Unlevered NPV of $1.15 per watt in Q3 2017, the
highest in the company’s historyNet Present Value of $93 million
created in Q3 2017, an increase of 21% Year-Over-YearNet Earning
Assets of $1.2 billion, an increase of 24% Year-Over-Year
Sunrun (Nasdaq:RUN), the nation’s largest dedicated provider of
residential solar, storage and energy services, today announced
financial results for the third quarter ended September 30, 2017.
Third Quarter 2017 Operating Highlights
- Total deployments of 90 MW, an increase of 12% year-over-year
and exceeding the company’s guidance of 88 MWs
- Net Present Value (NPV) of $93 million created, an increase of
21% year-over-year
- Unlevered NPV of $1.15 per watt, the highest level in the
company’s history
- Cumulative MW deployed of 1,117 MW, an increase of 39%
year-over-year
- Net Earning Assets of $1.2 billion, reflecting a 24% increase
year-over-year
“Our positive momentum continues in Q3. We are reiterating our
full-year guidance of 15% growth in volumes while increasing our
annual NPV target to 40% growth,” said Lynn Jurich, Sunrun’s chief
executive officer. “I am proud of the company’s performance and
industry leadership. We have brought clean, affordable energy to
more than 160,000 American families and provided job opportunities
in hundreds of communities across the country. We have delivered
our highest unit economics in the company’s history and increased
our cash balance, even while continuing to invest in new markets,
BrightBox and grid services.”
Key Operating Metrics
In the third quarter of 2017, MW deployed increased to 90 MW
from 80 MW in the third quarter of 2016, a 12% year-over-year
increase.
In the third quarter of 2017, MW booked were 93 MW, an increase
of 12% from the third quarter of 2016.
Creation Cost per watt was $3.34 in the third quarter of 2017
compared to $3.36 in the third quarter of 2016, an improvement of
$0.02 year-over-year. Project Value per watt was $4.49 in the third
quarter of 2017, an increase of $0.06 compared to the third quarter
of 2016.
NPV created in the third quarter of 2017 was $93 million, a
21% increase from $76 million in the third quarter of
2016. Unlevered NPV per watt in the third quarter of 2017 was $1.15
compared to $1.07 in the prior year, reflecting the highest level
in the company’s history.
Gross Earning Assets as of September 30, 2017 were $2.1 billion,
up $399 million, or 24% from the prior year. Net Earning Assets as
of September 30, 2017 were $1.2 billion, up $232 million, also
reflecting a 24% increase from the prior year.
Financing
Activities
As of November 8, 2017, closed transactions and executed term
sheets provide us expected tax equity and back-leverage capacity
well into Q2 2018.
Third Quarter 2017 GAAP Results
Operating leases and incentives revenue grew 35% year-over-year
to $58.5 million. Solar energy systems and product sales increased
20% year-over-year to $82.8 million. Total revenue grew to $141.3
million in the third quarter of 2017, up $29.3 million, or 26% from
the third quarter of 2016.
Total cost of revenue was $118.8 million, an increase of 21%
year-over-year. Total operating expenses were $189.0 million, an
increase of 16% year-over-year.
Net income available to common stockholders was $27.8 million in
the third quarter of 2017, an increase of 65% year-over-year.
Diluted net earnings per share available to common shareholders
was $0.25 per share.
Guidance for Q4 and Full Year 2017
The following statements are based on current expectations.
These statements are forward-looking and actual results may differ
materially.
In Q4, we expect to deploy approximately 87 MW. We continue to
expect to deploy 325 MWs for the full year 2017, reflecting 15%
year-over-year growth.
Conference Call Information
Sunrun is hosting a conference call for analysts and investors
to discuss its third quarter 2017 results and outlook for its
fourth quarter 2017 at 2:00 p.m. Pacific Time today, November 8,
2017. A live audio webcast of the conference call along with
supplemental financial information will be accessible via the
“Investor Relations” section of the Company’s website at
http://investors.sunrun.com. The conference call can also be
accessed live over the phone by dialing (877) 470-1078 (domestic)
or (615) 247-0087 (international) using ID #4288429. A replay will
be available following the call via the Sunrun Investor Relations
website or for one week at the following numbers (855) 859-2056
(domestic) or (404) 537-3406 (international) using ID #4288429.
About
Sunrun
Sunrun (Nasdaq:RUN) is the nation’s largest dedicated
residential solar, storage and energy services company with a
mission to create a planet run by the sun. Since establishing the
solar as a service model in 2007, Sunrun leads the industry in
providing clean energy to homeowners with little to no upfront cost
and at a savings to traditional electricity. The company designs,
installs, finances, insures, monitors and maintains the systems,
while families receive predictable pricing for 20 years or more.
The company also offers Sunrun BrightBoxTM solar power generation
with smart inverter technology and home battery storage. For more
information, please visit: www.sunrun.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995, including
statements regarding our future financial and operating guidance,
operational and financial results such as growth, value creation,
MW bookings and deployments, gross and net earning assets, project
value, creation costs and NPV, and the assumptions related to the
calculation of the foregoing metrics, as well as our expectations
regarding our growth and financing capacity. The risks and
uncertainties that could cause our results to differ materially
from those expressed or implied by such forward-looking statements
include, but are not limited to: the availability of additional
financing on acceptable terms; changes in the retail prices of
traditional utility generated electricity; changes in policies and
regulations including net metering and interconnection limits or
caps; the availability of rebates, tax credits and other
incentives; the availability of solar panels and other raw
materials; our limited operating history, particularly as a new
public company; our ability to attract and retain our relationships
with third parties, including our solar partners; our ability to
meet the covenants in our investment funds and debt facilities; and
such other risks identified in the reports that we file with the
U.S. Securities and Exchange Commission, or SEC, from time to time.
All forward-looking statements in this press release are based on
information available to us as of the date hereof, and we assume no
obligation to update these forward-looking statements.
Consolidated Balance
Sheets(In Thousands)
|
|
|
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash |
|
$ |
216,142 |
|
|
$ |
206,364 |
|
Restricted cash |
|
14,036 |
|
|
11,882 |
|
Accounts
receivable, net |
|
73,031 |
|
|
60,258 |
|
State tax
credits receivable |
|
11,085 |
|
|
13,713 |
|
Inventories |
|
63,323 |
|
|
67,326 |
|
Prepaid
expenses and other current assets |
|
13,907 |
|
|
9,802 |
|
Total current assets |
|
391,524 |
|
|
369,345 |
|
Restricted cash |
|
5,952 |
|
|
6,117 |
|
Solar
energy systems, net |
|
3,147,383 |
|
|
2,629,366 |
|
Property
and equipment, net |
|
38,819 |
|
|
48,471 |
|
Intangible assets, net |
|
15,345 |
|
|
18,499 |
|
Goodwill |
|
87,543 |
|
|
87,543 |
|
Prepaid
tax asset |
|
— |
|
|
378,541 |
|
Other
assets |
|
31,187 |
|
|
34,936 |
|
Total assets |
|
$ |
3,717,753 |
|
|
$ |
3,572,818 |
|
Liabilities and
total equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
108,689 |
|
|
$ |
66,018 |
|
Distributions payable to noncontrolling interests and redeemable
noncontrolling interests |
|
14,785 |
|
|
10,654 |
|
Accrued
expenses and other liabilities |
|
54,533 |
|
|
59,261 |
|
Deferred
revenue, current portion |
|
74,793 |
|
|
70,849 |
|
Deferred
grants, current portion |
|
7,827 |
|
|
8,011 |
|
Capital
lease obligations, current portion |
|
7,883 |
|
|
10,015 |
|
Recourse
debt, current portion |
|
247,000 |
|
|
— |
|
Non-recourse debt, current portion |
|
22,538 |
|
|
14,153 |
|
Lease
pass-through financing obligation, current portion |
|
6,043 |
|
|
5,823 |
|
Total current liabilities |
|
544,091 |
|
|
244,784 |
|
Deferred
revenue, net of current portion |
|
581,517 |
|
|
583,401 |
|
Deferred
grants, net of current portion |
|
231,478 |
|
|
226,893 |
|
Capital
lease obligations, net of current portion |
|
7,060 |
|
|
12,965 |
|
Recourse
debt, net of current portion |
|
— |
|
|
244,000 |
|
Non-recourse debt, net of current portion |
|
846,257 |
|
|
639,870 |
|
Lease
pass-through financing obligation, net of current portion |
|
137,997 |
|
|
137,958 |
|
Other
liabilities |
|
10,277 |
|
|
5,457 |
|
Deferred
tax liabilities |
|
68,975 |
|
|
415,397 |
|
Total liabilities |
|
2,427,652 |
|
|
2,510,725 |
|
Redeemable
noncontrolling interests |
|
176,460 |
|
|
137,907 |
|
Total
stockholders’ equity |
|
753,936 |
|
|
672,961 |
|
Noncontrolling
interests |
|
359,705 |
|
|
251,225 |
|
Total equity |
|
1,113,641 |
|
|
924,186 |
|
Total liabilities, redeemable noncontrolling interests and
total equity |
|
$ |
3,717,753 |
|
|
$ |
3,572,818 |
|
|
|
Consolidated Statements of
Operations(In Thousands, Except Per Share
Amounts)
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue: |
|
|
|
|
|
|
|
|
Operating
leases and incentives |
|
$ |
58,462 |
|
|
$ |
43,150 |
|
|
$ |
171,897 |
|
|
$ |
123,084 |
|
Solar
energy systems and product sales |
|
82,829 |
|
|
68,883 |
|
|
211,359 |
|
|
210,230 |
|
Total
revenue |
|
141,291 |
|
|
112,033 |
|
|
383,256 |
|
|
333,314 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of
operating leases and incentives |
|
49,232 |
|
|
40,770 |
|
|
140,682 |
|
|
117,478 |
|
Cost of
solar energy systems and product sales |
|
69,588 |
|
|
57,264 |
|
|
179,957 |
|
|
176,376 |
|
Sales and
marketing |
|
37,298 |
|
|
40,192 |
|
|
101,758 |
|
|
127,096 |
|
Research
and development |
|
3,936 |
|
|
2,458 |
|
|
10,642 |
|
|
7,294 |
|
General
and administrative |
|
27,925 |
|
|
21,331 |
|
|
77,776 |
|
|
68,193 |
|
Amortization of intangible assets |
|
1,052 |
|
|
1,051 |
|
|
3,154 |
|
|
3,154 |
|
Total
operating expenses |
|
189,031 |
|
|
163,066 |
|
|
513,969 |
|
|
499,591 |
|
Loss from
operations |
|
(47,740 |
) |
|
(51,033 |
) |
|
(130,713 |
) |
|
(166,277 |
) |
Interest expense,
net |
|
17,707 |
|
|
13,957 |
|
|
49,586 |
|
|
38,535 |
|
Other expenses
(income), net |
|
(94 |
) |
|
42 |
|
|
589 |
|
|
(460 |
) |
Loss before income
taxes |
|
(65,353 |
) |
|
(65,032 |
) |
|
(180,888 |
) |
|
(204,352 |
) |
Income tax expense |
|
14,834 |
|
|
9,936 |
|
|
37,625 |
|
|
13,146 |
|
Net loss |
|
(80,187 |
) |
|
(74,968 |
) |
|
(218,513 |
) |
|
(217,498 |
) |
Net loss attributable
to noncontrolling interests and redeemable noncontrolling
interests |
|
(107,969 |
) |
|
(91,846 |
) |
|
(284,144 |
) |
|
(280,153 |
) |
Net income available to
common stockholders |
|
$ |
27,782 |
|
|
$ |
16,878 |
|
|
$ |
65,631 |
|
|
$ |
62,655 |
|
Net income per share
available to common stockholders |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
0.61 |
|
Diluted |
|
$ |
0.25 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
0.60 |
|
Weighted average shares
used to compute net income per share available to common
stockholders |
|
|
|
|
|
|
|
|
Basic |
|
105,783 |
|
|
102,707 |
|
|
105,060 |
|
|
101,988 |
|
Diluted |
|
109,598 |
|
|
105,092 |
|
|
107,893 |
|
|
104,698 |
|
|
|
Consolidated Statements of Cash
Flows(In Thousands)
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(80,187 |
) |
|
$ |
(74,968 |
) |
|
$ |
(218,513 |
) |
|
$ |
(217,498 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization, net of amortization of deferred
grants |
|
34,392 |
|
|
27,006 |
|
|
99,674 |
|
|
73,570 |
|
Deferred
income taxes |
|
14,836 |
|
|
9,936 |
|
|
37,624 |
|
|
13,146 |
|
Stock-based compensation expense |
|
5,105 |
|
|
5,379 |
|
|
16,494 |
|
|
14,026 |
|
Noncash
interest expense |
|
3,663 |
|
|
2,689 |
|
|
13,144 |
|
|
8,024 |
|
Interest
on lease pass-through financing obligations |
|
3,014 |
|
|
3,032 |
|
|
8,963 |
|
|
9,051 |
|
Reduction
in lease pass-through financing obligations |
|
(4,559 |
) |
|
(4,658 |
) |
|
(13,721 |
) |
|
(14,149 |
) |
Other
noncash losses and expenses |
|
2,259 |
|
|
1,230 |
|
|
6,849 |
|
|
4,154 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(9,748 |
) |
|
5,299 |
|
|
(13,963 |
) |
|
9,183 |
|
Inventories |
|
(10,579 |
) |
|
2,266 |
|
|
4,003 |
|
|
(14,573 |
) |
Prepaid
and other assets |
|
(766 |
) |
|
(2,375 |
) |
|
(3,620 |
) |
|
(5,135 |
) |
Accounts
payable |
|
29,033 |
|
|
(12,331 |
) |
|
31,669 |
|
|
(22,220 |
) |
Accrued
expenses and other liabilities |
|
(84 |
) |
|
4,796 |
|
|
(11,367 |
) |
|
8,014 |
|
Deferred
revenue |
|
7,912 |
|
|
3,881 |
|
|
3,598 |
|
|
7,176 |
|
Net cash used in operating activities |
|
(5,709 |
) |
|
(28,818 |
) |
|
(39,166 |
) |
|
(127,231 |
) |
Investing
activities: |
|
|
|
|
|
|
|
|
Payments
for the costs of solar energy systems, leased and to be leased |
|
(226,462 |
) |
|
(197,823 |
) |
|
(583,188 |
) |
|
(530,295 |
) |
Purchases
of property and equipment |
|
(1,492 |
) |
|
(2,189 |
) |
|
(5,956 |
) |
|
(10,397 |
) |
Business
acquisition, net of cash acquired |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Net cash used in investing activities |
|
(227,954 |
) |
|
(200,012 |
) |
|
(589,144 |
) |
|
(545,692 |
) |
Financing
activities: |
|
|
|
|
|
|
|
|
Proceeds
from state tax credits, net of recapture |
|
(386 |
) |
|
(42 |
) |
|
12,785 |
|
|
9,081 |
|
Proceeds
from issuance of recourse debt |
|
34,000 |
|
|
97,000 |
|
|
125,400 |
|
|
354,400 |
|
Repayment
of recourse debt |
|
(34,000 |
) |
|
(95,400 |
) |
|
(122,400 |
) |
|
(307,400 |
) |
Proceeds
from issuance of non-recourse debt |
|
94,561 |
|
|
60,074 |
|
|
294,086 |
|
|
249,820 |
|
Repayment
of non-recourse debt |
|
(7,971 |
) |
|
(1,570 |
) |
|
(92,801 |
) |
|
(18,113 |
) |
Payment
of debt fees |
|
(1,377 |
) |
|
(1,337 |
) |
|
(6,332 |
) |
|
(13,614 |
) |
Proceeds
from lease pass-through financing obligations |
|
1,577 |
|
|
1,437 |
|
|
4,639 |
|
|
14,242 |
|
Contributions received from noncontrolling interests and redeemable
noncontrolling interests |
|
167,777 |
|
|
182,586 |
|
|
471,322 |
|
|
422,207 |
|
Distributions paid to noncontrolling interests and redeemable
noncontrolling interests |
|
(14,126 |
) |
|
(9,492 |
) |
|
(38,761 |
) |
|
(27,749 |
) |
(Payments) proceeds from exercises of stock options, net of
withholding taxes on restricted stock units and issuance of shares
in connection with the Employee Stock Purchase Plan |
|
218 |
|
|
1,088 |
|
|
(207 |
) |
|
4,704 |
|
Offering
costs paid related to initial public offering |
|
— |
|
|
— |
|
|
— |
|
|
(437 |
) |
Payment
of capital lease obligations |
|
(2,323 |
) |
|
(3,252 |
) |
|
(7,585 |
) |
|
(9,668 |
) |
Change in
restricted cash |
|
534 |
|
|
(2,005 |
) |
|
(2,058 |
) |
|
(937 |
) |
Net cash provided by financing activities |
|
238,484 |
|
|
229,087 |
|
|
638,088 |
|
|
676,536 |
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
4,821 |
|
|
257 |
|
|
9,778 |
|
|
3,613 |
|
Cash, beginning of
period |
|
211,321 |
|
|
207,220 |
|
|
206,364 |
|
|
203,864 |
|
Cash, end of
period |
|
$ |
216,142 |
|
|
$ |
207,477 |
|
|
$ |
216,142 |
|
|
$ |
207,477 |
|
|
|
Key Operating Metrics and Financial Metrics
|
|
|
Three Months Ended September 30, |
|
|
2017 |
|
|
2016 |
MW Booked (during the
period)(1) |
|
|
93 |
|
|
|
83 |
MW Deployed (during the
period) |
|
|
90 |
|
|
|
80 |
Cumulative MW Deployed
(end of period) |
|
|
1,117 |
|
|
|
801 |
Gross Earning Assets
under Energy Contract (end of period)(in millions) |
|
$ |
1,359 |
|
|
$ |
1,108 |
Gross Earning Assets
Value of Purchase or Renewal (end of period)(in millions) |
|
$ |
709 |
|
|
$ |
561 |
Gross Earning Assets
(end of period)(in millions)(2) |
|
$ |
2,068 |
|
|
$ |
1,669 |
Net Earning
Assets (end of period)(in millions)(2) |
|
$ |
1,186 |
|
|
$ |
954 |
|
|
|
Three Months Ended September 30, |
|
|
2017 |
|
|
2016 |
Project Value,
Contracted Portion (per watt) |
|
$ |
3.92 |
|
|
$ |
3.84 |
Project Value, Renewal
Portion (per watt) |
|
$ |
0.57 |
|
|
$ |
0.59 |
Total Project Value
(per watt) |
|
$ |
4.49 |
|
|
$ |
4.43 |
Creation Cost (per
watt)(3) |
|
$ |
3.34 |
|
|
$ |
3.36 |
Unlevered NPV (per
watt)(2) |
|
$ |
1.15 |
|
|
$ |
1.07 |
NPV (in
millions)(2) |
|
$ |
93 |
|
|
$ |
76 |
- The presentation of MW Booked for periods prior to December 31,
2016 reflects changes made to the calculation methodology as
further described in our Annual Report on Form 10-K filed with the
SEC on March 8, 2017.
- Numbers may not sum due to rounding.
- The presentation of Creation Cost for periods prior to December
31, 2016 reflects changes made to the calculation methodology as
further described in our Fourth Quarter 2016 earnings presentation
available on our investor relations website.
Definitions
Creation Cost includes (i) certain installation
and general and administrative costs after subtracting the gross
margin on solar energy systems and product sales divided by watts
deployed during the measurement period and (ii) certain sales and
marketing expenses under new Customer Agreements, net of
cancellations during the period divided by the related watts
deployed.
Customers refers to all residential homeowners
(i) who have executed a Customer Agreement or cash sales agreement
with us and (ii) for whom we have internal confirmation that the
applicable solar energy system has reached notice to proceed or
“NTP”, net of cancellations.
Customer Agreements refers to, collectively,
solar power purchase agreements and solar leases.
Gross Earning Assets represents the net cash
flows (discounted at 6%) we expect to receive during the initial
20-year term of our Customer Agreements for systems that have been
deployed as of the measurement date, plus a discounted estimate of
the value of the Customer Agreement renewal term or solar energy
system purchase at the end of the initial term. Gross Earning
Assets excludes estimated cash distributions to investors in
consolidated joint ventures and estimated operating, maintenance
and administrative expenses for systems deployed as of the
measurement date. In calculating Gross Earning Assets, we deduct
estimated cash distributions to our cash equity financing
providers. In calculating Gross Earning Assets, we do not deduct
customer payments we are obligated to pass through to investors in
lease pass-throughs as these amounts are reflected on our balance
sheet as long-term and short-term lease pass-through obligations,
similar to the way that debt obligations are presented. In
determining our finance strategy, we use lease pass-throughs and
long-term debt in an equivalent fashion as the schedule of payments
of distributions to lease pass-through investors is more similar to
the payment of interest to lenders than the internal rates of
return (IRRs) paid to investors in other tax equity structures.
Gross Earning Assets Under Energy
Contract represents the net cash flows during the initial
(typically 20 year) term of our Customer Agreements (less
substantially all value from SRECs prior to July 1, 2015), for
systems deployed as of the measurement date.
Gross Earning Assets Value
of Purchase or
Renewal is the forecasted net present value we
would receive upon or following the expiration of the initial
Customer Agreement term (either in the form of cash payments during
any applicable renewal period or a system purchase at the end of
the initial term), for systems deployed as of the measurement
date.
MW Booked represents the aggregate megawatt
production capacity of our solar energy systems, whether sold
directly to customers or subject to an executed Customer Agreement,
for which we have confirmation that the systems have reached NTP,
net of cancellations.
MW Deployed represents the aggregate megawatt
production capacity of our solar energy systems, whether sold
directly to customers or subject to executed Customer Agreements,
for which we have (i) confirmation that the systems are installed
on the roof, subject to final inspection or (ii) in the case of
certain system installations by our partners, accrued at least 80%
of the expected project cost.
Net Earning Assets represents Gross Earning
Assets less both project level debt and Lease Pass-Through
Financing Obligation, as of the same measurement date. Because
estimated cash distributions to our cash equity financing partners
are deducted from Gross Earning Assets, a proportional share of the
corresponding project level debt is deducted from Net Earning
Assets.
NPV equals Unlevered NPV multiplied by leased
megawatts deployed in period.
NTP or Notice to Proceed refers to our internal
confirmation that a solar energy system has met our installation
requirements for size, equipment and design.
Project Value represents the value of upfront
and future payments by customers, the benefits received from
utility and state incentives, as well as the present value of net
proceeds derived through investment funds. Specifically, Project
Value is calculated as the sum of the following items (all measured
on a per-watt basis with respect to megawatts deployed under
Customer Agreements during the period): (i) estimated Gross Earning
Assets, (ii) utility or upfront state incentives,
(iii) upfront payments from customers for deposits and partial
or full prepayments of amounts otherwise due under Customer
Agreements and which are not already included in Gross Earning
Assets and (iv) finance proceeds from tax equity investors,
excluding cash true-up payments or the value of asset contributions
in lieu of cash true-up payments made to investors. Project Value
includes contracted SRECs for all periods after July 1, 2015.
Unlevered NPV equals the difference between
Project Value and estimated Creation Cost on a per watt basis.
Investor Relations Contact:
Patrick JobinVice President, Finance & Investor Relations
investors@sunrun.com(415) 638-4007
Media Contact:
Georgia DempseyDirector of Corporate
Communicationspress@sunrun.com(415) 518-9418
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