Sunrun (RUN) has reported 3.10 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $12.73 million, or $0.12 a share in the quarter, compared with $13.13 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 5.44 percent to $104.12 million from $98.74 million in the previous year period. Gross margin for the quarter expanded 677 basis points over the previous year period to 9.94 percent. Operating margin for the quarter stood at negative 48.02 percent as compared to a negative 67.67 percent for the previous year period.
Operating loss for the quarter was $49.99 million, compared with an operating loss of $66.82 million in the previous year period.
“The positive momentum continues in Q1, with a 21% growth in volumes and improvements in our unit economics, a testament to the resiliency of our multi-channel business model and alignment of our product offerings with customer demand,” said Lynn Jurich, Sunrun’s chief executive officer. “As always, we’re most proud of our customer experience, having already saved our customers over $100 million, while continuing to grow and taking share.”
Operating cash flow remains negative
Sunrun has spent $29.11 million cash to meet operating activities during the quarter as against cash outgo of $77.40 million in the last year period. The company has spent $170.76 million cash to meet investing activities during the quarter as against cash outgo of $169.65 million in the last year period.
Cash flow from financing activities was $197.29 million for the quarter, down 21.55 percent or $54.20 million, when compared with the last year period.
Cash and cash equivalents stood at $203.79 million as on Mar. 31, 2017, down 2.17 percent or $4.52 million from $208.31 million on Mar. 31, 2016.
Working capital declines
Sunrun has witnessed a decline in the working capital over the last year. It stood at $102.18 million as at Mar. 31, 2017, down 19.41 percent or $24.61 million from $126.78 million on Mar. 31, 2016. Current ratio was at 1.43 as on Mar. 31, 2017, down from 1.49 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 1 days for the quarter from 43 days for the last year period. Days sales outstanding went down to 53 days for the quarter compared with 58 days for the same period last year.
Days inventory outstanding has decreased to 29 days for the quarter compared with 79 days for the previous year period. At the same time, days payable outstanding went down to 81 days for the quarter from 94 for the same period last year.
Debt moves up
Sunrun has witnessed an increase in total debt over the last one year. It stood at $969.17 million as on Mar. 31, 2017, up 19.89 percent or $160.78 million from $808.39 million on Mar. 31, 2016. Total debt was 29.20 percent of total assets as on Mar. 31, 2017, compared with 27.48 percent on Mar. 31, 2016. Debt to equity ratio was at 0.96 as on Mar. 31, 2017, down from 1.10 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]