HA Sustainable Infrastructure Capital Inc (HASI) 2024 Q2 法說會逐字稿

Greetings, and welcome to HASI's second quarter 2024 earnings conference call and webcast. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 HASI 2024 年第二季財報電話會議和網路廣播。此時，所有參與者都處於只聽模式。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Aaron Chew, Senior Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Aaron Chew。

Thank you, operator, and good afternoon to everyone joining us today for HASI's second quarter conference call. Earlier this afternoon, HASI distributed a press release reporting our second quarter 2024 results, a copy of which is available on our website along with the slide presentation we will be referring to today. This conference call is being webcast live on our Investor Relations page of the website. Where a replay will be available later today.

謝謝運營商，今天參加 HASI 第二季度電話會議的所有人下午好。今天下午早些時候，HASI 發布了一份新聞稿，報告了我們 2024 年第二季的業績，我們的網站上提供了該新聞稿的副本以及我們今天將提到的幻燈片演示。本次電話會議正在我們網站的投資者關係頁面上進行網路直播。今天晚些時候將提供重播。

Some of the comments made in this call are forward-looking statements which are subject to risks and uncertainties described in the risk factors section of the company's Form 10-K and other filings with the SEC. Actual results may differ materially from those stated.

本次電話會議中提出的一些評論屬於前瞻性陳述，這些陳述受到公司向 SEC 提交的 10-K 表格和其他文件的風險因素部分中描述的風險和不確定性的影響。實際結果可能與所述結果有重大差異。

And today's discussions also include some non-GAAP financial measures, a reconciliation of GAAP to non-GAAP financial measures is available in our earnings release and presentation. Joining me on today's call are Jeff Lipson, the company's President and CEO; Marc Pangburn, the CFO; and Susan Nickey, our Chief Client Officer. Susan will be available for the Q&A portion of our presentation.

今天的討論還包括一些非 GAAP 財務指標，我們的收益發布和演示中提供了 GAAP 與非 GAAP 財務指標的調整表。參加今天電話會議的還有該公司總裁兼執行長 Jeff Lipson；潘伯恩 (Marc Pangburn)，財務長；和我們的首席客戶長蘇珊尼基。蘇珊將出席我們演講的問答部分。

Now I'd like to turn the call over to our President and CEO, Jeff Lipson. Jeff?

現在我想將電話轉給我們的總裁兼執行長 Jeff Lipson。傑夫？

Thanks, Aaron, and welcome to the team. Thanks, everyone, for joining us today for our second quarter 2024 conference call. I'm going to begin on page 3.

謝謝，亞倫，歡迎加入我們的團隊。感謝大家今天參加我們的 2024 年第二季電話會議。我將從第 3 頁開始。

The second quarter of 2024 was a terrific quarter for HASI as we achieved two longstanding goals of closing on a co-investment vehicle and procuring a second investment grade rating. We also were able to continue to invest at higher returns and increase our adjusted earnings 19% year-over-year to $0.63. Considering these results and other positive catalysts that I will discuss shortly, we are affirming our guidance for adjusted EPS growth of 8% to 10% from 2024 to 2026 and for a dividend payout ratio of between 60% and 70% in the same period. And a reminder that our long-term goals are 10% annual growth in EPS and a 50% payout ratio by 2030.

2024 年第二季度對 HASI 來說是一個了不起的季度，因為我們實現了完成共同投資工具和獲得第二個投資等級評級的兩個長期目標。我們也能夠繼續以更高的回報進行投資，調整後收益年增 19% 至 0.63 美元。考慮到這些結果以及我將很快討論的其他積極催化劑，我們確認 2024 年至 2026 年調整後每股收益增長 8% 至 10% 以及同期股息支付率 60% 至 70% 的指導。並提醒我們，我們的長期目標是到 2030 年每股收益每年增長 10%，派息率達到 50%。

Turning to page 4, we have now reached a level of scale in our business such that we think it is worthwhile to highlight not only the impact on our financials, but the impact we are having on the energy markets as a whole. Excluding our managed assets, our portfolio investments in the first half of 2024 alone comprise 10 gigawatts of solar and wind capacity. To put that in perspective, that is enough electricity capacity to power more than 7 million homes.

翻到第 4 頁，我們的業務現已達到一定規模，因此我們認為不僅值得強調對我們財務的影響，而且值得強調我們對整個能源市場的影響。不包括我們管理的資產，光是 2024 年上半年我們的投資組合投資就包括 10 吉瓦的太陽能和風能裝置容量。從長遠來看，這個電力容量足以為超過 700 萬戶家庭供電。

That solar and wind capacity is generating approximately 20 terawatt hours of renewable energy annually, which is about 2 times the annual electricity consumption of the entire city of Washington, D.C. And our portfolio has also invested in renewable natural gas projects with almost 6 million MMBTUs of capacity. That is about the equivalent annual energy required to heat more than 100,000 homes. Altogether, including the projects in our managed assets, we have invested in projects that in aggregate are avoiding approximately 8 million metric tons of CO2 annually based on the year one calculation of our carbon count methodology.

太陽能和風能每年產生約 20 太瓦時的可再生能源，大約是華盛頓特區整個城市年用電量的 2 倍。這相當於每年為 10 萬多個家庭供暖所需的能源。總的來說，包括我們管理資產中的項目，根據我們的碳計數方法第一年的計算，我們投資的項目每年總共可減少約 800 萬噸二氧化碳排放。

In summary, our business already has significant scale and impact, but is poised to take both this scale and impact a step change higher.

總之，我們的業務已經具有顯著的規模和影響力，但準備好將這一規模和影響力提升到更高的水平。

Turning to page 5, in the second quarter, several industry dynamics and HASI-specific milestones emerged that position the company particularly well over the next several years. First, there continues to be increasing consensus that US energy demand will increase more rapidly than previously forecasted. And this elevated demand for energy will result in corresponding supply increases, much of it from clean energy sources.

翻到第 5 頁，第二季度出現了一些行業動態和 HASI 特定的里程碑，這些里程碑使該公司在未來幾年中處於特別有利的地位。首先，人們越來越一致地認為，美國能源需求的成長速度將快於先前的預測。對能源的需求增加將導致供應量相應增加，其中大部分來自清潔能源。

In fact, we have fundamentally entered a new era of power demand growth with one of the largest drivers coming from AI-driven data centers, which are expected to become 8% of US electricity consumption by 2030. And the majority of these data centers prefer clean power.

事實上，我們已經從根本上進入了電力需求成長的新時代，其中最大的驅動力之一來自人工智慧驅動的資料中心，預計到 2030 年，該資料中心將占美國電力消耗的 8%。大多數這些資料中心更喜歡清潔能源。

In partnership with some of the largest corporate buyers in the world, HASI remains determined to drive transparency in the climate impact of new load by ensuring that emissions, rather than simply megawatt hours generated, are credibly measured. In addition, there is expected to be continued adoption of electric vehicles, which have an 8% and growing market share, and will result in a significant shift from the oil markets to the electricity markets. Furthermore, another trend is the heightened prioritization of domestic manufacturing, particularly when it comes to semiconductors.

HASI 與世界上一些最大的企業買家合作，仍然決心透過確保可靠地測量排放量（而不僅僅是產生的兆瓦時）來提高新負載對氣候影響的透明度。此外，預計電動車將繼續被採用，其市場份額為 8%，並且還在不斷增長，並將導致從石油市場向電力市場的重大轉變。此外，另一個趨勢是國內製造業的高度優先化，特別是在半導體方面。

Together, these sources of growth are expected to account for an increase in US electricity demand of more than 800 terawatt hours from a base of approximately 4,000 terawatt hours per year. This uptick in growth is expected to occur after approximately 20 years of relatively modest demand growth. In this period of lower growth over the last 20 years, clean energy became the overwhelming source of new generation. Therefore, as we enter this period of higher growth, renewables and other low-carbon solutions will experience even more rapid growth.

這些成長來源預計將使美國電力需求從每年約 4,000 太瓦時的基礎上增加 800 太瓦時以上。這種增長預計將在大約 20 年相對溫和的需求增長之後出現。在過去20年的低成長時期，清潔能源成為新一代發電的壓倒性來源。因此，隨著我們進入這個高速成長時期，再生能源和其他低碳解決方案將經歷更快速的成長。

Solar energy represents the lowest levelized cost of electricity of any source, and solar and wind energy continue to represent the vast majority of new electricity capacity being added to the grid. Likewise, increased adoption of renewable natural gas is forecasted to occur, as natural gas will continue to be utilized to meet energy demand, and technology will continue to allow this gas to be more efficiently produced from municipal and animal waste.

太陽能是所有來源中最低的電力成本，而太陽能和風能仍佔新增電網容量的絕大多數。同樣，預計可再生天然氣的採用將會增加，因為天然氣將繼續被用來滿足能源需求，並且技術將繼續允許更有效地從城市和動物廢物中生產這種氣體。

It is important to note that all of these trends are unlikely to be impacted by the 2024 election results. There continues to be active discussion and speculation regarding public policy changes and the corresponding impact on the outlook for clean energy development. However, it is our view, shared by many others, that the megatrends of the energy transition itself and the aforementioned increase in power demand will result in continued considerable clean energy deployment without meaningful disruption resulting from public policy changes.

值得注意的是，所有這些趨勢都不太可能受到 2024 年選舉結果的影響。關於公共政策變化及其對清潔能源發展前景的相應影響，人們持續進行積極的討論和猜測。然而，我們和許多其他人一樣認為，能源轉型本身的大趨勢和上述電力需求的成長將導致清潔能源的持續大量部署，而不會因公共政策變化而造成有意義的干擾。

This forecasted supply of clean energy to meet surging demand will require hundreds of billions of dollars of capital investment. As the only public pure play investment company exclusively focused on the energy transition, HASI is well-positioned to capitalize on this trend, particularly in light of two transformative developments in the second quarter.

預計清潔能源供應將需要數千億美元的資本投資來滿足不斷增長的需求。作為唯一一家專門專注於能源轉型的公共純粹投資公司，HASI 處於有利地位，可以利用這一趨勢，特別是考慮到第二季度的兩項變革性發展。

First was the launch of our CCH1 $2 billion strategic partnership with the global investment firm KKR. This partnership provides enhanced access to committed capital, diversifies our revenue with incremental fee income, and generally positions us to scale our business. The partnership is also an affirmation of the differentiation of our strategy and a reflection that our underlying portfolio of sustainable investments is difficult to replicate. The CCH1 vehicle has been seeded with two investments and is functioning as designed, and we expect CCH1 to be the primary financing vehicle for our balance sheet investments over the next 18 months.

首先是我們與全球投資公司 KKR 啟動了價值 20 億美元的 CCH1 策略合作夥伴關係。這種合作關係提供了更多獲得承諾資本的機會，透過增量費用收入使我們的收入多樣化，並整體上使我們能夠擴大業務規模。此次合作也是對我們策略差異化的肯定，也反映出我們的永續投資基礎組合難以複製。CCH1 工具已啟動兩項投資，並按設計運行，我們預計 CCH1 將成為未來 18 個月內我們資產負債表投資的主要融資工具。

The second positive development in the quarter was our attainment of fully investment-grade status. We were upgraded by Fitch and placed on positive watch by S&P to go along with our existing investment-grade rating by Moody's. These ratings have provided us access to the investment-grade bond market, which provides more stability, lower costs, and longer tenure, among other attributes that Marc will articulate.

本季的第二個積極進展是我們獲得了完全投資級地位。惠譽提升了我們的評級，標準普爾給予了我們積極的關注，以與穆迪對我們現有的投資級評級保持一致。這些評級為我們提供了進入投資等級債券市場的機會，該市場提供了更高的穩定性、更低的成本和更長的期限，以及馬克將闡述的其他屬性。

Summarizing CCH1 and the investment-grade ratings into a single sentence, we have reduced our capital needs by 50% and significantly reduced the cost for the 50% we raise ourselves. Therefore, as we holistically assess industry trends and HASI's capital access, we are at a pivotal moment at the juxtaposition of several positive catalysts.

用一句話概括 CCH1 和投資等級評級，我們將資本需求減少了 50%，並顯著降低了我們自己籌集 50% 的成本。因此，當我們全面評估產業趨勢和HASI的資金准入時，我們正處於幾個積極催化劑並存的關鍵時刻。

As I said on Investor Day last year, we have a simple business model but a complex business. Our business model can be encapsulated as climate clients' assets, but our business requires a deep understanding of energy markets, structured finance, and the ability to establish and maintain long-term relationships.

正如我去年在投資者日所說，我們的商業模式簡單，但業務複雜。我們的業務模式可以概括為氣候客戶的資產，但我們的業務需要對能源市場、結構性融資以及建立和維持長期關係的能力有深入的了解。

Our talented and experienced team is uniquely qualified to meet the capital needs of the energy transition. This combination of a differentiated investment strategy and enhanced access to diversified and stable sources of capital positions HASI perfectly to capitalize on these industry trends and continue to operate with increasing scale, strong margins, and profitable growth.

我們才華洋溢、經驗豐富的團隊具有獨特的資質，能夠滿足能源轉型的資本需求。差異化的投資策略與多樣化、穩定的資本來源的增強相結合，使 HASI 能夠完美地利用這些行業趨勢，並繼續以不斷擴大的規模、強勁的利潤率和盈利增長來運營。

And with that, I'll pass along the call to Marc to discuss the quarterly financials in greater detail.

接下來，我將把電話轉給 Marc，以更詳細地討論季度財務狀況。

Thank you, Jeff. I'll start on slide 6. Before I cover the quarterly results, I'd like to take some time to emphasize one point Jeff just highlighted, our second investment-grade rating and how impactful this will be for our business. We see the change benefiting our business in three primary ways.

謝謝你，傑夫。我將從幻燈片 6 開始。在介紹季度業績之前，我想花一些時間強調傑夫剛剛強調的一點，我們的第二次投資級評級以及這對我們的業務有何影響。我們認為這項變更主要透過三個方面使我們的業務受益。

First, on cost. The chart on the left shows the spread differential between BB and BBB bonds over the last 10 years, which has averaged 120 basis points. To be more specific to HASI, within our previous high-yield platform, we raised approximately $3 billion in corporate debt at a weighted average spread of 339 basis points. Compare this 339 to the credit spread of our inaugural investment-grade issuance of 225 basis points, a greater than 100 basis points compression in cost.

首先，在成本上。左圖顯示了過去 10 年 BB 債券和 BBB 債券之間的利差差異，平均為 120 個基點。更具體地說，在我們先前的高收益平台中，我們以 339 個基點的加權平均利差籌集了約 30 億美元的企業債務。將此 339 與我們首次投資等級發行的信用利差 225 個基點進行比較，成本壓縮超過 100 個基點。

Second, we can now more reliably access longer maturity bonds, better aligning our asset and liability duration and minimizing our need for hedging activities.

其次，我們現在可以更可靠地獲得期限較長的債券，更好地調整我們的資產和負債期限，並最大限度地減少對沖活動的需求。

Third, when market dislocations occur, the IG market is meaningfully more resilient, as evidenced by the graph on the left. For example, during the initial COVID dislocation, the high-yield market costs increased by 250 basis points more than investment-grade market costs. Generally, the best times to invest are during these dislocations, and now our largest funding source will be substantially more cost-effective during these times.

第三，當市場發生混亂時，IG 市場實際上更具彈性，如左圖所示。例如，在最初的新冠疫情混亂期間，高收益市場成本比投資等級市場成本增加了 250 個基點。一般來說，最佳投資時機是在這些混亂時期，而現在我們最大的資金來源在這些時期將更具成本效益。

Finally, there are intangible benefits, such as the general affirmation of the credit profile of our investments. We believe that the combination of these factors will continue to drive attractive margins over the long term.

最後，還有無形的好處，例如我們投資的信用狀況得到普遍肯定。我們相信，從長遠來看，這些因素的結合將繼續推動具有吸引力的利潤率。

Turning to slide 7 to cover the quarterly results. Adjusted EPS grew 19% year-over-year to $0.63, and adjusted net investment income rose 16% year-over-year to $63 million. Also of note, gain-on-sale fees and securitization income was $32 million, up about $12 million year-over-year. As a reminder, we expect gain-on-sale during the guidance window to be fairly consistent with '22 and '23.

前往投影片 7 了解季度業績。調整後每股收益年增 19%，達到 0.63 美元，調整後淨投資收益年增 16%，達到 6,300 萬美元。另外值得注意的是，銷售收益費用和證券化收入為 3,200 萬美元，年增約 1,200 萬美元。提醒一下，我們預計指導窗口期間的銷售收益將與 22 年和 23 年相當一致。

Stepping back a bit and moving to slide 8, this highlights the expansion of our managed assets since 2020. As a reminder, our managed assets include our portfolio, the investments we have securitized, and CCH1. Since 2020, our managed assets have grown by more than 80% to $13 billion through the end of Q2.

退後一步，轉到幻燈片 8，這凸顯了我們自 2020 年以來管理資產的擴張。提醒一下，我們管理的資產包括我們的投資組合、我們證券化的投資和 CCH1。自 2020 年以來，截至第二季末，我們的管理資產成長了 80% 以上，達到 130 億美元。

This includes new closings of approximately $260 million during Q2, or $823 million during the first half, which is consistent with our first half 2023. Perhaps more important, the new asset yield for portfolio investments during the first half of 2023 was greater than 8.5%, whereas today we're investing at yields greater than 10.5% with a consistent risk profile.

這包括第二季約 2.6 億美元的新成交額，或上半年的 8.23 億美元新成交額，這與我們 2023 年上半年的情況一致。或許更重要的是，2023 年上半年投資組合投資的新資產收益率超過 8.5%，而今天我們的投資收益率超過 10.5%，且風險狀況一致。

Moving on to slide 9, our portfolio stood at $6.2 billion at the end of Q2, up 27% year-over-year, and we continue our focus on maintaining diversification across our asset classes. Two items of note. Given the size of CCH1, we have not yet broken it out separately, but note that it is currently comprised of one resi solar transaction and one C&I solar transaction. The portfolio also decreased approximately $200 million driven by the seeding of CCH1 and our focus on asset rotations, where we have been selling or syndicating our lower yielding investments to reinvest at higher yields.

轉向投影片 9，我們的投資組合在第二季末達到 62 億美元，年增 27%，我們繼續致力於維持資產類別的多元化。有兩點值得注意。鑑於 CCH1 的規模，我們尚未將其單獨細分，但請注意，它目前由一項 Resi 太陽能交易和一項 C&I 太陽能交易組成。由於 CCH1 的播種和我們對資產輪換的關注，我們一直在出售或聯合我們的較低收益率投資，以更高的收益率進行再投資，因此該投資組合還減少了約 2 億美元。

Next on slide 10, the narrative around our ROE and margins remain consistent with the prior quarter. Our elevated first half 2024 ROE is driven primarily by gain on sale. Our portfolio yield continues to increase as new transactions are funded. Our cost of debt has increased relative to 2023, but is actually down to 5.6 from 5.7 in Q1 of 2024.

接下來在投影片 10 上，有關我們的 ROE 和利潤率的敘述與上一季保持一致。我們 2024 年上半年 ROE 的提升主要是由銷售收益所推動的。隨著新交易的融資，我們的投資組合收益率持續增加。我們的債務成本相對 2023 年有所增加，但實際上已從 2024 年第一季的 5.7 降至 5.6。

I'd also like to touch on our recent 25-bond refinancing. The 2025 was a $400 million bond with a coupon of 6%. To manage interest rate risk, we entered into a forward-starting swap to lock the base rate for the expected refinancing. We actually refinanced the bond. We also unwound the swap. After factoring in the impact of the swap, the effective cost of refinancing was 6%, identical to the 6% coupon on the 25 itself, with an additional nine years of tenor.

我還想談談我們最近的 25 期債券再融資。2025 年債券發行額為 4 億美元，票面利率為 6%。為了管理利率風險，我們簽訂了遠期啟動互換協議，以鎖定預期再融資的基準利率。我們實際上為債券進行了再融資。我們還解除了掉期。考慮掉期的影響後，再融資的有效成本為 6%，與 25 本身的 6% 票面相同，但期限延長了 9 年。

Finally, on slide 11, in terms of a balance sheet, a few important updates. Our leverage ratio declined to 1.8 times, and after paying down our revolver, we are entering the second half of 2024 with $1.4 billion of liquidity. Additionally, on the right, we have minimal near-term maturities and continue to manage our liability platform to a laddered maturity profile. Our liquidity position and minimal near-term maturities provide us the opportunity to capitalize on our pipeline and attractive investment environment we see today.

最後，在投影片 11 中，就資產負債表而言，有一些重要的更新。我們的槓桿率下降至 1.8 倍，在還清左輪手槍後，我們將以 14 億美元的流動性進入 2024 年下半年。此外，在右側​​，我們的短期到期日最低，並繼續管理我們的責任平台，以實現階梯式成熟度。我們的流動性狀況和最低短期期限為我們提供了利用我們今天看到的管道和有吸引力的投資環境的機會。

With that, I'll pass it back to Jeff for closing remarks.

這樣，我會將其傳回給傑夫以供結束語。

Thank you, Marc. Turning to page 12, we detail various sustainability and impact items, including receiving the highest rating from S&P's Green Bond Framework and a notable award from Reuters regarding our sustainability culture.

謝謝你，馬克。翻到第 12 頁，我們詳細介紹了各種永續發展和影響項目，包括獲得標準普爾綠色債券框架的最高評級以及路透社關於我們永續發展文化的著名獎項。

Let's conclude on page 13. HASI remains uniquely positioned with a differentiated business model enabling us to remain the preeminent pure-play capital provider to the energy transition. Our existing liquidity and capital, paired with our improved access to growth capital and an attractive margin to our investment return, ideally positions us for success over the next several years. I would like to thank our talented team for another outstanding quarter, as we look forward to a successful second half of 2024.

讓我們在第 13 頁得出結論。HASI 憑藉差異化的商業模式保持獨特的地位，使我們能夠繼續成為能源轉型領域卓越的純粹資本提供者。我們現有的流動性和資本，加上我們獲得成長資本的管道的改善以及具有吸引力的投資回報率，為我們在未來幾年取得成功奠定了理想的基礎。我要感謝我們才華橫溢的團隊又一個出色的季度，我們期待 2024 年下半年取得成功。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Noah Kaye, Oppenheimer & Company.

諾亞凱，奧本海默公司。

A lot of positive developments noted in your remarks. Maybe just a first quick housekeeping one. Looking through the cash flow statement, it looked like there was a really big number in principal collections from financing receivables. Can you just give us a little bit more color on that, what drove that? I assume we should treat that as not typical, but any information would be helpful.

您的演講中指出了許多積極的進展。也許只是第一個快速的家事服務。從現金流量表來看，應收融資款的本金回收量確實很大。您能否給我們更多信息，是什麼推動了這一點？我認為我們應該將其視為不典型，但任何資訊都會有所幫助。

Hey, Noah. Thanks for the question. There were two components to it. One was, I would just say, ordinary course amortization of some of our loans that we do have a regular run rate on. But it is larger this quarter primarily due to us identifying some loans that were at a lower yield and being able to bring in other parties to take a large piece of that. And that fits into the general asset rotation program we've been talking about, looking to reinvest that cash at the higher yields we're seeing today.

嘿，諾亞。謝謝你的提問。它有兩個組成部分。我只想說，其中之一是我們確實有定期運行利率的一些貸款的正常攤銷。但本季的規模更大，主要是因為我們發現了一些收益率較低的貸款，並且能夠吸引其他方承擔其中的大部分。這符合我們一直在討論的一般資產輪換計劃，希望以我們今天看到的更高收益率對現金進行再投資。

Okay, thanks. And then a follow-up. You have an update on the pipeline in the appendix. It looks like it primarily skews behind the meter and FTN. So for confirmation, should we think about the likely yields on those as also 10.5 or north of that, which would imply continuing, in fact, increasing spreads given the favorable trends on cost of debt?

好的，謝謝。然後是後續行動。附錄中提供了有關管道的最新資訊。看起來它主要偏向儀表和 FTN 後面。因此，為了確認這一點，我們是否應該考慮這些債券的可能收益率為 10.5 或更高，這意味著考慮到債務成本的有利趨勢，利差實際上會繼續增加？

So, thanks for the question, Noah. I think you should think of the pipeline yield as being consistent with the recent closings. So, I think most of what's in the pipeline is at that same level at which we've been closing transactions in 2024.

所以，謝謝你的提問，諾亞。我認為您應該認為管道收益率與最近的成交量一致。因此，我認為大部分正在醞釀中的項目都處於我們 2024 年完成交易的同一水平。

Great. And maybe just one last one. Appreciate not breaking CCH out early in the life of the vehicle. But you did disclose the actual assets, I believe, in the vehicle in the release. Roughly what kind of size would it have to get to before you would think about breaking it out? And just to clarify for us what that would mean in terms of a separate revenue line or equity and contribution, rather, I should say.

偉大的。也許只是最後一件。請注意不要在車輛壽命早期就損壞 CCH。但我相信，您確實在發布的車輛中披露了實際資產。在你考慮將其拆解之前，它大概需要達到什麼樣的尺寸？我應該說，只是為了向我們澄清這對於單獨的收入線或股權和貢獻意味著什麼。

Sure. So, in terms of how we would break it out, I think there's two components to that. One is in the deck itself in our various pie charts. And it'd likely either become a slice of a pie or we just create a new pie chart as it grows. In terms of how it will show up in the financial statements, the revenue stream from CCH1, for example, the recurring asset management fee and the upfront fees were just too small to break out as line items on the financial statement. But we will certainly continue to consider the right time to break those out in the future.

當然。因此，就我們如何打破它而言，我認為有兩個組成部分。其中之一就在我們各種餅圖中的甲板本身。它可能會成為餅圖的一部分，或者我們只是隨著餅圖的增長而創建一個新的餅圖。就如何在財務報表中顯示而言，例如，CCH1 的收入來源、經常性資產管理費和預付費用太小，無法在財務報表中列為單列項目。但我們肯定會繼續考慮未來打破這些的合適時機。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, this is [Tyler Bisslon] for Brian. Thank you for taking our questions. First, are there any implications from SunPower no longer providing leases and PPAs on existing SunStrong funding?

嘿，這是布萊恩的[泰勒·比斯隆]。感謝您接受我們的提問。首先，SunPower 不再提供租賃和購電協議對現有 SunStrong 資金是否有任何影響？

Additionally, you were involved in a portion of the $300 million of project financing commitment SunPower announced earlier this year. So, is there any underutilized capacity on these existing funds that may be able to get returned or redistributed?

此外，您還參與了 SunPower 今年稍早宣布的 3 億美元專案融資承諾的一部分。那麼，這些現有資金是否有未充分利用的能力可以回饋或重新分配？

So, thanks, Tyler, for the question. I may answer that a little broader than you even asked it just to assume there'll be other questions related to SunStrong. And I would ask folks to turn to page 18 in the appendix.

所以，謝謝泰勒提出的問題。我可能會回答比您問的更廣泛的問題，只是假設還會有其他與 SunStrong 相關的問題。我請大家翻到附錄中的第 18 頁。

And I think the sort of five things to understand about SunStrong and HASI is, number one, it's a very small portion of the existing portfolio.

我認為關於 SunStrong 和 HASI 需要了解的五件事是，第一，它只佔現有投資組合的一小部分。

Number two, it's been a very small portion, less than 3% of origination since 2021. So, it's not likely to impact us from an incremental business point of view.

第二，自 2021 年以來，這一比例非常小，不到起源的 3%。因此，從增量業務的角度來看，它不太可能影響我們。

Third, all of our mezz loans that are part of SunStrong are fully collateralized by underlying cash flows from leases and a little bit from loans as well.

第三，我們所有屬於 SunStrong 一部分的夾層貸款均由租賃產生的基礎現金流和少量貸款提供完全抵押。

Number four, all of the leases continue to perform as the homeowners themselves are obviously unimpacted by any disruption of SunPower.

第四，所有的租約都將繼續履行，因為房主本身顯然沒有受到任何 SunPower 中斷的影響。

And number five, the servicer can be changed based on the underlying documents. And so, there is some chance there'll be a successor servicer.

第五，服務商可以根據基礎文件進行更改。因此，有可能會出現繼任服務商。

So, when you take those five things together, we don't feel like the investments in SunStrong are at risk or at elevated risk given the challenges with the servicer. And hopefully embedded in there are answers to your questions related to the specific facility that we have. We're not funding at this point under that facility.

因此，當您將這五件事放在一起時，考慮到服務商面臨的挑戰，我們並不認為對 SunStrong 的投資面臨風險或風險增加。希望其中包含與我們擁有的特定設施相關的問題的答案。目前我們還沒有在該設施下提供資金。

Thank you. Super helpful. And then there's been a lot of investment happening in the data center world as it relates to power demand, which you discussed in your opening remarks.

謝謝。超有幫助。然後，資料中心領域發生了大量與電力需求相關的投資，您在開場白中對此進行了討論。

So, where can we expect to see this trend show up most for you? Have you seen any specific opportunities you can call out? Additionally, can you discuss a bit more specifically on how your agreement with KKR can allow you to better capture this growth? Any thoughts there would be appreciated. Thank you.

那麼，這種趨勢在哪裡最能反映出來呢？您是否看到了任何可以提出的具體機會？此外，您能否更具體地討論一下您與 KKR 的協議如何讓您更好地抓住這一成長機會？任何想法將不勝感激。謝謝。

Let me answer that last part, and then I'll let Susan Nickey answer sort of the first part of the question. The KKR benefit is really more around access to committed capital, which allows us to scale the business and rely less on capital markets. So, that vehicle will just allow us to generally scale the business in all asset classes. As it specifically relates to where we might see elevated business from data center development, I'm going to ask Susan to answer that.

讓我回答最後一部分，然後讓蘇珊尼基回答問題的第一部分。KKR 的好處實際上更在於獲得承諾資本，這使我們能夠擴大業務規模並減少對資本市場的依賴。因此，該工具將使我們能夠普遍擴展所有資產類別的業務。由於它特別關係到我們可能會從資料中心開發中看到業務成長，因此我將請 Susan 來回答這個問題。

Thanks, Jeff. Yes, the data center demand growth, we're really seeing driving the increased forecast for energy. And it seems like every week we'll get another forecast, which is continuing to escalate.

謝謝，傑夫。是的，資料中心需求的成長，我們確實看到了能源預測的成長。似乎每週我們都會收到另一個預測，而且預測還在持續升級。

So, how that translates to us, again, as we finance the largest developer sponsors who are building projects to satisfy that energy demand, we're seeing that translate into our pipeline. And a lot of the data centers are certainly the big companies, the Googles, the Amazons, and other names who are the corporate off-takers that Jeff referred to in the beginning, who are looking for not only that energy, but they want clean energy. So, that's overall driving our pipeline growth and also continuing to impact things in a different way in other parts of the sectors also positively.

那麼，這對我們來說又是如何轉化的，當我們為最大的開發商贊助商提供資金，他們正在建造項目以滿足能源需求時，我們看到這轉化為我們的管道。許多資料中心肯定是大公司，Google、亞馬遜和其他名字，他們是傑夫一開始提到的企業承購者，他們不僅尋求能源，而且想要清潔能源活力。因此，這總體上推動了我們的管道成長，並繼續以不同的方式對該行業的其他部分產生積極影響。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey, good evening. This is Hannah on for Julien. So, just a quick question around managed assets. How should we think about the pace of growth, given that they've been growing over 20% year-over-year for a few quarters now? And how should we also think about the distributions and transfers from the KKR partnership impacting that pace of growth?

嘿，晚上好。這是朱利安的漢娜。那麼，我想問一個有關託管資產的簡單問題。鑑於它們已經連續幾個季度同比增長超過 20%，我們應該如何看待成長速度？我們還應該如何考慮 KKR 合作關係的分配和轉移對成長速度的影響？

Sure. Happy to take that. I'll actually take the second one first.

當然。很高興接受。我實際上會先拿第二個。

In terms of the transfers to the CCH1 entity, I would expect that as a one-time dynamic where we had some assets on our balance sheet and use those assets to seed the partnership. On a go-forward basis, new investments would just be closed directly into CCH1. So, there would not be a transfer dynamic.

就向 CCH1 實體的轉移而言，我希望這是一種一次性動態，我們的資產負債表上有一些資產，並使用這些資產來建立合作夥伴關係。未來，新投資將直接進入 CCH1。因此，不會有轉移動態。

But in terms of how to think about the growth of managed assets, I would tie that to our annual closed transactions in that, whether they end up in our portfolio in CCH1 or being securitized, you can think about all three of those prongs showing up in managed assets and also on the closed transaction side.

但就如何考慮管理資產的成長而言，我會將其與我們的年度已完成交易聯繫起來，無論它們最終出現在我們的CCH1 投資組合中還是被證券化，您都可以考慮所有這三個方面的出現在管理資產以及封閉交易方面。

Got it. Thank you. And then just as a follow-up, generally, how are you thinking about new partnerships going forward, especially given that your shares have recovered a bit in the past few months? Is the strategy still to go out and search for new partnerships?

知道了。謝謝。然後，作為後續行動，一般來說，您如何看待未來的新合作關係，特別是考慮到您的股價在過去幾個月有所回升？策略仍然是走出去尋找新的合作夥伴嗎？

Well, it's unimpacted by the share price. Our business on the investment side of our business has been very client-centric. So, that often involves joint ventures and other partnerships with our clients. And that's an unchanged element of our strategy.

嗯，它不受股價的影響。我們的投資業務一直非常以客戶為中心。因此，這通常涉及與我們的客戶建立合資企業和其他合作夥伴關係。這是我們策略中不變的要素。

On the liability side, we've obviously done this recent transaction with KKR. That is, think of that as more or less exclusive for the next $2 billion in 18 months. And so, we won't be just yet seeking any partnerships on the liability side. We're just going to focus on operationalizing what we have with KKR.

在責任方面，我們最近顯然與 KKR 進行了這筆交易。也就是說，可以將其視為 18 個月內接下來的 20 億美元或多或少的排他性。因此，我們不會只是在責任方面尋求任何合作關係。我們將專注於實施我們與 KKR 的合作。

Ben Kallo, Baird.

本卡洛，貝爾德。

Could you just talk -- I know, Jeff, you said that KKR are providing capital. But have you seen any change in maybe deal flow or size of deals or terms around deals? I know it's new. So, that's my first question.

你能談談嗎——我知道，Jeff，你說過 KKR 正在提供資金。但您是否看到交易流量、交易規模或交易條款有任何變化？我知道這是新的。這是我的第一個問題。

Well, we've not seen any changes in deal sizes or terms of deals as specifically related to having the CCH1 program in place. So, that's really invisible to our investment side of the business, to our client relationships. It really just is a capital element to our business. And so, no, it's not impacted how we've operated on the investment side of the business.

嗯，我們沒有看到與 CCH1 計劃具體相關的交易規模或交易條款有任何變化。因此，這對於我們業務的投資方面和我們的客戶關係來說確實是看不見的。這確實是我們業務的資本要素。因此，不，這不會影響我們在業務投資方面的運作方式。

And then, I know you guys have operated under different, White Houses. But maybe could you just expand upon what you guys are hearing in D.C.? I know it changes day-by-day. But anything you can clearly give us on IRA and potential for the change?

然後，我知道你們在不同的白宮下運作過。但也許你可以擴展一下你們在華盛頓聽到的內容嗎？我知道它每天都在變化。但是您可以向我們明確提供有關 IRA 和變革潛力的任何資訊嗎？

Sure. And thanks, Ben, for the question. I'm not sure we're hearing anything different than others are hearing. But it's our general view, as I said in my prepared remark shared by others, that substantial changes in public policy related to clean energy are somewhat unlikely. Just given the economics, given the job creation, given how difficult it is to change the tax code. So it's our view that if there were, for instance, a Republican sweep, there may be some changes to things like EV tax credits and things like that. But nothing that would significantly impact our business.

當然。謝謝本提出的問題。我不確定我們聽到的與其他人聽到的有什麼不同。但正如我在其他人分享的準備好的發言中所說，我們的普遍觀點是，與清潔能源相關的公共政策不太可能發生重大變化。考慮到經濟狀況、創造就業機會以及改變稅法的難度。因此，我們認為，如果共和黨大獲全勝，電動車稅收抵免之類的事情可能會發生一些變化。但不會對我們的業務產生重大影響。

We really deem that very unlikely. And the energy transition, as I said, the demand growth, the economics are just too overwhelming, such that public policy is not going to impair the deployment of clean energy and, therefore, the addressable market for HASI.

我們確實認為這不太可能。正如我所說，能源轉型、需求成長、經濟影響太大，公共政策不會損害清潔能源的部署，從而損害 HASI 的潛在市場。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

I apologize for the background noise here. This question on the SunPower joint venture, thanks for the details you gave on that.

我對這裡的背景噪音表示歉意。關於 SunPower 合資企業的問題，感謝您提供的詳細資訊。

Just curious if it impacts your pipeline, or just trying to understand how much of that 5.5 billion pipeline is from residential solar as opposed to this. And part of that question is also how does the refinancing of the SunStrong ABS, do you think it's impacted by their decision to stop the leases in PPAs?

只是好奇它是否會影響您的管道，或者只是想了解這 55 億管道中有多少來自住宅太陽能而不是這個。這個問題的一部分還在於，SunStrong ABS 的再融資是否會受到他們停止購電協議租賃的決定的影響？

So maybe I'll take the first part, and Marc can take the second part. As it relates to pipeline, very, very minimal impact. As we showed on page 18, SunStrong-related originations have been less than 3% of total originations since 2021.

所以也許我會參加第一部分，馬克可以參加第二部分。由於它與管道有關，影響非常非常小。正如我們在第 18 頁所示，自 2021 年以來，與 SunStrong 相關的發起量佔發起總量的不到 3%。

The portion of your question that was how much resi solar is in the pipeline, when you see our pie slice of behind the meter being relatively large, a decent percentage of that is resi solar. It's still an asset class that we will continue to invest in. And so our partners there have portfolios that they continue to show us, and the asset class continues to perform well. So our overall strategy there remains intact. As it relates specifically to the SunStrong ABS portion of the question, I'm going to ask Marc to answer that.

你的問題的一部分是，有多少剩餘太陽能正在管道中，當你看到我們在電錶後面的餡餅相對較大時，其中相當大的比例是剩餘太陽能。它仍然是我們將繼續投資的資產類別。因此，我們的合作夥伴繼續向我們展示投資組合，並且資產類別繼續表現良好。因此，我們的整體策略保持不變。由於它與問題的 SunStrong ABS 部分具體相關，因此我將請 Marc 來回答。

Sure. So ultimately, the ABS investors are focused on asset-level performance, and the support that the various service providers perform to ensure that asset-level performance. And I would note that the ABS is, at this point, six years since issuance, and that asset portfolio has continued to perform extremely well.

當然。因此最終，ABS 投資者關注的是資產層面的績效，以及各個服務提供者為確保資產層面的績效所提供的支持。我要指出的是，ABS 發行至今已經六年了，而且資產組合的表現仍然非常出色。

And as we've all – as we've identified previously, the services that SunPower is providing are done through service contracts, and they can be replaced with other service providers if necessary. So I'd expect the ABS investors to continue to focus on the performance of the assets.

正如我們之前所指出的，SunPower 提供的服務是透過服務合約完成的，如有必要，可以用其他服務提供者替換它們。因此，我預計 ABS 投資者將繼續關注資產的表現。

I get it. I appreciate that. And maybe just building on Ben's question on the elections, any way to kind of think about the impact of the 5.5 billion pipeline? If EV or the other taxes, do you think, are at risk for these elections?

我得到它。我很欣賞這一點。也許只是在本關於選舉的問題的基礎上，有什麼方法可以思考 55 億美元管道的影響嗎？您認為電動車或其他稅種是否面臨這些選舉的風險？

So again, I think something like the EV tax credit would not affect our pipeline at all. And again, to repeat a bit, I think any changes that we feel are likely would not be ones that would impact our client's development or correspondingly impact our pipeline.

所以，我再次認為，像電動車稅收抵免這樣的事情根本不會影響我們的管道。再說一遍，我認為我們認為可能的任何變化都不會影響我們客戶的開發或相應地影響我們的管道。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD·考恩。

Just a couple quick ones on my side. If I was following the comments right, I think you mentioned the gain on sale guidance would step down in the second half, if I heard you right. Could you just discuss what's driving that?

我這邊只有幾個快速的。如果我沒聽錯的話，我想你提到銷售收益指引將在下半年下降，如果我沒聽錯的話。您能談談是什麼推動了這個趨勢嗎？

Sure. So what we've identified is that both in '24 and just generally within the forecast that we performed, we are forecasting relatively flat gain on sale relative to '22 and '23. And I think you're identifying that our first half of '24 has been a pretty strong half in terms of gain on sale, which would imply the back half comes down a bit.

當然。因此，我們發現，無論是在 24 年還是在我們執行的預測範圍內，我們預測銷售收益相對於 22 年和 23 年將相對持平。我認為您發現我們 24 年上半年的銷售收益相當強勁，這意味著下半年會有所下降。

And there's, of course, plenty of time in the second half of the year to continue to originate and securitize transactions. But at the end of the day, these can be somewhat lumpy, to use a term we've used before. And so we've been pretty successful in the first half of the year. And hopefully, we'll continue that success. But we have not been forecasting it.

當然，下半年有足夠的時間繼續發起交易並將其證券化。但歸根結底，用我們之前使用過的術語來說，這些可能會有些混亂。所以我們在今年上半年非常成功。希望我們能繼續取得成功。但我們還沒有預測到這一點。

Just a quick follow up on that, was the change in the REIT status a driver of the success in the first half at all or no? Not related.

對此進行快速跟進，房地產投資信託基金地位的變化是否是上半年成功的推動因素？不相關。

No, that has had no impact.

不，這沒有影響。

Got it. And then I think the portfolio yields have been quite a share sequentially. How should we think about that for the second half, just with the pipeline that you have?

知道了。然後我認為投資組合的收益率已經連續佔據相當大的份額。僅憑現有的管道，我們該如何考慮下半年的情況？

So, Jeff, I think the trend will be as we continue to fund these more recent vintage closings, that'll have a positive effect on portfolio yields. So the dynamic so far is, we have reported in the first half closing transactions at that higher yield, but many of those haven't funded yet. So you haven't really seen it show up in portfolio yield yet. So you'll see it gradually show up. Again, it's a $6 billion portfolio now. So new closings only impact portfolio yield so much. But as these new ones fund, it'll start to push up here in the second half.

所以，傑夫，我認為趨勢將是，隨著我們繼續為這些最近的年份收盤提供資金，這將對投資組合收益率產生積極影響。因此，到目前為止的動態是，我們在上半年報告了以較高收益率完成的交易，但其中許多尚未籌集資金。所以你還沒有真正看到它出現在投資組合收益率中。所以你會看到它逐漸顯現出來。再說一次，現在它的投資組合已經達到了 60 億美元。因此，新的成交量只會對投資組合收益率產生很大影響。但隨著這些新資金的流入，下半年的價格將開始上漲。

Got it. And the last one I had is just on the investment grade rating. Obvious longer duration capability, which will be great in lower rates. But does it change your approach to debt as a whole at the board level? Would you consider using more debt now that you can get it at a lower cost and for longer duration in terms of just total maximum leverage ratio or just your broader approach to debt?

知道了。我的最後一個只是投資等級評級。明顯的更長持續時間的能力，這在較低的費率下會很棒。但這是否會改變您在董事會層面對整體債務的態度？您是否會考慮使用更多的債務，因為您可以以更低的成本和更長的期限獲得債務，就總最大槓桿率而言，還是就您更廣泛的債務方法而言？

No, no change there. In fact, the rating agencies are very focused on leverage. And so to maintain the investment grade rating, we have to keep leverage where it is. So there's no view towards increasing leverage. The only real change, as Marc said, is the lower cost and longer duration.

不，沒有任何變化。事實上，評級機構非常注重槓桿率。因此，為了維持投資等級評級，我們必須將槓桿率保持在現有水準。因此，不存在增加槓桿的觀點。正如馬克所說，唯一真正的變化是成本更低且持續時間更長。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券公司。

Just to follow up on Jeff's first one, if we're looking at full year guidance after two strong quarters in the first half, understanding gain on sale was pretty high. Could you just help us think about the next two quarters and if the strong performance in the first half could imply upside to the guide?

只是為了跟進傑夫的第一個，如果我們在上半年兩個強勁的季度之後查看全年指引，就會發現銷售收益相當高。您能否幫助我們思考接下來的兩個季度，以及上半年的強勁表現是否意味著指南有上行空間？

I think that's premature, Ryan. And the guidance obviously speaks to 2026. So the first two quarters of a 12-quarter guidance period, we're off to a good start. But I don't think that causes us to bump up the guidance just yet. And I think our cadence has been to address guidance and changes in guidance in our February call. So that's likely what we'll do. We'll have more to say, or we may or may not have more to say. But if we do have something to say, we'll say it then. It's not something in the July and the November call we usually adjust.

我認為這還為時過早，瑞安。該指導意見顯然是針對 2026 年的。因此，在 12 季度指導期的前兩個季度，我們有了一個良好的開始。但我認為這還不會導致我們提高指導意見。我認為我們的節奏是在二月的電話會議中討論指導意見和指導意見的變化。所以這可能就是我們要做的事。我們會有更多話要說，或者我們可能有也可能沒有更多話要說。但如果我們確實有話要說，我們就會說。這不是我們通常在七月和十一月的電話會議中調整的事情。

Yeah, fair enough. And then just one more on the election. Understanding we've talked about what might happen if there's a change in administration and the little impact you expect there. But maybe can you talk about your customers' cadences ahead of the election? If that coming out in November has affected them at all?

是的，很公平。然後再講一個關於選舉的問題。我們已經討論過如果政府發生變化可能會發生什麼以及您期望的影響很小。但也許您可以在選舉前談談您的客戶的節奏嗎？11 月發布的內容是否對他們有影響？

Yeah. Again, with the demand growth, and really often it's sometimes the insatiable demand by corporates. And a number of our clients are the global leaders in corporate PPAs and procurement. They are continuing to develop and follow those clients and being able to provide them power, not only in the grid-connected side, but also in behind the meter and other markets opening up in community solar.

是的。再說一遍，隨著需求的成長，有時確實是企業的需求無法滿足。我們的許多客戶都是企業購電協議和採購的全球領導者。他們正在繼續開發和追蹤這些客戶，並能夠為他們提供電力，不僅在併網方面，而且在電錶後面和社區太陽能領域開放的其他市場。

So we see that. Again, the macro trends are pervasive. And states also, we have always been an important driver in opening up markets. We see that in community solar and some of the other policies they're adopting to meet the demand and capture this great economic growth opportunity for their states.

所以我們看到了這一點。同樣，宏觀趨勢是普遍存在的。也指出，我們一直是開放市場的重要推動者。我們看到，在社區太陽能和其他一些政策中，他們正在採取以滿足需求並為各州抓住這一巨大的經濟成長機會。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes. Thank you very much. I joined late, so I apologize if this was already addressed. But just kind of going back, I think, on that previous question, looking at the median term targets here and just thinking about kind of the impact to your cost of debt with the investment grade credit rating. Is it really just kind of your cadence of not updating guidance until the 4Q calls? Or are you kind of signaling that there's something out there potentially that could still kind of get you towards the lower end of that existing range?

是的。非常感謝。我加入得很晚，所以如果這個問題已經解決，我深表歉意。但我想，回到上一個問題，看看這裡的中期目標，並思考投資等級信用評級對債務成本的影響。這真的只是你們在第四季電話會議之前不更新指導的節奏嗎？還是你在暗示，有一些潛在的東西仍然可以讓你接近現有範圍的下限？

I don't know that it's really either. We're comfortable with the guidance that we've put out there. Again, we'll look at it again in February. Marc already identified an answer to a question that we had a particularly strong first half in gain on sale. And that may dip down a little bit in the second half. There's nothing thematic there. It's just more coincidental of how many securitized transactions we closed in first half versus second half of the year is more coincidental than anything. And so I don't think there's any real hidden agenda or anything. It's just the 8% to 10% through 2026, we feel good about.

我也不知道真的是這樣。我們對我們在那裡發布的指導感到滿意。同樣，我們將在二月再次關注它。馬克已經找到了一個問題的答案，即我們上半年的銷售收益特別強勁。下半年這一數字可能會略有下降。那裡沒有什麼主題。只是更巧合的是，我們上半年完成了多少證券化交易，而下半年比任何事情都更巧合。所以我不認為有任何真正的隱藏議程或任何事情。到 2026 年，這只是 8% 到 10%，我們對此感到滿意。

And as always, there's upside, there's downsides out there. And we're constantly assessing them and reforecasting our business. But we're comfortable with the guidance we have out there right now.

一如既往，有好處，也有壞處。我們不斷評估它們並重新預測我們的業務。但我們對目前的指導感到滿意。

Is it fair to say, thank you, Jeff. Is it fair to say, though, you feel better about that range since the investment grade credit rating?

可以公平地說，謝謝你，傑夫。但可以公平地說，自從投資等級信用評級以來，您對這個範圍感覺更好嗎？

Yeah, I will affirm that. We do feel better about the business, about the financial performance, about margins, having achieved investment grade. So the answer to that is yes.

是的，我會肯定這一點。我們確實對業務、財務表現、利潤率感覺更好，因為達到了投資等級。所以答案是肯定的。

Ladies and gentlemen, we have reached the end of the Q&A session. And with that, it concludes today's conference call. Thank you for joining us. And you may now disconnect your lines.

女士們、先生們，問答環節已經結束。今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。