Sunnova Energy International Inc (NOVA) 2024 Q2 法說會逐字稿

Good morning. And welcome to Sunnova's second-quarter 2024 earnings conference call. Today's call is being recorded and we have allocated an hour for prepared remarks and question-and-answer.

早安.歡迎參加 Sunnova 2024 年第二季財報電話會議。今天的電話會議正在錄音，我們已經分配了一個小時來準備發言和問答。

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.

這次，我想將會議交給 Sunnova 投資者關係副總裁羅德尼·麥克馬漢 (Rodney McMahan)。謝謝，請繼續。

Thank you, operator. Before we begin, please note that during today's call, we will make forward-looking statements that are subject to various risks and uncertainties as described in our slide presentation, earnings press release, and our 2023 Form 10-K. Please see those documents for additional information regarding those factors that may affect these forward-looking statements.

謝謝你，接線生。在開始之前，請注意，在今天的電話會議中，我們將做出前瞻性聲明，這些聲明受到幻燈片演示、收益新聞稿和2023 年10-K 表格中所述的各種風險和不確定性的影響。請參閱這些文件，以了解有關可能影響這些前瞻性陳述的因素的更多資​​訊。

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 reconciliation and cautionary disclosures.

此外，我們將在今天的電話會議中參考某些非公認會計原則措施。請參閱我們簡報的附錄以及收益新聞稿，以了解適當的 GAAP 與非 GAAP 調整和警示性揭露。

On the call today are John Berger, Sunnova's Chairman and Chief Executive Officer; and Eric Williams, Executive Vice President and Chief Financial Officer. I will now turn the call over to John.

今天參加電話會議的是 Sunnova 董事長兼執行長 John Berger；艾瑞克‧威廉斯（Eric Williams），執行副總裁兼財務長。我現在將把電話轉給約翰。

Good morning, everyone. First, I want to extend a warm welcome to Eric Williams, our new Chief Financial Officer, who is with us today for his first earnings call with Sunnova. Eric joined us in June from Diversified Energy where he accumulated significant expertise in leveraging the capital markets, specifically the asset-backed securitization market, which is particularly relevant for Sunnova and our long-term financing strategy. I speak on behalf of the entire management team and our Board when I say we are looking forward to working with him and utilizing his strategic insights and wealth of experience.

大家早安。首先，我要熱烈歡迎我們的新任財務長 Eric Williams，他今天與我們一起參加 Sunnova 的第一次財報電話會議。Eric 於 6 月從 Diversified Energy 加入我們，在那裡他積累了利用資本市場（特別是資產支持證券化市場）的豐富專業知識，這與 Sunnova 和我們的長期融資策略尤其相關。當我表示我們期待與他合作並利用他的策略洞察力和豐富的經驗時，我代表整個管理團隊和董事會發言。

Before I jump into more detailed remarks, I want to provide a quick update on our cash balance and cash generation forecast which can be found on slide 4. We are continuing to make progress on the four key priorities we outlined last quarter of maximizing asset-level capital, driving cost efficiencies, increasing ITC adder utilization, and refocusing on our core adaptive energy customers.

在進行更詳細的評論之前，我想快速介紹一下我們的現金餘額和現金產生預測，這些資訊可以在投影片 4 中找到。我們將繼續在上季度概述的四個關鍵優先事項上取得進展，即最大化資產水平資本、提高成本效率、提高 ITC 加法器利用率以及重新關注我們的核心自適應能源客戶。

Progress against these initiatives resulted in a $21.5 million increase in our unrestricted cash balance for this quarter. Total cash, inclusive of both restricted and unrestricted cash on our consolidated balance sheet, increased by $142.9 million, resulting in a balance of $630.4 million as of June 30, 2024.

這些措施的進展使我們本季的無限制現金餘額增加了 2,150 萬美元。截至 2024 年 6 月 30 日，現金總額（包括合併資產負債表上的限制性現金和非限制性現金）增加了 1.429 億美元，餘額為 6.304 億美元。

As we continue to progress our strategy and shift our approach, we remain focused on cash generation. As a result of our efforts, I'm pleased to share that we are increasing our cash generation guidance from cash-neutral to an estimated $100 million in 2024. Additionally, we are increasing our cash generation guidance for 2025 and 2026 to $350 million and $400 million, respectively. In total, we now expect cash generation of $850 million over our three-year guidance period, an increase of 70% from where we guided on our last earnings call.

隨著我們繼續推進我們的策略並改變我們的方法，我們仍然專注於現金生成。經過我們的努力，我很高興與大家分享，我們正在將現金產生指引從現金中性提高到 2024 年的估計 1 億美元。此外，我們還將 2025 年和 2026 年的現金產生指引分別提高至 3.5 億美元和 4 億美元。總的來說，我們現在預計三年指導期內的現金產生量將達到 8.5 億美元，比我們上次財報電話會議的指導值增加 70%。

As I mentioned, the four strategic priorities we introduced last quarter are driving our results, which are summarized on slide 5. First, given the current inflated cost of corporate capital, we said we wanted to maximize asset-level capital. We have made strides in this area as we were able to issue four securitizations in the first half of 2024 compared to only two in the first half of 2023. Our focus here goes beyond the securitization market to also include increasing our tax equity commitments and opportunistically generating cash through asset sales.

正如我所提到的，我們在上季推出的四個策略重點正在推動我們的業績，投影片 5 對此進行了總結。首先，考慮到當前企業資本成本的膨脹，我們表示我們希望最大化資產層面的資本。我們在這一領域取得了長足進步，我們在 2024 年上半年發行了四隻證券化產品，而 2023 年上半年僅發行了兩隻。我們的重點不僅限於證券化市場，還包括增加我們的稅收股權承諾以及透過資產出售機會性地產生現金。

Second, we said we were going to continue to drive cost efficiencies by utilizing our technology platform and scale. While there is more work ahead in this area in Q2 for the second quarter in a row we experienced a sequential decline in our adjusted operating expense per weighted average customer giving us confidence that the steps we were taking to right-size our cost structure are bearing fruit.

其次，我們表示我們將繼續利用我們的技術平台和規模來提高成本效率。儘管第二季度該領域還有更多工作要做，但我們的每個加權平均客戶的調整後運營費用連續下降，這讓我們相信我們為調整成本結構而採取的措施正在發揮作用。

Our third priority is to increase ITC adder utilization. ITC adders continue to serve as a tailwind for cash generation even more than we expected just a few short months ago, thanks in large part to the domestic content adder guidance issued by the IRS in May of this year.

我們的第三個優先事項是提高 ITC 加法器的使用率。ITC 加法器繼續成為現金產生的推動力，甚至超過了我們幾個月前的預期，這在很大程度上要歸功於美國國稅局 (IRS) 今年 5 月發布的國內內容加法器指南。

Our final priority that we laid out last quarter was to put the focus back on our core adaptive energy customers. While we are reducing guidance on the total number of customers we expect to add in 2024, those reductions were once again mostly accessory loan customers. We continue to expect strong additions in solar and solar plus storage customers, with a heavy weighting to lease and PPAs. We also expect continued growth in our high-margin, capital-light service-only customers.

我們在上季提出的最後一個優先事項是將重點重新放在我們的核心自適應能源客戶上。雖然我們正在減少對 2024 年預計增加的客戶總數的指導，但這些減少的仍然主要是附屬貸款客戶。我們繼續預期太陽能和太陽能加儲存客戶將強勁成長，其中租賃和購電協議佔據重要地位。我們也預期我們的高利潤、輕資本的純服務客戶將持續成長。

On slide 6, you can see the significant increase in the number and size of securitizations, we issued in the first half of 2024 compared to the same period last year. The four securitizations issued through June 30 2024 totaled $853 million, a 40% increase in size from last year and twice the number of deals closed in the same period of 2023.

在投影片 6 上，您可以看到我們在 2024 年上半年發行的證券化產品的數量和規模與去年同期相比顯著增加。截至 2024 年 6 月 30 日，發行的四筆證券化總額達 8.53 億美元，規模較去年增加 40%，是 2023 年同期完成交易數量的兩倍。

I would like to highlight Kroll's recent upgrade of our 2022 and prior TPO securitizations as evidence of the strong underlying asset performance, particularly since these cash flows underpin a portion of our corporate cash flows. We expect these strong asset-level cash flows to improve our position in the ABS market, setting us up for a strong second half of 2024 and beyond.

我想強調 Kroll 最近對我們 2022 年和之前的 TPO 證券化的升級，作為基礎資產表現強勁的證據，特別是因為這些現金流支撐了我們公司現金流的一部分。我們預計這些強勁的資產現金流將改善我們在 ABS 市場的地位，為我們在 2024 年下半年及以後的強勁表現奠定基礎。

We estimate that in the second half of 2024, we will issue up to an additional $1 billion of securitizations. Giving a bit more color to tax equity, during the first half of the year, we added $811 million in tax equity commitments versus $264 million over the same period last year. Additionally, during the second quarter, we completed two separate non-solar loan sales. These sales included the sale of our entire home security loan portfolio as well as a portion of our home improvement loan portfolio.

我們預計，到 2024 年下半年，我們將額外發行最多 10 億美元的證券化產品。今年上半年，我們增加了 8.11 億美元的稅收公平承諾，去年同期為 2.64 億美元。此外，在第二季度，我們完成了兩項單獨的非太陽能貸款銷售。這些銷售包括出售我們的整個房屋擔保貸款組合以及部分房屋裝修貸款組合。

The home improvement loans sold included loans for items such as roofing, generators and EV chargers, which play a role in creating the Sunnova Adaptive Home. We elected to sell a portion of these loans, not only to demonstrate to the market it could be done, but also to bring cash in the door ahead of the expected surge in cash from ITC adders. After fees and debt repayments, the combination of these two loan sales generated cash proceeds of $52.4 million in the second quarter and will generate another $8.4 million in future periods. We continue to evaluate other potential asset sales in a variety of different areas of our business where we believe it makes sense. Another key priority where we are making solid progress is in improving our cost structure and driving efficiency.

出售的房屋裝修貸款包括屋頂、發電機和電動車充電器等項目的貸款，這些貸款在創建 Sunnova 自適應住宅中發揮了作用。我們選擇出售部分貸款，不僅是為了向市場證明這是可以做到的，也是為了在 ITC 加法器預期現金激增之前帶來現金。扣除費用和債務償還後，這兩筆貸款銷售在第二季產生了 5,240 萬美元的現金收益，並將在未來各期間再產生 840 萬美元的現金收益。我們將繼續評估我們認為有意義的業務各個不同領域的其他潛在資產出售。我們取得紮實進展的另一個關鍵優先事項是改善成本結構和提高效率。

On slide 7, you can see we have continued our trajectory of decreasing our adjusted operating expense per customer, reporting an additional sequential decline in this metric in Q2 bringing our total reduction between Q4 2023 and Q2 2024 to 15%. Also, contributing to this increased efficiency, is a 10% decline in headcount since the end of 2023. Moving forward, our efforts to continue scaling the most profitable areas of our business and reducing operating expenses through our technology platform will position us to drive cost per customer even lower.

在投影片7 上，您可以看到我們持續減少每位客戶調整後的營運費用，報告第二季該指標進一步連續下降，使2023 年第四季至2024 年第二季的總減少量達到15 %。此外，自 2023 年底以來，員工人數減少了 10%，這也有助於提高效率。展望未來，我們將繼續努力擴大最有利可圖的業務領域，並透過我們的技術平台降低營運費用，這將使我們能夠進一步降低每位客戶的成本。

Next, slide 8 covers the priority that we expect will have the greatest impact in the near term, increasing our utilization of ITC adders. Given the latest guidance, as I noted earlier, we now expect 2024 cash generation to be $100 million. Included in this estimate is cash generation from the retroactive capture, domestic content, and energy community adders.

接下來，投影片 8 介紹了我們預計在短期內產生最大影響的優先事項，即提高我們對 ITC 加法器的使用率。正如我之前指出的，根據最新的指導，我們現在預計 2024 年的現金產生量將達到 1 億美元。這項估計包括追溯捕獲、國內含量和能源社區增量產生的現金。

As of September 1 of this year, we will mandate our dealers to only originate lease and PPA customers, who qualify for the domestic content adder. As a result, we see our weighted average ITC rate rising in the second half of this year, moving up to 45% in 2025. And while last quarter we believed that every 1% increase in our weighted average ITC rate would translate to over $30 million in cash proceeds per year, we now estimate that number to be approximately $50 million.

自今年 9 月 1 日起，我們將要求我們的經銷商僅向有資格獲得國內內容添加者資格的租賃和 PPA 客戶提供服務。因此，我們預計今年下半年的加權平均 ITC 利率將上升，到 2025 年將升至 45%。雖然上個季度我們相信加權平均 ITC 利率每增加 1%，每年將帶來超過 3,000 萬美元的現金收益，但我們現在估計該數字約為 5,000 萬美元。

Lastly, this year we have refocused on our core adaptive energy customers. As you can see on slide 9, we continue to expect strong growth in our solar customers. Additionally, we expect to add 59% more megawatt hours of energy storage in 2024 compared to last year as more homeowners look to include a battery with their solar system. What you will also notice is in 2024, our solar customer deployments will be dominated by leases and PPAs. This is beneficial for our business as it will allow us to generate more cash as only these type of customer contracts can capitalize on ITC adders, which again are incredibly valuable. Currently, over 90% of our origination is lease or PPA.

最後，今年我們重新專注於我們的核心自適應能源客戶。正如您在幻燈片 9 中看到的，我們繼續預計太陽能客戶將強勁成長。此外，隨著越來越多的房主希望在太陽能係統中安裝電池，我們預計到 2024 年，儲能容量將比去年增加 59%。您還會注意到，到 2024 年，我們的太陽能客戶部署將以租賃和購電協議為主。這對我們的業務有利，因為它將使我們能夠產生更多現金，因為只有此類客戶合約才能利用 ITC 加法器，這又非常有價值。目前，我們 90% 以上的起源是租賃或購電協議。

Now that I've gone through the details of our progress against our short-term priorities, I would like to take a minute to remind you all of our core business strategy, the Sunnova Adaptive Home illustrated on slide 10. This innovative approach seamlessly integrates solar energy, battery storage, and energy management solutions to optimize energy usage and enhance resilience across all applications in the home.

現在我已經詳細介紹了我們短期優先事項的進展情況，我想花一點時間提醒您我們所有的核心業務策略，即幻燈片 10 中所示的 Sunnova 自適應家居。這種創新方法無縫整合了太陽能、電池儲存和能源管理解決方案，以優化能源使用並增強家庭中所有應用的彈性。

Sunnova Adaptive Home platform is designed first and foremost with our customers in mind as it minimizes the increasingly complex nature of energy and utilities. As a trusted energy partner, Sunnova can manage the upfront cost, maintenance, and technical complexities of powering customers' home or business with affordable, dependable, and sustainable energy solutions.

Sunnova Adaptive Home 平台的設計首先考慮的是我們的客戶，因為它最大限度地減少了能源和公用事業日益複雜的性質。作為值得信賴的能源合作夥伴，Sunnova 可以透過經濟實惠、可靠且可持續的能源解決方案來管理為客戶的家庭或企業供電的前期成本、維護和技術複雜性。

Before I turn the call over to Eric, I would be remiss if I did not mention Hurricane Beryl, which left nearly three million people in the Houston area without power. To all those affected by the hurricane, our thoughts go out to you and your families. The tremendous disruption caused by Beryl, reaffirms the value of the Sunnova Adaptive Home, specifically in the resiliency it provides when the grid fails.

在我把電話轉給艾瑞克之前，如果我沒有提到颶風貝裡爾，那就是我的失職，這場颶風導致休士頓地區近 300 萬人斷電。對於所有受颶風影響的人，我們向您和您的家人表示慰問。Beryl 造成的巨大破壞再次證實了 Sunnova 自適應住宅的價值，特別是它在電網故障時提供的恢復能力。

During the hurricane and its associated outages, our customers produced 485.2 megawatt hours of energy through their Sunnova solar and storage systems and 96% of our customers needed no repair to their service, demonstrating the sort of quality, control, and reliability that Sunnova brings to its customers. These types of events drive people to reevaluate the service they get from utilities at a persistently increasing price and deteriorating reliability.

在颶風及其相關停電期間，我們的客戶透過Sunnova 太陽能和儲存系統生產了485.2 兆瓦時的能源，並且96% 的客戶不需要對其服務進行維修，這證明了Sunnova 為客戶帶來的品質、控制和可靠性它的客戶。這類事件促使人們重新評估他們從公用事業公司獲得的服務，這些服務的價格持續上漲，可靠性不斷惡化。

Ultimately, this leads to the adoption of our energy solutions. We take considerable pride in the fact that Sunnova can be there for our customers when it matters the most and provide some level of comfort even in the most difficult times.

最終，這導致了我們的能源解決方案的採用。我們感到非常自豪的是，Sunnova 能夠在最重要的時候為我們的客戶提供幫助，即使在最困難的時期也能提供一定程度的舒適感。

With that, I will pass it to Eric.

這樣，我會將其傳遞給艾瑞克。

Thank you for the introduction, John. You and the entire Sunnova team have extended the warmest welcome. And I am excited to join you today for my first earnings call. It is great to be here. And I look forward to combining my experience with that of Sunnova's talented team to advance our commitments to stakeholders and to further refine our strategic focus with an emphasis on profitability and cash generation.

謝謝你的介紹，約翰。您和整個 Sunnova 團隊都向您表示最熱烈的歡迎。我很高興今天能參加我的第一次財報電話會議。很高興來到這裡。我期待著將我的經驗與 Sunnova 才華橫溢的團隊的經驗相結合，以推進我們對利益相關者的承諾，並進一步完善我們的戰略重點，重點關注盈利能力和現金生成。

Since joining in mid-June, I have spent considerable time with John, the Board, our team, and some of you listening to this call. For those listening with whom I have not yet spoken, please do not hesitate to reach out and we'll find time to connect.

自從六月中旬加入以來，我花了相當多的時間與約翰、董事會、我們的團隊以及聆聽這次電話會議的一些人在一起。對於那些我尚未與之交談過的聽眾，請隨時與我們聯繫，我們會抽出時間進行聯繫。

My near-term focus is simple: to fund our business by securing asset-level capital at attractive terms and simplifying the way we articulate our business to current and potential stakeholders. I am pleased with the progress we've made during the first half of 2024, closing ABS and tax equity transactions, which provides momentum to do more in the quarters ahead, including a focus on refining our investor communications.

我的近期重點很簡單：透過以有吸引力的條件獲得資產級資本並簡化我們向當前和潛在利益相關者闡述我們業務的方式來為我們的業務提供資金。我對我們在 2024 年上半年的進展感到高興，完成了 ABS 和稅務股權交易，這為我們在未來幾季採取更多行動提供了動力，包括重點完善我們的投資者溝通。

To walk through our financial results for the quarter, I'll begin on slide 13. In addition to meaningfully growing our cash balances and reducing our per-customer level adjusted operating expense, which John discussed earlier, during the quarter we delivered $216.7 million of adjusted EBITDA, $35.4 million of interest income, and $55.4 million of principal proceeds from customer notes receivable.

為了詳細介紹本季的財務業績，我將從投影片 13 開始。除了約翰之前討論過的有意義地增加我們的現金餘額和減少按客戶水平調整後的運營費用之外，本季度我們還實現了2.167 億美元的調整後EBITDA、3540 萬美元的利息收入以及5540 萬美元的客戶票據本金收益應收帳款。

Our reported adjusted EBITDA excludes the non-cash $24 million loss from the sale of our home security loans, following our decision to eliminate this sales channel from our business. Conversely, we included in adjusted EBITDA, the non-cash $18.9 million loss on the sale of certain home improvement loans since we expect to continue originating these types of loans, albeit at a lower volume in the near term.

在我們決定從我們的業務中消除此銷售管道後，我們報告的調整後 EBITDA 不包括因出售住房保障貸款而造成的 2,400 萬美元非現金損失。相反，我們將出售某些房屋裝修貸款造成的 1890 萬美元非現金損失納入調整後的 EBITDA 中，因為我們預計將繼續發放此類貸款，儘管近期數量有所減少。

If you also exclude the $186.1 million second quarter ITC sales, adjusted EBITDA for the period would be $30.6 million or 9% higher than the similarly adjusted $28.1 million in the second quarter of 2023. We also continue to see steady year-over-year growth in our net contracted customer value or NCCV. Assuming a 6% discount rate, NCCV was $3 billion or $23.68 per share at June 30.

如果您也排除第二季 1.861 億美元的 ITC 銷售額，則該期間調整後的 EBITDA 將為 3,060 萬美元，比 2023 年第二季類似調整後的 2,810 萬美元高出 9%。我們也繼續看到我們的淨合約客戶價值（NCCV）逐年穩定成長。假設折現率為 6%，截至 6 月 30 日，NCCV 為 30 億美元，即每股 23.68 美元。

Before I discuss our updated unit economics on slide 14, I've mentioned earlier that one of my priorities is working to develop materials for investors that clearly communicate our business, including key drivers that provide insight into our financial performance. Reflective of this commitment, it is worth mentioning that we refined our fully burdened unlevered return calculation this quarter to provide a more nuanced and accurate measure.

在我在投影片14 上討論更新的單位經濟學之前，我之前提到過，我的首要任務之一是努力為投資者開發材料，清楚地傳達我們的業務，包括深入了解我們財務表現的關鍵驅動因素。為了體現這一承諾，值得一提的是，我們本季改進了完全負擔的無槓桿回報計算，以提供更細緻和準確的衡量標準。

Specifically, we now include a higher service cost allocation, an estimate of renewal value and customer purchases, and an estimate of our asset retirement obligations, including the cost to remove all equipment and restore sites to their original condition. While this is a minor revision, as a newcomer to the industry, I am in the process of evaluating each of the non-GAAP measures we use to provide additional insight into our financial performance and expect to make additional refinements to other measures in the coming quarters.

具體來說，我們現在包括更高的服務成本分配、更新價值和客戶購買的估計，以及我們的資產報廢義務的估計，包括拆除所有設備並將場地恢復到原始狀態的成本。雖然這是一個小修改，但作為該行業的新手，我正在評估我們使用的每項非公認會計準則衡量標準，以提供對我們財務業績的更多見解，並期望在未來對其他衡量標準進行更多改進宿舍。

Turning back to slide 14, the implied spread we present as the difference between our fully burdened unlevered return less our current weighted average cost of debt, illustrates the durability of our returns even in high interest rate environments. Shortages of traditional power generation, continuously increasing demand, lack of competition, a growing backlog of grid maintenance needs, ageing infrastructure, higher interest rates, and other variables continue to drive utility rates higher and serve as a catalyst for consumers to reconsider their energy sources.

回到投影片 14，我們提出的隱含利差是完全負擔的無槓桿回報減去當前加權平均債務成本之間的差額，說明了即使在高利率環境下我們回報的持久性。傳統發電短缺、需求持續成長、缺乏競爭、電網維護需求積壓不斷增加、基礎設施老化、利率上升以及其他變數繼續推高公用事業費率，並成為消費者重新考慮其能源來源的催化劑。

Importantly, these factors enable Sunnova to continue improving its pricing power which we evaluate and implement on a market-by-market basis. Ultimately, these factors underpin our ability to maintain strong implied spreads, allowing us to offset higher debt costs with a higher fully burdened unlevered return. You can see that both on a trailing 12-month and quarter-to-date basis, we generated an implied spread that exceeds our long-term target of 500 basis points. With the ITC adders we discussed driving a higher realized ITC percentage compounded by potential interest rate cuts that would reduce our weighted average cost of debt, we would expect the CV spreads move even higher.

重要的是，這些因素使 Sunnova 能夠繼續提高其定價能力，我們根據每個市場進行評估和實施。最終，這些因素支撐了我們維持強勁隱含利差的能力，使我們能夠以更高的完全負擔無槓桿回報來抵銷更高的債務成本。您可以看到，在過去 12 個月和季度至今的基礎上，我們產生的隱含利差都超過了 500 個基點的長期目標。透過我們討論的 ITC 加法器，推動更高的已實現 ITC 百分比，再加上潛在的降息，這將降低我們的加權平均債務成本，我們預計 CV 利差將進一步走高。

Flipping to slide 16, I will discuss our guidance. As we execute on our commitment to prioritize profitability and cash generation overgrowth, we are revising these values where appropriate. First, we are increasing our adjusted EBITDA guidance to a range of $650 million to $750 million. This increase reflects our expectations in the second half of 2024 of higher lease and PPA revenues, lower per-customer operating expenses, and higher ITC sales, which specifically represent between 65% and 70% of our total expected adjusted EBITDA.

翻到投影片 16，我將討論我們的指導。在我們履行優先考慮獲利能力和現金產生過度成長的承諾時，我們正在適當地修改這些價值觀。首先，我們將調整後的 EBITDA 指引提高至 6.5 億至 7.5 億美元。這一增長反映了我們對2024 年下半年更高的租賃和PPA 收入、更低的每客戶營運費用以及更高的ITC 銷售額的預期，這些銷售額具體占我們預期調整後EBITDA 總額的65%至70%。

As we prospectively prioritize adding high-margin solar and solar plus storage customers deploy more capital into leases and PPAs and less into loans including accessory loans, we expect customer additions to range between $110,000 to $120,000. We are also adjusting our guidance related to interest income and principal proceeds from customer notes receivable which we now expect to range between $115 million to $125 million and $180 million to $190 million, respectively. Our update is driven by the recent monetization of accessory loans and the quicker-than-anticipated move to leases and PPAs. It's worth mentioning that we continue to see upside to our principal proceeds target as in the past eight weeks, loan prepayments have been strong.

由於我們前瞻性地優先考慮增加高利潤太陽能和太陽能+儲存客戶，將更多資金投入租賃和購電協議，減少貸款（包括配件貸款），我們預計客戶增量將在110,000 美元至120,000 美元之間。我們也正在調整與客戶應收票據利息收入和本金收益相關的指導，我們現在預計其範圍分別為 1.15 億至 1.25 億美元和 1.8 億至 1.9 億美元。我們的更新是由最近附屬貸款的貨幣化以及租賃和購電協議的轉變快於預期推動的。值得一提的是，我們繼續看到我們的本金收益目標有上升空間，因為過去八週，貸款預付款一直很強勁。

Turning to slide 17, I will reiterate once more of the emphasis we've placed on cash generation throughout this call, which I'm pleased to say is driving higher the associated guidance, not only for the second half of 2024, but significantly for the additional years we forecast for this metric. Just last quarter, we expected to be cash-neutral this year. However, thanks to the progress we have made to realize the ITC adders, coupled with our high-margin customer focus, price increases, and more efficient cost structure, we now expect to generate approximately $100 million of unrestricted cash this year and $850 million through the end of 2026.

轉向投影片 17，我將再次重申我們在整個電話會議中對現金產生的重視，我很高興地說這正在推動相關指導的提高，不僅是在 2024 年下半年，而且在我們預測該指標的額外年份。就在上個季度，我們預計今年將保持現金中立。然而，由於我們在實現ITC 加法器方面取得的進展，加上我們對高利潤客戶的關注、價格上漲和更有效率的成本結構，我們現在預計今年將產生約1 億美元的不受限制的現金，並通過2026年底。

The result, a 70% increase in our expected unrestricted cash over this period. Thus, if you include the $213 million of unrestricted cash with which we began the year and add the approximately $850 million of unrestricted cash, we expect to add over the next three years, our unrestricted cash balance rises to over $1 billion by the end of 2026.

結果，我們在此期間預期的不受限制的現金增加了 70%。因此，如果算上我們年初的2.13 億美元非限制性現金，再加上大約8.5 億美元的非限制性現金，我們預計在未來三年內增加，到年底我們的非限制性現金餘額將增加到超過10 億美元。

Wrapping up on that key highlight, I would like to now turn the call back to John for closing remarks.

結束這一關鍵要點後，我現在想將電話轉回給約翰，讓他發表結束語。

Thanks, Eric. Clearly, our first half results have demonstrated that we have identified and executed on the correct priorities to properly position Sunnova in the current environment. For now and in the near future, we will prioritize cash generation of our growth and raise prices to protect margins. The origination flow, our dealer network has experienced these past few weeks has been so great that we simply cannot absorb the growth this quickly. As a result, we recently paused adding new dealers to our network, as our planned growth optimizes cash generation.

謝謝，埃里克。顯然，我們上半年的結果表明，我們已經確定並執行了正確的優先事項，以便在當前環境中正確定位 Sunnova。目前和不久的將來，我們將優先考慮成長的現金生成，並提高價格以保護利潤。過去幾週我們的經銷商網路經歷的原始流量是如此之大，以至於我們根本無法這麼快地吸收成長。因此，我們最近暫停了為我們的網路添加新經銷商，因為我們計劃的成長優化了現金產生。

In addition, we are working to better align payment terms with our dealers to the funding schedules of our warehouse and tax equity facilities. This better alignment will lower the working capital needed for our growth, which in turn will lead to even better cash generation.

此外，我們正在努力使我們的經銷商的付款條件與我們的倉庫和稅收股權設施的融資計劃更好地保持一致。這種更好的協調將降低我們成長所需的營運資本，進而帶來更好的現金產生。

The opportunity to turbocharge our growth is clearly there, increased by the recent exit of a large public competitor. However, we will remain disciplined and focused on increasing cash generation to pay down our corporate debt. While we still have further to go, I remain incredibly encouraged by the significant progress we have made in such a short time and I continue to be a strong believer in the long-term value proposition of Sunnova, it's place in transforming the energy landscape and its role in meeting society's ever-increasing energy needs.

顯然，推動我們成長的機會是存在的，而且最近一家大型上市競爭對手的退出也增加了這個機會。然而，我們將保持紀律並專注於增加現金產生以償還我們的公司債務。雖然我們還有很長的路要走，但我仍然對我們在如此短的時間內取得的重大進展感到難以置信的鼓舞，我仍然堅信 Sunnova 的長期價值主張，它正在改變能源格局和它在滿足社會不斷增長的能源需求方面的作用。

With that operator, please open the line for questions.

請透過該接線生撥打電話提問。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（操作員說明）Philip Shen，Roth Capital Partners。

Hey, John, Eric. Congrats on a strong results. You've meaningfully increased your liquidity forecast for 2024, 2025 and 2026. What do you plan on doing with all this incremental cash? Thanks.

嘿，約翰，艾瑞克。祝賀取得了優異的成績。您大幅提高了 2024 年、2025 年和 2026 年的流動性預測。您打算用這些增量現金做什麼？謝謝。

Hey, Phil, it's John. Thank you. Pay debt stack the cash, pay the debt. And at the right time and levels will be dictated by the Board working with the management team and I but pay the debt

嘿，菲爾，我是約翰。謝謝。還債，存現金，還債。在正確的時間和水平將由董事會與管理團隊合作決定，但我要償還債務

Great. Any color you can share in terms of timing this year versus next year, et cetera?

偉大的。您可以分享今年與明年的時間安排等方面的任何顏色嗎？

No, I would prefer not to share that, I think, for obvious reasons, but the job is pretty clear, earn the cash, pay down debt, support our dealers and service our customers.

不，我認為，出於顯而易見的原因，我不想分享這一點，但工作非常明確，賺取現金，償還債務，支持我們的經銷商並服務我們的客戶。

Great. Thanks, John. In our preview note for you guys, we wrote about how you may be slow paying some of your dealers. Some of this may be due to a delayed tax equity tranche. Can you give us a little more color on the situation? And how might this be tied to your growth outlook? You mentioned in your prepared remarks about the exit of another publicly traded solar company that does leases.

偉大的。謝謝，約翰。在我們為您提供的預覽說明中，我們寫了有關您如何緩慢向某些經銷商付款的資訊。其中部分原因可能是由於稅收股權部分的延遲。您能為我們提供更多有關情況的資訊嗎？這與您的成長前景有何關係？您在準備好的評論中提到了另一家從事租賃業務的上市太陽能公司的退出。

I'm guessing this is likely pushing a lot of dealers to you. And so from a cash consumption standpoint and growth, how do you balance all that? You're not taking on any new dealers? And then, how does that ultimately impact your growth outlook for 2025 and 2026? Thanks.

我猜這可能會將很多經銷商推向你。因此，從現金消費和成長的角度來看，您如何平衡這一切？你們不接受任何新的經銷商嗎？那麼，這最終將如何影響您 2025 年和 2026 年的成長前景？謝謝。

Certainly, a lot there. So let me start by saying that lining up the adders, some are easier than others to get through all the legal and accounting hoops and so forth but I think we're there. Now, we've got to execute more but going back as far as January 2023, which, of course, we can, really appreciate all of our partners, both on the financial side and obviously, on the operations side, working with us to collect that money. That cash going from January 1, 2023, to yesterday of July is roughly about $270 million of cash. We've collected roughly about half of that.

當然，有很多。首先我要說的是，排列加法器時，有些比其他加法器更容易通過所有法律和會計環節等等，但我認為我們已經做到了。現在，我們必須執行更多，但追溯到 2023 年 1 月，當然，我們可以非常感謝我們所有的合作夥伴，無論是在財務方面，還是在營運方面，與我們合作收集這筆錢。從 2023 年 1 月 1 日到 7 月昨天，這筆現金約為 2.7 億美元。我們已經收集了大約一半。

This is all the energy communities, domestic content, no LMI as of yet, but we do expect that. And then we expect to collect the other half in the next few days and weeks. In fact, we have a tremendous amount of closings, including the securitization we priced yesterday. I would say it's a rather tidal wave of cash over the next few days, 6 to 10 days, and then increasing from there as we close out these capital pieces. So never very easy to close all these transactions, but -- and clearly, we had a very busy quarter, but we've accomplished it and we continue to see near-term execution measured in days, not even weeks at this point.

這是所有能源社區、國內內容，目前還沒有 LMI，但我們確實期望如此。然後我們預計在接下來的幾天和幾週內收集另一半。事實上，我們有大量的交割，包括我們昨天定價的證券化。我想說，在接下來的幾天（6 到 10 天）中，這將是一股相當大的現金浪潮，然後當我們關閉這些資本部分時，現金就會增加。因此，完成所有這些交易從來都不是一件容易的事，但是，很明顯，我們度過了一個非常繁忙的季度，但我們已經完成了它，並且我們繼續看到短期執行以天為單位，目前甚至不是以周為單位。

When we look at the market, and we'll talk about the actions we took, we -- I mentioned in my prepared remarks, I've never seen anything like this. The growth in our business started in May. There was still a lot of, I would say, a preponderance of noise about how negative the growth is going to be this year in our industry, and we just weren't seeing it and then it kept going in terms of trucking higher. We had our second -- either our first or second-best month in history in June in terms of cash, like actual amount of CapEx with the August of last year being our best historically. So that June surpassed that.

當我們觀察市場時，我們將討論我們採取的行動，我在準備好的發言中提到，我從未見過這樣的事情。我們的業務成長從五月開始。我想說的是，關於今年我們行業的負增長將有多大的聲音仍然占主導地位，我們只是沒有看到它，然後卡車運輸方面繼續走高。就現金而言，我們的第二個月是歷史上第一或第二好的月份，就像資本支出的實際金額一樣，去年八月是我們歷史上最好的月份。所以六月超過了這個數字。

But that was nothing compared to the month that we finished just last night. We were heading about 10 days ago, two weeks ago, we were heading towards a 30% increase in trucking higher as far as a percentage, which is off a big base in terms of increasing CapEx year-over-year. Right now, we've been able to take some steps and that's only 20% higher, but that's still well ahead of our plan. With that, we did the unprecedented, pausing new dealer additions, and we expect that to continue. We are changing payment terms, and we're moving in a move to reflect our current contractual rights and then change the payment terms further than that.

但與我們昨晚剛完成的那個月相比，這根本不算什麼。大約 10 天前，即兩週前，我們正朝著卡車運輸增加 30% 的方向前進，就百分比而言，這在資本支出同比增長方面偏離了很大的基礎。目前，我們已經採取了一些措施，僅提高了 20%，但這仍然遠遠超出了我們的計劃。就這樣，我們史無前例地暫停了新經銷商的增加，我們預計這種情況將繼續下去。我們正在改變付款條件，我們正在採取行動反映我們目前的合約權利，然後進一步改變付款條件。

We are mandating domestic content by September 1, and then we're raising prices and have raised prices over the last few days further in some regions. So I know this is not necessarily welcome to the dealers, but we simply cannot handle this level of growth, and we will not sacrifice our core focus of earning cash to pay our debt to support our dealers and service our customers, therefore, bringing on more dealers is not fair to the current dealers who are working hard with us, and I very much appreciate their patience in working with us as we make these changes. But this is all to the benefit of elongating and using our working capital more wisely and therefore, generating more cash than possibly even reflected in our guidance forecast on cash.

我們要求在 9 月 1 日之前提供國內內容，然後我們會提高價格，並且在過去幾天裡在某些地區進一步提高了價格。所以我知道這不一定會受到經銷商的歡迎，但我們根本無法應對這種增長水平，而且我們不會犧牲賺取現金的核心重點來償還債務以支持我們的經銷商和服務我們的客戶，因此，更多的經銷商對於目前與我們一起努力工作的經銷商來說是不公平的，我非常感謝他們在我們做出這些改變時耐心地與我們合作。但這完全有利於延長和更明智地使用我們的營運資金，從而產生比我們現金指導預測中可能反映的更多的現金。

Great. Congrats again, John. I will pass it on.

偉大的。再次恭喜，約翰。我會把它傳遞下去。

Thank you.

謝謝。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Great. Thanks so much for taking the questions this morning. First one is on the EBITDA guide. Obviously, a strong update there, and seems to be mostly driven by higher ITC sales. I'm just curious, is there any recapture of 2023 domestic content included in the 2024 EBITDA guidance? And if so, can you quantify how much? And then, maybe looking out to 2025, is the percentage of EBITDA contribution from ITC sales in 2024, representative of what you should expect in 2025.

偉大的。非常感謝您今天早上提出問題。第一個是 EBITDA 指南。顯然，這是一個強勁的更新，而且似乎主要是由 ITC 銷售增加所推動的。我只是好奇，2024 年 EBITDA 指導中是否包含了 2023 年國內內容的重新捕獲？如果是這樣，你能量化多少嗎？然後，也許展望 2025 年，2024 年 ITC 銷售額佔 EBITDA 貢獻的百分比，代表了您對 2025 年的預期。

Hi, Andrew. This is John. I'd say maybe a small amount just with regards to the ITC sales, and that's why we show the adjusted EBITDA with and without the ITC sales, so you don't have to do the math. But I don't think it's the -- I know it's not the vast majority of it. And you move forward in time going from an ITC of mid-30s into high 30s up to the mid-40s as we've guided to. That is going to produce even greater amount of tax equity requirements and therefore, ITC sales. So it actually should increase as we move forward in time.

嗨，安德魯。這是約翰。我想說可能只是 ITC 銷售額的一小部分，這就是為什麼我們顯示有或沒有 ITC 銷售額的調整後 EBITDA，所以您不必進行數學計算。但我不認為這是——我知道這不是絕大多數。正如我們所指導的那樣，您將及時從 30 多歲的 ITC 進入 ​​30 多歲的高位，直至 40 多歲的中期。這將產生更多的稅收公平要求，從而產生 ITC 銷售。因此，隨著時間的推移，它實際上應該會增加。

There's not this one-time pickup, and that's it. The amount of cash generation as clearly shown in the slides, you don't have to do any math, is clearly moving materially higher. And the returns are moving on the unit level, economics are moving materially higher and did in this past month, I would add. So we see a greater contribution to go along with a greater expectation of cash generation.

沒有一次性的接送服務，僅此而已。投影片中清楚顯示的現金產生量，您無需進行任何數學計算，顯然正在大幅增加。我補充說，單位層面的回報正在變化，經濟正在大幅走高，過去一個月就是如此。因此，我們看到更大的貢獻伴隨著對現金產生的更大期望。

Understood. That's helpful. And then, maybe just sticking to that for a second how sticky would you expect this domestic content benefit to be? There's obviously another competitor out there that does leases that has the opportunity to benefit from this adder. I'm just curious if you expect any of this benefit to ultimately get flowed through to the customer and there is going to be some competition on that pass-through?

明白了。這很有幫助。然後，也許先堅持這一點，您認為國內內容的好處有多大的黏性？顯然還有另一個從事租賃業務的競爭對手有機會從這個加法器中受益。我只是很好奇，您是否期望這些好處最終會流向客戶，並且在這種傳遞過程中是否會存在一些競爭？

We've been very -- I think as noted by a few of your peers and I think yourself, Andrew, very conservative in 2025 and 2026 as a result of assuming that there would be some balance return to the capital markets, but right now, capital markets are, I think, demanding higher returns for the capital. And as I clearly laid out and very directly, we're overrun with origination right now. So I'm not materially worried about us being able to capture the returns in cash generation that we've laid out in the short term and then I think we've been appropriately conservative in the back two years.

我認為，正如您的一些同行和我認為安德魯本人所指出的那樣，我們在 2025 年和 2026 年非常保守，因為我們假設資本市場會有一些平衡回報，但現在我認為，資本市場對資本的回報要求更高。正如我非常直接地明確指出的那樣，我們現在的原創性已經超越了極限。因此，我並不擔心我們能夠在短期內獲得現金產生的回報，而且我認為我們在過去兩年中一直保持適當的保守態度。

Great. Thank you so much. I'll leave it there.

偉大的。太感謝了。我會把它留在那裡。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey. Good morning. Thank you guys very much for the time. Nice chat again. And nicely done, I got to add.

嘿。早安.非常感謝你們抽出時間。又聊得很開心。做得很好，我必須補充一下。

Thanks, Julian. Welcome back.

謝謝，朱利安。歡迎回來。

Thank you, sir. So just following up a little bit earlier on the health of the tax equity market a little bit further, right? You talked about changing the terms of the dealers to align with your sort of warehouse and tax equity funding. How about just the health of the tax equity market, you can talk about that? What about changing the payment terms and the timing there? How do you think about adding additional tax equity partners here?

謝謝您，先生。因此，只是更早跟進稅收股票市場的健康狀況，對嗎？您談到了改變經銷商的條款，以適應您的倉庫和稅收股權融資類型。您可以談談稅收股票市場的健康狀況嗎？更改付款條件和時間怎麼樣？您如何看待在這裡增加額外的稅收股權合作夥伴？

It seems like from the Q that some of that played into the -- or plays into the outlook here a little bit. Can you talk, as you think about handling growth, partnering more effectively perhaps with your funding partners here to enable more rapid funding?

從 Q 來看，其中一些因素似乎影響了——或者稍微影響了這裡的前景。當您考慮處理成長問題時，您能否談談與您的融資合作夥伴更有效地合作以實現更快速的融資？

Yes. I think -- look, overall, the tax equity market and really the tax credit market is probably a better way of saying it, at this point, has greatly expanded due to the transferability of the ITC, right? And so that's transformed the financing sources to the point where it is quite likely that maybe the entire market goes to an ITC transfer or sale marketplace. And we're certainly -- we did the first transaction if you recall, back in September. We certainly have done quite a bit more and engaged in closing on more capital as we speak under that structure.

是的。我認為，總體而言，稅收股權市場和稅收抵免市場可能是更好的說法，在這一點上，由於 ITC 的可轉讓性，稅收抵免市場已經大大擴展，對嗎？因此，融資來源發生了轉變，整個市場很可能都會流向 ITC 轉讓或銷售市場。如果你還記得的話，我們當然在 9 月進行了第一筆交易。正如我們在這種結構下所說的那樣，我們當然已經做了更多的事情，並致力於吸引更多的資本。

And that is almost, I would say, without practical limits, right? Because there are a number of companies that pay billions and hundreds of millions of dollars in tax. And so that really opened things up in terms of the IRA change and the transferability of the ITC. And I think that it came at the exact right time and it's certainly helping to, I would say, take the complexity out somewhat of some of the financing and enlarge the funnel top of the available capital.

我想說，這幾乎沒有實際限制，對嗎？因為有很多公司繳了數十億、數億美元的稅。因此，就 IRA 變更和 ITC 的可轉移性而言，這確實打開了局面。我認為它來得正是時候，我想說，它肯定有助於消除部分融資的複雜性，並擴大可用資本的漏斗頂部。

And I think you can see that in the numbers for the entire industry, not just behind the meter, but in front of the meter as well. So in terms of payment terms, those are always negotiable and so forth. We like our balance sheet. We like retaining the cash flows, as you know. And we're in a very strong position, nobody serves our customers better. We've got a very much of a focus on service, as you know. So we like where we sit, and we feel that we're getting the best capital partners in the market.

我認為你可以從整個行業的數字中看到這一點，不僅是在儀表後面，而且在儀表前面。因此，就付款條件而言，這些總是可以協商的等等。我們喜歡我們的資產負債表。如您所知，我們喜歡保留現金流。我們處於非常有利的地位，沒有人能更好地為我們的客戶提供服務。如您所知，我們非常注重服務。所以我們喜歡我們所處的位置，我們覺得我們正在獲得市場上最好的資本合作夥伴。

Then, related here, can you talk a little bit about the domestic content piece? I mean, you say all will be by September 1. Seemingly, that has a fairly muted impact in terms of saying -- or impacting the total volumes you're anticipating -- of practically everything is moving swiftly in that direction. What equipment packages are you looking at? I suspect I know, but I just want to verbalize this briefly on what that effectively requires of your dealer network to pivot to by September 1. What permutations of equipment?

那麼，這裡相關的，可以談談國內的內容片嗎？我的意思是，你說一切都會在 9 月 1 日之前完成。看起來，這對於說——或者影響你預期的總量——來說影響相當小，幾乎所有事情都在朝這個方向迅速發展。您正在尋找哪些設備包？我懷疑我知道，但我只是想簡要地說明您的經銷商網路在 9 月 1 日之前轉向的有效要求。裝備有哪些排列？

There's quite a few. I don't necessarily want to get into, Julian, naming OEM names and their valued partners, and they've been working with us since guidance dropped in late May. I would say that, there is a growing number of permutations at that, almost by the week as more and more OEMs get certain lines of manufacturing up and running in the United States.

有不少。朱利安，我不一定想說出 OEM 名稱及其重要合作夥伴的名字，自從 5 月底發布指導意見以來，他們一直在與我們合作。我想說的是，隨著越來越多的原始設備製造商在美國建立並運行某些生產線，幾乎每週都有越來越多的排列。

So what Congress intended to in the administration and seems very bipartisan focus, right, bringing the production of the gear, whether it's batteries or ESS or inverters or panels, EV chargers, et cetera, to the United States, seems to be working and in a very quick fashion.

因此，國會在政府中的意圖似乎是兩黨共同關注的，對吧，將設備的生產，無論是電池、ESS、逆變器、面板、電動車充電器等，帶到美國，似乎正在發揮作用，並且正在實施。

So we see a number of manufacturing permutations. We don't see any of our major OEM partners being kicked off the AVL or anything else. They're all working diligently and quickly and communicating with us almost hourly about how to get to maximize their sales of course through to us.

所以我們看到了許多製造排列。我們沒有看到我們任何主要的 OEM 合作夥伴被踢出 AVL 或其他任何東西。他們都勤奮、快速地工作，幾乎每小時都與我們溝通，討論如何最大限度地提高他們的銷售額，當然是透過我們。

So we feel pretty comfortable including the racking companies have moved very quickly that we're going to have a number of permutations for our dealers. And this is going to get -- it's hard to put all the pieces together, but it's going to get set up and moving smoothly I think over the next couple of months or so.

因此，我們感到非常放心，包括貨架公司的行動非常迅速，我們將為我們的經銷商提供多種排列。這將會變得——很難把所有的部分放在一起，但我認為在接下來的幾個月左右的時間裡，它將會順利建立並順利進行。

Thank you. Good luck guys for future.

謝謝。祝大家未來好運。

Thank you.

謝謝。

James West, Evercore ISI.

詹姆斯·韋斯特，Evercore ISI。

Hey. Good morning, John and Eric. I wanted to touch on unit economics and how you're thinking about that going forward, as you're high-grading clearly the customer additions you've got costs coming down on the equipment side we have obviously the tax credits everything else a lot of moving parts but how are you thinking about unit economics for the business going forward? Or how would you guide us to think about it?

嘿。早上好，約翰和埃里克。我想談談單位經濟學以及你如何看待未來的發展，因為你對客戶的增加進行了明確的高評級，所以你在設備方面的成本下降了，我們顯然有稅收抵免，其他一切都很多但您如何看待未來業務的單位經濟效益？或者你會如何引導我們思考這個問題？

Yeah. It's a good question, James. It's John. One of the things that Eric has been able to do in a short period of time here is lead working with his teams and Board members to re-look at our fully burdened unlevered return a little more conservative brought it down did the back casting back for everybody so those are all apples-and-apples.

是的。這是個好問題，詹姆斯。是約翰。艾瑞克（Eric）在短時間內能夠做的事情之一就是領導與他的團隊和董事會成員合作，重新審視我們完全負擔的無槓桿回報，更加保守一點，把它壓倒了。這些都是蘋果和蘋果。

On a forward basis, the trailing month last month that we just finished last night was materially higher, in the fully burdened unlevered return. And we do expect to see a movement up of somewhere between 200 basis points and 300 basis points on the fully burdened unlevered return that would match up with the cash generation that we forecasted.

從遠期來看，我們昨晚剛完成的上個月的尾隨月份在完全負擔的無槓桿回報方面要高得多。我們確實預計完全負擔的無槓桿回報率將上升 200 個基點到 300 個基點，這將與我們預測的現金產生量相符。

That would be our best guidance at this point in time, given what we know and what we're seeing here as far as the uptake on the adders and the price increases and what's going on in the marketplace.

考慮到我們所知道的以及我們在這裡所看到的，就加法器的採用情況、價格上漲以及市場上發生的情況而言，這將是我們目前最好的指導。

Perfect. Very clear. That makes sense. And then, on the -- stopping the additions of new dealers how are you thinking about this from a timing standpoint? Is this a quarter, a couple of months, the rest of the year? When do you think you would be adding to your base of dealers and adding customers further than what you forecasted for this year?

完美的。非常清楚。這是有道理的。然後，關於停止增加新經銷商，您從時間角度如何考慮這個問題？這是一個季度、幾個月還是一年中的剩餘時間？您認為您什麼時候會增加您的經銷商基礎並增加比您今年預測的客戶更多的數量？

Well, we've got a gradually sloping CapEx increase going into next year and then flat lining from there. And I think we're going to keep that. That's what we need to do to optimize the cash. And I think we're just going to keep with that.

嗯，從明年開始，我們的資本支出將逐漸增加，然後趨於平穩。我認為我們會保留這一點。這就是我們需要做的來優化現金。我認為我們會堅持下去。

So anything in terms of growth that goes above that we're going to take steps to mitigate that down. We want to take care of our core dealers especially those that have been with us for years first and foremost. And so I just think that's fair.

因此，任何超出成長的因素，我們都將採取措施來減緩成長。我們希望照顧好我們的核心經銷商，尤其是那些已經與我們合作多年的經銷商。所以我認為這是公平的。

Now, are we going to lose some dealers potentially over some of these possibly? And we would just pay them out and wish them well and they can move on. The line to get in is very long. And so at this point in time, I just want to make sure we take care of those who've been with us for a long time and really believed in working well with us and not try to take on and get aggressive to grow.

現在，我們是否會因為其中一些問題而失去一些經銷商？我們只會付錢給他們，並祝福他們一切順利，他們可以繼續前進。進去的隊伍很長。因此，在這個時候，我只想確保我們照顧那些長期與我們在一起並真正相信與我們合作良好的人，而不是試圖承擔並積極成長。

And on the other side of that being aggressive in growth is not what we need to be doing for our shareholders. We need to be earning the cash paying down the debt and that's exactly where we're going to stick to.

另一方面，積極成長並不是我們需要為股東做的事情。我們需要賺取現金來償還債務，這正是我們要堅持的方向。

Perfect. Got it. Thanks, John.

完美的。知道了。謝謝，約翰。

Thank you.

謝謝。

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys. Good morning. Kudos, on the cash generation and liquidity improvement here, John, if I look at slide 9, you have the megawatts added per year, it's up 25%. So just looking at last year, you're forecasting 830 megawatts of new growth in 2024. That's actually higher than what you showed us last quarter on the same slide. Can you talk to kind of what's driving that improved growth outlook? Is it share gain? Is it other things? Just because there's a lot of talk about constraining growth, no new dealers, et cetera, but it looks like you're actually getting momentum there.

嘿，夥計們。早安.榮譽，關於這裡的現金生成和流動性改善，約翰，如果我看一下幻燈片 9，你會發現每年增加兆瓦，增長了 25%。因此，光是去年，您就預測 2024 年將新增 830 兆瓦。這實際上比您上個季度在同一張投影片上向我們展示的要高。您能談談推動成長前景改善的因素嗎？是股票收益嗎？是其他事情嗎？只是因為有很多關於限製成長、沒有新經銷商等等的討論，但看起來你實際上在那裡獲得了動力。

And I'd be curious, what's your -- you just alluded to it on the prior question, you're raising your EPS cost forecast for '25 and '26. It seems like you're implying faster growth, more investment in '25 and '26. Is it 20%? Is it 25% that you're implying for megawatt growth for the next couple of years? Just trying to get a sense of what your growth outlook is here and what's driving the better view here for '24 as well?

我很好奇，你剛剛在上一個問題中提到了這一點，你提高了 25 年和 26 年的 EPS 成本預測。看來您是在暗示 25 和 26 年將會有更快的成長和更多的投資。是20%嗎？您所說的未來幾年兆瓦成長是 25% 嗎？只是想了解您的成長前景以及是什麼推動了 24 世紀更好的前景？

Yeah, certainly. Part of this is the amount of kilowatts per system average has been continuously increasing. That's been a multiyear trend, as you know, Brian. But we are also seeing some pretty large growth and have seen pretty large growth in some of the southern markets where the kilowatt per customer is pretty high relative to, say, our island markets in the Pacific and the Caribbean where it's pretty low. So I think that's a big piece of this.

是的，當然。部分原因是每個系統平均千瓦數一直在增加。如你所知，布萊恩，這是一個多年的趨勢。但我們也看到了一些相當大的成長，並且在一些南方市場也看到了相當大的成長，這些市場的每用戶千瓦數相當高，而太平洋和加勒比海的島嶼市場則相當低。所以我認為這是其中一個重要的部分。

Right now, at the pace we're running at, we're managing to by limiting dealers and taking some of these other steps. I would say it's basically kind of a run rate that we just state here, we'd be looking out for '25 and '26. So I think we're basically there. If not maybe a little bit higher, but doubtful. I think we're about where we want to be. And that's -- given how long it takes to go from origination to in-service, basically 180 days or two quarters, half a year, however you want to phrase it, that's kind of how the math works out, if you will, looking ahead, moving from '24 to '25.

目前，按照我們目前的速度，我們正在設法透過限制經銷商並採取其他一些措施來實現這一目標。我想說，這基本上是我們在這裡所說的運行率，我們會關注 '25 和 '26。所以我認為我們基本上已經完成了。如果不是，可能會高一點，但值得懷疑。我認為我們已經達到了我們想要達到的目標。這就是 - 考慮到從啟動到投入使用需要多長時間，基本上是 180 天或兩個季度，半年，無論你想用什麼措辭，這就是數學的計算方式，如果你願意的話，看看前進，從'24 到'25。

Okay. Very good. That's helpful. And then, just kind of a follow-up question to Phil's earlier one. I'm curious. You've got probably the most robust liquidity forecast you've had in a while, $1 billion plus of unrestricted cash by '26 is the new target. I mean, it sounds like there could even be upside to that based on how much leverage you're seeing to some of these adders and what have you. So I know you can't give us a singular answer per se, but as you think about the different permutations of how to address the debt, it sounds like you're planning to pay it down as kind of the first priority.

好的。非常好。這很有幫助。然後，這是菲爾之前問題的後續問題。我很好奇。您的流動性預測可能是一段時間以來最強勁的，新目標是到 26 年擁有 10 億美元以上的不受限制的現金。我的意思是，聽起來這甚至可能有好處，這取決於您對其中一些加法器的影響力有多大以及您擁有什麼。所以我知道你本身無法給我們一個單一的答案，但當你考慮如何解決債務的不同排列時，聽起來你計劃將償還債務作為首要任務。

I think up until now, there's been lots of different discussions around restructuring and refinancing and doing different things, like has that priority or strategic focus shifted to just simply paying down the debt as you generate cash? Or are there multiple options still on the table? We'll be curious if you can speak to that a bit?

我認為到目前為止，圍繞重組和再融資以及做不同的事情已經有很多不同的討論，例如優先事項或戰略重點是否已轉移到僅在產生現金時償還債務？還是還有多種選擇？我們很好奇您是否能談談這一點？

Yeah, certainly. I personally don't believe on taking on debt unless you can pay it all. And we did take upon this debt and underlevered our asset-level of cash flows. Those asset-level cash flows have come in stronger, witnessed the upgrading on the rating agency a few days ago on our older lease ABS facilities. The other thing we made mention of, we're seeing a surge in prepayments.

是的，當然。我個人不相信承擔債務，除非你能償還全部債務。我們確實承擔了這筆債務，並降低了我們的現金流資產水準。幾天前評級機構對我們舊的租賃 ABS 設施進行了升級，資產層面的現金流變得更加強勁。我們提到的另一件事是，我們看到預付款激增。

So those that think that the loan ABS are going to be negative in value or not going to produce the cash, we'll see about that. We're seeing a pretty tremendous pickup. And I think that any sort of falling rates as the Fed was talking yesterday about cutting rates pretty soon and so forth and the bond market is clearly rallying, that's just going to turbocharge those prepayments. So I'd put that out there. And by the way, the discount on those loan portfolios is now measured as you can see in the appendix of $1 billion.

因此，那些認為貸款 ABS 的價值將為負值或不會產生現金的人，我們將拭​​目以待。我們看到了相當巨大的回升。我認為，隨著聯準會昨天談論很快降息以及債券市場明顯反彈，任何形式的利率下降都會加劇這些預付款。所以我會把它放在那裡。順便說一句，這些貸款組合的折扣現在是按照附錄 10 億美元來衡量的。

So just crossing and having customers pay us off would produce $1 billion of cash. When you look at ahead, there's a number of options available to us as a company and we'll continue to evaluate those as you would expect us to do. But my focus, Eric's focus, this management team's focus is to generate the cash so that the management team and the Board can have the options to do what's best for the shareholders. And that cash is clearly piling up to the point to go back to my personal view, we should never take on debt that we can't pay off in cash flow. And we've got a lot of things moving in the right direction here as far as generating more and more cash flow as we originally intended.

因此，只要穿越並讓客戶付錢給我們，就會產生 10 億美元的現金。展望未來，我們公司有多種選擇，我們將繼續按照您的期望評估這些選擇。但我的重點，埃里克的重點，這個管理團隊的重點是產生現金，以便管理團隊和董事會可以選擇為股東做最好的事情。現金顯然已經堆積到了我個人的觀點，我們永遠不應該承擔無法用現金流償還的債務。就我們最初的預期產生越來越多的現金流而言，我們已經有很多事情朝著正確的方向發展。

So I would end with -- this was our original plan, and we're going to stick to that plan. We're going to execute the plan.

所以我最後想說的是——這是我們最初的計劃，我們將堅持這個計劃。我們將執行該計劃。

Yeah. And this is Eric. I'd just add behind that. You heard in my comments that I'm committed to really maximizing that asset-level cash flow, at least we have tremendous opportunity to do that. And nothing puts you in a better position to create options than having cash in hand. So we'll absolutely be opportunistic as John just said and be thoughtful as we look at what we think will create the most value at that maturity comes closer but we've got a nice runway before that's the case.

是的。這是埃里克。我只是在後面添加一下。您在我的評論中聽說，我致力於真正最大化資產層面的現金流，至少我們有巨大的機會做到這一點。沒有什麼比手邊有現金更能讓你創造選擇。因此，正如約翰剛才所說，我們絕對會投機取巧，並深思熟慮，因為我們會考慮什麼會在成熟期臨近時創造最大價值，但在此之前我們已經有了一條很好的跑道。

All right. Sounds good. Thanks guys.

好的。聽起來不錯。謝謝你們。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey. Good morning. Just on the updated cash generation, it looks like there are some offsets to the higher tax equity proceeds. Presumably, this relates to the shift to TBO sales. But can you just offer any more color on kind of what gets netted against that $50 million per 1% increase?

嘿。早安.就更新後的現金產生而言，似乎有些抵消了較高的稅收股權收益。據推測，這與轉向 TBO 銷售有關。但是，您能否提供更多關於每增長 1% 5000 萬美元的收益的具體情況？

That is not offsetting. I mean that's basically a rule of thumb. It can be more or less but a rule of thumb when you look at cash generation per 1% of ITC.

那不是抵銷。我的意思是，這基本上是一條經驗法則。當你考慮 ITC 的每 1% 的現金產生量時，這或多或少只是一個經驗法則。

Right. But to the net number or just from gross ITC proceeds?

正確的。但淨額還是僅來自 ITC 總收益？

I mean, it's going to waterfall down into the OpEx and so forth. And so that gets into where you could look at the adjusted EBITDA plus P&I, but it's largely going to end up towards the bottom line of cash generation. You've got working capital impact in there as well.

我的意思是，它將下降到營運支出等方面。因此，您可以查看調整後的 EBITDA 加上 P&I，但它很大程度上最終會達到現金生成的底線。那裡也有營運資金的影響。

That's right. If you look at the way we present that graph we start with a restricted cash at the beginning of this year that net waterfall down coming largely through ITC as well as lower cost structure and the other things we mentioned result in the growth in unrestricted cash at the end of 2026.

這是正確的。如果你看看我們呈現該圖表的方式，我們從今年年初的限制性現金開始，淨瀑布下降主要透過 ITC 以及較低的成本結構和我們提到的其他因素導致非限制性現金的成長2026年底。

Got it. Thanks. And then, just as a follow-up. John you referenced the public competitors exit from the market. Just wondering how much appetite do you have to get bigger in California specifically since you flagged your relative exposure there? It's kind of been more of a tailwind in the past. Like, is this the right time to try to grab more share in California? It seems like NEM 3.0 is kind of stabilizing at this point.

知道了。謝謝。然後，作為後續行動。約翰，您提到了公開競爭對手退出市場的情況。只是想知道自從您標記了您在那裡的相對暴露程度以來，您對加利福尼亞州的胃口有多大？在過去，這更像是一種順風。例如，現在是嘗試在加州搶佔更多份額的合適時機嗎？NEM 3.0 目前似乎已經趨於穩定。

We have been increasing our market share in California and I think that trend is going to continue.

我們一直在增加在加州的市場份額，我認為這種趨勢將繼續下去。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning. I wanted to ask in the cash generation guidance, how much of the domestic content tax credit are you assuming gets shared with customers and suppliers versus kept by Sunnova?

謝謝。早安.我想問一下，在現金產生指南中，您認為與客戶和供應商共享的國內成分稅收抵免中有多少是由 Sunnova 保留的？

I think the clearest way I'd answer that is that we expect all of our dealers to choose from a domestic content compliant whether it's under the cost method or the safe harbor method by September 1.

我認為我回答這個問題的最明確的方式是，我們希望所有經銷商在 9 月 1 日之前從符合國內內容的產品中進行選擇，無論是成本法還是安全港法。

Okay. Got it. And then, I just wanted to drill down on the strategy to refocus on the core adaptive energy customer. As you mentioned, you sold some non-solar loans tied to some of the ancillary businesses. Would you say you're planning to completely exit these non-solar businesses and just focus exclusively on the lease PPAs at this point?

好的。知道了。然後，我只是想深入研究重新關注核心自適應能源客戶的策略。正如您所提到的，您出售了一些與某些輔助業務相關的非太陽能貸款。您是否打算完全退出這些非太陽能業務，而僅專注於租賃購電協議？

Well, the business really is about serving power to customers and predominantly, residential customers, a little bit of business markets as you know. And so that's the business. The business is not focusing on one financing type or another. What we're therefore to do after we serve our customers is to optimize the returns and the cash generation to shareholders. And so clearly because of the ITC adders, the lease and PPA is a superior cash generation.

嗯，這項業務實際上是為客戶提供電力，主要是住宅客戶，還有一點商業市場，如你所知。這就是生意。該企業並不專注於一種或另一種融資類型。因此，在為客戶提供服務後，我們要做的就是優化股東的回報和現金產生。顯然，由於 ITC 的加法，租賃和購電協議可以產生優越的現金。

Outside that though there's still some needs that our customers have. It could be EV chargers, additional load management, generators even some of those items that again our customers need roofing and we're going to continue to supply those services to our dealers that can in turn supply them to our customers.

除此之外，我們的客戶仍然有一些需求。可能是電動車充電器、額外的負載管理、發電機，甚至是我們的客戶再次需要屋頂的一些物品，我們將繼續向我們的經銷商提供這些服務，而經銷商又可以將這些服務提供給我們的客戶。

Now, were we to enter forward flow agreements and sell those assets off those as loans on the accessory loan side and even the solar loan side? That's highly likely. We executed on this past quarter. We would look to obviously make money doing that. We feel very comfortable that we can. So we'll have the option to either securitize those loans as we've done historically in the past or sell them off and we're leaning towards pretty strongly to go ahead and sell them off with valued partners that we've already picked up in this past quarter in terms of loan purchasers.

現在，我們是否要簽訂遠期流量協議並將這些資產作為附屬貸款甚至太陽能貸款方面的貸款出售？這很有可能。我們在上個季度執行了。我們顯然希望透過這樣做來賺錢。我們感到很舒服，我們可以。因此，我們可以選擇要么像我們過去所做的那樣將這些貸款證券化，要么將它們出售，我們非常傾向於繼續與我們已經找到的有價值的合作夥伴一起出售它們上個季度的貸款購買者數量。

On the securitization front, we do have a private securitization right behind this one that's closing in the next couple of days or so. And then we have most likely another one or two. The first one in fall time frame would be another lease PPA and then behind it potentially would be a loan. If we go ahead and sell the loans then we won't have that securitization. So hopefully, it gives you a little bit of color of what we're thinking.

在證券化方面，我們確實有一項私人證券化，該證券化將在未來幾天左右完成。然後我們很可能還有另外一兩個。秋季時間範圍內的第一個項目將是另一筆租賃購電協議，然後可能是一筆貸款。如果我們繼續出售貸款，那麼我們就不會進行證券化。希望它能讓您對我們的想法有所了解。

Thank you.

謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey. Good morning, John, Eric. It's Davis on for Ben. Thank you guys for taking the time. Just super quick. I actually was going to ask a question a follow-up maybe to the one that was just previously asked just about selling the non-solar the accessory loans on the portfolio and the benefit that you guys could see in this quarter the remainder of the year. Just as we think about timing what is assumed for sales closing this year versus visibility into next year for what you can see so far? Thank you.

嘿。早安，約翰，埃里克。戴維斯替補本。謝謝你們抽出時間。就是超級快。實際上，我想問一個問題，也許是之前問過的問題的後續問題，只是關於出售投資組合中的非太陽能附屬貸款，以及你們在本季度和今年剩餘時間裡可以看到的好處。就像我們考慮對今年銷售結束的假設時間與對明年的可見度進行預測一樣？謝謝。

Yes, sure. I do expect us to sell some more loans and broaden that into the solar loan side. So again, I expect to either work with some of the partners we've picked up this past quarter and sell loans on probably a forward flow or batch basis or pick up some additional financial partners that love our product. We include service with our solar loans no one else does. That's become very, very important.

是的，當然。我確實希望我們能夠出售更多貸款，並將其擴展到太陽能貸款方面。因此，我再次希望與我們在上個季度找到的一些合作夥伴合作，並可能以遠期或批量的方式出售貸款，或選擇一些喜歡我們產品的其他金融合作夥伴。我們的太陽能貸款包含其他人沒有提供的服務。這變得非常非常重要。

Finally, everybody woke up in the capital markets how important services and making sure customers get what they were promised. So I think we've got a fantastic product. I'm confident in that. And I'm looking forward to working out and turning these loan products if you will into a fee-based type of business for us.

最後，資本市場上的每個人都意識到服務和確保客戶得到他們所承諾的東西是多麼重要。所以我認為我們有一個很棒的產品。我對此很有信心。如果您願意的話，我期待著將這些貸款產品轉變為我們的收費業務。

Thanks. Congrats, guys.

謝謝。恭喜，夥計們。

Thank you.

謝謝。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the questions. First kind of a macro one. This surge in demand that you've observed since May what caused that?

感謝您提出問題。第一種是宏​​觀的。自五月以來您觀察到的需求激增是什麼原因造成的？

I have my view, and I guess it's the collective view here at the company, if you look at the utility rates, they continue to truck higher all the while natural gas is at $2 NM. I personally see that the probability of gas staying at $2 NM has to be very low probability. When you look ahead over the next year, I think actually we could be exiting a 15-year bear market in natural gas, even. And so the probability of that gas goes higher given the extreme demand, LNG facilities, the power demand, just general economic growth, and the rollover of some of the basins, Haynesville, and so forth. I think it's an interesting constructive backdrop to be long on natural gas, which is going to push the utility rates up much further if nothing else is done.

我有我的觀點，我想這是公司的集體觀點，如果你看看公用事業費率，他們會繼續走高，而天然氣價格為 2 NM 美元。我個人認為 Gas 保持在 2 NM 美元的機率必須非常低。當你展望明年時，我認為實際上我們甚至可能走出 15 年的天然氣熊市。因此，考慮到極端需求、液化天然氣設施、電力需求、總體經濟成長以及一些盆地、海恩斯維爾等的翻轉，天然氣的可能性會更高。我認為，做多天然氣是一個有趣的建設性背景，如果不採取其他措施，這將進一步推高公用事業費率。

But wait, there's more. The reliability problems, as I sit here in Houston, are obviously extreme in terms of the issues at hand. That -- a lot of people have offered assistance and ideas to CenterPoint, for instance, about how to get better. All those come with multibillion-dollar price tag. Somebody's got to pay for all that.

但等等，還有更多。當我坐在休士頓時，就當前的問題而言，可靠性問題顯然是極端的。例如，許多人向 CenterPoint 提供了關於如何變得更好的幫助和想法。所有這些都標有數十億美元的價格標籤。總得有人為這一切付出代價。

That's going to be the utilities, and they're going to pass it on to the ratepayers. So I see retail rates trucking higher, well higher than inflation. And I think everybody else now sees that, too. Not having competition, not having consumer choice is going to be a real topic. We've got to have competition so that we can have better technology, better services for consumers.

那將是公用事業公司，他們會將其轉嫁給納稅人。因此，我認為零售利率會更高，遠高於通膨率。我想現在其他人也都看到了這一點。沒有競爭，沒有消費者選擇將成為一個真正的議題。我們必須有競爭，這樣我們才能為消費者提供更好的技術、更好的服務。

And when you have a monopoly, you should expect to see continuously higher rates. So I think people are getting that more and more. The other side of that, the equipment, whether it's a solar panel or an inverter or a battery, especially in the batteries are plummeting; batteries are becoming more and more dominant in our portfolio. Just look at the megawatt hour growth, for instance, and we make good money and serve our customers better, like the storm we just went through here in Houston. Our customers were well served as we laid out on the slide 11.

當你擁有壟斷地位時，你應該期望看到不斷更高的利率。所以我認為人們越來越明白這一點。另一方面，設備，無論是太陽能板、逆變器或電池，尤其是電池，都在直線下降；電池在我們的產品組合中變得越來越占主導地位。例如，只要看看兆瓦時的成長，我們就能賺到很多錢並更好地為客戶服務，就像我們剛剛在休士頓經歷的風暴一樣。正如我們在幻燈片 11 上展示的那樣，我們的客戶得到了很好的服務。

So when you look at everything, we see fundamentals, utility rates trucking higher, and we see equipment moving lower, that produces a value proposition year-over-year, almost exactly, I might add, if you looked at the 10-year, you have flat interest rates. So your cost of capital is basically flatlining to potentially declining. So this is all a very constructive backdrop for overall macro growth in our industry.

因此，當你審視一切時，我們會看到基本面，卡車運輸的利用率更高，而我們看到設備的移動速度更低，這會產生逐年的價值主張，幾乎完全準確，我可能會補充說，如果你看10 年，你有固定利率。因此，您的資本成本基本上持平甚至可能下降。因此，這對於我們行業的整體宏觀成長來說是一個非常有建設性的背景。

Okay. Zooming in on your financials, you referenced the importance of service. What is the current cost structure of your in-house service efforts? And how has that tracked maybe over the last 12 months?

好的。著眼於您的財務狀況，您提到了服務的重要性。您的內部服務工作目前的成本結構是怎樣的？過去 12 個月的情況如何？

On a per-customer basis, we've been able to drive it down, and we continue to see the ability to drive the per-customer cost down. I don't know if we've been public about what that per customer service cost is, but we'll take a look at that, see if we can talk about that a little bit more in the Q3 call. But our Chief Operating Officer, Paul Matthew, has done a fantastic job on driving down the cost while improving the service level to our customers. And we see that as our core moat, if you will, is that strong customer service and doing so at a declining cost curve that I don't think can be matched in the industry.

在每個客戶的基礎上，我們已經能夠降低成本，並且我們將繼續看到降低每個客戶成本的能力。我不知道我們是否公開過每個客戶服務成本是多少，但我們會研究一下，看看是否可以在第三季的電話會議中進一步討論這一點。但我們的營運長 Paul Matthew 在降低成本和提高客戶服務水準方面做得非常出色。我們認為，如果你願意的話，我們的核心護城河就是強大的客戶服務，並且以不斷下降的成本曲線做到這一點，我認為這是業界無法比擬的。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Sophie Karp, KeyBanc.

索菲·卡普，KeyBanc。

Hi, guys. Good morning. Congrats on a solid results and thank you for taking my question. I'd like ask you more of a high level question. So with the improved liquidity forecast and once your goal of paying down debt and supposedly the one that's more immediate is accomplished, what is your long-term capital strategy? Is that to rely more on asset-level financing moving forward? Or would you still consider corporate-level debt may be of a different kind? So any color there would be appreciated.

嗨，大家好。早安.恭喜您取得了良好的成果，並感謝您提出我的問題。我想問你一個更高級的問題。因此，隨著流動性預測的改善，一旦您的償還債務目標（據說是更直接的目標）實現了，您的長期資本策略是什麼？是不是要更依賴資產層面的融資來推進？或者您仍然認為企業級債務可能是另一種類型？所以任何顏色都會受到讚賞。

Yes, Sophie. This is John. Our strategy has always been as you and I have spoken over the years is to -- let's have the option of doing either corporate level capital or asset lower capital whatever we feel is more flexible and cheaper. Clearly the corporate level capital was inexpensive relative to the asset level capital back when we put that -- those -- raise those debt pieces.

是的，蘇菲。這是約翰。正如您和我多年來所說的那樣，我們的策略一直是——讓我們可以選擇進行公司層面的資本或資產較低的資本，無論我們認為更靈活、更便宜。顯然，當我們增加這些債務時，公司層級的資本相對於資產層面的資本是便宜的。

That is clearly not the case anymore. The corporate capital I would say fairly is absently expensive. And so we're going to focus more than ever on the asset level capital size we've laid out and we've executed on. I don't see that changing but I'm not the market. The market will dictate what we do. My personal opinion is that the converts are a lot higher cost of capital and I probably will not be voting to do converts again.

顯然情況已經不再是這樣了。我想說的是，企業資本相當昂貴。因此，我們將比以往任何時候都更加關注我們已經規劃和執行的資產水準資本規模。我不認為這種情況會改變，但我不是市場。市場將決定我們要做什麼。我個人的觀點是，轉換者的資本成本要高得多，我可能不會再投票支持轉換者。

Got it. Thank you. And then what are your thoughts on how safe the ITC adders are in terms of a potential change in administration maybe in November maybe to the extent you'd like to comment on that?

知道了。謝謝。然後，您對 ITC 加法器的安全性有何看法？

I think President Harris will probably be very supportive of them, and that's a bit of a joke. Who knows who's going to win the election? But I think when you look at -- clearly, this is a dead heat now. So I think the old Trump tirade and so forth, I'd be very cautious on that just personally just looking at the situation. I think it's been a very active three weeks in the political landscape. And I think we'll continue to see some surprises.

我認為哈里斯總統可能會非常支持他們，這有點開玩笑。誰知道誰會贏得選舉？但我認為，當你看到——顯然，現在這是一個不分勝負的局面。所以我認為川普的長篇大論等等，我個人會非常謹慎地看待這個情況。我認為這是政治格局中非常活躍的三週。我認為我們會繼續看到一些驚喜。

I -- look, I don't think as -- regardless of party, I think that you should be supportive of what the IRA is doing. And behind the scenes, politicians of both stripes are exactly that. So I don't listen to the noise and quite frankly, I personally find it to be more unhelpful and not worth my time to listen to the political noise than ever. And I'd stay focused on what's working.

我——聽著，我不認為——無論黨派如何，我認為你應該支持愛爾蘭共和軍正在做的事情。而在幕後，兩種類型的政客正是如此。所以我不聽這些噪音，坦白說，我個人覺得比以往任何時候都更無益，也不值得我花時間去聽政治噪音。我會專注於有效的事情。

What's working is that, as I mentioned earlier, the domestic content is driving domestic manufacturing growth in jobs in a very important space that is the power generation space using new technologies like solar, batteries, load management, EVs, et cetera. So I think that as you move forward in time, I think you'll find both parties to be very supportive of what we're doing and execute. And I think the idea that repeal this and that, I think, will end up being on the dustbin of history, much the same with like the Obama Health care plan is basically still intact after all these years.

正如我之前提到的，有效的是，國內內容正在推動國內製造業在一個非常重要的領域的就業成長，即使用太陽能、電池、負載管理、電動車等新技術的發電領域。因此，我認為隨著時間的推移，您會發現雙方都非常支持我們正在做和執行的事情。我認為廢除這個和那個的想法最終將被扔進歷史的垃圾箱，就像奧巴馬的醫療保健計劃在這麼多年後基本上仍然完好無損一樣。

Thank you. Thanks so much. That's all for me.

謝謝。非常感謝。這就是我的全部。

Thank you.

謝謝。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Good morning, all. Appreciate you squeezing me in. And Eric, welcome to the call. Certainly, it doesn't seem like you guys are having any problems with competition from a growth perspective, with deposit new dealers, but I just wanted to see with all the talk of new entries into the lease PPA space. If there's any certain regions, you're seeing more of that competition come out or how the dynamics are evolving overall?

大家早安。謝謝你把我擠進去。埃里克，歡迎致電。當然，從成長的角度來看，你們似乎沒有遇到任何與存款新經銷商競爭的問題，但我只是想看看有關新進入租賃購電協議領域的所有討論。如果有任何特定地區，您會看到更多的競爭出現，或者整體動態如何演變？

Yes, certainly. Look, I believe firmly in competition, and I think that the utilities ought to get some. And I believe the capitalism and competition makes us all better. It certainly pushes me to be better. So I embrace the competition.

是的，當然。聽著，我堅信競爭，而且我認為公用事業公司應該獲得一些競爭。我相信資本主義和競爭讓我們所有人變得更好。這無疑促使我變得更好。所以我擁抱競爭。

With that said, I think that people greatly underestimate how complex the operations, the financing, and lining everything up and how much capital under management, assets under management need to have, become very cost-competitive. This is a big-scale game, probably needing more big scale than any other area of the energy business, period. And so I think that there's going to be a lot of struggles with the new entrants. You got a lot of painful lessons that I've learned over the last 12 years and more. And I'm certainly my prime competitor can share their painful lessons as well.

話雖如此，我認為人們大大低估了營運、融資和安排一切的複雜程度，以及管理下的資本、管理下的資產需要有多少，變得非常具有成本競爭力。這是一場大規模的遊戲，可能比能源業務的任何其他領域都需要更大的規模。所以我認為新進入者將會面臨很多困難。我在過去 12 年多的時間裡學到了很多慘痛的教訓。我當然是我的主要競爭對手，也可以分享他們的痛苦教訓。

And everybody has to go through them. And I would say that there's a lot to be done to build up the kind of size and company and performance that Sunnova has. So I embrace the competition. I think it's important to have. And at the same time, I'm very confident in increasingly so in our moat and our competitive position.

每個人都必須經歷它們。我想說的是，要建立 Sunnova 的規模、公司和業績，還有很多工作要做。所以我擁抱競爭。我認為擁有它很重要。同時，我對我們的護城河和競爭地位也越來越有信心。

Appreciate that. And maybe just a quick follow-up any update on the status of the Puerto Rico market and how you're thinking about things there?

很欣賞這一點。也許只是快速跟進波多黎各市場狀況的最新情況以及您如何看待那裡的事情？

Great market. Great. We have fantastic dealers down there, some of our best at the top in terms of the dealer was Puerto Rico and everything that we've been able to do down there for now over a decade. We're firmly committed to the market and we obviously have a very large market share there still after over a decade. We're completely focused on making sure our customers are taken care of.

偉大的市場。偉大的。我們在那裡有出色的經銷商，就經銷商而言，我們最好的經銷商是波多黎各，以及十多年來我們在那裡所做的一切。我們堅定地致力於市場，而且十多年來我們顯然仍然擁有非常大的市場份額。我們完全專注於確保我們的客戶得到照顧。

And we still like the market potential as we move forward over the next few years. So it's fantastic and wish all of our markets were like Puerto Rico.

隨著我們未來幾年的發展，我們仍然看好市場潛力。所以這太棒了，希望我們所有的市場都像波多黎各一樣。

Thank you.

謝謝。

Thanks.

謝謝。

Ameet Thakkar, BMO.

阿米特·塔卡 (Ameet Thakkar)，BMO。

Good morning. And congrats on the progress. I just had a couple of quick questions on the cash generation guidance slide. John, I think you mentioned kind of the plan for now is to perhaps delever at the corporate level a little bit but it looks like the cash for corporate interest expense is flatlined over the forecast horizon year. And then, presumably, the cash balance that you're showing in 2026, is it assuming any kind of paydown like can you just talk about that? Is this just kind of a placeholder for now?

早安.並祝賀取得的進展。我剛剛對現金產生指導幻燈片提出了幾個簡短的問題。約翰，我認為你提到的目前的計劃可能是在公司層面上稍微去槓桿化，但看起來公司利息支出的現金在預測期內持平。然後，想必您在 2026 年顯示的現金餘額是否假設有任何類型的還款，您能談談嗎？現在這只是一個佔位符嗎？

I think that's fair.

我認為這是公平的。

Okay. And then, you did highlight, I think, one of the rating agencies upgraded some of your older vintages of your ABS. You just price an ABS yesterday. It looked like the kind of the Series A notes were 300 basis points would look a little bit wider to us than some of the other kind of leaseback ABSs that have been issued recently. I was just wondering if some of the issues with one of your public competitors, is that kind of causing a little bit of a wider set of spreads in the ABS market right now?

好的。然後，我認為您確實強調了其中一個評級機構升級了您的一些較舊年份的 ABS。您昨天剛剛對 ABS 進行了定價。對我們來說，300 個基點的 A 系列票據似乎比最近發行的其他類型的回租 ABS 寬一些。我只是想知道你們的一個公開競爭對手的一些問題是否會導致目前 ABS 市場上的利差擴大一些？

You nailed it. Quite helpful. And I think this too shall pass when investors focus on the numbers and what we're doing as a company versus just a bunch of noise in the market created by that situation. But most unfortunate, but I think what's really important is we executed through it.

你成功了。很有幫助。我認為，當投資者關注數字和我們作為一家公司正在做的事情，而不是這種情況在市場上產生的一堆噪音時，這也會過去。但最不幸的是，但我認為真正重要的是我們執行它。

Just to add -- this is Eric. Just to add, it's been nice to see some new investors coming in. We're working to grow the (inaudible) class have a broader base of investors. So that yield while we don't like that is helpful in expanding the universe. The asset outperformance will allow us to price more tightly in future deals.

補充一下——這是艾瑞克。補充一點，很高興看到一些新投資者的加入。我們正在努力讓（聽不清楚）類別擁有更廣泛的投資者基礎。因此，儘管我們不喜歡這種產量，但它有助於擴大宇宙。資產的優異表現將使我們能夠在未來的交易中更嚴格地定價。

And you just look at what we've done, we talked about moving from two deals last year to four. We just announced the fifth, John said the sixth is right behind possibly another one or two behind that. So that's why it's so important to make sure we get a broader base of investors in. And that asset quality backstopping that will give us the chance to pull it in. And having issued a significant amount, you'd expect single-name pressure there, but that having Kroll really highlight what we've done and then that's an underpinning to the quality of the cash flows under the corporate cash flows that support our broader corporate ambitions all works well together. So we'll continue to execute and I think you'll see those spreads continue to come in.

你只要看看我們所做的事情，我們就談到從去年的兩筆交易增加到四筆交易。我們剛剛宣布了第五個，約翰說第六個就在後面，可能還有一兩個。因此，確保我們獲得更廣泛的投資者基礎是如此重要。而資產品質的支持將使我們有機會將其拉入。在發行了大量資金後，你會預料到那裡會有單一名字的壓力，但讓克羅爾真正強調我們所做的事情，然後這是支持我們更廣泛的企業的企業現金流出現金流質量的基礎雄心壯志都可以很好地協同工作。因此，我們將繼續執行，我認為您會看到這些利差繼續擴大。

Certainly, as the interest rate environment looks to change as well.

當然，隨著利率環境看起來也在改變。

William Grippin, UBS.

威廉‧格里平，瑞銀集團。

Thanks. Good morning. Just wanted to come back to some of the pricing and growth topic here. It seems evident that your pricing initiatives are taking a little bit of time to take hold and maybe moderate your growth down to a level that you're comfortable with. I'm just curious how you're thinking about the September 1 mandate that dealers only originate customers that qualify for domestic content? And maybe how that could drive further moderation in growth relative to just continued price increases?

謝謝。早安.只是想回到這裡的一些定價和成長主題。很明顯，您的定價計劃需要一點時間才能生效，並且可能會將您的成長放緩至您感到滿意的水平。我只是好奇您如何看待 9 月 1 日規定經銷商只向有資格獲得國內內容的客戶發出的指令？相對於價格的持續上漲，這可能會如何推動成長進一步放緩？

This is John. It could. I don't -- I suspect it won't. There's a number of OEMs that are high-quality partners. And if I start naming names and I get in trouble later about not naming the names, so I won't do that make that mistake. But I think that there's a lot of options available and we're going to work with our dealers and be reasonable about things.

這是約翰。可以的。我不——我懷疑不會。有許多原始設備製造商是優質的合作夥伴。如果我開始點名，但後來因為不點名而遇到麻煩，所以我不會犯那樣的錯。但我認為有很多選擇，我們將與我們的經銷商合作，並保持合理的態度。

But I think September 1 is a pretty reasonable date. So we feel pretty good about it. And look, we can always change strategy as far as allowing new dealers on if that makes sense, but right now what we're saying is just solidly doesn't. And we need to again take care of those who brought us to the dance. And so that's exactly what we're going to focus on and we're going to focus on maximizing the cash generation over growth.

但我認為 9 月 1 日是一個相當合理的日期。所以我們對此感覺很好。看，我們總是可以改變策略，只要允許新的經銷商，如果這有意義的話，但現在我們所說的話是絕對不行的。我們需要再次照顧那些帶我們參加舞會的人。因此，這正是我們要關注的重點，我們將專注於最大化現金產生而不是成長。

Got it. And just lastly any update on the Project Hestia initiative and to what extent you've been leveraging that on recent securitizations?

知道了。最後，關於「赫斯提亞計畫」計畫的最新情況，以及您在最近的證券化中利用該計畫的程度如何？

We did one last quarter and it was a great program, great success, and we're happy with it and look forward to finding ways to use more of that program.

我們在上個季度做了一個，這是一個很棒的計劃，取得了巨大的成功，我們對此感到滿意，並期待找到更多使用該計劃的方法。

All right. Thanks for the time. Good luck in the second half.

好的。謝謝你的時間。祝下半場好運。

Thank you.

謝謝。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey. Good morning. Thanks for squeezing me as well. Just a follow-up on Brian's question on the customers here. So the number of customers seems down versus the -- for 2024 versus what you said in the last call 10% growth versus 20% growth last time. Just wondering what's driving that? Is that just the mix of leases is increasing that's why your megawatts are increasing or something else there?

嘿。早安.謝謝你也擠我。只是布萊恩關於這裡的客戶的問題的後續。因此，與您在上次電話會議中所說的 2024 年增長 10% 和上次增長 20% 相比，客戶數量似乎有所下降。只是想知道是什麼推動了這一點？這只是租賃組合的增加，這就是您的兆瓦數增加的原因還是其他原因？

Yes, I think it's really just, again, focusing on our core customers and whether we don't know, as you know, focus on megawatts or even now megawatt hours, which I think you could easily argue is even more important, right? It certainly gives you a lot more optionality with grid services or energy services, we call the column. At the end of the day, I guess I'll just be direct as always, I don't really care about the customer count, I care about the cash generation.

是的，我認為這實際上只是再次關注我們的核心客戶，以及我們是否不知道，如您所知，關注兆瓦甚至現在的兆瓦時，我認為您可以很容易地認為這甚至更重要，對嗎？它確實為您提供了更多的電網服務或能源服務選擇，我們稱之為專欄。歸根結底，我想我會像往常一樣直接，我並不真正關心客戶數量，我關心的是現金的產生。

Got you. But I'm just trying to understand if there's any upside to that, just kind of seeing strong demand out there or either on the customers or the megawatts here?

明白你了。但我只是想了解這是否有任何好處，只是看到那裡的強勁需求，或者這裡的客戶或兆瓦？

Potentially, but it's got to come with additional cash gen.

有可能，但它必須帶來額外的現金來源。

Got it. And in terms of just the domestic content, September 1, is that timing just based on your checks with EPC or talks with them or waiting for any further clarification from the IRS for that as well?

知道了。就國內內容而言，9 月 1 日，這個時間是否僅基於您與 EPC 的檢查或與他們的談判，或等待 IRS 對此的進一步澄清？

That's mainly driven by our OEM partners and the conversations with them.

這主要是由我們的 OEM 合作夥伴以及與他們的對話所推動的。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you. We currently have no further questions. So I hand back to Mr. Berger for closing remarks.

謝謝。目前我們沒有進一步的問題。因此，我請伯傑先生致閉幕詞。

Thank you. Q2 was busy and we made tremendous progress. Execution on our plan of earning cash, paying down debt, supporting dealers, and serving customers is our sole focus. I expect Q3 will be even better and look forward to sharing the results of our execution with you in late October. Thank you.

謝謝。第二季度很忙碌，我們取得了巨大的進步。執行我們賺取現金、償還債務、支持經銷商和服務客戶的計劃是我們唯一的重點。我預計第三季會更好，並期待在 10 月下旬與您分享我們的執行結果。謝謝。

Thank you very much Mr. Berger. This concludes today's call. Thank you all for joining. You may now disconnect your lines.

非常感謝伯傑先生。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。