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Nominal Contracted Payments Remaining Up to $3.3 BillionRetained Value of $1.8 Billion
SAN MATEO, Calif., Aug. 7, 2014 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY) today announced financial results for the second fiscal quarter ended June 30, 2014.
In the second quarter of 2014, SolarCity continued to build out a stronger and broader platform to significantly expand the adoption of distributed, clean energy. We experienced unprecedented demand in the quarter with triple-digit year-over-year growth in all our key operating metrics. Our development efforts continued to gather momentum with 107 MW Deployed and 218 MW Booked in the quarter. We passed the 140,000-customer mark in June 2014—with more than 30,000 customers added in the second quarter alone—an increase of 218% over the year ago quarter.
Our expanding base of leased solar assets is expected to support a meaningful level of operating lease revenue for the next 20 years. We ended the second quarter of 2014 with cumulative MW Deployed of 756 MW and $3.3 billion of Estimated Nominal Contracted Payments Remaining. Our deployed solar power systems are now capable of producing over 1,000 GWh annually, and our aggregate portfolio produced more than 3.5 GWh per day several times before the end of the second quarter. We are firmly on track to achieve our goal of 500 MW-550 MW Deployed in 2014 and 900 MW – 1,000 MW in 2015. At the midpoint of guidance, we estimate we would exit next year with more than 2 GW of cumulative deployments 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.
Q2 2014 Operating Highlights
We made substantial progress in the build out of our platform to deliver cleaner and cheaper distributed energy in the second quarter of 2014. Key operating and development highlights of the quarter include:
MW Deployed of 107 MW, up 102% year-over year (with residential MW Deployed up 111% year-over-year to 90 MW). Total cumulative MWs Deployed reached 756 MW as of June 30, 2014.
MW Booked totaled 218 MW, up 216% as compared to Q2 2013.
Cumulative Energy Contracts increased to 128,933, up 114% since the end of the second quarter of 2013 (and 28% since the end of the first quarter 2014).
Cumulative Customers grew to 141,034, up 102% since the end of the second quarter of 2013 (and 27% since the end of the first quarter 2014).
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 present a meaningful representation of our new sales activity and business outlook:
Estimated Nominal Contracted Payments Remaining increased by $811 million in Q2 2014 to $3,312 million at June 30, 2014 , up 135% year-over-year and 32% since the end of the first quarter of 2014.
Retained Value forecast increased to $1,804 million , or $1.72/W, at June 30, 2014.
Q2 2014 GAAP Operating Income Statement
For the second quarter of 2014, Operating Leases and Solar Energy Systems Incentives Revenue was $43.2 million, up 110% from $20.6 million in the second quarter of 2013, owing largely to an increase in cumulative operating lease MW Deployed. Total revenue for the second quarter increased 62% as compared to the year-ago period to $61.3 million.