Sunrun Inc 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934Commission File Number001-37511 Sunrun Inc. (Exact name of Registrant as specified in its Charter) 26-2841711(I.R.S. EmployerIdentification No.) 600 California Street,Suite 1800San Francisco,California94108(Address of principal executive offices and Zip Code) (415)580-6900 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the Registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the Registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock onThe Nasdaq Stock Market on June30, 2024 was approximately $2.6billion. As of February21, 2025, the number of shares of the registrant’s common stock outstanding was226,209,702. Portions of the information called for by Part III of this Form 10-K are hereby incorporated by reference from the definitive Proxy Statements for our annual meeting ofstockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after December31, 2024. Table of Contents PART I BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Item1.Item1A.Item1B.Item 1C.Item2.Item3.Item4. PARTII Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities[Reserved]Management’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges in and Disagreements With Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections Item5.Item6.Item7.Item7A.Item8.Item9.Item9A.Item9B.Item9C. PARTIII Item10.Directors, Executive Officers and Corporate Governance124Item11.Executive Compensation124Item12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters124Item13.Certain Relationships and Related Transactions, and Director Independence124Item14.Principal Accounting Fees and Services124 PARTIV Item15.Exhibits, Financial Statement Schedules125Item16.Form 10-K Summary130 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The discussion in this Annual Report on Form 10-K contains forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Actof 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995, which statementsinvolve substantial risks and uncertainties. Forward-looking statements generally relate to future events or ou