Vivint Solar Inc

Most Recent

  • uploads///solar panel array _
    Energy & Utilities

    These Solar Stocks Offer a Strong Gain Potential for 2020

    Overall, 2019 turned out to be volatile for solar stocks. However, there were some bright spots among broader markets last year.

    By Vineet Kulkarni
  • uploads///Solar stocks
    Energy & Utilities

    Enphase Energy Stock Starts Off 2020 with a Bang

    Enphase Energy (ENPH) stock started off 2020 with a bang and surged more than 12% on January 2. Solar stocks also gained yesterday.

    By Vineet Kulkarni
  • uploads///Solaredge stock
    Consumer

    Tesla Solar: Could 2020 Be the Year of the Solar Roof?

    During Tesla’s Q3 call, Musk said that he thinks Tesla’s solar segment could be as big or even bigger than the company’s electric vehicle business.

    By Vineet Kulkarni
  • uploads///Enphase Energy stock
    Energy & Utilities

    Will the US Solar Industry Get Trump’s Support?

    To boost the domestic solar industry, Trump imposed a 30% tariff on imported panels last year. However, the policy severely impacted the sector.

    By Vineet Kulkarni
  • uploads///Enphase Energy stock
    Company & Industry Overviews

    Can California’s Blackouts Boost Tesla’s V3 Solar Roof?

    Tesla (TSLA) CEO Elon Musk launched the company’s V3 Solar Roof last week. Musk expects its market size to be around 100 million homes worldwide.

    By Vineet Kulkarni
  • uploads///Enphase Energy
    Company & Industry Overviews

    Generac Challenges Enphase Energy, SolarEdge Duopoly

    Short-seller Citron Research noted that Generac Holdings could challenge solar microinverter makers Enphase Energy and SolarEdge’s duopoly.

    By Vineet Kulkarni
  • uploads///alternative alternative energy clean
    Company & Industry Overviews

    Solar Stocks Continued to Delight Investors

    There has been a flurry of positive indicators supporting solar stocks recently.

    By Vineet Kulkarni
  • uploads///costrev
    Earnings Report

    How Did Vivint Solar’s Costs Affect Its Bottom Line in 3Q17?

    In 3Q17, Vivint Solar (VSLR) posted $34.7 million as its cost of revenue for its operating leases and incentives, higher than the $33.8 million in 2Q17 but lower than the $39.3 million in 3Q16.

    By Alexis Tate
  • uploads///segrev
    Earnings Report

    Vivint Solar Beat Analysts’ 3Q17 Revenue Estimates

    Vivint Solar reported $75.1 million in consolidated revenue for 3Q17 compared to $73.0 million in 2Q17 and $41.3 million 3Q16.

    By Alexis Tate
  • uploads///costperwatt
    Earnings Report

    Vivint Solar Reported Rise in Estimated Retained Value in 3Q17

    Vivint Solar (VSLR) reported a cost per watt of $2.94 for 3Q17, higher than the $2.88 it reported in 2Q17 and $3.85 in 3Q16.

    By Alexis Tate
  • uploads///isp
    Earnings Report

    Why Vivint Solar Stock Fell after 3Q17 Results

    Vivint Solar posted $75.1 million in revenues in 3Q17, up by 82% on a YoY (year-over-year) basis.

    By Alexis Tate
  • uploads///Part
    Company & Industry Overviews

    Vivint Solar Acquisition Plan Triggered SunEdison’s Collapse

    SunEdison (SUNEQ) announced the intent to acquire residential rooftop solar (TAN) power provider Vivint Solar (VSLR) on July 19, 2015. However, the market reacted negatively.

    By Alexis Tate
  • uploads///PArt
    Company & Industry Overviews

    What’s the Story behind SunEdison’s Bankruptcy?

    Factors that spearheaded SunEdison’s bankruptcy were leveraged acquisitions and the liquidity crisis.

    By Alexis Tate
  • uploads///
    Miscellaneous

    Analyzing Tesla’s Updated Energy Products

    In October, Tesla unveiled the second version of the Powerwall and Powerpack. The second version comes with higher energy storage capacity.

    By Jitendra Parashar
  • uploads///revenue outlook
    Earnings Report

    What to Expect from Sunrun’s Future Earnings

    For the coming quarter, analysts expect Sunrun’s (RUN) revenue to be ~$130 million, and they expect significant improvement in company revenue in the latter half of 1H17.

    By Sheldon Krieger
  • uploads///gross margin
    Earnings Report

    How Did Sunrun’s Costs in 3Q16 Affect Its Gross Margins?

    Sunrun (SUN) reported an operating loss of ~$51 million for 3Q16 compared to an operating loss of $48 million in 2Q16 and $63 million in 3Q15.

    By Sheldon Krieger
  • uploads///revenue trend
    Earnings Report

    Why Did Sunrun Miss Analysts’ 3Q16 Revenue Estimates?

    For 3Q16, Sunrun’s (RUN) consolidated revenue came in at ~$112 million against analysts’ expectations of $135 million.

    By Sheldon Krieger
  • uploads///Stock price
    Earnings Report

    Why Did Sunrun’s Stock Price Surge after Its 3Q16 Results?

    Sunrun (RUN) announced its 3Q16 earnings results on November 10, 2016, after market hours. Sunrun reported earnings per share of $0.16, compared to analysts’ consensus EPS estimate of -$0.20.

    By Sheldon Krieger
  • uploads///cost of reve
    Earnings Report

    How Did Vivint Solar’s Costs in 3Q16 Affect Its Bottom Line?

    Vivint Solar (VSLR) reported $39.3 million in operating leases and incentives revenue costs for 3Q16 compared to $38.5 million in 2Q16 and $37.6 million in 3Q15.

    By Sheldon Krieger
  • uploads///Cost perfor
    Earnings Report

    Vivint Solar Reported a Record Low Cost per Watt in 3Q16

    Vivint Solar (VSLR) reported a record low cost per watt of $2.85 for 3Q16 as compared to $2.94 in 2Q16 and $3.12 in 3Q15.

    By Sheldon Krieger
  • uploads///margin estimates
    Earnings Report

    What Do Analysts Expect for Sunrun’s Margins in 3Q16?

    Sunrun’s (RUN) gross profit for 2Q16 came in at $22.3 million. For 3Q16, analysts expect the company to report a gross profit of $23.3 million.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    How Do Analysts Rate Sunrun ahead of Its 3Q16 Results?

    Of the 11 analysts covering Sunrun (RUN) stock, nine analysts (81.8%) gave the company a “buy” rating. Two analysts (18.2%) rated it a “hold,” and there weren’t any “sell” ratings on Sunrun’s stock on November 4, 2016.

    By Sheldon Krieger
  • uploads///revenue esti
    Earnings Report

    Why Analysts Expect Vivint Solar’s Revenue to Rise in 3Q16

    Analysts estimate that Vivint Solar (VSLR) will report revenue of $44.0 million in 3Q16, which is almost a 26.0% rise on a quarter-over-quarter basis.

    By Sheldon Krieger
  • uploads///interest exp
    Earnings Report

    Analyzing SolarCity’s Leverage and Liquidity Position

    SolarCity’s interest expenses have risen more than fourfold in the last two years.

    By Sheldon Krieger
  • uploads///ANR pic
    Earnings Report

    How Do Analysts Rate SolarCity ahead of 3Q16 Results?

    Since the release of SolarCity’s 2Q16 results, three of the 15 analysts covering the stock lowered their price targets.

    By Sheldon Krieger
  • uploads///stock price
    Earnings Report

    What to Expect from SolarCity’s 3Q16 Earnings

    Between its 2Q16 earnings release on August 9 and October 21, 2016, SolarCity’s stock price fell nearly 19%.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    Which Downstream Solar Company Is Trading at a Discount?

    As the downstream solar industry is still in its growth phase, operating losses are common among incumbent players.

    By Sheldon Krieger
  • uploads///revenue
    Earnings Report

    How the 2Q16 Revenues of Downstream Solar Players Compare

    SunPower (SPWR), Sunrun (RUN), Vivint Solar (VSLR), and SolarCity (SCTY) all reported their revenues beating analysts’ 2Q16 revenue expectations.

    By Sheldon Krieger
  • uploads///MW installed
    Industrials

    How SolarCity’s 2Q16 Operating Metrics and Fiscal 2016 Guidance Look

    For 2Q16, SolarCity reported its MW (megawatts) installed at 201 MW, compared to 214 MW in 1Q16 and 189 MW in 2Q15.

    By Sheldon Krieger
  • uploads///MW deployed
    Earnings Report

    Must Watch for Investors: Sunrun’s Key Operating Metrics

    For 1Q16, Sunrun’s creation cost per watt was $4.11 compared to $3.64 in 4Q15. Its built install cost was $2.36 compared to $2.33 in 4Q15.

    By Sheldon Krieger
  • uploads///cost performance
    Earnings Report

    Vivint Solar’s Key Operating Metrics: Must Watch for Investors

    Vivint Solar reported its total cost per watt as $3.34 for 1Q16 compared to $3.12 in 4Q15. Uncertainty about its net metering system increased customer acquisition cost.

    By Sheldon Krieger
  • uploads///revenue estimates
    Earnings Report

    Analysts Expect Vivint Solar’s Revenue to Increase in 2Q16

    Vivint Solar (VSLR) reported $17.2 million in consolidated revenue for 1Q16 and $16.1 million for 2Q15. Analysts estimate 2Q15 revenue of $25.0 million.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    How Are Analysts Rating Vivint Solar?

    Of the six analysts covering Vivint Solar (VSLR) stock, two have given the company a “buy” rating, two a “hold” rating, and two a “sell” rating.

    By Sheldon Krieger
  • uploads///stock price
    Earnings Report

    Can Vivint Solar Beat Analysts’ 2Q16 Estimates?

    Vivint Solar (VSLR) will announce its 2Q16 earnings results on August 8, 2016, after Market hours. In this series, we’ll look at analysts’ expectations for 2Q16 and 2016 guidance.

    By Sheldon Krieger
  • uploads///interest expenses
    Earnings Report

    Why SolarCity’s Leverage and Liquidity Are Important

    As of March 31, 2016, SolarCity (SCTY) had about $3.2 billion in consolidated debt on its books. Of the $3.2 billion, ~$1.5 billion was total recourse debt.

    By Sheldon Krieger
  • uploads///technology overview
    Miscellaneous

    Why Does Tesla Want to Acquire SolarCity?

    SolarCity’s wide network of sales and distribution channels and customer-friendly financing products are expected to benefit Tesla and its customers.

    By Sheldon Krieger
  • uploads///revenue
    Earnings Report

    How 1Q16 Revenues of Downstream Solar Players Compare

    The downstream solar business is all about capturing market share. Because the solar lease contracts and power purchase agreements typically last for 20 years, a company with higher market share in the mature stage could get more revenue than the company with lower market share.

    By Sheldon Krieger
  • uploads///total cost stack
    Earnings Report

    What Made Sunrun’s Costs Increase in 1Q16?

    Sunrun (RUN) reported the cost of operating leases and incentives as $38.1 million for 1Q16 compared to $21.4 million in 1Q15.

    By Sheldon Krieger
  • uploads///stock market
    Earnings Report

    How Did Sunrun Stock React to 1Q16 Results?

    Sunrun (RUN) announced its 1Q16 earnings results on May 12, 2016. In this series, we’ll look at the 1Q16 results, compare them with analysts’ estimates, and see the factors behind deviations.

    By Sheldon Krieger
  • uploads///revenue
    Earnings Report

    SolarCity Beat Analysts’ 1Q16 Revenue Estimates

    SolarCity (SCTY) reported $123 million in 1Q16 revenue against analysts’ consensus estimate of $113 million.

    By Sheldon Krieger
  • uploads///revenue outlook
    Earnings Report

    What to Expect from SolarCity’s Future Earnings

    Moving ahead, SolarCity’s newly launched residential solar (TAN) loan offering could help the company in reviving its bookings in the short term.

    By Sheldon Krieger
  • uploads///stock price
    Earnings Report

    Why Did SolarCity’s Stock Tumble after 1Q16 Earnings?

    SolarCity posted mixed results for 1Q16. The company reported adjusted EPS of -$2.56 compared to the analyst consensus EPS estimate of -$2.31.

    By Sheldon Krieger
  • uploads///anr
    Earnings Report

    What Are the Analysts’ Ratings for Sunrun?

    Of the eight analysts covering Sunrun (RUN) stock, six analysts, or 75%, gave the company a “buy” rating. Two analysts, or 25%, rated it a “hold.” There weren’t any “sell” rating on Sunrun’s stock.

    By Sheldon Krieger
  • uploads///guidance
    Earnings Report

    Why Analysts Expect SolarCity’s Revenue to Fall in 1Q16

    SolarCity (SCTY) reported about $115 million in consolidated revenue for 4Q15. Analysts estimate that it will report revenue of $113 million in 1Q16.

    By Sheldon Krieger
  • uploads///vivint solar
    Miscellaneous

    Vivint Solar Acquisition Announcement Triggered SunEdison’s Fall

    On July 20, 2016, SunEdison (SUNEQ) announced the acquisition of leading residential rooftop solar player Vivint Solar (VSLR).

    By Sheldon Krieger
  • uploads///acquisitions
    Miscellaneous

    What Was SunEdison’s Path to Bankruptcy?

    The major factors that led to SunEdison’s bankruptcy were leveraged acquisitions and the liquidity crisis. More than the macro factors, SunEdison’s fall appears to be self-made.

    By Sheldon Krieger
  • uploads///EV Copy
    Company & Industry Overviews

    Understanding SolarCity’s Valuation Compared to Peers: Who’s Trading at a Discount?

    Among the downstream solar companies, SolarCity (SCTY) has the highest EV-to-sales value of 8.70x, which is closely followed by Vivint Solar at 8.31x.

    By Sheldon Krieger
  • uploads///capacity addition
    Company & Industry Overviews

    How SolarCity’s Operational Performance Stands up to Peers

    As of December 31, 2015, the cumulative installed capacity of SolarCity stood at 1,945 MW as compared to Sunrun’s 596 MW and Vivint Solar’s 459 MW.

    By Sheldon Krieger
  • uploads///LPS
    Company & Industry Overviews

    Why SolarCity’s Adjusted Net Losses Remained Flat in Fiscal 2015

    The downstream solar business is capital intensive and requires companies like SolarCity to hold huge upfront capital for the sale of products and services.

    By Sheldon Krieger
  • uploads///installation profile
    Company & Industry Overviews

    How Diversified Is SolarCity’s Customer Base?

    The majority of SolarCity’s customers are individual homeowners. Residential installations in 4Q15 came in at 221 MW, as compared to 203 MW in 3Q15.

    By Sheldon Krieger
  • uploads///operational performance
    Company & Industry Overviews

    Understanding SolarCity’s Key Operational Metrics

    Key operational metrics such as megawatts deployed allow us to compare the operational performances of downstream solar companies like SolarCity.

    By Sheldon Krieger
  • uploads///cost structure
    Company & Industry Overviews

    A Closer Look at SolarCity’s Key Performance Drivers

    Government incentives, environment regulations, seasonal changes in energy demand, and cost factors are among SolarCity’s biggest performance drivers.

    By Sheldon Krieger
  • uploads///initial acquisitions
    Company & Industry Overviews

    The Story behind SolarCity’s Inorganic Growth

    SolarCity began its journey in 2006, with a vision to provide renewable energy to residential and commercial customers at a price lower than utility rates.

    By Sheldon Krieger
  • uploads///future minimum annual leases
    Company & Industry Overviews

    Inside SolarCity’s Fundraising for Business Expansion

    SolarCity initially raised funds through the issue of warrants to investors on preferred stock. It also raised capital through a range of investment funds.

    By Sheldon Krieger
  • uploads///RPS
    Company & Industry Overviews

    How SolarCity’s Customers Benefit from Solar Tax Credits

    ITCs (investment tax credits) are dollar-for-dollar reductions on income taxes. These apply to the residential and commercial deployment of solar systems.

    By Sheldon Krieger
  • uploads///segment wise revenues
    Company & Industry Overviews

    How Does SolarCity Make Money?

    SolarCity’s business is divided into two segments: Operating Leases and Solar Energy Systems Incentives and Solar Energy Systems and Component Sales.

    By Sheldon Krieger
  • uploads///journey
    Company & Industry Overviews

    SolarCity: A Quick Trip down Memory Lane

    SolarCity was founded in 2006 with the initial focused on selling, financing, and installing solar energy systems for residential and commercial customers.

    By Sheldon Krieger
  • uploads///EV
    Company & Industry Overviews

    Is Vivint Solar Trading at a Discount Compared to Its Peers?

    One out of four analysts covering Vivint Solar (VSLR) has rated the stock a “buy,” two analysts rated the stock a “hold,” and one analyst recommends a “sell” for the stock.

    By Sheldon Krieger
  • uploads///lps
    Company & Industry Overviews

    Can Vivint Solar Shine Again after the Failed SunEdison Deal?

    On March 7, 2016, Vivint Solar terminated its merger agreement with SunEdison (SUNE) because SunEdison failed to consummate the acquisition in time.

    By Sheldon Krieger
  • uploads///Net Metering
    Company & Industry Overviews

    Must Know: Key Risks Involved in Vivint Solar’s Business

    The elimination of net metering system in Nevada affected the expansion plans of Vivint Solar and also led to the market exit of its peers Sunrun and SolarCity.

    By Sheldon Krieger
  • uploads///capacity expansion
    Company & Industry Overviews

    A Closer Look at Key Elements of Vivint Solar’s Business Strategy

    Vivint Solar intends to expand its presence in existing solar markets and penetrate into new markets by leveraging its brand presence and customer base.

    By Sheldon Krieger
  • uploads///operating leases and
    Company & Industry Overviews

    How Have Vivint Solar’s Segments Performed in Recent Quarters?

    Vivint Solar reported $64.18 million in consolidated revenue for fiscal 2015 compared to $25.25 million during fiscal 2014.

    By Sheldon Krieger
  • uploads///Net Metering
    Company & Industry Overviews

    How Vivint Solar’s Customers Benefited from Solar Tax Credits

    ITCs (investment tax credits) are a dollar-for-dollar reduction on an income tax bill. It is applicable to both residential and commercial deployment of solar systems.

    By Sheldon Krieger
  • uploads///Revenue
    Company & Industry Overviews

    How Does Vivint Solar Make Money?

    Vivint Solar’s business model is divided into two revenue segments: Operating Leases and Incentives and Solar Energy Systems and Product Sales.

    By Sheldon Krieger
  • uploads///journey
    Company & Industry Overviews

    A Glimpse at Vivint Solar’s Aggressive Expansion

    Vivint Solar has witnessed rapid growth since inception with installed capacity reaching 129.7 megawatts as of June 30, 2014. The company went public on October 1, 2014.

    By Sheldon Krieger
  • uploads///EV
    Company & Industry Overviews

    Is Sunrun Trading at a Discount Compared to Its Peers?

    Among the seven firms covering the Sunrun stock, Credit Suisse is most bullish on the stock, with a price target of $21 assigned on March 21, 2016.

    By Sheldon Krieger
  • uploads///Revenue Outlook
    Company & Industry Overviews

    Can Sunrun Outperform Its Peers in Fiscal 2016?

    Sunrun (RUN) expects to deploy about 285.0 megawatts (or MW) in fiscal 2016, compared to 202.9 MW deployed in fiscal 2015.

    By Sheldon Krieger
  • uploads///RPS
    Company & Industry Overviews

    Is Sunrun’s Growth Rate Sustainable?

    The extension of the investment tax credit for owning eligible solar systems and a decrease in solar hardware prices provide a strong growth opportunity for downstream solar companies.

    By Sheldon Krieger
  • uploads///Business strategy
    Company & Industry Overviews

    Analyzing Key Elements of Sunrun’s Business Strategy

    Unlike its peers, Sunrun is building an open platform of services and tools to provide a differentiated customer experience and, at the same time, gaining a wide customer base.

    By Sheldon Krieger
  • uploads///Operating leases and incentives
    Company & Industry Overviews

    Sunrun’s Operations: Segment-Wise Profitability Analysis

    Sunrun reported $111.78 million as the cost of operating leases and incentives segment for fiscal 2015 compared to $72.89 million in fiscal 2014.

    By Sheldon Krieger
  • uploads///BrightBox
    Company & Industry Overviews

    Must-Know for Investors: Sunrun’s Service and Product Suite

    On March 10, 2016, Sunrun launched a new product, BrightBox. It is the first time that the company will be offering energy storage facility to homeowners.

    By Sheldon Krieger
  • uploads///cash in investing
    Company & Industry Overviews

    Need to Know: Sunrun’s Major Acquisitions

    In February 2014, Sunrun (RUN) acquired the residential business of REC Solar, AEE Solar, and SnapNrack from Mainstream Energy Corporation for $78.8 million.

    By Sheldon Krieger
  • uploads///Net Metering
    Company & Industry Overviews

    How Sunrun’s Customers Benefited from Tax Credits and Incentives

    Investment tax credits are dollar-for-dollar reductions in an income tax bill. It is applicable to both residential and commercial deployment of solar systems.

    By Sheldon Krieger
  • uploads///segment wise revenue
    Company & Industry Overviews

    How Does Sunrun Make Money?

    Extension of ITCs for investments in solar energy has been key for the rapid expansion of downstream solar companies like Sunrun, Vivint Solar (VSLR), SolarCity (SCTY), and SunPower (SPWR).

    By Sheldon Krieger
  • uploads///journey
    Company & Industry Overviews

    Sunrun: The Beginning of a Residential Solar Major

    Sunrun was co-founded in 2007 as a startup by Ed Fenster and Lynn Jurich, with an aim to create worldwide use of solar energy. It began offering solar services in 2008.

    By Sheldon Krieger
  • uploads///interest expens
    Earnings Report

    Must Know for Investors: Vivint Solar’s Liquidity Position

    The business model of downstream solar players like Vivint Solar generate income over the term of customer agreements, which typically last for 20 years.

    By Sheldon Krieger
  • uploads///operational performance
    Earnings Report

    Behind Vivint Solar’s Key Operational Metrics

    Vivint Solar’s estimated nominal contracted payments remaining increased by $251.4 million during 4Q15, compared to $214 million during 3Q15.

    By Sheldon Krieger
  • uploads///Revenue Outlook
    Earnings Report

    What Can Investors Expect from Sunrun in 2016?

    Moving ahead, Sunrun (RUN) expects to deploy about 285.0 megawatts in fiscal 2016—compared to 202.9 megawatts in fiscal 2015.

    By Sheldon Krieger
  • uploads///Part
    Company & Industry Overviews

    Does TerraForm Global Offer a Value Investing Opportunity?

    Based on our preliminary analysis, we can see that SunEdison (SUNE) seems to be under a lot of stress, financially and operationally.

    By Mike Sonnenberg
  • uploads///Part
    Company & Industry Overviews

    Is SunEdison Caught in a Debt Trap?

    Debt So far in this series, we’ve looked at operating metrics, liquidity, and fixed assets for SunEdison (SUNE) and its family, including TerraForm Power (TERP) and TerraForm Global (GLBL). Without discussing debt and related metrics, we can’t test the hypothesis in the series title properly. The most important reason for the recent fall in SunEdison’s […]

    By Mike Sonnenberg
  • uploads///Part
    Earnings Report

    Why SunEdison’s Leverage Keeps Growing—Even after GLBL IPO

    SunEdison’s leverage is a major concern among investors and analysts.

    By Mike Sonnenberg
  • uploads///Part
    Earnings Report

    Why Did the Solar Sector Underperform the S&P 500 in 3Q15?

    With 3Q15 earnings season over and all eyes shifted to 4Q15 and beyond, we’re taking an opportunity to update our readers on the 3Q15 earnings of all major American solar companies.

    By Mike Sonnenberg
  • uploads///SCTY Net Revenue
    Company & Industry Overviews

    Introducing SolarCity, a Powerhouse in Solar Technology

    SolarCity is a vertically-integrated solar company. Despite advancing technology and expanding reach, it has seen negative earnings most years since 2007.

    By Saania Malik
  • uploads///Part
    Earnings Report

    SunPower Maintains Gross Margin in 2Q15 despite Less Revenue

    SunPower (SPWR) reported total cost of revenues of $310.1 million in 2Q15, or 81% of revenues. In spite of reduced revenues, the company maintained its gross margin at 19% in 2Q15.

    By Mike Sonnenberg
    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.