SunEdison: Q1 results

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ST. PETERS - First Quarter 2014 Highlights:

    GAAP revenue of $546.5 million and GAAP EPS of ($2.31)
    Non-GAAP revenue of $577.6 million and non-GAAP EPS of ($0.25)
    Solar Energy non-GAAP revenue related to 76 MW of solar energy systems, 74 MW of solar energy systems retained and 463 MW under construction at quarter end
    Solar project pipeline grew to 3.6 GW and backlog was 1.0 GW at end of quarter
    Closed $150 million of a $300 million non-recourse revolving construction facility
    Closed $250 million non-recourse facility for portfolio acquisitions

SunEdison, Inc. announced financial results for the 2014 first quarter which reflected continued progress in solar projects retained in its Solar Energy segment and sequentially improving volumes in its Semiconductor Materials segment.  Solar pipeline grew sequentially, and gross additions were 323 MW.

"During the 2014 first quarter, we continued our efforts to build and retain solar projects," said Ahmad Chatila, Chief Executive Officer.  "We expect 2014 to be a strong year for solar project completions, based on our growing pipeline and our project construction plans over the next few quarters.  The Semiconductor Materials segment grew units sequentially and our cost reduction and manufacturing efficiency programs are progressing well.  We continue to believe that business segment remains well positioned for the long term."

Cash Flow

Operating cash used in the 2014 first quarter was $215.2 million and was primarily the result of changes in working capital and project construction.  Approximately $83.8 million of debt related to projects sold were assumed by counterparties, for which such cash inflows were recorded as financing activities and are not included in operating cash flows.

Free cash flow was ($110.8) million and was largely influenced by solar energy project financing and solar project construction activities, and capital expenditures.  See the reconciliation of free cash flow in the financial statement tables at the end of this press release.

Capital expenditures were $20.1 million in the 2014 first quarter.  Similar to the 2013 fourth quarter, the majority of 2014 first quarter capital expenditures were incurred in the Semiconductor Materials segment.

During the 2014 first quarter, the company closed on $150 million of a $300 million non-recourse construction revolver, replacing the previous $150 million revolver in place since 2012.  In addition, the company closed on a $250 million non-recourse facility for the acquisition of certain renewable energy generation assets.

The company ended the 2014 first quarter with cash and cash equivalents of $463.4 million and cash committed for construction projects of $178.2 million, for a total of $641.6 million.  

Earnings per Share

First quarter 2014 GAAP earnings per share was ($2.31) and non-GAAP earnings per share was ($0.25).  Non-GAAP earnings per share excluded a non-cash charge of ($1.09) per share, net of tax, related to fair value adjustments on the convertible note related derivatives primarily resulting from the large increase in the company's share price during the period.

Segment Results

Effective January 1, 2014, in connection with the previously announced plan to divest a minority ownership of our Semiconductor Materials business through an initial public offering, we made the following changes in our internal financial reporting in order to align our reporting with the organizational and management structure established to manage the Semiconductor Materials segment as a standalone SEC registrant:

    Reclassification of certain corporate costs and expenses. Prior to January 1, 2014, general corporate marketing, administrative, stock compensation, research and development and certain other costs and expenses were included in the "Corporate and Other" caption in our disclosures of financial information by reportable segment. Effective January 1, 2014, these costs and expenses will be specifically identified with the Solar Energy or Semiconductor Materials segments.
    Reclassification of the results for the company's polysilicon operations in Merano, Italy from the Solar Energy segment to the Semiconductor Materials segment. Prior to January 1, 2014, the Merano polysilicon operations were included in the results of the Solar Energy segment. Upon the effective date of the Semiconductor Materials offering, the Merano polysilicon operations will be transferred to the Semiconductor Materials segment. Thus, effective January 1, 2014, the results of the Merano polysilicon operations were reported on this basis in our internal financial reporting.

As a result of these changes to our internal financial reporting structure, we determined that such changes should also be reflected in the reportable segments data disclosed in our consolidated financial statements and intend to file a Form 8-K with re-casted historical financial data by May 12, 2014.

Solar Energy:  GAAP

Solar Energy segment GAAP revenue was higher year-over-year, driven by higher solar project volume and higher sales of solar materials, partially offset by lower average prices.  Solar Energy segment GAAP revenue for the 2014 first quarter and 2013 first quarter included $14.3 million and $8.2 million, respectively, of previously deferred solar project revenue.  First quarter 2013 revenue also included a $25.0 million benefit related to a wafer supply contract amendment with Tainergy.  GAAP revenue was slightly higher sequentially, driven by higher solar project sales volume and higher sales of solar materials, mostly offset by lower solar project pricing.  In the 2014 first quarter, Solar Energy recognized GAAP revenue from solar projects totaling 78 MW, up from 55 MW in the 2013 fourth quarter and 43 MW in the 2013 first quarter.  During the 2014 first quarter, 74 MW of additional projects were constructed and held on the balance sheet.

First quarter 2014 Solar Energy segment GAAP operating loss was higher year-over-year primarily because of the $25.0 million of revenue recognized on the Tainergy contract amendment during the first quarter of 2013.  Operating loss was lower sequentially due primarily to higher solar project volume in the first quarter of 2014.  Fourth quarter 2013 included a $15.2 million charge related to impairment of intangible assets.    

Solar Energy:  Non-GAAP

Solar Energy segment non-GAAP revenue was up year-over-year and down sequentially.  Year-over-year revenue was up despite a $25.0 million benefit related to the contract amendment with Tainergy in the 2013 first quarter, due to higher solar project and materials sales.  Sequentially, non-GAAP revenue was lower as a result of lower solar project sales which were only partially offset by higher solar materials and services sales.  Non-GAAP revenue resulted from 76 MW of solar projects sold in the 2014 first quarter, compared to non-GAAP revenue from 206 MW in the 2013 fourth quarter and 45 MW in the 2013 first quarter.  Of the 76 MW of non-GAAP revenue in the 2014 first quarter, 68 MW were direct sales and 8 MW were sale-leaseback transactions.

Segment non-GAAP operating loss increased year-over-year and decreased sequentially.  Higher operating expenses related to growth initiatives and costs associated with holding rather than selling retained projects contributed to the lower year-over-year results.  Fourth quarter 2013 included a charge of $15.2 million related to impairment of intangible assets.

Solar Project Pipeline, Backlog & Construction

The Solar Energy segment ended the 2014 first quarter with a project pipeline of 3.6 GW, up 173 MW compared to the prior quarter and up 916 MW from the year ago period.  Backlog at March 31, 2014 was 1.0 GW, down 73 MW from the prior quarter.  A solar project is classified as "pipeline" where SunEdison has a signed or awarded PPA or other energy off-take agreement or has achieved each of the following three items: site control, an identified interconnection point with an estimate of the interconnection costs, and an executed energy off-take agreement or the determination that there is a reasonable likelihood that an energy off-take agreement will be signed.  A solar project is classified as "backlog" if there is an associated executed PPA or other energy off-take agreement, such as a feed-in-tariff.  There can be no assurance that all pipeline or backlog projects will convert to revenue because in the ordinary course of our development business some fall-out is typical and certain projects will not be built.

As of March 31, 2014, 463 MW of the pipeline was under construction, compared to 504 MW as of December 31, 2013 and 135 MW as of March 31, 2013.  Of the projects under construction, we expect to retain a majority on the balance sheet.  "Under construction" refers to projects within pipeline and backlog, in various stages of completion, which are not yet operational.

Semiconductor Materials

Semiconductor Materials segment revenue for the 2014 first quarter was lower year-over-year and down slightly compared to the prior quarter.  First quarter 2014 revenue was lower year-over-year due to lower average selling prices resulting from softness in the semiconductor industry and a less favorable sales mix.  Prices were down across all diameters with the greatest revenue impact seen in large diameter wafers due to a competitive market environment.  Revenue was relatively flat sequentially as higher volumes were more than offset by lower average selling prices, especially in large diameter wafers.

Compared to the 2013 first quarter, segment operating loss increased due to lower average selling prices, lower volume and a less favorable product mix, partially offset by improved operational efficiencies, manufacturing cost reductions and lower spending on salary, benefits and other administrative costs.  The cost reductions and reduced spend are the result of restructuring efforts in connection with our previously announced plan to consolidate our semiconductor crystal operations.  Sequentially, segment operating loss decreased as higher gross margin resulted from higher volume and yields, lower materials costs and lower operating expenses from the restructuring and other cost reduction initiatives.

Outlook

The company provided the following key metrics for the 2014 second quarter and revised metrics for full-year 2014.  Assuming no significant worldwide economic issues in these periods, the company expects the following:

For the second quarter 2014:

    Solar energy systems total non-GAAP sales volume in the range of 60 MW to 80 MW
    Solar energy systems MW retained on the balance sheet between 100 MW and 120 MW
    Solar energy systems MW completed between 160 MW and 200 MW
    Fully developed solar energy systems average project pricing between $2.85/watt and $3.15/watt

For the full year 2014:

    Solar energy systems total non-GAAP sales volume in the range of 460 MW to 580 MW
    Solar energy systems MW retained on the balance sheet between 440 MW and 570 MW
    Solar energy systems MW completed between 900 MW and 1150 MW
    Fully developed solar energy systems average project pricing between $2.40/watt and $2.75/watt

About SunEdison

SunEdison is a global leader in semiconductor and solar technology.  SunEdison has been a pioneer in the design and development of silicon wafer technologies for over 50 years.  With R&D and manufacturing facilities in the U.S., Europe, and Asia, SunEdison enables the next generation of high performance semiconductor devices and solar cells.  SunEdison is also a developer of solar power projects and a worldwide leader in solar energy services.  SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."  For more information about SunEdison, please visit www.SunEdison.com.

SOURCE: SunEdison, Inc.

Investors/Analysts: Chris Chaney, Director, Investor Relations, (636) 474-5226

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