<SEC-DOCUMENT>0001193125-22-134733.txt : 20220602
<SEC-HEADER>0001193125-22-134733.hdr.sgml : 20220602
<ACCEPTANCE-DATETIME>20220429204701
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-134733
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunrun Inc.
		CENTRAL INDEX KEY:			0001469367
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				262841711
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 BUSH STREET, SUITE 1400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-580-6900

	MAIL ADDRESS:	
		STREET 1:		225 BUSH STREET, SUITE 1400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SunRun Inc.
		DATE OF NAME CHANGE:	20090730
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<IMG SRC="g228530g0430052352016.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calise Cheng </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T:&nbsp;+1 650
843 5172 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ccheng@cooley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2022 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Via EDGAR and FedEx </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Effie Simpson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Claire Erlanger </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Sunrun Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2021, filed February&nbsp;17, 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">8-K</FONT> Furnished February&nbsp;17, 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-37511</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of our client, Sunrun Inc. (the &#147;<B><I>Company</I></B>&#148;), we are submitting this letter in response to a comment received from the staff
(the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;), by letter dated April&nbsp;18, 2022 (the &#147;<B><I>Comment Letter</I></B>&#148;), with respect to the Company&#146;s
(i)&nbsp;Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2021 (the &#147;<B><I><FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;) and the (ii)&nbsp;Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> furnished on February&nbsp;17, 2022 (the &#147;<B><I><FONT STYLE="white-space:nowrap">8-K</FONT></I></B>&#148;). The text of the Staff&#146;s comments has been included in this letter in italics for your
convenience, and we have numbered the paragraph below to correspond to the numbering of the Comment Letter.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021&nbsp; </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished February&nbsp;17, 2022 </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibit 99.1 Earnings Release, page 10 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to previous comment 1. Please explain to us and expand future disclosure in order for
investors to better understand the reasons why you offset margin on other products sold to derive your Creation Cost metric. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response:</B>&nbsp;The Company acknowledges the Staff&#146;s comment and advises the Staff that the Company will add additional disclosure
as detailed below in future investor materials as detailed below: </P>
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<IMG SRC="g228530g0430052352016.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The gross margin derived from solar energy systems and product sales is included as an
offset to Creation Cost since these sales are ancillary to the overall business model and lowers our overall cost of business. The sales, marketing, general and administrative costs in Creation Costs is inclusive of sales, marketing, general and
administrative activities related to the entire business, including solar energy system and product sales. As such, by including the gross margin on solar energy system and product sales as a contra cost, the value of all activities of the
Company&#146;s segment are represented in the Net Subscriber Value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As further explanation, the Company further supplementally advises the Staff that it
operates in one segment. As such, reporting a separate Total Value Generated for Subscribers as well as for solar energy systems and product sales is not necessary to value the overall business, and would entail subjective allocations. For example,
costs for marketing, lead generation and other sales and general and administrative activities are not easily identifiable among customers who ultimately select a Customer Agreement or purchase their systems. As a result, the Company presents the
gross margin on these ancillary products as a contra cost so that the benefits of these activities are captured in calculating Creation Costs which is a component of Net Subscriber Value.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company further acknowledges that it is
responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the Staff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please
contact me at (650) <FONT STYLE="white-space:nowrap">843-5172</FONT> with any questions or further comments regarding the Company&#146;s responses to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Calise Cheng</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calise Cheng </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tom vonReichbauer, Chief Financial Officer </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jeanna Steele, Chief Legal Officer and Chief People Officer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP&nbsp;&nbsp;&nbsp;&nbsp;3175 Hanover Street&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto, CA&nbsp;&nbsp;&nbsp;&nbsp;94304-1130 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (650) <FONT STYLE="white-space:nowrap">843-5000</FONT> f: (650) <FONT STYLE="white-space:nowrap">849-7400</FONT> cooley.com </P>
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