Sunrun Reports Fourth Quarter and Full Year 2017 Financial Results

Publicado el 7 mar. 2018
SunRun 
Sunrun announced financial results for the fourth quarter and full year ended December 31, 2017.

Full Year 2017 Operating Highlights

- Total deployments of 323MW, an increase of 15% year-over-year

- Net Present Value of $314 million created, an increase of 47% year-over-year

- Unlevered NPV of $1.09 per watt, an increase of 25% year-over-year

- Cumulative MW deployed of 1,202MW, an increase of 37% year-over-year

- Net Earning Assets of $1.2 billion, reflecting a 16% increase year-over-year

- Customers now exceed 180,000, an increase of 34% year-over-year

- Achieved structural cash flow positive milestone in 2017

Fourth Quarter 2017 Operating Highlights

- Unlevered NPV of $1.22 per watt, the highest level in the company's history

- Total deployments of 85MW, an increase of 10% year-over-year

- Net Present Value of $91 million created, an increase of 35% year-over-year

"Sunrun is entering 2018 as the residential market leader," said Lynn Jurich, Sunrun Chief Executive Officer and co-founder. "We achieved our highest unit margins and turned structurally cash flow positive. We expect to deliver an even stronger performance in 2018." Jurich added, "Last year households experienced an unprecedented level of power outages driving demand for a more reliable electricity solution. Sunrun is meeting this need with our Brightbox solar and home battery service which is now available in six states and provides affordable electricity with backup power."

Key Operating Metrics

In the fourth quarter of 2017, MW deployed increased to 85MW from 77MW in the fourth quarter of 2016, a 10% year-over-year increase.

In the full year 2017, MW deployed increased to 323MW from 282MW in the full year 2016, a 15% year-over-year increase.

In the fourth quarter of 2017, MW booked were 83MW, an increase of 15% from the fourth quarter of 2016.

Creation Cost per watt was $3.30 in the fourth quarter of 2017 compared to $3.41 in the fourth quarter of 2016, an improvement of $0.11 year-over-year. Project Value per watt was $4.52 in the fourth quarter of 2017, an increase of $0.11 compared to the fourth quarter of 2016.

NPV created in the fourth quarter of 2017 was $91 million, a 35% increase from $67 million in the fourth quarter of 2016. Unlevered NPV per watt in the fourth quarter of 2017 was $1.22, reflecting the highest level in the company’s history, compared to $1.00 in the prior year. 

Gross Earning Assets as of December 31, 2017 were $2.2 billion, up $404 million, or 22% from the prior year. Net Earning Assets as of December 31, 2017 were $1.2 billion, up $165 million, reflecting a 16% increase from the prior year.

Financing Activities 

As of March 6, 2018, closed transactions and executed term sheets provide us expected tax equity and back-leverage capacity into the third quarter of 2018.

Fourth Quarter 2017 GAAP Results

Operating leases and incentives revenue grew 31% year-over-year to $59.5 million. Solar energy systems and product sales increased 15% year-over-year to $86.9 million. Total revenue grew to $146.4 million in the fourth quarter of 2017, up $25.9 million, or 21% from the fourth quarter of 2016.

Total cost of revenue was $127.4 million, an increase of 21% year-over-year. Total operating expenses were $197.9 million, an increase of 17% year-over-year.

Net income available to common stockholders was $58.9 million in the fourth quarter of 2017, an increase of 103% year-over-year. 

Diluted net earnings per share available to common stockholders was $0.54 per share. Net income available to common stockholders benefited from a one-time tax item of approximately $31.9 million related to recent changes to the U.S. tax code, or a $0.29 benefit per diluted share.

Full Year 2017 GAAP Results

Total revenue grew to $529.7 million in the full year 2017, up $75.8 million, or 17% from 2016. Operating leases and incentives revenue grew 37% year-over-year to $231.4 million. Solar energy systems and product sales grew 4% year-over-year to $298.3 million.

Total cost of revenue was $448.1 million, an increase of 12% year-over-year. Total operating expenses were $711.9 million, an increase of 6% year-over-year.

Net income available to common stockholders was $124.5 million in the full year 2017, compared to net income available to common stockholders of $91.7 million in 2016.

Diluted net earnings per share available to common shareholders was $1.15 per share.

Guidance for Full Year 2018

The following statement is based on current expectations. This statement is forward-looking and actual results may differ materially.

For the full year 2018, we expect deployments to grow 15% year-over-year.


Fuente: SunRun
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