Altus Power Inc (AMPS) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Altus Power Fourth Quarter and Year-End 2022 Conference Call. As a reminder, today's call is being recorded. (Operator Instructions). At this time, for opening remarks and introductions, I'd like to turn the call over to Chris Shelton, Head of Investor Relations.

早上好，歡迎來到 Altus Power 第四季度和 2022 年底電話會議。提醒一下，今天的通話正在錄音中。 （操作員說明）。此時，對於開場白和介紹，我想把電話轉給投資者關係主管克里斯謝爾頓。

Good morning, and welcome to our investors and analysts. Speaking on today's call are Lars Norell, Co-Chief Executive Officer; and Dustin Weber, Chief Financial Officer. In addition, Co-Chief Executive Officer, Gregg Felton, will be joining us for Q&A.

早上好，歡迎來到我們的投資者和分析師。在今天的電話會議上發言的是聯席首席執行官 Lars Norell；和首席財務官 Dustin Weber。此外，聯席首席執行官格雷格·費爾頓 (Gregg Felton) 將加入我們的問答環節。

This morning, we issued a press release and a presentation related to the matters to be discussed on this call. You can access both the presentation and the press release on our website, www.altuspower.com in the Investors section. This information is also available on the SEC's website.

今天上午，我們就此次電話會議要討論的事項發布了新聞稿和演示文稿。您可以在我們網站 www.altuspower.com 的“投資者”部分訪問演示文稿和新聞稿。該信息也可在美國證券交易委員會的網站上獲得。

As a reminder, our comments on this call may contain forward-looking statements. These forward-looking statements refer to future events, including Altus Power's future operations and financial performance. When used in this call, the words expect, will, plan, forecast, estimate, outlook and similar expressions as they relate to Altus Power, as such, identify a forward-looking statement. These statements are subject to various risks and uncertainties and are based on assumptions that could cause actual results to differ materially from those predicted in the forward-looking statements.

提醒一下，我們對此次電話會議的評論可能包含前瞻性陳述。這些前瞻性陳述涉及未來事件，包括 Altus Power 的未來運營和財務業績。當在本次電話會議中使用預期、將、計劃、預測、估計、展望和與 Altus Power 相關的類似表達方式時，這些詞本身可識別前瞻性陳述。這些陳述受各種風險和不確定性的影響，並且基於可能導致實際結果與前瞻性陳述中預測的結果存在重大差異的假設。

Altus Power assumes no obligation to update these statements in the future or if circumstances change. For more information, we encourage you to review the risks, uncertainties and other factors discussed in our SEC filings that could impact these forward-looking statements, specifically our 10-K filed today with the SEC.

Altus Power 不承擔在未來或情況發生變化時更新這些聲明的義務。如需更多信息，我們鼓勵您查看我們在 SEC 文件中討論的可能影響這些前瞻性陳述的風險、不確定性和其他因素，特別是我們今天向 SEC 提交的 10-K 文件。

During this call, we will also refer to adjusted EBITDA, adjusted EBITDA margin, which are non-GAAP financial measures. Our management team uses these non-GAAP financial measures to plan, monitor and evaluate our financial performance, and we believe this information may be useful to our investors. These non-GAAP financial measures exclude certain items that should not be considered as a substitute for comparable GAAP financial measures.

在本次電話會議中，我們還將參考調整後的 EBITDA、調整後的 EBITDA 利潤率，這些都是非 GAAP 財務指標。我們的管理團隊使用這些非 GAAP 財務指標來計劃、監控和評估我們的財務業績，我們相信這些信息可能對我們的投資者有用。這些非 GAAP 財務指標不包括某些不應被視為可替代 GAAP 財務指標的項目。

Altus Power's methods of computing these non-GAAP financial measures may differ from similar non-GAAP financial measures used by other companies. More detailed information about these measures and reconciliations from GAAP to these non-GAAP financial measures is contained in both the press release and the presentation we issued today.

Altus Power 計算這些非 GAAP 財務指標的方法可能不同於其他公司使用的類似非 GAAP 財務指標。我們今天發布的新聞稿和演示文稿中包含有關這些措施以及從 GAAP 到這些非 GAAP 財務措施的調節的更多詳細信息。

Finally, our speakers today will reference our 2022 fourth quarter and year-end slide deck during their prepared remarks. We are providing this information to assist you in understanding certain of the financial information we will be discussing today, and it should be viewed in conjunction with this call.

最後，我們今天的演講者將在他們準備好的發言中參考我們的 2022 年第四季度和年終幻燈片。我們提供此信息是為了幫助您了解我們今天將要討論的某些財務信息，應結合本次電話會議來查看。

And with that, I'm pleased to turn the call over to Lars Norell, Co-Chief Executive Officer of Altus Power.

因此，我很高興將電話轉給 Altus Power 的聯席首席執行官 Lars Norell。

Good morning, and welcome to all analysts and investors who have joined us today. This earnings call marks the end of our first full year as a public company, which launched our partnership with CBRE, where we combined unrivaled access to commercial real estate with industrial strength, clean electrification. While we're busy laying the foundation for future growth, our 2022 results, importantly, demonstrate our ability to execute.

早上好，歡迎今天加入我們的所有分析師和投資者。這次財報電話會議標誌著我們作為一家上市公司的第一個完整年度的結束，它啟動了我們與世邦魏理仕的合作夥伴關係，我們將無與倫比的商業房地產與工業實力、清潔電氣化相結合。在我們忙於為未來增長奠定基礎的同時，重要的是，我們 2022 年的業績證明了我們的執行能力。

Please join me on Slide 3 for details on our revenue, net income and adjusted EBITDA growth. During 2022, Altus Power earned a record of over $101 million of operating revenue, predominantly from the sale of clean energy and clean energy attributes that we generated during the year, a 40.9% increase over full year 2021. Coupled with our efficient cost structure, we generated $58.6 million of adjusted EBITDA for the fiscal year 2022, an annual increase of 42.9%.

請加入我的幻燈片 3，詳細了解我們的收入、淨收入和調整後的 EBITDA 增長。 2022 年期間，Altus Power 的營業收入創紀錄地超過 1.01 億美元，主要來自我們年內產生的清潔能源和清潔能源屬性的銷售，比 2021 年全年增長 40.9%。加上我們高效的成本結構，我們在 2022 財年產生了 5860 萬美元的調整後 EBITDA，年增長率為 42.9%。

These results evidence our focus on and ability to deliver one of our key missions, which is profitable growth. During 2022, we produced 456 million kilowatt hours of clean electricity, enough to offset almost 1,800 railcars of coal burned or over 36 million gallons of gasoline consumed.

這些結果證明了我們專注於並有能力實現我們的關鍵任務之一，即盈利增長。 2022 年期間，我們生產了 4.56 億千瓦時的清潔電力，足以抵消近 1,800 節火車車廂燃煤或超過 3,600 萬加侖汽油的消耗。

Moving to Slide 4. Our focus remains on delivering benefits to our customers and continued profitable growth. Today, we're issuing guidance for 2023 adjusted EBITDA in the range of $97 million to $103 million, which at the midpoint would equal more than 70% growth over 2022, and we expect adjusted EBITDA margins in the mid- to high 50%. We're very energized with our accomplishments and focused on our goal of growing profitably.

轉到幻燈片 4。我們的重點仍然是為我們的客戶帶來利益和持續的盈利增長。今天，我們發布了 2023 年調整後 EBITDA 的指導意見，範圍為 9700 萬美元至 1.03 億美元，中點相當於比 2022 年增長 70% 以上，我們預計調整後的 EBITDA 利潤率將達到 50% 的中高水平。我們對我們的成就充滿活力，並專注於實現盈利增長的目標。

And to better assist analysts and investors with mapping out our expected adjusted EBITDA for 2023, we are providing an estimate for what we think of as the exit portfolio annualized rate for 2022 or exit PAR, which was $79 million. To us, this number signifies both the embedded annual adjusted EBITDA potential of our client contracts and asset base such as stood on the last day of 2022 and also helps us quantify the size of the task to deliver on 2023's growth target.

為了更好地幫助分析師和投資者制定我們預期的 2023 年調整後 EBITDA，我們提供了我們認為的 2022 年退出組合年化率或退出 PAR 的估計值，即 7900 萬美元。對我們來說，這個數字意味著我們的客戶合同和資產基礎的嵌入式年度調整後 EBITDA 潛力（例如 2022 年最後一天的數據），也有助於我們量化實現 2023 年增長目標的任務規模。

Today, I will briefly touch on some of the year's achievements. I will also provide an update on our asset base and growth pipeline, highlighting the increasing velocity of our customer and partner engagement process as well as the growth of our construction capacity.

今天，我將簡要介紹一下這一年的一些成績。我還將提供有關我們資產基礎和增長管道的最新信息，強調我們的客戶和合作夥伴參與過程的速度越來越快以及我們建設能力的增長。

Next, I will provide a brief recap of what we think are the core strengths of our platform, which has been purposely built to withstand many of the challenges of the current market backdrop. I will then hand over to Dustin, who will go through numbers in more detail after we look forward to taking your questions.

接下來，我將簡要回顧一下我們認為我們平台的核心優勢，該平台是專門為應對當前市場背景下的許多挑戰而構建的。然後我將交給達斯汀，他將在我們期待回答您的問題後更詳細地討論數字。

Turning to Slide 5 and highlighting a number of accomplishments that we believe evidence our team's and platform's ability to execute in environments that continue to offer a varied set of challenges. During 2022, we served customers across 22 states and pro forma for our True Green acquisition, which we announced in Q4 and closed in February this year. We're now serving customers across 24 states with clean energy made from large solar arrays that we own and operate. We've also grown our position as a dominant player in the community solar space, where we now serve approximately 20,000 customers with clean energy in 5 states.

轉到幻燈片 5 並強調我們認為的一些成就證明了我們的團隊和平台在繼續提供各種挑戰的環境中執行的能力。在 2022 年期間，我們為 22 個州的客戶提供服務，並為我們在第四季度宣布並於今年 2 月完成的 True Green 收購進行了備考。我們現在為 24 個州的客戶提供由我們擁有和運營的大型太陽能電池陣列製成的清潔能源。我們還鞏固了我們作為社區太陽能空間主導者的地位，我們現在為 5 個州的大約 20,000 名客戶提供清潔能源。

Evidencing further our ability to access capital at attractive rates, we grew our investment-grade rated funding facility with Blackstone by $204 million. We also demonstrated our ability to access alternative forms of funding by executing on $126 million bank facility with KeyBank during 2022 in support of our acquisition of customers and assets from D. E. Shaw Renewables.

我們與 Blackstone 的投資級融資機制增加了 2.04 億美元，這進一步證明了我們以有吸引力的利率獲得資金的能力。我們還展示了我們通過在 2022 年期間與 KeyBank 執行 1.26 億美元的銀行貸款以支持我們從 D. E. Shaw Renewables 收購客戶和資產來獲得替代融資形式的能力。

Lastly, we executed on a revolving credit facility with a number of large cap banks. A very timely accomplishment given the recent banking crisis. And to reiterate, we don't have relationships with any of the troubled banks, including Silicon Valley Bank, Signature Bank or First Republic Bank. We expect to make opportunistic use of this access to funding by continuing to source additional customers and assets and by continuing to allocate resources to our development and construction activities.

最後，我們與多家大型銀行簽訂了一項循環信貸安排。鑑於最近的銀行業危機，這是一項非常及時的成就。重申一下，我們與任何陷入困境的銀行都沒有關係，包括矽谷銀行、Signature Bank 或 First Republic Bank。我們希望通過繼續尋找更多客戶和資產以及繼續為我們的開發和建設活動分配資源來機會主義地利用這種融資渠道。

Our growing construction activities will be the last bullet on this slide. Following our previously discussed growth in customer engagement, we have reached a milestone in the number of assets that we have in construction and preconstruction, which currently numbers over 50 projects, the highest in Altus Power's history.

我們不斷增長的建築活動將是這張幻燈片的最後一個項目符號。隨著我們之前討論的客戶參與度的增長，我們在施工和預施工中擁有的資產數量達到了一個里程碑，目前有 50 多個項目，是 Altus Power 歷史上最高的。

Turning now to Slide 6 in our asset base and operation and pipeline of growth assets. Starting with operating growth -- asset growth to the top left while True Green is now closed, and therefore, removed from this pie chart. We've seen a consistent flow of additional opportunities that we consider sufficiently attractive to warrant allocating resources to.

現在轉到幻燈片 6，了解我們的資產基礎以及增長資產的運營和管道。從運營增長開始——左上角的資產增長，而 True Green 現已關閉，因此從該餅圖中刪除。我們已經看到持續不斷的額外機會，我們認為這些機會具有足夠的吸引力以保證分配資源。

To remind everyone on the call, why we're so enamored to this part of our business. Altus Power's mission is to build, buy, own and operate assets that generate clean electricity and delivered into enterprises, homes and vehicles under long-term contracts. Stepping into 20-year-plus contracts even if they were originally created by partners of ours, is an effective and attractive way for us to fulfill this mission. Just like the customer engagements and assets we develop and build in-house, winning these assets also provide us the opportunity to grow customer relationships with additional solar, storage and charging.

提醒通話中的每個人，為什麼我們如此迷戀我們業務的這一部分。 Altus Power 的使命是建造、購買、擁有和運營可產生清潔電力並根據長期合同輸送到企業、家庭和車輛的資產。簽訂 20 年以上的合同，即使它們最初是由我們的合作夥伴創建的，也是我們實現這一使命的有效且有吸引力的方式。就像我們在內部開發和構建的客戶參與和資產一樣，贏得這些資產也為我們提供了通過額外的太陽能、存儲和充電來發展客戶關係的機會。

Moving on to the top right of this page, in our development and construction growth pipeline of more than 500 megawatts. We continue to experience a steady flow of new, larger customer engagements that come to us from our partners, predominantly from CBRE, and we remain convinced that programmatic engagement with our customers and partners is the key to scale within commercial solar.

轉到本頁的右上角，在我們超過 500 兆瓦的開發和建設增長管道中。我們繼續體驗來自我們的合作夥伴（主要來自世邦魏理仕）的新的、更大的客戶參與的源源不斷的流動，我們仍然相信，與我們的客戶和合作夥伴的程序化參與是在商業太陽能中擴大規模的關鍵。

At the bottom of this slide, you will see our asset base in operation as of February 15 of this year, which we'll update each quarter. With the clients and asset additions that we expect during the year from our 2 sources of growth, the team looks forward to delivering on the growth of revenue and adjusted EBITDA that we've set forth in our guidance.

在這張幻燈片的底部，您將看到我們截至今年 2 月 15 日的運營資產基礎，我們將每個季度更新一次。憑藉我們預計在這一年中來自我們兩個增長來源的客戶和資產增加，團隊期待實現我們在指南中提出的收入增長和調整後的 EBITDA。

Turning to Slide 7. I'd like to go into some detail of significant progress we made in streamlining the origination process for new customers as well as some widening in the scope of the services we're signing up. One time-consuming element of our client contracting process has always been agreement on a lease for the rooftop.

轉到幻燈片 7。我想詳細介紹一下我們在簡化新客戶的發起流程以及擴大我們正在註冊的服務範圍方面取得的重大進展。我們的客戶承包過程中一個耗時的元素一直是屋頂租賃協議。

Today, I'm pleased to share we recently completed work on a form of master lease with both CBRE IM and Trammell Crow company, which standardizes both the lease terms and other relevant parts of the documentation for properties across all of CBRE IM's portfolio owned real estate. Another step we've taken is to develop a programmatic playbook for the engagement and onboarding of other stakeholders, for example, tenants.

今天，我很高興地與大家分享我們最近與 CBRE IM 和 Trammell Crow 公司完成的主租賃形式的工作，該工作對 CBRE IM 擁有的所有房地產投資組合中的物業的租賃條款和文件的其他相關部分進行了標準化財產。我們採取的另一個步驟是為其他利益相關者（例如租戶）的參與和入職開發一個程序化的劇本。

While this took some time to put in place, it will serve to increase the velocity of our origination efforts and make tenant education and onboarding easier for both Altus Power and our real estate owning partners like CBRE and Blackstone. We believe this will be a significant advantage for our go-to-market strategy. And it's an example of how we've evolved from a platform that was more focused on individual buildings to a company that is now growing programmatic relationships involving portfolios 25 to 50 megawatts at a time.

雖然這需要一些時間才能落實到位，但它將有助於提高我們發起工作的速度，並使 Altus Power 和我們的房地產擁有合作夥伴（如 CBRE 和 Blackstone）更容易接受租戶教育和入職培訓。我們相信這將是我們進入市場戰略的一個重要優勢。這是一個例子，說明我們如何從一個更專注於單個建築物的平台發展成為一家公司，該公司現在正在發展程序化關係，一次涉及 25 到 50 兆瓦的投資組合。

Another highlight from our work with large property owners is their readiness to introduce storage and charging for fleets and personal vehicles, along with building-based solar for the engagements we're working on. This is an outcome we think of as triple play, and it's accretive both to Altus and to our partners.

我們與大型業主合作的另一個亮點是他們準備為車隊和私人車輛引入存儲和充電，以及我們正在進行的項目的基於建築的太陽能。這是我們認為的三重播放的結果，它對 Altus 和我們的合作夥伴都有好處。

Turning now to Slide 8 for an update on our construction capacity, which is front and center for Altus Power and together with our CBRE Project Management horsepower, a key differentiator for our platform. We previously communicated additions to our construction platform in terms of staff and resources, and we have continued to hire to bring the platform to the optimal level in order to construct and supervise the construction of the asset flow coming out of our engagement and contracting processes in our development pipeline as well as to due diligence and onboard of assets coming out of our operating growth pipeline.

現在轉到幻燈片 8，了解我們建設能力的最新情況，這是 Altus Power 的前沿和中心，以及我們的 CBRE 項目管理能力，這是我們平台的一個關鍵差異化因素。我們之前在人員和資源方面就我們的建設平台進行了溝通，我們繼續聘請以將平台提升到最佳水平，以建設和監督我們在參與和承包過程中產生的資產流的建設我們的開發管道以及盡職調查和來自我們運營增長管道的資產。

In addition, the previously announced augmentation of our construction platform with CBRE Project Management is beginning to be put into practice and show results on actual engagements. Our deliberate additions to resources as well as partnership with CBRE's construction platform enable us to be in construction or preconstruction on over 50 projects right now, which is not only a major improvement over this time last year, but also a company record.

此外，之前宣布的 CBRE 項目管理對我們的建設平台的擴充已開始付諸實踐，並在實際參與中顯示出成果。我們刻意增加資源以及與 CBRE 的建設平台合作，使我們現在能夠在 50 多個項目中進行施工或預施工，這不僅是去年同期的重大改進，而且是公司記錄。

I want to conclude on Slide 9 with some highlights before handing the call over to Dustin. We view 2022 as a successful year and feel confident of our position at the start of 2023 for a number of reasons: one, our business generates cash, which we plan to reinvest into more clients and assets. Two, we have proven our ability to execute on large operating acquisitions and to expand our customer base significantly.

在將電話轉交給 Dustin 之前，我想在幻燈片 9 上總結一些要點。我們認為 2022 年是成功的一年，並且對我們在 2023 年初的地位充滿信心，原因有很多：第一，我們的業務產生現金，我們計劃將其再投資於更多的客戶和資產。第二，我們已經證明了我們有能力執行大型運營收購併顯著擴大我們的客戶群。

Three, we have demonstrated our ability to fund our business with multiple high-quality counterparties in challenging markets. Four, we are increasing our construction capacity to accommodate the significant flow of opportunities, in particular from CBRE and its clients. And finally, five, our assets in operation and asset growth, together with a disciplined approach to SG&A expenses produced results in the form of growing adjusted EBITDA, which we think is the most important measurement of our performance.

第三，我們已經證明了我們有能力在充滿挑戰的市場中與多個高質量的交易對手一起為我們的業務提供資金。第四，我們正在提高我們的建設能力，以適應大量的機會，特別是來自世邦魏理仕及其客戶的機會。最後，第五，我們的運營資產和資產增長，以及對 SG&A 費用採取嚴格的方法，以調整後 EBITDA 增長的形式產生了結果，我們認為這是衡量我們業績的最重要指標。

Thank you for your time today, and I'll now hand the call over to Dustin.

感謝您今天抽出時間，我現在將電話轉給達斯汀。

Thanks, Lars, and thanks to our investors and analysts for joining the call today. Please join me on Slide 10 as I cover our financial highlights. Starting with fourth quarter, our revenues grew to $26.8 million compared to $21.6 million in fourth quarter 2021, an increase of 24%. For the full year, we achieved a record $101.2 million of operating revenues, up from $71.8 million in 2021. Both fourth quarter and full year operating revenue growth were driven primarily by additions to our portfolio.

謝謝 Lars，也感謝我們的投資者和分析師今天加入電話會議。請加入我的幻燈片 10，我將介紹我們的財務重點。從第四季度開始，我們的收入從 2021 年第四季度的 2160 萬美元增長到 2680 萬美元，增長了 24%。全年，我們實現了創紀錄的 1.012 億美元營業收入，高於 2021 年的 7180 萬美元。第四季度和全年營業收入的增長主要是由我們投資組合的增加推動的。

Turning to GAAP net income for the quarter. We posted $67.1 million compared to net income of $14.5 million during fourth quarter 2021. This increase was primarily the result of a noncash gain of $71.5 million from the fair value remeasurement of our redeemable warrants and alignment shares. This same remeasurement was also a driver for our net income for full year 2022, which amounted to $52.2 million compared to 2021 full year net income of $13 million.

轉向本季度的 GAAP 淨收入。我們公佈的收入為 6710 萬美元，而 2021 年第四季度的淨收入為 1450 萬美元。這一增長主要是由於我們的可贖回認股權證和調整股份的公允價值重新計量產生的 7150 萬美元的非現金收益。同樣的重新衡量也是我們 2022 年全年淨收入的推動力，與 2021 年全年淨收入 1300 萬美元相比，淨收入為 5220 萬美元。

Because of the warrant exchange we completed in October, this will be the last quarter we record a remeasurement of our redeemable warrant liability. You should continue to expect a quarterly mark-to-market of our alignment shares, which will largely be dependent on the change in our share price during the period.

由於我們在 10 月份完成了權證交換，這將是我們記錄重新衡量可贖回權證負債的最後一個季度。您應該繼續期待我們的對齊股票按季度按市值計價，這在很大程度上取決於我們股價在此期間的變化。

Moving to adjusted EBITDA. We reported $16.6 million for fourth quarter of 2022 compared to $12.9 million in fourth quarter 2021, amounting to growth of 29%. For the full year, we reported $58.6 million, compared to $41 million last year, again, driven primarily by additions to our portfolio, partially offset by increased G&A expense. We are pleased to report that our adjusted EBITDA margin amounted to 58% during 2022 compared to 57% in 2021, meeting our guidance expectations for the year and also demonstrating our cost discipline on a year-over-year basis.

轉向調整後的 EBITDA。我們報告 2022 年第四季度的收入為 1660 萬美元，而 2021 年第四季度為 1290 萬美元，增幅為 29%。全年，我們報告了 5860 萬美元，而去年為 4100 萬美元，這主要是由於我們投資組合的增加，部分被增加的 G&A 費用所抵消。我們很高興地報告，我們調整後的 EBITDA 利潤率在 2022 年達到 58%，而 2021 年為 57%，達到了我們對這一年的指導預期，同時也證明了我們同比的成本紀律。

To summarize our results, fourth quarter capped a successful 2022 for Altus Power. We're pleased to have met our guidance issued last March on both adjusted EBITDA and adjusted EBITDA margin. Achieving results within this guidance range during our first year as a public company demonstrates our ability to execute on our growth plan, which is a track record we aspire to grow on in the future.

總結我們的結果，第四季度為 Altus Power 的 2022 年畫上了成功的句號。我們很高興能夠滿足我們去年 3 月發布的關於調整後 EBITDA 和調整後 EBITDA 利潤率的指導意見。在我們作為上市公司的第一年就取得了這一指導範圍內的結果，表明我們有能力執行我們的增長計劃，這是我們渴望在未來發展的記錄。

Turning to our new 2023 guidance. As Lars highlighted, we're forecasting another year of strong growth of adjusted EBITDA in the range of $97 million to $103 million, which reflects our expanding customer relationships and highlights our commitment to profitable growth. There are 3 primary sensitivities we consider when setting our guidance range. The first is the continued growth of our portfolio through asset additions; second, are the variations from historical irradiance on our operating portfolio; and third, is the timing of increases to our G&A expense line.

轉向我們新的 2023 年指南。正如拉斯強調的那樣，我們預測調整後的 EBITDA 將在 9700 萬至 1.03 億美元的範圍內再次強勁增長，這反映了我們不斷擴大的客戶關係並突出了我們對盈利增長的承諾。在設定我們的指導範圍時，我們考慮了 3 個主要的敏感性。首先是通過增加資產來持續增長我們的投資組合；其次，是我們運營組合的歷史輻照度的變化；第三，是增加我們的 G&A 費用線的時機。

As you dive deeper into your quarterly models for the year, you'll recall that seasonality dictates that our first quarter is historically our least generative in terms of solar resource, while second and third quarters have historically been much more impactful. We expect 2023 will be no exception.

當您更深入地研究當年的季度模型時，您會記得季節性決定了我們的第一季度在太陽能資源方面歷來是我們最少的，而第二和第三季度歷來影響更大。我們預計 2023 年也不例外。

In addition to our 2023 adjusted EBITDA guidance, we're also guiding to adjusted EBITDA margins in the mid- to high 50s, which we believe strikes the right balance between profitability and investing in our platform to facilitate our future growth. We plan to update you on our progress on future quarterly calls.

除了我們 2023 年調整後的 EBITDA 指南外，我們還指導調整後的 EBITDA 利潤率在 50 年代中高水平，我們認為這在盈利能力和平台投資之間取得了適當的平衡，以促進我們未來的增長。我們計劃在未來的季度電話會議上向您通報我們的進展情況。

Moving to the summary of our balance sheet. Total debt at the end of 2022 was $665 million. Our balance sheet at year-end remained well capitalized with $193 million of cash on hand, making our net debt figure $472 million. We continue to be comfortable with our cash and overall liquidity position, particularly in light of our new revolving credit facility.

轉到我們的資產負債表摘要。 2022 年底的總債務為 6.65 億美元。我們年末的資產負債表資本充足，手頭現金為 1.93 億美元，淨債務為 4.72 億美元。我們繼續對我們的現金和整體流動性頭寸感到滿意，特別是考慮到我們新的循環信貸額度。

Our current growth plan calls for capital from borrowings under existing debt facilities, third-party tax equity investors, cash from our balance sheet, and importantly, cash provided by operations. Cash from operations totaled $35 million in 2022. This is something we haven't highlighted previously, but is noteworthy, particularly in a current environment, setting us apart from many other companies in our sector and providing us an important source of additional capital.

我們目前的增長計劃要求從現有債務安排下的借款、第三方稅收股權投資者、資產負債表中的現金以及重要的運營提供的現金中獲取資金。 2022 年運營現金總額為 3500 萬美元。這是我們之前沒有強調的，但值得注意，特別是在當前環境下，這使我們與該行業的許多其他公司區分開來，並為我們提供了重要的額外資本來源。

Since our third quarter call, we have closed on a number of new sources of debt capital at fixed rates, we believe are attractive, particularly in comparison to current market rates. We've press released most of these details prior to today, but Slide 10 provides a succinct summary. Our philosophy to utilize long-term fixed rate financing to match our investment in long-duration assets is evidenced through our recent bank loan and Blackstone term loan financing.

自我們第三季度電話會議以來，我們已經關閉了一些新的固定利率債務資本來源，我們認為這些來源很有吸引力，特別是與當前市場利率相比。我們在今天之前已經發布了其中大部分細節，但幻燈片 10 提供了一個簡潔的摘要。我們最近的銀行貸款和 Blackstone 定期貸款融資證明了我們利用長期固定利率融資來匹配我們對長期資產的投資的理念。

In addition to these new term loan financings, we've added flexibility to weather volatility in markets by closing our revolving credit facility. The revolver was undrawn as of year-end, but will be used as we take delivery of equipment in an effort to expand our construction capacity.

除了這些新的定期貸款融資外，我們還通過關閉循環信貸機制增加了應對市場波動的靈活性。截至年底，左輪手槍尚未提取，但將在我們接收設備以擴大我們的施工能力時使用。

Finally, one new addition to this list is that we've recently executed an interest rate hedge designed to fix our next $250 million of borrowings at 10-year SOFR reference rate of 3%. We initiated this hedge to provide certainty on financing rates for our origination team as they underwrite new customer contracts and investment opportunities during a turbulent period in the broader interest rate environment.

最後，此列表的一個新成員是我們最近執行了一項利率對沖，旨在將我們接下來的 2.5 億美元借款固定在 3% 的 10 年期 SOFR 參考利率。我們發起這種對沖是為了為我們的發起團隊提供融資利率的確定性，因為他們在更廣泛的利率環境的動盪時期承保新的客戶合同和投資機會。

To summarize, we delivered on our financial plan in 2022 by meeting the forecast we laid out this time last year. We've initiated guidance for 2023 with adjusted EBITDA growth of over 70%, underpinned by meaningful asset additions throughout the year, and we've put in place flexible financial architecture to support our growth and insulate us from volatility in financial markets.

總而言之，我們實現了 2022 年的財務計劃，達到了我們去年這個時候制定的預測。我們已經啟動了 2023 年的指導方針，調整後的 EBITDA 增長超過 70%，這得益於全年有意義的資產增加，我們已經建立了靈活的金融架構來支持我們的增長並使我們免受金融市場波動的影響。

Thank you for listening to my prepared remarks. We are now ready for your questions.

感謝您聆聽我準備好的發言。我們現在準備好回答您的問題了。

(Operator Instructions). Our first question comes from the line of Justin Clare with ROTH MKM.

（操作員說明）。我們的第一個問題來自 Justin Clare 與 ROTH MKM 的對話。

So, I guess, first off here, I was wondering if you could just bridge the 2022 year-end portfolio run rate for adjusted EBITDA that you presented here and the 2023 guide for adjusted EBITDA. And maybe you could give us a sense for how much of the growth in adjusted EBITDA could come from the 220-megawatt acquisition that you already completed versus how much is assumed to come from additional assets. It just looks like the contribution from the acquisition could get you fairly close to the guide, so I wanted to understand the assumptions and what could come from the additional assets?

所以，我想，首先，我想知道你是否可以將你在此處介紹的調整後 EBITDA 的 2022 年年底投資組合運行率與調整後 EBITDA 的 2023 年指南聯繫起來。也許您可以讓我們了解調整後 EBITDA 的增長有多少來自您已經完成的 220 兆瓦的收購，而假設有多少來自額外資產。看起來收購的貢獻可以讓你相當接近指南，所以我想了解這些假設以及額外資產會帶來什麼？

Justin, this is Dustin. I'll take this one. Yes. Thanks for the question, and thanks for highlighting the new disclosure that we have with exit PAR. We think that it provides a nice reference for a starting point of what our EBITDA potential is for the asset base that we had to end the year. You highlighted True Green as closing. We're -- and thanks for acknowledging that. We're happy to close that in Q1, which, of course, will only add to that exit PAR as it relates to how we're going to bridge to our 2023 guidance of $97 million to $103 million.

賈斯汀，這是達斯汀。我要這個。是的。感謝您提出問題，並感謝您強調我們對退出 PAR 的新披露。我們認為它為我們必須在年底結束的資產基礎的 EBITDA 潛力的起點提供了一個很好的參考。您突出顯示 True Green 為關閉。我們 - 感謝您承認這一點。我們很高興在第一季度關閉它，當然，這只會增加退出 PAR，因為它關係到我們將如何實現 2023 年 9700 萬美元至 1.03 億美元的指導。

I think in addition to True Green, some other drivers that are going to impact that bridge are going to be additional assets that are going to come on 2023 and contribute to our realized adjusted EBITDA number. And then I would say the other component there is increases in our G&A expense, which we're going to do just to reinvest in our platform and facilitate future growth.

我認為除了 True Green 之外，其他一些將影響這座橋樑的驅動因素將是 2023 年將出現的額外資產，並為我們實現的調整後 EBITDA 數字做出貢獻。然後我會說另一個組成部分是我們的 G&A 費用增加，我們將這樣做只是為了對我們的平台進行再投資並促進未來的增長。

Okay. Great. And then just on the assets that are in your preconstruction and construction phase here, I was wondering if you could talk through when those assets could be completed? Do you have COD dates expected for 2023 and 2024? And maybe just provide an update on the bottlenecks that you're seeing. I know interconnection and permitting as well as supply chain have been challenges. How are those issues evolving?

好的。偉大的。然後就這里處於施工前和施工階段的資產，我想知道您是否可以談談這些資產何時可以完成？您是否有預計 2023 年和 2024 年的 COD 日期？也許只是提供有關您所看到的瓶頸的最新信息。我知道互連和許可以及供應鏈一直是挑戰。這些問題是如何演變的？

Sure. Thanks, Justin. This is Lars. So the preconstruction and construction bucket on Page 5 of the slide deck, which stands at 126 megawatts right now, so like a tad above the 25%. Some of those deals are in preconstruction and not actually in construction, but many or most are in construction.

當然。謝謝，賈斯汀。這是拉斯。因此，幻燈片第 5 頁上的施工前和施工桶，目前為 126 兆瓦，略高於 25%。其中一些交易處於施工前階段，實際上並未在施工中，但許多或大部分都在施工中。

And those are some of the asset additions that we will see or expect to see going into operation this year and basically bridge the gap between not only the exit PAR number that you highlighted, but effectively, the exit PAR number plus the True Green contribution for this year. And while you might look at that and say, wait a second, aren't you guys already there?

這些是我們今年將看到或期望看到投入運營的一些資產增加，基本上彌合了您強調的退出 PAR 數字之間的差距，但實際上，退出 PAR 數字加上 True Green 貢獻之間的差距今年。雖然你可能會看著它說，等一下，你們不是已經在那裡了嗎？

No, there remains some work to do to put those construction assets into operation. And as everyone following our LinkedIn, Instagram or Facebook posts have been seeing, we're having deals come out of that construction bucket and get turned into operation. And several more are in very near stages of coming in. So those will be part, Justin, of the guidance number of $97 million to $103 million.

不，要將這些建築資產投入運營，還有一些工作要做。正如關注我們 LinkedIn、Instagram 或 Facebook 帖子的每個人都看到的那樣，我們的交易正在從建設桶中走出來並投入運營。還有幾家公司正處於非常接近的階段。所以賈斯汀，這些將是 9700 萬至 1.03 億美元指導數字的一部分。

As for the delays, you're absolutely correct, or the challenges, shall we say, in the construction market. Let us make 2 points. There are things that we can control, like solar module availability or components or engineering and construction staff resources in the office and in the field, and we have been and continue to be very focused on adding resources and doing things like keeping inventory of components, even if it costs us some more in working capital.

至於延誤，你是絕對正確的，或者說是建築市場的挑戰。讓我們提出2點。有些事情我們可以控制，例如辦公室和現場的太陽能模塊可用性或組件或工程和施工人員資源，我們一直並將繼續非常專注於增加資源和做一些事情，例如保持組件庫存，即使這會花費我們更多的營運資金。

And second, for things that are, to some extent, outside of our control, like the exact timing of permitting, which we can tell you, by the way, from our interaction with building departments across the country has still not returned to prepandemic time lines. For those things, our mission is to find workarounds, like putting more assets into the permitting queue and into interconnection application processes to make sure that we can increase the flow of assets that make it through and that we can then start construction on to ultimately have get turned into operation and contribute to the EBITDA. So that's our sense on that score right now.

其次，對於在某種程度上我們無法控制的事情，比如允許的確切時間，順便說一句，我們可以告訴你，從我們與全國各地建築部門的互動來看，這還沒有回到大流行前的時間線。對於這些事情，我們的任務是找到解決方法，比如將更多資產放入許可隊列並進入互連申請流程，以確保我們可以增加通過的資產流量，然後我們可以開始建設最終擁有投入運營並為 EBITDA 做出貢獻。所以這就是我們現在對該分數的看法。

Okay. Great. And just one more. We did get guidance from the treasury on the IRA bonus adders for energy community and low-income communities as well. Just given the guidance provided, can you give us a sense for what your average -- weighted average tax credit might be for those assets that are in preconstruction and construction? And just -- maybe just speak to the overall opportunity in what your access to the tax credits could be.

好的。偉大的。還有一個。我們確實從財政部獲得了關於能源社區和低收入社區的 IRA 紅利加法器的指導。就提供的指導而言，您能否讓我們了解您的平均 - 加權平均稅收抵免可能適用於那些處於施工前和施工中的資產？只是 - 也許只是談談您獲得稅收抵免的整體機會。

Sure. This is Gregg. I'll take that question. So we are incredibly well positioned by virtue of the mix of assets in our pipeline to benefit from the so-called adders and just to level set. There's now a 30% baseline investment tax credit on all of the projects that we are building today. The adders that, Justin, is referring to relate to 10% additional adder for domestic content, 20% potential additional adder for low- and moderate-income customers, 10% adder for building on a ground field, landfill, et cetera.

當然。這是格雷格。我會回答這個問題。因此，憑藉我們管道中的資產組合，我們處於非常有利的位置，可以從所謂的加法器中獲益，而只是水平集。我們今天正在建設的所有項目現在都有 30% 的基準投資稅收抵免。賈斯汀指的加法器涉及 10% 的國內內容加法器，20% 的中低收入客戶潛在加法器，10% 的地面建築加法器，垃圾填埋場等。

So these adders, there is some level of visibility, and we feel really good about, again, the mix of assets that we have. For example, the community solar projects in our pipeline are significant. The particular process as it relates to applying for and receiving those credits is still a work in process by the government, and so they have not yet put out the framework for the application, but we're well positioned to participate in those adders as and when we have a little bit more clarity on the process. So we can't, as a consequence of the process that's out there adjust and give you an exact number to sort of model. But what we would say is that we are absolutely focused on taking advantage of those opportunities.

所以這些加法器，有一定程度的可見性，我們再次對我們擁有的資產組合感到非常滿意。例如，我們管道中的社區太陽能項目意義重大。與申請和獲得這些學分有關的特定過程仍在由政府進行，因此他們尚未制定申請框架，但我們已經準備好參與這些加法器，因為和當我們對流程有了更清晰的了解時。所以我們不能，因為那裡的過程可以調整併給你一個準確的數字來排序模型。但我們要說的是，我們絕對專注於利用這些機會。

Okay. Great. That's all for me. Thank you.

好的。偉大的。這就是我的全部。謝謝。

And our next question comes from the line of Mark Strouse with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

Just wanted to follow up on Justin's question about the EBITDA bridge this year. In trying to get a sense of the magnitude of the SG&A investments, are you able to specifically comment on SG&A or maybe if you're not able to do that, can you say whether or not the True Green acquisition, if those margins kind of align with the corporate average?

只是想跟進賈斯汀今年關於 EBITDA 橋的問題。在試圖了解 SG&A 投資的規模時，您是否能夠具體評論 SG&A，或者如果您不能這樣做，您能否說一下 True Green 的收購，如果這些利潤率有點與企業平均水平一致？

Mark, it's Dustin. Yes, I can't speak specifically about planned G&A expenses from 2022 to 2023. We ended 2022 at $25 million. And I don't have the growth rate from 2021 in front of me. But, I think, like, we've said time and time again that we are very focused on making sure that we're -- our budget is rightsized to both the assets that we have in service as well as the opportunity set that's in front of us for which we've highlighted that it's -- we're seeing a lot of flow there and it's growing.

馬克，是達斯汀。是的，我不能具體談論 2022 年至 2023 年的計劃 G&A 費用。我們在 2022 年結束時為 2500 萬美元。而且我面前沒有 2021 年的增長率。但是，我認為，就像，我們已經一次又一次地說過，我們非常專注於確保我們 - 我們的預算適合我們在服務中擁有的資產以及在其中的機會集在我們面前，我們已經強調了它——我們在那裡看到了很多流量，而且它還在增長。

So I think it's safe to assume that we're going to increase the budget, and we're going to be thoughtful about it. It's in our DNA to make sure that we're growing profitably, and we'll continue to do that.

所以我認為可以安全地假設我們將增加預算，並且我們將對此進行深思熟慮。確保我們的盈利增長是我們的 DNA，我們將繼續這樣做。

And we can add -- this is Lars. We can add that you should be able to back into what we estimate will be budget increases approximately at least, given reaching certain goals for the EBITDA and the way you can get there, of course, is from the profit margin, Mark.

我們可以補充——這是拉爾斯。我們可以補充一點，考慮到達到 EBITDA 的某些目標以及實現目標的方式，您應該能夠回到我們估計的預算至少大約增加的情況下，當然，馬克。

Right. Yes. Okay. Okay. Kind of following on that line. The EBITDA margin percentage targets that you laid out at the time that you were going public, is that still kind of the way that you're thinking about this business over time? Or has something structurally changed? And any color you might have on kind of not sticking to specific 2024 guidance or anything like that, but just kind of general time line of when you expect to get there?

正確的。是的。好的。好的。有點像在那條線上。您在上市時制定的 EBITDA 利潤率目標，隨著時間的推移，這仍然是您考慮這項業務的方式嗎？或者結構上發生了什麼變化？您可能擁有的任何顏色都不遵循特定的 2024 年指南或類似的東西，而只是您期望到達那裡的一般時間線？

Yes, it's a great question, Mark. Thanks for that. This is Gregg. So there is inherent operating leverage in our business. And of course, there's an incredible growth opportunity as well. And so I think what you just heard Dustin speak about is the desire to invest in the growth of SG&A to support the accelerating growth that we're seeing.

是的，這是一個很好的問題，馬克。感謝那。這是格雷格。因此，我們的業務具有固有的經營槓桿。當然，還有難以置信的增長機會。因此，我認為您剛剛聽到達斯汀所說的是希望投資於 SG&A 的增長，以支持我們所看到的加速增長。

And so what's very interesting about your question is that we are today absolutely starting to see the benefits of scale, and there's something of a network effect, which produces both a revenue opportunity from our growing asset base and our customer base, and also a cost savings opportunity from our growing national footprint. And all of that translates into the opportunity to increase the margins. And so we feel very good about the margin potential of our business. And of course, what we determine on an annual basis is how much we want to grow our SG&A to support the growth opportunity in our business, which is significant.

所以你的問題非常有趣的是，我們今天絕對開始看到規模的好處，並且有一些網絡效應，它從我們不斷增長的資產基礎和我們的客戶群中產生了收入機會，也產生了成本我們不斷擴大的國家足跡帶來的節約機會。所有這些都轉化為增加利潤的機會。因此，我們對我們業務的利潤潛力感到非常滿意。當然，我們每年確定的是我們希望增加多少 SG&A 以支持我們業務的增長機會，這很重要。

Okay. I'll take the rest offline. Thank you very much.

好的。我會把剩下的離線。非常感謝。

Thank you.

謝謝。

And our next question comes from the line of Chris Souther with B. Riley.

我們的下一個問題來自 Chris Souther 和 B. Riley 的對話。

Just following up on that. I appreciate the breakdown on that exit PAR and the visibility that you guys are calling out there on this year's growth. But I want to clarify, so if the portfolio is growing 44% as of February 15. Can you kind of walk through, is the True Green acquisition kind of a lower revenue? I guess, based on the purchase price, I assume it's kind of lower revenue than kind of the overall portfolio in general. But can you just kind of provide a bit more color there to what the impact of that is on that additional visibility that we're getting?

只是跟進。我很欣賞退出 PAR 的細分以及你們對今年增長的可見度。但我想澄清一下，如果截至 2 月 15 日，投資組合增長了 44%。你能說說，收購 True Green 的收入是否較低？我想，根據購買價格，我認為它的收入總體上低於整體投資組合的收入。但是你能不能提供更多的顏色來說明它對我們獲得的額外可見性的影響？

Sure. This is Gregg. I'll take that. So each of our opportunities that we pursue, whether it's a new construction opportunity or an acquisition opportunity, we are focused on the returns that, that investment opportunity can generate for our investors. And those returns are naturally thought about as we've talked before, in internal rate of return, levered returns, unlevered returns.

當然。這是格雷格。我會接受的。因此，我們追求的每一個機會，無論是新的建設機會還是收購機會，我們都專注於投資機會可以為我們的投資者帶來的回報。正如我們之前談到的那樣，這些回報自然會被考慮在內，包括內部回報率、槓桿回報、無槓桿回報。

And so in the case of True Green, when you think about that acquisition, naturally, there's an interplay between the price we pay and the revenues associated with the assets we acquire. So I just want to be clear that it is difficult from time to time to look at one portfolio or one asset relative to another in terms of revenue.

因此，就 True Green 而言，當您考慮此次收購時，自然而然地，我們支付的價格與與我們收購的資產相關的收入之間存在相互作用。所以我只想明確一點，有時很難在收入方面比較一個投資組合或一項資產相對於另一項資產。

But the returns you should assume are substantially similar in terms of what capital we're investing and the returns we expect to achieve out of those assets. Now in terms of the particulars of True Green, it is of a size of acquisition that we will have pro forma financials filed. And, Dustin, when do we expect to be those on file?

但就我們投資的資本和我們期望從這些資產中獲得的回報而言，你應該假設的回報基本相似。現在就 True Green 的細節而言，我們將提交備考財務數據，這是一筆收購的規模。而且，Dustin，我們預計什麼時候會歸檔？

Yes, it will be right around the end of April or the 1st week of May, will be filled in the historical financials and in the pro forma information, pro forma in the acquired entity alongside ours for 2022.

是的，大約在 4 月底或 5 月的第一個星期左右，將填寫歷史財務和備考信息，與我們一起在 2022 年的被收購實體中進行備考。

But I think that you'll get more specificity, obviously, on the particular financial profile, but what you'll see there is something that is substantially similar to every asset that we would on board, which is to say the returns are attractive and consistent with what we've done historically. And we can, of course, catch up with you offline and walk through any particular additional model questions that you have, Chris.

但我認為你會在特定的財務狀況上獲得更多的特異性，但你會看到的東西與我們將在船上的每項資產基本相似，也就是說回報是有吸引力的，與我們過去所做的一致。當然，我們可以在線下與您聯繫並解決您提出的任何特定的其他模型問題，Chris。

No, that's really helpful and certainly kind of makes sense and is consistent with what you talked about. But maybe just on kind of the acquisition market, obviously, there's been movements in rates, movements in kind of cost to build out new projects. I'm just kind of curious what you guys are seeing in the acquisition market. It looked like last quarter was really impressive where you reloaded the kind of In Closing, kind of been, and that didn't seem to happen here this quarter. But I'm curious what you guys are seeing in that potential acquisition bucket and what those discussions are like at this stage?

不，這真的很有幫助，當然有點道理，而且與你所說的一致。但也許只是在某種收購市場上，顯然，費率發生了變化，建立新項目的成本發生了變化。我只是有點好奇你們在收購市場上看到了什麼。看起來上個季度真的令人印象深刻，你重新加載了那種 In Closing，有點像，而這似乎並沒有發生在本季度。但我很好奇你們在那個潛在的收購桶中看到了什麼，以及這些討論在這個階段是什麼樣的？

Yes. So a couple of things here. You'll see that in our In Closing bucket, having just closed the True Green acquisition in Q1, we are -- there's a handful of deals -- smaller deals that we're currently pursuing closing of, but there's a very large pipeline, as you alluded to, of new opportunities, both in early engagement and the negotiation phase. And we think that the environment is incredibly favorable to Altus Power.

是的。所以這裡有幾件事。你會在我們的 In Closing 桶中看到，剛剛在第一季度完成了對 True Green 的收購，我們 - 有一些交易 - 我們目前正在尋求完成的較小的交易，但有一個非常大的管道，正如你提到的，在早期參與和談判階段都有新的機會。我們認為環境對 Altus Power 非常有利。

There's one point that we want to make sure that we get across is that we are positioned here as the only pure play public company, as you know, in this space in an environment where the current market environment is creating enormous challenges for many market participants, and that plays to our advantage. We have obviously both access to significant capital and attractive cost of capital and a very successful proven track record of executing. So we have enormous credibility with counterparties as it relates to what we can deliver.

有一點我們要確保我們明白的是，我們在這裡被定位為唯一一家純粹的上市公司，正如你所知，在當前市場環境為許多市場參與者帶來巨大挑戰的環境中，這對我們有利。顯然，我們既有機會獲得大量資本和有吸引力的資本成本，也有非常成功的執行記錄。因此，我們在交易對手中擁有巨大的信譽，因為這與我們可以提供的服務有關。

And because of our solid foundation and position in the market and because of, frankly, the challenges that others are facing, we think it's becoming very much a buyer's market where we're moving into a mode where it's a buyer's market. And so we think that will play to Altus' advantage. So we're in a good spot, and we look forward to updating you further on how things progress in terms of the acquisition opportunity set.

由於我們在市場上的堅實基礎和地位，坦率地說，由於其他人面臨的挑戰，我們認為它正在成為一個非常買方的市場，我們正在進入買方市場的模式。因此我們認為這將對 Altus 有利。因此，我們處在一個好位置，我們期待著向您進一步介紹收購機會集方面的進展情況。

And then maybe just my last one around community solar. I know you guys have talked in the past around having unique ways of kind of accessing customers. Could you just kind of talk about the strategy there, how that's starting to play out here, I think, would be helpful.

然後也許只是我關於社區太陽能的最後一個。我知道你們過去曾談論過用獨特的方式來接觸客戶。你能不能談談那裡的戰略，我認為這是如何開始在這裡發揮作用的，這會有所幫助。

Sure. This is Lars. So again, for everyone's benefit, community solar, is where we merge effectively large commercial partners with real estate where we build large solar arrays on roofs or parking lots, big box buildings or industrial facilities or logistical facilities. But instead of selling the power back into that building, we're selling into the surrounding community, including households.

當然。這是拉斯。因此，為了每個人的利益，社區太陽能是我們將大型商業合作夥伴與房地產有效合併的地方，我們在屋頂或停車場、大型建築或工業設施或物流設施上建造大型太陽能電池板。但是，我們不是將電力賣回那棟大樓，而是賣給周圍的社區，包括家庭。

And specifically, a focus of ours and our focus of the Inflation Reduction Act is to include households that are low to moderate income, which is something that both of our strategic sponsors, CBRE and Blackstone are very focused on, and many of our other corporate real estate partners as well. We're happy to there also be executing on our plan, which is to add clients and assets, and we now serve across over 20,000 community solar residential homeowners.

具體來說，我們的一個重點和我們對《降低通貨膨脹法案》的關注是將中低收入家庭包括在內，這是我們的戰略贊助商 CBRE 和 Blackstone 非常關注的事情，我們的許多其他公司也非常關注這一點房地產合作夥伴也是如此。我們很高興也有執行我們的計劃，即增加客戶和資產，我們現在為 20,000 多個社區太陽能住宅業主提供服務。

And one of the interesting aspect of community solar is that there are significant -- there's significant potential to make those deals slightly more cost effective and efficient by having a lower cost origination process. And there, we're beginning to see some fruits coming out of our digital efforts.

社區太陽能的一個有趣的方面是，有很大的潛力——通過降低成本的發起過程，使這些交易稍微更具成本效益和效率。在那裡，我們開始看到我們的數字化努力取得了一些成果。

We're in partnership with CBRE and Blackstone. We're now offering community solar subscription to their employees, courtesy of our app that's on the iPhone and the Android system. And that's an example of an onboarding process and effectively connecting with customers that we used to hire outside providers to do, and now we're able to do it in-house and with the support not only of our partners but with our emerging digital platform.

我們與 CBRE 和 Blackstone 建立了合作夥伴關係。我們現在向他們的員工提供社區太陽能訂閱服務，這要歸功於我們在 iPhone 和 Android 系統上的應用程序。這是我們過去僱傭外部供應商來做的入職流程和有效聯繫客戶的一個例子，現在我們能夠在內部做這件事，不僅得到我們合作夥伴的支持，而且得到我們新興數字平台的支持.

And so those cost savings go directly to the yield in the lowering of expenses for Dustin and the OpEx as well as our profit margin. So we're very happy. We're looking forward to do even more on community solar, but that's just an example of what we're busy executing on right now.

因此，這些成本節省直接用於降低 Dustin 和 OpEx 的費用以及我們的利潤率。所以我們很高興。我們期待在社區太陽能方面做更多的事情，但這只是我們目前正在忙於執行的事情的一個例子。

Yes. I appreciate all the color there. Thanks. I will follow up in the queue.

是的。我欣賞那裡所有的顏色。謝謝。我會在隊列中跟進。

And we have reached the end of the question-and-answer session, which also concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

我們已經到了問答環節的尾聲，這也結束了今天的會議，此時您可以斷開您的線路。感謝您的參與。