Slide 1: Q1 2023 Financial Results
Q1 2023 Financial Results May 3, 2023
Slide 2: Safe Harbor & Forward Looking Statements
Safe Harbor & Forward Looking Statements This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act o
Slide 3: Sunrun is Growing its Base of Customers
Sunrun is Growing its Base of Customers 829,709 Customers 20% year-over-year growth Customer counts through 3/31/2023. Customer figures give pro forma effect to our acquisition of Vivint Solar from 2012 to 2019 and includes Vivint Solar in 2020. 2007-2011 reflects legacy Sunrun standalone because Vivi
Slide 4: Building at >1 Gigawatt Scale in 2023
Building at >1 Gigawatt Scale in 2023 Distributed Rooftop Solar “Utility Scale” Power Plants Sunrun is adding >150,000 home solar ~2 Natural Gas, 1 Nuclear or systems a year ~200+ Utility Scale Solar Power Plants • Fast to build: months from sale to installation, not years • 1 Gigawatt of “utility s
Slide 5: Building a Base of Customers with Recurring Revenue and Multi-Decade Relationships
Sunrun is Building a Base of Customers with Recurring Revenue and Multi-Decade Relationships $ 44,055 32,413 SUBSCRIBER VALUE IN Q1 $ 302 Million CUSTOMER ADDITIONS IN Q1 240 MEGAWATTS SOLAR ENERGY TOTAL VALUE GENERATED $ CAPACITY INSTALLED IN Q1 +12% YEAR-OVER-YEAR 32,055 IN Q1 CREATION COST $ 829,
Slide 6: Innovating & differentiating with offering to maximize customer value proposition in California
Innovating & differentiating with offering to maximize customer value proposition in California Sunrun Shift™ launched in April to address savings-focused customers under California IOUs’ new Net Billing Tariff (NBT), the successor to NEM 2.0: ● Sunrun Shift™ incorporates storage to optimize the eco
Slide 7: Positioned for market share gains given strength of subscription offering
Positioned for market share gains given strength of subscription offering ● Sunrun’s subscription model is advantaged vs. loans in many markets as loan costs have come under pressure due to deteriorating prepayment speeds in a higher mortgage rate environment. Loans are typically structured in non-e
Slide 8: Total Value Generated of $302 million in Q1
Total Value Generated of $302 million in Q1 25,154 Subscriber Additions with Net Subscriber Value of $12,000 resulting in Total Value Generated of $302 million in Q1 $44,055 $32,055 Subscriber Creation Upfront Value Cost Installation costs PV6% Renewal $3,532 Upfront per S&M PV6% subscriber (O&M cos
Slide 9: Net Earning Assets at $4 Billion
Net Earning Assets at $4 Billion • We have $11.6 billion in Gross Earning Assets, which is our measure of the present value of cash flows from customers over time. • Projected cash flow from customers plus cash, less total debt and pass-through obligations represents $4 billion in present value, which
Slide 10: Adapting to a higher interest rate environment
Adapting to a higher interest rate environment ● Sunrun has increased pricing and adjusted go-to-market approaches multiple times throughout 2022 and into 2023 to respond to inflation and higher interest rates. High utility rate inflation across the United States has provided us headroom to increase p
Slide 11: Significant potential upside from ITC adders
Significant potential upside from ITC adders ● Preliminary guidance from Department of Treasury has been obtained for the Energy Communities and Low-income ITC adders, while the guidance on what will qualify for the Domestic Content adder is still pending. Each adder could represent an incremental 10
Slide 12: Outlook
Outlook Management’s focus is on leading the market through sustainable and profitable growth, prioritizing unit cash generation capabilities, while prudently managing working capital needs. REITERATING GROWTH IN SOLAR ENERGY CAPACITY INSTALLED IN A RANGE OF 10% TO 15% FOR THE FULL YEAR 2023. Managem
Slide 13: Appendix
Appendix 13 13
Slide 14: Metric Sensitivity Tables
Metric Sensitivity Tables 14 See Appendix for glossary of terms and accompanying notes.
Slide 15: GAAP Income Statement
GAAP Income Statement Customer Agreements and Incentives Revenue is comprised of ongoing revenue from customers under long-term agreements, amortization of prepaid systems, and incentive revenue. The value of the Investment Tax Credits (ITC) are recognized as Incentive revenue, when monetized using
Slide 16: GAAP Balance Sheet
GAAP Balance Sheet Deferred revenue is primarily Customer Prepayments which are recognized over the life of the contract, typically 20 or 25 years ($819.3 million balance of Payments Received Under Customer Agreements at the end of 2022). $8 billion of our debt is non-recourse project debt and solel
Slide 17: GAAP Cash Flow Statement
GAAP Cash Flow Statement Cash Flow From Operations is negative as 25-30% of our Creation Costs are expensed in the period, while revenue is recognized over 80 periods or more. Additionally, we raise Debt and Project Equity to fund our growth, which covers CFO and CFI. These investments are the capex
Slide 18: Glossary
Glossary Deployments represent solar energy systems, whether sold directly to customers or subject to executed Networked Solar Energy Capacity for Subscribers represents the aggregate megawatt production capacity of our Customer Agreements (i) for which we have confirmation that the systems are inst
Slide 19: Sunrun Investor Relations
Sunrun Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com