Altus Power Inc (AMPS) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Altus Power Second Quarter 2023 Conference Call. As a reminder, today's call is being recorded. (Operator Instructions) At this time, for opening remarks and introductions, I would like to turn the call over to Chris Shelton, Head of Investor Relations.

早上好，歡迎參加 Altus Power 2023 年第二季電話會議。提醒一下，今天的通話正在錄音。 （操作員指示）此時，我想將電話轉給投資者關係主管 Chris Shelton，以進行開場白和介紹。

Good morning, and welcome to our second quarter 2023 earnings call. 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，歡迎參加我們的 2023 年第二季財報電話會議。聯合執行長拉爾斯諾雷爾 (Lars Norell) 在今天的電話會議上發言。和財務長達斯汀·韋伯。此外，聯合執行長 Gregg Felton 將參加我們的問答活動。

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

今天早上，我們發布了與本次電話會議討論事項相關的新聞稿和簡報。您可以在我們的網站 www.altuspower.com 的投資者部分存取新聞稿和簡報。此資訊也可以在 SEC 網站上找到。

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, identify a forward-looking statement. These statements are subject to various risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-looking statements.

提醒一下，我們對本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 的未來營運和財務表現。在本次電話會議中使用時，預期、將、規劃、預測、估計、展望以及與 Altus Power 相關的類似表達方式均構成前瞻性聲明。這些陳述受到各種風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的預測有重大差異。

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 with the SEC on March 30, 2023.

Altus Power 不承擔在未來或情況變更時更新這些聲明的義務。如需了解更多信息，我們鼓勵您查看我們向SEC 提交的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，特別是我們於2023 年3 月30 日向SEC 提交的10 -K 報告。

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

在本次電話會議中，我們還將提及調整後 EBITDA 和調整後 EBITDA 利潤率，這是非 GAAP 財務指標。我們的管理團隊使用這些非公認會計準則財務指標來規劃、監控和評估財務業績，我們相信這些資訊可能對我們的投資者有用。這些非公認會計準則財務指標不包括某些項目，不應被視為可比較公認會計準則財務指標的替代品。

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 a reconciliation from GAAP to these non-GAAP financial measures is contained in both the press release and the presentation that we issued today. Please turn to Slide 4 as I turn the call over to Lars Norell, Co-Chief Executive Officer of Altus Power.

Altus Power 計算這些非 GAAP 財務指標的方法可能與其他公司使用的類似非 GAAP 財務指標有所不同。有關這些措施以及 GAAP 與這些非 GAAP 財務措施的調整的更多詳細資訊包含在我們今天發布的新聞稿和簡報中。請參閱投影片 4，我將把電話轉給 Altus Power 聯合執行長 Lars Norell。

Thanks, Chris, and welcome to all our investors and analysts. Since our first quarter call in May, we have continued to develop new customer relationships and increased our cadence of construction and development. .

謝謝克里斯，並歡迎我們所有的投資者和分析師。自五月第一季電話會議以來，我們繼續發展新的客戶關係，並加快了建設和開發的節奏。 。

Today, we're reporting $46.5 million of operating revenues for the second quarter, an 88% increase compared to the second quarter of 2022. Net income of $3.4 million as well as adjusted EBITDA of $30.6 million, more than double our adjusted EBITDA for the second quarter of last year and the most profitable quarter in our company's history in revenue and EBITDA. Our execution during the second quarter positions us to reiterate our 2023 guidance range of $97 million to $103 million with an EBITDA margin in the mid- to high 50s.

今天，我們報告第二季營業收入為4,650 萬美元，比2022 年第二季成長88%。淨利潤為340 萬美元，調整後EBITDA 為3,060 萬美元，是我們第二季調整後EBITDA 的兩倍多去年第二季是我們公司歷史上營收和 EBITDA 利潤最高的季度。第二季的執行使我們重申 2023 年指引範圍為 9,700 萬美元至 1.03 億美元，EBITDA 利潤率約為 50 美元以上。

Starting now on Slide 5. And before we dive into the details behind our financial results, I'm proud to share that Altus Power has grown to be the country's largest owner of commercial solar arrays. This is an important milestone for Altus and validates our strategy of owning and operating each of our assets to deliver clean electric power to our customers in high-growth markets.

現在從幻燈片 5 開始。在我們深入了解財務表現背後的細節之前，我很自豪地告訴大家，Altus Power 已成長為美國最大的商業太陽能電池陣列所有者。這是 Altus 的一個重要里程碑，驗證了我們擁有和經營每項資產的策略，為高成長市場的客戶提供清潔電力。

Our access to long-term funding will allow us to expand our footprint as well as to develop and deliver additional products and services to our customers.

我們獲得長期資金將使我們能夠擴大我們的足跡，並為我們的客戶開發和提供額外的產品和服務。

We also want to detail the benefits of combining programmatic customer engagement in Community Solar to further fuel our growth. The property portfolios of our largest customers, in many cases, include significant numbers of buildings with rooftops spanning more than 100,000 square feet. Each of which enables us to build an array of at least 1 megawatts in size.

我們還想詳細說明將社區太陽能中的程式化客戶參與相結合的好處，以進一步推動我們的成長。在許多情況下，我們最大客戶的房地產投資組合包括大量屋頂面積超過 100,000 平方英尺的建築物。每一項都使我們能夠建造至少 1 兆瓦大小的陣列。

High Street, for example, owns a portfolio of approximately 140 logistics facilities across the U.S. and we are pleased to have our exclusive agreement in place with them with multiple assets across several states going into development and interconnection applications. Coupled with this programmatic flow of large rooftops, Community Solar has emerged as another important driver of growth, which adds significantly to our total addressable market.

例如，High Street 在美國擁有約 140 個物流設施，我們很高興與他們簽訂獨家協議，將多個州的多個資產用於開發和互連應用。加上大型屋頂的規劃流，社區太陽能已成為另一個重要的成長驅動力，這大大增加了我們的總目標市場。

Community Solar expands the market opportunity because an asset size isn't limited by the energy needs of the tenant in the building on top of which the array is constructed. Instead, we can maximize the array to fit the available roof space and sell the excess power to residential subscribers at a discount to their retail rates.

社區太陽能擴大了市場機會，因為資產規模不受陣列所在建築物中租戶能源需求的限制。相反，我們可以最大化陣列以適應可用的屋頂空間，並以低於零售價的折扣向住宅用戶出售多餘的電力。

Community Solar also plays directly to some of the unique strengths of Altus Power. To mention one, our strategic partners, Blackstone and CBRE offers seamless introductions to large enterprises and there are significant numbers of customers and employees, all of whom are potential subscribers to our clean electric power. Another example is the advantage we have from our growing digital platform in the efficient and scalable customer on-boarding and servicing it offers. These advantages, coupled with our scale, allow us to further grow our brand and brand recognition in this rapidly growing segment of our markets.

Community Solar 也直接發揮 Altus Power 的一些獨特優勢。值得一提的是，我們的策略夥伴 Blackstone 和 CBRE 為大型企業提供無縫介紹，並且擁有大量客戶和員工，他們都是我們清潔電力的潛在用戶。另一個例子是我們不斷發展的數位平台在高效且可擴展的客戶引導和服務方面所擁有的優勢。這些優勢加上我們的規模，使我們能夠在這個快速成長的市場領域中進一步提高我們的品牌和品牌知名度。

Moving now to Slide 6 for highlights on our new assets. With the assets added during the second quarter, our portfolio grew to nearly 700 megawatts as of quarter end. We were pleased to complete our first asset in Maine, bringing our current in-service operations to 25 states across the U.S. Adding to this achievement, July marked the opening of our New Jersey Community Solar program, where we've begun to sign up residence to be Altus Power customers for one of our assets in the final stages of construction.

現在轉到投影片 6，重點介紹我們的新資產。隨著第二季資產的增加，截至季末我們的投資組合已增至近 700 兆瓦。我們很高興在緬因州完成了我們的第一個資產，將我們目前的營運業務帶到了美國25 個州。除了這項成就之外，7 月還標誌著我們新澤西社區太陽能計畫的啟動，我們已經開始在該計劃中簽約成為 Altus Power 客戶，購買我們處於建設最後階段的資產之一。

Most of the 40 megawatts of New Jersey arrays we plan to complete in 2023 will serve Community Solar customers and we're proud to be investing heavily in the [Garden State].

我們計劃在 2023 年完成的新澤西州 40 兆瓦陣列中的大部分將為社區太陽能客戶提供服務，我們很自豪能夠在[花園州]進行大量投資。

Moving now to the scorecard of our construction activity on Slide 7. As of today, our team has completed construction of 20 megawatts of newly developed assets in 2023, demonstrating steady progress towards our expectation of 75 megawatts. Our time lines continue to anticipate near-term completions of our New York and Maryland assets with our in-construction assets in New Jersey forecasted to be completed during the fourth quarter.

現在轉到幻燈片7 上我們的建設活動記分卡。截至今天，我們的團隊已在2023 年完成了20 兆瓦新開發資產的建設，這表明我們在實現75 兆瓦的預期方面取得了穩步進展。我們的時間表繼續預計紐約和馬裡蘭州的資產將在近期完工，新澤西州的在建資產預計將在第四季度完工。

Our confidence in this timing stems from construction activities progressing through our milestones with the majority of the equipment on site and in process of being assembled and installed on roofs and in parking lots.

我們對這個時機的信心源於我們的里程碑式的施工活動，大部分設備都在現場，並正在屋頂和停車場組裝和安裝。

The completion of 75 megawatts in 2023 would represent our largest construction output ever in a calendar year, which will be another major achievement for our team.

2023 年完工的 75 兆瓦將是我們歷年以來最大的建設產量，這將是我們團隊的另一項重大成就。

Staying with our pipeline and asset base and operations on Slide 8. Continuing with development to the right of the slide, we have 23% of that part of our pipeline in construction or preconstruction, a portion of which we expect to complete later this year, with the remainder supporting our growth in 2024.

繼續幻燈片 8 上的管道、資產基礎和運營。繼續幻燈片右側的開發，我們管道的 23% 正在建設或預建中，其中一部分我們預計將在今年晚些時候完成，其餘的將支持我們2024 年的成長。

We expect to see the latter phases of our development pipeline benefiting from the increasing pace at which we are now moving programmatic engagements and channel partner flow through the contracting and construction process. This increase in cadence supports our expectation that we will double our 75 megawatts on completions from this year to 150 megawatts in 2024.

我們預計，我們的開發管道的後期階段將受益於我們目前在承包和建設過程中推動程序化合作和通路合作夥伴流程的步伐加快。這種節奏的增加支持了我們的預期，我們將在 2024 年將今年完工的 75 兆瓦增加一倍，達到 150 兆瓦。

Our expectation for significant growth in construction output is driven by our increased programmatic engagement with customers, our growing development and construction platform and our strategy of procuring major system components earlier in the construction process.

我們對建築產量顯著增長的預期是由於我們與客戶的計劃性接觸的增加、我們不斷增長的開發和施工平台以及我們在施工過程早期採購主要係統組件的戰略所推動的。

Our ramping velocity of new assets across all stages of our pipeline provides additional confidence that we can continue to increase our volume in the upcoming years, provided similar market conditions.

我們在管道各個階段的新資產速度不斷加快，這讓我們更有信心，在類似的市場條件下，我們可以在未來幾年繼續增加我們的數量。

Moving to the left of the slide, our acquisition pipeline remains an additional engine of growth for our business. Over the past few weeks, we were pleased to announce the closing of approximately 20 megawatts of new solar and storage assets which introduced new customer relationships with HP Inc. and Keysight Technologies, among others. We are also pleased to have added our largest storage asset to date and we remain firm in our belief that storage will be an important part of our asset base in the future.

移至幻燈片左側，我們的收購管道仍然是我們業務成長的另一個引擎。在過去的幾周里，我們很高興地宣布關閉約 20 兆瓦的新太陽能和儲存資產，這與 HP Inc. 和 Keysight Technologies 等公司建立了新的客戶關係。我們也很高興增加了迄今為止最大的儲存資產，我們仍然堅信儲存將成為我們未來資產基礎的重要組成部分。

Acquisitions have been a staple of Altus Power's strategy over the years in execution on opportunities like these are additive to the development targets I previously discussed. And they also offer a similar impact in terms of new customer relationships and entry into new markets where we can leverage our growing Altus Power brand and continue to deploy our land and expand strategy.

多年來，收購一直是 Altus Power 策略的主要內容，這些機會是我之前討論的發展目標的補充。它們還在新客戶關係和進入新市場方面提供了類似的影響，我們可以利用不斷增長的 Altus Power 品牌並繼續部署我們的土地和擴張策略。

With that, let me now hand the call over to our CFO, Dustin Weber, for additional financial highlights. Dustin?

現在，讓我將電話轉交給我們的財務長達斯汀韋伯 (Dustin Weber)，以了解更多財務亮點。達斯汀？

Thanks, Lars, and welcome to our call. Please join me on Slide 9 as I cover our second quarter financials. This review will include a discussion of GAAP and non-GAAP measures, which includes adjusted EBITDA and adjusted EBITDA margin. .

謝謝拉爾斯，歡迎打電話給我們。請和我一起觀看投影片 9，我將介紹我們第二季的財務狀況。本次審查將包括對 GAAP 和非 GAAP 衡量標準的討論，其中包括調整後的 EBITDA 和調整後的 EBITDA 利潤率。 。

During the second quarter, our revenues grew to $46.5 million compared to $24.8 million in the second quarter of 2022, an increase of 88%, driven mainly by the additions of our large acquisitions and a smaller impact from new development assets placed into service during this first half.

第二季度，我們的營收成長至4,650 萬美元，而2022 年第二季為2,480 萬美元，成長了88%，這主要是由於我們增加了大型收購，以及在此期間投入使用的新開發資產的影響較小。上半場。

Turning to GAAP net income for the quarter. We posted income of $3.4 million compared to net income of $21.6 million during the second quarter of 2022. This decrease primarily resulted from the fair value remeasurement of our alignment shares during both periods. As a reminder, these remeasurements are noncash and are driven by movements in our share price from quarter to quarter. Shifting the focus to adjusted EBITDA, we reported $30.6 million compared to $13.9 million in the second quarter 2022, amounting to growth of 120%. This increase was primarily fueled by the revenue drivers mentioned earlier and partially offset by increased levels of operating and general, administrative expenses.

轉向本季的 GAAP 淨利潤。我們公佈的收入為 340 萬美元，而 2022 年第二季的淨利潤為 2,160 萬美元。這一下降主要是由於我們在這兩個時期對調整股票的公允價值進行了重新計量。提醒一下，這些重新計量是非現金的，是由我們的股價逐季變動所驅動的。將重點轉向調整後 EBITDA，我們報告為 3,060 萬美元，而 2022 年第二季為 1,390 萬美元，成長了 120%。這一增長主要是由前面提到的收入驅動因素推動的，但部分被營運和一般管理費用水準的增加所抵消。

For the quarter, our adjusted EBITDA margins grew to 66%, up from 56% last year, driven by our revenue growth and economies of scale gained by spreading expenses over a larger number of operating assets.

本季度，我們的調整後 EBITDA 利潤率從去年的 56% 增長至 66%，這得益於我們的收入成長以及透過將費用分攤到更多營運資產而獲得的規模經濟。

Please turn to Slide 10 as I discuss our outlook for the year. A strong first half gives us confidence in achieving our 2023 adjusted EBITDA guidance range of $97 million to $103 million and adjusted EBITDA margins in the mid- to high 50% range.

請參閱投影片 10，我將討論我們對今年的展望。上半年的強勁表現讓我們有信心實現 2023 年調整後 EBITDA 指引範圍 9,700 萬美元至 1.03 億美元，以及調整後 EBITDA 利潤率在 50% 的中高範圍內。

Our adjusted EBITDA outlook is underpinned by continuing confidence in completing second half additions of 55 megawatts and the additional 20 megawatts of solar and storage assets we acquired in July. Our outlook for the margins is driven by a strong performance in the first half with our seasonally strongest third quarter still ahead of us. To help your quarterly modeling, we currently expect margins for the third quarter to reach similar levels as last year's third quarter and the fourth quarter margin to be in the low 50% range.

我們對下半年新增 55 兆瓦以及 7 月收購的額外 20 兆瓦太陽能和儲存資產的持續信心支撐了我們調整後的 EBITDA 前景。我們對利潤率的展望是由上半年的強勁表現所推動的，季節性最強的第三季仍然在前方。為了幫助您進行季度建模，我們目前預計第三季的利潤率將達到與去年第三季相似的水平，而第四季的利潤率將在 50% 的低水平範圍內。

Turning to financing. We continue to require no equity capital to execute our growth plan. During the second quarter, we received $47 million of cash proceeds from incremental long-term fixed rate debt drawn from our Blackstone facility as well as additional tax equity. These financing, combined with our internal cash generation from operations were redeployed into over $50 million of new assets under construction. We expect to utilize additional proceeds from our debt facilities and tax equity sources to support our growth during the remainder of the year.

轉向融資。我們繼續不需要股本來執行我們的成長計畫。第二季度，我們從 Blackstone 融資中提取的增量長期固定利率債務以及額外的稅收權益中獲得了 4,700 萬美元的現金收益。這些融資加上我們內部營運產生的現金，被重新部署到超過 5,000 萬美元的在建新資產中。我們預計將利用債務融資和稅收股權來源的額外收益來支持我們在今年剩餘時間內的成長。

In summary, we are executing our plan. Our second quarter results put us on track to meet our guidance for the year. We're well positioned to continue financing our newly completed projects at competitive rates and we expect those projects to add to our cash generation, which we will reinvest into our business. That concludes my review of our financials.

總而言之，我們正在執行我們的計劃。第二季的業績使我們有望達到今年的指導目標。我們處於有利地位，可以繼續以具有競爭力的價格為我們新完成的項目提供融資，我們預計這些項目將增加我們的現金生成，我們將把這些現金再投資到我們的業務中。我對我們財務狀況的回顧到此結束。

I'll now pass the call back to Lars for some closing remarks.

現在，我將把電話轉回拉爾斯，讓其作總結發言。

Thanks, Dustin. Before moving on to Q&A, I'd like to highlight our second annual sustainability report, which we issued last month. Our corporate social responsibility team headed by our Chief Sustainability Officer, Sophia Lee, continues to enhance the depth of our reporting for all our stakeholders and we believe our business has the ability to create value for our investors, customers, employees in the communities in which they live.

謝謝，達斯汀。在進行問答之前，我想先強調我們上個月發布的第二份年度永續發展報告。我們的企業社會責任團隊由我們的首席永續發展長Sophia Lee 領導，不斷提高我們向所有利害關係人提供的報告的深度，我們相信我們的企業有能力為所在社區的投資者、客戶和員工創造價值。他們住。

Also, our growing track record of delivering results is demonstrating what we believe are key differentiators for our business.

此外，我們不斷成長的業績記錄證明了我們認為是我們業務的關鍵差異化因素。

We continue to grow profitably now as the largest commercial owner of solar arrays in the country. And through our strategic partnerships with Blackstone and CBRE, Altus Power is able to fuel that growth in ways that others can't. Finally, exemplifying growth drivers that we're focused on, we continue to identify new opportunities to maximize the size and customer base of our assets through Community Solar initiatives, a market segment that is not seeing any slowdown of activity and instead seeing growth, both in terms of expansion of existing Community Solar programs as well as additional programs arising in new states.

作為全國最大的太陽能電池陣列商業所有者，我們現在繼續實現盈利成長。透過與 Blackstone 和 CBRE 的策略合作夥伴關係，Altus Power 能夠以其他公司無法做到的方式推動這一成長。最後，舉例說明我們關注的成長動力，我們繼續尋找新的機會，透過社區太陽能計畫最大限度地擴大我們資產的規模和客戶群，該細分市場的活動沒有任何放緩，反而出現了增長，擴大現有的社區太陽能計劃以及新州出現的其他計劃。

With that, we're now available to take your questions.

這樣，我們現在就可以回答您的問題了。

(Operator Instructions) Our first question comes from Andrew Percoco with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Andrew Percoco。

I just wanted to dig into the Community Solar opportunity that you guys have highlighted. Can you maybe just discuss how you plan to leverage the real estate footprint from your -- from some of your new partners at scale to leverage into Community Solar? And maybe just to put a finer point on it, maybe let's just use High Street Logistics as an example. When you look across their portfolio, which I think you said is roughly 18 million square feet of roofspace, what percentage of that would be needed for their own power needs and maybe what percentage can be dedicated to Community Solar?

我只是想深入探討你們強調的社區太陽能機會。您能否討論一下您計劃如何利用您的一些新合作夥伴的房地產足跡來利用社區太陽能？也許只是為了更清楚地說明這一點，也許我們可以用 High Street Logistics 為例。當你查看他們的投資組合時，我想你說的是大約 1800 萬平方英尺的屋頂空間，其中有多少百分比可以滿足他們自己的電力需求，也許有多少百分比可以專門用於社區太陽能？

Absolutely. Andrew, this is Lars. Thanks for your question. And on the way in to discussing Community Solar, maybe let us connect to the last point made in the prepared script or the prepared remarks and just highlight that our segments and Community Solar obviously, is one of them, is really not slowing down in any way, shape or form. We're seeing an acceleration of growth in the Q2 results are a testament to that. .

絕對地。安德魯，這是拉斯。謝謝你的提問。在討論社區太陽能的過程中，也許讓我們聯繫一下準備好的腳本或準備好的評論中提出的最後一點，並強調我們的部分和社區太陽能顯然是其中之一，實際上並沒有在任何方面放緩方式、形狀或形式。我們看到第二季業績的加速成長就證明了這一點。 。

The specific point about Community Solar and using High Street, as an example, a logistical portfolio, which is what High Street has, in many instances have very, very large rooftops where we could build 4 to 5-megawatt arrays in various states, but they might only have dry storage underneath those roofs. And in many cases, the dry storage only draws power equal to about a 1 megawatt solar system size.

關於社區太陽能和使用高街為例的具體一點是，物流組合，這就是高街所擁有的，在許多情況下都有非常非常大的屋頂，我們可以在各州建造4 到5 兆瓦的陣列，但是他們的屋頂下方可能只有乾燥的儲藏室。在許多情況下，乾儲存僅消耗相當於約 1 兆瓦太陽能係統大小的電力。

And so for 140 buildings, if you're lucky enough to be able to build on all of them, that would indicate some sort of size at 1 megawatt each.

因此，對於 140 座建築物，如果您足夠幸運能夠在所有建築物上進行建造，則表示每座建築物的容量為 1 兆瓦。

The buildings in High Street portfolio, and there's many of those that are in states that currently offer Community Solar immediately allow us to upsize to basically fit the entire roof, Andrew, which would be more like 4 to 5-megawatt solar systems, and we would still sell power to the tenants, either in a sort of combined system where some of it is behind the meter going back into the tenant and some is Community Solar or we would simply sign up the tenant to be part of the Community Solar pool and sell the whole 5 megawatts into Community Solar.

高街投資組合中的建築物，以及目前提供社區太陽能的州中的許多建築物，使我們能夠立即擴大規模以基本上適合整個屋頂，安德魯，這更像是4 到5 兆瓦的太陽能係統，我們仍然會向租戶出售電力，要么採用某種組合系統，其中一些電力在電錶後面返回租戶，另一些是社區太陽能，或者我們只是簡單地將租戶註冊為社區太陽能池的一部分，將全部5 兆瓦出售給Community Solar。

So Community Solar is an enhancer and a strengthener of the corporate relationships that Blackstone and CBRE already brought to us. It also coincidentally allows us to interact with High Street because we can sell Community Solar power to their employees and to their tenants' employees, which further increases the connectivity between them and Altus and gives them a sense of more rapid decarbonization. So Community Solar to us feels really like a killer app for the kind of commercial solar that we're engaging in and that we're now thankfully the largest in the country.

因此，社區太陽能是 Blackstone 和 CBRE 已經為我們帶來的企業關係的增強者和加強者。巧合的是，它也讓我們能夠與High Street 互動，因為我們可以向他們的員工及其租戶的員工出售社區太陽能，這進一步增加了他們和Altus 之間的聯繫，讓他們有一種更快脫碳的感覺。因此，對我們來說，社區太陽能確實是我們正在從事的商業太陽能領域的殺手級應用程序，值得慶幸的是，我們現在是全國最大的。

That's super helpful. And if I could just ask one follow-up question on that. Can you maybe just remind us if there's a different target IRR for some of those Community Solar projects? I mean if I'm just running through the moving pieces, I think, it sounds like you're just going to be simply scaling up your asset size to your capital cost on a per watt basis. I would assume would be fairly consistent with that $2 per watt figure that you stated historically, but I'm assuming your offtaker in Community Solar is going to be paying a higher price on $1 per kilowatt hour basis then some of your C&I customers, which would lead me to believe it's a substantially higher IRR. Is that a fair way to think about it?

這非常有幫助。如果我能就此問一個後續問題嗎？您能否提醒我們，其中一些社區太陽能專案是否有不同的目標 IRR？我的意思是，如果我只是瀏覽一下移動的部分，我想，聽起來您只是簡單地將資產規模擴大到每瓦的資本成本。我認為與您歷史上所說的每瓦 2 美元的數字相當一致，但我假設您的社區太陽能承購商將以每千瓦時 1 美元的價格支付比您的一些 C&I 客戶更高的價格，這會讓我相信它的內部報酬率要高得多。這是一個公平的思考方式嗎？

Yes. This is Gregg, Andrew. So from our perspective, we would encourage you to think about the system, the Community Solar system in a very similar fashion than you might think about a behind-the-meter system. There are different revenue opportunities, as you just described, where the revenue in the Community Solar program may be in excess of what the tenant is paying in a traditional behind the meter, that could be the case. Similarly, there are potentially customer acquisition costs associated with identifying the customers.

是的。這是格雷格，安德魯。因此，從我們的角度來看，我們鼓勵您以與電錶後系統非常相似的方式來考慮該系統，即社區太陽能係統。正如您剛才所描述的，有不同的收入機會，社區太陽能計畫的收入可能超過租戶在傳統的電錶後面支付的收入，情況可能是這樣。同樣，與識別客戶相關的潛在客戶獲取成本。

So the way that Altus thinks about that is to appropriately consider the costs and the benefit give the real estate owner the value associated with the lease that, that Community Solar program can afford. But from a risk perspective, the risk is substantially similar to us. And therefore, the return is substantially similar to us. In every instance, we're trying to optimize return but we're also providing, of course, the discounted power to the customer as well as the robust lease payment to the landlord. So the combination of those factors, we would say, would be consistent with a development opportunity across the portfolio regardless of the profile.

因此，Altus 的想法是適當考慮成本和收益，為房地產所有者提供與社區太陽能計劃可以負擔的租賃相關的價值。但從風險角度來看，風險與我們基本相似。因此，回報與我們基本相似。在每種情況下，我們都在努力優化回報，但當然，我們也為客戶提供折扣優惠，並為房東提供穩健的租賃付款。因此，我們可以說，這些因素的結合將與整個投資組合的發展機會保持一致，無論情況如何。

And Andrew, perhaps -- this is Lars again. Perhaps we could add to that a little bit. The one differentiator that is around the corner or now in site actually since an e-mail was sent out just last week -- in the end of last week, is when the government starts providing us a higher investment tax credit for low and moderate income households. That starts then to really make a differentiation in terms of how the return, but maybe most importantly, the amount of capital that we have to hold against the Community Solar asset. And we don't know if you run the math, but once [we added ITC], the 20% addition on the ITC is in place, the balance sheet for a Community Solar deal that's in the low and moderate income household one basically have 60% to 65% LTV from our debt facility with Blackstone and then 40% investment tax credit. And so the net equity that we have to hold against those assets goes down to 0. At that particular moment, there will definitely be a different set of economic upside and value, if you will, created by the Community Solar assets that we are working hard to be the largest provider of.

安德魯，也許──這又是拉爾斯。也許我們可以補充一點。自從上週（上週末）發出一封電子郵件以來，即將到來或實際上已經存在的一個區別在於，政府開始為我們的低收入和中等收入提供更高的投資稅收抵免家庭。然後，這開始真正在回報方式方面產生差異，但也許最重要的是，我們必須針對社區太陽能資產持有的資本金額。我們不知道你是否進行了數學計算，但是一旦[我們添加了 ITC]，ITC 的 20% 附加額就到位了，社區太陽能交易的資產負債表基本上屬於低收入和中等收入家庭我們與Blackstone 的債務融資可提供60% 至65% 的LTV，然後提供40% 的投資稅收抵免。因此，我們必須持有的這些資產的淨資產下降到 0。在那個特定時刻，如果你願意的話，我們正在開發的社區太陽能資產肯定會創造一系列不同的經濟成長和價值很難成為最大的供應商。

Our next question comes from Justin Clare with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Justin Clare。

Yes. Good morning, everyone. So wanted to start off first with your construction time lines. I was wondering if you could just give us an update on where construction time lines are today? How they're trending? And wanted to understand when you need to move assets into that construction bucket in order to have them completed in 2024. Just trying to think through that 150-megawatt target and the path there. And then we've heard about -- there's still challenges in the supply chain, some long lead time items like transformers and switchgear. Can you talk about how you're positioned relative to those long lead time items and how you're thinking about it?

是的。大家，早安。所以想先從你的施工時間表開始。我想知道您能否向我們介紹今天的施工時間表的最新情況？他們的趨勢如何？並且想了解何時需要將資產轉移到該建設桶中，以便在 2024 年完成。只是想仔細考慮 150 兆瓦的目標和實現目標的路徑。然後我們聽說——供應鏈中仍然存在挑戰，一些交貨時間較長的項目，如變壓器和開關設備。您能談談您對那些交貨時間長的項目的定位以及您的想法嗎？

Absolutely. This is Lars, Justin. Thanks for the question. So to stitch together the math maybe first and try to keep it simple. We currently have 115 megawatts in construction in some stage of preconstruction. Some portion of that, call it, 55 to 60 megawatts will not be completed this year and the remaining 55, of course, is going to be completed this year. We're scheduled to complete that this year.

絕對地。這是拉斯，賈斯汀。謝謝你的提問。因此，也許首先要把數學拼湊起來，並儘量保持簡單。目前，我們有 115 兆瓦的裝置容量處於施工前的某個階段。其中一部分，即 55 至 60 兆瓦，今年將不會完工，剩下的 55 兆瓦當然將於今年完工。我們計劃今年完成。

But the 60 megawatts that's in construction that's going to go into '24 forms the basis of the 150 megawatts that we expect to complete. And about half of the assets that are currently in some stage or late stage of negotiation and contracting is what's going to be put into the construction bucket in the next 3 to 6 months. In between those 2, you basically get to 160, 170 megawatts of potential, out of which we're looking forward to complete 150 megawatts in 2024. So that's the cadence, if you will, of moving that through both the construction bucket and also the late stage of the contracting bucket.

但即將在 24 年建造的 60 兆瓦發電站是我們預計完成的 150 兆瓦發電站的基礎。目前處於談判和承包某個階段或後期的資產中，約有一半將在未來 3 至 6 個月內投入建設。在這兩者之間，基本上可以達到 160、170 兆瓦的潛力，我們期待在 2024 年完成 150 兆瓦。所以，如果你願意的話，這就是將其通過建造桶和承包桶後期。

We have not seen any material improvement in permitting time lines and interconnection time lines. But we are working to basically submit more deals in more applications, both in the permitting and interconnection so that the output from those 2 filters, let's call them, is consistent with the amount of assets that we're looking to complete this year and next year. And so if you will, we've scaled up. We've obviously hired more people in development and construction.

我們還沒有看到在許可時間線和互連時間線方面有任何實質改進。但我們基本上正在努力在更多應用程式中提交更多交易，無論是在許可還是互連方面，以便這兩個過濾器（我們稱其為它們）的輸出與我們希望在今年和明年完成的資產數量維持一致年。因此，如果您願意的話，我們已經擴大了規模。顯然，我們在開發和建設方面僱用了更多的人。

We've talked before, Justin, about buying major components earlier to keep an inventory of those, which is slightly weighing on margins, but something we think is worth doing because we are more focused on the timing than the very last percentage of margin. And between submitting more deals into interconnection and permitting, being early on the component origination and having a larger platform, we feel good about both getting to 75 megawatt this year and 150 megawatt next year and then grow beyond that.

賈斯汀，我們之前曾討論過提前購買主要零件以保持庫存，這對利潤率略有影響，但我們認為值得做的事情，因為我們更關注時機而不是最後的利潤率百分比。在提交更多的互連和許可協議、儘早開始組件設計和擁有更大的平台之間，我們對今年達到 75 兆瓦和明年達到 150 兆瓦然後超越這一目標感到滿意。

Okay. Great. That's really helpful. And then maybe shifting to a different topic here. Just wanted to see how you're thinking about your acquisition strategy. Given the current higher interest rate environment that we're in, it looks like some in the industry may be having a little bit more difficulty accessing capital. So maybe you can speak to your strategy and then maybe the opportunity set that you're seeing and how things are evolving?

好的。偉大的。這真的很有幫助。然後可能會在這裡轉向不同的話題。只是想看看您如何考慮您的收購策略。考慮到我們目前所處的利率較高的環境，行業中的一些人似乎在獲取資金方面遇到了一些困難。那麼也許你可以談談你的策略，然後也許你看到的機會集以及事情是如何演變的？

Yes, that's a great question. This is Gregg. So there is clear and visible tightening in the capital markets that I'm sure most -- everyone on the call is aware of. And that tightening for capital is playing to our advantage. In addition to the self-developed opportunities that we've just discussed, we're seeing an increasing flow of opportunities that is coming from our channel partners because many of our channel partners are constrained. These are developers who frankly look to us to provide working capital and then long-term financing.

是的，這是一個很好的問題。這是格雷格。因此，我確信資本市場正在明顯收緊——每個參加電話會議的人都知道這一點。資本緊縮正在發揮我們的優勢。除了我們剛才討論的自行開發的機會之外，我們還看到來自通路合作夥伴的機會越來越多，因為我們的許多通路合作夥伴都受到限制。這些開發商坦率地希望我們提供營運資金，然後提供長期融資。

And then similarly, to your question, on the operating side, there is an increasingly robust pipeline of opportunities coming from existing asset owners that are in some cases well hedged from rate. And in other cases, it's not well hedged, frankly. So I think we are in a very good spot as a company. We -- I'll remind you that we've hedged interest rates back in January, a $250 million of a SOFR hedge.

與你的問題類似，在營運方面，現有資產所有者提供了越來越強大的機會，在某些情況下，這些資產所有者可以很好地對沖利率。坦白說，在其他情況下，它並沒有得到很好的對沖。所以我認為我們公司處於一個非常好的位置。我們—我要提醒大家，我們在一月就對沖了利率，SOFR 對沖金額為 2.5 億美元。

And so we have the benefit of attractive cost of capital, not only in terms of the spread at which we're borrowing but also the fact that we hedged rates attractively. And so we're able to be out there but continued to be disciplined, right? So we are looking for the right opportunities to acquire the pipeline of opportunities that we have. It continues to be robust. You see 500-plus megawatts in our operating pipeline. And we are optimistic about moving many of the negotiated deals into a closing bucket by virtue of the backdrop and the need for many asset owners to divest.

因此，我們受益於有吸引力的資本成本，不僅體現在我們借貸的利差方面，還體現在我們以有吸引力的方式對沖利率。所以我們能夠在外面但繼續遵守紀律，對吧？因此，我們正在尋找合適的機會來獲得我們擁有的一系列機會。它仍然保持強勁。您將看到我們的營運管道中有 500 多兆瓦。鑑於當前的背景以及許多資產所有者需要撤資，我們對將許多談判達成的交易轉入收尾階段持樂觀態度。

Our next question comes from Chris Souther with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Chris Souther。

Thanks for taking my question and all the details around the construction pipeline here. Maybe just kind of one follow-up around that though. For the 55 to 60 megawatts that are in construction that you expect in 2024, is that a good proxy for the first half of the year opportunities and we'd be exiting 2024 kind of at that 200 megawatts a year steady state? Is that kind of a fair way to think about kind of the cadence of earlier stage stuff that will start to flow into the back half?

感謝您在這裡提出我的問題以及有關施工管道的所有詳細資訊。也許只是圍繞這一點的後續行動。對於您預計 2024 年在建的 55 至 60 兆瓦裝置容量來說，這是今年上半年機會的良好代表嗎？我們會以每年 200 兆瓦的穩定狀態退出 2024 年嗎？這是一種公平的方式來思考早期階段的東西將開始流入後半部分的節奏嗎？

Yes. Yes. That's not a bad guesstimate. There are some differences, Chris, between different markets. It takes longer to build in urban areas. So if we have a solar system in construction in Brooklyn, for example, that's going to take longer to complete than the solar system in Georgia. And so it's not one for one to sort of plan to see that 60 megawatts come in the first half. But we would say that we've gotten better at lobbying over construction-ready assets into development and construction where all the Ts have been [crossed] and Is dotted on the lease with the landlord and the PPA with the tenant and everything else.

是的。是的。這不是一個糟糕的猜測。克里斯，不同市場之間存在一些差異。城市地區的建設需要更長的時間。因此，例如，如果我們在布魯克林建造太陽能係統，那麼完成時間將比喬治亞州的太陽能係統更長。因此，上半年發電量達到 60 兆瓦並不是一對一的計畫。但我們想說的是，我們在遊說可施工資產進入開發和建設方面已經做得更好了，其中所有的T 都已被[交叉]並點綴在與房東的租約和與租戶的購電協議以及其他所有內容上。

And when our construction desk or the development and construction desk gets an asset that's completely ready to go and especially if it's in a jurisdiction where permits are a little easier to get and the utility perhaps isn't quite some backlog, then you can see that deal coming into construction in Q3 or even Q4 of this year, for example, and still get done in the first half of next year.

當我們的施工部門或開發和施工部門獲得完全準備就緒的資產時，特別是如果它位於許可證更容易獲得併且公用事業可能沒有積壓的司法管轄區，那麼您可以看到例如，交易將在今年第三季甚至第四季開始建設，並且仍將在明年上半年完成。

So there's some movements between individual deals, both in the current construction bucket and also in the contracting bucket, which is going to go into construction and be completed in '24.

因此，各個交易之間存在一些變動，無論是在當前的建設階段還是在合約階段，這些交易將進入建設階段並於 24 年完成。

Okay. Got it. That's really helpful. And then maybe just on the guidance for this year, can you give any breakdown on the visibility based on the projects that are already in the portfolio versus the contribution you're expecting from those projects that are coming on in the second half. I'm just doing quick math on a seasonally stronger 3Q and then the implied sequential decline for the fourth quarter. So I wanted to get a sense where we are on that visibility? It's kind of an exit part question, but not quite.

好的。知道了。這真的很有幫助。然後，也許就今年的指導而言，您能否根據投資組合中已有的項目以及您對下半年即將進行的項目的貢獻來詳細說明可見性。我只是對季節性強勁的第三季進行快速計算，然後對第四季隱含的連續下降進行計算。所以我想了解我們的可見度處於什麼位置？這是一個退出部分的問題，但不完全是。

Yes. Chris, this is Dustin. I can take that one. So yes, we're very pleased with where we sit after the first half of the year is completed. We put out guidance to start the year at $97 million to $103 million of adjusted EBITDA. So that's a 71% growth over the midpoint. So we feel very good about that. And I would say where we sit today is where we expected to sit today. We're driving growth through all channels because of the unique solutions that we're able to offer our commercial and Community Solar customers. And property owners are even more focused on that rental income and carbon reduction. Same is true for Community Solar. Demand is as strong as ever. And our portfolio of operating assets is humming, which is evidenced by us just announcing our most profitable quarter ever. So we're very pleased with where we sit here halfway through the year, and we'll continue to execute in the second half.

是的。克里斯，這是達斯汀。我可以接受那個。所以，是的，我們對上半年結束後的情況非常滿意。我們預計年初調整後 EBITDA 為 9,700 萬至 1.03 億美元。因此，這比中位數增長了 71%。所以我們對此感覺非常好。我想說，我們今天坐的地方就是我們今天期望坐的地方。由於我們能夠為商業和社區太陽能客戶提供獨特的解決方案，我們正在透過所有管道推動成長。業主更關注租金收入和碳減排。社區太陽能也是如此。需求一如既往地強勁。我們的營運資產組合正在蓬勃發展，我們剛剛宣布了有史以來最盈利的季度證明了這一點。因此，我們對今年上半年的表現非常滿意，下半年我們將繼續執行。

Our next question comes from Vikram Bagri with Citi.

我們的下一個問題來自花旗集團的 Vikram Bagri。

Just going back to the megawatts expected in construction for this year. On the interconnection process, could you give us some insight just historically what's been your conversion rate on those applications? Has that changed meaningfully? And does the 55 megawatts, do those all have interconnection permits already approved and through the system?

回到今年預計的建設兆瓦數。在互連過程中，您能否向我們介紹一下您在這些應用程式上的歷史轉換率是多少？這是否發生了有意義的改變？ 55兆瓦的電力是否都已獲得批准並通過系統併網？

Vikram, this is Lars. Thanks for your question. Yes, this is a good moment to highlight some of our interconnection processes at all that's in the logic around commercial, interconnection or commercial solar interconnection, which is quite different from utility-scale interconnection. And just to take the first thing you said, our yield on interconnection applications is close to 100%. We very rarely send in an interconnection application in some sort of speculative fashion where the utility might or might not allow us to interconnect behind the meter solar system. .

維克拉姆，這是拉斯。謝謝你的提問。是的，這是一個很好的時機來強調我們的一些互連過程，這些過程完全屬於商業、互連或商業太陽能互連的邏輯，這與公用事業規模的互連有很大不同。就你所說的第一件事來說，我們互連應用的良率接近 100%。我們很少以某種投機的方式發送互連申請，其中公用事業公司可能會或可能不允許我們在儀表太陽能係統後面進行互連。 。

The most likely sort of curve ball coming back from the utility might be something as follows: Altus, you applied for a 3-megawatt interconnection. If you want to build a 3-megawatt system, we have to upgrade the substation next to that factory, and we're going to charge you $2 million in interconnection expenses. And the deal might or might not support a $2 million interconnection, but the utility will say, if you just reduce the system size to 2.5 megawatts, we'll let you interconnect for $600,000.

最有可能從公用事業公司返回的曲線球可能如下：Altus，您申請了 3 兆瓦的互連。如果你想建造一個3兆瓦的系統，我們就得升級那個工廠旁邊的變電站，我們還要向你收取200萬美元的互連費用。該交易可能支援也可能不支援 200 萬美元的互連，但公用事業公司會說，如果您將系統規模減少到 2.5 兆瓦，我們將允許您以 60 萬美元的價格進行互連。

And so that ends up being a business decision that we will ultimately make, but it's almost unheard of for the utility to come back and say, we don't want you to put a solar system on that roof or in that parking lot. And so from a timing perspective, we are lucky in Commercial Solar because it's rare that an interconnection takes longer than, say, 10 to 12 weeks, 3 to 4 months in all the deals that are in the 55-megawatt bucket that we're busy building right now, they all have their interconnection approvals for a long time.

因此，這最終成為我們最終將做出的商業決策，但幾乎從未聽說過公用事業公司回來說，我們不希望您在屋頂或停車場安裝太陽能係統。因此，從時間角度來看，我們在商業太陽能方面很幸運，因為在我們正在進行的 55 兆瓦專案中，互連時間很少會超過 10 至 12 週、3 至 4 個月。目前正在忙著建設，他們都已經獲得了很長一段時間的互連批准。

Many of the deals that are in the rest of the construction bucket, if not all, also have their interconnection approval. And the deals that are in the contracting bucket, those are the ones going into interconnection now so that they can then be moved into construction.

其餘建設項目中的許多交易（即使不是全部）也獲得了互連批准。合約中的交易現在正在互連，以便隨後可以進入建設階段。

The last point to make is that once construction is complete for us. So in the case of the assets that we're going to complete for 2023, the 7 megawatts in Maryland, the 38 in New Jersey and the 10 in New York, many of those assets are effectively completed from Altus' construction perspective. We've sort of added the last component that we're supposed to add to that solar system. And if you came to site, you'd consider that deal to already be up and running because it looks like everything is complete. But what indeed is left to be done is for the utility to add some of their switchgear and interconnection features that allow the system to start exporting power back into that building. And so that could take a couple of weeks or a few months. But the 55 megawatts is in very late stages of construction or indeed complete, awaiting the utility to finish their work so that we can then turn the systems on.

最後一點是，一旦我們的施工完成。因此，就我們將於 2023 年完成的資產而言，馬裡蘭州的 7 兆瓦、新澤西州的 38 兆瓦和紐約的 10 兆瓦，從 Altus 的建設角度來看，其中許多資產實際上已經完成。我們已經添加了我們應該添加到太陽系中的最後一個組件。如果您來到現場，您會認為該交易已經啟動並正在運行，因為看起來一切都已完成。但實際上，公用事業公司需要做的是添加一些開關設備和互連功能，使系統能夠開始將電力輸出回建築物。因此這可能需要幾週或幾個月的時間。但 55 兆瓦的發電站正處於建設的最後階段，甚至已經完成，正在等待公用事業公司完成工作，以便我們可以啟動系統。

I see. That's very helpful. And just 1 follow-up question on the full year EBITDA guidance. Could you give us a sense for what are they going to be the key drivers for either hitting the low or high end of that range? What's kind of going to move the needle around those ends?

我懂了。這非常有幫助。還有 1 個關於全年 EBITDA 指導的後續問題。您能否讓我們了解什麼是達到該範圍低端或高端的關鍵驅動因素？怎樣才能讓針在這些末端移動？

Sure. Yes, I can take that. So we're halfway through the year, as I said a few minutes ago, where we feel very good about where we're at. We have 55 megawatts of new developed assets that are going to be coming on at some point this year. Most of that we expect to be late in the year. So not a large contribution to what will be our realized EBITDA for 2023, but position us really well going into next year where we're going to realize a full year of cash flows from those assets.

當然。是的，我可以接受。正如我幾分鐘前所說，今年已過半，我們對目前的狀況感覺非常好。我們有 55 兆瓦的新開發資產將於今年某個時候投入使用。我們預計其中大部分將在今年稍後完成。因此，對我們 2023 年實現的 EBITDA 貢獻並不大，但我們將在明年從這些資產中實現全年現金流。

But I think -- the main driver is really just executing on our business. As I said, our operating portfolio is performing well. We're managing our costs well, which is evidenced through our high margins. So I think it's just continuing to execute and get those assets placed in service at the end of the year.

但我認為，主要驅動力實際上只是執行我們的業務。正如我所說，我們的營運組合表現良好。我們的成本管理得很好，我們的高利潤率證明了這一點。因此，我認為只是繼續執行並在年底將這些資產投入使用。

And one thing -- this is Gregg, just to add to that comment is that we -- we put out the exit par concept as a means to provide a bit of an annualized view into the asset base, and we thought that was important because to your question, as you heard in Dustin's response, timing plays a big factor in terms of calendar realized cash flow. So the exit part, hopefully, is a meaningful metric to allow investors and analysts to understand how the company is performing on a run rate basis.

有一件事——這是格雷格，我要補充的是，我們——我們提出了退出平價概念，作為提供資產基礎年化視圖的一種手段，我們認為這很重要，因為對於你的問題，正如你在達斯汀的回答中聽到的那樣，時間在日曆實現的現金流方面起著重要因素。因此，退出部分有望成為一個有意義的指標，讓投資人和分析師了解公司在運行率基礎上的表現如何。

Thank you. (Operator Instructions) There are no further questions. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。 （操作員說明）沒有其他問題。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。