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Delivering Better Energy
Investor Presentation

Forward-Looking Statements
This presentation contains forward-looking statements that involve risks and uncertainties, inc

luding statements regarding SolarCity’s customer and market growth opportunities, financial strategies for cash generation and increasing shareholder value, the deployment of megawatts currently included in backlog, the retained value under energy contracts and of contract renewals, the amount of megawatts that can be deployed based on committed available financing and executed term sheets, and assumptions relating to the foregoing. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including the effect of electric utility industry regulations, net metering and related policies, the availability and amount of rebates, tax credits and other financial incentives, the availability and amount of financing from fund investors, the retail price of utility-generated electricity or the availability of alternative energy sources, risks associated with SolarCity’s rapid growth, risks that consumers who have executed energy contracts included in reported nominal contracted payments remaining and backlog may seek to cancel those contracts, assumptions as to retained value under energy contracts and contract renewal rates and terms, including applicable net present values, performance-based incentives, and other rebates, credits and expenses, SolarCity’s limited operating history, particularly as a new public company, changes in strategic planning decisions by management or reallocation of internal resources, and general market, political, economic and business conditions. You should read the section entitled “Risk Factors” in our Registration Statement on Form S-1, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Slide 2

Our Vision

Create the most compelling energy company of the 21st century by delivering cleaner, cheaper power through distributed generation

Clean, More Affordable Energy
Solar Bill Paid Monthly, just like a Utility Bill, Only at a Lower Cost:
Customer Value Proposition ? ? ? No Upfront Cost of Installation A Simple Switch to Solar Easily Transferable upon Moving ? ? ? SolarCity Value Proposition Consistent, Predictable 20-Year Cash Flows Economics Improve from Decreasing Cost of Capital and All-in Installation Costs Opportunity to Upsell Other Energy Services

Note: This Chart is NOT to scale and is for illustrative purposes only
Slide 4

Aggregate Cash Flows Under Contract >$1.4b through 2Q13
Nominal Contracted Payments Outstanding Grew 117% Compounded Annually 2009 to 2012
Estimated Nominal Contracted Payments Remaining ($ in millions)
$1,500 60k



$750 30k

$500 20k


$486 $273


$0 2010 2011 2012 2013 YTD


Est. Nominal Contracted Payments Remaining

Cumulative Energy Contracts

Cumulative Energy Contracts
Slide 5



See slides 22 and 23 for relevant definitions

Total Cumulative MW Deployed at 387 MW through Q2 2013

53 Quarterly MWs Deployed
50 40
Total MW Deployed: Up 74% Y/Y

Annual MWs Deployed

250 200 150 100 157 50 0 31 72 2010 2011 2012 2013E* 278



20 10 0

Residential: Up 144% Y/Y



2Q12 Residential

2Q13 Commercial

* 2013E Represents Guidance the Company’s estimate as of August 13, 2013

See slides 22 and 23 for relevant definitions

Slide 6

Electricity Production/Lease Revenue Is Seasonal with the Sun
Operating Lease Revenue Driven by Electricity Production:
? ? ?
GWh Production (Weekly)

Distributed on Rooftops on Same Site as It Is Consumed Requiring No Transmission and Distribution Minimal Maintenance and No Feedstock Costs
Solar production and therefore operating lease revenue is seasonal
Q2-Q3: Highest Periods of Production

Q4-Q1: Lowest Periods of Production

D-08 M-09



D-09 M-10



D-10 M-11



D-11 M-12



D-12 M-13

* Roughly 48% of Installed Base of Operating Lease Contracts Are PPAs that Are Variable Based on Production, While Around 52% Are Leases Based on Fixed Monthly Payments
Slide 7

Penetration of Large Addressable Market Has Only Just Begun
Solar Power’s Addressable Market Expands as Retail Electricity Costs Rise and Costs Fall
Range of Potential Market Penetration x Total Number of Buildings in SCTY’s 14 Markets (in 000s) = Implied Number of Customers (in 000s) 0.1% 42,075 42 1.0% 42,075 421 2.5% 42,075 1,052

x Average 6.25 kW Residential System Size (in MWs) = Implied GW Deployed of Solar Power

.00625 0.3

.00625 2.6

.00625 6.6

x Annual Hours of Sun Typical in SCTY Markets (kWh/kW) = Implied Annual Energy Generation (GWh)

1,400 368

1,400 3,681

1,400 9,204

With approximately 377,000 GWh of retail electricity sold in the United States at a price averaging at or above our current blended electricity price of $0.141/kWh3, the implied U.S. market for electricity priced at or above $0.141/kWh is $63 billion
Note: US Buildings Count. Residential Homes defined as “Housing Units,” U.S. Bureau of the Census, Population Estimates Program. Commercial buildings—Energy Information Administration’s 2003 Commercial Buildings Energy Consumption Survey, assumes 110,000 buildings added per year to arrive at 2011 estimated buildings.

See slides 22 and 23 for relevant definitions

Slide 8

Diversified Sales Strategy Is Driving New Customer Growth
Telephone Sales Direct Mail

Direct Sales
Customer acquisition team of over 800 employees

Internet / Email Door-to-Door Sales Radio Ads

Customer Referrals Home Builders

Partner Referrals
Extensive and broadening Partner referral network

Retail Auto
Slide 9

Expansive Opportunity with Large Communities and Retailers

? ? ? ?

120,000 Home Potential >$1.0 Billion potential contract value Up to 300MW 5 Year Deployment

? Over 160 stores completed or under construction ? Provide up to 30 percent of each facility’s total electric needs ? Announced 12 new projects in Ohio recently

Davis Monthan Air Force Base The largest solar-powered community in the continental U.S.

Foothill Ranch, California Walmart is partnering with SolarCity as part of it’s goal of being supplied by 100 percent renewable energy

Slide 10

Economies of Scale Create a Barrier to Entry
29 operations centers servicing 14 markets Over 3,400 employees including hundreds of trained sales consultants, installers, and engineers Solar system design, supply chain, project management, billing, permitting, performance monitoring Replicable and documented processes based on lean manufacturing techniques





Slide 11

Vertical Integration Creates Better Customer Experience and Greater Value

Solar Developer Network Customers Engineering standards Costs Arms length, no clear ownership System owner and installer have different incentives High costs without economies of scale plus installer margins Value leakage

SolarCity Single company resulting in a better experience and future upsells High engineering standards as we install and own the systems Low costs and retains the developer and installer margins Value generation

Slide 12

Advanced Software Technology Lowers Costs

Lowers customer acquisition costs Energy analysis and proposal generation ? Solar production model ? Utility rate database ? Accurately predicts savings



Enables high throughput and lowers overhead expenses Scalable project management ? Project Management ? Permitting ? Engineering ? Supply Chain ? Quality Assurance



Ensures system production and continued customer engagement Continual customer conversation ? Customer portal shows real-time production and integrates with social media platforms ? Platform to upsell additional services ? Monitors energy usage and solar production in real time ? Integrated with field service and billing

Slide 13

Cost Reductions Tracking Ahead of Targets 2013YTD
Cost roadmap targets 5.5% annual reductions from 2012YE in total cash cost per watt including solar modules, balance of system, all payroll, customer acquisition, legal, and other overhead

Cost per Watt Reduction Indexed from Q2 2012




60% Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

Cost Roadmap from 2012

Actual Cost Reduction

Even with module price declines stabilizing, cost/watt reductions have been exceeding plan in 2013 YTD

Slide 14

Many Upsell Opportunities Over Long Customer Relationship
Energy Efficiency Energy Vehicle Charging Battery Storage




Proprietary software performs a whole-house simulation using a 3D model of each building to diagnose all areas of energy use and waste Recommendations include air sealing, insulation, high efficiency furnaces, water heating, duct sealing and replacement Over 15,000 energy efficiency audits sold.




Level 2 fast chargers for residential customers provide a great opportunity to upsell solar Level 3 fast charge stations engineered and constructed by SolarCity provide Tesla owners with unparalleled charge times powered by the sun Over 750 charging locations sold




Proprietary battery control systems integrate solar, storage and building demand Wall mountable with enough energy to power an energy efficient home Provides backup power during utility outages

Slide 15

GAAP Condensed Income Statement of Operations
$ in thousands

Revenue: Operating leases Solar energy system sales Total revenues Cost of revenue: Operating leases Solar energy system sales Total cost of revenues Gross profit (loss) Operating Expenses: Sales and Marketing General and Administrative Total Operating Expenses Income (loss) from operations

2011 $23,145 $36,406 $59,551

2012 $47,616 $81,046 $128,662

Q2 2012 $11,528 $35,046 $46,574

Q2 2013 $20,608 $17,341 $37,949

Recurring customer payments recognized over life of contract, typically 20 years By Q4 2013, the monetization of the ITC for non-partnership funds will be recognized as revenue annually over five years beginning after the recapture provisions elapse

$5,718 $41,418 $47,136 $12,415

$13,346 $64,429 $77,775 $50,887

$3,710 $31,899 $35,609 $10,965

$7,223 $15,247 $22,470 $15,479

Leased solar systems’ hardware and installation costs amortized over the 30 year useful life of the system and direct sales costs over the life of the customer contract

$42,004 $31,664 $73,668 ($61,253)

$69,392 $50,355 $119,747 ($68,860)

$15,700 $10,788 $26,488 ($15,523)

$21,344 $21,176 $42,520 ($27,041)

Expenses at the corporate-level incurred for the development of MWs booked and MWs deployed in the period GAAP profitability constrained with operating lease revenue recognized over the life of a contract but certain development expenses for MWs booked/deployed booked as incurred
Slide 16

High-Quality, Recurring Cash Flows Help to Lower Cost of Capital

Even as Risk Free Rate Rises, Solar Power’s Risk Premium Is Compressing Given:
?Default rates for our household energy payments are historically lower than for residential mortgage payments ?Long-term contracts offer high visibility and predictability of cash flow ?Price escalators in some of our contracts offer an inflation hedge
1 Chart is depiction of the net loss rates at each of the first four year anniversaries of the original origination date of each of the respective asset backed securities highlighted (averaged across 1999 to 2011 for auto loans, 2003 to 2012 for prime residential mortgages, and 2008 to 2012 for SolarCity data). Time period for auto loans and prime residential mortgages selected to normalize for outlier effects of the financial crisis. Auto loan and prime residential data sources: A) Auto loans – average cumulative auto loan loss rates reported by Ally, BMW, Chrysler, Ford, Honda, Nissan, USAA, World Omni, and Wachovia which are publicly reported by or on the respective companies’ websites or in company issued reports; B) Residential mortgages – Sequoia Mortgage Trust (

Slide 17

Condensed GAAP Statements of Cash Flows

$ in thousands

Year ended December 31 2011 $18,082 ($304,252) $256,284 ($29,886) $22,087 ($7,799) 2012 $60,333 ($449,059) $323,129 ($65,597) $175,206 $109,609

Three Months ended June 30 2012 $38,421 ($93,691) $25,571 ($29,699) $810 ($28,889) 2013 $74,039 ($159,571) $104,978 $19,446 $12,866 $32,312

Net cash provided by (used in): Operating activities Investing activities Financing activities Net cash provided (used) before equity issuance Net cash provided by equity issuance Net increase (decrease) in cash and cash equivalents

See slides 22 and 23 for relevant definitions

Slide 18

Retained Value Forecast at $662m at June 30, 2013
NPV of our forecast for net cash to SCTY from systems under Energy Contracts

Cumulative Retained Value Forecast at June 30, 2013
$ In millions (except per watt)

Total Retained Value Forecast* Retained Value Under Energy Contract Forecast * Retained Value Renewal Forecast* Total Retained Value Forecast $/watt* 1
*NPV at 6%

$662 $364 $298 $1.27/watt


Retained value forecast per watt is computed by dividing cumulative retained value as of such date by a sum of (a) total MWs deployed under Energy Contracts as of such date plus (b) MWs booked under Energy Contracts as of such date but not yet deployed

See slides 22 and 23 for relevant definitions

Slide 19

A Cleaner, Distributed Energy Future

Our track record of growth is paving the path toward our goal of achieving one million cumulative customers within five years by creating the most compelling energy company of the 21st century

Questions and Answers

Appendix – Definitions
“Backlog” represents the aggregate megawatt capacity of solar energy systems not yet deployed as of the date specified pursuant to Energy Contracts and contracts for solar energy system direct sales executed as of such date. “Customers” includes all residential, commercial and government buildings where we have installed or contracted to install a solar energy system, or performed or contracted to perform an energy efficiency evaluation or other energy efficiency services. Note that we have previously referred to the foregoing as “Buildings” and have chosen to redefine as we believe “customers” is a more appropriate descriptor. “Energy Contracts” includes all residential, commercial and government leases and power purchase agreements pursuant to which consumers use or will use energy generated by a solar energy system that we have installed or contracted to install. For landlord-tenant structures in which we contract with the landlord or development company, we include each residence as an individual contract. For commercial customers with multiple locations, each location is deemed a contract if we maintain a separate contract for that location. Note that we have previously referred to the foregoing as “Customers” and have chosen to redefine as we believe “energy contracts” is a more appropriate descriptor. “Investments in Solar Energy Systems” represents the sum of payments for the cost of solar energy systems leased and to be leased, purchase of property and equipment and acquisition of business net of cash required. Investments in Solar Energy Systems does not include solar energy system direct sales or solar energy systems sold via sale-leaseback structures. “MW” or “megawatts” represents the DC nameplate megawatt production capacity. “MW Deployed” represents the megawatt production capacity of solar energy systems that have had all required building department inspections completed during the applicable period. This metric includes solar energy systems deployed under Energy Contracts as well as solar energy system direct sales.

Slide 22

Appendix – Definitions
“Nominal Contracted Payments Remaining” equals the estimated sum of cash payments obligated to be paid to us under our Energy Contracts over the remaining term of such contracts. This metric includes Energy Contracts for solar energy systems already deployed and in Backlog. As an example, if a customer is 2 years into her 20 year contract, then 18 years of contract payments remain. As an additional example, if a customer chose to pre-pay her Energy Contract, then it is included in estimated Nominal Contracted Payments Remaining only while it is in Backlog as the pre-payment has not been received. Payments for direct sales are not included. “Retained Value under Energy Contract” represents the forecasted net present value of Nominal Contracted Payments Remaining and estimated performance-based incentives allocated to us, net of amounts we are obligated to distribute to our fund investors, upfront rebates, depreciation, renewable energy certificates, solar renewable energy certificates and estimated operations and maintenance, insurance, administrative and inverter replacement costs. This metric includes Energy Contracts for solar energy systems deployed and in Backlog. “Retained Value Renewal” represents the forecasted net present value of the payments SolarCity would receive upon Energy Contract renewal through a total term of 30 years, assuming all Energy Contracts are renewed at a rate equal to 90% of the contractual rate in effect at expiration of the initial term. This metric is net of estimated operations and maintenance, insurance, administrative and inverter replacement costs. This metric includes Energy Contracts for solar energy systems deployed and in Backlog. .

Slide 23



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