Earnings Release and Conference Call Scheduled for February 21, 2024 Company Also Issues Statement Regarding Customer Communication Celebrating 2023 Achievements and Environmental Impact SAN FRANCISCO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ:RUN) today announced that it will issue its fourth quarter and full-year 2023 earnings report after the market closes on Wednesday, February 21, 2024. A conference call has been scheduled to discuss these earnings results at 1:30 p.m. Pacific Time. The conferen ...

Earnings Release and Conference Call Scheduled for February 21, 2024 Company Also Issues Statement Regarding Customer Communication Celebrating 2023 Achievements and Environmental Impact SAN FRANCISCO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN) today announced that it will issue its fourth quarter and full-year 2023 earnings report after the market closes on Wednesday, February 21, 2024. A conference call has been scheduled to discuss these earnings results at 1:30 p.m. Pacific Time. The confere ...

Justin PagetThesis I have been watching several players in the solar industry in hopes of making a long-term invest. However, most of the panel manufacturers and installers are saddled with low gross margins and do not currently appear to be capable of becoming attractive long-term compounders. Sunrun Inc. (NASDAQ:RUN) caught my attention because of their impressive revenue growth, but their financial situation is far too unattractive for me to seriously consider them as an investment. They have been sh ...

Financial Data and Key Metrics - The company raised $715 million through the largest residential solar securitization, with a credit spread of 240 basis points, a 25 basis point improvement from the previous securitization in May [3] - Total cash at the end of Q3 was $952 million, an increase of $31 million compared to the prior quarter [87] - The company installed 258 megawatts of solar capacity in Q3, a 1% increase YoY, and added 33,800 customers, including 29,300 subscribers [100] - Annual recurring revenue (ARR) stood at over $1.2 billion, up 28% YoY, with an average contract life remaining of nearly 18 years [101] - Net subscriber value was $11,030 in Q3, with total value generated at $323 million [127] Business Line Data and Key Metrics - Storage attachment rates reached over 33% of installations in Q3, up from 15% at the start of the year, with expectations for further growth [59] - The company installed 176 megawatt-hours of storage capacity in Q3, a 131% increase YoY, bringing total network storage capacity to over 1.1 gigawatt-hours [114] - Sales of storage-attached systems grew to over 40% nationally, driving higher installed attachment rates [126] - The company launched a storage retrofit offering with strong early results, expecting meaningful volumes of storage installations in the existing customer base [115] Market Data and Key Metrics - Installations outside of California grew over 25% in Q3 compared to the prior year, while sales also grew at double digits [120] - In California, storage attachment rates in the direct business were over 85% of sales, closer to 100% in investor-owned utility service territories [62] - The company expects to gain market share in California due to its expertise in storage and subscription offerings [117] Company Strategy and Industry Competition - The company is transitioning to a storage-first strategy, focusing on higher-margin storage products and reducing costs through efficiency improvements [58][63] - The company is prioritizing cash generation over pure solar megawatt growth, adjusting its geographic mix and sales channels to adapt to the new interest rate environment [122] - The company is leveraging its diversified market approach, including an integrated sales force and fulfillment capacity, to insulate itself from irrational behavior in the affiliate partner segment [121] Management Commentary on Operating Environment and Future Outlook - The company expects robust growth in the solar market, which remains underpenetrated, and is focusing on increasing customer value through storage adoption and cost reductions [18] - The company is responding to higher interest rates and difficult market conditions by sharpening its focus on cash generation and sustainable growth [55] - The company expects hardware costs to decline by over 20% or nearly $3,000 per system by the end of next year, driven by rapidly decreasing prices for key components [129] Other Important Information - The company successfully executed a tax equity fund leveraging the new tax credit transferability provisions from the Inflation Reduction Act, expecting transferability funds to become a large part of its funding strategy [148] - The company is managing inventory levels, having reduced the inventory balance by $130 million in the last quarter, with another $100 million to $200 million to go to reach target levels [159] Q&A Session Summary Question: Impact of PG&E's 13% rate increase on pricing strategy in California - The company views the rate increase as making its current offerings more attractive to customers and maintains a flexible pricing strategy to adapt to market conditions [182] Question: Constraints in accessing the tax equity market - The company does not see constraints in accessing the tax equity market and expects transferability funds to become a significant part of its funding strategy [144] Question: Inventory management and hardware procurement strategy - The company is reducing inventory levels and expects to see pricing declines flow through as it works through higher-cost inventory [156][159] Question: Economics of direct ITC monetization vs. traditional tax equity - The company expects the price per credit to increase as more transactions are completed and anticipates preserving value relative to traditional tax equity [179] Question: Normalized volume growth expectations - The company has not provided specific guidance on normalized volume growth but emphasizes the importance of grid services and storage retrofits in driving future value [189]

~1 pts annual impact to solar growth 3Q23 Earnings Presentation 08 Celebrating Our People Top Install Crew in Q3 Based on Performance, Safety and Customer Experience Tampa, FL "Unstoppables" Crew Fresno, CA Top Sales Team in Q3 Based on leading Storage Attachment Rates, Customer Experience and Sales Productivity 3Q23 Earnings Presentation FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 010 Sunrun is Building a Base of Customers with Recurring Revenue and Multi-Decade Relationships 903,270 +19% Year-over-Y ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37511 Sunrun Inc. (Exact name of registrant as specified in its charter) Delaware 26-2841711 (State or other jurisdiction of incorporation or organization) ( ...

Significant Hardware Cost Reductions to be Realized in Coming Quarters ➔ Equipment & input cost trends are improving across all categories from modules, batteries, inverters and freight. Current procurement activities for modules and batteries are seeing a greater than 20% price reduction from recent highs. ➔ For a hypothetical 7.5 KW solar with a single backup battery system, we expect to realize a nearly 15% cost reduction for hardware over the next few quarters as we work through inventory and new pricin ...

Sunrun, Inc. (NASDAQ:RUN) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET Company Participants Patrick Jobin - SVP, Finance & IR Mary Powell - CEO & Director Danny Abajian - CFO Paul Dickson - Chief Revenue Officer Conference Call Participants James West - Evercore ISI Brian Lee - Goldman Sachs Group Julien Dumoulin-Smith - Bank of America Merrill Lynch Jordan Levy - Truist Securities Colin Rusch - Oppenheimer Philip Shen - ROTH MKM Partners Tristan Richardson - Scotiabank Ameet Thakkar - BMO Cap ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37511 Sunrun Inc. (Exact name of registrant as specified in its charter) Delaware 26-2841711 (State or other jurisdiction of incorporation or organization) (I.R.S ...

Sunrun Inc. (NASDAQ:RUN) Q1 2023 Results Conference Call May 3, 2023 4:30 PM ET Company Participants Patrick Jobin - Senior VP of Finance and IR Mary Powell - Chief Executive Officer and Director Paul Dickson - Sunrun's Chief Revenue Officer Danny Abajian - Chief Financial Officer Conference Call Participants Julien Dumoulin-Smith - BOA Brian Lee - Goldman Sachs Tristan Richardson - Scotia Bank Andrew Percoco - Morgan Stanley James West - Evercore ISI Colin Rusch - Oppenheimer Maheep Mandloi - Credit Suisse ...