SolarCity给投资者的报告

InvestorPresentationDeliveringBetterEnergySolarCityCorporation|page2Forward-LookingStatementsThispresentationcontainsforward-lookingstatementsthatinvolverisksanduncertainties,including,butnotlimitedto,statementsregardingSolarCity’scustomerandmarketgrowthopportunities,financialstrategiesforcashgenerationandincreasingshareholdervalue,thedeploymentofmegawattsincludingestimated2013and2014megawattdeployment,estimatednominalcontractedpaymentsremaining,targetedannualcostreductions,potentialcustomersby2018,andassumptionsrelatingtotheforegoing.Forward-lookingstatementsshouldnotbereadasaguaranteeoffutureperformanceorresults,andwillnotnecessarilybeaccurateindicationsofthetimesat,orby,whichsuchperformanceorresultswillbeachieved,ifatall.Forward-lookingstatementsaresubjecttorisksanduncertaintiesthatcouldcauseactualperformanceorresultstodiffermateriallyfromthoseexpressedinorsuggestedbytheforward-lookingstatements.Asofthedatehereof,wehavebookingsandfinancingforonlyasmallpercentageoftheordersneededtoachieveour2014megawattprojectionsandthereforeexpectthemegawattsdeployedin2014tobesourcedalmostexclusivelyfromnewdeploymentsofsolarsystemsnotcurrentlyundercontract.Inordertomeetourprojections,wewillneedtosubstantiallyexpandourworkforce,increaseourinstallationefficiencyandexceedourexistingbookingsraterelativetowhatwehaveachievedtodate.Additionalkeyrisksanduncertaintiesincludethelevelofdemandforoursolarenergysystems,theavailabilityofasufficientandtimelysupplyofsolarpanelsandbalanceofsystemcomponents,changesinfederaltaxtreatment,theeffectofelectricutilityindustryregulations,netmeteringandrelatedpolicies,theavailabilityandamountofrebates,taxcreditsandotherfinancialincentives,theavailabilityandamountoffinancingfromfundinvestors,theretailpriceofutility-generatedelectricityortheavailabilityofalternativeenergysources,risksassociatedwithSolarCity’srapidgrowth,risksthatconsumerswhohaveexecutedenergycontractsincludedinreportednominalcontractedpaymentsremainingandbacklogmayseektocancelthosecontracts,assumptionsastoretainedvalueunderenergycontractsandcontractrenewalratesandterms,includingapplicablenetpresentvalues,performance-basedincentives,andotherrebates,creditsandexpenses,SolarCity’slimitedoperatinghistory,particularlyasanewpubliccompany,changesinstrategicplanningdecisionsbymanagementorreallocationofinternalresources,andgeneralmarket,political,economicandbusinessconditions.Youshouldreadthesectionentitled“RiskFactors”inourregistrationstatementonFormS-1relatedtoourproposedofferingofconvertiblenotesandrefertoourmostrecentQuarterlyReportonForm10-Q,whichhavebeenfiledwiththeSecuritiesandExchangeCommission,whichidentifycertainoftheseandadditionalrisksanduncertainties.Wedonotundertakeanyobligationtopubliclyupdateorreviseanyforward-lookingstatement,whetherasaresultofnewinformation,futuredevelopmentsorotherwise,exceptasotherwiserequiredbylaw.SolarCityCorporation|page3OurVisionCreatethemostcompellingenergycompanyofthe21stcenturybydeliveringcleaner,moreaffordablepowerthroughdistributedgenerationSolarCityCorporation|page4MaintenanceCostsRENEWALVALUEYear30RenewalPeriodYear20ContractPeriodYear1Year10CUSTOMERCONTRACTPAYMENTSOldBill18¢/kWhNewBill15¢/kWhClean,MoreAffordableEnergyCustomerValueProposition•NoUpfrontCostOfInstallation•ASimpleSwitchtoSolar•EasilyTransferableuponMovingSolarCityValueProposition•Consistent,Predictable20-YearCashFlows•EconomicsImprovefromDecreasingCostofCapitalandAll-inInstallationCostsaswellasHigherUtilityRates•OpportunitytoUpsellOtherEnergyServicesNote:ThisChartisNOTtoscaleandisforillustrativepurposesonlySolarBillPaidMonthly,justlikeaUtilityBill,OnlyataLowerCost:SolarCityCorporation|page5DistributedSolarIsNowIntegraltotheEnergyServicesSectorTelecomServices(20YearsAgo)“Wirelessportabletelephoneservices…[allowing]customerstomakeandreceivetelephonecallsfromanylocation…competewithservicescurrentlyofferedbytheCompanyandcouldresultinlossesofrevenues”—RisksfromBellAtlantic’s199310-K•Disruptivetechnologyrevolutionizedthesectorbyprovidingalternativeaccesstotelecomservicesandindependencefromthetraditionalfixed-linenetwork•U.S.penetration90%todayandwireless-onlypenetrationat38%ofU.S.households1EnergyIndustry(Today)“Distributedgenerationandstorage,aviable,cost-effectivealternativetotheUtility’sbundledelectricservice….[throughwhich]customerscouldbypassitsdistributionandtransmissionsystem…mayresultin…lossofcustomergrowth”—RisksfromPacificGas&Electric’s201210-K•Similarlydisruptiveservicesdeliverymodelallowscustomerstochoosesuppliersofelectricitydeliveryforthefirsttime•Distributedsolarcontributestomoststates’energypolicygoalsofreducingpeakdemandonthegridandminimizingtransmission/distributioninvestment•Otherstateshaveissuedfavorableregulatorydecisionstosupportdistributedsolar12012NationalHealthInterviewSurveySolarCityCorporation|page69%of1H13NewU.S.GenerationCapacitywasDistributedSolar4,000MWofDistributedSolarCumulativelyInstalledintheUnitedStatesfromQ12010toQ220131Seeslides22forrelevantdefinitions2010201120121H20131,60014001,2001,0008006004002