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SolarCity Announces Second Quarter 2013 Financial Results

Stocks in this article: SCTY

Guidance for Q3 2013 and Update to 2013 Outlook

For Q3 2013, the Company expects to deploy between 70 MW and 77 MW.

For Q3 2013, the Company also expects:

  • GAAP Operating Lease Revenue : $21 million - $23 million
  • GAAP Solar Energy Systems Sale Revenue : $15 million - $25 million
  • GAAP Gross Margin : 30%-40%
  • GAAP Operating Expenses : $45 million - $50 million
  • Non-GAAP EPS (before Income (Loss) Attributable to Noncontrolling Interests): ($0.50) – ($0.60)

The Company will not be providing GAAP EPS guidance.

For 2013, the Company reaffirms its guidance for MWs deployed of 270 MW, which it raised from 250 MW in June 2013. In addition, the Company continues to expect to turn consistently net cash flow positive on a go-forward basis by Q4 2013.

Earnings Conference Call

The Company will hold a conference call today to discuss its second quarter results and its outlook for the remainder of 2013 at 5:00 pm Eastern. A live webcast of the call may be accessed over the Internet from the Company's Investor Relations website at http://investors.solarcity.com .

Participants should follow the instructions provided on the website to download and install the necessary audio applications. In addition, an earnings related presentation will be available on the Company's Investor Relations site at 5:00 pm Eastern. The conference call can be accessed live over the phone by dialing 1-877-407-0784, or for international callers, 1-201-689-8560. A replay will be available two hours after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 418284. The replay will be available until August 14, 2013.

About SolarCity

SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

Forward Looking Statements

This presentation contains forward-looking statements that involve risks and uncertainties, including statements regarding SolarCity's customer and market growth opportunities, financial strategies for cash generation and increasing shareholder value, the timing and amount of deployment of megawatts (including megawatts currently in backlog), the retained value under energy contracts and of contract renewals, the amount of megawatts that can be deployed based on committed available financing, forecasted cash flow in 2013, expected future GAAP and non-GAAP income statement results, additional financial and operational forecasts to be discussed during the conference call referenced in this release, and assumptions relating to the foregoing.

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