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SolarCity Announces First Quarter 2014 Financial Results

SAN MATEO, Calif., May 7, 2014 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of distributed clean energy, today announced financial results for the first fiscal quarter ended March 31, 2014.

In the first quarter of 2014, SolarCity achieved the high-end of guidance for both megawatts (MW) deployed and Operating Lease and Solar Energy Systems Incentive Revenue, and set a new quarterly record with 136 MW Booked. We added 17,664 customers—the largest quarterly gain in our history—to end Q1 2014 with over 110,000 customers and remain firmly on track to meet our one million customer target by mid-2018.

With growing confidence in the outlook for both demand and the scaling of our operations, bolstered by the launch of our service into our 15 th state—Nevada—we are increasing our 2014 guidance to 500-550 MW Deployed from previous guidance of 475-525 MW, and establishing initial guidance for 2015 MW Deployed of between 900 MW and 1 gigawatt (GW). At the midpoint of guidance, we estimate we would exit next year with more than 2 GW of cumulative MW deployed and annualized electricity production of ~ 2.8 terawatt-hours (TWh). This would put us on a path to fulfill our goal to become one of the largest suppliers of electricity in the United States.

Q1 2014 Operating Highlights

We made substantial progress in the build out of our platform to deliver cleaner and cheaper distributed energy in the first quarter of 2014. Key operating and development highlights of the quarter include:
  • MW Deployed of 82 MW as residential MWs Deployed grew 107% year-over-year to 67 MW. Total cumulative MWs Deployed reached 649 MW as of March 31, 2014.
  • MW Booked totaled 136 MW, up 34% as compared to Q4 2013.
  • Cumulative Energy Contracts increased to 100,609, up 97% since the end of the first quarter of 2013 (and 21% since the end of 2013).
  • Cumulative Customers grew to 110,662, up 84% since the end of the first quarter of 2013 (and 19% since the end of 2013).

Estimated Nominal Contracted Payments and Retained Value

Due to the long-term nature of our operating lease contracts—typically 20-year terms—and the related GAAP accounting for such contracts, we rely upon the following operating metrics to manage our business and believe these metrics are a better representation of our new sales activity and business outlook:
  • Estimated Nominal Contracted Payments Remaining increased to $2,501 million at March 31, 2014 , up 97% year-over-year and 21% since the end of the 2013.
  • Retained Value forecast increased to $1,291 million , equating to retained value per watt forecast of $1.56/W, at March 31, 2014.

Q1 2014 GAAP Operating Income Statement

For the first quarter of 2014, Operating Leases and Solar Energy Systems Incentives Revenue was $29.1 million, up 93% from $15.1 million in the first quarter of 2013, owing largely to an increase in cumulative operating lease MW Deployed. Total revenue for the first quarter increased 112% as compared to the year-ago period to $63.5 million.

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