Sunrun Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $533,863 | $678,821 |
| Restricted cash | 476,606 | 308,869 |
| Accounts receivable (net of allowances for credit losses of $17,024 and $19,042 as of September 30, 2024 and December 31, 2023, respectively) | 182,513 | 172,001 |
| Inventories | 342,348 | 459,746 |
| Prepaid expenses and other current assets | 67,132 | 262,822 |
| Total current assets | 1,602,462 | 1,882,259 |
| Restricted cash | 148 | 148 |
| Solar energy systems, net | 14,427,903 | 13,028,871 |
| Property and equipment, net | 134,613 | 149,139 |
| Goodwill | 3,122,168 | 3,122,168 |
| Other assets | 2,817,029 | 2,267,652 |
| Total assets (1) | $22,104,323 | $20,450,237 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $244,184 | $230,723 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 43,871 | 35,180 |
| Accrued expenses and other liabilities | 410,488 | 499,225 |
| Deferred revenue, current portion | 120,991 | 128,600 |
| Deferred grants, current portion | 8,165 | 8,199 |
| Finance lease obligations, current portion | 26,532 | 22,053 |
| Non-recourse debt, current portion | 236,227 | 547,870 |
| Pass-through financing obligation, current portion | 1,050 | 16,309 |
| Total current liabilities | 1,091,508 | 1,488,159 |
| Deferred revenue, net of current portion | 1,171,925 | 1,067,461 |
| Deferred grants, net of current portion | 188,589 | 195,724 |
| Finance lease obligations, net of current portion | 74,627 | 68,753 |
| Convertible senior notes | 603,510 | 392,867 |
| Line of credit | 392,524 | 539,502 |
| Non-recourse debt, net of current portion | 11,219,898 | 9,191,689 |
| Pass-through financing obligation, net of current portion | — | 278,333 |
| Other liabilities | 212,091 | 190,866 |
| Deferred tax liabilities | 115,258 | 122,870 |
| Total liabilities (1) | 15,069,930 | 13,536,224 |
| Commitments and contingencies (Note 15) | ||
| Redeemable noncontrolling interests | 633,817 | 676,177 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2024 and December 31, 2023; issued and outstanding, 224,087 and 219,392 shares as of September 30, 2024 and December 31, 2023, respectively | 22 | 22 |
| Additional paid-in capital | 6,707,031 | 6,609,229 |
| Accumulated other comprehensive income | 37,189 | 54,676 |
| Retained earnings | (1,466,209) | (1,433,699) |
| Total stockholders’ equity | 5,278,033 | 5,230,228 |
| Noncontrolling interests | 1,122,543 | 1,007,608 |
| Total equity | 6,400,576 | 6,237,836 |
| Total liabilities, redeemable noncontrolling interests and total equity | $22,104,323 | $20,450,237 |
1)The Company’s consolidated assets as of September 30, 2024 and December 31, 2023 include $12,715,551 and $11,538,540, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net as of September 30, 2024 and December 31, 2023 of $11,568,737 and $10,469,093, respectively; cash as of September 30, 2024 and December 31, 2023 of $375,111 and $254,522, respectively; restricted cash as of September 30, 2024 and December 31, 2023 of $52,033 and $48,169, respectively; accounts receivable, net as of September 30, 2024 and December 31, 2023 of $96,476 and $76,249, respectively; inventories as of September 30, 2024 and December 31, 2023 of $94,883 and $150,065, respectively; prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 of $8,199 and $161,414, respectively; and other assets as of September 30, 2024 and December 31, 2023 of $520,112 and $379,028, respectively. The Company’s consolidated liabilities as of September 30, 2024 and December 31, 2023 include $2,315,398 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2024 and December 31, 2023 of $5,816 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2024 and December 31, 2023 of $43,872 and $35,181, respectively; accrued expenses and other current liabilities as of September 30, 2024 and December 31, 2023 of $38,168 and $185,766, respectively; deferred revenue as of September 30, 2024 and December 31, 2023 of $779,372 and $708,413, respectively; non-recourse debt as of September 30, 2024 and December 31, 2023 of $1,430,320 and $1,459,621, respectively; and other liabilities as of September 30, 2024 and December 31, 2023 of $17,850 and $16,816, respectively.
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