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  "docSlug": "01c0a42b08d1",
  "documentTitle": "Sunrun Inc. (RUN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-01 00:00:00",
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a 'bullshit' framing to attack a corporate narrative. It includes a screenshot of government instructions and a custom table to prove a point about reporting lags.",
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      "kind": "callout",
      "text": "That pattern makes clear that Sunrun's excuse that the Subscriber / EIA delta, which is presently almost five quarters of Sunrun Subscriber additions, is not explained by the delay to receive PTO.",
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      "kind": "image",
      "text": "Screenshot of Form EIA-861M instructions",
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      "text": "Subscriber lag: 8,000",
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      "kind": "paragraph",
      "text": "However, the below comparison during the same time period shows an ever-growing gap between Subscribers and EIA. That pattern makes clear that Sunrun's excuse that the Subscriber / EIA delta is not explained by the delay to receive PTO.",
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      "kind": "paragraph",
      "text": "Sunrun is therefore left only with the PTO excuse. But we can easily see that Sunrun's PTO excuse is also bullshit.",
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      "kind": "paragraph",
      "text": "Our understanding from Sunrun IR, as well as former employees, is that PTO generally takes two to four weeks to receive. From Q1 2021 through Q1 2023, Sunrun's reported quarterly Subscriber additions averaged 23,721. Therefore, Sunrun added approximately 8,000 Subscribers per month.",
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      "text": "12-month model showing subscriber lag",
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