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SolarCity Announces Operating Metrics And Preliminary Select Financial Results For The Fourth Quarter Of 2013

Stock quotes in this article: SCTY

SAN MATEO, Calif., Feb. 24, 2014 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of distributed clean energy, today announced operating metrics and select preliminary results for the fourth quarter and fiscal year ended December 31, 2013.

As a result of the accounting related to recent acquisitions as well as a change in overhead allocation owing to an increase in the volume of MW deployed, we will release complete GAAP financial results after the close of the market on Monday, March 3, 2014. We will hold our originally scheduled conference call today at 5:00 pm Eastern to discuss our fourth quarter operating results and outlook for 2014. In addition, we will also schedule a follow-up call for March 3, 2014, to discuss our complete GAAP financial results. The dial-in information for today's call is included at the end of this release.

"Closing our first full year as a public company, SolarCity executed on each of the targets we set forth at the outset of the year," said Lyndon Rive, CEO. "MW Deployed in 2013 totaled 280 MW, 12% above our initial guidance of 250 MW. We reduced our cost per watt by (30%) in 2013, surpassing our forecast by a healthy margin. We securitized the first portfolio of distributed solar assets in the world as planned, and we achieved positive cash flow in Q4 2013 as predicted." Rive continued. "Finally, we exited the year on a high note with a strong year-end cash balance with MW deployed and MW booked both exceeding 100 MW for the first time in Q4 2013. The momentum has continued to build in 2014 with a record number of new residential energy contracts signed in January."

Q4 2013 Operating Highlights

In the fourth quarter of 2014, SolarCity continued to make progress in building out its platform for delivering cleaner and cheaper distributed energy. Key operating and development highlights achieved during the quarter include:

  • MW Deployed reached a new quarterly record of 103 MW as residential MWs Deployed grew 130% year-over-year to 70 MW. Cumulative total MWs Deployed reached 567 MW as of December 31, 2013.
  • MW Booked totaled 101 MW.
  • Cumulative Energy Contracts increased to 83,265, up 105% since the end of 2012 (and 15% since the end of the third quarter of 2013).
  • Cumulative Customers grew to 92,998, up 92% since the end of 2012 (and 13% since the end of the third quarter of 2013).

Estimated Nominal Contracted Payments and Retained Value

Due to the long-term nature of our operating lease contracts—of up to 20 years—and the related GAAP accounting for such contracts, management relies upon the following operating metrics to manage our business and believes these metrics are a better representation of our new sales activity and business outlook:

  • Estimated Nominal Contracted Payments Remaining increased to $1,989 million at December 31, 2013, up 79% year-over-year and 15% since the end of the third quarter of 2013.
  • Retained Value forecast increased to $1,052 million at December 31, 2013, equating to retained value per watt forecast of $1.51/W at December 31, 2013.
  • Undeployed Tax Equity Financing Capacity of 171 MW as of February 21, 2014.

Selected Preliminary Q4 2013 GAAP Financials

For the fourth quarter of 2013, Operating Lease Revenue was $22.4 million, up 59% from $14.0 million in the fourth quarter of 2012, owing largely to a higher base of operating lease MW deployed. Operating Lease Revenue declined as compared to the $24.8 million reported in the third quarter of 2013 due to seasonally lower solar production during the winter quarters. Total revenue for the fourth quarter increased 87% as compared to the year-ago period to $47.3 million.

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