Sunrun Inc

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

RUN$8.71-10.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2023	2022	2021
Operating activities:
Net loss	$(2,682,841)	$(849,645)	$(980,530)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net of amortization of deferred grants	531,669	451,046	388,096
Goodwill impairment	1,158,000	—	—
Deferred income taxes	(12,716)	2,291	9,607
Stock-based compensation expense	111,781	110,633	211,000
Interest on pass-through financing obligations	19,504	20,076	21,431
Reduction in pass-through financing obligations	(40,352)	(41,164)	(42,309)
Unrealized gain on derivatives	28,105	(184,904)	(21,686)
Other noncash items	261,390	53,651	82,286
Changes in operating assets and liabilities:
Accounts receivable	15,748	(86,762)	(62,124)
Inventories	324,158	(277,085)	(223,774)
Prepaid expenses and other current assets	(476,628)	(378,807)	(377,505)
Accounts payable	(108,785)	40,458	66,932
Accrued expenses and other liabilities	(56,473)	64,122	33,195
Deferred revenue	106,700	227,297	78,195
Net cash used in operating activities	(820,740)	(848,793)	(817,186)
Investing activities:
Payments for the costs of solar energy systems	(2,587,183)	(1,992,863)	(1,677,609)
Purchase of equity investment	(5,000)	(75,000)	—
Purchases of property and equipment, net	(20,960)	(18,203)	(8,576)
Net cash used in investing activities	(2,613,143)	(2,086,066)	(1,686,185)
Financing activities:
Proceeds from state tax credits, net of recapture	4,033	—	—
Proceeds from line of credit	1,165,900	1,165,267	738,046
Repayment of line of credit	(1,131,556)	(871,175)	(757,640)
Proceeds from issuance of convertible senior notes, net of capped call transaction	—	—	372,000
Repurchase of convertible senior notes	(1,545)	—	—
Proceeds from issuance of non-recourse debt	3,745,580	3,428,830	2,186,990
Repayment of non-recourse debt	(1,575,527)	(1,799,428)	(856,091)
Payment of debt fees	(47,342)	(62,994)	(53,793)
Proceeds from pass-through financing and other obligations, net	8,812	3,645	10,032
Repayment of pass-through financing obligation	—	—	(18,050)
Payment of finance lease obligations	(23,279)	(14,146)	(12,352)
Contributions received from noncontrolling interests and redeemable noncontrolling interests	1,572,399	1,414,793	1,238,732
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(225,114)	(217,633)	(196,466)
Acquisition of noncontrolling interest	(46,274)	(42,571)	(41,955)
Net proceeds related to stock-based award activities	22,611	32,863	36,141
Net cash provided by financing activities	3,468,698	3,037,451	2,645,594
Net change in cash and restricted cash	34,815	102,592	142,223
Cash and restricted cash, beginning of period	953,023	850,431	708,208
Cash and restricted cash, end of period	$987,838	$953,023	$850,431
Supplemental disclosures of cash flow information
Cash paid for interest	$433,050	$300,118	$225,250
Cash paid for income taxes	$—	$—	$—
Supplemental disclosures of noncash investing and financing activities
Purchases of solar energy systems and property and equipment included in accounts payable and accrued expenses	$61,740	$61,327	$50,386
Right-of-use assets obtained in exchange for new finance lease liabilities	$87,726	$21,030	$11,055
Portion of solar energy systems financed with seller financing, included within non-recourse debt	$—	$—	$37,000

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