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SolarCity Announces Second Quarter 2013 Financial Results

SAN MATEO, Calif., Aug. 7, 2013 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of clean energy, today announced financial results for the second quarter ended June 30, 2013.

"SolarCity delivered solid growth in its operating lease business in the second quarter, with cumulative customers, cumulative energy contracts, and estimated nominal contracted payments all close to doubling from the end of Q2 2012, while the momentum continued with a record month in residential bookings and deployments in July," said Lyndon Rive, CEO. "Plus, Residential MWs deployed rose 144% Y/Y to drive total MW deployments to the highest quarterly rate yet at 53 MW," continued Mr. Rive. "With positive net cash flow of $19.4 million (before options/warrant exercise) and estimated nominal contracted payments remaining rising to $1.4 billion, we are building a solid platform for steady, visible cash flow in the decades ahead."

Q2 2013 Operating Highlights

In the second quarter of 2013, SolarCity continued to make progress in building out its platform for delivering cleaner and cheaper distributed energy. Key operating and development highlights in the quarter include:
  • MWs Deployed reached a new quarterly record of 53 MW as residential MWs deployed grew 144% year-over year to 43 MW. Cumulative total MWs deployed stood at 387 MW as of June 30, 2013.
  • MWs Booked totaled 69 MW.
  • Cumulative Energy Contracts signed and outstanding increased 105% over the prior twelve months (and 17% since the first quarter of 2013) to 54,650.
  • Cumulative Customers grew to 64,411, up 97% over the prior twelve months (and 15% since the first quarter of 2013).

Estimated Nominal Contracted Payments and Retained Value

Due to the long-term nature of its operating lease contracts—of up to 20 years—and the related GAAP accounting for such contracts, the Company views the following operating metrics as a better representation of its new sales activity and business outlook:
  • Estimated Nominal Contracted Payments Remaining of $1,409 million at June 30, 2013, up 15% from $1,222 million at March 31, 2013.
  • Retained Value forecast of $662 million at June 30, 2013, equating to retained value per watt forecast of $1.27/W at June 30, 2013.

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.

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