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Sunrun Reports First Quarter 2016 Financial Results

May 12, 2016 (GLOBE NEWSWIRE via COMTEX) --

Revenues of $99 million

MW Deployed Growth of 63% Year-Over-Year

Cumulative 656 MW Deployed

SAN FRANCISCO, May 12, 2016 (GLOBE NEWSWIRE) -- Sunrun RUN, -3.45% the largest dedicated residential solar company in the United States, today announced financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Operating Highlights

  • Total deployments of 60 MW, an increase of 63% year-over-year. Sunrun-built deployments grew 148% year-over-year.

  • Cumulative MW deployed of 656 MW.

  • Pre-tax Project Value per watt was $4.51, flat with Q4 2015.

  • Pro forma Creation Cost (excluding one-time items related to Nevada exit) per watt of $4.11 decreased $0.25, or 6% year-over-year.

"The industry has reached a new milestone with one million solar homes underscoring the increasing power and relevance of rooftop solar in our energy future," said Lynn Jurich, chief executive officer. "Sunrun has already saved our customers more than $100 million dollars. Our new BrightBox storage offering extends the profit potential and reach of solar energy."

Key Operating Metrics

In the first quarter of 2016, total MW deployed increased to 60 MW from 37 MW in the first quarter of 2015, a 63% year-over-year increase.

Pre-tax project value per watt was $4.51, compared to $5.02 in the first quarter of 2015. Pro forma creation cost was $4.11 per watt (excluding one-time items related to Nevada exit) in the first quarter of 2016 compared to $4.36 in the first quarter of 2015.

Pro forma net bookings (excluding cancellation of Nevada orders) were 56 MW, representing 46% year-over-year growth.

Pro forma NPV created in the first quarter of 2016 was $20.6 million, compared to $23.3 million in the first quarter of 2015. Estimated nominal contracted payments remaining as of March 31, 2016 totaled $2.6 billion, up $920 million or 54% since March 31, 2015. Estimated retained value as of March 31, 2016 was $1.6 billion, up $546 million, or 50%, since March 31, 2015.

Financing Activities

As of May 12, 2016, with the upsize of our previously announced back-leverage aggregation facility, and the addition of new tax equity partnerships, we have increased our total capacity to meet expected project finance needs well into 2017.

First Quarter 2016 GAAP Results

Total revenue grew to $98.7 million in the first quarter of 2016, up $49.1 million, or 99% from the first quarter of 2015. Operating leases and incentives revenue grew 55% year-over-year to $34.5 million. Solar energy systems and product sales grew 135% year-over-year to $64.2 million.

Total cost of revenue was $95.6 million, an increase of 105% year-over-year. Total operating expenses were $165.6 million, an increase of 75% year-over-year.

Net income attributable to common stockholders was $13.1 million in the first quarter of 2016, compared to a net loss of $15.0 million in the fourth quarter of 2015, and a net loss of $18.0 million in the first quarter of 2015.

GAAP net earnings per share attributable to common shareholders was $0.13 per share.

Guidance for Q2 and Full Year 2016

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.

For 2016, we expect deployments of approximately 285 MW but we will focus primarily on delivering NPV of above $1 per watt in the second half of the year. We believe this NPV growth is supported by expected growth rates of nearly 100% in our Sunrun built business, which is double the market growth rate and lower unit level creation costs.

In Q2, we expect to deploy approximately 60 MW.

Conference Call Information

Sunrun is hosting a conference call for analysts and investors to discuss its first quarter 2016 results and outlook for its second quarter and full year of 2016 at 2:00 p.m. Pacific Time today, May 12, 2016. A live audio webcast of the conference call along with supplemental financial information will also be accessible from the "Investors" section of the Company's website at http://investors.sunrun.com. The conference call can be accessed live via the Sunrun Investor Relations website at http://investors.sunrun.com or over the phone by dialing (877) 470-1078 (domestic) or (615) 247-0087 (international) using ID# 95591236. 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# 95591236.

About Sunrun

Sunrun RUN, -3.45% is the largest dedicated residential solar company in the United States with a mission to create a planet run by the sun. Since establishing the solar as a service model in 2007, Sunrun continues to lead 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 solar panels on a homeowner's roof, while families receive predictable pricing for 20 years or more. For more information please visit: www.sunrun.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning...


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