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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2023-10-25 00:00:00",
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  "notes": "The slide uses a 'delta' calculation to imply a discrepancy between reported subscriber growth and actual asset deployment.",
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      "text": "This consistent delta implies that Sunrun’s (non-GAAP) Subscriber numbers materially exceed additions of PV systems from which Sunrun generates Subscriber revenues.",
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      "text": "Delta (%): -30.8%",
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      "text": "Table showing quarterly data from Q1 2021 to Q2 2023 for Increase of Gross Solar Assets, Gross Solar Assets per New Subscriber, Implied Cost, and Delta.",
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      "text": "But Sunrun’s Increase in Gross Solar Assets per Subscriber has Consistently Been Much Lower",
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