SunEdison, Inc. revealed its financial results for the 2013 fourth quarter, reflecting a strong demand in its Solar Energy segment. The highlights are as following:
- GAAP revenue of $551.2 million and GAAP EPS of $(1.07)
- Non-GAAP revenue of $960.7 million and non-GAAP EPS of $(0.48)
- Solar Energy recognized non-GAAP revenue related to 206 MW of solar energy systems, retained 127 MW of solar energy systems and ended the quarter with 504 MW under construction
- Projects retained on balance sheet represented an estimated $257.0 million of retained value
- Solar project pipeline grew to 3.4 GW and backlog remained at 1.1 GW
- Semiconductor Materials generated positive operating cash flow
- Successfully raised $1.2 billion through a convertible senior note offering and redeemed 2019 Senior Notes
Solar pipeline grew sequentially despite significantly higher project completions in the quarter. Lower revenue in the Semiconductor Materials segment was due to lower volumes and continued pricing pressures, influenced primarily by industry related weakness. SunEdison ended the year with cash and cash equivalents of $573.5 million and cash committed for construction projects of $258.0 million, totaling $831.5 million, resulting from the net cash inflows from term debt refinancing in connection with the convertible senior note offering, inflows from solar project financing and working capital management, partially offset by outflows from solar project construction.
On February 18, 2014, SunEdison announced that it confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission (SEC) relating to the proposed initial public offering of the common stock of a yield vehicle. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
"Thanks to the hard work and dedication of our team, we achieved our target for solar project completions in the quarter. Our geographic breadth and early presence in regions now experiencing growing demand enabled another quarter of pipeline growth. The successful debt refinancing completed late last year and our proposed yield vehicle are important steps towards lowering our cost of capital," said Ahmad Chatila, the CEO. "Despite challenging conditions in the semiconductor market, our Semiconductor Materials segment generated positive operating cash flow and continues to take action to lower its cost structure. According to industry forecasts, the semiconductor market is expected to grow in 2014, and we are positioned well from a customer, product and capability perspective to participate as the market improves. In 2014, we remain committed to strengthening our balance sheet and creating value for our stakeholders."
Key summary financial results, reconciliation of all GAAP to non-GAAP financial measures are all available in the press release: SunEdison Reports Fourth Quarter And Full Year 2013 Results
