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Sep 30, 2021
Sunrun Q3 2021 Earnings Report
Sunrun's Q3 2021 financial results were released, demonstrating significant growth in customer base and improved customer margins amidst a dynamic supply chain environment.
Key Takeaways
Sunrun reported a strong Q3 2021 with customer additions of 30,698, bringing the total to 630,441. The company's networked solar energy capacity reached 4.5 Gigawatts. Total revenue was $438.8 million, a 109% increase year-over-year, with a net income of $24.1 million, or $0.11 per diluted share.
Customer additions reached 30,698 in Q3, bringing the total customer count to 630,441.
Net Subscriber Value was $7,605 in Q3, an increase of $2,031 from Q2.
Annual Recurring Revenue reached $787 million with an average contract life remaining of 17.3 years.
Networked Solar Energy Capacity reached 4.5 Gigawatts.
Revenue by Segment
Forward Guidance
Sunrun anticipates Solar Energy Capacity Installed growth to be 30% for the full-year 2021. Total Value Generated is expected to be around $700 million for the full-year 2021. Cost synergies from the Vivint Solar acquisition are expected to be approximately $120 million in run-rate synergies by the end of 2021.
Positive Outlook
- Strong growth in customer base.
- Improved customer margins.
- Continued innovation and differentiated customer offerings.
- Strong performance in channel business with record volume.
- Momentum and scale in the new homes business.
Challenges Ahead
- Slightly higher material and logistics costs.
- Lower mix of margin-accretive battery installations than previously forecasted.
- Dynamic supply chain environment.
- Battery supply and logistical constraints have lowered expected battery volumes in the near-term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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