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  "docSlug": "01c0a42b08d1",
  "documentTitle": "Sunrun Inc. (RUN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-01 00:00:00",
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  "notes": "This is a research note from a short-seller report (MW = Muddy Waters). It uses a forensic accounting methodology to challenge company disclosures.",
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      "kind": "callout",
      "text": "Because Sunrun cannot explain the reasons for the differences, we conclude that Sunrun’s Subscriber additions are outright falsehoods.",
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      "text": "Methodology steps 1-4",
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      "text": "Subscriber overstatement: 64.1%",
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      "kind": "paragraph",
      "text": "Sunrun responded by stating (without detail) that Sunrun expenses certain costs associated with Subscribers, and therefore it is invalid to compare changes in Gross Solar Assets to COGS.",
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      "kind": "paragraph",
      "text": "We can only conclude that Sunrun is not telling the truth about why Subscribers differ so materially from what it reports to the EIA.",
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      "text": "Implied Increase of Solar Assets vs Reported Increase table",
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      "text": "Subscriber Additions vs EIA Additions table",
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      "kind": "title",
      "text": "Sunrun’s Attempt to Discredit MW’s Balance Sheet Movement Approach is Invalid",
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