Sunrun Inc. (RUN)

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Open slide detailBeat · Introduction

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Open slide detailBeat · Introduction

The slide uses a dark, high-contrast aesthetic typical of activist short-seller reports.front_matter

Open slide detailBeat · Introduction

The slide uses aggressive, informal language ('dumpster fire') characteristic of Muddy Waters activist reports.frame_situation

Open slide detailBeat · Introduction of the problem

The slide uses a provocative title to frame the financial data as poor performance.analyze_data

Open slide detailBeat · Introduction of the problem

The slide uses a waterfall bridge to deconstruct the 'Net Subscriber Value' metric.show_valuation_bridge

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The table demonstrates high sensitivity to discount rates, with values dropping significantly as rates increase, highlighting the discrepancy between the model'show_valuation_bridge

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The table includes specific exclusions/inclusions for Vivint Solar in early periods.analyze_data

Open slide detail

The slide uses a rhetorical question to pivot the narrative toward the mechanics of fraud.transition

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The slide highlights a specific regulatory requirement to support a broader argument about data transparency or industry oversight.cite_precedent

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The slide uses a raw data dump from an EIA spreadsheet to cast doubt on company-reported metrics.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

The chart uses a blue box to highlight the jump in metrics during the Vivint acquisition period.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

Muddy Waters Research activist deck slide.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

The table uses color coding (yellow/blue) to highlight specific periods of data anomaly.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

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Open slide detailBeat · Revealing inconsistencies

The table highlights the 'Implied Cost of Solar Assets per Purchase Customer (actual)' row in yellow.analyze_data

Open slide detailBeat · Revealing inconsistencies

The slide uses a 'delta' calculation to imply a discrepancy between reported subscriber growth and actual asset deployment.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

The slide highlights a lack of pattern in the data to cast doubt on the relationship between the two metrics.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

Uses Muddy Waters Research branding; highlights discrepancies in company-reported metrics.expose_contradiction

Open slide detailBeat · Revealing inconsistencies

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The slide uses a dual-axis line chart to demonstrate that despite potential excuses, the underlying metrics (subscriber value and system size) do not explain thpreempt_rebuttal

Open slide detailBeat · Addressing potential rebuttals

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The slide uses a quote from an analyst to set up a critique of their valuation logic.expose_contradiction

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The slide uses a highlight to emphasize the magnitude of the downward adjustment.frame_problem

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The slide uses a bulleted list to contrast company assumptions with the author's more conservative estimates.expose_contradiction

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The chart highlights 'Proceeds from Tax Equity, Upfront Rebates, Prepayments' within an 'Upfront Cash' column, suggesting a potential mismatch between reported expose_contradiction

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The slide uses a screenshot of a financial statement to perform a forensic accounting derivation of ITC claims.analyze_data

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The slide uses a 'logical chain' or 'causal chain' to arrive at the conclusion of fraud.expose_contradiction

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The slide uses strong, informal language ('Dumpster fire financials') typical of activist short-seller reports.summarize

Open slide detailBeat · Conclusion

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Open slide detail