Sunrun Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| As of December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash | $574,956 | $678,821 |
| Restricted cash | 372,312 | 308,869 |
| Accounts receivable (net of allowances for credit losses of $15,420 and $19,042 as of December 31, 2024 and 2023, respectively) | 170,706 | 172,001 |
| Inventories | 402,083 | 459,746 |
| Prepaid expenses and other current assets | 202,579 | 262,822 |
| Total current assets | 1,722,636 | 1,882,259 |
| Restricted cash | 148 | 148 |
| Solar energy systems, net | 15,032,115 | 13,028,871 |
| Property and equipment, net | 121,239 | 149,139 |
| Goodwill | — | 3,122,168 |
| Other assets | 3,021,746 | 2,267,652 |
| Total assets (1) | $19,897,884 | $20,450,237 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $354,214 | $230,723 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 41,464 | 35,180 |
| Accrued expenses and other liabilities | 543,752 | 499,225 |
| Deferred revenue, current portion | 129,442 | 128,600 |
| Deferred grants, current portion | 7,900 | 8,199 |
| Finance lease obligations, current portion | 26,045 | 22,053 |
| Non-recourse debt, current portion | 231,665 | 547,870 |
| Pass-through financing obligation, current portion | — | 16,309 |
| Total current liabilities | 1,334,482 | 1,488,159 |
| Deferred revenue, net of current portion | 1,208,905 | 1,067,461 |
| Deferred grants, net of current portion | 196,535 | 195,724 |
| Finance lease obligations, net of current portion | 66,139 | 68,753 |
| Line of credit | 384,226 | 539,502 |
| Non-recourse debt, net of current portion | 11,806,181 | 9,191,689 |
| Convertible senior notes | 479,420 | 392,867 |
| Pass-through financing obligation, net of current portion | — | 278,333 |
| Other liabilities | 119,846 | 190,866 |
| Deferred tax liabilities | 137,940 | 122,870 |
| Total liabilities (1) | 15,733,674 | 13,536,224 |
| Commitments and contingencies (Note 18) | ||
| Redeemable noncontrolling interests | 624,159 | 676,177 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2024 and 2023; no shares issued and outstanding as of December 31, 2024 and 2023 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2024 and 2023; issued and outstanding, 225,662 and 219,392 shares as of December 31, 2024 and 2023, respectively | 23 | 22 |
| Additional paid-in capital | 6,747,236 | 6,609,229 |
| Accumulated other comprehensive loss | 86,814 | 54,676 |
| Retained earnings | (4,279,866) | (1,433,699) |
| Total stockholders’ equity | 2,554,207 | 5,230,228 |
| Noncontrolling interests | 985,844 | 1,007,608 |
| Total equity | 3,540,051 | 6,237,836 |
| Total liabilities, redeemable noncontrolling interests and total equity | $19,897,884 | $20,450,237 |
(1)The Company’s consolidated assets as of December 31, 2024 and 2023 include $13,290,216 and $11,538,540, 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, 2024 and 2023 were $12,062,819 and $10,469,093, respectively; cash as of December 31, 2024 and 2023 were $420,756 and $254,522, respectively; restricted cash as of December 31, 2024 and 2023 were $57,892 and $48,169, respectively; accounts receivable, net as of December 31, 2024 and 2023 were $92,259 and $76,249, respectively; inventories as of December 31, 2024 and 2023 of $62,581 and $150,065, respectively; prepaid expenses and other current assets as of December 31, 2024 and 2023 were $7,616 and $161,414, respectively and other assets as of December 31, 2024 and 2023 were $586,293 and $379,028, respectively. The Company’s consolidated liabilities as of December 31, 2024 and 2023 include $2,343,040 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2024 and 2023 of $5,400 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2024 and 2023 of $41,465 and $35,181, respectively; accrued expenses and other liabilities as of December 31, 2024 and 2023 of $42,997 and $185,766, respectively; deferred revenue as of December 31, 2024 and 2023 of $826,854 and $708,413, respectively; deferred grants as of December 31, 2024 and 2023 of $0 and $0, respectively; non-recourse debt as of December 31, 2024 and 2023 of $1,407,784 and $1,459,621, respectively; and other liabilities as of December 31, 2024 and 2023 of $18,540 and $16,816, respectively.
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