{
  "docId": "019dd923-622c-750b-8b97-4517b3b2214e",
  "docSlug": "00da6c52307d",
  "documentTitle": "Sunrun Inc. (RUN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 33,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide functions as a forensic accounting critique of a company's valuation methodology.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-4517b3b2214e/11",
  "deckHref": "/decks/019dd923-622c-750b-8b97-4517b3b2214e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-4517b3b2214e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-4517b3b2214e#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The most absurd example of RUN's aggression on the tax side is that its partnerships claim a tax basis for ITC purposes that includes the value of the tax credit itself.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba76-f8cf48f94588",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.118,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Double Counting the ITC",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "292079c8-7621-4463-a183-3b1ca143452c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.118,
        "y": 0.375
      },
      "kind": "paragraph",
      "text": "Understated Default / Cancellation Rate of 0% vs 3.75%",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4923e073-edfa-4941-b748-3b2b89fba06d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.118,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Understated Annual Panel Degradation Rate of 0.5% vs 0.75%",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df49ffba-016e-478e-942c-f8d851a1b1c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.118,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "22 RUN 2020 10-K, p. 26\n23 KBRA Rating Report for RUN Vulcan Issuer 2021-1, LLC p. 5",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79b35c48-41cf-4ab9-a39f-acf026c296ff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "69f8bba8-6146-44ad-a825-4d444474c2e3",
      "evidence": "The slide systematically identifies aggressive accounting practices and valuation inflation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "cf489be1-5d4b-47b0-b96c-139ebc5df28c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "RUN's business practices and financial modeling are critiqued in detail.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}