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  "documentTitle": "Sunrun Inc. (RUN)",
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      "text": "Sunrun's response strengthened our conviction that its Subscriber metric is significantly inflated and is, at best, arbitrary.",
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      "text": "We pointed out that the difference between the number of subscribers that Sunrun gives investors and gives the EIA is almost five quarters of Sunrun Subscriber additions.",
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      "text": "After reading Sunrun's response... we conclude that Sunrun's Subscriber numbers are arbitrary, if not an outright falsehood.",
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      "text": "The EIA's instructions for submitting data expressly provide (emphasis added): “All data should be entered using accounting standards... regardless of when a customer’s billing cycle ends or whether you collected the money...”",
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      "text": "The first, and seemingly largest, reason Sunrun gives for the difference is that “Subscribers” includes systems that have yet to receive Permission to Operate (“PTO”), whereas the numbers Sunrun reports to the EIA do not.",
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      "text": "All data should be entered using accounting standards. For example, March sales data should be based on energy consumed between 01 March and 31 March with the revenue amount based on that energy, regardless of when a customer's billing cycle ends or whether you collected the money... — U.S. Energy Information Administration (EIA) instructions",
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      "text": "Sunrun: Just Making It Up",
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