Sunrun Inc.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $604,874 | $574,956 |
| Restricted cash | 373,881 | 372,312 |
| Accounts receivable (net of allowances for credit losses of $16,261 and $15,420 as of March 31, 2025 and December 31, 2024, respectively) | 172,121 | 170,706 |
| Inventories | 414,401 | 402,083 |
| Prepaid expenses and other current assets | 101,936 | 202,579 |
| Total current assets | 1,667,213 | 1,722,636 |
| Restricted cash | 148 | 148 |
| Solar energy systems, net | 15,497,538 | 15,032,115 |
| Property and equipment, net | 109,132 | 121,239 |
| Other assets | 3,103,824 | 3,021,746 |
| Total assets (1) | $20,377,855 | $19,897,884 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $268,908 | $354,214 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 37,816 | 41,464 |
| Accrued expenses and other liabilities | 537,042 | 543,752 |
| Deferred revenue, current portion | 133,878 | 129,442 |
| Deferred grants, current portion | 8,389 | 7,900 |
| Finance lease obligations, current portion | 25,526 | 26,045 |
| Non-recourse debt, current portion | 250,422 | 231,665 |
| Total current liabilities | 1,261,981 | 1,334,482 |
| Deferred revenue, net of current portion | 1,238,468 | 1,208,905 |
| Deferred grants, net of current portion | 193,009 | 196,535 |
| Finance lease obligations, net of current portion | 58,025 | 66,139 |
| Convertible senior notes | 472,226 | 479,420 |
| Line of credit | 358,493 | 384,226 |
| Non-recourse debt, net of current portion | 12,479,475 | 11,806,181 |
| Other liabilities | 120,973 | 119,846 |
| Deferred tax liabilities | 97,684 | 137,940 |
| Total liabilities (1) | 16,280,334 | 15,733,674 |
| Commitments and contingencies (Note 14) | ||
| Redeemable noncontrolling interests | 657,772 | 624,159 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2025 and December 31, 2024; no shares issued and outstanding as of March 31, 2025 and December 31, 2024 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2025 and December 31, 2024; issued and outstanding, 227,325 and 225,662 shares as of March 31, 2025 and December 31, 2024, respectively | 23 | 23 |
| Additional paid-in capital | 6,784,061 | 6,747,236 |
| Accumulated other comprehensive income | 61,173 | 86,814 |
| Retained earnings | (4,229,855) | (4,279,866) |
| Total stockholders’ equity | 2,615,402 | 2,554,207 |
| Noncontrolling interests | 824,347 | 985,844 |
| Total equity | 3,439,749 | 3,540,051 |
| Total liabilities, redeemable noncontrolling interests and total equity | $20,377,855 | $19,897,884 |
1)The Company’s consolidated assets as of March 31, 2025 and December 31, 2024 include $13,795,299 and $13,290,216, 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 March 31, 2025 and December 31, 2024 of $12,616,917 and $12,062,819, respectively; cash as of March 31, 2025 and December 31, 2024 of $297,876 and $420,756, respectively; restricted cash as of March 31, 2025 and December 31, 2024 of $55,122 and $57,892, respectively; accounts receivable, net as of March 31, 2025 and December 31, 2024 of $99,407 and $92,259, respectively; inventories as of March 31, 2025 and December 31, 2024 of $74,392 and $62,581, respectively; prepaid expenses and other current assets as of March 31, 2025 and December 31, 2024 of $7,910 and $7,616, respectively; and other assets as of March 31, 2025 and December 31, 2024 of $643,675 and $586,293, respectively. The Company’s consolidated liabilities as of March 31, 2025 and December 31, 2024 include $2,347,239 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2025 and December 31, 2024 of $5,635 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2025 and December 31, 2024 of $37,817 and $41,465, respectively; accrued expenses and other current liabilities as of March 31, 2025 and December 31, 2024 of $42,689 and $42,997, respectively; deferred revenue as of March 31, 2025 and December 31, 2024 of $864,162 and $826,854, respectively; non-recourse debt as of March 31, 2025 and December 31, 2024 of $1,378,105 and $1,407,784, respectively; and other liabilities as of March 31, 2025 and December 31, 2024 of $18,831 and $18,540, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.