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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 September 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)
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 November 8, 2019, the number of shares of the registrant’s common stock outstanding was 118,057,617.
Table of Contents
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| | | |
| | | Page |
| | | |
Item 1 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
| | | |
| | | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 5. | | | |
Item 6. | | | |
| | | |
Sunrun Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
(Unaudited)
|
| | | | | | | | |
| | September 30, 2019 | | December 31, 2018 |
Assets | | | | |
Current assets: | | | | |
Cash | | $ | 324,698 |
| | $ | 226,625 |
|
Restricted cash | | 48,566 |
| | 77,626 |
|
Accounts receivable (net of allowances for doubtful accounts of $2,737 and $2,228 as of September 30, 2019 and December 31, 2018, respectively) | | 75,352 |
| | 66,435 |
|
State tax credits receivable | | — |
| | 2,697 |
|
Inventories | | 109,777 |
| | 79,467 |
|
Prepaid expenses and other current assets | | 8,847 |
| | 8,563 |
|
Total current assets | | 567,240 |
| | 461,413 |
|
Restricted cash | | 148 |
| | 148 |
|
Solar energy systems, net | | 4,333,387 |
| | 3,820,017 |
|
Property and equipment, net | | 56,804 |
| | 34,893 |
|
Intangible assets, net | | 21,067 |
| | 10,088 |
|
Goodwill | | 95,094 |
| | 87,543 |
|
Other assets | | 398,278 |
| | 335,685 |
|
Total assets (1) | | $ | 5,472,018 |
| | $ | 4,749,787 |
|
Liabilities and total equity | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 169,893 |
| | $ | 131,278 |
|
Distributions payable to noncontrolling interests and redeemable noncontrolling interests | | 16,808 |
| | 15,847 |
|
Accrued expenses and other liabilities | | 121,720 |
| | 98,636 |
|
Deferred revenue, current portion | | 61,336 |
| | 47,407 |
|
Deferred grants, current portion | | 7,957 |
| | 7,885 |
|
Finance lease obligations, current portion | | 11,152 |
| | 9,193 |
|
Non-recourse debt, current portion | | 29,402 |
| | 35,484 |
|
Pass-through financing obligation, current portion | | 10,744 |
| | 26,461 |
|
Total current liabilities | | 429,012 |
| | 372,191 |
|
Deferred revenue, net of current portion | | 651,727 |
| | 544,218 |
|
Deferred grants, net of current portion | | 214,411 |
| | 221,739 |
|
Finance lease obligations, net of current portion | | 14,822 |
| | 9,992 |
|
Recourse debt | | 239,035 |
| | 247,000 |
|
Non-recourse debt, net of current portion | | 1,776,872 |
| | 1,466,438 |
|
Pass-through financing obligation, net of current portion | | 329,255 |
| | 337,282 |
|
Other liabilities | | 166,873 |
| | 48,210 |
|
Deferred tax liabilities | | 67,823 |
| | 93,633 |
|
Total liabilities (1) | | 3,889,830 |
| | 3,340,703 |
|
Commitments and contingencies (Note 15) | |
|
| |
|
|
Redeemable noncontrolling interests | | 336,586 |
| | 126,302 |
|
Stockholders’ equity: | | | | |
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2019 and December 31, 2018; no shares issued and outstanding as of September 30, 2019 and December 31, 2018 | | — |
| | — |
|
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2019 and December 31, 2018; issued and outstanding, 117,924 and 113,149 shares as of September 30, 2019 and December 31, 2018, respectively | | 12 |
| | 11 |
|
Additional paid-in capital | | 755,771 |
| | 722,429 |
|
Accumulated other comprehensive loss | | (72,920 | ) | | (3,124 | ) |
Retained earnings | | 243,966 |
| | 229,391 |
|
Total stockholders’ equity | | 926,829 |
| | 948,707 |
|
Noncontrolling interests | | 318,773 |
| | 334,075 |
|
Total equity | | 1,245,602 |
| | 1,282,782 |
|
Total liabilities, redeemable noncontrolling interests and total equity | | $ | 5,472,018 |
| | $ | 4,749,787 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Sunrun Inc.
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2019 | | 2018 | | 2019 | | 2018 |
Revenue: | | | | | | | | |
Customer agreements and incentives | | $ | 96,249 |
| | $ | 114,572 |
| | $ | 288,538 |
| | $ | 273,167 |
|
Solar energy systems and product sales | | 119,293 |
| | 90,388 |
| | 326,103 |
| | 246,694 |
|
Total revenue | | 215,542 |
| | 204,960 |
| | 614,641 |
| | 519,861 |
|
Operating expenses: | | | | | | | | |
Cost of customer agreements and incentives | | 67,359 |
| | 63,195 |
| | 207,446 |
| | 175,540 |
|
Cost of solar energy systems and product sales | | 92,031 |
| | 76,179 |
| | 256,178 |
| | 205,026 |
|
Sales and marketing | | 77,478 |
| | 56,758 |
| | 203,469 |
| | 150,074 |
|
Research and development | | 6,435 |
| | 4,604 |
| | 18,464 |
| | 13,552 |
|
General and administrative | | 31,059 |
| | 26,720 |
| | 93,166 |
| | 87,743 |
|
Amortization of intangible assets | | 1,524 |
| | 1,051 |
| | 3,231 |
| | 3,153 |
|
Total operating expenses | | 275,886 |
| | 228,507 |
| | 781,954 |
| | 635,088 |
|
Loss from operations | | (60,344 | ) | | (23,547 | ) | | (167,313 | ) | | (115,227 | ) |
Interest expense, net | | 43,911 |
| | 34,482 |
| | 127,560 |
| | 94,552 |
|
Other expenses (income), net | | 3,110 |
| | (4,517 | ) | | 9,254 |
| | (5,701 | ) |
Loss before income taxes | | (107,365 | ) | | (53,512 | ) | | (304,127 | ) | | (204,078 | ) |
Income tax (benefit) expense | | 5,169 |
| | (5,988 | ) | | (102 | ) | | 6,593 |
|
Net loss | | (112,534 | ) | | (47,524 | ) | | (304,025 | ) | | (210,671 | ) |
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | | (141,524 | ) | | (44,628 | ) | | (317,860 | ) | | (243,216 | ) |
Net income (loss) attributable to common stockholders | | $ | 28,990 |
| | $ | (2,896 | ) | | $ | 13,835 |
| | $ | 32,545 |
|
Net income (loss) per share attributable to common stockholders | | | | | | | | |
Basic | | $ | 0.25 |
| | $ | (0.03 | ) | | $ | 0.12 |
| | $ | 0.30 |
|
Diluted | | $ | 0.23 |
| | $ | (0.02 | ) | | $ | 0.11 |
| | $ | 0.28 |
|
Weighted average shares used to compute net income (loss) per share attributable to common stockholders | | | | | | | | |
Basic | | 117,652 |
| | 111,134 |
| | 115,790 |
| | 109,351 |
|
Diluted | | 125,151 |
| | 120,396 |
| | 123,645 |
| | 116,052 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Sunrun Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2019 | | 2018 | | 2019 | | 2018 |
Net income (loss) attributable to common stockholders | | $ | 28,990 |
| | $ | (2,896 | ) | | $ | 13,835 |
| | $ | 32,545 |
|
Other comprehensive (loss) income: | | | | | | | | |
Unrealized (loss) gain on derivatives, net of income taxes | | (25,178 | ) | | 8,495 |
| | (68,301 | ) | | 30,328 |
|
Interest expense (income) on derivatives recognized into earnings, net of income taxes | | 212 |
| | (697 | ) | | (755 | ) | | (2,352 | ) |
Other comprehensive (loss) income | | (24,966 | ) | | 7,798 |
| | (69,056 | ) | | 27,976 |
|
Comprehensive income (loss) | | $ | 4,024 |
| | $ | 4,902 |
| | $ | (55,221 | ) | | $ | 60,521 |
|
Sunrun Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
Three Months Ended September 30, 2019 and 2018
(In Thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 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 June 30,2019 | | $ | 278,539 |
| | | — |
| | $ | — |
| | 117,199 |
| | $ | 11 |
| | $ | 748,512 |
| | $ | (47,954 | ) | | $ | 214,976 |
| | $ | 915,545 |
| | $ | 293,542 |
| | $ | 1,209,087 |
|
Exercise of stock options | | — |
| | | — |
| | — |
| | 507 |
| | — |
| | 2,766 |
| | — |
| | — |
| | 2,766 |
| | — |
| | 2,766 |
|
Issuance of restricted stock units, net of tax withholdings | | — |
| | | — |
| | — |
| | 218 |
| | 1 |
| | (2,361 | ) | | — |
| | — |
| | (2,360 | ) | | — |
| | (2,360 | ) |
Shares issued in connection with the Employee Stock Purchase Plan | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Stock-based compensation | | — |
| | | — |
| | — |
| | — |
| | — |
| | 6,854 |
| | — |
| | — |
| | 6,854 |
| | — |
| | 6,854 |
|
Contributions from noncontrolling interests and redeemable noncontrolling interests | | 196,182 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 45,002 |
| | 45,002 |
|
Distributions to noncontrolling interests and redeemable noncontrolling interests | | (3,466 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (14,184 | ) | | (14,184 | ) |
Net (loss) income | | (134,669 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 28,990 |
| | 28,990 |
| | (6,855 | ) | | 22,135 |
|
Acquisition of noncontrolling interest | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,268 |
| | 1,268 |
|
Other comprehensive loss, net of taxes | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | (24,966 | ) | | — |
| | (24,966 | ) | | — |
| | (24,966 | ) |
Balance at September 30, 2019 | | $ | 336,586 |
| | | — |
| | $ | — |
| | 117,924 |
| | $ | 12 |
| | $ | 755,771 |
| | $ | (72,920 | ) | | $ | 243,966 |
| | $ | 926,829 |
| | $ | 318,773 |
| | $ | 1,245,602 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 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 June 30, 2018 | | $ | 129,929 |
| | | — |
| | $ | — |
| | 110,487 |
| | $ | 11 |
| | $ | 704,146 |
| | $ | 16,084 |
| | $ | 238,175 |
| | $ | 958,416 |
| | $ | 286,905 |
| | $ | 1,245,321 |
|
Exercise of stock options | | — |
| | | — |
| | — |
| | 1,027 |
| | — |
| | 5,792 |
| | — |
| | — |
| | 5,792 |
| | — |
| | 5,792 |
|
Issuance of restricted stock units, net of tax withholdings | | — |
| | | — |
| | — |
| | 139 |
| | — |
| | (3,032 | ) | | — |
| | — |
| | (3,032 | ) | | | | (3,032 | ) |
Shares issued in connection with the Employee Stock Purchase Plan | | — |
| | | — |
| | — |
| | (1 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | | | — |
|
Stock-based compensation | | — |
| | | — |
| | — |
| | — |
| | — |
| | 5,740 |
| | — |
| | — |
| | 5,740 |
| | | | 5,740 |
|
Contributions from noncontrolling interests and redeemable noncontrolling interests | | 9,236 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 71,000 |
| | 71,000 |
|
Distributions to noncontrolling interests and redeemable noncontrolling interests | | (2,783 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (14,966 | ) | | (14,966 | ) |
Net loss | | (18,914 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | | | (2,896 | ) | | (2,896 | ) | | (25,714 | ) | | (28,610 | ) |
Other comprehensive loss, net of taxes | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | 2,772 |
| | — |
| | 2,772 |
| | — |
| | 2,772 |
|
Balance at September 30, 2018 | | $ | 117,468 |
| | | — |
| | $ | — |
| | 111,652 |
| | $ | 11 |
| | $ | 712,646 |
| | $ | 18,856 |
| | $ | 235,279 |
| | $ | 966,792 |
| | $ | 317,225 |
| | $ | 1,284,017 |
|
Sunrun Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
Nine Months Ended September 30, 2019 and 2018
(In Thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 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 | | — |
| | | — |
| | — |
| | 3,288 |
| | — |
| | 17,982 |
| | — |
| | — |
| | 17,982 |
| | — |
| | 17,982 |
|
Issuance of restricted stock units, net of tax withholdings | | — |
| | | — |
| | — |
| | 901 |
| | 1 |
| | (8,534 | ) | | — |
| | — |
| | (8,533 | ) | | — |
| | (8,533 | ) |
Shares issued in connection with the Employee Stock Purchase Plan | | — |
| | | — |
| | — |
| | 586 |
| | — |
| | 3,397 |
| | — |
| | — |
| | 3,397 |
| | — |
| | 3,397 |
|
Stock-based compensation | | — |
| | | — |
| | — |
| | — |
| | — |
| | 19,420 |
| | — |
| | — |
| | 19,420 |
| | — |
| | 19,420 |
|
Contributions from noncontrolling interests and redeemable noncontrolling interests | | 397,956 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 173,539 |
| | 173,539 |
|
Distributions to noncontrolling interests and redeemable noncontrolling interests | | (10,144 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (43,711 | ) | | (43,711 | ) |
Net (loss) income | | (177,528 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 13,835 |
| | 13,835 |
| | (140,332 | ) | | (126,497 | ) |
Acquisition of noncontrolling interest | | — |
| | | — |
| | — |
| | — |
| | — |
| | 1,077 |
| | — |
| | — |
| | 1,077 |
| | (4,798 | ) | | (3,721 | ) |
Other comprehensive loss, net of taxes | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | (69,056 | ) | | — |
| | (69,056 | ) | | — |
| | (69,056 | ) |
Balance at September 30, 2019 | | $ | 336,586 |
| | | — |
| | $ | — |
| | 117,924 |
| | $ | 12 |
| | $ | 755,771 |
| | $ | (72,920 | ) | | $ | 243,966 |
| | $ | 926,829 |
| | $ | 318,773 |
| | $ | 1,245,602 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 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 | | — |
| | | — |
| | — |
| | 2,556 |
| | — |
| | 13,860 |
| | — |
| | — |
| | 13,860 |
| | — |
| | 13,860 |
|
Issuance of restricted stock units, net of tax withholdings | | — |
| | | — |
| | — |
| | 1,345 |
| | — |
| | (7,910 | ) | | — |
| | — |
| | (7,910 | ) | | — |
| | (7,910 | ) |
Shares issued in connection with the Employee Stock Purchase Plan | | — |
| | | — |
| | — |
| | 401 |
| | — |
| | 1,755 |
| | — |
| | — |
| | 1,755 |
| | — |
| | 1,755 |
|
Stock-based compensation | | — |
| | | — |
| | — |
| | — |
| | — |
| | 21,991 |
| | — |
| | — |
| | 21,991 |
| | — |
| | 21,991 |
|
Contributions from noncontrolling interests and redeemable noncontrolling interests | | 60,683 |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 187,021 |
| | 187,021 |
|
Distributions to noncontrolling interests and redeemable noncontrolling interests | | (8,168 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (44,362 | ) | | (44,362 | ) |
Net (loss) income | | (58,848 | ) | | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 32,545 |
| | 32,545 |
| | (184,368 | ) | | (151,823 | ) |
Other comprehensive loss, net of taxes | | — |
| | | — |
| | — |
| | — |
| | — |
| | — |
| | 22,969 |
| | — |
| | 22,969 |
| | — |
| | 22,969 |
|
Balance at September 30, 2018 | | $ | 117,468 |
| | | — |
| | $ | — |
| | 111,652 |
| | $ | 11 |
| | $ | 712,646 |
| | $ | 18,856 |
| | $ | 235,279 |
| | $ | 966,792 |
| | $ | 317,225 |
| | $ | 1,284,017 |
|
Sunrun Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)