Business
Sunrun Reports Fourth Quarter and Full Year 2019 Financial Results
Added 52,000 Customers in 2019, growing our customer base 22% year-over-year to 285,000 Net Earning Assets of $1.5 billion, an increase of 8% year-over-year
About this update from Sunrun Inc.
[{"type":"text","content":"Added 52,000 Customers in 2019, growing our customer base 22% year-over-year to 285,000\n Net Earning Assets of $1.5 billion, an increase of 8% year-over-year SAN FRANCISCO, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the fourth quarter and full year ended December 31, 2019. “In 2019 we generated $102 million in cash, exceeding our target. We also grew our customer base by 22%, adding as many customers as the next two largest residential providers combined, while increasing adoption of Brightbox, our solar and battery offering, to record levels,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “People want resilient, affordable clean energy solutions to help fight climate change and protect themselves from an increasingly unreliable electricity system. Sunrun is enabling this transition today and putting power in the hands of individuals to drive change.” Key Operating Metrics In the fourth quarter of 2019, MW deployed increased to 117 MW from 107 MW in the third quarter of 2019, demonstrating a 9% sequential improvement. In the full year 2019, MW deployed increased to 413 MW from 373 MW in the full year 2018, an 11% year-over-year increase. Creation Cost per watt was $2.87 in the fourth quarter of 2019, compared to $3.17 in the fourth quarter of 2018, a 10% year-over-year improvement. NPV created in the fourth quarter of 2019 was $100 million. Unlevered NPV per watt in the fourth quarter of 2019 was $1.13. Gross Earning Assets as of December 31, 2019 were $3.7 billion, up $622 million, or 20%, from the prior year. Net Earning Assets as of December 31, 2019 were $1.5 billion, up $118 million, reflecting an 8% increase from the prior year. Total Cash (meaning total cash, including restricted cash, less recourse debt) increased $66.3 million from the prior year. Cash Generation was $102 million in 2019. 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 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, an...