Its Investing Activities are primarily comprised of the capital investment in distributed generation solar energy systems under long-term Energy Contracts with customers, while its Financing Activities represent the funding of its solar energy systems investments through its investor partners and lenders. Key highlights of SolarCity's Investing and Financing Activities include:

  • Investments in Solar Energy Systems, Leased and to Be Leased, of $158.0 million bringing the cumulative total through the first six months of 2013 to $296.3 million
  • Undeployed Tax Equity Financing Capacity of 169 MW as of August 1, 2013

Q2 2013 GAAP Cash Flows

For the second quarter ended June 30, 2013, net cash provided by Operating Activities was $74.0 million, while net cash used in Investing Activities was $159.6 million and net cash provided by Financing Activities (before the exercise of stock options and common stock warrants) was $105.0 million.

Defined as Operating Cash Flows plus Financing Cash Flows net of Investing Cash Flows (excluding equity issuance) net cash flow of $19.4 million was generated in the quarter ended June 30, 2013. Cash and cash equivalents totaled $159.6 million as of June 30, 2013.
Condensed Statement of Cash Flows
$ in thousands Three Months Ended:
Net Cash Provided (Used) In: June 30, 2012 March 31, 2013 June 30, 2013
Operating activities $38,421 $8,898 $74,039
Investing activities ($93,691) ($140,576) ($159,571)
Financing activities (before stock options/warrants exercise) $25,571 $98,378 $104,978
Net cash provided (used) before stock options/warrants exercise ($29,699) ($33,300) $19,446
Net cash provided by exercise of stock options/warrants $810 $514 $12,866
Net increase (decrease) in cash and cash equivalents ($28,889) ($32,786) $32,312

Q2 2013 GAAP Operating Income Statement

For the second quarter of 2013, Operating Lease revenue was $20.6 million, rising 79% from $11.5 million in the second quarter of 2012. Total revenue decreased (19%) year-over-year to $37.9 million due to a decline in Solar Energy Systems Sales revenue. The Company expects Solar Energy Systems sales revenue to fluctuate more widely than Operating Lease revenue from period to period given timing of revenue recognition.

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