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SolarCity Announces First Quarter 2013 Financial Results

Condensed GAAP Statements of Cash Flows

$ in thousands Three Months Ended:
Net Cash Provided By (Used In): Mar. 2012 Dec. 2012 Mar. 2013
Operating Activities (76,885)  64,723  8,898
Investing Activitites  (86,831)  (151,288)  (140,576)
Financing Activities (Before Equity Issuance)  122,658  104,548  98,378
       
Net Cash Provided (Used) before Equity Issuance  (41,058)  17,983  (33,300)
Net Cash Provided by Equity Issuance  81,255  92,779  514
       
Net Increase (Decrease) in Cash and Cash Equivalents  40,197  110,762  (32,786)

Q1 2013 GAAP Income Statement

For the first quarter of 2013, core Operating Lease Revenue was $15.1 million, rising 85% from $8.1 million in the first quarter of 2012. Total revenue grew 21% year-over-year to $30.0 million.

Gross Profit was $12.7 million, growing 25% year-over-year from $10.1 million in the first quarter of 2012 and yielding Gross Profit Margin of 42%. Total Operating Expenses were $34.5 million, rising from $24.7 million in the first quarter of 2012, as the Company continued to invest in its development capabilities. Loss from Operations was $21.8 million as compared to $14.6 million in the year-ago period.

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