EFiled: Oct 24 2019 09:asPMEOT
`Case No. 12711-VCS ee
`Transaction ID 64340744=/°;,\4)
`Wee
`<1FOS
`
`EXHIBIT 27
`EXHIBIT 27
`
`
`
`EFiled: Oct 24 2019 09:43PM EDT
`Transaction ID 64340744
`Case No. 12711-VCS
`
`
`
`
`
`
`
`

`

`From:
`Sent:
`To:
`Subject:
`Attachments:
`
`Aaron Chew
`Tuesday, October 27, 2015 9:29 AM
`Lyndon Rive; Brad Buss
`FINAL DECK FOR BOARD MTTG
`2015.10 SolarCity BOD 3Q15 Presentation FINAL2B.pptx
`
`Use this for the presentation.
`
`No changes....just wanted to make sure you had the latest at the top of your inbox.
`
`Aaron Chew I VP of Investor Relations I SolarCity I T: 650 -963 -5662 I M:
`
`
`
`CONFIDENTIAL
`
`G>lY//
`
`R
`
`£
`
`7
`
`TESLADI R0024714
`
`

`

`DOCUMENT PRODUCEDIN NATIVE FORMAT
`
`DOCUMENT PRODUCED IN NATIVE FORMAT
`
`
`
`HIGHLY CONFIDENTIAL
`
`HIGHLY CONFIDENTIAL
`
`TESLADIR0024715
`
`TESLADIRO024715
`
`

`

`Solarcity.
`
`Delivering Better Energy
`
`Board of Directors Meeting - Oct. 27, 2015
`Q3 2015 Earnings Call - Oct 29, 2015
`
`
`
`
`1
`
`

`

`Board Agenda
`
`Q3 2015 Key Operating Metrics
`
`HI and CA Regulatory Developments
`
`Update on Capital Raise
`
`Review of Earnings Call Q3 2015
`
`Analyst Consensus Estimates
`
`Corporate Matters
`
`GAAP Financials
`
`Appendix
`
`SolarCity
`
`
`
`
`2
`
`

`

`Q3 2015 Key Operating Metrics
`
`395
`
`345
`
`.
`
`237
`
`233
`
`10
`
`213
`"
`
`200
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`m 2w
`3 200 .
`
`215
`
`51
`
`149
`
`17i
`71
`
`!13
`
`113
`
`7
`
`107
`
`79
`
`S4
`
`02
`
`307
`
`17
`
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`itelidemW I Commercial
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`3012 4012 1013 2013 3413 4013 1414 2014 3014 4024 2Q15 2015 3Q15
`=New Cumtomm -Cumulative Cultomm
`
`
`
`
`3
`
`

`

`Hawaii and California Regulatory Developments
`
`HI PUC issued Decision ending NEM and facilitating non -exporting systems
`
`NEM ended as of Oct.12 and replaced with new Grid -Supply Tariff where exports are credited
`at wholesale rate (- .16 /KWH exported)(MW cap per island) and new TOU Tariff to be
`developed. All NEM customers grandfathered.
`
`New Self -Supply Tariff expedites unlimited interconnection for non -exporting systems up to
`100 kW with storage and advanced inverters. No cap on qualifying non -exporting systems.
`
`TASC has filed lawsuit in Hawaii state court on numerous grounds including the PUC violated
`due process. Goal is to drive settlement that includes more favorable transition mechanisms.
`
`CA PUC preparing Decision on NEM 2.0
`Proposed Decision expected November 17th and Final Decision in mid -January.
`
`Per AB 327, NEM 2.0 tariff will apply to all new IOU customers after their IOU hits its 5% cap.
`
`SDG &E projected to hit its 5% cap in mid -Q1 2016, followed by PG &E in mid -2016 and SCE
`in Q4 2016.
`
`--.. SolarCity
`
`la Ow
`
`
`
`
`4
`
`

`

`Investor Perspectives on the Distributed Solar Landscape
`
`Credit Suisse's Feedback from Investors /Analysts on Distributed Solar:
`
`Investor interest has shifted from generalist mutual funds to narrower specialists
`
`The Hawaii NEM setback has magnified the sector's headline risk
`
`CPUC's NEM 2.0 proposal expected in Nov. is viewed as a major de- risking event
`
`SUNE/TERP /VSLR volatility has undermined valuations and a 6% discount rate
`
`High investor expectation for our ability to fund growth through 2016 without equity
`
`Investors view the tax equity and securitization markets as open and attractive
`
`SolarCity
`
`
`
`
`5
`
`

`

`Update on Capital Raise
`
`Held further discussions with Goldman and Credit Suisse
`
`Markets remain very volatile, especially solar
`
`Meaningful discount would be required: 7 -12% or higher
`
`Final execution could be extremely tough
`
`Both banks do not recommend an equity raise at this time
`
`An At the Market [ATM] program is an option as well as a traditional
`marketed deal or bank bought deal
`
`Solarcity
`
`
`
`
`6
`
`

`

`An At- the -Market Offering Provides Flexibility
`
`An at- the -market offering is an SEC registered sale of primary shares into
`the public markets through a single broker over time
`Shares are sold pursuant to an effective shelf registration amount that
`denotes an "up to filing size expressed in either dollar value or share terms
`Targeting sales between 10-20% of daily volume typically does not
`meaningfully impact trading price
`
`Kay banrrrtts
`
`Kay considerations
`
`Structural flexibility to design program around key
`execution parameters (price, timing, amount, etc.)
`
`r Potential perception of stock price overhang 1 share
`price cap
`
`Mize SCTY's outsized tracing kguicity
`
`Time to raise target proceeds vs single marketed
`offering
`
`Perfect clarity into real-lime funds flows can he
`risk a potential larger folow -on
`
`de-
`
`No extra ciscourtt on top of market trading price
`
`Efficient (no mgrnt marketing, efficient preparation)
`
`No ability to market the equity story or use of proceeds
`in connection with ongoing sales
`
`Small (albeit rapidly growing) kst of similar market cap
`companies that employ ATM programs
`
`x Ongoing market risk and due diligence requirements
`
`Must be completed in open -market windows
`
`SolarCity
`
`
`
`
`7
`
`

`

`Next Steps
`
`BOD approval to raise up to 5200M
`
`Revisit markets post -earnings to determine timing and method
`
`In addition pursue a $100 million low premium convert with SilverLake in parallel
`in case of continued market risk on the equity side
`
`Will be viewed as strategic or validation capital. Much better story to tell
`
`Straight convert with NO board seats. low coupon and solid premium
`
`One week of diligence. could complete in 10 days
`
`Based on final terms make a final decision and potentially upsize with their LPs or other
`long only funds
`
`SolarCity
`
`
`
`
`8
`
`

`

`@ Review of Ez
`Review of Earnings Call
`
`SolarCity
`
`
`
`
`9
`
`

`

`Q3 2015 Overview
`
`Development Company
`
`Power Company
`
`345 MW Booked, up 50% Y/Y
`255 MW Installed in total, up 86 % Y/Y (203
`MW residential, up 69 % Y/Y)
`Total Cost of $2.84/W declined 2% Y/Y
`Unlevered IRR of 12 %in 03
`Economic Value Creation of $239M for equity
`shareholders in 03, or $2.45 per basic share
`
`298,030 customers, up 77 % Y/Y
`Nominal Contracted Payments Remaining
`up $1.2B to $8.9B
`Net Retained Value of $3.48
`PowerCo Available Cash of $117 million
`TTM ($1.20 per Q3 2015 basic share)
`
`K
`
`11111111.11_
`
`
`
`
`10
`
`

`

`World Record 22% Module Efficiency
`
`Silevo Surpassed Our Technology Roadmap with a 22% Efficiency Module at Production -Scale
`At 1 GW Run Rate in Buffalo, We Expect to Produce Modules with the Lowest Levelized Cost of Energy In the World
`
`11.
`
`RETO
`
`California
`
`44
`
`Certified byRETCat 355W
`and efficiency of22.043%
`
`100 MW cell and module R &D production line based on proprietary
`Triex® cell and cascade module technology
`World Record 355 -W Module with efficiency up to 22.04%
`Requires 25% fewer modules (only -17 for a typical 6 kW system vs.
`-23 for standard 260 -W modules) and related balance of system costs
`Grand Opening of our new California Technology Center in Q4 2015
`
`SOlarOty
`
`
`
`
`11
`
`

`

`255 MW Installed in Q3 2015
`
`Annualized Installation Run Rate Surpasses 1 GW for the First Time
`Residential Installations Grew 69% Y/Y to 203 MW with Commercial up 202 %Y /Yto 53 MW
`225
`
`200
`
`175
`
`150
`
`125
`
`100
`
`75
`
`50
`
`25
`
`82
`
`18
`
`3Q13
`
`4013
`
`1Q14
`
`2Q14
`
`Commercial
`
`Figues on page may not calcubte *racily due to rounding
`
`203
`
`168
`
`148
`
`120
`
`90
`
`28
`
`17
`
`4014
`3014
`Residential
`
`1Q15
`
`2015
`
`3Q15
`
`
`
`
`12
`
`

`

`Cost Declines Continue on Record Low Installation Costs
`
`Q3 2015 Costs of $2.84/W Declined 2% Y/Y and Are On Pace to Exceed Our 52.501W Goal in 2017
`Installation Costs Declined 12% Y/Y to New Lows of 51.92/W, Only $0.02/W Away from our 2017 Goal
`
`53.50
`
`53.00
`
`52.50
`
`5Z(R?
`
`51.50
`
`$1.00
`
`$3.26
`
`$3.15
`
`$3.01
`
`$2..89
`
`$2.86
`
`$295
`
`$2.91
`
`$2.84
`
`i $2.09
`
`r -
`Q32013 Q42013 Q12014 Q22014 Q3 2014 042014 01 2015 Q22015 Q32015
`
`' Reconciliation to our GAAP Financial Statements Available on the investor Relations Section of Our Wehsite'
`Figures on page may not calculate *rattly due to rounding
`
`Installation
`
`Sales
`
`G &A
`
`SolarCity
`
`.- Toral
`SG &A
`
`$2.50
`
`2017
`Goal
`
`
`
`
`13
`
`

`

`Economic Value Creation of $239M in Q3 and $582 YTD
`
`2015 YTD Economic Value Creation Is Estimated at $582M in Total with $397M Contracted
`In 3Q15, Economic Value Creation Grew 22% vs. the Prior Quarter to 5239M or $1.21/W
`
`$250
`
`5200
`
`SISO
`
`$100
`
`550
`
`SO
`
`1Q15
`
`2Q15
`
`KEY CONTRACT TERMS
`
`I
`
`1Q15
`
`Blended Yew One Energy Production [kWh]
`
`1.412
`
`3015
`
`2Q13
`
`1.380
`
`3Q1.5
`
`1.352
`
`Energy Contract/PBI Price le Escalator) [5/kWh)
`
`$0.13 1.2.2%)
`
`$0.13 1.2.2%)
`
`$0.13 (+2.3%)
`
`Unlevered IRR
`
`11%
`
`12%
`
`12%
`
`- SolarCity
`
`
`
`
`14
`
`

`

`Net Retained Value of $3.4 Billion Up 10% Q/Q
`
`Net Retained Value Represents Our Discounted Cash Forecast to Equity After Net Debt Outstanding
`Assuming No New Contracts or Cancellations, Value Retained by Equity Estimated at $3.4B as of the End of Q3 2015
`
`Forecast at Sept. 30, 2015 ($M)
`
`PPA /Leese Energy Contract (6% discount rote)
`
`PPA / Lease Renewal /6% discount rate)
`
`¡era:, Retained valLc Forecatt h
`
`Total Debt Outstanding'
`
`Forecasted Net Cash Costs to Deploy Backlog'
`
`Cash and Short-Term Investments
`
`Net Retained Value
`
`Total
`
`$2.770
`
`SI,057
`
`(51,513)
`
`$129
`
`$418
`
`$3,407
`
`Excludes Convertible Debt Outstanding cr S796 Million as it is Currently Assumed to Sonic in Equity
`
`Gross Retained Value was $1.78 per Watt at Sept. 30, 2015
`with Residential Lease /PPA at $1.891W, Commercial at $0.85/W, and MyPower at $3.66/W
`
`Solarcity
`
`
`
`
`15
`
`

`

`PowerCo Available Cash of $17M over Trailing 12 Mos.
`
`Our Proxy for Steady -State Cash Flow, PowerCo Available Cash (PAC) was $117M over UM
`Excluding Tax Equity Distributions which Drop Off After Year 7, PAC was $176M over the Last Twelve Months
`
`S225
`
`S200
`
`5175
`
`5150
`
`5125
`
`S100
`
`S75
`
`550
`
`S25
`
`so
`
`SolarCity
`
`012015 Impacted by
`$12M decline In working
`capital and higher ABS
`interest and principal
`ropaymonr
`
`1015
`
`2015
`
`3015
`
`PAC
`
`o Ex -Tax Equity
`
`
`
`
`16
`
`

`

`Performance of PowerCo Portfolio
`
`PowerCo Continues to Demonstrate Steady Generation of High Margin Cash Flows
`Energy Production, Customer Payment Performance, and O &M Expenses All In Line or Better than Forecasts
`
`MO MM lMM MM !MU MM AM! MU MU MU MIS MJ! KM MM MIS MSS
`System Performance
`Customer Payments
`Incremental blended contract pricing of
`SO 13i Wh in 3015
`Average FICO score of cumulative
`portfolio of 750 as of the end of 3015
`
`TTM energy production of 1 5
`TWh (up 75% Y/Y)
`Blended production of
`cumulative portfoli0 estimated
`at -1,375INtskW
`
`
`
`
`17
`
`

`

`Lower Cost, Lower Risk Capital Structure
`
`PowerCo's Funding Sources Are Very Broad and Flexible Versus Peers
`Investment Grade Debt and Tax Equity Are Lower Cost and Less Volatile than Equity and Typical Project Financing
`
`PowerCo Capital Structure ($ /W)
`
`SCTr
`03 2015
`
`Notes
`
`Tar Equity
`
`of Total
`
`ABS / Aggregation Facility Dobt
`
`$1.75/w
`
`With a 30% ITC, after-tax cost Is 34%
`
`61%
`
`$1.151W
`
`Non -Recourse. Investment -grade debt
`Issued at 4 -5%
`
`Tau equity commitments
`and debt capacity
`sufficient to install > 500
`MW of Q3 2015 carts
`
`Eóul,iwDCas"
`b)
`aa
`
`%of rural
`
`150.081W)
`
`Year One Financing Covered More
`than Our Cash Costs
`
`Capital Needs (post -rebate /prepays)
`
`Cash costs can be covered with
`minimal -to-no equity investment
`
`Entered into 3 interest rate hedges covering debt with a notional value x$350 million
`Every 25 BP Interest Rate Change Impacts Annual Interest Expense by -$1.6M and NPV
`by $0.06/W
`
`SolarCity
`
`
`
`
`18
`
`

`

`Why We Are Confident Net Metering Will Continue
`
`1.
`
`2.
`
`3.
`
`4.
`
`Net metering is good policy as the
`benefits are greater than the revenue
`shift features
`Regulators are overwhelmingly
`approving the extension of NEM as
`sound policy
`uv w NV all recently apero 4 í1E1.1 extensions. 'mera) more
`mdensrons are expected
`Soco 03 2014. basically WNW."( a cap has neared d has been
`extended
`In California the Governor has
`specifically voiced his support for
`rooftop solar as an important part of his
`clean energy vision
`Hawaii is a special case with
`extraordinarily high rooftop solar
`penetration and very high electricity
`prices
`With electricity prices averaging 30c/kWh it is
`feasible to shift load so that no energy is
`exported. Expedited interconnection procedure is
`a great policy enhancement.
`
`SolarCity
`
`Rooftop Solar Benefits not including smart
`inverter features or societal benefits
`
`S') it
`
`10 lo
`
`la is
`
`X Soto
`
`son.
`
`WOO
`lrwrlOts
`AndarySymms
`o..r.awxrcuwavtrnr.eran
`orn.+wean
`
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`SaOrrammse.}.
`
`
`
`
`19
`
`

`

`Guidance for Q4 2015 and Full -Year 2015
`
`Q4 2015:
`MW Installed: 287 - 312
`Due to large volume of commercial projects late in the quarter and concerns over weather
`Revenue:
`Operating Lease and Solar Energy Systems Incentive Revenue: $70M - $76M with seasonally
`low production expected to be below average on El Nino impact
`Solar Energy System Sale Revenue: $28M - $30M
`Operating Lease and Solar Energy Systems Incentive Gross Margin: 30% - 32%
`Includes $4M of amortization of intangibles
`-
`Operating Expenses: $245M - $255M
`Includes $30M - $32M of amortization of intangibles and stock compensation expenses
`Non -GAAP EPS: ($2.60) - ($2.70)
`Defined as: (1 Net Income (Loss) before (2) Net Income Loss) Attributable to Noncontrolling
`Interests and Redeemable Noncontrolling Interests per(3) weighted average common share
`outstanding
`No guidance on GAAP EPS owing to difficulties in forecasting HLBV
`
`2015:
`MW Installed: 885 - 910
`
`Solar City
`
`
`
`
`20
`
`

`

`Development Activities Drive Power Company Platform
`
`Power Company Represents Yield and Development Company Growth
`Equity Value Underpinned By PowerCo's Current Cash Flow Yield with DevCo Driving Higher Cash Flows
`
`Power Company
`Investment grade assets with low
`delinquencies and loss rates
`
`$117M in PowerCo Available Cash TTM
`through 30 2015 ($176M post -flip)
`
`$3.4B in Net Retained Value (cash coming to
`SCTY over 30 years less net debt today at a
`6% discount rate)
`
`Development Company
`Massive and expanding addressable market
`= 34% of U.S. residential and -8% of U.S.
`commercial solar installations 2015 YTD
`MW Installed growth of 81% per year since 2013
`
`Lowest all-in unit costs of the industry
`2015 YID Economic Value Creation of $582M
`($1.21 per watt)] with avg. annual cash flow of
`$0.06/Wover 20 years
`
`-
`
`-
`
`91M basic shares outstanding
`$796M in Convertible Dad
`
`SolarCity
`
`
`
`
`21
`
`

`

`Analyst Estimates
`
`SolarCity
`
`
`
`
`22
`
`

`

`MW Installations
`
`Though Some Analysts Still Use MW Deployed, Consensus MW Installed in Q3 2015 Is 258 MW
`
`MW INSTALLED
`
`MW DEPLOYED
`
`Consensus Estimate: 258114W
`
`230
`
`2S5
`
`260
`
`260
`
`W
`
`260
`
`263
`
`264
`
`160
`
`261
`
`263
`
`7
`
`245
`
`234
`
`236
`
`2
`
`250 _
`
`:CO
`
`150
`
`100
`
`..
`
`.
`
`.....
`
`..
`
`rY"
`
`e
`
`
`
`
`23
`
`

`

`GAAP Operating Lease Revenue
`
`Operating Lease Revenue of $85M at the High End of Guidance of $80 -86M albeit below Consensus
`
`$110
`
`51C0
`
`590
`
`$80 '
`
`$70
`
`$60
`
`$50
`
`540 '.
`
`$30
`
`520 -
`
`510
`
`$0
`
`Consensus Revenue Est.:
`S92 Million (or 587.5M
`ex- Morgan Stanley outlier)
`
`510s0
`
`$973
`
`581.4 522.8 9118' 583.7
`
`$843 $84.6 585.1 5853 .585.6 $86.0 $87.0 $873 $90.3
`
`-
`
`_
`
`/
`
`.!S
`
`
`
`
`24
`
`

`

`GAAP Solar Energy System Sale Revenue
`
`Solar Energy System Sale Revenue of $29M Exceeded Guidance of $26M-$28M and Consensus of $25M
`
`521.8
`
`$17.8
`
`$35
`
`530
`
`$25
`
`$20
`
`515
`
`510
`
`$8.
`
`55
`
`so
`
`Consensus Revenue Est.:
`$25 Million
`
`$26.0 $263
`
`$2.33 -
`
`526.4 526.8
`
`21.0 $27.0 $27.3 527.7 $28.0 $28.0
`
`532."
`
`$28.8
`
`/
`
`vib
`
`
`
`
`25
`
`

`

`GAAP Consolidated Revenue
`
`Total Revenue of $114M In Line with Consensus (Excluding One Analyst Outlier)
`
`Consensus Revenue Est.:
`$117 Million (or $114 Million
`ex-Morgan Stanley Outlier)
`
`$159
`
`$137
`
`$1,p9 5110 5110 5110 5112 $113
`
`5113 5113 51 4 $114 $115 5118
`
`S107 5108
`
`p.
`
`cF'
`
`r
`e
`
``
`
`yá
`
`i
`y,
`
``
`
`o
`
`Nt,ó'
`
`5175
`
`$150
`
`S125
`
`$101
`
`$75
`
`550
`
`525
`
`50
`
`tSolarCity
`
`
`
`
`26
`
`

`

`Operating Lease Gross Margins
`
`Operating Lease Gross Margin of 46% at the Low End of Guidance of 46% - 50%
`
`Consensus Gross Margin Est.:
`51%
`
`67%
`
`62%
`
`47% 48%
`
`48%
`
`48% y 49%
`
`50%
`
`50
`91
`
`55%
`
`52%
`
`45%
`
`46%
`
`46%
`
`46%
`
`70'^
`
`60%
`
`50%
`
`10%
`
`W
`.0
`T
`
`ó 4
`
`!
`
`I-
`S.
`O
`
`P
`
`F
``_ tA
`
`F
`
`.a
`
``
`
``'
`
`¢
`
``-. SolarCity
`
`co:,kle,,, .,
`
`Slab
`
`
`
`
`27
`
`

`

`Operating Expenses
`
`Opex of $216M at the Midpoint of $210-225M Guidance and Better than Consensus of $217M
`
`5300
`
`$250
`
`$200
`
`$184
`
`5205
`
`5195
`
`Consensus Opex Est.:
`$217 Million
`
`5275
`
`5212 5215 5215 15215 5216 5217 5218 5219 5219 $219
`
`AMP
`
`$222
`
`5225
`
`5150
`
`5100
`
`$50
`
`50
`
`.4*
`
`SolarCrty
`
`_
`
`1,,iP
`
`is
`
`is
`
`led. a
`
`
`
`
`28
`
`

`

`Non -GAAP EPS (Earnings Before Non -Controlling Interest)
`
`Non -GAAP EPS of ($2.08) at the Better End of Guidance of ($2.05)- ($2.1S) ex- Hedges /Warranty
`
`(51.00)
`
`(51.25)
`
`15150)
`
`(51.75)
`
`(52.00)
`
`(52.25)
`
`/le
`
`!9 C
`
`d
`
`i`
`
`/ 4
`
`U
`
`151.10)
`
`($2.05)(52.03
`(52. 202.08)152.07)(52.06X52.06)(52.05)(52.05)(52.03
`
`52.02)(52.0101.99)1$1.96)
`
`151.65)
`
`- - ($.43)
`
`($2.50)
`
`(52.41)
`
`Conaway NprQMrFrStst.:
`(w71
`
`GAAP EPS was ($0.19) In 3Q15 Due to Positive Impact from Non -Controlling Interest
`
`SolarOty
`
`
`
`
`29
`
`

`

`MW Installed Guidance - 4Q15
`
`Midpoint of Guidance of 300 MW Installed in Q4 2015 Below Consensus of 354 MW
`
`MW INSTAUED
`
`MW DEPLOYED
`
`400
`
`350
`
`300
`
`250
`
`200
`
`150
`
`100
`
`50
`
`o
`
`Consensus Estimate:354MW
`
`340
`
`345
`
`353
`
`360
`
`390
`
`375
`
`315
`
`325
`
`326
`
`._. -
`
`340
`
`343
`
`354
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`355
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`
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`
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`
`
`
`
`30
`
`

`

`Corporate Matters
`
`Litigation update
`
`Approvals
`
`Board minutes dated July 28, 2015
`
`
`
`
`31
`
`

`

`Consolidated GAAP Balance Sheets
`
`3 e r3re..e
`
`Member 31. 3. psaa.r M.
`MIS
`2514
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`
`
`
`
`32
`
`

`

`Consolidated GAAP Statements of Operations
`
`S i, 7lnn..d, uceptper rise dams
`
`Rere.w.
`Operating leases awd solar ssserSy *swot aromas,
`Sal/ awe system asó meow:as alts
`Teal mesase
`Ces ejeresrww:
`Opening leases and sots away
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`
`iwcmola
`
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`Sales and made*
`General sod admaisraèa<
`Reseach ad dndopmaa
`Toni .,.ntis$ .sp..s.s
`
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`loco= tac (pm5úos) betide
`Net loss
`Net loss atmbaalk asmwcmfein{ musts sod
`redeemable ssoncoireisl sumo
`Net Mss) acme 6.$4óa/ o to st.ckboWrs
`
`Three Alma, Ems1ed
`Sept. 30.2014
`Sep(. 30.2013
`(..sedl(ed)
`(.sa.dRed)
`
`S
`
`5
`
`57,173
`
`6.165
`51.363
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`ss.r_E
`6440
`32.361
`
`25.973
`
`36472
`39605
`4.235
`100.313
`
`(74340)
`16321
`:961
`(93.621)
`23.305
`(70,116)
`
`(19,352)
`19,23ó
`
`5
`
`35,059
`3.791
`113,937
`
`Net infime `wnsl pa slum assnbwae ms
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`129.214
`69,423 Onsal
`17,632
`214.359
`
`46.015
`42.554
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`25,230
`
`(191,071)
`25367
`
`74.510
`(233,2933
`(41
`(233,297)
`
`9
`
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`
`Due* 31e.1s E.ded
`Sops.36.2015
`Sept. 30.2014
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`
`93324
`993í0
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`(6.4)
`43.
`
`
`
`
`33
`
`

`

`Consolidated GAAP Statement of Cash Flows
`
`S h 10.aso
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`
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`
`
`
`
`34
`
`

`

`Appendix A: Debt Maturity Profile
`
`Total of $238 In Gross Debt Including $1.08 Non -Recourse and $796M In Convertible Debt
`
`5700,000
`
`5600,000
`
`QÇ
`
`Y
`
`5500,000
`
`S400,000
`
`5300,[00
`
`5200,000
`
`5100,000
`
`50
`
`5olatCity
`
`1 1
`
`2016
`
`2017
`
`2015
`
`I
`
`2019
`
`After 2019
`
`RecourutoSolarCRy
`
`Non-Recourse toSdarGty
`
`ConverDbie
`
`
`
`
`35
`
`

`

`..;
`;SolarCity
`
`Thank You
`
`SOLARCITY.COM
`
`SolarCity
`
`
`
`
`36
`
`

`

`EXHIBIT 28
`EXHIBIT 28
`
`
`
`

`

`tV
`Ft:
`
`Ira, here you go. (BTW, the WEIF web homepage doesn't print well. Funny formatting. I just grabbed the 15t
`page).
`
`Sending .zip file with the files, and a copy of the PPT "DBL Partners Introduction" if you want to re -edit it & re-
`PDF it.
`
`Patrick
`
`Patrick Sagisi
`DBL Partners
`Double Bottom Line Venture Capital
`
`

`

`CONFIDENTIAL
`
`TESLADIRO028183
`
`

`

`Impact Investor
`
`Venture Capital's Premier
`
`DOUBLE BOTTOM LINE VENTURE CAPITAL
`
`PARTNERS
`
`L
`
`

`

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`
`

`

`Continue to invest in market -leading companies with meaningful impact
`
`June 2015
`Final Close
`CURRENT STATUS
`
`Sustainability
`CleantechIT
`INDUSTRY SECTORS
`
`Bay Area + U.S.
`
`GEOGRAPHIC FOCUS
`
`$400M
`
`FUND SIZE
`
`Fund III: Key Parameters
`
`PARTNERS
`
`DBL
`
`DOUBLE BOTTOM LINE VENTURE CAPITAL
`
`

`

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`

`Former Director, ARPA -E
`
`VP, Google.org Energy Initiative
`
`Arun Majumdar
`
`Former Governor of Michigan
`
`Former U.S. Secretary of Energy and
`
`Jennifer Granholm
`
`Steven Chu
`
`Nobel Laureate
`
`TE LA MOTORS
`
`S
`
`SP-AC_'.
`
`RIV
`YN
`
`d Brain Trust
`
`Fund III Advisorsan
`
`

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`
`

`

`7
`
`*Return multiples for still active stock holdings are as of 9/30/2015
`
`12.3x return
`
`Acquired by Flextronics
`
`September 2015
`
`1.2x return
`
`Acquired by Siemens
`
`January 2012
`
`3.2x return
`
`Acquired by SunPower
`
`January 2007
`
`N E` rocker
`
`eMeter
`
`SOLAR ELECTRIC SYSTEMS
`
`POWERL1GHT
`
`,,4i
`
`1.3x return
`
`Johnson & Johnson
`
`Acquired by
`June 2005
`
`eninsa,.
`
`N C
`
`P N A Y M A C E U
`
`0.2x return*
`
`June 2014
`
`IPO
`
`J
`
`1.3x return
`
`Sept 2013
`
`IPO
`
`21.7x return*
`
`J
`
`Dec 2012
`
`IPO
`
`7.5x return
`
`June 2011
`
`IPO
`
`8.2x return
`
`June 2010
`
`IPO
`
`=4.1, 'ten
`111(.111.1p
`
`SdarSitV
`
`1 \1
`
`CareDx
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`r
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`
`T -
`
`t.
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`
`Track Record: Five IPOs and 4 Acquisi
`
`

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