SolarCity Financials

Summary - Funding Rounds

In total, SolarCity had raised $884.6 m. SolarCity is a subsidiary of Tesla

Revenue/Financials

Income Statement

Annual

USDFY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

126.9 m163.8 m255 m399.6 m730.3 m

Revenue growth, %

29%56%57%83%

Cost of goods sold

34.7 m176.4 m280.8 m478.9 m

Gross profit

129.1 m78.6 m118.8 m251.4 m

Gross profit Margin, %

79%31%30%34%

Sales and marketing expense

442.6 m

R&D expense

55 m

General and administrative expense

229 m

Operating expense total

726.5 m

EBIT

(149.4 m)(335.6 m)(647.8 m)(650.3 m)

EBIT margin, %

(91%)(132%)(162%)(89%)

Pre tax profit

(37.8 m)(402 m)(765.5 m)(820.7 m)

Income tax expense

54 k(24.8 m)(26.7 m)3.3 m308 k

Net Income

(151.8 m)(375.2 m)(768.8 m)(820.3 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016

Revenue

48.6 m63.5 m61.3 m58.3 m67.5 m102.8 m113.9 m122.6 m185.8 m200.6 m

Cost of goods sold

31.1 m48.8 m38.5 m32.4 m45.7 m59.5 m88.6 m109.1 m114.5 m129 m

Gross profit

17.5 m14.8 m22.9 m26 m21.8 m43.3 m25.3 m13.4 m71.3 m71.6 m

Gross profit Margin, %

36%23%37%45%32%42%22%11%38%36%

Sales and marketing expense

24.3 m46.9 m55.8 m56.5 m86.7 m113.2 m129.3 m126.1 m116.6 m102.6 m

R&D expense

3 m4.2 m12.1 m12.4 m17.7 m13.9 m14.4 m14.1 m

General and administrative expense

21.9 m34.9 m38.4 m39.6 m48.7 m50.2 m69.4 m86.9 m86.1 m87.4 m

Operating expense total

46.2 m81.8 m97.2 m100.3 m147.4 m175.8 m216.4 m226.9 m265.4 m257.7 m

EBIT

(28.7 m)(67 m)(74.3 m)(74.3 m)(125.7 m)(132.4 m)(191.1 m)(213.5 m)(194.1 m)(186.1 m)

EBIT margin, %

(59%)(105%)(121%)(127%)(186%)(129%)(168%)(174%)(104%)(93%)

Interest expense

5.8 m

Pre tax profit

(34.6 m)(75 m)(88.5 m)(93.6 m)(146.3 m)(155.7 m)(233.8 m)(283.2 m)(250.2 m)(226.2 m)

Income tax expense

(23 k)(215 k)24 k23.5 m(626 k)(20 k)(482 k)68 k(9 k)848 k

Net Income

(34.6 m)(75.2 m)(88.5 m)(70.1 m)(146.9 m)(155.7 m)(234.3 m)(283.1 m)(250.3 m)(225.3 m)

Balance Sheet

Annual

USDY, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

50.5 m160.1 m577.1 m504.4 m382.5 m290.7 m

Accounts Receivable

23 m22.7 m34 m66.9 m

Inventories

111.4 m217.2 m343 m172.7 m

Current Assets

787.7 m1 b902.1 m692.9 m

PP&E

101.9 m

Total Assets

2.8 b4.6 b7.3 b9.1 b

Accounts Payable

121.6 m237.8 m365 m207.6 m

Short-term debt

7.4 m12.9 m180 m617.6 m

Current Liabilities

338.2 m567.1 m1.2 b1.5 b

Long-term debt

238.6 m290.4 m1 b1.1 b

Total Debt

246 m303.3 m1.2 b1.7 b

Total Liabilities

6.9 b

Common Stock

10 k

Additional Paid-in Capital

819.9 m1 b1.2 b1.3 b

Retained Earnings

(202.3 m)(258.4 m)(316.7 m)(77.9 m)

Total Equity

804.4 m1.2 b1.4 b1.9 b

Debt to Equity Ratio

0.3 x0.3 x0.8 x0.9 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.2 x

Financial Leverage

3.5 x4 x5.2 x4.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016

Cash

133 m519.6 m405.3 m696.5 m446.7 m421.4 m372.8 m361.7 m145.7 m259.3 m

Accounts Receivable

32.8 m25.9 m22.3 m22.9 m25.6 m34.2 m38.6 m40.7 m63.7 m65.1 m

Inventories

90.8 m106.3 m143.9 m186 m227.7 m279.8 m309.2 m306.7 m229.7 m206.2 m

Current Assets

312.2 m727.1 m673.9 m1 b944.7 m923.3 m935.6 m836.4 m611.3 m677 m

PP&E

163 m353.7 m243.8 m

Total Assets

2 b2.9 b3.1 b4.1 b5 b5.7 b6.5 b8 b8.2 b8.7 b

Accounts Payable

134.1 m98.9 m141.8 m206 m216.8 m278.6 m296.2 m294.2 m214.1 m253.1 m

Short-term debt

9.2 m13.5 m136.2 m12.1 m11.7 m35.6 m44.5 m255.4 m264.7 m285.5 m

Current Liabilities

320.4 m328.6 m511.3 m510.1 m671.1 m877 m938.3 m1.2 b1.1 b1.2 b

Long-term debt

132.1 m286.8 m264.7 m263.2 m467.7 m588.3 m833.2 m1.1 b1.2 b1.3 b

Total Debt

141.3 m300.3 m400.8 m275.3 m479.5 m623.9 m877.6 m1.4 b1.4 b1.6 b

Total Liabilities

1.5 b2 b2.3 b3 b3.7 b4.2 b4.9 b6.2 b6.4 b6.7 b

Common Stock

8 k

Additional Paid-in Capital

469.1 m845.1 m869.7 m982.7 m1 b1.1 b1.1 b1.2 b1.3 b1.3 b

Retained Earnings

(162.9 m)(226.4 m)(274 m)(254.8 m)(279.9 m)(302.2 m)(321.3 m)(341.7 m)(397.2 m)(344 m)

Total Equity

462 m820 m743 m954.9 m1.1 b1.2 b1.3 b1.4 b1.5 b1.7 b

Financial Leverage

4.2 x3.6 x4.2 x4.3 x4.4 x4.8 x5 x5.6 x5.4 x5.1 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(151.8 m)(375.2 m)(768.8 m)(820.3 m)

Depreciation and Amortization

166.7 m

Accounts Receivable

2.9 m22.7 m(11 m)(33 m)

Inventories

(20 m)217 m(130 m)170.6 m

Accounts Payable

50.8 m237.8 m125.5 m(149.7 m)

Cash From Operating Activities

174.5 m(789.9 m)(508.8 m)

Purchases of PP&E

(9.1 m)

Cash From Investing Activities

(729.9 m)(1.7 b)(1.7 b)

Long-term Borrowings

(65.3 m)(215.9 m)(866.9 m)

Cash From Financing Activities

972.4 m2.4 b2.1 b

Interest Paid

6.6 m54 m107.2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016

Net Income

(34.6 m)(75.2 m)(88.5 m)(70.1 m)(146.9 m)(155.7 m)(234.3 m)(283.1 m)(533.4 m)(758.7 m)

Depreciation and Amortization

55.8 m

Accounts Receivable

25.9 m22.3 m22.9 m25.6 m34.2 m38.6 m(6.7 m)(29.7 m)(31.1 m)

Inventories

106.3 m143.9 m186 m227.7 m279.8 m309.2 m36.8 m114 m137.3 m

Accounts Payable

98.9 m141.8 m206 m216.8 m278.6 m296.2 m(69.7 m)(149.8 m)(110.8 m)

Cash From Operating Activities

(193.1 m)(389 m)(425.8 m)

Cash From Investing Activities

(466.1 m)(913.3 m)(1.3 b)

Long-term Borrowings

(212.6 m)(412.7 m)(630.9 m)

Cash From Financing Activities

638.3 m1.1 b1.6 b

Interest Paid

21.4 m43.5 m79.2 m