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News Breaks
March 3, 2014
08:20 EDTSCTYSolarCity finds error in expenses, says adjustments don't impact key metrics
SolarCity announced that there will be a reallocation of overhead expenses from leased systems to system sales, which will affect the 2013 and 2012 GAAP financial statements. SolarCity said, "During an internal review of fourth quarter financial statements, we discovered an error in the formula for allocating overhead expenses between Operating Lease assets and the cost of Solar Energy System Sales originating in Q1 2012. We reported this to our auditors, who agreed with our assessment that a correction needed to be made. It is important to note that overhead expenses in total will not be amended and that these changes do not affect the net cash flows or any forward financial guidance of the company." The GAAP impact is expected to be a downward adjustment on the balance sheet primarily in Solar Energy Systems, Leased and to Be Leased of approximately 2.5%-3.0% as of September 30, 2013. The company also expects an increase in the cost of Solar Energy Systems Sales of approximately $16M-$20M on the statement of operations for the nine month period ended September 30, 2013 and an increase of approximately $20M-$23M to the same line item for the full-year 2012, while the company is currently evaluating the materiality of the impact on 2011. There is no change to net cash flows. SolarCity said its cash balance was $577.1M as of December 31, 2013. The company said these adjustments have no impact on the key operating metrics already reported, including estimated nominal contracted payments remaining as of the end of 2013 was $1.99B, retained value forecast as of the end of 2013 was $1.05B, and full-year guidance MW deployed of 475 MW-525 MW and positive net cash flow in 2014 is reiterated. Final, audited statements will be filed on or before Tuesday, March 18, the company said.
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