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SolarCity Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Stocks in this article: SCTY

SAN MATEO, Calif., March 18, 2014 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of distributed clean energy, today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.

Summary of 2013 Results

As reported in February, we generated significant growth in our core business in 2013 with MW Deployed up 78% Y/Y to 280 MW and operating lease revenue growth of 80% Y/Y for the full year. Moreover, we have continued to improve the capital efficiency and economics of the business with a material reduction in both operating expenses per MW Deployed and capital expenditures per MW Deployed. We generated positive Net Cash Flow in the fourth quarter of 2013, came very close to achieving break-even Net Cash Flow for the full year 2013, and we continue to expect positive Net Cash Flow for 2014 as well. Finally, we signed our 100,000 th customer earlier this month and expect residential MW booked to surpass 100 MW in Q1 2014, putting us on a clear path to achieve our target of 475 MW – 525 MW Deployed in 2014.

Q4 2013 GAAP Operating Income Statement

As reported earlier, Operating Lease and Solar Energy Systems Incentives Revenue in the fourth quarter of 2013 was $22.4 million, up 79% from $12.5 million in the fourth quarter of 2012 (as updated), owing largely to a higher base of operating lease MW deployed. Total revenue for the fourth quarter increased 99% as compared to the year-ago period to $47.3 million.

Operating Lease and Solar Energy Systems Incentives Gross Margin was 48%. Excluding the introduction of a new, dedicated operations and maintenance [O&M] department that was not incorporated into guidance, Operating Lease Gross Margin was 55%, in line with our expectations. Consolidated Gross Profit Margin was 21%, owing largely to a higher mix of lower margin solar energy system sales.

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