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Jun 30, 2021
Sunrun Q2 2021 Earnings Report
Announced second quarter 2021 financial results, with customer additions of 26,110, bringing total customers to 599,743, and increased full-year growth guidance to 30%.
Key Takeaways
Sunrun reported strong Q2 2021 financial results, driven by accelerated sales volumes and record installations. The company added 26,110 customers, bringing the total to 599,743. They also increased full-year growth guidance to 30% and are on track to deliver a break-out year, while navigating a dynamic supply chain environment.
Customer orders accelerated in Q2, increasing more than 25% quarter-over-quarter
Sunrun expects to accelerate its growth rate to 30%, an increase from the prior guidance of 25% to 30%.
Installation volumes and attachment rates of batteries have increased again in Q2 to a record level.
Sunrun grew the selective group of partners we work with by over 15% in Q2 compared to the prior quarter.
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
Management now expects Solar Energy Capacity Installed growth to be 30% for the full-year 2021, pro-forma for Vivint Solar, an increase from the prior guidance range of 25% to 30% growth. Total Value Generated is now expected to be in a range of $700-750 million for the full-year 2021, which has been adjusted primarily because of the effects of accelerating growth and timing of cost recognition. Management continues to expect cost synergies derived from the acquisition of Vivint Solar to be approximately $120 million in run-rate synergies by the end of 2021.
Positive Outlook
- Expects Solar Energy Capacity Installed growth to be 30% for the full-year 2021, pro-forma for Vivint Solar
- Total Value Generated is now expected to be in a range of $700-750 million for the full-year 2021
- Cost synergies derived from the acquisition of Vivint Solar to be approximately $120 million in run-rate synergies by the end of 2021
- Customer orders accelerated in Q2, increasing more than 25% quarter-over-quarter
- Installation volumes and attachment rates of batteries have increased again in Q2 to a record level.
Challenges Ahead
- effects of accelerating growth and timing of cost recognition
- dynamic supply chain environment
- Severe weather caused by climate change continues to uncover vulnerabilities with the electric grid’s aging infrastructure, leaving millions of people without power.
- Permitting and interconnection delays can stall residential solar projects by 3 to 6 months and add thousands of dollars of costs to each project.
- Net Subscriber Margin was lower than in prior periods given our accelerating sales activities and the upfront timing of cost recognition, as many costs are incurred ahead of installation volume recognition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income