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Business
Operating
Plan

NORTHEAST
T.R. LUDWIG
Senior Regional Sales Manag
November 2013

(888) 657-6527

WW.RECsolar.com
Executive Summary

• REC in the North East has had a bumpy road in 2013 with 36% growth in NJ market and slower than expected start in NY,
expected to finish with 619kW.
• Reasons for underperformance are due to lack of leadership,
uncoordinated go to market plan, poor product viability (NJ),
and underperforming RSCs.
• 2014 will be a break out year for REC in the North East. Many
of the key issues contributing to weak performance have been
identified and solutions are in place.
Executive Summary Contd…

• The keys to improving regional performance are focusing on
recruiting and training top talent into key positions, targeted
marketing approach, take referrals to the next level, and
operational efficiency of ISS, SOTP, OPS, and OS.
• Strong execution will be supported with additional marketing
and advertising focused on target markets primarily in New
York.
• By year end 2014, the North East Region will deliver $13M in
topline revenue, and result in 3.6mW of orders.
Vision

Bringing Solar to the Mainstream!
PERSPECTIVE- NJ
- Poor Performance
-$676K, 181kW YTD on Plan of $1.5M
-Forecast to be $857K, 231kW- 58% of Plan
-Market growth 25% YOY/REC Growth -36% (Current Share .5%)
-Reasons
-Internal:
-Focus: Not a Focus Market
-Leadership: RSM Top-grading (Peter Awn)
-Sales Talent: RSC Turnover, Just Nick
-Poor Referral Business
-Marketing: Nothing Other Than COSTCO
-Product: SR Exited, NRG Flop, CPF Late Entry for REC
-Pricing: Prohibitive Cost Structure*
-External: Macroeconomics
-SREC Uncertainty
-Lack of Utility Support (e.g. PSE&G Solar Loan)
-Key Players
-Vivint, RDI, SolarCity, Astrum, Trinity
PERSPECTIVE- NY
-N e w M a r k e t E n t r y
-3/13 Go To Market, Stumbles on Marketing
-$890K, 230kW YTD on Plan of $2.23M
-Forecast to be $1.31M, 388kW-58% of Plan
-Reasons/Factors
-Internal:
-Focus: Long Island Detour to RONY (Rest of NY), Licensing
-Leadership: Interim RSM (T.J. Slocum)
-Sales Talent: Drop Team, New Hires
-Marketing: Just COSTCO
-Product: Strong SUNRUN Product, Due Diligence on CPF, TBD
Cash Product, TBD Other Finance Partners
-Pricing: Fine Tune Cost Structure
-External: Macroeconomics
-L.I. rebates unpredictable and immature program
-RONY incentives slow to process
-Key Players
-Astrum, SolarCity, RDI, Verrengo
PERSPECTIVE- 2013
Lead Source

Orders

%Purch Thru
Costco

Costco

26

100%

Referral

14

35%

Purchase Leads

7

14%

Canvassing

3

33%

Other

3

33%

Total

53
RSC Ranking

Orders

Nick Walsh

28

Sumner Komro (Drop team)

9

Susan Friedricks (Sept 2013)

7

Rob Sandberg (new hire, Oct 2013)

1

Dylan Pywell (new hire, Oct 2013)

0
PERSPECTIVE- 2013
NJ/NY Branch P&L Summary

 Revs $2.1M on plan of $3.4M, -61% variance
 Contains $1.2 in Regional Commercial COGS $2.04, GM 17%
 COGS $2.19 on plan of $1.97, -11% variance
 Volume is issue, need scale
 Gross Margin: 25% on plan of 32%, -7% variance
 Volume issue in COGS cascades to GM
 SG&A: $650K on plan of $626K, +1.8% variance
 Sales attrition, non performers
 Net P&L: -$114K on plan of $481K, $595K delta
 Lack of sales
 NY start up expenses/NJ burdened
PERSPECTIVE- 2014
Regional Outlook For 2014
• NJ
-

Moderate market growth expected: 7%
900kW REC forecasted for 2014
Focus on targeted territory
1.5% market share by end of 2014

• NY
-

Breakout growth year expected:114%
2.6mW REC forecasted for 2014
Geotargeting via canvass
Referrals to the next level
5.5% market share by end of2014
PERSPECTIVE- 2014
MARKET SHARE 2012-2014
12.0%
11.10%

2012 MS

10.0%

Percentage (%)

2013 MS
2014 MS

7.9%8.0%

8.0%

7.3%

6.0%

5.5%

4.50%
4.5%
4.0%

4.0%
2.7%

3.40%
2.9%3.0%

2.8%
2.70%
1.8%

2.0%
1.2%
0.20%

0.00%

0.0%
CA

1.5%
1.00%
0.5%

HI

AZ

CO

NY

NZ

US
PERSPECTIVE- 2014

2012

2013

REGIO
Market REC Market Share Market REC
N

Market Share

2014

Market Growth REC Growth Market REC Market Share

Market Growth REC Growth

CA

196

8.9

4.5%

343

15.3

4.5%

75%

72%

428

31.4

7.3%

25.0%

105.0%

HI

57

0.1

0.2%

90.1

1.1

1.2%

58%

955%

112

3.0

2.7%

24.0%

182.0%

AZ

62

2.1

3.4%

71.4

2.1

2.9%

15%

-2%

71

2.2

3.0%

-1.0%

3.0%

CO

18

2.0

11.1%

30

2.4

7.9%

67%

19%

27

2.1

8.0%

-10.0%

-10.0%

NY

15

0.0

0.0%

22

0.4

1.8%

47%

47

2.6

5.5%

114.0%

537.0%

NJ

43

0.4

1.0%

54

0.3

0.5%

26%

-36%

58

0.9

1.5%

7.0%

205.0%

US

494

13.5

2.7%

776

21.5

2.8%

57%

59%

1069

43.0

4.0%

38.0%

100.0%

-
PERSPECTIVE- 2014

2014 kW Forecast

Branch
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey
New Jersey

45050

4%
$7,120,694
Actual Forecast 4%
Aug Dec
Jan
$137,098
38.08
4%
$4.25 $3.55 3.60
$ (0.16) $ (0.54) $ (0.05)
$433,003
114.25
4%
$3.87 $3.59 3.79
$0.52 $ (0.20)

2014

2013 Monthly Sales Distribution Actual
Waterfall Totals
Jan
Total $s $3,243,600 $s
% of Bus
2%
kW
kW
901 Sales Dist
Avg ASP Rev $3.60
ASP $4.09
ASP Check TRUE ASP Decline
Total $s $10,244,370 $s
% of Bus
6%
kW
kW
2,703 Sales Dist
Avg ASP Rev 3.79
ASP $ ASP Check TRUE ASP Decline

5%
6%
7%
$8,757,855 $10,457,709 $11,776,876
6%
5%
8%
Feb
Mar
Apr
$162,180 $194,616 $227,052
45.05
54.06
63.07
5%
6%
7%
3.60
3.60
3.60
$$512,219 $614,662 $717,106
135.15 162.18
189.21
5%
6%
7%
3.79
3.79
3.79
$-

8%
10%
11%
$13,365,876 $16,135,894 $16,989,251
7%
8%
10%
May
Jun
Jul
$259,488 $291,924 $309,673
72.08
81.09
86.02
8%
9%
10%
3.60
3.60
3.60
$$819,550 $9,921,993 $978,049
216.24
243.27
258.06
8%
9%
10%
3.79
3.79
3.79
$-

11%
11%
10%
$17,363,644 $17,562,163 $15,495,234
11%
12%
12%
Aug
Sep
Oct
$358,192 $389,339 $355,796
99.5
108.15
99.11
11%
12%
11%
3.60
3.60
3.60
$$1,131,288 $1,229,661 $1,126,881
298.49
324.45
297.33
11%
12%
11%
3.79
3.79
3.79
$-

9%
8%
100%
13,741,929 $12,249,019 $161,015,271
9%
8%
100%
Nov
Dec
To
$308,849 $267,724 $3,254,930
83.57
74.37
904.15
9%
8%
100%
3.60
3.60
3.60
$ (0.05)
$950,183 $845,560 $10,280,154
250.71 223.1
2,712.44
9%
8%
100%
3.79
3.79
3.79
$ (0.20)
REC SOLAR(SOP) BOP
Process

People
Key Hires: SA, FMS, BD, RSM

Talent Sourcing

System

Sales Process

Licensing

Design tool

Cash proposal tool

Training Recognition

Target demographic

Appointment feedback tool

Canvas Operations

Sales and Marketing

Cross-Functional

From $1.5 MM to $13MM | From 100’s kW Sold to 3.6mW Sold
PERSPECTIVE
Competition
• Aggressive
• Low cost
• Self financed
• Poor execution

• Targeted sales
• Self financed
• Speed
• Poor execution

Solarcity

Astrum
• Innovative
• Strong marketing
• Large sales force
• Financing in flux

Vivint

RDI
• Solid sales force
• Roofing synergy
• Home Depot
dependent
Thank you!

(888) 657-6527

WW.RECsolar.com

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Recsolar Presentation

  • 1. Business Operating Plan NORTHEAST T.R. LUDWIG Senior Regional Sales Manag November 2013 (888) 657-6527 WW.RECsolar.com
  • 2. Executive Summary • REC in the North East has had a bumpy road in 2013 with 36% growth in NJ market and slower than expected start in NY, expected to finish with 619kW. • Reasons for underperformance are due to lack of leadership, uncoordinated go to market plan, poor product viability (NJ), and underperforming RSCs. • 2014 will be a break out year for REC in the North East. Many of the key issues contributing to weak performance have been identified and solutions are in place.
  • 3. Executive Summary Contd… • The keys to improving regional performance are focusing on recruiting and training top talent into key positions, targeted marketing approach, take referrals to the next level, and operational efficiency of ISS, SOTP, OPS, and OS. • Strong execution will be supported with additional marketing and advertising focused on target markets primarily in New York. • By year end 2014, the North East Region will deliver $13M in topline revenue, and result in 3.6mW of orders.
  • 4. Vision Bringing Solar to the Mainstream!
  • 5. PERSPECTIVE- NJ - Poor Performance -$676K, 181kW YTD on Plan of $1.5M -Forecast to be $857K, 231kW- 58% of Plan -Market growth 25% YOY/REC Growth -36% (Current Share .5%) -Reasons -Internal: -Focus: Not a Focus Market -Leadership: RSM Top-grading (Peter Awn) -Sales Talent: RSC Turnover, Just Nick -Poor Referral Business -Marketing: Nothing Other Than COSTCO -Product: SR Exited, NRG Flop, CPF Late Entry for REC -Pricing: Prohibitive Cost Structure* -External: Macroeconomics -SREC Uncertainty -Lack of Utility Support (e.g. PSE&G Solar Loan) -Key Players -Vivint, RDI, SolarCity, Astrum, Trinity
  • 6. PERSPECTIVE- NY -N e w M a r k e t E n t r y -3/13 Go To Market, Stumbles on Marketing -$890K, 230kW YTD on Plan of $2.23M -Forecast to be $1.31M, 388kW-58% of Plan -Reasons/Factors -Internal: -Focus: Long Island Detour to RONY (Rest of NY), Licensing -Leadership: Interim RSM (T.J. Slocum) -Sales Talent: Drop Team, New Hires -Marketing: Just COSTCO -Product: Strong SUNRUN Product, Due Diligence on CPF, TBD Cash Product, TBD Other Finance Partners -Pricing: Fine Tune Cost Structure -External: Macroeconomics -L.I. rebates unpredictable and immature program -RONY incentives slow to process -Key Players -Astrum, SolarCity, RDI, Verrengo
  • 7. PERSPECTIVE- 2013 Lead Source Orders %Purch Thru Costco Costco 26 100% Referral 14 35% Purchase Leads 7 14% Canvassing 3 33% Other 3 33% Total 53 RSC Ranking Orders Nick Walsh 28 Sumner Komro (Drop team) 9 Susan Friedricks (Sept 2013) 7 Rob Sandberg (new hire, Oct 2013) 1 Dylan Pywell (new hire, Oct 2013) 0
  • 8. PERSPECTIVE- 2013 NJ/NY Branch P&L Summary  Revs $2.1M on plan of $3.4M, -61% variance  Contains $1.2 in Regional Commercial COGS $2.04, GM 17%  COGS $2.19 on plan of $1.97, -11% variance  Volume is issue, need scale  Gross Margin: 25% on plan of 32%, -7% variance  Volume issue in COGS cascades to GM  SG&A: $650K on plan of $626K, +1.8% variance  Sales attrition, non performers  Net P&L: -$114K on plan of $481K, $595K delta  Lack of sales  NY start up expenses/NJ burdened
  • 9. PERSPECTIVE- 2014 Regional Outlook For 2014 • NJ - Moderate market growth expected: 7% 900kW REC forecasted for 2014 Focus on targeted territory 1.5% market share by end of 2014 • NY - Breakout growth year expected:114% 2.6mW REC forecasted for 2014 Geotargeting via canvass Referrals to the next level 5.5% market share by end of2014
  • 10. PERSPECTIVE- 2014 MARKET SHARE 2012-2014 12.0% 11.10% 2012 MS 10.0% Percentage (%) 2013 MS 2014 MS 7.9%8.0% 8.0% 7.3% 6.0% 5.5% 4.50% 4.5% 4.0% 4.0% 2.7% 3.40% 2.9%3.0% 2.8% 2.70% 1.8% 2.0% 1.2% 0.20% 0.00% 0.0% CA 1.5% 1.00% 0.5% HI AZ CO NY NZ US
  • 11. PERSPECTIVE- 2014 2012 2013 REGIO Market REC Market Share Market REC N Market Share 2014 Market Growth REC Growth Market REC Market Share Market Growth REC Growth CA 196 8.9 4.5% 343 15.3 4.5% 75% 72% 428 31.4 7.3% 25.0% 105.0% HI 57 0.1 0.2% 90.1 1.1 1.2% 58% 955% 112 3.0 2.7% 24.0% 182.0% AZ 62 2.1 3.4% 71.4 2.1 2.9% 15% -2% 71 2.2 3.0% -1.0% 3.0% CO 18 2.0 11.1% 30 2.4 7.9% 67% 19% 27 2.1 8.0% -10.0% -10.0% NY 15 0.0 0.0% 22 0.4 1.8% 47% 47 2.6 5.5% 114.0% 537.0% NJ 43 0.4 1.0% 54 0.3 0.5% 26% -36% 58 0.9 1.5% 7.0% 205.0% US 494 13.5 2.7% 776 21.5 2.8% 57% 59% 1069 43.0 4.0% 38.0% 100.0% -
  • 12. PERSPECTIVE- 2014 2014 kW Forecast Branch New Jersey New Jersey New Jersey New Jersey New Jersey New Jersey New Jersey New Jersey New Jersey New Jersey 45050 4% $7,120,694 Actual Forecast 4% Aug Dec Jan $137,098 38.08 4% $4.25 $3.55 3.60 $ (0.16) $ (0.54) $ (0.05) $433,003 114.25 4% $3.87 $3.59 3.79 $0.52 $ (0.20) 2014 2013 Monthly Sales Distribution Actual Waterfall Totals Jan Total $s $3,243,600 $s % of Bus 2% kW kW 901 Sales Dist Avg ASP Rev $3.60 ASP $4.09 ASP Check TRUE ASP Decline Total $s $10,244,370 $s % of Bus 6% kW kW 2,703 Sales Dist Avg ASP Rev 3.79 ASP $ ASP Check TRUE ASP Decline 5% 6% 7% $8,757,855 $10,457,709 $11,776,876 6% 5% 8% Feb Mar Apr $162,180 $194,616 $227,052 45.05 54.06 63.07 5% 6% 7% 3.60 3.60 3.60 $$512,219 $614,662 $717,106 135.15 162.18 189.21 5% 6% 7% 3.79 3.79 3.79 $- 8% 10% 11% $13,365,876 $16,135,894 $16,989,251 7% 8% 10% May Jun Jul $259,488 $291,924 $309,673 72.08 81.09 86.02 8% 9% 10% 3.60 3.60 3.60 $$819,550 $9,921,993 $978,049 216.24 243.27 258.06 8% 9% 10% 3.79 3.79 3.79 $- 11% 11% 10% $17,363,644 $17,562,163 $15,495,234 11% 12% 12% Aug Sep Oct $358,192 $389,339 $355,796 99.5 108.15 99.11 11% 12% 11% 3.60 3.60 3.60 $$1,131,288 $1,229,661 $1,126,881 298.49 324.45 297.33 11% 12% 11% 3.79 3.79 3.79 $- 9% 8% 100% 13,741,929 $12,249,019 $161,015,271 9% 8% 100% Nov Dec To $308,849 $267,724 $3,254,930 83.57 74.37 904.15 9% 8% 100% 3.60 3.60 3.60 $ (0.05) $950,183 $845,560 $10,280,154 250.71 223.1 2,712.44 9% 8% 100% 3.79 3.79 3.79 $ (0.20)
  • 13. REC SOLAR(SOP) BOP Process People Key Hires: SA, FMS, BD, RSM Talent Sourcing System Sales Process Licensing Design tool Cash proposal tool Training Recognition Target demographic Appointment feedback tool Canvas Operations Sales and Marketing Cross-Functional From $1.5 MM to $13MM | From 100’s kW Sold to 3.6mW Sold
  • 14. PERSPECTIVE Competition • Aggressive • Low cost • Self financed • Poor execution • Targeted sales • Self financed • Speed • Poor execution Solarcity Astrum • Innovative • Strong marketing • Large sales force • Financing in flux Vivint RDI • Solid sales force • Roofing synergy • Home Depot dependent