Sunrun, Inc. (NASDAQ:RUN) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET

Company Participants

Patrick Jobin - SVP, Finance & IR

Mary Powell - CEO & Director

Danny Abajian - CFO

Paul Dickson - Chief Revenue Officer

Conference Call Participants

James West - Evercore ISI

Brian Lee - Goldman Sachs Group

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Jordan Levy - Truist Securities

Colin Rusch - Oppenheimer

Philip Shen - ROTH MKM Partners

Tristan Richardson - Scotiabank

Ameet Thakkar - BMO Capital Markets

Andrew Percoco - Morgan Stanley

Joseph Osha - Guggenheim Securities

Kasope Harrison - Piper Sandler & Co.

Operator

Good afternoon, and welcome to Sunrun's Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

I'll now turn the call over to Patrick Jobin, Sunrun's Senior Vice President, Investor Relations. Please go ahead.

Patrick Jobin

Thank you, Kevin. Before we begin, please note that certain remarks we will make on this call constitute forward-looking statements. Although we believe these statements reflect our best judgment based on factors currently known to us, actual results may differ materially and adversely. Please refer to the company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements.

Please also note, these statements are being made as of today and we disclaim any obligation to update or revise them.

On the call today are Mary Powell, Sunrun's CEO; and Danny Abajian, Sunrun's CFO. Paul Dickson, Sunrun's Chief Revenue Officer, is also on the call for our Q&A session. A presentation is available on Sunrun's Investor Relations website along with supplemental materials. An audio replay of today's call along with a copy of today's prepared remarks and transcript, including Q&A will be posted to Sunrun's Investor Relations website shortly after the call. And now let me turn the call over to Mary.

Mary Powell

Thank you, Patrick. Sunrun's team delivered a strong quarter. Our disciplined margin-focused growth strategy continues to position the company well for long-term success and generating cash. This quarter, we beat by a large margin, our volume guidance for solar energy capacity installs, but more importantly, we are rapidly accelerating storage adoption, growing our lead as America's clean energy company, one that delivers a superior value proposition to customers and creates multiple value streams for our shareholders.

We installed more than 100-megawatt hours of storage capacity in Q2, growing 35% compared to the prior year, and we now have more than 900-megawatt hours of storage capacity installed across the country. We are accelerating our pace. Our storage offerings provide customers enhanced value and generate significantly higher margins for Sunrun today while providing a foundation for considerable monetization in the years to come.