Sunrun Announces Date and Conference Call Details for Third Quarter 2020 Earnings Report
Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value
Acquisition Creates Clean Energy Leader with an Enterprise Value of Approximately $22 Billion, Over 500,000 Customers and 3 Gigawatts of Solar Energy Capacity
Sunrun (NASDAQ: RUN), a leading provider of residential solar, battery storage and energy services, announced on October 8th that it has completed its acquisition of Vivint Solar which was initially announced on July 6, 2020. This follows approval by regulators and stockholders of both companies. With the transaction complete, Sunrun solidifies its position as the leader in home solar and energy services across the United States and a top owner of solar assets globally with more than three gigawatts of solar energy and more than 500,000 customers.
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Sunrun (NASDAQ: RUN), a leading provider of residential solar, battery storage and energy services, announced on October 8th that it has completed its acquisition of Vivint Solar which was initially announced on July 6, 2020. This follows approval by regulators and stockholders of both companies. With the transaction complete, Sunrun solidifies its position as the leader in home solar and energy services across the United States and a top owner of solar assets globally with more than three gigawatts of solar energy and more than 500,000 customers.
Latest Quarterly Earnings
Q2 2020
Quarter Ended Jun 30, 2020
309K
309K customers, an increase of 21% year-over-year
$1.6B
$1.6 billion net earning assets
$354M
$354 million total cash balance
For complete information regarding our financials, see our periodic filings.
The Residential Market Leader
Formed in 2007, Sunrun pioneered residential solar service. We have over 300,000 customers and have sold our solar service in 22 states, DC & Puerto Rico. We provide a superior solar energy service with fixed pricing under 20 or 25 year agreements, that generate recurring, contracted revenue for multiple decades. Sunrun has the industry’s leading customer acquisition platform, customer experience capabilities, and extensive financing experience, all of which drive significant barriers to entry and high incremental returns. Customers on average save between 10-40%1 on electricity and we have delivered more than $300 million in savings for our customers.
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10-K 2019 and Investor Presentation
Year over year company performance.
MW Deployed
Customer Value
(per customer)Gross Earning Assets
Net Earning Assets
How Sunrun is Making an Impact
Our mission is to create a planet run by the sun. This means that everyone, from solar installers and sales people to CEO Lynn Jurich, shows up to work because they are driven by passion and purpose. Yet mission alone does not make change. At Sunrun, we feel the urgency of the public’s desire for a 100% renewable and resilient energy future. Our roofs have the potential to harness the sun’s abundant energy through solar panels, and home batteries can store that power for when it’s needed, delivering clean energy that powers our lives. A future where energy is affordable and accessible for all.
Our purpose goes beyond putting solar panels on rooftops—it extends to our internal values as well. Sunrun operates to have a positive impact on society by creating meaningful local jobs, contributing to healthier communities, and helping to build a safer, cleaner and more resilient future energy system for everyone. In doing so, we have a responsibility to minimize our environmental impact in all aspects of our operations, provide a safe and diverse place to work for our employees, and ensure robust corporate governance practices.
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Company
Sunrun Inc.
225 Bush Street
Suite 1400
San Francisco, CA 94104
Investor Relations
T: 415-373-5206
investors@sunrun.com
Sources and Notes
- Estimated savings measured over typically 20 year initial contract term and assumes annual utility rate increases. Actual savings may vary by customer.
- Customer count as of 3/31/2020. Employee count as of 12/31/2019. Installation rate based on 115,000 work-day minutes divided by 2019 full-year customer deployments.
- In 2019, Cash Generation was adjusted for $27.5 million related to the company’s Investment Tax Credit safe harbor program, $5 million in cash consumed by the repurchase of stock in the company’s share repurchase program, and $2.7 million related to business acquisitions.