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 ...

Part I – Financial Information [Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Sunrun reported a **$1.47 billion** net loss in Q3 2023, driven by a **$1.16 billion** goodwill impairment, with total revenue decreasing **11%** to **$563.2 million** as system sales declined [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets grew to **$20.03 billion** from **$19.27 billion** at year-end 2022, primarily due to an increase in net solar energy systems, while total liabilities rose significantly to **$12.95 billion** from **$11.09 billion**, driven by a substantial increase in non-recourse debt Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $643,787 | $740,508 | | Solar energy systems, net | $12,528,617 | $10,988,361 | | Goodwill | $3,122,168 | $4,280,169 | | **Total Assets** | **$20,027,115** | **$19,268,805** | | **Liabilities & Equity** | | | | Non-recourse debt (current & non-current) | $9,325,713 | $7,501,109 | | **Total Liabilities** | **$12,952,737** | **$11,089,788** | | Total Stockholders' Equity | $5,611,108 | $6,708,122 | [Consolidated Statements of Operations](index=10&type=section&id=Consolidated%20Statements%20of%20Operations) For Q3 2023, Sunrun's total revenue decreased **11%** year-over-year to **$563.2 million**, as a **32%** drop in system and product sales overshadowed a **17%** increase in customer agreement and incentive revenue, leading to a **$1.47 billion** net loss due to a **$1.16 billion** goodwill impairment charge Q3 2023 vs Q3 2022 Performance (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Total Revenue | $563,181 | $631,906 | | - Customer agreements and incentives | $316,528 | $271,211 | | - Solar energy systems and product sales | $246,653 | $360,695 | | Goodwill Impairment | $1,158,000 | $0 | | Loss from Operations | $(1,347,477) | $(136,245) | | Net Loss | $(1,470,938) | $(155,506) | | Net (Loss) Income Attributable to Common Stockholders | $(1,069,459) | $210,560 | | Diluted (Loss) Income Per Share | $(4.92) | $0.96 | Nine Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | Total Revenue | $1,743,223 | $1,712,270 | | Goodwill Impairment | $1,158,000 | $0 | | Loss from Operations | $(1,781,112) | $(473,002) | | Net Loss | $(2,147,435) | $(521,731) | | Net (Loss) Income Attributable to Common Stockholders | $(1,254,373) | $110,356 | | Diluted (Loss) Income Per Share | $(5.81) | $0.51 | [Consolidated Statements of Cash Flows](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities was **$704.7 million**, funded by **$2.66 billion** in net cash provided by financing activities, mainly from non-recourse debt proceeds and contributions from noncontrolling interests Consolidated Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(704,733) | $(544,120) | | Net cash used in investing activities | $(1,952,019) | $(1,567,376) | | Net cash provided by financing activities | $2,655,674 | $2,217,118 | | **Net change in cash and restricted cash** | **$(1,078)** | **$105,622** | [Notes to Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes highlight a **$1.2 billion** non-cash goodwill impairment charge due to a sustained decline in market capitalization, with total debt at **$10.24 billion**, and approximately **$23.6 billion** in contracted but not yet recognized revenue - Due to a sustained decline in its market capitalization, the company performed a quantitative assessment and recorded a non-cash goodwill impairment charge of **$1.2 billion** in Q3 2023[53](index=53&type=chunk) - As of September 30, 2023, the company had approximately **$23.6 billion** in contracted but not yet recognized revenue, with about **5%** expected to be recognized in the next 12 months[58](index=58&type=chunk) - The company has purchase commitments of **$208.2 million** for photovoltaic modules, inverters, and batteries to be fulfilled by the end of 2023[117](index=117&type=chunk) - The IRS is auditing one of the company's investment funds regarding the fair market value determination of its solar energy systems, which is covered by a 2018 insurance policy[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant headwinds from rising interest rates and California's Net Billing Tariff (NBT), which impacted originations, while Networked Solar Energy Capacity grew to **6,462 MW**, and the **$1.2 billion** goodwill impairment significantly affected profitability [Market & Macroeconomic Environment](index=39&type=section&id=Market%20%26%20Macroeconomic%20Environment) The company faces significant macroeconomic challenges, including rising interest rates which increase the cost of capital and may reduce financing proceeds, while California's new Net Billing Tariff (NBT) has limited the financial attractiveness of solar-only systems - Rising interest rates have resulted in a decrease in advance rates, reducing proceeds from certain investment funds and increasing the cost of capital[135](index=135&type=chunk) - California's new Net Billing Tariff (NBT) has limited the financial attractiveness of solar-only systems, causing originations in the state to be below pre-transition levels[136](index=136&type=chunk)[138](index=138&type=chunk) - The NBT policy significantly enhances the value proposition of storage offerings, and the company believes California will become a predominantly solar-plus-storage market[136](index=136&type=chunk) [Key Operating Metrics](index=42&type=section&id=Key%20Operating%20Metrics) As of September 30, 2023, Sunrun's key operating metrics showed continued growth, with Networked Solar Energy Capacity increasing to **6,462 megawatts**, total customers growing to **903,270**, and Gross Earning Assets reaching **$13.3 billion** Key Operating Metrics | Metric | As of Sep 30, 2023 | As of Sep 30, 2022 | | :--- | :--- | :--- | | Networked Solar Energy Capacity (MW) | 6,462 | 5,392 | | Customers | 903,270 | 759,937 | | Gross Earning Assets (in thousands) | $13,299,394 | $11,518,274 | [Results of Operations](index=48&type=section&id=Results%20of%20Operations) In Q3 2023, revenue fell **11%** year-over-year due to a **$106.2 million** decrease in solar energy system sales, partially offset by a **$55.5 million** increase in customer agreement revenue, while operating expenses surged **149%** primarily due to the **$1.2 billion** goodwill impairment - Q3 2023 revenue from solar energy systems sales decreased by **$106.2 million** (**44%**) year-over-year, attributed to more customers choosing customer agreements over outright purchases due to higher interest rates[182](index=182&type=chunk)[183](index=183&type=chunk) - Q3 2023 cost of customer agreements and incentives increased by **$74.2 million** (**35%**) year-over-year, driven by the growth in new systems placed in service[184](index=184&type=chunk) - A goodwill impairment charge of **$1.2 billion** was the primary driver for the **149%** increase in total operating expenses for Q3 2023 compared to Q3 2022[184](index=184&type=chunk)[191](index=191&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, Sunrun had **$643.8 million** in cash, and for the first nine months of 2023, it used **$704.7 million** in cash from operations, funded by generating **$2.66 billion** from financing activities, primarily through debt issuance and contributions from fund investors - As of September 30, 2023, the company had cash of **$643.8 million** and outstanding borrowings of **$517.2 million** on its **$600.0 million** corporate bank line of credit[211](index=211&type=chunk) Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(704,733) | $(544,120) | | Net cash used in investing activities | $(1,952,019) | $(1,567,376) | | Net cash provided by financing activities | $2,655,674 | $2,217,118 | [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to changes in interest rates on its floating-rate debt, which it hedges using derivative instruments like interest rate swaps, with no material changes since December 31, 2022 - The company's main market risk is from changes in interest rates on its floating-rate debt[221](index=221&type=chunk) - Sunrun uses interest rate swaps to manage its interest rate exposure and does not use derivatives for speculative purposes[221](index=221&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on management's evaluation, including the CEO and CFO, the company concluded that its disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[223](index=223&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[224](index=224&type=chunk) Part II – Other Information [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings and claims in the ordinary course of business but does not believe any ongoing claims will have a material adverse effect on its financial position - The company is subject to legal proceedings in the ordinary course of business but does not currently expect them to have a material adverse effect[121](index=121&type=chunk)[122](index=122&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) The company outlines extensive risks, with significant emphasis on the evolving solar industry, regulatory changes, and financing challenges, including the impact of California's new net metering policy (NBT), rising interest rates, supply chain reliance, and the need to raise substantial capital [Risks Related to the Solar Industry](index=58&type=section&id=Risks%20Related%20to%20the%20Solar%20Industry) The company faces risks from the evolving solar market, including uncertainty in market growth, reliance on government incentives, adverse changes to California's net metering policy (NBT), increased costs from supply chain issues and tariffs, and intense competition - Newly adopted changes to California's net metering policy (NBT) have limited the financial attractiveness of offerings, particularly for solar-only systems, and originations in California are below pre-transition levels[231](index=231&type=chunk) - The business may be harmed by cost increases associated with tariffs (Section 201, AD/CVD) and trade restrictions related to forced labor concerns (UFLPA), which can cause supply chain delays and equipment shortages[236](index=236&type=chunk)[237](index=237&type=chunk)[239](index=239&type=chunk) - Competition is faced from traditional utilities, other residential solar providers, and new entrants, competing on price, predictability, and service[243](index=243&type=chunk)[245](index=245&type=chunk) [Risks Related to Our Operating Structure and Financing Activities](index=62&type=section&id=Risks%20Related%20to%20Our%20Operating%20Structure%20and%20Financing%20Activities) The company's growth is highly dependent on its ability to raise capital from third parties, particularly through tax equity investment funds, with rising interest rates increasing the cost of capital and the business carrying substantial debt that requires significant cash flow to service - Future success depends on the ability to raise capital from third parties, as the business has historically been funded through tax equity investment funds[258](index=258&type=chunk) - Rising interest rates increase the cost of capital, may decrease financing advance rates, and could negatively impact the price competitiveness of solar service offerings[263](index=263&type=chunk) - The company has substantial debt and expects to incur more in the future, which intensifies risks related to servicing debt obligations and complying with covenants[265](index=265&type=chunk)[270](index=270&type=chunk) [Risks Related to Regulation and Policy](index=67&type=section&id=Risks%20Related%20to%20Regulation%20and%20Policy) The customer value proposition is heavily influenced by government policies, with key risks including adverse changes to net metering, particularly in California where the new NBT structure has substantially decreased the value of exported electricity, and potential new fixed charges on utility customers - The value of solar offerings is impacted by policies on retail electricity prices, the valuation of exported electricity (net metering), and rate design[279](index=279&type=chunk)[280](index=280&type=chunk) - In California, the new Net Billing Tariff (NBT) structure substantially decreased the credit for exported electricity, presenting a significant change to the residential solar market[284](index=284&type=chunk) - California regulators are considering income-graduated fixed charges for all residential utility customers, which could impact the value proposition for solar customers depending on the final design[286](index=286&type=chunk) [Risks Related to Our Business Operations](index=70&type=section&id=Risks%20Related%20to%20Our%20Business%20Operations) Operational risks are significant and varied, including dependence on third-party solar partners and limited suppliers, construction and cost overrun risks, increased customer cancellations, high geographic concentration in California, and challenges in managing growth, product liability, and data security - The company depends on a limited number of suppliers for solar panels, batteries, and other components, making it susceptible to shortages, price changes, and quality issues[297](index=297&type=chunk) - As the primary contractor, the company is subject to risks of construction cost overruns, delays, and customer cancellations, which have increased in some markets[304](index=304&type=chunk)[306](index=306&type=chunk) - The business is geographically concentrated, with over **45%** of its customer base in California, making it susceptible to adverse economic, regulatory, and weather conditions in that state[316](index=316&type=chunk) [Risks Related to Taxes and Accounting](index=87&type=section&id=Risks%20Related%20to%20Taxes%20and%20Accounting) The company's business model relies on financing structures that monetize tax benefits like the federal Investment Tax Credit (ITC), with key risks including potential IRS challenges to the creditable basis of solar systems and the possibility of further goodwill impairment following the **$1.2 billion** charge in Q3 2023 - The business model relies on financing from tax equity investors who seek benefits like the federal ITC, and the availability of this financing is subject to many factors, including changes in tax law[375](index=375&type=chunk)[376](index=376&type=chunk) - The IRS may challenge the fair market value claimed for solar systems, which could reduce the ITC and require the company to make significant indemnity payments to fund investors[386](index=386&type=chunk)[387](index=387&type=chunk) - A **$1.2 billion** goodwill impairment was recorded in Q3 2023 due to a sustained decline in stock price, and further impairment losses are possible if adverse conditions persist[403](index=403&type=chunk)[404](index=404&type=chunk) [Risks Related to Ownership of Our Common Stock](index=93&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) Ownership of the company's common stock involves risks including high volatility in the stock price, significant control by executive officers, directors, and principal stockholders (approximately **27.5%**), and anti-takeover provisions that could depress the stock price or prevent a change in control - The market price of the company's common stock has been and may continue to be volatile[408](index=408&type=chunk) - Executive officers, directors, and principal stockholders control approximately **27.5%** of the outstanding common stock, allowing them to influence or control important corporate matters[407](index=407&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=99&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or issuer purchases of equity securities during the period - The company reported no unregistered sales of equity securities during the quarter[429](index=429&type=chunk) [Other Information](index=99&type=section&id=Item%205.%20Other%20Information) On September 15, 2023, Ed Fenster, the company's Co-Executive Chair, adopted a Rule 10b5-1(c) trading plan for the exercise of stock options and the sale of common stock, contingent upon the stock price reaching certain thresholds - Co-Executive Chair Ed Fenster adopted a Rule 10b5-1 trading plan for the exercise and sale of company stock, set to expire on December 28, 2024[431](index=431&type=chunk) [Exhibits](index=99&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and XBRL data files

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 ...

Financial Data and Key Metrics Changes - In Q2 2023, Sunrun added approximately 39,800 customers, including about 32,400 subscriber additions, with a subscription mix of 83%, up from 78% last quarter, marking the highest level in two years [23][24] - The company ended Q2 with approximately 869,000 customers and 725,000 subscribers, representing 6.2 gigawatts of installed solar capacity, a 21% year-over-year increase [24] - Total value generated in Q2 was $399 million, nearly doubling compared to the prior year, despite a less favorable discount rate [46] Business Line Data and Key Metrics Changes - Sunrun's strong attachment rate for storage was nearly 18% of installations in Q2, with expectations for rapid increases [10] - The company installed over 100 megawatt-hours of storage capacity in Q2, a 35% increase year-over-year, bringing total storage capacity to over 900 megawatt-hours [30] - Subscriber value was approximately $44,700, with a net subscriber value of $12,321, consistent with guidance [45] Market Data and Key Metrics Changes - Sales activities outside California grew by 25% in Q2 compared to the prior year, maintaining this growth rate through June and July [15] - In California, the battery attachment rate exceeded 80%, with over one-third of newly sold battery systems providing home backup [11] Company Strategy and Development Direction - The company aims to maximize shareholder value through strong margins and cash generation, with expectations for margin expansion in the coming quarters [20] - Sunrun is focused on integrating differentiated offerings and developing capabilities in-house or alongside partners [36] - The company is also investing in artificial intelligence to drive cost efficiency and improve customer experience [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, particularly in California, despite a slower-than-expected recovery [34] - The company anticipates a strong year-over-year growth in net subscriber values in the second half of the year, driven by higher-margin backup battery systems [55] - Management noted that recent interest rate increases and inflationary pressures have impacted cash generation, but they are responding with higher pricing and operational efficiency improvements [56] Other Important Information - Sunrun's exclusive partnership with PG&E for the Peak Power Rewards program has grown to 8,500 customers, with 34 megawatts available for dispatch [16] - The company is targeting annual recurring cash generation of $200 million to $500 million or higher in future quarters as margin improvements are realized [21][85] Q&A Session Summary Question: Battery attachment rate and margin impact - Management confirmed that the higher margins from battery attachments are more than offsetting temporary lower volumes, with customers increasingly seeking storage solutions [87] Question: Cash generation target range - The wide range of $200 million to $500 million for annual recurring cash generation is driven by various factors, including interest rate increases and inventory management challenges [92] Question: Net subscriber value guidance - Management indicated that the net subscriber value is expected to increase significantly in the second half of the year, supported by a higher mix of storage products [100] Question: Virtual power plant monetization - Management acknowledged the significant untapped potential in their existing customer base for virtual power plant agreements, with plans to launch retrofit offerings for customers [123]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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. Employer Identification No.) 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 March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...