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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, 2019
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. Employer
Identification No.)

225 Bush Street, Suite 1400
San Francisco, California 94104
(Address of principal executive offices and Zip Code)

(415) 580-6900
(Registrant’s telephone number, including area code) 

595 Market Street, 29th Floor
San Francisco, California 94105
(Former name or former address, if changed since last report)
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.0001 par value per share
RUN
Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of August 5, 2019, the number of shares of the registrant’s common stock outstanding was 117,607,477.
 




Table of Contents

 
 
 
Page
 
 
 
 
Item 1
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
Item 3.
 
Item 4.
 
 
 
 
 
 
 
 
Item 1.
 
Item 1A.
 
Item 2.
 
Item 5.
 
Item 6.
 
 
 

1




Sunrun Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
(Unaudited)
 
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash
 
$
299,537

 
$
226,625

Restricted cash
 
54,182

 
77,626

Accounts receivable (net of allowances for doubtful accounts of $2,627 and $2,228 as of June 30, 2019 and December 31, 2018, respectively)
 
77,846

 
66,435

State tax credits receivable
 

 
2,697

Inventories
 
89,829

 
79,467

Prepaid expenses and other current assets
 
8,692

 
8,563

Total current assets
 
530,086

 
461,413

Restricted cash
 
148

 
148

Solar energy systems, net
 
4,149,883

 
3,820,017

Property and equipment, net
 
50,419

 
34,893

Intangible assets, net
 
8,382

 
10,088

Goodwill
 
87,543

 
87,543

Other assets
 
380,919

 
335,685

Total assets (1)
 
$
5,207,380

 
$
4,749,787

Liabilities and total equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
153,206

 
$
131,278

Distributions payable to noncontrolling interests and redeemable noncontrolling interests
 
16,444

 
15,847

Accrued expenses and other liabilities
 
104,328

 
98,636

Deferred revenue, current portion
 
59,818

 
47,407

Deferred grants, current portion
 
8,029

 
7,885

Finance lease obligations, current portion
 
11,206

 
9,193

Recourse debt, current portion
 
239,035

 

Non-recourse debt, current portion
 
35,158

 
35,484

Pass-through financing obligation, current portion
 
10,666

 
26,461

Total current liabilities
 
637,890

 
372,191

Deferred revenue, net of current portion
 
643,613

 
544,218

Deferred grants, net of current portion
 
217,013

 
221,739

Finance lease obligations, net of current portion
 
14,363

 
9,992

Recourse debt
 

 
247,000

Non-recourse debt, net of current portion
 
1,688,989

 
1,466,438

Pass-through financing obligation, net of current portion
 
329,968

 
337,282

Other liabilities
 
113,992

 
48,210

Deferred tax liabilities
 
73,926

 
93,633

Total liabilities (1)
 
3,719,754

 
3,340,703

Commitments and contingencies (Note 15)
 


 


Redeemable noncontrolling interests
 
278,539

 
126,302

Stockholders’ equity:
 
 
 
 
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2019 and December 31, 2018; no shares issued and outstanding as of June 30, 2019 and December 31, 2018
 

 

Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2019 and December 31, 2018; issued and outstanding, 117,199 and 113,149 shares as of June 30, 2019 and December 31, 2018, respectively
 
11

 
11

Additional paid-in capital
 
748,512

 
722,429

Accumulated other comprehensive loss
 
(47,954
)
 
(3,124
)
Retained earnings
 
214,976

 
229,391

Total stockholders’ equity
 
915,545

 
948,707

Noncontrolling interests
 
293,542

 
334,075

Total equity
 
1,209,087

 
1,282,782

Total liabilities, redeemable noncontrolling interests and total equity
 
$
5,207,380

 
$
4,749,787








2




1)
The Company’s consolidated assets as of June 30, 2019 and December 31, 2018 include $3,163,835 and $2,905,295, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of June 30, 2019 and December 31, 2018 of $2,901,211 and $2,712,377, respectively; cash as of June 30, 2019 and December 31, 2018 of $167,194 and $105,494, respectively; restricted cash as of June 30, 2019 and December 31, 2018 of $681 and $2,071, respectively; accounts receivable, net as of June 30, 2019 and December 31, 2018 of $19,762 and $18,539, respectively; prepaid expenses and other current assets as of June 30, 2019 and December 31, 2018 of $387 and $387, respectively; and other assets as of June 30, 2019 and December 31, 2018 of $74,600 and $66,427, respectively. The Company’s consolidated liabilities as of June 30, 2019 and December 31, 2018 include $710,912 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2019 and December 31, 2018 of $8,512 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2019 and December 31, 2018 of $16,257 and $15,797, respectively; accrued expenses and other current liabilities as of June 30, 2019 and December 31, 2018 of $7,742 and $7,122, respectively; deferred revenue as of June 30, 2019 and December 31, 2018 of $444,141 and $396,920, respectively; deferred grants as of June 30, 2019 and December 31, 2018 of $28,679 and $29,229, respectively; non-recourse debt as of June 30, 2019 and December 31, 2018 of $188,088 and $190,711, respectively; and other liabilities as of June 30, 2019 and December 31, 2018 of $17,493 and $8,843, respectively.
The accompanying notes are an integral part of these consolidated financial statements.

3



Sunrun Inc.
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
 
Customer agreements and incentives
 
$
92,439

 
$
91,605

 
$
192,289

 
$
158,595

Solar energy systems and product sales
 
112,156

 
78,933

 
206,810

 
156,306

Total revenue
 
204,595

 
170,538

 
399,099

 
314,901

Operating expenses:
 
 
 
 
 
 
 
 
Cost of customer agreements and incentives
 
70,594

 
57,769

 
140,087

 
112,345

Cost of solar energy systems and product sales
 
86,348

 
64,268

 
164,147

 
128,847

Sales and marketing
 
70,038

 
49,237

 
125,991

 
93,316

Research and development
 
6,555

 
5,052

 
12,029

 
8,948

General and administrative
 
33,044

 
28,130

 
62,107

 
61,023

Amortization of intangible assets
 
814

 
1,051

 
1,707

 
2,102

Total operating expenses
 
267,393

 
205,507

 
506,068

 
406,581

Loss from operations
 
(62,798
)
 
(34,969
)
 
(106,969
)
 
(91,680
)
Interest expense, net
 
42,309

 
31,872

 
83,649

 
60,070

Other expenses (income), net
 
1,388

 
508

 
6,144

 
(1,184
)
Loss before income taxes
 
(106,495
)
 
(67,349
)
 
(196,762
)
 
(150,566
)
Income tax (benefit) expense
 
(1,910
)
 
4,378

 
(5,271
)
 
12,581

Net loss
 
(104,585
)
 
(71,727
)
 
(191,491
)
 
(163,147
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(103,292
)
 
(79,136
)
 
(176,336
)
 
(198,588
)
Net (loss) income attributable to common stockholders
 
$
(1,293
)
 
$
7,409

 
$
(15,155
)
 
$
35,441

Net (loss) income per share attributable to common stockholders
 
 
 
 
 
 
 
 
Basic
 
$
(0.01
)
 
$
0.07

 
$
(0.13
)
 
$
0.33

Diluted
 
$
(0.01
)
 
$
0.06

 
$
(0.13
)
 
$
0.31

Weighted average shares used to compute net (loss) income per share attributable to common stockholders
 
 
 
 
 
 
 
 
Basic
 
115,765

 
109,559

 
114,843

 
108,510

Diluted
 
115,765

 
117,067

 
114,843

 
113,930


The accompanying notes are an integral part of these consolidated financial statements.


4



Sunrun Inc.
Consolidated Statements of Comprehensive (Loss) Income
(In Thousands)
(Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net (loss) income attributable to common stockholders
 
$
(1,293
)
 
$
7,409

 
$
(15,155
)
 
$
35,441

Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Unrealized (loss) gain on derivatives, net of income taxes
 
(26,109
)
 
5,662

 
(43,122
)
 
21,833

Interest expense (income) on derivatives recognized into earnings, net of income taxes
 
21

 
(422
)
 
(968
)
 
(1,636
)
Other comprehensive (loss) income
 
(26,088
)
 
5,240

 
(44,090
)
 
20,197

Comprehensive (loss) income
 
$
(27,381
)
 
$
12,649

 
$
(59,245
)
 
$
55,638


5



Sunrun Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
Three Months Ended June 30, 2019 and 2018
(In Thousands)
(Unaudited)

 
 
Three Months Ended June 30, 2019
 
 
Redeemable
Noncontrolling
Interests
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Total
Stockholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at March 31, 2019
 
$
137,616

 
 

 
$

 
114,739

 
$
11

 
$
730,126

 
$
(21,866
)
 
$
216,269

 
$
924,540

 
$
377,571

 
$
1,302,111

Exercise of stock options
 

 
 

 

 
1,642

 

 
10,938

 

 

 
10,938

 

 
10,938

Issuance of restricted stock units, net of tax withholdings
 

 
 

 

 
232

 

 
(2,732
)
 

 

 
(2,732
)
 

 
(2,732
)
Shares issued in connection with the Employee Stock Purchase Plan
 

 
 

 

 
586

 

 
3,397

 

 

 
3,397

 

 
3,397

Stock-based compensation
 

 
 

 

 

 

 
6,783

 

 

 
6,783

 

 
6,783

Contributions from noncontrolling interests and redeemable noncontrolling interests
 
170,164

 
 

 

 

 

 

 

 

 

 
7,998

 
7,998

Distributions to noncontrolling interests and redeemable noncontrolling interests
 
(3,552
)
 
 

 

 

 

 

 

 

 

 
(14,424
)
 
(14,424
)
Net loss
 
(25,689
)
 
 

 

 

 

 

 

 
(1,293
)
 
(1,293
)
 
(77,603
)
 
(78,896
)
Other comprehensive loss, net of taxes
 

 
 

 

 

 

 

 
(26,088
)
 

 
(26,088
)
 

 
(26,088
)
Balance at June 30, 2019
 
$
278,539

 
 

 
$

 
117,199

 
$
11

 
$
748,512

 
$
(47,954
)
 
$
214,976

 
$
915,545

 
$
293,542

 
$
1,209,087


 
 
Three Months Ended June 30, 2018
 
 
Redeemable
Noncontrolling
Interests
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Total
Stockholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at March 31, 2018
 
$
133,524

 
 

 
$

 
108,681

 
$
11

 
$
693,077

 
$
10,825

 
$
230,766

 
$
934,679

 
$
356,549

 
$
1,291,228

Exercise of stock options
 

 
 

 

 
1,087

 

 
6,160

 

 

 
6,160

 

 
6,160

Issuance of restricted stock units, net of tax withholdings
 

 
 

 

 
317

 

 
(2,394
)
 

 

 
(2,394
)
 
 
 
(2,394
)
Shares issued in connection with the Employee Stock Purchase Plan
 

 
 

 

 
402

 

 
1,755

 

 

 
1,755

 
 
 
1,755

Stock-based compensation
 

 
 

 

 

 

 
5,548

 

 

 
5,548

 
 
 
5,548

Contributions from noncontrolling interests and redeemable noncontrolling interests
 
20,344

 
 

 

 

 

 

 

 

 

 
3,520

 
3,520

Distributions to noncontrolling interests and redeemable noncontrolling interests
 
(2,777
)
 
 

 

 

 

 

 

 

 

 
(15,190
)
 
(15,190
)
Net (loss) income
 
(21,162
)
 
 

 

 

 

 

 
 
 
7,409

 
7,409

 
(57,974
)
 
(50,565
)
Other comprehensive loss, net of taxes
 

 
 

 

 

 

 

 
5,259

 
 
 
5,259

 

 
5,259

Balance at June 30, 2018
 
$
129,929

 
 

 
$

 
110,487

 
$
11

 
$
704,146

 
$
16,084

 
$
238,175

 
$
958,416

 
$
286,905

 
$
1,245,321



6



Sunrun Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
Six Months Ended June 30, 2019 and 2018
(In Thousands)
(Unaudited)

 
 
Six Months Ended June 30, 2019
 
 
Redeemable
Noncontrolling
Interests
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Total
Stockholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at December 31, 2018
 
$
126,302

 
 

 
$

 
113,149

 
$
11

 
$
722,429

 
$
(3,124
)
 
$
229,391

 
$
948,707

 
$
334,075

 
$
1,282,782

Cumulative effect of adoption of new ASU (No. 2018-02)
 

 
 

 

 

 

 

 
(740
)
 
740

 

 

 

Exercise of stock options
 

 
 

 

 
2,781

 

 
15,216

 

 

 
15,216

 

 
15,216

Issuance of restricted stock units, net of tax withholdings
 

 
 

 

 
683

 

 
(6,173
)
 

 

 
(6,173
)
 

 
(6,173
)
Shares issued in connection with the Employee Stock Purchase Plan
 

 
 

 

 
586

 

 
3,397

 

 

 
3,397

 

 
3,397

Stock-based compensation
 

 
 

 

 

 

 
12,566

 

 

 
12,566

 

 
12,566

Contributions from noncontrolling interests and redeemable noncontrolling interests
 
201,774

 
 

 

 

 

 

 

 

 

 
128,537

 
128,537

Distributions to noncontrolling interests and redeemable noncontrolling interests
 
(6,678
)
 
 

 

 

 

 

 

 

 

 
(29,527
)
 
(29,527
)
Net loss
 
(42,859
)
 
 

 

 

 

 

 

 
(15,155
)
 
(15,155
)
 
(133,477
)
 
(148,632
)
Acquisition of noncontrolling interest
 

 
 

 

 

 

 
1,077

 

 

 
1,077

 
(6,066
)
 
(4,989
)
Other comprehensive loss, net of taxes
 

 
 

 

 

 

 

 
(44,090
)
 

 
(44,090
)
 

 
(44,090
)
Balance at June 30, 2019
 
$
278,539

 
 

 
$

 
117,199

 
$
11

 
$
748,512

 
$
(47,954
)
 
$
214,976

 
$
915,545

 
$
293,542

 
$
1,209,087


 
 
Six Months Ended June 30, 2018
 
 
Redeemable
Noncontrolling
Interests
 
 
Preferred Stock
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Total
Stockholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at December 31, 2017
 
$
123,801

 
 

 
$

 
107,350

 
$
11

 
$
682,950

 
$
(4,113
)
 
$
202,734

 
$
881,582

 
$
358,934

 
$
1,240,516

Exercise of stock options
 

 
 

 

 
1,529

 

 
8,068

 

 

 
8,068

 

 
8,068

Issuance of restricted stock units, net of tax withholdings
 

 
 

 

 
1,206

 

 
(4,878
)
 

 

 
(4,878
)
 

 
(4,878
)
Shares issued in connection with the Employee Stock Purchase Plan
 

 
 

 

 
402

 

 
1,755

 

 

 
1,755

 

 
1,755

Stock-based compensation
 

 
 

 

 

 

 
16,251

 

 

 
16,251

 

 
16,251

Contributions from noncontrolling interests and redeemable noncontrolling interests
 
51,447

 
 

 

 

 

 

 

 

 

 
116,021

 
116,021

Distributions to noncontrolling interests and redeemable noncontrolling interests
 
(5,385
)
 
 

 

 

 

 

 

 

 

 
(29,396
)
 
(29,396
)
Net (loss) income
 
(39,934
)
 
 

 

 

 

 

 

 
35,441

 
35,441

 
(158,654
)
 
(123,213
)
Other comprehensive loss, net of taxes
 

 
 

 

 

 

 

 
20,197

 

 
20,197

 

 
20,197

Balance at June 30, 2018
 
$
129,929

 
 

 
$

 
110,487

 
$
11

 
$
704,146

 
$
16,084

 
$
238,175

 
$
958,416

 
$
286,905

 
$
1,245,321



7



Sunrun Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
 
 
Six Months Ended June 30,
 
 
2019
 
2018
Operating activities:
 
 
 
 
Net loss
 
$
(191,491
)
 
$
(163,147
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation and amortization, net of amortization of deferred grants