Sunnova Energy International Inc (NOVA) 2022 Q4 法說會逐字稿

Good morning, and welcome to Sunnova's Fourth Quarter and Full Year 2022 Earnings Conference Call. Today's call is being recorded, and we have allocated an hour for prepared remarks and question and answer. At this time, I would like to turn the conference over to Rodney McMahan, Vice President, Investor Relations at Sunnova. Thank you. Please go ahead.

早上好，歡迎來到 Sunnova 的第四季度和 2022 年全年收益電話會議。今天的通話正在錄音中，我們分配了一個小時用於準備好的評論和問答。此時，我想將會議轉交給 Sunnova 投資者關係副總裁 Rodney McMahan。謝謝。請繼續。

Thank you, operator. Before we begin, please note, during today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in our slide presentation, earnings press release and our 2022 Form 10-K. Please see those documents for additional information regarding those factors that may affect these forward-looking statements. Also, we will reference certain non-GAAP measures during today's call. Please refer to the appendix of our presentation as well as the earnings press release for the appropriate GAAP to non-GAAP reconciliations and Cautionary disclosures. On the call today are John Berger, Sunnova's Chairman and Chief Executive Officer; and Robert Lane, Executive Vice President and Chief Financial Officer. I will now turn the call over to John.

謝謝你，運營商。在我們開始之前，請注意，在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受我們幻燈片演示、收益新聞稿和 2022 年 10-K 表格中描述的各種風險和不確定性的影響。有關可能影響這些前瞻性陳述的因素的更多信息，請參閱這些文件。此外，我們將在今天的電話會議中參考某些非 GAAP 指標。請參閱我們演示文稿的附錄以及收益新聞稿，了解適當的 GAAP 與非 GAAP 對賬和警示性披露。 Sunnova 的董事長兼首席執行官 John Berger 出席了今天的電話會議；執行副總裁兼首席財務官 Robert Lane。我現在將電話轉給約翰。

Good morning, and thank you for joining us. Sunnova is in the best position we have ever been in, thanks to our Energy as a Service business model and strong balance sheet. While others have cautioned about slowdowns in growth, demand for our energy services has never been stronger. Sunnova's ability to provide customers with lower energy costs, higher reliability and energy independence, all while offering a wide array of service offerings and unparalleled customer service has allowed us to actively take market share and expand our total addressable market.

早上好，感謝您加入我們。由於我們的能源即服務商業模式和強大的資產負債表，Sunnova 處於我們有史以來最好的位置。雖然其他人對增長放緩提出警告，但對我們能源服務的需求從未像現在這樣強勁。 Sunnova 能夠為客戶提供更低的能源成本、更高的可靠性和能源獨立性，同時提供範圍廣泛的服務產品和無與倫比的客戶服務，這使我們能夠積極佔據市場份額並擴大我們的總目標市場。

On Slide 3 is a summary of our financial metrics for full year 2022. Both adjusted EBITDA and the principal interest we collect from solar loans fell within our most recent full year guidance ranges. Slide 4 showcases the continued growth in Sunnova's customers, battery penetration and dealer network. During the fourth quarter, we placed a record 33,000 customers into service, which brought our total customer additions in 2022 to 87,000 and brought our total solar power generation under management to 1.8 gigawatts. These full year customer additions represented a 62% customer growth rate year-over-year and equaled the midpoint of our guidance.

幻燈片 3 總結了我們 2022 年全年的財務指標。調整後的 EBITDA 和我們從太陽能貸款中收取的本金利息都在我們最近的全年指導範圍內。幻燈片 4 展示了 Sunnova 客戶、電池滲透率和經銷商網絡的持續增長。在第四季度，我們為 33,000 名客戶提供了創紀錄的服務，這使我們在 2022 年的總客戶增加量達到 87,000 人，並使我們管理的太陽能總發電量達到 1.8 吉瓦。這些全年客戶增加代表了 62% 的客戶同比增長率，等於我們指導的中點。

Included in our fourth quarter customer additions were approximately 6,900 high-margin service-only customers. While most in the industry have ignored existing solar customers in need of repairs, we see great value in these orphan customers as they require little to no capital, create opportunities for future upsells, leverage our extensive service footprint and are immediately additive and highly accretive to our adjusted EBITDA. We -- we expect continued strong growth in this customer class as those non-Sunnova systems that were sold without a service agreement age across the country. We have seen the strong demand for our energy services carry into the new year as customer originations last month were approximately 125% higher than in January of last year, a trend that continues.

我們第四季度增加的客戶中包括大約 6,900 名高利潤的純服務客戶。雖然業內大多數人都忽視了現有需要維修的太陽能客戶，但我們看到了這些孤兒客戶的巨大價值，因為他們幾乎不需要資本，為未來的追加銷售創造機會，利用我們廣泛的服務足跡，並立即增加和高度增值我們調整後的 EBITDA。我們——我們預計這一客戶類別將繼續強勁增長，因為那些在全國范圍內沒有服務協議年齡就銷售的非 Sunnova 系統。我們已經看到對我們的能源服務的強勁需求進入新的一年，因為上個月的客戶來源比去年 1 月高出約 125%，這一趨勢仍在繼續。

While investors may be concerned that growing macroeconomic challenges could weaken residential solar growth, our business model has enabled us to navigate those challenges while also increasing our market share in total addressable market through our Sunnova Adaptive Home and Sunnova Adaptive business offerings. Additionally, our battery penetration rate continues to grow and reached 15.2% as of December 31, 2022, inclusive of over 2,500 battery retrofits we have performed life to date. In the fourth quarter, we further eclipsed our year-end target of dealers, subdealers and new homes installers ending the year with well in excess of 1,000 dealers.

雖然投資者可能擔心日益增長的宏觀經濟挑戰會削弱住宅太陽能的增長，但我們的商業模式使我們能夠應對這些挑戰，同時通過我們的 Sunnova Adaptive Home 和 Sunnova Adaptive 業務產品增加我們在總目標市場中的市場份額。此外，我們的電池滲透率持續增長，截至 2022 年 12 月 31 日達到 15.2%，其中包括我們迄今為止進行的 2,500 多次電池改造。在第四季度，我們進一步超越了年底經銷商、分經銷商和新房安裝商的年終目標，經銷商數量遠遠超過 1,000 家。

Finally, we have updated our customer contract life and expected cash inflows. As of December 31, 2022, the weighted average contract life remaining on our customer contracts equaled 22.3 years and expected cash inflows from those customers over the next 12 months increased to $0.5 billion, an increase of 30% from December 31, 2021. We -- our ability to deliver on these metrics, despite various macroeconomic headwinds and significant growth investments is a testament to the strength of our Energy as a Service business model and our unwavering focus on long-term contracted cash flows. I will now hand the call over to Rob, who will walk you through our financial highlights.

最後，我們更新了客戶合同期限和預期現金流入。截至 2022 年 12 月 31 日，我們客戶合同剩餘的加權平均合同期限為 22.3 年，未來 12 個月來自這些客戶的預期現金流入增加到 5 億美元，比 2021 年 12 月 31 日增加 30%。我們 - - 儘管存在各種宏觀經濟逆風和重大增長投資，但我們實現這些指標的能力證明了我們能源即服務業務模式的實力以及我們對長期合同現金流的堅定關注。我現在將電話轉給 Rob，他將向您介紹我們的財務亮點。

Thank you, John. Starting on Slide 6, you will see the continuous improvement in our financial results over the past several years. Our 2022 revenue was over 5x greater than our 2018 revenue, all over the same period. Adjusted EBITDA nearly tripled and the principal and interest we collected from solar loans increased by more than a factor of 10. Slide 7 summarizes our 2022 financing activity and current liquidity position. The financing transactions completed in 2022 included $552 million in tax equity funds, $1.1 billion in asset-backed securitizations, $600 million of convertible debt, a $575 million loan warehouse restructuring and a $690 million warehouse restructuring for our leases and power purchase agreements. While our November 2022 securitization priced to the yield above prior securitizations, our weighted average cost of debt and issuance remains in the 400 basis points range at 4.5%.

謝謝你，約翰。從幻燈片 6 開始，您將看到過去幾年我們財務業績的持續改善。我們 2022 年的收入是同期 2018 年收入的 5 倍多。調整後的 EBITDA 幾乎翻了三倍，我們從太陽能貸款中收取的本金和利息增加了 10 倍以上。幻燈片 7 總結了我們 2022 年的融資活動和當前的流動性狀況。 2022 年完成的融資交易包括 5.52 億美元的稅收股權基金、11 億美元的資產支持證券化、6 億美元的可轉換債務、5.75 億美元的貸款倉庫重組以及 6.9 億美元的租賃和購電協議倉庫重組。雖然我們 2022 年 11 月的證券化定價為高於之前證券化的收益率，但我們的債務和發行加權平均成本仍保持在 4.5% 的 400 個基點範圍內。

Additionally, more recent data points indicate that the cost of capital is potentially stabilizing for our industry while monopoly utility rates have continued to increase, giving us and our dealers' headroom to expand our unlevered returns. Included in our $664 million of liquidity as of December 31, 2022, are both our restricted and unrestricted cash as well as the available collateralized liquidity we could draw upon from our tax equity and warehouse credit facilities. Given the available unencumbered assets as of December 31, 2022, this available collateralized liquidity equals $118 million. Beyond that, subject to available collateral, we had $360 million of additional capacity in our warehouses and open tax equity funds at year-end. Combined, these amounts represent nearly $1 billion of liquidity available, exclusive of any additional tax equity funds, securitization closures in the money interest rate hedges or further warehouse expansions in 2023. -- on Slide 8, you will see our fully burdened unlevered return on new origination increased to 10% as of December 31, 2022, based on the trailing 12 months.

此外，最近的數據點表明，我們行業的資本成本可能趨於穩定，而壟斷效用率繼續上升，為我們和我們的經銷商提供擴大無槓桿回報的空間。截至 2022 年 12 月 31 日，我們的 6.64 億美元流動資金中包括我們的受限和非受限現金，以及我們可以從我們的稅收股權和倉庫信貸設施中提取的可用抵押流動資金。鑑於截至 2022 年 12 月 31 日可用的未支配資產，可用的抵押流動性為 1.18 億美元。除此之外，根據可用抵押品，我們在年底的倉庫和開放稅收股權基金中擁有 3.6 億美元的額外容量。這些數額加起來代表了近 10 億美元的可用流動性，不包括任何額外的稅收股權基金、貨幣利率對沖中的證券化關閉或 2023 年的進一步倉庫擴張。--在幻燈片 8 上，您將看到我們完全負擔的無槓桿回報根據過去 12 個月的數據，截至 2022 年 12 月 31 日，新發源地增加到 10%。

On a quarter-to-date basis, this return equaled 11% as of December 31, 2022, an increase of 230 basis points since December 31, 2021.

按季度初計算，截至 2022 年 12 月 31 日，這一回報率為 11%，自 2021 年 12 月 31 日以來增加了 230 個基點。

The implied spread for the trailing 12 months remain unchanged in the prior quarter as the increase in our fully burdened unlevered return was offset by a higher weighted average cost of debt, primarily driven by our November 2022 securitization. Our current view of the capital market suggests that the implied spread today has increased back to above 500 basis points, and we expect this spread to approach 600 basis points in the coming months. Slide 9 reflects the strong growth we have seen in our gross contracted customer value and net contracted customer value or NCCV.

過去 12 個月的隱含利差在上一季度保持不變，因為我們完全負擔的無槓桿回報的增加被更高的加權平均債務成本所抵消，這主要是由我們 2022 年 11 月的證券化推動的。我們目前對資本市場的看法表明，今天的隱含利差已回升至 500 個基點以上，我們預計未來幾個月該利差將接近 600 個基點。幻燈片 9 反映了我們在合同客戶總價值和合同客戶淨價值或 NCCV 方面看到的強勁增長。

At a 4% discount rate, wherein we originated our Triple Double triple plan, NCCV was $2.9 billion, an increase of 37% compared to December 31, 2021. Our December 31, 2022 NCCV at this discount rate equates to approximately $10,300 per customer and $25.02 per share. As of December 31, 2022, NCCV was $2.3 billion discounted at 6%, an increase of 42% compared to December 31, 2021. Our December 31, 2022, in TCV at this discount rate equates to approximately $8,200 per customer and $20.01 per share. Our commitment to service allows us to benefit from low default and delinquency rates.

以 4% 的折扣率計算，我們發起了我們的 Triple Double 三重計劃，NCCV 為 29 億美元，與 2021 年 12 月 31 日相比增長了 37%。我們 2022 年 12 月 31 日的 NCCV 在此折扣率下相當於每位客戶約 10,300 美元，並且每股 25.02 美元。截至 2022 年 12 月 31 日，NCCV 為 23 億美元，折現率為 6%，與 2021 年 12 月 31 日相比增長了 42%。我們在 2022 年 12 月 31 日的 TCV 按此折現率計算相當於每位客戶約 8,200 美元和每股 20.01 美元.我們對服務的承諾使我們能夠從低違約率和拖欠率中受益。

This is not a new or unintentional phenomenon, rather it is the foundation of our business model. Currently, we are seeing approximately 25 basis points in value loss from net defaults, while the market assumes this loss rate to be closer to 120 basis points. This disconnect between reality and market assumptions directly benefits us as we have elected to retain the underlying contracted cash flows, meaning that the NCCV, we actually realized in cash is above the discounted value, especially at higher discount rates. In the 10-plus years, Sunnova has been in business, our total capital loss for all systems is only $100 million, which represents less than 2% of cumulative capital deployed over those 10 years. This compares quite favorably to the recent KBRA listed average of 1.4% for solar loans, which would have translated to a 14% cumulative capital loss for our peers taken as a whole over the same period.

這不是一個新的或無意的現象，而是我們商業模式的基礎。目前，我們看到淨違約造成的價值損失約為 25 個基點，而市場假設這一損失率接近 120 個基點。現實與市場假設之間的這種脫節直接使我們受益，因為我們選擇保留基礎合同現金流量，這意味著我們實際以現金實現的 NCCV 高於貼現值，尤其是在貼現率較高的情況下。在 Sunnova 開展業務的 10 多年裡，我們所有系統的總資本損失僅為 1 億美元，佔這 10 年累計部署資本的不到 2%。這與最近 KBRA 列出的太陽能貸款平均 1.4% 相比相當有利，這將轉化為同期我們同行作為一個整體的 14% 的累計資本損失。

On Slide 10, you will see our NCCV per share as of our IPO date and each subsequent year-end compared to Synovus share price as of the same day. While our NCCV per share has approximately doubled since our IPO, with over half of this value creation coming in 2022, our equity has not responded. In fact, even though our business model has created significant operating leverage of long-term contracted cash flows, shares of Sunnova recently have been trading and continue to trade well below our NCCV per share. This means our equity value is reflecting negative value for growth, our platform and the customer option value we retain.

在幻燈片 10 上，您將看到我們在 IPO 日期和隨後每個年末的每股 NCCV 與截至同一天的 Synovus 股價的比較。自首次公開募股以來，我們的每股 NCCV 大約翻了一番，其中超過一半的價值創造將在 2022 年實現，但我們的股權並未做出回應。事實上，儘管我們的商業模式為長期合同現金流創造了顯著的經營槓桿，但 Sunnova 的股票最近一直在交易，並且繼續遠低於我們的每股 NCCV。這意味著我們的股權價值反映了增長、我們的平台和我們保留的客戶期權價值的負價值。

On Slide 11, we have taken a different approach for our evaluation by referencing our stock price as a multiple of adjusted EBITDA plus principal and interest from solar loans. Even though our key financial metrics have grown significantly, our valuation clearly has not followed suit as at the end of 2022, shares of Sunnova were trading at a multiple lower than at the end of any of the previous years post IPO. This is all despite solid execution as a public company, rapid growth and the passage of the inflation Reduction Act.

在幻燈片 11 中，我們採用了不同的評估方法，將我們的股價作為調整後 EBITDA 加上太陽能貸款本金和利息的倍數。儘管我們的關鍵財務指標顯著增長，但我們的估值顯然沒有跟上，截至 2022 年底，Sunnova 的股票交易價格低於 IPO 前幾年末的市盈率。儘管作為一家上市公司執行力強，增長迅速，並且通過了《降低通貨膨脹法案》，但這一切都是如此。

Slides 13 through 15 provide our detailed 2023 guidance and liquidity forecast issued during Sunnova's Analyst Day and our major metric growth plan, the Triple Double Triple. Given the strong demand we continue to see for our Energy Services accompanied by our robust backlog and the insight we have into our future financial results for retaining our long-term contracted cash flows we can confidently reaffirm our full year 2023 guidance as well as our Triple Double Triple plan. We expect to capture 10% of our 2023 adjusted EBITDA, together with the principal interest we collect from solar loans in the first quarter, increasing to 20% in Q2, 30% in Q3 and 40% in Q4. We expect our 2023 customer additions to occur more evenly with 45% of additions occurring during the first half of the year. I will now turn the call back over to John.

幻燈片 13 至 15 提供了我們在 Sunnova 分析師日期間發布的詳細的 2023 年指導和流動性預測以及我們的主要指標增長計劃，三重雙三。鑑於我們繼續看到對能源服務的強勁需求，伴隨著我們強勁的積壓，以及我們對未來財務業績的洞察力，以保留我們的長期合同現金流，我們可以自信地重申我們的 2023 年全年指導以及我們的三重雙三計劃。我們預計將獲得 2023 年調整後 EBITDA 的 10%，以及我們在第一季度從太陽能貸款中收取的本金利息，第二季度增加到 20%，第三季度增加到 30%，第四季度增加到 40%。我們預計我們 2023 年的客戶增加將更加均勻，其中 45% 的增加發生在今年上半年。我現在將把電話轉回給約翰。

Thanks, Rob. Consumer energy service demands have quickly evolved over the last few years, and we have seen what used to be a simple solar sale shift in the consumer's mind from that of a product purchase of panels on a roof to a more sophisticated technology-enabled service purchase. We continue to bring new technologies such as batteries, load managers, electric vehicle chargers, quiet generators and other hardware from various manufacturers together. We are integrating these technologies from various manufacturers in a way that delivers a superior energy service for the stationary and transportation energy needs of homeowners and businesses. We've increasingly seen more home and business owners acknowledge the inherent value of the energy services that Sunnova provides resulting in continued strong demand.

謝謝，羅布。消費者能源服務需求在過去幾年迅速發展，我們已經看到消費者心目中過去簡單的太陽能銷售從購買屋頂面板的產品轉變為購買更複雜的技術支持服務.我們不斷將來自不同製造商的電池、負載管理器、電動汽車充電器、靜音發電機和其他硬件等新技術匯集在一起。我們正在整合來自不同製造商的這些技術，為房主和企業的固定和交通能源需求提供卓越的能源服務。我們越來越多地看到越來越多的家庭和企業主承認 Sunnova 提供的能源服務的內在價值，從而導致持續強勁的需求。

Illustrated on Slide 17, Sunnova's Energy as a Service business model, which encompasses our adaptive home, business and community platforms, our large network of dealers and our access to best-in-class equipment manufacturers is allowing us to scale at an increasing rate. By supplying consumers with best in market solutions that are supported by our Sunnova's software platform and up to 25 years of Sunnova Protect service, we continue to pick up additional market share from single product and service constrained companies and expand our total addressable market.

如幻燈片 17 所示，Sunnova 的能源即服務業務模型包括我們的自適應家庭、企業和社區平台、我們龐大的經銷商網絡以及我們與一流設備製造商的聯繫，這使我們能夠以更快的速度擴展。通過為消費者提供由我們的 Sunnova 軟件平台和長達 25 年的 Sunnova Protect 服務支持的市場最佳解決方案，我們繼續從單一產品和服務受限的公司那裡獲得額外的市場份額，並擴大我們的總目標市場。

On Slide 18, you will see Sunnova's U.S. residential market coverage. We currently offer services in 54 U.S. states and territories. Sunnova has an extensive and growing footprint, and we are confident in our ability to reach comprehensive national coverage by 2024 with the broadest Energy-as-a-Service portfolio in the industry. We believe that energy technologies should be integrated together through software and prompt service response to deliver a more reliable power service at a better price. Sunnova offers solutions that complement the energy sale and create additional pathways to value creation, allowing us to deepen our service relationships over time while increasing our share of wallet and overall NCCV per customer. This extends to our Sunnova Protect and repair services and aggregation sales and is supported by our open approach to all forms of contractors and financing. The Sunnova portfolio is comprehensive and growing, and you should expect to see additional innovation from us in the months ahead.

在幻燈片 18 上，您將看到 Sunnova 的美國住宅市場覆蓋範圍。我們目前在美國 54 個州和地區提供服務。 Sunnova 擁有廣泛且不斷增長的足跡，我們有信心通過業內最廣泛的能源即服務產品組合，到 2024 年實現全面的全國覆蓋。我們認為，能源技術應該通過軟件和及時的服務響應集成在一起，以更優惠的價格提供更可靠的電力服務。 Sunnova 提供的解決方案可以補充能源銷售並創造額外的價值創造途徑，使我們能夠隨著時間的推移加深我們的服務關係，同時增加我們的錢包份額和每個客戶的整體 NCCV。這擴展到我們的 Sunnova Protect 和維修服務以及聚合銷售，並得到我們對所有形式的承包商和融資的開放方法的支持。 Sunnova 產品組合全面且不斷增長，您應該期待在未來幾個月內看到我們的更多創新。

Turning to Slide 19. Sunnova's commercial business continues to see significant market expansion and project pipeline growth, including demand for microgrids, electric vehicle charging and resiliency solutions. -- escalating utility rates have further increased demand for Sunnova's adaptive business offerings as business owners increasingly seek greater savings on operating expenses in a high interest rate environment. We will continue to expand Sunnova's business markets to mirror our residential markets coverage. Indeed, Sunnova continues to execute across the board on our Energy-as-a-Service business model. We continue to take market share and increase our total addressable market. Thus, we are confident in our ability to meet or exceed our 2023 guidance targets. With that, operator, please open the line for questions.

轉到幻燈片 19。Sunnova 的商業業務繼續看到顯著的市場擴張和項目管道增長，包括對微電網、電動汽車充電和彈性解決方案的需求。 ——不斷上升的公用事業費率進一步增加了對 Sunnova 自適應業務產品的需求，因為企業主越來越多地尋求在高利率環境下節省更多的運營費用。我們將繼續擴大 Sunnova 的商業市場，以反映我們對住宅市場的覆蓋範圍。事實上，Sunnova 繼續全面執行我們的能源即服務業務模型。我們繼續佔據市場份額並增加我們的總目標市場。因此，我們對實現或超過 2023 年指導目標的能力充滿信心。有了這個，接線員，請打開問題線路。

Of course... (Operator Instruction] And our first question today comes from Philip Shen from Roth Capital. Philip...

當然...（操作員說明）我們今天的第一個問題來自Roth Capital的Philip Shen。Philip ...

John, you said originations were up 125% year-over-year in January, and you highlighted that this trend continues. You also maintained your 23 customer growth guide. How much upside do you think there could be to that 35% year-over-year growth? Where are you seeing that strength, which states in any states with weakness? And then ultimately, with the lease loan mix in the originations, what are you seeing there? And do you expect that mix to shift in '23? Where do you think this ends up in Q4 of this year?

約翰，你說 1 月份的發起人數同比增長了 125%，你強調這種趨勢仍在繼續。您還維護了 23 客戶增長指南。您認為 35% 的同比增長還有多大的上升空間？你在哪裡看到那種力量，在任何弱點狀態下的狀態？然後最終，在起源中混合了租賃貸款，你在那裡看到了什麼？您是否希望這種組合在 23 年發生變化？你認為這會在今年第四季度結束嗎？

Phil, this is John. A lot of questions there. So, let's see if I catch them all. First, yes, the growth is extremely strong. There's no doubt about that. And what I would say is that we did have a, I would say, a vigorous debate about raising guidance on growth and decided to wait for at least the next quarter. The Q1 call give us another 60 days or so. If this does continue, then we'll readdress guidance at that point in time.

菲爾，這是約翰。那裡有很多問題。所以，讓我們看看我是否抓住了他們。首先，是的，增長非常強勁。毫無疑問。我要說的是，我們確實就提高增長指引進行了一場激烈的辯論，並決定至少等到下個季度。 Q1 電話給了我們 60 天左右的時間。如果這種情況持續下去，那麼我們將在那個時間點重新制定指南。

But the growth is very, very heavy. In terms of where are we seeing it, I would say it's fair to say the Northeast Mid-Atlantic is on fire in the sense of demand. It's been very, very heavy, and it's not a recent phenomenon. It's been over the last 4 to 5 months. but we're also seeing some pretty good growth in Florida, Texas and across the mid-part, Mid-Continent of the country as well. We've never had a big presence in California. And frankly, that's not been a place where we picked up any incremental other than in terms of the overall growth rate of the company is obviously very high. So, we continue to grow share out there. I mean we do expect to pick more especially after NIM 3.0 is put in place, just given our energy-as-a-service model versus a product sale industry that's dominated out there.

但增長非常非常沉重。就我們在哪裡看到它而言，我想說東北中大西洋在需求方面正在火上澆油是公平的。它非常非常重，而且這不是最近才出現的現象。在過去的 4 到 5 個月裡。但我們也看到佛羅里達州、得克薩斯州以及該國中部、中部大陸的一些相當不錯的增長。我們從來沒有在加利福尼亞有過很大的影響力。坦率地說，除了公司的整體增長率顯然非常高之外，我們並沒有獲得任何增量。因此，我們繼續擴大份額。我的意思是我們確實希望選擇更多，尤其是在 NIM 3.0 到位之後，只是考慮到我們的能源即服務模型與在那裡占主導地位的產品銷售行業。

In terms of lease and loan, we've definitely seen on our solar, if you will, transactions that don't include some of the other pieces of the energy-as-a-service model we have, generators batteries and many load management, EV chargers, et cetera. We have seen a decided shift to at least, I would say, in that kind of core part of the business with solar, a 60-40 split. So, we feel like that will move 657 lease PPA to loan. However, I want to strongly caution that the other parts of our business that make up an energy service to the customer are typically dominated by loans. It can be, for instance, batteries and generators and other services in products, load management, EV charging, et cetera. So -- and we're seeing explosive growth in those areas as a lot of customers don't have those technologies. They're buying EVs for instance. And so, we do want to caution that we think that there's still good growth in the loan side of the business as well.

在租賃和貸款方面，我們肯定已經在我們的太陽能上看到了交易，如果您願意的話，交易不包括我們擁有的能源即服務模型的其他部分、發電機電池和許多負載管理、電動汽車充電器等。我們已經看到了一個明顯的轉變，至少，我想說，在太陽能業務的核心部分，60-40 的分配。因此，我們認為這會將 657 筆租賃 PPA 轉為貸款。但是，我想強烈提醒您，我們業務的其他部分構成了向客戶提供能源服務，通常以貸款為主。例如，它可以是電池和發電機以及產品、負載管理、EV 充電等方面的其他服務。所以——我們看到這些領域出現了爆炸性增長，因為許多客戶沒有這些技術。例如，他們正在購買電動汽車。因此，我們確實要提醒的是，我們認為該業務的貸款方面仍然有良好的增長。

But overall, it's impressive growth. I think it's very clear why we're experiencing the growth. The business has changed. The industry has changed. And the NIM 3.0 is actually a benefit to the service providers. I think everybody has heard that now. I think our voice will be the loudest as we're the most focused and the biggest as an energy service company. And when you look at the sale of a service, it's a lot more complex. It's not a product sale. And that's something that goes to exactly what we are. And there is a lot of equipment out there. I think it's fair to say we're swimming in equipment as an industry at this point in time. And as you pointed out, and I ratified it, as others have the loan to lease, and there's not many lease PPA providers out there to have the capability and balance sheet and financing capability to execute on that. So, we're in a very good spot, a really good spot. And as I said in my opening remarks, we've never been in a stronger position.

但總的來說，這是令人印象深刻的增長。我認為我們正在經歷增長的原因非常清楚。業務發生了變化。行業發生了變化。而 NIM 3.0 實際上是對服務提供商的一個好處。我想現在每個人都聽說過。我認為我們的聲音將是最大的，因為我們是最專注和最大的能源服務公司。當您查看服務的銷售時，它要復雜得多。這不是產品銷售。這正是我們的本性。那裡有很多設備。我認為可以公平地說，我們在這個時間點作為一個行業正在游泳。正如你所指出的，我批准了它，因為其他人有貸款可以租賃，而且沒有多少租賃 PPA 供應商有能力、資產負債表和融資能力來執行它。所以，我們處在一個非常好的位置，一個非常好的位置。正如我在開場白中所說，我們從未處於如此有利的地位。

Great. Great color there. My follow-up here is on new dealers, and we've been tracking the need for -- and wanted dealers to shift over to a leased platform over the past few months. Can you talk about your ability to onboard these new dealers in '23? How many more could you add? How or have your inbounds from these new dealers accelerated in the past few months? What are your approval rates for these dealers? And could they be a source of upside to 2023 that people may not be thinking about? How much more upside could there be to customer additions from these dealers?

偉大的。那裡的顏色很棒。我在這裡的後續行動是關於新經銷商的，我們一直在跟踪需求 - 並希望經銷商在過去幾個月內轉移到租賃平台。你能談談你在 23 年加入這些新經銷商的能力嗎？你還能加多少？在過去的幾個月裡，這些新經銷商的進貨速度如何或有沒有加快？您對這些經銷商的認可度如何？它們是否會成為人們可能沒有考慮到的 2023 年上漲的來源？這些經銷商的客戶增加還有多少好處？

Yes. There's no question that we're seeing a huge influx of dealers. I would also say there's other industries such as, I guess, a broad description would be home automation with the load management. They have a lot of contractors that they want to come in and provide the entire Energy as a Service model. generator contractors. Obviously, they've got freed up capacity here over the last few months, and they're very interested in selling the entire bundle in service that Sunnova provides. So, there's a lot more sourcing of different types of labor out there, and we're plugging and we've built a software platform and continue to do so. I would say that software is really a weapon. And it's something that you'll be increasingly focused on the service providers is what is your software capabilities? How can you include and incorporate all the different types of contractors that exist out there because there's many, many different models, and they all have their niches and work in their own way. And we're seeing -- I'll give you a specific example. We had our dealer Summit. And as a founder, I got to tell you, I was blown away, and this was about 4 weeks or so ago, but just the sheer attendance. It was over 4x what we had last year. I think there was a lot of good news that you and maybe others picked up on that. Everybody was quite impressed with what we have. We have a lot of work to do, but we're seeing a lot of interest in what we have to provide. So, I think there's tremendous upside in the dealer growth number, and that will continue to provide an additional lift on our growth.

是的。毫無疑問，我們看到大量經銷商湧入。我還想說還有其他行業，比如，我想，一個廣泛的描述是具有負載管理的家庭自動化。他們有很多承包商，他們想加入並提供整個能源即服務模型。發電機承包商。顯然，在過去的幾個月裡，他們已經釋放了這裡的容量，並且他們非常有興趣銷售 Sunnova 提供的整個捆綁服務。因此，那裡有更多不同類型的勞動力外包，我們正在堵塞，我們已經建立了一個軟件平台，並將繼續這樣做。我會說軟件真的是一種武器。您將越來越關注服務提供商的事情是您的軟件功能是什麼？你怎麼能包括和合併現有的所有不同類型的承包商，因為有很多很多不同的模型，他們都有自己的利基並以自己的方式工作。我們看到 - 我會給你一個具體的例子。我們舉辦了經銷商峰會。作為創始人，我必須告訴你，我被震驚了，這是大約 4 週前的事，但僅僅是出席人數而已。這是我們去年的 4 倍多。我認為您和其他人可能都注意到了很多好消息。每個人都對我們所擁有的印象深刻。我們有很多工作要做，但我們看到很多人對我們必須提供的東西感興趣。因此，我認為經銷商增長數量有巨大的上升空間，這將繼續為我們的增長提供額外的推動力。

The next question comes from Julien Dumoulin-Smith from Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Appreciate the time of the opportunity to connect. Nicely done again. Just first up, service customer mix. Can you guys talk a little bit about how you're expecting that to trend through the course this year. Can you talk a little bit about what the economics of those customers sort of, i.e., like what are the various sources of these service customers, if you will? Just a little bit of the backdrop there? And then altogether, also a little bit of the mix of your customer origination regionally as well, if you can comment, given your growth expectations.

珍惜有機會建立聯繫的時間。又乾得漂亮。首先，服務客戶組合。你們能談談你們對今年課程的預期趨勢嗎？你能談談這些客戶的經濟狀況嗎，比如這些服務客戶的各種來源是什麼，如果你願意的話？那裡只有一點點背景嗎？然後，考慮到您的增長預期，如果您可以發表評論，還有一些區域客戶來源的混合。

Julien, this is John. Yes, we're not going to break out the different types of services we offer, the contract is more than we've done in the -- which I think is a lot, maybe too much in the back of the appendix in our slides. What I would say is that we continue to see explosive growth in the service-only business. There is an aging fleet out there. There's some equipment that needs to be replaced. I think that's something that's not discussed a lot that there's -- and it doesn't mean it's bad equipment. It just means that there's failure rates out there, and nobody is focused on it. The entire industry has been built on the new customer. I mean, the entire industry, the equipment, all of the other competitors we have, the loan-only providers, the contractors, everybody. And we're seeing a huge demand for customers as those power rates go up from utilities to have their system online 8,760 hours in a year. It's really not difficult. The power rate is a lot higher in the monopoly. So -- and it keeps getting higher, so customers want that service on from Sunnova or there are other providers, there are other product providers, if you will. And so, they call us to get repaired.

朱利安，這是約翰。是的，我們不會分解我們提供的不同類型的服務，合同比我們所做的要多——我認為這很多，也許在我們幻燈片的附錄後面太多了.我要說的是，我們繼續看到純服務業務的爆炸式增長。那裡有一支老化的艦隊。有一些設備需要更換。我認為這是沒有太多討論的東西——這並不意味著它是糟糕的設備。這只是意味著那裡有失敗率，沒有人關注它。整個行業都建立在新客戶的基礎上。我的意思是，整個行業、設備、我們擁有的所有其他競爭對手、只提供貸款的供應商、承包商，每個人。我們看到對客戶的巨大需求，因為公用事業公司的電價上漲到每年 8,760 小時的系統在線時間。這真的不難。壟斷中的電價要高很多。所以 - 它越來越高，所以客戶希望從 Sunnova 或其他供應商那裡獲得該服務，如果你願意的話，還有其他產品供應商。因此，他們打電話給我們進行維修。

In terms of the profitability, we are targeting that 50% gross margin to adjusted EBITDA per transaction. I wouldn't say we get all of it there, but that is where we're targeting. We do get quite a bit there. So, they're pretty profitable customers, and we still see a tremendous amount of demand and growth, and we'll continue to build out our software capability and our logistics capability, both in supply chain and the actual -- our technicians that go out there and get things fixed for customers getting back online where they can have a better energy service at a better price.

就盈利能力而言，我們的目標是每筆交易調整後 EBITDA 的毛利率為 50%。我不會說我們把所有的東西都放在那裡，但那是我們的目標。我們確實在那裡得到了很多。所以，他們是非常有利可圖的客戶，我們仍然看到巨大的需求和增長，我們將繼續建立我們的軟件能力和我們的物流能力，無論是在供應鍊和實際 - 我們的技術人員在那里為客戶修復問題，讓他們可以以更優惠的價格獲得更好的能源服務。

Got it. But you don't have a specific expectation on, hey, out of the $120 million for this year, we're going to do x amount of service arrangements versus more traditional type of customer contracts at this point. You don't want to set that expectation. Maybe the other one as a related one would be gain on sale type composition within your '23 guide, what you would share at this point on expectations?

知道了。但是你沒有具體的期望，嘿，在今年的 1.2 億美元中，我們將在這一點上做 x 數量的服務安排，而不是更傳統類型的客戶合同。你不想設定那個期望。也許另一個相關的是在你的 23 年指南中獲得銷售類型的組合，你會在這一點上分享什麼期望？

Yes, I'll turn that over to Rob.

是的，我會把它交給 Rob。

Yes. As you know, we hit ROCF-positive back in 2021, which meant that the cash flow from the operating assets was more than covering the debt service and operating costs at that point. So, at the past 2 years, we've been using gain on sale and accelerated payments to complement our recurring cash flow. You've seen this in our inventory sales. You've seen this in -- we have some of the new homes customers who opt to go straight into a purchase of a system. So, if we look ahead to in and we're looking at the customer cash flows from the cash and direct sales, inventory sales, direct service, new home sales, forward flow activities, loan prepayments as well. I'd probably put that in there and ITC transferability that's allowed under IRA. We're looking at that to be about 24%, give or take, of our customer cash inflows compared to about 17% is what we had in 2022. So, there is a bit of a pickup there as a total percentage. But it's really just continuing a trend that we had already started in '21 and accelerated back into '22.

是的。如您所知，我們在 2021 年實現了 ROCF 正值，這意味著來自經營資產的現金流超過了當時的償債和運營成本。因此，在過去的兩年裡，我們一直在使用銷售收益和加速付款來補充我們的經常性現金流。您已經在我們的庫存銷售中看到了這一點。你已經看到了這一點——我們有一些新房客戶選擇直接購買系統。因此，如果我們展望未來，我們正在研究來自現金和直接銷售、庫存銷售、直接服務、新房銷售、遠期流動活動、貸款預付款的客戶現金流。我可能會把它放在那里以及 IRA 允許的 ITC 可轉讓性。我們認為這大約占我們客戶現金流入的 24%，而 2022 年這一比例約為 17%。因此，總百分比有所回升。但這實際上只是在延續我們已經在 21 年開始並加速回到 22 年的趨勢。

The next question is from Brian Lee from Goldman Sachs.

下一個問題來自高盛的 Brian Lee。

I guess on the guidance here, I appreciate some of the seasonality and the cadence. But I had a question, just if you look historically, you had more like 30% of EBITDA and P&I showing up in 4Q of each year. You're guiding to much more seasonal in the higher 40% for 2023. Kind of walk us through that, maybe the puts and takes. And does that create more risk versus prior years given the higher back-end weighting? Just wondering how you have the visibility here into the later half of the year, especially 4Q given the high weighting there? And then I had a follow-up.

我想根據這裡的指導，我欣賞一些季節性和節奏。但我有一個問題，如果你回顧歷史，你會發現每年第四季度有 30% 的 EBITDA 和 P&I 出現。你正在指導 2023 年更高的 40% 中更具季節性。讓我們了解一下，也許是看跌期權。考慮到更高的後端權重，這是否會產生比往年更多的風險？只是想知道你如何看待今年下半年的能見度，尤其是第四季度，因為那裡的權重很高？然後我進行了跟進。

Yes, Brian, this is John. I'll answer the part of the question and then turn it over to Rob to answer the remaining part. I want to first point out that the additions -- customer additions are more evenly weighted this year, and that's directly attributable to that we've got either in-service customers at this point, which were well ahead of the quarter plan so far, and I expect that trend to continue or in the backlog well over 50% of the customers that we expect in our guidance at our midpoint already for this year. So, I think that, that front-end loading of the customers that we expect for a guidance plan is part of the answer of this is that those cash flows will eventually catch up in the back half, but there's some other moving pieces as well or pieces, and I'll let Rob address those.

是的，布賴恩，這是約翰。我將回答問題的一部分，然後將其交給 Rob 來回答剩餘部分。我想首先指出的是，今年增加的客戶增加的權重更均勻，這直接歸因於我們目前有服務中的客戶，這遠遠超過了迄今為止的季度計劃，我預計這種趨勢將繼續下去，或者積壓超過 50% 的客戶，我們在今年的中點指導中預計。所以，我認為，我們期望指導計劃的客戶前端加載是答案的一部分，即這些現金流最終會在後半部分趕上，但還有其他一些變動因素或碎片，我會讓 Rob 解決這些問題。

Yes. I mean, there's some stuff that we're front-loading a little bit of some of our investments and some of the stuff that we're working on for the full year into the first quarter. And traditionally, we sort of spread those out a little bit more, but we felt it was important to try to get some stuff done in the first quarter that we're going to have to expense just from an operating -- just falls down to the operating expense. And the second one is that some of the gain on sale pieces that we've already got in place are going to actually occur in the second half of the year. And so that's got a little bit of that skew. But generally speaking, I would say that a lot of what we've seen is an increase also in the pace of our prepayments. Those have been accelerating. And so, we actually did some of that late last year. But as we've seen that start to accelerate and as we have been continuing to originate higher interest rate loans, the shaping of those CPR curves, the prepayment rates on those curves shift some of it into the second half of the year as well. So, it's a combination of a lot of different things.

是的。我的意思是，有些東西我們正在提前加載我們的一些投資和我們在第一季度的全年工作的一些東西。傳統上，我們將這些分散得更多一些，但我們認為在第一季度完成一些我們將不得不從運營中支出的事情很重要——只是下降到營業費用。第二個是我們已經到位的一些銷售收益實際上將在今年下半年發生。所以這有點偏斜。但總的來說，我想說的是，我們所看到的很多情況都是我們的預付款速度也在增加。那些一直在加速。因此，我們實際上在去年年底做了一些。但正如我們所看到的那樣，這種情況開始加速，並且隨著我們一直在繼續發放更高利率的貸款，這些 CPR 曲線的形成，這些曲線上的提前還款率也將其中一部分轉移到今年下半年。所以，它是很多不同事物的組合。

I appreciate that color. That's super helpful. And then maybe just to stay on the guidance topic for a moment. And again, kind of a math related question. If you look at the 45-55 split you're talking about, I think it's by design what you're alluding to in terms of the customer additions. But when you look at the year-on-year comps, it means you're doing about 65% growth in the first half, 20% growth in the second half. And then if my math is right, just given how strong your 4Q that you just reported for end of '22, it seems like on a year-on-year basis, you may not even be growing in 4Q on customer additions exiting this year, if all this math is correct. And so maybe what am I missing there? It seems like a lot of your backlog is getting drawn down here in the first half. You're going to have a fairly modest growth rate exiting the year. Just any early thoughts on 24, I guess, given that cadence you're sort of implying based on the guidance...

我很欣賞那種顏色。這非常有幫助。然後可能只是暫時停留在指導主題上。再一次，一種與數學相關的問題。如果你看看你正在談論的 45-55 分裂，我認為這是你在增加客戶方面所暗示的設計。但是當你看同比比較時，這意味著你在上半年增長了 65%，下半年增長了 20%。然後，如果我的數學是正確的，那麼考慮到您剛剛在 22 年底報告的第四季度有多強勁，看起來與去年同期相比，您甚至可能不會在第四季度因今年退出的客戶增加而增長，如果所有這些數學都是正確的。那麼也許我在那裡錯過了什麼？上半年，您的很多積壓工作似乎都在這裡減少了。你將有一個相當適度的增長率退出今年。關於 24 的任何早期想法，我想，考慮到你根據指南暗示的節奏......

Yes. I would say, Brian, it goes back to Phil's question is maybe like in terms of when you look at the plan, and I think it's conservative. And I would tell you that there is no way that we don't grow in Q4 year-over-year.

是的。我會說，Brian，這可以追溯到 Phil 的問題，可能就像您何時查看計劃一樣，我認為這是保守的。我會告訴你，我們不可能在第四季度不同比增長。

All right. Fair enough. I'll take it off...

好的。很公平。我會把它取下來...

The next question is from Mark Strouse from JPMorgan. Mark.

下一個問題來自摩根大通的 Mark Strouse。標記。

Rob, I wanted to go back to your comments about the spreads. You're saying that you think today that they could be over 500 basis points, getting to 600 basis per approaching 600 basis points maybe over the coming months. Just what provides the confidence in putting that statement out there? And how much of that is driven by the unlevered returns increasing versus the cost of capital decreasing?

Rob，我想回到你對價差的評論。你是說你認為今天它們可能超過 500 個基點，可能在未來幾個月內每接近 600 個基點就達到 600 個基點。究竟是什麼讓人們有信心將那份聲明放在那裡？其中有多少是由無槓桿回報增加與資本成本減少所驅動的？

Yes. I mean the first couple of prints that we saw this year in the capital markets were decidedly better than what we had seen at the end of last year. So, part of that is a tightening of the spreads even with the slight increase in the base rates. But most of it is really the targeted fully burdened unlevered return. There's just so much headroom that the utilities are providing us. We've been able to take advantage of some of that, pardon me, with the dealers. Part of it also is a combination of the product suite as we're adding more and more services, we're able to generally get higher margins based on a broader service offering that we're providing to the customer. So that's also helping increase the fully burdened unlevered return. And as we look at the fully burdened return, one of the things that's sort of endemic in it is that you spread across that burden across the capital deployment base, the larger the amount of capital that you're actually deploying over a period -- the -- generally speaking, the less burdensome at that full burden is becoming. And just given the high rate of acceleration that we're still finding in our sales and then the types of sales that we're making that continues to go up.

是的。我的意思是，我們今年在資本市場上看到的前幾份印刷品明顯好於我們在去年年底看到的。因此，部分原因是利差收窄，即使基本利率略有上升。但其中大部分實際上是有針對性的完全負擔的無槓桿回報。公用事業公司為我們提供瞭如此多的淨空。對不起，我們已經能夠與經銷商一起利用其中的一些優勢。隨著我們增加越來越多的服務，它的一部分也是產品套件的組合，我們通常能夠根據我們向客戶提供的更廣泛的服務產品獲得更高的利潤。因此，這也有助於增加完全負擔的無槓桿回報。當我們審視完全負擔的回報時，其中一個普遍存在的問題是，你將這種負擔分散到資本部署基礎上，你在一段時間內實際部署的資本量越大—— - 一般而言，滿負荷的負擔越輕。考慮到我們仍在銷售中發現的高加速度，然後我們正在進行的銷售類型繼續上升。

One thing that sort of gets buried a little bit in the customer count is all the upsells that we're getting from customers. And the upsells are some of our most profitable sales, but we're not counting that customer again. So, when we go and say, "Hey, here's a customer, they were maybe a generator customer, they're becoming -- now they're becoming a solar customer. We're not having to reacquire that customer, which is really the most expensive part of the actual the sort of denominator, if you will, of the fully burdened unlevered return.

在客戶數量中有點被埋沒的一件事是我們從客戶那裡獲得的所有加售。加售是我們最賺錢的銷售之一，但我們不再計算該客戶。所以，當我們去說，“嘿，這是一個客戶，他們可能是發電機客戶，他們正在成為——現在他們正在成為太陽能客戶。我們不必重新獲得那個客戶，這真的實際分母中最昂貴的部分，如果你願意的話，是完全負擔的無槓桿回報。

So, a lot of what we're seeing with continuing to build on and add on customers has been adding to that fully burden on levered return as we go along. And I would say sort of the last thing is that even though we're here in the first quarter and when we look at sort of the seasonality of our fully burden on liver return, we're still seeing net fully burden level return entering the year really about the sort of the same strength levels without seeing some of the things that add on to that fully burden on return some of the market segments that tend to be a little bit more seasonal, haven't even started kicking in yet really in earnest, but they're starting to pick up. So, we have a lot of faith in that fully burden on the return continuing to push up and to grow. And certainly, we expect that to be -- we'd love to see that get into its offer adolescence and teenage years would be possibly could. But we're seeing really a lot of strength in the fully bundled number of return. And that more so than the stabilization of the capital markets is where we're seeing that opportunity for the spread.

因此，隨著我們的發展，我們在繼續建立和增加客戶方面所看到的很多東西都增加了槓桿回報的完全負擔。我要說的最後一件事是，即使我們在第一季度來到這裡，並且當我們查看我們對肝臟回歸的完全負擔的某種季節性時，我們仍然看到淨完全負擔水平回歸進入年的實力水平確實差不多，但沒有看到一些因素增加了回報的完全負擔，一些往往更具季節性的細分市場，甚至還沒有開始真正進入很認真，但他們開始接受了。因此，我們對回報的充分負擔充滿信心，繼續推高和增長。當然，我們希望如此——我們很樂意看到它可能會進入青春期和青少年時期。但我們看到完全捆綁的退貨數量確實有很大的優勢。比資本市場的穩定更重要的是我們看到了傳播的機會。

Just Mark, this is John. Just to highlight, we have done price increases already in the last few weeks. We will do more in the coming days and more after that is what I anticipate. So, we're continuing to seeing and exercising pricing power.

馬克，這是約翰。只是為了強調，我們在過去幾週已經完成了價格上漲。我們將在未來幾天做更多事情，之後會做更多事情，這是我的預期。因此，我們將繼續看到並行使定價權。

Got it. Okay. Just a real quick modeling question, Rob. The inventory sales numbers ticked up this quarter. How should we think about that? What's embedded in your guidance for '23...

知道了。好的。只是一個真正的快速建模問題，Rob。本季度庫存銷售數字有所上升。我們應該如何考慮？你的 23 指南中嵌入了什麼......

The inventory sales I think for the fourth quarter is pretty endemic of what we were expecting more or less for the year pretty much at that pace. The inventory sales tend to be a little bit more seasonal as well, mostly because a lot of it follows the installations in our more battery-rich areas. And sort of if you could see the battery penetration rate as that continues to grow and the acceleration of the battery penetration rate, that's going to reflect the sales of that equipment because the dealers want it in a just-in-time basis. They're not looking to hold a whole bunch of inventory. And so, I think that's the way to sort of think about the shaping. But the magnitude, the fourth quarter is pretty representative, I would say, of where we expect to be on a full year basis. And it's not -- as you know, it's not -- it's a profitable piece of our business. It's not really where we're seeing the margin being driven necessarily as much as we are in other areas. It's just a nice little complement to the gain on sale.

我認為第四季度的庫存銷售與我們今年或多或少以這種速度所預期的相當普遍。庫存銷售也往往更具季節性，主要是因為其中很多是在我們電池更豐富的地區進行安裝之後的。如果你能看到電池滲透率持續增長和電池滲透率的加速，那將反映出該設備的銷售情況，因為經銷商希望及時提供。他們不想持有一大堆庫存。所以，我認為這就是思考塑造的方式。但我想說，第四季度的規模非常具有代表性，我們預計全年的情況。而且它不是——如你所知，它不是——它是我們業務的一個有利可圖的部分。這並不是我們真正看到利潤率像我們在其他領域那樣受到推動的地方。這只是對銷售收益的一個很好的補充。

The next question comes from Corinne Blanchard from Deutsche Bank.

下一個問題來自德意志銀行的 Corinne Blanchard。

Just maybe if you can comment or provide a little more color on the battery attachment rate and where you see it coming maybe over the next few quarters?

也許您可以就電池連接率發表評論或提供更多顏色，以及您可能會在接下來的幾個季度看到它的發展方向？

Yes. Corinne, this is John. There's seasonality in some of our markets. Typically, on the islands. Puerto Rico is included in that. We do see quite a bit of seasonality with the holiday vacation schedule, shall we say. And that definitely does provide as that market continues to grow, as everybody knows, we've been in Puerto Rico now for 10 years and really were the first and by far, the largest player in service provider in the island have a deep commitment to that island in that community.

是的。科琳，這是約翰。我們的一些市場存在季節性。通常，在島嶼上。波多黎各包括在其中。我們確實看到假日假期安排有相當多的季節性，我們應該說。隨著市場的持續增長，這肯定會提供，眾所周知，我們已經在波多黎各工作了 10 年，確實是島上第一個也是迄今為止最大的服務提供商參與者，他們堅定地致力於那個社區的那個島。

And that does provide some seasonality in the storage attachment rate. I do think the NIM 3.0 in California will start to pick up a battery attachment rate quite significantly here later this year. And candidly, I think that the price declines that we see that will happen in the ESS products will certainly help incent demand. Before you ask it, I do see that any equipment, and this is certainly our assumption if it doesn't happen, then that's upside. But we're assuming that all the equipment price declines that we're seeing and expect to see across the board will inure to the benefit of our dealers. So that, I think, will -- whether they choose to pass some of that along to the customers, I would suspect so. But that will incent more storage demand as well.

這確實提供了存儲附件率的一些季節性。我確實認為加利福尼亞州的 NIM 3.0 將在今年晚些時候在這裡開始顯著提高電池連接率。坦率地說，我認為我們看到的 ESS 產品價格下降肯定會有助於刺激需求。在你問之前，我確實看到了任何設備，這當然是我們的假設，如果它沒有發生，那就是好的。但我們假設我們正在看到和預期會全面看到的所有設備價格下降都將有利於我們的經銷商。所以，我認為，無論他們是否選擇將其中的一些傳遞給客戶，我都會懷疑是這樣。但這也會刺激更多的存儲需求。

Great. And my other question would be, did you include any of the II or the ITC adder into your guidance? Or is it still something that you're waiting to get more clarity from the department of the II?

偉大的。我的另一個問題是，您是否將任何 II 或 ITC 加法器包含在您的指南中？或者它是否仍然是您等待從 II 部門獲得更多清晰度的東西？

Yes. We're actually waiting to get more clarity. I would say, especially when it comes to the LMI adders, we really we're really not expecting any of that to come in, into 2023. We're looking at that as much more of a 2024 phenomenon based on the recent guidance that was put out, which we felt was unfortunately not very friendly to consumers, but I guess consumers -- LMI consumers will just have to wait another year. We do have a little bit on the domestic content that's in there, but most of it is really just based on the 30% ITC. So obviously, there is upside. And as we get more guidance, we'll plan for that upside. It goes back a little bit even more to Mark's question. I think that we could -- if we get more guidance, we can certainly see even more uplift in our expectations for the fully burden on level of returns.

是的。我們實際上正在等待獲得更多的清晰度。我想說的是，尤其是在 LMI 加法器方面，我們真的不希望這些東西會出現在 2023 年。根據最近的指南，我們更多地認為這是 2024 年的現象被淘汰了，不幸的是我們覺得這對消費者不是很友好，但我猜消費者——LMI 消費者只需要再等一年。我們確實對其中的國內內容有一點了解，但其中大部分實際上只是基於 30% 的 ITC。很明顯，有上行空間。隨著我們獲得更多的指導，我們將為這一優勢做好計劃。它甚至可以追溯到 Mark 的問題。我認為我們可以——如果我們得到更多的指導，我們當然可以看到我們對回報水平的完全負擔的期望更高。

The next question comes from Maheep Mandloi from Credit Suisse..

下一個問題來自瑞士信貸的 Maheep Mandloi。

Just a question on the unlevered IRs were. You're impressive 11% this quarter. But how should we think about the cadence through the rest of the year for '23, especially it looks like the guidance, Q1 is sequentially down versus Q4. So should we expect a reduction there and eventually get after that 600 basis points you just ready talked about.

只是關於無槓桿 IR 的問題。你本季度取得了令人印象深刻的 11%。但是我們應該如何考慮 23 年餘下時間的節奏，尤其是它看起來像指導，第一季度比第四季度連續下降。因此，我們是否應該期望那裡有所減少並最終達到您剛剛談到的 600 個基點。

Yes, Maheep, this is John. I would say that we continue to see strength here, and Rob referenced to it some of our markets that are a little more seasonal that we're just now starting to see impact or a little more profitable. And we expect that, that will start to continue or put some upwards pressure on the unlevered return here over the next few weeks, how much of that falls into Q1 versus Q2 and beyond. Don't know. The price increases that we have done this quarter, late last year and will do this quarter, we'll definitely have a material impact in the unlevered returns. So, I would say that we're continuing to see movement upwards. I don't have a lot of visibility as far as right now is about how much upwards, but we do expect to see that the unlevered returns would continue to move upwards from that 11%...

是的，Maheep，這是約翰。我會說我們在這裡繼續看到實力，羅布提到我們的一些市場更具季節性，我們剛剛開始看到影響或利潤更高。我們預計，在接下來的幾週內，這將開始繼續或對此處的無槓桿回報施加一些上行壓力，其中有多少屬於第一季度與第二季度及以後。不知道。我們在本季度、去年年底和將在本季度進行的價格上漲，我們肯定會對無槓桿回報產生重大影響。所以，我會說我們繼續看到向上運動。就目前而言，我沒有太多能見度，但我們確實希望看到無槓桿回報率將從 11% 繼續上升……

Great. And sorry for Misters, could you talk about your service only customer mix for the full year embedded in the guidance?

偉大的。對不起，先生們，您能否談談指南中嵌入的全年僅服務客戶組合？

Yes, we did. It was a previous question, and it was Julien's question. We're not going to break that out. I think we've got enough data back there too much. I think most people and investors think. But what I will tell you is regardless of the type of customer or what we sell to that customer, whether it's an upsell, whether it's a solar, solar plus storage generator, battery only, you name it. We're energy-as-a-service provider. And the metric that I look at and make sure that we're keeping ourselves on is as far as value creation is in CCV per share. And ECB per customer is another metric that's obviously very much related to that.

是的我們做了。這是之前的問題，是 Julien 的問題。我們不會打破它。我認為我們那裡的數據太多了。我想大多數人和投資者都認為。但我要告訴你的是，無論客戶類型如何，也無論我們向該客戶銷售什麼產品，無論是追加銷售，還是太陽能、太陽能加儲能發電機、電池，隨便你怎麼說。我們是能源即服務提供商。我查看並確保我們保持自己的指標是就每股 CCV 的價值創造而言。每個客戶的 ECB 是另一個顯然與此密切相關的指標。

And as long as NCCV per share is going up at whatever discount rate you pick, we're creating value, and we're creating a large amount of value. And I would -- I think it would be a good exercise for analysts and investors to go take a look at the contracted cash at whatever discount rate they want to use, divided by the number of shares out there. It'd be an interesting, insightful comparison amongst us and some of our peers, you'll find that we dominate on the contracted cash on a per share basis and per customer basis. And so that's including all types of customers, all types, and we don't duplicate the customer once, as Rob just mentioned, once we sell your unique customer as we continue to upsell, we do not count those as additional customers because that is obviously a single customer. So NCCB per share, focused on that, that's the value creation. And then adjusted EBITDA plus P&I gives you a very good sense and investor sense of the operating leverage we're creating.

只要每股 NCCV 以您選擇的任何折扣率上漲，我們就在創造價值，而且我們正在創造大量價值。而且我會 - 我認為對於分析師和投資者來說，以他們想要使用的任何貼現率除以那裡的股票數量來查看合同現金將是一個很好的練習。這將是我們和我們的一些同行之間有趣、有見地的比較，你會發現我們在每股和每個客戶的合同現金上占主導地位。因此，這包括所有類型的客戶，所有類型，我們不會重複客戶一次，正如 Rob 剛才提到的，一旦我們在繼續追加銷售時出售您的獨特客戶，我們就不會將這些客戶視為額外客戶，因為那是顯然是單一客戶。所以 NCCB 每股，專注於這一點，那就是價值創造。然後調整後的 EBITDA 加上 P&I 讓您和投資者對我們正在創造的經營槓桿有很好的了解。

Got it. I appreciate that, and we'll take the rest offline.

知道了。我很感激，我們將把剩下的離線。

The next question comes from Ben Kallo from Bad...

下一個問題來自 Bad 的 Ben Kallo...

So, in the liquidity forecast for '23, you have debt proceeds of tax equity of $900 million. And I just wonder, as you move to lease PPA, maybe, Rob, how much progress you guys have made on that number and if there's any constraints there, then I have a follow-up.

因此，在 23 年的流動性預測中，您有 9 億美元的稅收股權債務收益。我只是想知道，當你開始租賃 PPA 時，也許，Rob，你們在這個數字上取得了多少進展，如果那裡有任何限制，那麼我有一個後續行動。

Yes. We closed 5 tax equity funds in the fourth quarter. So, we feel pretty good. We're working on 2 extensions -- sorry, expansions of existing funds right now. We have a number of term sheets in front of us. We have a number of other discussions for additional tax equity. We have folks who do perpetual funds that we've already got lined up. One thing that's been interesting has been on the transferability that there continues to be a lot of new folks who want to -- who expressed some interest in coming and then doing some stuff on the transferability side. What's been very heartening to me is that there are a number of folks who do have significant tax capacity out there who are -- who have been very happy with us in maybe a toe-dip fund maybe $50 million in a prior year who want to come back and do much larger funds this year. And we've tried to make sure that we have a diverse amount of capital providers in there coming into our funds. That's really inert our benefit.

是的。我們在第四季度關閉了 5 只稅收股票基金。所以，我們感覺還不錯。我們正在進行 2 次擴展——抱歉，現在是擴展現有資金。我們面前有許多條款清單。我們還有許多其他關於額外稅收公平的討論。我們有人做我們已經排隊的永久基金。一件有趣的事情是關於可轉移性，仍然有很多新人想要——他們表示有興趣來，然後在可轉移性方面做一些事情。令我非常振奮的是，有很多人確實有很強的納稅能力，他們對我們非常滿意，前一年可能有 5000 萬美元的基金，他們想今年回來做大得多的基金。我們已經努力確保我們有不同數量的資本提供者進入我們的基金。那真的是惰性的我們的好處。

My accounting folks really -- they don't love having to do all a bunch of different HLBV accounting, but that's the price of the UK and my hat is always off to those guys. So we're going to -- I mean we feel very good about that position, about the tax equity availability and probably I would say we've probably never been in a stronger position as far as tax equity availability, I think that in an environment like the one that we're in right now with the IRA and with the expansion, you've really increased interest in folks who might otherwise not have entered the market. But at the same time, they want to go with established players in the space, and there's really only a few of us that they can really get that comfort around that have all the engineering that have the controls in place that have the reporting capabilities so that folks feel very comfortable that what they're getting is a legitimate tax credit that they can monetize and we'll have to worry about recapture.

我的會計人員真的——他們不喜歡做一大堆不同的 HLBV 會計，但這就是英國的價格，我總是對那些人不屑一顧。所以我們要 - 我的意思是我們對那個位置感覺非常好，關於稅收股權的可用性，我可能會說我們可能從來沒有在稅收股權可用性方面處於更有利的地位，我認為在一個就像我們現在在 IRA 和擴張中所處的環境一樣，你真的增加了對那些可能不會進入市場的人的興趣。但與此同時，他們希望與該領域的老牌玩家合作，而我們中只有少數人能夠真正讓他們感到安心，因為他們擁有所有具有適當控制和報告功能的工程，所以人們感到非常自在，因為他們得到的是合法的稅收抵免，他們可以將其貨幣化，我們將不得不擔心被收回。

In the weeds here, but the customer acquisition costs ticked up in the quarter. Could you just talk through that?

在這裡雜草叢生，但客戶獲取成本在本季度有所上升。你能談談嗎？

Yes. I mean that's one of the many legacy metrics that are out there, in part because you really just used to have 1 or 2 markets and everybody was a PV-only customer. And back then, it was probably a pretty good market as we are adding more and more services per customer. And we are doing more where we're doing the upsells to existing customers but not really adding on another customer into the denominator. You could in continue to see that tick up. So, if we're just talking about someone putting 6 panels up on their roof in a cookie-cutter fashion, that's certainly going to help the number come down. That's not our typical customer. We're seeing bigger systems. We're seeing batteries. We're seeing as we add more and more services, as John mentioned, EV chargers, main panel upgrades, folks actually need to get in a lot of cases when they add on solar and storage, folks who want to add a generator for belt suspenders, whatever it is, we're just seeing the average ticket price go up. And then that's actually driving back to the earlier comments, I was talking about fully burden unlevered return that is you have more committed capital, you're spreading across that sort of same cost base, that helps to push up the fully burden unlevered return as well. So, we would expect to see that actually continue to rise. And I would call it an antiquated metric, but I would say it's actually indicating something different this time around, which is the health of the industry and really the health and the benefit of having multiple services that we can provide to a single customer.

是的。我的意思是這是現有的許多遺留指標之一，部分原因是你真的只是過去有 1 或 2 個市場，每個人都是 PV-only 客戶。那時候，這可能是一個相當不錯的市場，因為我們正在為每個客戶添加越來越多的服務。我們正在做更多的事情，我們正在向現有客戶進行追加銷售，但並沒有真正將另一個客戶添加到分母中。你可以繼續看到這種情況。所以，如果我們只是談論有人以千篇一律的方式在他們的屋頂上安裝 6 個面板，那肯定會幫助這個數字下降。那不是我們的典型客戶。我們看到了更大的系統。我們看到了電池。我們看到，隨著我們添加越來越多的服務，正如 John 提到的，電動汽車充電器、主面板升級，人們實際上需要在很多情況下添加太陽能和存儲，以及想要為皮帶添加發電機的人們吊帶，不管是什麼，我們只是看到平均票價上漲。然後這實際上又回到了之前的評論，我說的是完全負擔無槓桿回報，即你有更多的承諾資本，你正在分散相同的成本基礎，這有助於推高完全負擔無槓桿回報出色地。因此，我們希望看到它實際上繼續上升。我會稱之為過時的指標，但我會說這一次它實際上表明了一些不同的東西，這是行業的健康狀況，真正的健康狀況以及我們可以為單個客戶提供多種服務的好處。

Got it. Last one, John, on Page 19, the go-to-market. -- has selectively pursuing large opportunities. Could you just walk us through that, what you're thinking about there? I know you guys have done a lot on partnerships and such and then even an acquisition or 2. But what that means there...

知道了。最後一個，約翰，在第 19 頁，上市。 ——有選擇地尋求大機會。你能告訴我們你在想什麼嗎？我知道你們在合作夥伴關係等方面做了很多工作，然後甚至進行了一兩次收購。但這意味著什麼......

This is addressing the business markets division that we have and that we've seen a lot -- a tremendous amount of traction there. We've closed on some customers, and we have a very healthy and growing pipeline. The returns are quite nice. And when we look at as far as the other partnerships and ways to go to market, there's a number of partnerships that we have in the works right now. I think you saw the recent USAA announcement from us expect more of these types of announcements. And I guess I'm going to assume that buried into that question is something about international. Yes, we are going to go international. We're going to do this in a methodical fashion, but we will fulfill our name as Sunnova Energy International, we will do it.

這是針對我們擁有的商業市場部門，我們已經看到了很多——那裡有巨大的吸引力。我們已經關閉了一些客戶，我們有一個非常健康且不斷增長的管道。回報相當不錯。當我們看看其他合作夥伴關係和進入市場的方式時，我們現在有許多合作夥伴關係。我想你看到了我們最近發布的 USAA 公告，期待更多此類公告。而且我想我會假設埋在這個問題中的是關於國際的東西。是的，我們要走向國際。我們將以一種有條不紊的方式來做這件事，但我們會實現我們作為 Sunnova Energy International 的名字，我們會這樣做。

The next question comes from Ameet Thakkar from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Ameet Thakkar。

Rob, I was just wondering on the $2.4 billion of nonrecourse debt borrowings for the year. Should we kind of assume sort of the same proportion of securitizations in the ABS market that you did in 2022 as part of the $1.7 billion that you got done?

Rob，我只是想知道今年 24 億美元的無追索權債務借款。我們是否應該假設 ABS 市場的證券化比例與您在 2022 年所做的相同，作為您完成的 17 億美元的一部分？

Yes, that's the right way to think about it.

是的，這是正確的思考方式。

Okay. And then just back to the guidance on the customer account growth. I was just wondering if you could kind of give us a little bit of sense on the proportion of that growth that's kind of from -- on a same-store basis from our existing dealer network versus an expansion of the dealer network.

好的。然後回到客戶賬戶增長的指導。我只是想知道你是否可以讓我們對這種增長的比例有所了解 - 在我們現有經銷商網絡的同店基礎上與經銷商網絡的擴展。

Yes, yes, that's not something we're going to break out. This is John, by the way. But I'd say that our existing dealers continue to grow at a pace that surprises me. And -- but I would say that a good chunk are new dealers. Now some of these dealers in most cases, they take a while to really ramp up. So, a lot of these that we already had, and we're ramping them up maybe as far back as Q2 of last year are really starting to hit stride over Q1, obviously, of this year. So, if I gave you a number, I'd just be guess. I'm not going to do that. We want to get numbers out that we're certain about. So, I would -- I'm not answering your question, but I would say that it's definitely we're still seeing a lot of surprising growth out of our existing dealers.

是的，是的，這不是我們要爆發的事情。順便說一句，這是約翰。但我要說的是，我們現有的經銷商繼續以令我驚訝的速度增長。而且 - 但我會說很大一部分是新經銷商。現在，在大多數情況下，其中一些經銷商需要一段時間才能真正提升。因此，我們已經擁有了很多這些，並且我們可能早在去年第二季度就開始增加它們，顯然，今年第一季度確實開始大步向前。所以，如果我給你一個數字，我只是猜測。我不會那樣做。我們想得到我們確定的數字。所以，我會 - 我不會回答你的問題，但我會說我們肯定會從現有經銷商那裡看到很多令人驚訝的增長。

One thing I will add to try to give you something is that we are continuing to sign up exclusivity agreements at a blistering pace. That is something that a lot more of our partners want and they want that certainty. They want the broadest product portfolio in the entire industry by far and that the biggest geographic footprint in the industry by far. And they can also now get access into the business markets if they want to do that and they can't get that anywhere else as well. So, we've got a lot to offer. The software continues to be something that is becoming more and more powerful. And whether it's a loan lease or a PPA or all the other products we have, we have it for you. So -- and we invite you to come over. If you're a great contractor to treat customers fairly and do great service, we want to be partnered with you.

我要補充的一件事是，我們將繼續以驚人的速度簽署獨家協議。這是我們更多合作夥伴想要的東西，他們想要這種確定性。他們想要迄今為止整個行業中最廣泛的產品組合，以及迄今為止行業中最大的地理足跡。如果他們想這樣做，他們現在也可以進入商業市場，而他們在其他任何地方都無法做到這一點。所以，我們有很多東西可以提供。該軟件繼續成為越來越強大的東西。無論是貸款租賃、PPA 還是我們擁有的所有其他產品，我們都能為您提供。所以 - 我們邀請您過來。如果您是公平對待客戶並提供優質服務的出色承包商，我們希望與您合作。

The next question is from Sean Morgan from Evercore.

下一個問題來自 Evercore 的 Sean Morgan。

So, I mean we talked a little bit on Puerto Rico before. I think, John, we've kind of talked about how sometimes PREPA, maybe not the most consistent service has been kind of a solar ambassador for you and a real solve strength for Nova. So, I'm curious, this public-private partnership with another U.S. public company. Do you think that's going to have any impact on sort of the sales strength you've had historically in Puerto Rico or any kind of knew this is just going to be a continuation of your strong book of business down there with maybe some minor modifications?

所以，我的意思是我們之前談過一些關於波多黎各的事情。我想，約翰，我們已經談到有時 PREPA，也許不是最一致的服務，對你來說是一種太陽能大使，對 Nova 來說是一種真正的解決力量。所以，我很好奇，這種與另一家美國上市公司的公私合作夥伴關係。你認為這會對你在波多黎各歷史上的銷售實力產生任何影響，或者任何知道這只是你在那裡強大的業務簿的延續，可能會有一些小的修改？

Yes, Sean. Yes, what I would say is that the inherent in our service is that we match generation to the load on site. There is no way physically for any centralized power provider to beat that reliability. And so, we feel quite comfortable that reliability as a whole and macro trend is going to continue and certainly continue there in Puerto Rico. I think the company we're referring to, I think, is a very well-run company. I think they'll do a great job. We look forward to working with them and provide better energy service to the island and to the community of Puerto Rico. So, any way we can help, we're certainly here to do that. I would also offer up that as recently as over the last few days, there are many other states outside the territory of Puerto Rico, which is obviously a part of the United States that have power reliability problems that are pretty extreme and of the same sort. And one of those is here in Texas as well. So, I would say that our demand is not for our service is certainly not limited to Puerto Rico or any other island. And we see that demand trend not only continuing for a better energy service at a better price, but accelerating.

是的，肖恩。是的，我要說的是，我們服務的本質是將發電量與現場負荷相匹配。任何集中式電力供應商都無法在物理上擊敗這種可靠性。因此，我們感到非常滿意的是，作為一個整體的可靠性和宏觀趨勢將繼續下去，而且肯定會在波多黎各繼續下去。我認為我們所指的公司是一家經營良好的公司。我認為他們會做得很好。我們期待與他們合作，為該島和波多黎各社區提供更好的能源服務。因此，無論我們以何種方式提供幫助，我們都一定會這樣做。我還要指出的是，就在最近幾天，波多黎各領土以外還有許多其他州，這顯然是美國的一部分，它們的電力可靠性問題相當極端，屬於同類問題.其中之一也在德克薩斯州。所以，我想說我們的需求不在於我們的服務當然不限於波多黎各或任何其他島嶼。我們看到這種需求趨勢不僅繼續以更優惠的價格提供更好的能源服務，而且還在加速。

Okay. And this one probably may be best suited to Rob, but it's sort of an accounting matching question on the ITC. And I know we're still waiting for treasury guidance on some of this. But when you start recognizing systems with the ITC attached, is that because if there's a tax sort of implication to it, do you book it in the following tax year? Or will you be booking ITC credits sort of in real time as you're -- as you're recognizing revenue on systems?

好的。這個問題可能最適合 Rob，但它是 ITC 上的會計匹配問題。而且我知道我們仍在等待財政部對此的一些指導。但是，當您開始識別附加了 ITC 的系統時，是因為如果對它有某種稅收影響，您會在下一個納稅年度登記嗎？或者您是否會像您一樣實時預訂 ITC 積分 - 因為您在系統上確認收入？

So, we've always booked it in real time. Remember, we're consolidating onto our books as well. And then we're deconsolidating the partnership side of it through NCI. So, if somebody is receiving the tax credit in that tax year, it gets sort of taken in and then taken back out through NCI. But it's always recognized in the year in which the asset is placed into service. Now we've also have historical times where in the past, we had not been using tax equity back several years ago. We built up significant ITC credits that we still have as a company. And those are actually good for next several years, but the credit gets recognized in the year in which the system is placed into service. same as it would be for the homeowner, by the way, in a loan. So, it's the year that their system is placed in the service is the year that they get their tax credit.

所以，我們一直都是實時預訂的。請記住，我們也在鞏固我們的賬簿。然後我們通過 NCI 取消了它的合作夥伴關係。所以，如果有人在那個納稅年度獲得稅收抵免，它就會被吸收，然後通過 NCI 被收回。但它總是在資產投入使用的那一年得到確認。現在我們也有過去的歷史時期，幾年前我們沒有使用稅收公平。我們積累了作為一家公司仍然擁有的重要 ITC 信用。這些實際上對接下來的幾年都有好處，但信用會在系統投入使用的那一年得到認可。順便說一下，對於房主來說，在貸款中也是如此。因此，他們的系統投入服務的那一年就是他們獲得稅收抵免的那一年。

And the cash, I guess, would be recognized when -- from a homeowner's perspective, cash file their taxes.

我猜，現金會在——從房主的角度來看，現金報稅時得到確認。

Right... Correct. But we have -- for us, it depends on the tax equity fund. So, some tax equity funds allow us to fund at different stages along the way, and then their IRRs may get calculated based on that when that gets put in when we actually bring the cash in. Oftentimes, the cash -- I'm getting really wonky here, so my apologies to everybody on the call. But some of that cash goes into restricted cash where it gets held until it reaches the next stage, so they have to fund at a certain point. Anyone who's investing in a tax equity fund and once the tax credit has to be an investor at a certain percentage prior to the date that the asset itself goes into service. So, they can't just say and they can't just be an IOU. -- they actually have to put cash up. Oftentimes, that gets put into restricted cash and then ends up getting released when the asset is placed into service. So, if you look at the different types of flip structures that we have, I would say, generally speaking, you will find that the yield flip structures are more willing to fund earlier and some of the calendar flip structures will tend to -- some of them will fund earlier, some of them will fund only a percentage, like say, 20% prior to the asset going into service and the rest immediately upon the asset going into service.

對……沒錯。但我們有——對我們來說，這取決於稅收股權基金。因此，一些稅收股權基金允許我們在此過程中的不同階段提供資金，然後他們的 IRR 可能會根據我們實際投入現金時投入的時間計算。通常，現金 - 我得到這裡真的很不穩定，所以我向通話中的每個人道歉。但其中一些現金進入受限現金，在到達下一階段之前一直持有，因此他們必須在某個時間點提供資金。投資稅收股權基金的任何人，一旦獲得稅收抵免，就必須在資產本身投入使用之日之前以一定比例成為投資者。所以，他們不能只是說，也不能只是藉條。 - 他們實際上必須投入現金。通常，這些錢會被放入受限制的現金中，然後在資產投入使用時最終被釋放。所以，如果你看看我們擁有的不同類型的翻轉結構，我想說，一般來說，你會發現收益率翻轉結構更願意更早地提供資金，而一些日曆翻轉結構將傾向於 - 一些他們中的一些人會更早地提供資金，其中一些人只會在資產投入使用之前只提供一定比例的資金，比如 20%，其餘的則在資產投入使用後立即提供資金。

Okay. That's really helpful...

好的。這真的很有幫助...

The next question comes from Pavel Molchanov from Raymond James.

下一個問題來自 Raymond James 的 Pavel Molchanov。

John, you mentioned, and I'm quoting, we are swimming in components and hardware. That's quite a big change versus a year ago. What do you attribute that to?

約翰，你提到過，我正在引用，我們正在游泳組件和硬件。與一年前相比，這是一個很大的變化。你認為這是什麼原因？

Every cycle or every market has a cycle, and there's equipment cycles. We've dealt with that in the industry. I think a lot of investors and others have not experienced an equipment cycle and it's pretty normal, just like an interest rate cycle where a lot of us that have been a lot never experienced interest rates going up as much as they have, right? So, I think it's just normal. And there will be, over time, winners and losers in the equipment side. But the number of manufacturers of high-quality gear is tremendously increased. We greatly value our partners, and I'll leave it to them to make commentary as far as if they're individually taking market share or not. But look, you do some just rudimentary calling around. I think some of this is a big part of the fear of demand in the industry. every contractor has a chock-full of warehouse of equipment of all type. We do have our warehouses, all the equipment sold, by the way, but we have it as well. We're seeing it in distributors, and it's across the board.

每個週期或每個市場都有一個週期，並且有設備週期。我們已經在行業中處理過這個問題。我認為很多投資者和其他人都沒有經歷過設備週期，這很正常，就像利率週期一樣，我們中的很多人從來沒有經歷過利率上漲，對吧？所以，我認為這很正常。隨著時間的推移，設備方面將出現贏家和輸家。但是高質量齒輪製造商的數量卻大大增加了。我們非常重視我們的合作夥伴，我會讓他們就他們是否單獨占據市場份額發表評論。但是看，你只是做了一些基本的調用。我認為部分原因是行業內對需求的恐懼。每個承包商都有一個裝滿各種設備的倉庫。順便說一句，我們確實有我們的倉庫，所有出售的設備，但我們也有。我們在分銷商中看到了它，而且它是全面的。

And more is coming, right, with the RA incentives you have to produce here in the United States, no matter what the supply-demand picture is for that -- whether it's a panel inverter or ESS. So, it's just to state the facts, nothing about the fact is there's a lot of equipment out there and more is coming. And I think that's obviously very good for consumers, very good for demand for us and our service peers and is a big reason why I think people a lot of investors, some analysts flat, missed it. As far as -- if you look at the demand at the service providers like us and our 2 peers are saying that they're seeing out there, that's a big reason for the miss. You're looking at the wrong data point.

隨著 RA 激勵措施的到來，您必須在美國這裡生產更多產品，無論供需情況如何——無論是面板逆變器還是 ESS。所以，這只是陳述事實，與事實無關，那裡有很多設備，而且還會有更多。我認為這顯然對消費者非常有利，對我們和我們的服務同行的需求非常有利，這也是我認為很多投資者，一些分析師持平，錯過它的一個重要原因。就-如果你看看像我們這樣的服務提供商的需求，我們的 2 個同行說他們在那裡看到，這是錯過的一個重要原因。您正在查看錯誤的數據點。

Let me follow up on the commercial market. Historically, you've given guidance as customer additions. And if some of these new commercial customers are 100 50, 100x what a residential system would be in scale, how is that going to change the way you guide?

讓我跟進商業市場。從歷史上看，您已經將指導作為客戶添加。如果這些新商業客戶中的一些是 100 50，住宅系統規模的 100 倍，這將如何改變您的指導方式？

Right now, we -- it's not going to change. We don't anticipate a change. And we continue to see that our residential business, particularly with our models, Energy as a Service with all the different services and products that we can offer is going to continue to be a very large portion of our business and certainly is in our guidance. So right now, it's not a material. We -- if that changes over the next couple of years or so where we visit that. But right now, we don't see it changing the way that we guide.

現在，我們——它不會改變。我們預計不會發生變化。我們繼續看到我們的住宅業務，特別是我們的模型，能源即服務以及我們可以提供的所有不同服務和產品，將繼續成為我們業務的很大一部分，當然在我們的指導中。所以現在，它不是一種材料。我們 - 如果在接下來的幾年左右我們訪問的地方發生變化。但是現在，我們認為它不會改變我們的指導方式。

The next question is from Abhi Sinha from Northland Capital.

下一個問題來自 Northland Capital 的 Abhi Sinha。

Just one quick. You talked about the tax equity funding. I'm just curious how big of a project like in megawatts could be funded by tax equity availability that you have right now?

快一點。你談到了稅收股權融資。我只是好奇，像兆瓦這樣的項目有多大可以通過您現在擁有的稅收股權可用性來資助？

What we have right now will probably fund most of what we have during the year. And what we have for term sheets and everything else will fund at least the rest and into 2024. It's about the same position we were in last year.

我們現在所擁有的可能會為我們這一年所擁有的大部分資金提供資金。我們擁有的條款清單和其他一切都將至少為剩下的時間和 2024 年提供資金。這與我們去年的處境大致相同。

Okay. And quickly, any comment on the G&A provision, how do you see that 2014 as you progress into a couple of years?

好的。很快，關於 G&A 條款的任何評論，隨著你進入幾年，你如何看待 2014 年？

I'm sorry, the G&A progression?

抱歉，G&A 進展？

Yes, sir.

是的先生。

So, like the OpEx, we're going to expect to see that on a per customer basis, have a little bit of fluctuation. If you go back to sort of the first -- I think it was under Brian's question was asking about the shaping and why do we expect to have a little bit more a little bit more adjusted EBITDA in the latter half of the year and a little bit less in the first half of the year, and I said part of it was some stuff that we're going to be doing. It has to be expensed in the first quarter. But generally speaking, as we go on to later into the year, we'd expect the G&A to come down relative to the size of the to the size of the adjusted EBITDA, together with the P&I. But we are a rapidly growing company. We are investing in service offerings. And that takes people, that takes equipment. And while we expect to continue to create operating leverage, and we expect to continue to create customer -- sorry, I'm sorry, sorry, customer value. We will expect that we will have an increase of G&A but not an acceleration of G&A. It will continue to decelerate.

因此，就像 OpEx 一樣，我們預計會在每個客戶的基礎上看到一點點波動。如果你回到第一個——我想這是布賴恩的問題是關於塑造以及為什麼我們期望在今年下半年有更多的調整後的 EBITDA 和一點點今年上半年少了一點，我說其中一部分是我們要做的一些事情。它必須在第一季度支出。但總的來說，隨著我們進入今年晚些時候，我們預計 G&A 相對於調整後 EBITDA 的規模以及 P&I 的規模會下降。但我們是一家快速發展的公司。我們正在投資於服務產品。這需要人，需要設備。雖然我們希望繼續創造運營槓桿，並且我們希望繼續創造客戶 - 對不起，對不起，對不起，客戶價值。我們預計 G&A 會增加，但 G&A 不會加速。它將繼續減速。

The next question is from Ryan Levine from Citi. Ryan.

下一個問題來自花旗銀行的 Ryan Levine。賴安。

Follow-up on Puerto Rico. I appreciate the color on the profit agreement. But can you speak to if the company is pursuing any of the $1 billion Puerto Rico energy resilience release package from the DOE or how that could impact the outlook for the company?

波多黎各的後續行動。我很欣賞利潤協議上的色彩。但是，如果該公司正在尋求美國能源部提供的價值 10 億美元的波多黎各能源彈性釋放計劃中的任何一項，或者這將如何影響公司的前景，您能否談談？

I would think that anything of that sort, given our strong position and market share and just part of the community for that number of years, over 10 years is something that we would certainly be involved in. I don't think it's appropriate for us to comment on any sort of transactions or potential transactions or discussions that we may or may not be in.

我認為，考慮到我們強大的地位和市場份額，並且只是社區的一部分，超過 10 年，我們肯定會參與其中。我認為這不適合我們對我們可能參與或不參與的任何類型的交易或潛在交易或討論發表評論。

Okay. Appreciate the color. And then just lastly, in terms of kind of distributed generation connection issues that -- or just in terms of focus for electricity for and retail customers. Are you seeing any impacts or delays from the utilities? And is that impacting your outlook in any of your jurisdictions or any of your locations for growth for your resources?

好的。欣賞顏色。最後，就分佈式發電連接問題而言——或者僅就電力和零售客戶的關注而言。您是否看到公用事業的任何影響或延遲？這是否會影響您在任何司法管轄區或任何地點的資源增長前景？

Yes, it's a great question. Certainly, we would have grown even more last year had it not been for anticompetitive behavior and anti-consumer behavior by a number of these utilities. We are addressing them with the respective Public Utility Commission as we find more and more of this type of behavior. I would think at some point in time, maybe the federal government would be interested in the anticompetitive and anti-consumer behavior that these companies are showing and doing.

是的，這是一個很好的問題。當然，如果不是其中一些公用事業公司的反競爭行為和反消費者行為，我們去年的增長會更多。隨著我們發現越來越多的此類行為，我們正在與各自的公用事業委員會解決這些問題。我想在某個時間點，也許聯邦政府會對這些公司表現出和正在做的反競爭和反消費者行為感興趣。

And so, we've seen a pickup in some of these areas as those public utility commissioners have done a great job of intervening on behalf of consumers and changing that behavior. But it's going to be an ongoing war. I mean just to make them do the right thing. It's something we spend a lot of time on, and I'm proud to say our government affairs team is the best in the industry and is doing a really good job of highlighting this for the commissioners across the country. And we'll get it done. We'll figure it out how to get the utilities to be consumer friendly. But it is an effort each and every day.

因此，我們看到其中一些領域有所回升，因為這些公用事業專員在代表消費者進行干預和改變這種行為方面做得很好。但這將是一場持續的戰爭。我的意思是讓他們做正確的事。這是我們花了很多時間做的事情，我很自豪地說我們的政府事務團隊是業內最好的，並且在向全國各地的專員強調這一點方面做得非常好。我們會完成的。我們將弄清楚如何使公用事業對消費者友好。但這是每天的努力。

We have no further questions at this time. So, I'll hand the call back to John Berger for concluding remarks.

目前我們沒有其他問題。因此，我將把電話轉回給 John Berger 以作總結髮言。

The industry has changed. Consumers buy a better energy service at a better price, not a product. We have and we will continue to expand our addressable market and take market share. Thank you for joining us.

行業發生了變化。消費者以更好的價格購買更好的能源服務，而不是產品。我們已經並將繼續擴大我們的潛在市場並佔據市場份額。感謝您加入我們。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開線路。