Business
Sunrun Reports First Quarter 2020 Financial Results
298,000 Customers, an increase of 23% year-over-year Net Earning Assets of $1.6 billion, an increase of 12% year-over-year Transitioned to a Digital Sales and
About this update from Sunrun Inc.
[{"type":"text","content":"298,000 Customers, an increase of 23% year-over-year\n Net Earning Assets of $1.6 billion, an increase of 12% year-over-year Transitioned to a Digital Sales and Streamlined Operating Model to Provide Essential Service and Reduce Soft Costs SAN FRANCISCO, May 06, 2020 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the first quarter ended March 31, 2020. “Sunrun has dramatically increased our corporate metabolism over the past few weeks. We’ve made the process of going solar nearly contact-free for our customers, launched digital selling, made investments in our technology platform, and accelerated process improvements. We will emerge a stronger business,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “Our orders reached a single-day all-time high at the end of April as consumers are choosing to power through. Sunrun’s services give people peace of mind financially and enable them to safeguard their families against the increasingly unreliable electricity grid when they need power most, all while making the planet a better place to live.” Key Operating Metrics In the first quarter of 2020, Megawatts Deployed (MW) increased to 97 MW from 86 MW in the first quarter of 2019, a 13% year-over-year improvement. Creation Cost per watt was $3.09 in the first quarter of 2020, compared to $3.46 in the first quarter of 2019, an 11% year-over-year improvement. NPV created in the first quarter of 2020 was $81 million. Unlevered NPV in the first quarter of 2020 was $0.98 per watt, representing approximately $7,100 per customer. Gross Earning Assets as of March 31, 2020 were $3.9 billion, up $695 million, or 22%, from the prior year. Net Earning Assets as of March 31, 2020 were $1.6 billion, up $170 million, reflecting a 12% increase from the prior year. Cash, including restricted cash, increased $56.3 million from the prior year. Cash Generation was $5 million in the first quarter of 2020. The company defines Cash Generation as the increase in total cash, including restricted cash, less any increases in recourse debt, and adjusted for certain items. In the first quarter of 2020, Cash Generation was adjusted for $0.4 million investment in the company’s Investment Tax Credit safe harbor program. First Quarter 2020...