Vivint Solar Inc. (VSLR) 2018年年度报告「NYSE」.pdf

1、2018 Annual Report2018 Annual ReportVivint Solar2018 Annual ReportIts been a good year.Heres to an even better 2019.Put People First.Win Together.Lead the Revolution.Be Good.Do Good.Celebrate the And.LettertoShareholders2018AnnualReportMay6,2019DearShareholders,Wemadesignificantstridesin2018andhavep

2、utastrongfoundationinplacefor2019.Webelieveourperformancewillbequitestrongagainthisyearandourexpectationsremainhigh.Theresidentialsolarmarketcontinuestoberobustwithincreasingcustomerawarenessandfavorableregulatorysupportforrenewableenergyinmanystates.Fortheyear,weinstalled196megawattsofrooftopsolarf

3、orover27,000customers.Onacumulativebasis,VivintSolarhasinstalledoveragigawattofrooftopsolarforover154,000customersin22states.Wearequiteproudofthisachievementandwhatitmeansforourclimate.Overtheexpected30yearlifespanofthesesystems,the1gigawattmilestoneisequivalenttocarbondioxideemissionsofapproximatel

4、y12millionmetrictonsofcoalburnedorthegreenhouseemissionsofover5millionpassengervehiclesdrivenforayear.Inadditiontoreturningtogrowthin2018,wesignificantlyincreasedourprofitability.Fortheyear,theprojectvalueofourleasedsystemswas$4.20perwatt,whileourunitcostswere$3.20perwatt.Overall,wecreatedover$188mi

5、llioninmarginor$0.96perwattfortheyear.Ournetretainedvalueimprovedto$1.1billion,up29%overtheprioryear.Thisrepresents$9.20pershare.Finally,ourcapitalstructureisasstrongasithaseverbeen.Duringtheyear,weclosedthelargestresidentialsolarassetbackedsecuritizationtodateat$466millionandplaced$345millioninsola

6、rassetbackednotes.Thesetwotransactionsloweredourblendedtotalcreditspreadsbyapproximately160basispoints.Inaddition,weclosedaninnovative,multipartyforwardflowfundingarrangementthatincludedprojectleveldebt,aleveredtaxequitypartnership,andthecompanysfirstcashequityinvestment,whichprovidesupto$327million