Sunrun Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Current assets: | ||
| Cash | $678,821 | $740,508 |
| Restricted cash | 308,869 | 212,367 |
| Accounts receivable (net of allowances for credit losses of $19,042 and $13,381 as of December 31, 2023 and 2022, respectively) | 172,001 | 214,255 |
| Inventories | 459,746 | 783,904 |
| Prepaid expenses and other current assets | 262,822 | 146,609 |
| Total current assets | 1,882,259 | 2,097,643 |
| Restricted cash | 148 | 148 |
| Solar energy systems, net | 13,028,871 | 10,988,361 |
| Property and equipment, net | 149,139 | 67,439 |
| Goodwill | 3,122,168 | 4,280,169 |
| Other assets | 2,267,652 | 1,835,045 |
| Total assets (1) | $20,450,237 | $19,268,805 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $230,723 | $339,166 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 35,180 | 32,050 |
| Accrued expenses and other liabilities | 499,225 | 406,466 |
| Deferred revenue, current portion | 128,600 | 183,719 |
| Deferred grants, current portion | 8,199 | 8,252 |
| Finance lease obligations, current portion | 22,053 | 11,444 |
| Non-recourse debt, current portion | 547,870 | 157,810 |
| Pass-through financing obligation, current portion | 16,309 | 16,544 |
| Total current liabilities | 1,488,159 | 1,155,451 |
| Deferred revenue, net of current portion | 1,067,461 | 912,254 |
| Deferred grants, net of current portion | 195,724 | 201,094 |
| Finance lease obligations, net of current portion | 68,753 | 17,302 |
| Line of credit | 539,502 | 505,158 |
| Non-recourse debt, net of current portion | 9,191,689 | 7,343,299 |
| Convertible senior notes | 392,867 | 392,882 |
| Pass-through financing obligation, net of current portion | 278,333 | 289,011 |
| Other liabilities | 190,866 | 140,290 |
| Deferred tax liabilities | 122,870 | 133,047 |
| Total liabilities (1) | 13,536,224 | 11,089,788 |
| Commitments and contingencies (Note 18) | ||
| Redeemable noncontrolling interests | 676,177 | 609,702 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2023 and 2022; no shares issued and outstanding as of December 31, 2023 and 2022 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2023 and 2022; issued and outstanding, 219,392 and 214,184 shares as of December 31, 2023 and 2022, respectively | 22 | 21 |
| Additional paid-in capital | 6,609,229 | 6,470,194 |
| Accumulated other comprehensive loss | 54,676 | 67,109 |
| Retained earnings | (1,433,699) | 170,798 |
| Total stockholders’ equity | 5,230,228 | 6,708,122 |
| Noncontrolling interests | 1,007,608 | 861,193 |
| Total equity | 6,237,836 | 7,569,315 |
| Total liabilities, redeemable noncontrolling interests and total equity | $20,450,237 | $19,268,805 |
(1)The Company’s consolidated assets as of December 31, 2023 and 2022 include $11,538,540 and $10,031,506, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Solar energy systems, net, as of December 31, 2023 and 2022 were $10,469,093 and $8,968,835, respectively; cash as of December 31, 2023 and 2022 were $254,522 and $457,005, respectively; restricted cash as of December 31, 2023 and 2022 were $48,169 and $44,514, respectively; accounts receivable, net as of December 31, 2023 and 2022 were $76,249 and $66,847, respectively; inventories as of December 31, 2023 and 2022 of $150,065 and $193,836, respectively; prepaid expenses and other current assets as of December 31, 2023 and 2022 were $161,414 and $12,698, respectively and other assets as of December 31, 2023 and 2022 were $379,028 and $287,771, respectively. The Company’s consolidated liabilities as of December 31, 2023 and 2022 include $2,417,984 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2023 and 2022 of $12,187 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2023 and 2022 of $35,181 and $32,051, respectively; accrued expenses and other liabilities as of December 31, 2023 and 2022 of $185,766 and $32,512, respectively; deferred revenue as of December 31, 2023 and 2022 of $708,413 and $621,457, respectively; deferred grants as of December 31, 2023 and 2022 of $0 and $0, respectively; non-recourse debt as of December 31, 2023 and 2022 of $1,459,621 and $1,489,407, respectively; and other liabilities as of December 31, 2023 and 2022 of $16,816 and $15,260, respectively.
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