Sunrun Inc. (RUN) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Sunrun's CEO, Damian Badgen, Sunrun's CFO, and Paul Dixon, Sunrun's President and Chief Revenue Officer. The presentation is available on Sunrun's Investor Relations website along with supplemental materials. An audio replay of today's call along with a copy of today's prepared remarks and transcript, including Q&A, will be posted to the Sunrun's Investor Relations website shortly after the call. And now let me turn the call over to Mary. Thank you, Patrick, and thank all of you for joining us today. In the second quarter, we delivered strong financial and operating results while delivering a best-in-class customer experience for over a million Americans. We generated $1.6 billion in top-line aggregate subscriber value, significantly exceeding our guidance and growing 40% year-over-year. Contracted net value creation of $376 million, which was our highest ever, more than doubled from last quarter and was also well above guidance. We generated this record profitability by growing the attachment rate of our storage offerings to an all-time high of 70% of customer additions in the period, and by driving significant cost efficiencies and performance improvements across the business. We also reported the highest upfront net subscriber value quarter in the company's history, a 17 percentage point margin improvement compared to the prior year, and now representing an 11% margin on contracted subscriber value. We achieved this result by growing contracted subscriber value while reducing our installation and customer acquisition costs. The trends in our operating performance highlight the cash generation trajectory of the business as our customer origination activities are financed over the coming quarters. We are structurally generating cash. In the quarter, we generated $27...