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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2022-07-28 00:00:00",
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      "text": "Intro: RUN Rests on Three Shaky Pillars on a Foundation of Dubious Models",
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      "text": "Intro: RUN Rests on Three Shaky Pillars on a Foundation of Dubious Models...2\nShaky Pillar One – The Pot of Gold at the End of the Rainbow...2\nShaky Pillar Two – Bamboozling the IRS to Finance Growth...2\nShaky Pillar Three – Issuing ABS that Could be Exposed to a RUN Bankruptcy...3\nHow RUN Builds Reality Intolerant Models...4\nWhy RUN's Investor Models and Income Approach Tax Model Don't Hold Water...6\nRenewal Rate Overstatement...6\nFactors that Affect Renewal Rate: Roof Condition...7\nFactors that Affect Renewal Rate: Obsolescence...7\nRenewal Rate Aggression Conclusion...8\nRUN's Models Ignore the Estimated $668 million Liability of System Removal...9\nUnderstated O&M Expenses of $15 / kW vs $24 / kW...9\nUnderstated Annual Panel Degradation Rate of 0.5% vs 0.75%...10\nUnderstated Default / Cancellation Rate of 0% vs 3.75%...10\nDouble Counting the ITC...10\nAdjusting RUN's Subscriber Value, Net Earning Assets, and Income Approach Tax Model...13\nWhy RUN's Cost Approach Tax Model Doesn't Hold Water...15\nConstruction in Progress Manipulates Results...16\nIncluding Ineligible P&L Costs...16\nDouble Counting Profit From Acquired Third-Party Systems...16\nAggressive Developer Margin of 20% vs 15%...16\nAdjusting RUN's Cost Approach Tax Model to $3.93 / Watt...17\nRUN is at Risk of a Funding Gap due to an Inability to Use Aggressive Valuations; it is also at Risk of a Claw Back that Could Reach $948 million...19\nRUN is at Elevated Audit Risk because of its Tax Equity Structure...20\nInsurance Could be Insufficient to Cover an IRS Claw Back...22\nRUN's ABS Investment Could be Exposed to Liabilities, Including Panel Removal in a Bankruptcy...23\nKey Players in RUN's Financing Model and their Economic Interests...24\nKey Financing Transactions...24\nKey Financing Partners...24\nRUN's Funding Network Appears Fragile...25\nAppendix A: How RUN's Partnership Flips Work...27\nAppendix B: Athena 2018-1 Transaction...31",
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      "text": "Sunrun: \"ESG\" is for Everybody Screws the Government",
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