{
  "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": 29,
  "pageCount": 31,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 6,
  "notes": "The slide uses a 'logical chain' or 'causal chain' to arrive at the conclusion of fraud.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-6d2a7517aa3c/29",
  "deckHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-6d2a7517aa3c#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.086,
        "w": 0.866,
        "x": 0.026,
        "y": 0.785
      },
      "kind": "callout",
      "text": "It appears that in 2022, Sunrun claimed ITCs of approximately $205 million on 14,390 systems that didn't exist!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afbf6d5b-e59c-4ef8-9267-ad27ce965ece",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.83,
        "x": 0.047,
        "y": 0.206
      },
      "kind": "list",
      "text": "In 2022, Sunrun had cashflow from Tax Equity (ITC) sales of $1.415 billion at $1.98 / watt\nThis equals installed wattage of 714.65MW\nAt 7.2 kW per system, this equals Tax Equity from 99,256 Subscriber\nSunrun's (non-GAAP) Subscriber Additions in 2022 purportedly was 99,497",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f7ebb38-a5e1-4a45-b084-eaefb082baf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ITC claims: 14,390",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcab-651b25e84433",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.094,
        "w": 0.353,
        "x": 0.026,
        "y": 0.044
      },
      "kind": "title",
      "text": "Seemingly Excess ITCs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "608f1863-f0af-4abc-bb8d-e8a706d7eab1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "119ce777-37dc-427a-9e75-05441e361a7f",
      "evidence": "The slide explicitly accuses the company of claiming credits for non-existent systems.",
      "confidence": 1
    },
    {
      "name": "logical-chain",
      "slug": null,
      "matchId": "5b9282bb-ac2e-4808-bd73-af10e3d91172",
      "evidence": "The slide presents a step-by-step calculation to prove a discrepancy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}