Sunrun(RUN) - 2024 Q4 - Annual Results

Financial Performance - Cash Generation was $34 million in Q4 2024, marking the third consecutive quarter of positive Cash Generation[2] - Total revenue for Q4 2024 was $518.5 million, a slight increase of $1.9 million from Q4 2023[16] - Total revenue for Q4 2024 was $518.5 million, a slight increase from $516.6 million in Q4 2023, while total revenue for the year ended December 31, 2024, was $2.04 billion, down from $2.26 billion in 2023[34] - Net loss for Q4 2024 was $3.40 billion, compared to a net loss of $535.4 million in Q4 2023, with a net loss attributable to common stockholders of $2.81 billion for the quarter[34] - The company reported a significant increase in operating expenses, totaling $3.77 billion for Q4 2024, compared to $714.1 million in Q4 2023, largely due to a goodwill impairment of $3.12 billion[34] - The company reported a net loss of $3,399,951 for the three months ended December 31, 2024, compared to a net loss of $535,406 for the same period in 2023[36] Assets and Liabilities - Net Earning Assets increased to $6.8 billion, including $947 million in Total Cash as of December 31, 2024[2] - Cash and cash equivalents decreased to $575.0 million as of December 31, 2024, down from $678.8 million at the end of 2023[32] - Total assets decreased to $19.90 billion as of December 31, 2024, from $20.45 billion in 2023[32] - The company’s total liabilities increased to $15.73 billion in 2024, compared to $13.54 billion in 2023[32] Customer Growth and Revenue - Customer Additions totaled 32,932 in Q4 2024, with a 12% growth in total Customers year-over-year[7] - Annual Recurring Revenue from Subscribers was approximately $1.6 billion as of December 31, 2024[8] - Customer agreements and incentives revenue increased to $388.6 million in Q4 2024, up from $321.6 million in Q4 2023[34] - Subscriber Value increased by 11% to $55,811 in Q4 2024 compared to Q4 2023[8] - The annual recurring revenue was reported at $1,644 million as of December 31, 2024[43] Capacity and Growth Metrics - Storage Capacity Installed reached 392 Megawatt hours in Q4 2024, representing a 78% year-over-year growth[10] - Solar Energy Capacity Installed was 242 Megawatts in Q4 2024, a 7% increase compared to Q4 2023[11] - Solar energy capacity installed reached 242.4 megawatts for the three months ended December 31, 2024[43] Future Outlook and Strategy - The company expects Cash Generation to be between $200 million and $500 million for the full year 2025[13] - The company aims to focus on margin improvement and multi-product offerings to enhance customer value and market penetration[28] - Future expectations include growth in home electrification and distributed energy resources, alongside anticipated demand for new products and technologies[28] - The company is actively managing its supply chain and workforce to mitigate risks associated with market conditions and regulatory changes[28] Impairments and Non-Cash Charges - A non-cash goodwill impairment charge of approximately $3.1 billion was recorded in Q4 2024, impacting net loss figures[21] - The company incurred a goodwill impairment of $3,122,168 for the year ended December 31, 2024[36] Cash Flow and Financing - Total cash used in operating activities was $258,359 for the three months ended December 31, 2024, compared to $116,007 for the same period in 2023[36] - Net cash provided by financing activities was $987,570 for the three months ended December 31, 2024[36] Value Metrics - The company achieved a total value generated of $588.9 million during the three months ended December 31, 2024[43] - Gross earning assets amounted to $17,834 million as of December 31, 2024[43] - Gross Earning Assets include both the contracted and renewal periods, representing the present value of future cash flows from Subscribers[53][54] - Total Value Generated is the product of Net Subscriber Value and Subscriber Additions[50] Environmental Impact - Positive Environmental Impact from Customers is estimated at millions of metric tons of avoided carbon emissions due to energy produced from Networked Solar Energy Capacity[60]