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Dec 31, 2020
Sunrun Q4 2020 Earnings Report
Sunrun's Q4 2020 financial results were released, highlighting growth and market leadership, driven by the acquisition of Vivint Solar and increasing demand for clean energy solutions.
Key Takeaways
Sunrun reported Q4 2020 results, featuring customer additions of approximately 23,500, bringing the total to over 550,000. The company's networked solar energy capacity reached 3.9 Gigawatts. Total revenue was $320.4 million, a 31% increase year-over-year. Net loss attributable to common stockholders was $169.3 million, or $0.88 per share.
Completed acquisition of Vivint Solar, solidifying position as a leader in home solar and energy services.
Increased customer base by more than 18% year-over-year through the fourth quarter, combined with Vivint Solar.
Expanded Brightbox availability to all markets, including eight additional states and Washington, D.C.
Expanded into additional areas of Texas and Florida due to increased demand for affordable, reliable clean energy.
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 anticipates Solar Energy Capacity Installed growth to be in the range of 20% to 25% for the full year 2021 and expects Total Value Generated to be above $700 million in 2021. The company is also increasing expected cost synergies from the acquisition of Vivint Solar from $90 million to $120 million in run-rate synergies by the end of 2021.
Positive Outlook
- Expects 20-25% growth in Solar Energy Capacity Installed in 2021.
- Total Value Generated expected to be above $700 million in 2021.
- Increased cost synergies from Vivint Solar acquisition expected to reach $120 million by the end of 2021.
- Closed transactions and executed term sheets provide expected tax equity and project debt capacity to fund over 500 megawatts of Solar Energy Capacity Installed for Subscribers beyond Q4 2020.
- Extension of the Investment Tax Credit (ITC) for an additional two years at the 26% level through 2022.
Challenges Ahead
- Impact of COVID-19 on the Company and its business and operations
- Successful integration of Vivint Solar
- Availability of additional financing on acceptable terms
- Changes in the retail prices of traditional utility generated electricity
- Worldwide economic conditions, including slow or negative growth rates in global and domestic economies and weakened consumer confidence and spending
Revenue & Expenses
Visualization of income flow from segment revenue to net income