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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

 
 
 
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)
 
 
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









2



1)
The Company’s consolidated assets as of September 30, 2019 and December 31, 2018 include $3,332,199 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 September 30, 2019 and December 31, 2018 of $3,045,779 and $2,712,377, respectively; cash as of September 30, 2019 and December 31, 2018 of $178,289 and $105,494, respectively; restricted cash as of September 30, 2019 and December 31, 2018 of $4,544 and $2,071, respectively; accounts receivable, net as of September 30, 2019 and December 31, 2018 of $19,208 and $18,539, respectively; prepaid expenses and other current assets as of September 30, 2019 and December 31, 2018 of $549 and $387, respectively; and other assets as of September 30, 2019 and December 31, 2018 of $83,830 and $66,427, respectively. The Company’s consolidated liabilities as of September 30, 2019 and December 31, 2018 include $734,988 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2019 and December 31, 2018 of $14,464 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2019 and December 31, 2018 of $16,466 and $15,797, respectively; accrued expenses and other current liabilities as of September 30, 2019 and December 31, 2018 of $9,676 and $7,122, respectively; deferred revenue as of September 30, 2019 and December 31, 2018 of $446,041 and $396,920, respectively; deferred grants as of September 30, 2019 and December 31, 2018 of $28,330 and $29,229, respectively; non-recourse debt as of September 30, 2019 and December 31, 2018 of $196,113 and $190,711, respectively; and other liabilities as of September 30, 2019 and December 31, 2018 of $23,898 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 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.


4



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


5



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



6



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



7



Sunrun Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)