Vivint Solar, Inc. (NYSE:VSLR) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 05:00 pm ET

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Vivint Solar, Inc. (NYSE:VSLR) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Vivint Solar Reports Third Quarter 2019 Results Conference Call. At this time all participant lines are in a listen-only mode. [Operator Instructions]

I would now like to hand the call over to your speaker, Rob Kain, Vice President of Investor Relations. Thank you. Please go ahead, sir.

Executive
Rob Kain

Thank you, operator. Good afternoon, everyone, and welcome to Vivint Solar's Third Quarter 2019 Financial Results Conference Call. Joining me today to talk about our financial results are David Bywater, our Chief Executive Officer; and Dana Russell, our Chief Financial Officer. This call is being webcast and a supplemental investor deck is available on the Investors section of the Vivint Solar website at investors.vivintsolar.com.

In addition, we will be discussing both GAAP and non-GAAP financial measures during today's call. We have provided non-GAAP to GAAP reconciliations in our earnings press release that was issued earlier today. This press release is also available on the Investors section of our website. Please note that a replay of this call will be available within a few hours of the call. After management's remarks, we will host a Q&A session.

During today's call, some of the statements we will be making constitute forward-looking statements within the meaning of the federal securities laws, including statements regarding our guidance and our expectations for our business, finances, operations and markets. Accordingly, we wish to caution you that such statements are just estimates based on current expectations and assumptions regarding future events and business performance and involve risks and uncertainties that could cause actual results to differ materially. We refer you to the registration statements and periodic reports that we file with the US Securities and Exchange Commission from time to time, which are available on our website and identify important factors that could cause the actual results to differ materially from those contained in our projections and other forward-looking statements. We undertake no obligation and expressly disclaim the obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise.

With that, I turn the call over to David.

Executive
David H. Bywater

Thanks, Rob. Good afternoon, everyone. We have continued to execute well, installing 65 megawatts in the third quarter, which was at the high end of our guidance, this represents 20% growth over the third quarter of last year and 18% growth year-to-date. On a customer basis, our growth was 25% year-over-year. Demand continues to be robust for residential solar, and we believe we are well positioned for a strong finish to the year, exceeding the 15% annual growth guidance we provided at the start of the year.

Our growth is coming across all of our channels, but it is strongest in our inside sales, retail and homebuilder channels, which, in the third quarter, represented 11% of our total volume, up 34% sequentially and 145% year-over-year. This growth is beginning to scale, this is important as it means these channels are transitioning from an