Summary - Funding Rounds

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

SolarCity 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)

SolarCity 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

SolarCity 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
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