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SolarCity Announces First Quarter 2013 Financial Results

SAN MATEO, Calif., May 13, 2013 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of clean energy, today announced financial results for the first quarter ended March 31, 2013.

"Extending its leadership as the nation's premier clean energy provider, SolarCity not only grew its customer base 106% year-over-year to over 57,400 and increased its long-term contracted cash flows to $1.22 billion but also exceeded guidance of MW deployed of 41 MW with 46 MW in the first quarter of 2013," said Lyndon Rive, CEO. "Through our unique, vertically-integrated platform of financing and installing solar systems, we offer customers a compelling value proposition of clean energy for lower than their local utility rate," continued Mr. Rive. "And our growing economies of scale and falling cost of capital are leading us to retain greater value for our shareholders."

Q1 2013 Operating Highlights

In its first full quarter as a publicly-traded company following its December 12, 2012 IPO, SolarCity continued to make progress in building out its distributed energy platform. Key operating and development highlights in the quarter include:
  • MWs Deployed were 46 MW, up 12% from the first quarter of 2012, and bringing cumulative MWs deployed to 333 MW. Residential MWs deployed increased 137% year-over-year
  • Customer Base reached a cumulative 57,416, growing 106% year-over-year (and 14% from the fourth quarter of 2012)
  • Energy Contracts signed and outstanding rose 16% from the fourth quarter of 2012 to 46,843

Estimated Nominal Contracted Payments and Retained Value

Due to the long-term nature of operating lease contracts—of up to 20 years—the Company believes GAAP income statement accounting does not accurately reflect new sales activity. It views the following operating metrics as a better representation of its business outlook (amounts as of December 31, 2012 are presented as corrected from amounts previously reported):
  • Estimated Nominal Contracted Payments Remaining of $1,222 million at March 31, 2013 , up 10% from $1,109 million at December 31, 2012
  • Retained Value of $569 million at March 31, 2013 , equating to retained value per watt of $1.25/W at March 31, 2013

"Retained Value" represents the forecasted net present value of estimated Nominal Contracted Payments Remaining and estimated performance-based incentives allocated to us, net of amounts we are obligated to distribute to our fund investors, upfront rebates, depreciation, renewable energy certificates, solar renewable energy certificates and estimated operations and maintenance, insurance, administrative and inverter replacement costs. This metric includes Energy Contracts for solar energy systems deployed and in Backlog. Our calculation of retained value assumes a discount rate of 6%.

Investing and Financing Activities

With each new Energy Contract, SolarCity creates a recurring, predictable cash flow stream. Its financial strategy is to maximize retained value for shareholders by covering Investing Activities with cash generated from Operating and Financing Activities. Its Investing Activities are primarily comprised of the capital investment in distributed generation solar energy systems under long-term energy contracts with customers, while its Financing Activities represent the funding of its solar energy systems investments through its investor partners and lenders. Key highlights of its Investing and Financing Activities include:
  • Investments in Solar Energy Systems of $138.2 million bringing the cumulative gross total to date to over $1.14 billion
  • Available Tax Equity Financing of 158 MW as of May 10, 2013

Q1 2013 GAAP Cash Flows

For the first quarter ended March 31, 2013, net cash provided by Operating Activities was $8.9 million, while net cash used in Investing Activities was $140.6 million and net cash provided by Financing Activities was $98.9 million. The net decrease in cash and cash equivalents for the quarter ended March 31, 2013 was $32.8 million.

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