-

-

-

Payments for debt issuance and deferred offering costs

-

-

-

-

-

-

-

-

-

13,917

13,677

23,954

20,974

16,774

19,707

9,163

9,163

6,011

0

0

0

-

-

-

-

Proceeds from lease pass-through financing obligation

3,674

3,661

3,645

3,630

3,621

3,609

3,605

3,591

3,581

3,581

3,438

3,015

2,959

2,388

0

0

0

-

-

-

-

-

-

-

-

Principal payments on finance lease obligations

2,405

1,480

1,614

1,969

2,579

3,323

3,717

4,055

4,286

4,467

4,713

4,941

5,291

5,657

6,120

6,352

5,912

5,363

4,413

3,578

3,192

2,623

0

0

0

Proceeds from revolving lines of creditrelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

154,500

0

0

0

Payments on revolving lines of creditrelated party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

200,192

0

0

0

Payments for deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,871

7,212

8,480

8,066

0

0

0

Net proceeds from issuance of common stock

1,991

1,003

775

780

1,179

1,347

910

1,241

697

637

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

618,797

604,047

610,196

513,706

585,520

510,716

436,869

392,178

247,976

336,528

367,116

473,890

563,574

584,510

687,932

622,244

651,014

576,254

723,035

808,913

776,780

792,292

0

0

0

NET DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED AMOUNTS

-62,796

-34,956

87,528

36,818

162,245

135,958

109,620

81,804

-70,848

31,499

7,458

62,429

83,070

4,373

31,282

-82,610

-107,071

-169,436

15,606

126,994

180,810

255,611

0

0

0

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

-

-

-

-

-

-

-

-

-

-261

-4,249

-13,077

-1,125

-4,829

-11,195

-2,065

1,575

-4,567

4,438

1,864

4,749

5,204

0

0

0

Change in fair value of interest rate swaps

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

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

66,624

60,178

59,004

51,650

51,277

8,503

7,193

6,826

3,358

610

-6,912

-17,505

-9,176

-4,508

-34,705

-40,364

-22,464

-6,589

21,013

37,318

32,913

25,990

0

0

0

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

17,537

12,217

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

10,093

9,482

6,620

4,759

2,476

1,622

1,238

1,124

975

874

794

505

699

1,947

4,349

8,446

11,429

11,363

11,002

8,255

7,385

8,541

0

0

0

Property acquired under build-to-suit agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

2,896

16,206

21,837

25,547

25,560

0

0

0

-

-

-

-

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

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-