Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$265, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 25x in the Electrical industry globally. Total loss to shareholders of 17% over the past three years. Recent Insider Transactions • May 10
Key Executive recently sold Mex$11m worth of stock On the 1st of May, Lynn Jurich sold around 50k shares on-market at roughly Mex$224 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$46m. Lynn has been a net seller over the last 12 months, reducing personal holdings by Mex$13m. Reported Earnings • May 08
First quarter 2026 earnings released: EPS: US$0.71 (vs US$0.22 in 1Q 2025) First quarter 2026 results: EPS: US$0.71 (up from US$0.22 in 1Q 2025). Revenue: US$722.2m (up 43% from 1Q 2025). Net income: US$167.6m (up 235% from 1Q 2025). Profit margin: 23% (up from 9.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Global Electrical industry. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. お知らせ • Apr 16
Sunrun Inc., Annual General Meeting, May 28, 2026 Sunrun Inc., Annual General Meeting, May 28, 2026. お知らせ • Apr 08
Sunrun Inc. to Report Q1, 2026 Results on May 06, 2026 Sunrun Inc. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Recent Insider Transactions • Mar 12
CEO & Director recently sold Mex$473k worth of stock On the 6th of March, Mary Powell sold around 2k shares on-market at roughly Mex$212 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$2.8m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$17m. Recent Insider Transactions • Mar 10
CEO & Director recently sold Mex$473k worth of stock On the 6th of March, Mary Powell sold around 2k shares on-market at roughly Mex$212 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$2.8m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$17m. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 36% After last week's 36% share price decline to Mex$214, the stock trades at a forward P/E ratio of 89x. Average forward P/E is 22x in the Electrical industry globally. Total loss to shareholders of 50% over the past three years. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 21% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (Mex$12m sold). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: US$1.96 (vs US$12.81 loss in FY 2024) Full year 2025 results: EPS: US$1.96 (up from US$12.81 loss in FY 2024). Revenue: US$2.96b (up 45% from FY 2024). Net income: US$449.9m (up US$3.30b from FY 2024). Profit margin: 15% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Electrical industry. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. お知らせ • Jan 28
Sunrun Inc. to Report Q4, 2025 Results on Feb 26, 2026 Sunrun Inc. announced that they will report Q4, 2025 results After-Market on Feb 26, 2026 Recent Insider Transactions • Jan 11
CEO & Director recently sold Mex$2.8m worth of stock On the 6th of January, Mary Powell sold around 9k shares on-market at roughly Mex$320 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$18m. Recent Insider Transactions • Dec 13
CEO & Director recently sold Mex$938k worth of stock On the 8th of December, Mary Powell sold around 3k shares on-market at roughly Mex$325 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$4.2m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$16m. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$0.072 (vs US$0.37 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.072 (up from US$0.37 loss in 3Q 2024). Revenue: US$724.6m (up 35% from 3Q 2024). Net income: US$16.6m (up US$100.4m from 3Q 2024). Profit margin: 2.3% (up from net loss in 3Q 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. お知らせ • Nov 07
Sunrun Inc. Appoints Craig Cornelius to Its Board of Directors, Effective November 6, 2025 On November 6, 2025, Craig Cornelius was appointed to the Board of Directors of Sunrun Inc. effective November 6, 2025. Mr. Cornelius will serve as a Class III director and will stand for reelection at the 2026 annual meeting of stockholders. The Board also appointed Mr. Cornelius to serve on the Audit Committee and the Nominating, Governance, and Sustainability Committee of the Board. In connection with the appointment of Mr. Cornelius, the size of the Board was increased from eight to nine. Mr. Cornelius has served as President and Chief Executive Officer of Clearway Energy Group LLC since September 2018 and as Chief Executive Officer of its public affiliate Clearway Energy Inc., since July 2024. His service as Chief Executive Officer of Clearway commenced on the company’s formation through a spin-out of NRG Energy Inc.’s clean energy businesses in 2018. Previously, Mr. Cornelius was President of NRG’s renewables division. In this capacity, he oversaw origination, development, engineering and construction, operations and asset management across the company’s businesses in wind and solar power. He joined NRG in 2013 and initially led new business development for renewables, including the establishment of new market segments, project acquisitions, and process improvement initiatives. Before joining NRG, Mr. Cornelius served for five years as a Principal and then a Managing Director in the solar investing practice at Hudson Clean Energy Partners. Previously, he was the Program Manager of the U.S. Department of Energy’s Solar Energy Technologies Program, where he led the creation of the $1.5 billion Solar America Initiative. Mr. Cornelius holds an A.B. from Princeton University in History of Science and an M.A. in Science, Technology, and Public Policy from George Washington University. Mr. Cornelius was selected to serve on the Board because of his extensive operational and financial experience and deep knowledge of the energy industry. お知らせ • Oct 14
Sunrun Inc. to Report Q3, 2025 Results on Nov 06, 2025 Sunrun Inc. announced that they will report Q3, 2025 results After-Market on Nov 06, 2025 Recent Insider Transactions • Oct 10
CEO & Director recently sold Mex$4.2m worth of stock On the 6th of October, Mary Powell sold around 12k shares on-market at roughly Mex$355 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$16m. Recent Insider Transactions • Sep 12
CEO & Director recently sold Mex$992k worth of stock On the 8th of September, Mary Powell sold around 3k shares on-market at roughly Mex$316 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$2.3m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$14m. Recent Insider Transactions • Sep 08
CEO & Director recently sold Mex$534k worth of stock On the 2nd of September, Mary Powell sold around 2k shares on-market at roughly Mex$295 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$2.3m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$13m. Recent Insider Transactions • Aug 16
Lead Independent Director recently sold Mex$2.3m worth of stock On the 13th of August, Alan Ferber sold around 11k shares on-market at roughly Mex$209 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$2.3m. Insiders have been net sellers, collectively disposing of Mex$11m more than they bought in the last 12 months. New Risk • Aug 12
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: Mex$8.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.7b free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Minor Risk Significant insider selling over the past 3 months (Mex$8.3m sold). Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: US$1.22 (vs US$0.63 in 2Q 2024) Second quarter 2025 results: EPS: US$1.22 (up from US$0.63 in 2Q 2024). Revenue: US$569.3m (up 8.7% from 2Q 2024). Net income: US$279.8m (up 101% from 2Q 2024). Profit margin: 49% (up from 27% in 2Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. お知らせ • Jul 14
Sunrun Inc. to Report Q2, 2025 Results on Aug 06, 2025 Sunrun Inc. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Recent Insider Transactions • Jul 11
CEO & Director recently sold Mex$2.3m worth of stock On the 7th of July, Mary Powell sold around 12k shares on-market at roughly Mex$202 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$15m. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 69% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.5b free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 69% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (Mex$13m sold). New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings have declined by 69% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.5b free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 69% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (Mex$13m sold). Recent Insider Transactions • Jun 11
CEO & Director recently sold Mex$470k worth of stock On the 6th of June, Mary Powell sold around 3k shares on-market at roughly Mex$158 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$4.4m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$14m. Recent Insider Transactions • Jun 05
CEO & Director recently sold Mex$257k worth of stock On the 2nd of June, Mary Powell sold around 2k shares on-market at roughly Mex$136 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$4.4m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$14m. New Risk • Jun 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: Mex$12m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.5b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$260m net loss in 3 years). Significant insider selling over the past 3 months (Mex$12m sold). Recent Insider Transactions • May 14
Key Executive recently bought Mex$11m worth of stock On the 12th of May, Edward Fenster bought around 50k shares on-market at roughly Mex$213 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Mex$21m. Edward has been a buyer over the last 12 months, purchasing a net total of Mex$32m worth in shares. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: US$0.22 (vs US$0.40 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.22 (up from US$0.40 loss in 1Q 2024). Revenue: US$504.3m (up 10% from 1Q 2024). Net income: US$50.0m (up US$137.8m from 1Q 2024). Profit margin: 9.9% (up from net loss in 1Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. お知らせ • May 08
Sunrun Introduces Sunrun Flex, A Superior Solar and Storage Solution for Consumers Sunrun introduced Sunrun Flex™?, the first solar and battery storage solution designed to adapt to customers' changing energy needs. This new offering marks the first significant financial innovation in the solar industry in nearly two decades, since Sunrun introduced the residential Power Purchase Agreement in 2007. Flex is a smarter way to design solar energy for homes with protection against increased energy use from life events, such as growing a family or purchasing an electric vehicle. Customers enjoy a predictable monthly minimum payment, while only paying for extra energy above their pre-solar consumption baseline when they use it at a low, locked-in Flex Rate. Flex households also benefit from battery backup during outages and the exclusive opportunity to earn Sunrun Rollover Credits--the first offering of its kind in the solar industry. Until now, home solar systems were designed to either match a household's current energy usage or be oversized in anticipation of future needs--pot potentially resulting in either unmet needs as energy usage increases or generating solar energy that is not used immediately. Flex removes any uncertainty, offering a solution that fits families' needs now and in the future. Key benefits with Sunrun Flex include: Cost Predictability: Customers enjoy predictable, affordable monthly payments, with the ability to "flex" their energy usage as life changes--all while knowing exactly what their cost per kilowatt hour will be. Rollover Credits: When customers use less energy than their baseline, they earn credits they can then apply when they use more energy in the future. This allows customers to bank credits during months of less energy demand and apply them later when they exceed their baseline. Premium Storage: Sunrun Flex comes standard with premium battery storage, providing most homes with full backup energy protection during outages and helping customers avoid peak utility rates by using stored solar power in the evenings. Grid Services: Flex customers are enrolled in Sunrun's grid services programs and are compensated for participating, where available. Performance Guarantee: Every Sunrun Flex subscription includes 24/7 system monitoring, free maintenance and repairs, a solar performance and battery health guarantee, and Flex Guarantee, which ensures a customer will not pay Sunrun more than the panels produce annually. お知らせ • May 01
Sunrun Inc., Annual General Meeting, Jun 11, 2025 Sunrun Inc., Annual General Meeting, Jun 11, 2025. お知らせ • Apr 15
Sunrun Inc. to Report Q1, 2025 Results on May 07, 2025 Sunrun Inc. announced that they will report Q1, 2025 results After-Market on May 07, 2025 Recent Insider Transactions • Apr 12
CEO & Director recently sold Mex$4.4m worth of stock On the 7th of April, Mary Powell sold around 31k shares on-market at roughly Mex$140 per share. This transaction amounted to 5.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$14m. Recent Insider Transactions • Mar 05
Key Executive recently bought Mex$21m worth of stock On the 3rd of March, Edward Fenster bought around 150k shares on-market at roughly Mex$139 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Edward has been a buyer over the last 12 months, purchasing a net total of Mex$20m worth in shares. Reported Earnings • Feb 28
Full year 2024 earnings released: US$12.81 loss per share (vs US$7.41 loss in FY 2023) Full year 2024 results: US$12.81 loss per share (further deteriorated from US$7.41 loss in FY 2023). Revenue: US$2.04b (down 9.8% from FY 2023). Net loss: US$2.85b (loss widened 77% from FY 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. お知らせ • Feb 28
Sunrun Inc. Announces Impairment Charges for the Fourth Quarter Ended December 31, 2024 Sunrun Inc. announced Impairment charges for the fourth quarter ended December 31, 2024. For the quarter, the company announced Goodwill Impairment of $3,122,168,000. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.2b free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$361m net loss in 3 years). Significant insider selling over the past 3 months (Mex$5.8m sold). お知らせ • Feb 13
Sunrun Inc. Appoints Maria Barak as Chief Accounting Officer On February 6, 2025, the Board of Directors of Sunrun Inc. approved the appointment of Ms. Maria Barak as the Company’s Chief Accounting Officer, effective immediately. In this role, she will serve as the Company’s Principal Accounting Officer. Mr. Danny Abajian served as the Principal Accounting Officer through the date of Ms. Barak’s appointment and will continue to serve as the Company’s Principal Financial Officer. Ms. Barak joined the Company as the Director of Accounting, Strategic Partnerships in August 2017, and served as the Company’s VP, Corporate Controller from March 2023 to February 2025, until becoming the Chief Accounting Officer. Previously, Ms. Barak was an independent accounting professional. She started her career with Deloitte & Touche. Ms. Barak is a Certified Public Accountant with an M.B.A. from the University of California, Berkeley, Haas School of Business and a B.A. in Business Economics with an Accounting Emphasis from University of California, Santa Barbara. Ms. Barak is 42 years old. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Director John Trinta was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. お知らせ • Jan 23
Sunrun Inc. to Report Q4, 2024 Results on Feb 27, 2025 Sunrun Inc. announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Recent Insider Transactions • Jan 10
CEO & Director recently sold Mex$987k worth of stock On the 6th of January, Mary Powell sold around 4k shares on-market at roughly Mex$227 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$16m. お知らせ • Dec 26
Sunrun Inc. Announces Board Changes On December 17, 2024, Gerald Risk resigned from the board of directors (the “ Board ”) of Sunrun Inc. (the “ Company ”) and his role as Audit Committee Chairperson, effective as of January 1, 2025 (the “ Effective Date ”). Following Mr. Risk’s resignation, the Board has approved a decrease in the size of the Board from ten (10) to nine (9) directors, effective as of the Effective Date. Mr. Risk’s resignation from the Board is not due to any disagreement with the Company, the Board or management of the Company. The Board appointed John Trinta as Audit Committee Chair to fill the vacancy created by Mr. Risk’s departure from the position, effective as of January 1, 2025. Mr. Trinta has served on the Board and been a member of the Audit Committee since October 2024. Recent Insider Transactions • Dec 05
CEO & Director recently sold Mex$421k worth of stock On the 2nd of December, Mary Powell sold around 2k shares on-market at roughly Mex$238 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$2.0m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$15m. Reported Earnings • Nov 08
Third quarter 2024 earnings released: US$0.37 loss per share (vs US$4.92 loss in 3Q 2023) Third quarter 2024 results: US$0.37 loss per share (improved from US$4.92 loss in 3Q 2023). Revenue: US$537.2m (down 4.6% from 3Q 2023). Net loss: US$83.8m (loss narrowed 92% from 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. お知らせ • Oct 30
Sunrun Inc. Appoints John Trinta as Member of the Board of Directors and Audit Committee of the Board Sunrun Inc. announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the company’s board of directors (the ‘Board’) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights. The company announced that, having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as the company navigate complexities and continue to position the company as a market leader in the clean energy sector. Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses. Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University. Recent Insider Transactions • Oct 09
CEO & Director recently sold Mex$2.0m worth of stock On the 7th of October, Mary Powell sold around 6k shares on-market at roughly Mex$317 per share. This transaction amounted to 3.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$15m. お知らせ • Oct 08
Sunrun Inc. to Report Q3, 2024 Results on Nov 07, 2024 Sunrun Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Recent Insider Transactions • Sep 06
CEO & Director recently sold Mex$800k worth of stock On the 3rd of September, Mary Powell sold around 2k shares on-market at roughly Mex$373 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$6.0m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: US$0.63 (vs US$0.26 in 2Q 2023) Second quarter 2024 results: EPS: US$0.63 (up from US$0.26 in 2Q 2023). Revenue: US$523.9m (down 11% from 2Q 2023). Net income: US$139.1m (up 151% from 2Q 2023). Profit margin: 27% (up from 9.4% in 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jul 11
CEO & Director recently sold Mex$1.3m worth of stock On the 8th of July, Mary Powell sold around 6k shares on-market at roughly Mex$227 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$6.0m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. お知らせ • Jul 11
Sunrun Inc. to Report Q2, 2024 Results on Aug 06, 2024 Sunrun Inc. announced that they will report Q2, 2024 results After-Market on Aug 06, 2024 Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Manjula Talreja was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 10
CEO & Director recently sold Mex$764k worth of stock On the 6th of June, Mary Powell sold around 3k shares on-market at roughly Mex$253 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$4.5m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$11m. Recent Insider Transactions • Jun 06
CEO & Director recently sold Mex$441k worth of stock On the 31st of May, Mary Powell sold around 2k shares on-market at roughly Mex$253 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$4.5m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$10m. Reported Earnings • May 09
First quarter 2024 earnings released: US$0.40 loss per share (vs US$1.12 loss in 1Q 2023) First quarter 2024 results: US$0.40 loss per share (improved from US$1.12 loss in 1Q 2023). Revenue: US$458.2m (down 22% from 1Q 2023). Net loss: US$87.8m (loss narrowed 64% from 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. New Risk • Apr 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.4b free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$99m net loss in 3 years). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$27m sold). お知らせ • Apr 12
Sunrun Inc. to Report Q1, 2024 Results on May 08, 2024 Sunrun Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 Recent Insider Transactions • Apr 12
CEO & Director recently sold Mex$4.5m worth of stock On the 8th of April, Mary Powell sold around 23k shares on-market at roughly Mex$197 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$11m. Recent Insider Transactions • Mar 21
Independent Director recently bought Mex$1.6m worth of stock On the 14th of March, Alan Ferber bought around 10k shares on-market at roughly Mex$162 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$36m more in shares than they bought in the last 12 months. Recent Insider Transactions • Mar 19
Independent Director recently bought Mex$1.6m worth of stock On the 14th of March, Alan Ferber bought around 10k shares on-market at roughly Mex$162 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$35m more in shares than they bought in the last 12 months. Recent Insider Transactions • Mar 11
Key Executive recently sold Mex$2.5m worth of stock On the 6th of March, Danny Abajian sold around 12k shares on-market at roughly Mex$204 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Danny has been a net seller over the last 12 months, reducing personal holdings by Mex$8.6m. Recent Insider Transactions • Mar 04
Key Executive recently sold Mex$1.1m worth of stock On the 29th of February, Danny Abajian sold around 6k shares on-market at roughly Mex$207 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$1.3m. Danny has been a net seller over the last 12 months, reducing personal holdings by Mex$11m. New Risk • Feb 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.4b free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$193m net loss in 3 years). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$6.4m sold). Reported Earnings • Feb 22
Full year 2023 earnings released: US$7.41 loss per share (vs US$0.82 profit in FY 2022) Full year 2023 results: US$7.41 loss per share (down from US$0.82 profit in FY 2022). Revenue: US$2.26b (down 2.7% from FY 2022). Net loss: US$1.60b (down US$1.78b from profit in FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electrical industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 24 percentage points per year, which is a significant difference in performance. お知らせ • Jan 13
Sunrun Inc. to Report Q4, 2023 Results on Feb 21, 2024 Sunrun Inc. announced that they will report Q4, 2023 results After-Market on Feb 21, 2024 Recent Insider Transactions • Dec 22
Co-Founder recently sold Mex$1.3m worth of stock On the 18th of December, Lynn Jurich sold around 4k shares on-market at roughly Mex$314 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lynn has been a net seller over the last 12 months, reducing personal holdings by Mex$8.2m. Recent Insider Transactions • Dec 04
CEO & Director recently sold Mex$395k worth of stock On the 30th of November, Mary Powell sold around 2k shares on-market at roughly Mex$227 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$1.0m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. Reported Earnings • Nov 03
Third quarter 2023 earnings released: US$4.92 loss per share (vs US$0.99 profit in 3Q 2022) Third quarter 2023 results: US$4.92 loss per share (down from US$0.99 profit in 3Q 2022). Revenue: US$563.2m (down 11% from 3Q 2022). Net loss: US$1.07b (down US$1.28b from profit in 3Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Electrical industry. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Mex$164, the stock trades at a trailing P/E ratio of 21.7x. Average forward P/E is 16x in the Electrical industry in South America. Total loss to shareholders of 62% over the past year. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$6.4m sold). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Mex$210, the stock trades at a trailing P/E ratio of 29.2x. Average forward P/E is 16x in the Electrical industry in South America. Total loss to shareholders of 55% over the past year. お知らせ • Oct 05
Sunrun Inc. to Report Q3, 2023 Results on Nov 01, 2023 Sunrun Inc. announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 お知らせ • Sep 27
Sunrun Appoints Rachit Srivastava as Head of Artificial Intelligence Sunrun appointed Rachit Srivastava as Head of Artificial Intelligence (AI). Rachit joins Sunrun after nearly three years as Head of Machine Learning at Cockroach Labs. As Head of AI, Rachit will lead Sunrun’s AI strategy and focus on driving innovation and integrating cutting-edge technologies in artificial intelligence, machine learning, and data analytics across Sunrun’s products and services. His efforts will lead to increased customer value and a more intelligent, personalized experience, as well as improved cost efficiency and reduced cycle times. Rachit has extensive knowledge in artificial intelligence with nearly 17 years of experience in building machine learning products and statistical models for a variety of industries, including finance, advertising technology, location intelligence, health technology and infrastructure. He has developed forecasting algorithms and consumer behavior models for some of the large financial institutions, including Morgan Stanley and Goldman Sachs. Rachit most recently led machine learning and data science for Cockroach Labs, where he helped scale a distributed SQL database used by prominent companies across several consumer-facing industries. Prior to Cockroach Labs, he used AI and machine learning to build trading signals from alternative data sets in his role as Vice President of Research and Modeling at Two Sigma, a leading quantitative trading hedge fund. He holds a Master of Science in Computational Finance from Carnegie Mellon University and a Master of Science in Electrical Engineering from the University of Southern California. He also holds a Bachelor of Software Engineering from the University of New South Wales in Australia. Recent Insider Transactions • Sep 26
Co-Founder recently sold Mex$1.0m worth of stock On the 18th of September, Lynn Jurich sold around 4k shares on-market at roughly Mex$246 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lynn has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Mex$220, the stock trades at a trailing P/E ratio of 31.6x. Average forward P/E is 16x in the Electrical industry in South America. Total loss to shareholders of 65% over the past year. Recent Insider Transactions • Sep 21
Co-Founder recently sold Mex$1.0m worth of stock On the 18th of September, Lynn Jurich sold around 4k shares on-market at roughly Mex$246 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lynn has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. Recent Insider Transactions • Sep 08
CEO & Director recently sold Mex$465k worth of stock On the 31st of August, Mary Powell sold around 2k shares on-market at roughly Mex$267 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$1.1m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. Recent Insider Transactions • Sep 03
CEO & Director recently sold Mex$465k worth of stock On the 31st of August, Mary Powell sold around 2k shares on-market at roughly Mex$267 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$2.6m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$12m. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$9.7m sold). New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Significant insider selling over the past 3 months (Mex$9.7m sold). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.26 (vs US$0.059 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.26 (up from US$0.059 loss in 2Q 2022). Revenue: US$590.2m (up 1.0% from 2Q 2022). Net income: US$55.5m (up US$67.9m from 2Q 2022). Profit margin: 9.4% (up from net loss in 2Q 2022). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Global Electrical industry. お知らせ • Jul 28
Sunrun Stands Ready for New Emergency Demand Response Program in Puerto Rico as Energy Instability Continues to Plague Local Residents Sunrun announced its fleet is ready for participation in the Battery Emergency Demand Response program in Puerto Rico. This is the first distributed power plant program in the nation that specifically focuses on rapid emergency response from thousands of residential solar and storage systems when the island's aging oil- and gas-fired power plants fail or when electricity generation issues arise that could lead to rolling blackouts. Puerto Rico leads the U.S. in total hours of electricity outages. Millions of residents collectively experienced more than 300 million hours of power disruptions in 2022, according to PowerOutage.us. In June, tens of thousands were without electricity as the island reached a record-breaking heat index of 125 degrees, knocking one oil-fired power plant out of service. This innovative distributed power plant program was formed in response to the island’s outages that regularly occur multiple times a week. The program gives the utility provider on the island access to flexible and cost-effective power from residential energy resources in order to alleviate pressure on the power grid during periods of peak demand, combat climate change, and improve the dependability of the island’s overall energy system. Sunrun is ready to enroll its solar-plus-storage customers into the program and expects thousands of opt-ins as it prepares to respond to requests for emergency power. The program anticipates 75 to 125 dispatch events in the first year with an average duration of two hours. Customers participating in the program will receive a pay-for-performance payment from Sunrun estimated at hundreds of dollars per battery, which can reduce costs and help stabilize the grid simultaneously. In the event of a local power outage, batteries enrolled in the program will retain enough backup energy to meet personal, essential needs. The Battery Emergency Demand Response program is separate from the 17-megawatt distributed power plant project Sunrunannounced in Puerto Rico last year. The company will begin enrolling 7,000 customers this year and will provide ?solar power to the grid every day at scheduled times beginning in 2024. お知らせ • Jun 30
Sunrun Inc. to Report Q2, 2023 Results on Aug 02, 2023 Sunrun Inc. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Recent Insider Transactions • Jun 23
Co-Founder recently sold Mex$1.1m worth of stock On the 20th of June, Lynn Jurich sold around 3k shares on-market at roughly Mex$319 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$2.6m. Lynn has been a net seller over the last 12 months, reducing personal holdings by Mex$18m. Recent Insider Transactions • Jun 14
Chief Financial Officer recently sold Mex$2.6m worth of stock On the 6th of June, Danny Abajian sold around 8k shares on-market at roughly Mex$327 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Danny has been a net seller over the last 12 months, reducing personal holdings by Mex$9.0m. Recent Insider Transactions • Jun 04
CEO & Director recently sold Mex$613k worth of stock On the 31st of May, Mary Powell sold around 2k shares on-market at roughly Mex$311 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Mex$8.5m. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$15m. Reported Earnings • May 04
First quarter 2023 earnings released: US$1.12 loss per share (vs US$0.42 loss in 1Q 2022) First quarter 2023 results: US$1.12 loss per share (further deteriorated from US$0.42 loss in 1Q 2022). Revenue: US$589.8m (up 19% from 1Q 2022). Net loss: US$240.4m (loss widened 174% from 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Global Electrical industry. Recent Insider Transactions • Apr 11
Chief Financial Officer recently sold Mex$414k worth of stock On the 6th of April, Danny Abajian sold around 1k shares on-market at roughly Mex$335 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$8.5m. Danny has been a net seller over the last 12 months, reducing personal holdings by Mex$6.4m. Recent Insider Transactions • Mar 20
Key Executive recently sold Mex$2.3m worth of stock On the 17th of March, Edward Fenster sold around 7k shares on-market at roughly Mex$349 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$8.5m. Edward has been a net seller over the last 12 months, reducing personal holdings by Mex$18m. Recent Insider Transactions • Mar 15
CEO & Director recently sold Mex$8.5m worth of stock On the 6th of March, Mary Powell sold around 19k shares on-market at roughly Mex$460 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mary has been a net seller over the last 12 months, reducing personal holdings by Mex$15m. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Mex$365, the stock trades at a trailing P/E ratio of 25.6x. Average forward P/E is 20x in the Electrical industry in South America. Total loss to shareholders of 42% over the past year. Recent Insider Transactions • Mar 09
Chief Revenue Officer recently sold Mex$419k worth of stock On the 1st of March, Paul Dickson sold around 906 shares on-market at roughly Mex$463 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$3.0m. Insiders have been net sellers, collectively disposing of Mex$60m more than they bought in the last 12 months.