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Jun 30, 2020
Sunrun Q2 2020 Earnings Report
Sunrun's financial performance declined slightly due to decreased megawatts deployed, but the company is optimistic about future growth and the acquisition of Vivint Solar.
Key Takeaways
Sunrun reported a decrease in revenue and megawatts deployed compared to the previous year, but customer agreements revenue increased. The company is focused on cost structure improvements and expanding its customer base through the acquisition of Vivint Solar. They also announced new virtual power plant contracts and a venture for home electrification.
Sunrun's customer base reached 309,000, a 21% increase year-over-year.
The company entered into an agreement to acquire Vivint Solar to expand customer reach and improve scale efficiencies.
Sunrun announced partnerships to build virtual power plants and provide backup power solutions.
Megawatts Deployed were 78 MW, a 24% year-over-year decline.
Sunrun
Sunrun
Sunrun Revenue by Segment
Revenue by Segment
Customer Agreements and Incentives Revenue
CapyFin.comSolar Energy Systems and Product Sales Revenue
CapyFin.com Forward Guidance
Sunrun expects to grow Megawatts Deployed by over 20% sequentially in the third quarter, at improving Unlevered NPV levels. They expect Unlevered NPV to increase to above $8,000 per leased customer in the fourth quarter. Management also expects to maintain a strong total cash balance and grow Net Earning Assets in full-year 2020.
Positive Outlook
- Megawatts Deployed expected to grow by over 20% sequentially in Q3
- Unlevered NPV levels are improving.
- Unlevered NPV expected to increase to above $8,000 per leased customer in Q4.
- Strong total cash balance expected to be maintained.
- Net Earning Assets expected to grow in full-year 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income