SOLARCITY CORP Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2016 12 months to Dec 31, 2016	FY2015 12 months to Dec 31, 2015	FY2014 12 months to Dec 31, 2014	FY2013 12 months to Dec 31, 2013
Operating activities:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and write-offs
Interest on lease pass-through financing obligation
Change in fair value of interest rate swaps
Non-cash interest and other expense
Stock-based compensation, net of amounts capitalized
Revaluation of convertible redeemable preferred stock warrants
Revaluation of preferred stock forward contract
Tax impact of stock option exercises
Loss on extinguishment of long-term debt
Deferred income taxes
Non-cash reduction in financing obligation
Loss on disposal of property, plant and equipment and construction in progress

Changes in operating assets and liabilities:
Restricted cash
Accounts receivable
Rebates receivable
Inventories
Prepaid expenses and other current assets
MyPower deferred costs
Other assets
Accounts payable
Payable to parent company, net
Accrued and other liabilities
Customer deposits
Deferred revenue
Net cash (used in) provided by operating activities
Net cash used in operating activities
Investing activities:
Payments for the cost of solar energy systems, leased and to be leased
Purchase of property, plant and equipment
Investment in promissory notes receivable and other investments
Purchases of short-term investments
Proceeds from sales and maturities of short-term investments
Acquisition of business, net of cash acquired
Payments to acquire redeemable noncontrolling interest in a subsidiary
Payments for the acquisition of noncontrolling interests
Payments for settlements of interest rate swaps
Other investments
Net cash used in investing activities
Financing activities:
Borrowings under long-term debt
Repayments of long-term debt
Proceeds from issuance of solar bonds
Proceeds from issuance of solar bonds issued to related parties
Repayments of borrowings under solar bonds
Repayments of borrowings under solar bonds issued to related parties
Proceeds from issuance of solar asset-backed notes
Repayments of borrowings under solar asset-backed notes
Payment of deferred purchase consideration
Repayments of sale-leaseback financing obligation
Repayments of lease pass-through financing obligation
Proceeds from financing obligation
Repayments of financing obligation
Repayment of capital lease obligations
Proceeds from investments by noncontrolling interests and redeemable noncontrolling interests in subsidiaries
Distributions paid to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
Net cash provided by financing activities before equity issuances
Proceeds from U.S. Treasury grants
Net cash provided by financing activities before equity and convertible notes issuances

Proceeds from issuance of common stock
Net cash provided by financing activities before equity and convertible senior notes issuances
Equity issuances and convertible senior notes issuances:
Proceeds from issuance of convertible senior notes
Proceeds from issuance of convertible senior notes issued to related parties
Purchase of capped call options
Proceeds from exercise of stock options
Tax benefit of stock option exercises
Proceeds from exercise of common stock warrants
Proceeds from exercise of convertible redeemable preferred stock warrants
Proceeds from issuance of convertible redeemable preferred stock
Net cash provided by financing activities
Tax impact of stock option exercises
Net cash provided by equity issuances and convertible senior notes issuances
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental disclosures of cash flow information:
Cash paid during the period for interest
Cash (received) paid during the period for taxes
Cash paid during the period for taxes, net of refunds

Conversion of convertible redeemable preferred stock upon initial public offering of common stock
Conversion of convertible redeemable preferred stock warrants to common stock warrants upon initial public offering of common stock

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