Q2 2024 Sunrun Inc Earnings Call Transcript
Key Points
- Sunrun Inc (RUN) set records for storage installation and attachment rates, beating the high end of their installation guidance.
- The company delivered strong cash generation of $217 million in Q2, recouping tax credit transfer-related working capital investments.
- Sunrun Inc (RUN) increased their storage capacity installation guidance from approximately 58% to approximately 86% growth for the year.
- The company is on track to achieve their cash generation objectives as they exit 2024 and have increased cash generation guidance for 2025.
- Sunrun Inc (RUN) has more than a dozen operating virtual power plants across the country, showcasing their advanced grid service capabilities.
- Sunrun Inc (RUN) expects their solar volumes for 2024 to be at the lower end of their guidance range, down approximately 15% for the year.
- The company noted a slightly lower sales pace than initially expected, impacting their solar installation volumes.
- Sunrun Inc (RUN) faces irrational pricing and immature controls from new entrants in the financing segment, which could affect market dynamics.
- The company has to navigate potential economic conditions and volatility, which could impact their capital markets activities.
- Sunrun Inc (RUN) acknowledged that the timing of cash received from ITC monetization and capital markets transactions could cause intra-quarter variability.
Have been placed on mute. Please note that this call is being recorded and that one hour has been allocated for the call, including question and answer session to join the Q&A session. After prepared remarks, please press star one at any time we ask participants to limit themselves to one question and one follow-up. I will now turn the call over to Patrick Jobin, Sunrun's Investor Relations Officer. Please go ahead.
Before we begin, please note that certain remarks we will make on this call constitute forward-looking statements. Although we believe these statements reflect our best judgment based on factors currently known to us. Actual results may differ materially and adversely. Please refer to the Company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements. Please also note these statements are being made as of today, and we disclaim any obligation to update or revise them.
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