Sunrun today announced financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Operating Highlights
- Total deployments of 65MW, an increase of 54% year-over-year. Sunrun-built deployments grew 128% year-over-year.
- CumulativeMW deployed of 721MW.
- Pre-tax Project Value per watt increased to $4.61 from $4.51 in the prior quarter.
- Creation Cost per watt improved by $0.44, or 11% from Q1 2016.
"We are pleased with our performance in the second quarter as we continue to grow and create customer value in 2016," said Lynn Jurich, Sunrun's chief executive officer. "We deployed 65MW in Q2 while improving creation costs over 10% compared to the first quarter and delivering $51 million of NPV. We believe we are well positioned to continue to build growth and customer value that will differentiate us as the leader in bringing local clean energy direct to consumers."
Key Operating Metrics
In the second quarter of 2016, totalMW deployed increased to 65MW from 42MW in the second quarter of 2015, a 54% year-over-year increase.
Pre-tax project value per watt was $4.61, compared to $4.51 in the first quarter of 2016. Creation cost was $3.67 per watt in the second quarter of 2016 compared to $4.11 in the first quarter of 2016.
Net bookings were 74MW, representing 21% year-over-year growth.
NPV created in the second quarter of 2016 was $51 million, compared to $21 million in the first quarter of 2016. Estimated nominal contracted payments remaining as of June 30, 2016 totaled $2.7 billion, up $812 million or 42% since June 30, 2015. Estimated retained value as of June 30, 2016 was $1.7 billion, up $503 million, or 41%, since June 30, 2015.
As of August 10, 2016, with the upsizes of our previously announced back-leverage aggregation facility and working capital facility, we have increased our total capacity to meet expected project finance needs through Q1 2017.
Second Quarter 2016 GAAP Results
Total revenue grew to $122.5 million in the second quarter of 2016, up $49.8 million, or 69% from the second quarter of 2015. Operating leases and incentives revenue grew 32% year-over-year to $45.4 million. Solar energy systems and product sales grew 102% year-over-year to $77.1 million.
Total cost of revenue was $100.2 million, an increase of 62% year-over-year. Total operating expenses were $171.0 million, an increase of 44% year-over-year.
Net income available to common stockholders was $32.6 million in the second quarter of 2016, compared to net income of $13.1 million in the first quarter of 2016, and $0.0 million net income in the second quarter of 2015.
GAAP diluted net earnings per share available to common shareholders was $0.31 per share.
Guidance for Q3 and Full Year 2016
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.
For 2016, we expect deployments in the range of 270 to 280MW, focusing primarily on delivering NPV of above $1 per watt in the second half of the year.
In Q3, we expect to deploy 72MW.