Sunrun (RUN) Misses Q1 EPS by 29c, Revenues Beat

Sunrun (NASDAQ: RUN) reported Q1 EPS of ($0.12), $0.29 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $194.5 million versus the consensus estimate of $167.88 million.

First Quarter 2019 GAAP Results

• Total revenue grew to $194.5 million in the first quarter of 2019, up $50.1 million, or 35% from the first quarter of 2018. Customer agreements and incentives revenue grew 49% year-over-year to $99.9 million. Solar energy systems and product sales increased 22% year-over-year to $94.7 million.
• Total cost of revenue was $147.3 million, an increase of 24% year-over-year. Total operating expenses were $238.7 million, an increase of 19% year-over-year.
• Net loss attributable to common stockholders was $13.9 million in the first quarter of 2019.
• Diluted net loss per share attributable to common stockholders was ($0.12) per share.

Customers now exceed 242,000, an increase of 28% year-over-year

Net Present Value created of $77 million in Q1 2019, an increase of 19% year-over-year

Net Earning Assets of $1.4 billion, an increase of 11% year-over-year

“Sunrun is proud of our 242,000 customers who are helping to create a resilient and decarbonized energy system. We exceeded our deployment guidance in Q1 and are raising our margin target for the full year. At the same time, we are investing in a superior experience for our customers and advanced services that will build our future energy system,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder.

Key Operating Metrics

• In the first quarter of 2019, MW deployed increased to 86 MW from 68 MW in the first quarter of 2018, a 27% year-over-year increase.
• Creation Cost per watt was $3.46 in the first quarter of 2019, compared to $3.51 in the first quarter of 2018.
• NPV created in the first quarter of 2019 was $77 million, a 19% increase from $65 million in the first quarter of 2018. Unlevered NPV per watt in the first quarter of 2019 was $1.06.
• Gross Earning Assets as of March 31, 2019 were $3.2 billion, up $784 million, or 33% from the prior year. Net Earning Assets as of March 31, 2019 were $1.4 billion, up $143 million, reflecting an 11% increase from the prior year.
• Total cash (including restricted cash), less recourse debt, increased $74.6 million from the prior year.

For earnings history and earnings-related data on Sunrun (RUN) click here.

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