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  "documentTitle": "Sunrun Inc. (RUN)",
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  "presentationDate": "2023-10-25 00:00:00",
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  "notes": "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 the discrepancy between non-GAAP and GAAP financials.",
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      "text": "Regardless, our Balance Sheet approach shows that (non-GAAP) Subscribers do not seem to tie to GAAP financials",
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      "text": "Is it that EIA numbers are only for Subscribers who’ve received Permission to Operate (PTO)? While PTO varies, we understand that it generally is 2-4 weeks, and seemingly should not explain a consistent delta of this magnitude",
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      "text": "Is it that Sunrun counts multi-units as multiple deployments for Subscribers, but not EIA? We understand that multi-unit has become a bigger part of Sunrun’s business in recent years, but as shown below (from Sunrun’s external model), the average deployment size has remained relatively constant at ~7 KW or more, and Subscriber Value has grown:",
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