- Thanks to sizable increases in both sales/marketing and G&A spend, SolarCity's (SCTY) opex rose 73% Y/Y in Q4 to $65.2M. $234.9M was spent on investing activities, +64% Y/Y, and operating cash flow fell to $13.9M from $57M.
- $262.4M was raised via financing activities, and $402.7M via equity/convertible note offerings.
- The company expects Q1 GAAP operating lease/solar incentive revenue of $27M-$29M, and solar system sale revenue of $23M-$27M; the Q1 revenue consensus is at $45.2M. EPS is expected to be in a range of -$0.70 to -$0.80, below a -$0.50 consensus.
- SolarCity ended 2013 with $577M in cash/equivalents, $1.68B worth of leased/to be leased solar systems (+71% Y/Y), $246M in long-term debt, $53M worth of solar asset-backed notes, and $230M worth of convertible senior notes.
- Inventories stood at $111.4M, and the deferred revenue balance at $470.1M (up from $379.8M at the end of Q3).
- Shares -1% AH. Q4 results, PR
- Previous: SolarCity's Q4 deployment/booking figures
at CNBC.com (Nov 17, 2014)