{
  "docId": "019dd923-622c-750b-8b97-6d2a7517aa3c",
  "docSlug": "0b527a11d88b",
  "documentTitle": "Sunrun Inc. (RUN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 20,
  "pageCount": 31,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "Uses Muddy Waters Research branding; highlights discrepancies in company-reported metrics.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-6d2a7517aa3c/20",
  "deckHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.04,
        "y": 0.75
      },
      "kind": "callout",
      "text": "The EIA additions are a much tighter fit – we think the balance sheet approach invalidates Sunrun’s (non-GAAP) Subscriber numbers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c2d8c34-9575-4a19-b24c-9ac6f294ec0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The EIA additions are a much tighter fit – we think the balance sheet approach invalidates Sunrun's (non-GAAP) Subscriber numbers",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcaa-bd1806382134",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.1,
        "x": 0.88,
        "y": 0.02
      },
      "kind": "image",
      "text": "MUDDY WATERS RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "461006f3-4a46-4f5f-b046-e72035a1f738",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "list",
      "text": "Sum 10-Quarters of: Implied costs of Solar Energy Systems = $1.6 billion; Purchase customer additions = 73,513; Increase of Gross Solar Assets = $4.4 billion",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2eadd70-a537-4c29-aba1-951dbcd5653b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.65
      },
      "kind": "metric",
      "text": "Gross Solar Asset Increase per EIA addition = $23,556 (+7.5% vs expected)",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aad14d65-124b-4224-a43b-a295ef1528c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "metric",
      "text": "Gross Solar Asset Increase per (non-GAAP) Subscriber = $17,863 (-18.4% vs expected)",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2ce4be7-9d0f-4a8b-8ad9-4a073a84b6ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gross Solar Asset Increase per Subscriber: $17,863",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcaa-c28d3fe1369c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "Implied Cost of Solar Assets per Purchase Customer = $21,903",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79d04fdb-d4d2-43bb-ab57-be54581a5396",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.45,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Let's Use a 10-Quarter Comparison",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a657a737-4182-4751-93e6-1a0c7ff15615",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "2520c509-cf07-4e6b-8dda-f3a46ed1e554",
      "evidence": "Uses comparative metrics to invalidate company-reported non-GAAP figures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 12,
      "beatId": "628d2c65-a73b-422d-a85b-6d01ec72bf6e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Revealing inconsistencies",
      "beatSlug": null,
      "evidence": "Multiple slides expose contradictions between Sunrun's data and EIA data.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}