Sunnova Energy International Inc (NOVA) 2024 Q4 法說會逐字稿

Good morning, and welcome to Sunnova's fourth-quarter and full-year 2024 earnings conference call.

早安，歡迎參加 Sunnova 2024 年第四季和全年財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指令）

At this time, I would like to turn the conference over to Rodney McMahan, Vice President, Investor Relations at Sunnova.

現在，我想將會議交給 Sunnova 投資者關係副總裁 Rodney McMahan。

Thank you, and please go ahead, Rodney.

謝謝，請繼續，羅德尼。

Thank you, operator.

謝謝您，接線生。

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 2024 Form 10-K.

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，這些陳述受到幻燈片演示、收益新聞稿和 2024 年 10-K 表中所述的各種風險和不確定性的影響。

Please see those documents for additional information regarding those factors that may affect these forward-looking statements.

關於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。

On the call today are John Berger, Sunnova's Chairman and Chief Executive Officer; Eric Williams, Executive Vice President and Chief Financial Officer; and Paul Mathews, Executive Vice President, and Chief Operating Officer.

今天參加電話會議的有 Sunnova 董事長兼首席執行官 John Berger；埃里克·威廉姆斯 (Eric Williams)，執行副總裁兼首席財務官；以及執行副總裁兼首席營運官保羅·馬修斯（Paul Mathews）。

I will now turn the call over to John.

現在我將電話轉給約翰。

Good morning, everyone, and thank you for joining today's call.

大家早安，感謝大家參加今天的電話會議。

As you're aware, the fourth quarter of 2024 was a challenging time for our industry.

如您所知，2024 年第四季對我們的產業來說是一個充滿挑戰的時期。

Pure distress and stubbornly high interest rates along with regulatory and political uncertainties made both consumers and capital providers more cautious.

純粹的困境和持續的高利率以及監管和政治的不確定性使得消費者和資本提供者都變得更加謹慎。

This backdrop slowed the flow of tax equity, which in turn lowered the amount of capital we were able to deploy, ultimately leading to our 2024 cash generation to come in below expectations.

這種背景減緩了稅收權益的流動，進而降低了我們能夠部署的資本量，最終導致我們 2024 年的現金產生量低於預期。

But the team delivered a strong operational performance in a few key areas.

但該團隊在幾個關鍵領域表現出色。

This includes, over the course of the last two years, a reduction in net service expense of 24% per customer, while also reducing the total work orders open for our fleet by 12%.

其中包括在過去兩年內，每位客戶的淨服務費用減少 24%，同時我們車隊的總工作訂單減少 12%。

This occurred while growing our cumulative solar customer base by over 70% and subsequently reducing our average age of work order by 83%.

同時，我們的累計太陽能客戶群成長了 70% 以上，同時平均工作訂單年資也減少了 83%。

Building on the strengths of the business, yet also facing the realities of this market, we believe we have made the adjustments needed to better position Sunnova for success in 2025 and beyond.

基於業務優勢，同時面對市場的現實，我們相信我們已經做出了必要的調整，以使 Sunnova 在 2025 年及以後獲得更好的成功。

Turning to slide 4, I want to share how we have positioned Sunnova against the headwinds and backdrop I described.

轉到幻燈片 4，我想分享我們如何定位 Sunnova 以應對我所描述的逆風和背景。

This includes continuing to prioritize margin overgrowth by focusing our originations in the most attractive markets and offering only our highest margin energy services such as our solar lease and PPA offerings, which now make up effectively 100% of our solar financings. 2024 was a year of consistent price increases to offset a higher cost of capital.

這包括繼續優先考慮利潤率成長，將我們的業務重點放在最具吸引力的市場，並只提供利潤率最高的能源服務，如太陽能租賃和 PPA 產品，這些產品現在實際上占我們太陽能融資的 100%。 2024 年是價格持續上漲的一年，以抵銷更高的資本成本。

If necessary, we will raise pricing again to protect our margins.

如果有必要，我們將再次提高價格以保護我們的利潤。

Second, reducing expenses and decreasing demand on our working capital.

第二，減少開支，減少對營運資金的需求。

Recently we reduced our headcount by over 15% which is expected to contribute approximately $35 million towards a total estimated annual cash savings of approximately $70 million.

最近，我們裁員超過 15％，預計將貢獻約 3,500 萬美元，每年的現金節省總額約為 7,000 萬美元。

Since the end of 2023, our total headcount has declined by 30%.

自 2023 年底以來，我們的員工總數減少了 30%。

We further optimize working capital through revised dealer payments that are better aligned with our funding cycles and the current market structure, creating less lag between tax equity and debt funding and dealer payments.

我們透過修改經銷商付款來進一步優化營運資本，使其與我們的融資週期和當前市場結構更加一致，從而減少稅收股權和債務融資與經銷商付款之間的滯後。

We also signed a non-recourse asset-based loan facility borrowing against our own net contracted cash value.

我們也簽署了一份無追索權的資產抵押貸款協議，以我們自己的淨合約現金價值為抵押借款。

You've heard me reference this embedded value before, and it was the right time to access it and to strengthen the company.

您之前曾聽我提到過這種內在價值，現在正是利用它並增強公司實力的最佳時機。

This facility will be used to manage our working capital, serve as a bridge to additional tax equity, and enhance our ability to advance systems in progress and add new originations.

該工具將用於管理我們的營運資金，作為額外稅收公平的橋樑，並增強我們推進正在進行的系統和增加新發起的能力。

Third, we have taken additional steps to further strengthen and maximize our asset level funding.

第三，我們採取了額外措施進一步加強和最大化我們的資產水準融資。

I will walk you through the details in the next slide, but at a high level, we significantly increased our amount of asset level financing, including closing a $500 million tax equity fund in late December.

我將在下一張幻燈片中向您介紹詳細信息，但從總體上看，我們大幅增加了資產水平融資額，包括在 12 月底關閉 5 億美元的稅收股權基金。

However, the structure of this fund required the $75 million receipt at closing to be included in restricted cash.

然而，該基金的結構要求將收盤時的 7,500 萬美元收入納入受限現金中。

Thus, it did not contribute to our cash generation guidance as we expected.

因此，它並沒有像我們預期的那樣對我們的現金產生指引做出貢獻。

In February, another $50 million was released under the same tax equity fund.

今年 2 月，同一項稅收股權基金又釋出了 5,000 萬美元。

Executing on these three items remains our top priority.

執行這三項仍然是我們的首要任務。

We believe doing so best positions Sunnova for success and helps us address our late 2026 corporate debt maturities by mid-2025.

我們相信，這樣做最有利於 Sunnova 取得成功，並有助於我們在 2025 年中期解決 2026 年底到期的公司債務問題。

I want to share more detail how we are maximizing our asset level capital in the current environment.

我想更詳細地分享我們如何在當前環境下最大化我們的資產水平資本。

Despite the more cautious capital markets environment, as you can see on slide 5 in 2024, we securitized $1.8 billion worth of solar assets and customer notes receivable and raised $1.3 billion of tax equity.

儘管資本市場環境更加謹慎，但正如您在 2024 年幻燈片 5 上看到的那樣，我們將價值 18 億美元的太陽能資產和客戶應收票據證券化，並籌集了 13 億美元的稅收權益。

Combined, these two sources of capital generated over $1 billion more in asset-level financing compared to the prior year, a company record.

這兩處資金來源合計產生的資產水準融資較上年同期增加了10多億美元，創下了公司的最高紀錄。

2024 also marked the first year in the company's history we did not issue corporate level capital.

2024年也是公司歷史上第一年沒有發行公司層級的資本。

As I noted earlier, we did not reach our cash generation target.

正如我之前提到的，我們沒有達到現金創造目標。

We are well positioned to achieve it coming out of the third quarter, but our guidance was back-weighted for the fourth quarter, and then we faced a number of headwinds at year end.

我們有能力在第三季度實現這一目標，但我們對第四季度的預期被低估，而且我們在年底又遇到了許多阻力。

Most notable was the slowdown in project finance markets as investors paused to assess the impact of the election, which resulted in delays to some of the tax equity funds we anticipated to close in the fourth quarter.

最值得注意的是，由於投資者停下來評估選舉的影響，項目融資市場出現放緩，這導致我們預計在第四季度完成的一些稅收股票基金被推遲。

In response to this market tightness, we need to slow our originations to match the pace of our own funding, and this further impacted our ability to generate cash due to a lack of origination moving through our system.

為了應對這種市場緊張局面，我們需要放慢資金發起速度以跟上我們自身融資的速度，而這進一步影響了我們產生現金的能力，因為我們的系統缺乏資金發起。

As a reminder, we generate cash through a combination of recurring cash flows from our customers and through our ability to originate new customers and raise routine financing to support investment and growth.

提醒一下，我們透過客戶的經常性現金流以及我們開發新客戶和籌集常規融資以支持投資和成長的能力來產生現金。

Slide 6 provides an overview of our path forward.

幻燈片 6 概述了我們的前進道路。

In just the first couple of months into the new year, we have taken further steps to reduce costs without sacrificing customer service or quality, adjusted dealer payment terms to better match our funding, and finally we have signed the non-recourse asset-based loan facility.

在新年伊始的短短幾個月內，我們採取了進一步措施在不犧牲客戶服務或品質的情況下降低成本，調整了經銷商的付款條件以更好地匹配我們的資金，最後我們簽署了無追索權的資產抵押貸款協議。

With these items accomplished, we are now focusing our attention on our late 2026 corporate debt maturities with a mid-2025 target resolution date.

完成這些項目後，我們現在將注意力集中在 2026 年底到期的公司債務上，目標解決日期是 2025 年中期。

With this, I'll turn the call over to Eric.

現在，我將把電話轉給 Eric。

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早安。

Starting with slide 8, which highlights our full-year financial and operational results, revenue came in at $840 million up 17% for the prior year.

從第 8 張投影片開始，重點介紹了我們的全年財務和營運業績，收入達到 8.4 億美元，比上年增長 17％。

Our interest income of $150 million also rose 29%, and our principal proceeds from solar loans of $191 million grew by 21%.

我們的利息收入 1.5 億美元也成長了 29%，太陽能貸款的本金收益 1.91 億美元成長了 21%。

Cumulative customers increased by 5% despite a reduction of 57,000 non-solar customers as the number of solar customers added more than offset the non-solar loans we monetized in the second quarter of 2024.

儘管非太陽能客戶減少了 57,000 名，但累計客戶數仍增加了 5%，因為新增的太陽能客戶數量超過了我們在 2024 年第二季度貨幣化的非太陽能貸款。

This growth in solar customers can be seen in the 20% increase in solar power under management and 53% increase in energy storage under management.

太陽能客戶的成長可以從管理的太陽能發電量增加 20% 和管理的能源儲存量增加 53% 中看出。

Battery adoption continues to climb as our battery attachment rate in the fourth quarter of 2024 was 33%, an all-time high for the traditionally seasonally light fourth quarter.

電池採用率持續攀升，2024 年第四季的電池連接率為 33%，創下傳統季節性淡季第四季的歷史新高。

For perspective, our battery attachment rate in the fourth quarter of 2023 was 24%.

從角度來看，我們在 2023 年第四季的電池附著率為 24%。

Of course, over the course of 2024, Sunnova's stockholder equity per share increased to $14.65, representing an increase of 17% as value continues to transfer from redeemable non-controlling interest and non-controlling interest into stockholders' equity.

當然，在 2024 年期間，Sunnova 的每股股東權益增加至 14.65 美元，增幅為 17%，因為價值繼續從可贖回非控制權益和非控制權益轉移到股東權益。

Our net contracted customer value per share, however, decreased slightly by 4% to $24.22 due to the delays in receiving tax equity, as John discussed previously, and selling nearly all of our non-core solar loans at a loss in 2024.

然而，正如約翰之前所討論的，由於收到稅收權益的延遲，以及在 2024 年虧本出售了幾乎所有的非核心太陽能貸款，我們的每股淨合約客戶價值小幅下降了 4%，至 24.22 美元。

On slide 9, we have an overview of our 2024 capital markets highlights, and you can tell we've been busy.

第 9 張投影片概述了 2024 年資本市場的亮點，您可以發現我們一直很忙。

During the year, we issued seven securitizations versus four in 2023, totalling an additional $613 million in securitized assets with the increase driven by lease and PPA securitizations.

今年，我們發行了 7 次證券化，而 2023 年發行了 4 次，證券化資產總額增加了 6.13 億美元，其中成長主要來自租賃和 PPA 證券化。

In 2024, our usage of tax equity also moved upward by 37% due to more lease and PPA growth and an increase in our annual weighted average ITC rate that grew from 31.5% in 2023 to 38% in 2024.

2024 年，由於租賃和 PPA 增長更多以及年度加權平均 ITC 稅率增加（從 2023 年的 31.5% 增長到 2024 年的 38%），我們的稅收公平使用率也上升了 37%。

This increase was driven by our greater utilization of ITC adders, most significantly related to domestic content, as we were the first to require, beginning in September 2024, that all lease and PPA originations qualify for the domestic content adder.

這一增長是由於我們更多地利用了 ITC 加法器，其中最顯著的是與國內內容相關的，因為我們是第一個要求從 2024 年 9 月開始，所有租賃和 PPA 發起都必須符合國內內容加法器的條件。

Additional accomplishments for the year include closing the industry's first Puerto Rico only lease and PPA securitization, monetizing most of our non-solar loans, and retroactively collecting ITC adders associated with both 2023 and 2024 originations.

今年的其他成就包括完成業內首個僅在波多黎各的租賃和 PPA 證券化、將我們的大部分非太陽能貸款貨幣化，以及追溯收取與 2023 年和 2024 年發起相關的 ITC 加法器。

On slide 10, you'll notice that we've removed our 2025 and 2026 cash generation guidance as we work to address our 2026 corporate maturities.

在第 10 張投影片上，您會注意到，我們刪除了 2025 年和 2026 年的現金產生指導，因為我們正在努力解決 2026 年的公司到期問題。

We believe it is appropriate to remove for now this guidance since the outcome and timing of addressing our upcoming corporate maturities will have a material impact on our cash generation for both years.

我們認為，目前刪除該指引是適當的，因為解決我們即將到期的公司債務的結果和時間將對我們兩年的現金產生重大影響。

We will certainly revisit this topic on future earnings calls.

我們肯定會在未來的收益電話會議上重新討論這個主題。

With that, I'll turn the call back to John for closing remarks.

說完這些，我將把電話轉回給約翰，請他作最後發言。

Thanks, Eric.

謝謝，埃里克。

In summary, we delivered strong operational results in critical parts of the business, but our cash generation for the quarter and the year did not meet our expectations.

總而言之，我們在業務的關鍵部分取得了強勁的營運業績，但本季和全年的現金創造能力未達到我們的預期。

We are concentrating our efforts on providing excellent service, working side by side with our valued dealers, streamlining our cost structure, improving working capital efficiencies, and closing more asset level financings.

我們正集中精力提供優質服務，與我們尊貴的經銷商並肩工作，簡化我們的成本結構，提高營運資金效率，並完成更多的資產水平融資。

I founded Sunnova over 12 years ago.

我 12 年前創立了 Sunnova。

I've seen challenging years and difficult cycles. 2024 was without question one of the hardest.

我見證過充滿挑戰的歲月和艱難的周期。 2024年無疑是最艱難的一年。

We've had to make tough decisions and take decisive actions, and there's more work to be done.

我們必須做出艱難的決定並採取果斷的行動，而且還有更多工作要做。

But the core fundamentals of our business are solid in a market that has strong growth opportunities to meet the growing demand for more power and consumers' needs for energy affordability and reliability.

但我們業務的核心基本面是穩固的，因為我們的市場具有強勁的成長機會，可以滿足日益增長的電力需求以及消費者對能源可負擔性和可靠性的需求。

I remain steadfast in my belief that the service we deliver and how Sunnova uniquely does it continues to be a valuable solution that creates value for all stakeholders.

我始終堅信，我們提供的服務以及 Sunnova 獨特的服務方式將繼續成為為所有利害關係人創造價值的寶貴解決方案。

I also want to thank the Sunnova team and our dealers for their resilience and commitment.

我還要感謝 Sunnova 團隊和我們的經銷商的堅韌和承諾。

They show up every day to do their jobs well and deliver on our mission of powering energy independence.

他們每天都出色地完成工作，履行我們實現能源獨立的使命。

I am grateful for that.

我對此心存感激。

Now let's turn the call over to the operator to open up for questions.

現在讓我們將電話轉給接線員，以便回答問題。

(Operator Instructions) Philip Shen, Rock Capital Partners.

（操作員指示） Philip Shen，Rock Capital Partners。

You're going through a difficult time here.

你現在正經歷一段困難時期。

You named peer distress as a reason for capital providers to be cautious in your prepared remarks, but Ron is not having these issues.

您在準備好的發言中指出同儕困擾是資本提供者需要謹慎的原因，但羅恩並沒有遇到這些問題。

What do you think you could have done to have prevented the tax equity to slow down?

您認為您可以做些什麼來阻止稅收公平的放緩？

What would you have done differently?

您會採取什麼不同的做法？

And did the mandate of domestic content in October of last year exacerbate the situation?

去年十月推出的國產內容強制令是否加劇了這種情況？

Hey Phil, it's John.

嘿，菲爾，我是約翰。

Thanks.

謝謝。

I think pure distress refers to SunPower's bankruptcy and the terms that have changed in the tax equity markets and the debt markets.

我認為純粹的困境是指 SunPower 的破產以及稅務股票市場和債務市場條款的變化。

Accordingly, services become something that obviously I've talked about pounded the table on for over a decade, and very few -- candidly, very few people really paid much attention to it in the capital markets.

因此，服務顯然已經成為我十多年來一直討論的話題，但很少——坦率地說，在資本市場上很少有人真正關注它。

Now there's a lot of attention on it.

現在人們對此關注頗多。

And so, there's a lot of changes that's gone into payment terms of capital whether it's tax equity, debt, and the mandating and looking at service, not just collecting the bills, but rolling trucks and getting things fixed, monitoring, and so forth, and that's why we had Paul join the call, too, to answer any questions on that because we've seen a lot of success there.

因此，資本支付條款發生了很多變化，無論是稅收公平、債務，還是授權和審查服務，不僅僅是收取賬單，還包括滾動卡車和修理東西、監控等等，這就是為什麼我們讓保羅也加入電話會議來回答有關這方面的任何問題，因為我們已經看到了很多成功。

Look.

看。

We got behind well over a year ago; we talked about that in previous quarters.

我們在一年多前就已經落後了；我們在前幾個季度討論過這個問題。

And candidly, I think the election just caused a lot of pausing.

坦白說，我認為選舉只是導致了很多停頓。

We still closed on tax equity, and I think we're in pretty good shape right now for the next few months as we look at it is what we have and what we see in front of us and what we've closed on.

我們仍然在稅收公平方面取得了進展，我認為，未來幾個月我們的狀況非常好，因為我們會考慮我們所擁有的、我們所看到的以及我們已經完成的事情。

And so we look to finally get ahead of that.

因此我們希望最終能夠實現這一目標。

I think this last securitization we did, we finally got ahead on securitizations too.

我認為我們進行的最後一次證券化最終也在證券化方面取得了進展。

So we were behind between the SunPower bankruptcy and the election.

因此，我們在 SunPower 破產和選舉之間落後了。

It's been challenging in the marketplace.

市場一直面臨挑戰。

However, I do see more constructive dialogue going on right now with incoming tax credit buyers, tax equity, securitization.

然而，我確實看到目前正在與即將到來的稅收抵免買家、稅收公平和證券化進行更多建設性的對話。

The asset market has done pretty well, so I'm cautiously optimistic as we move forward here, even with an overall economy that's slowing, which candidly is helpful with regards to the cost of debt going down, as you know.

資產市場表現相當不錯，因此儘管整體經濟正在放緩，但我對未來的發展持謹慎樂觀的態度，坦白說，這對於降低債務成本是有幫助的，正如你所知。

So the domestic content, that did nothing but help.

因此，國內內容只會有所幫助。

That was a great call.

那是一個非常好的決定。

It was a bold call, controversial.

這是一個大膽的呼籲，也引發了爭議。

But at this point, I think everybody realizes that, without the domestic content, without the domestic manufacturing, candidly politically we weren't in good shape.

但現在，我想每個人都意識到，沒有國內內容，沒有國內製造業，坦白說，從政治上講，我們的狀況就不會好。

And with it, I think the IRA changes will be much lighter than it would have been otherwise.

有了它，我認為 IRA 的改變將比原來要小得多。

So it was good to get ahead of that.

因此，能夠領先於這一點是件好事。

It definitely helped on the cash generation.

它確實有助於現金創造。

We still expect good cash generation.

我們仍然期待產生良好的現金。

It's just simply, at this point in time, it was prudent to remove guidance given the focus on dealing with the corporate debt maturities.

只是，在目前這個時間點，考慮到重點處理企業債務到期問題，取消指引是明智之舉。

And other than that, it really was a good call, and we see more and more value in terms of cash generation and doing domestic content.

除此之外，這確實是一個很好的決定，我們在現金創造和製作國內內容方面看到了越來越多的價值。

And our dealers now see that as well.

我們的經銷商現在也看到了這一點。

Even if there was skepticism initially, they now see that that was the right call to make on the domestic content mandate.

即使最初存在懷疑，他們現在也認識到，這是對國內內容授權的正確決定。

We expect our competitors to follow if they have not already.

如果我們的競爭對手還沒有這樣做，我們期望他們也能效法。

Okay, thanks, John.

好的，謝謝，約翰。

In terms of the tax equity fund, you talked about the $500 million fund, I think $75 flowed but that was in restricted cash, another $50 million has come through.

關於稅收股權基金，您談到了 5 億美元的基金，我認為其中有 7,500 萬美元已經流入，但那是受限現金，另外還有 5,000 萬美元已經流入。

Can you talk about when that might flow more easily and freely?

您能談談什麼時候這種情況會變得更加輕鬆和自由嗎？

We've been writing about the dealer payments being restricted for some time now.

我們已經寫了一段時間有關限制經銷商付款的文章。

And the second part of this question is, when do you expect to get caught up with the dealer payments?

這個問題的第二部分是，您預計什麼時候能夠追上經銷商的付款？

How much do you owe the dealers at this point?

目前你欠經銷商多少錢？

Do you need to get caught up on -- and when do you think that could actually happen as well?

您是否需要了解清楚—您認為什麼時候才可能真正發生這種情況？

Yeah, sure.

是的，當然。

Again, the amount of capital we have and the type around the table does get us -- it does have us in a pretty good spot.

再說一遍，我們擁有的資本數量和談判人員的類型確實讓我們處於非常有利的地位。

We've got a couple of other things we want to do that's small around the edges, but we see ourselves in a pretty good spot given our run rate right now.

我們還有一些其他的事情要做，雖然只是一些小事情，但考慮到我們目前的運行速度，我們認為自己處於相當不錯的位置。

With the loan facility that we announced, that we signed last night, coupled with those sources of capital and a lot of the changes that we've made, in particular the dealer payment terms, cost reductions, and so forth, we feel pretty good that we're going to be able to get everything caught up here in the next few days and weeks.

有了我們昨晚宣布並簽署的貸款協議，加上這些資金來源以及我們所做的許多改變，特別是經銷商的付款條件、成本降低等等，我們感到非常高興，我們將能夠在未來幾天和幾週內完成所有事宜。

So we feel like we're in a good position into bridging into more tax equity.

因此，我們覺得我們在實現更多稅收公平方面處於有利地位。

Even if it takes us longer than we expect to close more tax equity and close more securitizations, we're prepared for that and taking care of the dealers.

即使我們花費比預期更長的時間來完成更多的稅收公平和證券化，我們已經準備好並照顧好經銷商。

So we're not where we want to be, but we're in a heck of a lot better spot than we were at the close of the year and we'll get things taken care of with our dealers, appreciate them and their patience with us, and looking forward to getting on a more regular pace here very shortly.

因此，我們還沒有達到我們想要的水平，但是我們的情況比年底要好得多，我們會和我們的經銷商一起處理好事情，感謝他們對我們的耐心，並期待著很快就能回到更正常的狀態。

Okay, got it.

好的，明白了。

One last quick question, if I can.

如果可以的話，我還有最後一個快速問題。

What triggered the going concern language specifically?

是什麼具體引發了持續經營語言？

Well, I think that the overall -- I'll let Eric answer this, but when you look at overall the concern around, hey, you must address the corporate maturities, and so I think that's there whether that's explicitly mentioned or not, the overall environment is terrible.

嗯，我認為總體而言 - 我讓埃里克來回答這個問題，但是當你整體上看周圍的擔憂時，嘿，你必須解決企業成熟度問題，所以我認為無論是否明確提到這一點，整體環境都很糟糕。

I mean, it's the political environment, the capital markets, look at the equity trading off.

我的意思是，這是政治環境，資本市場，看看股權交易。

And so that just gets everybody in a very bad mood candidly.

坦白說，這會讓每個人的心情都很糟。

I'm just going to shoot it straight.

我只是要直接拍攝。

And then the fourth quarter, we struggled to close some things after the election.

在第四季度，我們在選舉後努力完成一些事情。

But again, I think things are -- at this point in time, the contrarian trader in me is looking at this and going, okay, well, the baby's been thrown out with the bathwater, as they say, and I think that now the sentiment is so negative that at some point here we've got to start getting constructive because what we do is very fundamentally needed right now.

但是，我再次認為，目前的情況是，我內心的反向交易員正在看著這一切，並且認為，好吧，正如他們所說的那樣，把嬰兒和洗澡水一起倒掉了，我認為現在的情緒非常消極，以至於在某個時候我們必須開始採取建設性行動，因為我們所做的事情是現在非常根本的需要。

The power business, I've been in it for almost 30 years; and for 22 of those years, up until the last couple of years, has been a bear market, a pretty significant one, and now we're seeing a lot of energy demand that everybody is well aware of from a variety of sources, reshoring manufacturing, AI data centers, electrification and transportation, et cetera.

我從事電力行業已經近 30 年了；在這 22 年中，直到最近幾年，一直處於熊市，而且是一個相當嚴重的熊市，現在我們看到每個人都清楚的來自各種來源的大量能源需求，如製造業回流、人工智能數據中心、電氣化和交通運輸等等。

So when you look at the demands for what we sell energy service, it's going up and the equipment pricing is going to continue to go down and now cost of capital seems to be trending off as well.

因此，當您查看我們所銷售的能源服務的需求時，它正在上升，而設備價格將繼續下降，現在資本成本似乎也呈下降趨勢。

So when you look at overall the picture fundamentally, it's really good, but the perception and, yes, the election outcome and so forth and some of those headlines that we always see coming out of the politicians, is not helpful and does generate a negative sentiment.

因此，從整體來看，基本情況確實很好，但人們的看法，以及選舉結果等，以及我們經常看到的政客發表的一些言論，都無濟於事，而且確實會產生負面情緒。

I would tell you that under the requirements that looking at going concern, I'm not sure we would ever have met, when you look at 12 months out, we always need capital.

我想告訴你，考慮到持續經營的要求，我不確定我們是否能夠滿足，但展望 12 個月後，我們總是需要資本。

We always will need capital.

我們永遠需要資本。

We've always had that, and so we feel like we have a plan.

我們一直都有這樣的打算，所以我們覺得我們有一個計劃。

Candidly, we've been executing on that plan.

坦白說，我們一直在執行該計劃。

You can see that.

你可以看到這一點。

You'll see some more announcements in the coming weeks is what we anticipate, and we feel confident we can execute on the plan.

我們預計您將在未來幾週看到更多公告，我們有信心執行該計劃。

Others may feel differently, and I'll leave it at that.

其他人可能會有不同的感受，我就不多說了。

Eric, you want to add anything?

艾瑞克，你還有什麼要補充嗎？

Yeah, no, I appreciate the question.

是的，我很感謝你提出這個問題。

We'll have our 10-K out this afternoon and it provides a little bit more detail.

今天下午我們將發布 10-K，它將提供更多細節。

The simple answer is that we do the going concern analysis every single quarter and we're assessing whether or not there's substantial doubt.

簡單的答案是，我們每季都會進行持續經營分析，並評估是否有重大疑慮。

The technical terminology is to our ability to meet our needs over the next 12 months or 15 months from the financial statement date.

專業術語就是我們自財務報表日期起的未來12個月或15個月內滿足需求的能力。

And John's right.

約翰是對的。

We believe that having closed tax equity, a significant tax equity fund last year, resetting our dealer payment terms to match our inflows with our outflows, and then signing the loan facility that basically closed the working capital GAAP as we entered 2025, was a really powerful start, but we have to assess probabilities that loosely defined -- I think people look at it as around 70% or greater -- that we'll be able to continue to meet our needs.

我們認為，去年關閉了稅收股權（一個重要的稅收股權基金），重新設定了我們的經銷商付款條款以使我們的流入與流出相匹配，然後在進入 2025 年時簽署了基本上關閉營運資本 GAAP 的貸款協議，這是一個非常強大的開端，但我們必須評估廣泛定義的可能性——我認為人們認為它在 70% 左右或更高的需求——我們能夠滿足我們在 70% 左右的需求。

And I think the two things that we struggled with in the analysis, that the management is still confident in, but if we're just to be objective, the ability to unilaterally control the addressing of our corporate maturities mid-year is something beyond our ability to, but we are actively working in that direction.

我認為，我們在分析中遇到的兩個困難，管理層仍然有信心，但如果我們只是客觀一點，那麼單方面控制年中公司到期債務的處理能力超出了我們的能力，但我們正在朝著這個方向積極努力。

And then just the ability to unilaterally control closing additional tax equity.

然後就可以單方面控制關閉額外稅收權益的能力。

We have some great things in motion and are certainly confident in our ability to do so.

我們正在進行一些偉大的事情，並且對我們有能力做到這一點充滿信心。

You've seen the industry move to more asset-level protections.

您已經看到行業正在轉向更多的資產等級保護。

You saw the cash restrictions and the last fund to provide some of those protections that we believe will enhance our ability to close that.

您看到了現金限制和最後的基金提供了一些保護，我們相信這些保護將增強我們解決這個問題的能力。

And so we're working in that direction.

所以我們正在朝這個方向努力。

We'll continue to assess this every quarter as we always have.

我們將一如既往地每季對此進行評估。

And so, once we've passed the hurdle of addressing the corporate maturities, closing tax equity, there's certainly a chance that we could reach a different conclusion and adjust that disclosure in our 10-Qs accordingly.

因此，一旦我們突破了解決企業到期、結清稅收權益等障礙，就肯定有可能得出不同的結論，並相應地調整 10-Q 中的揭露。

But for now, we felt that it was the right call at the balance sheet or financial statement date to put this in.

但就目前而言，我們認為在資產負債表或財務報表日把這一點納入是正確的決定。

Okay.

好的。

Eric, John, thank you.

艾瑞克、約翰，謝謝你們。

Best wishes for the coming months.

祝未來幾個月一切順利。

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Hey guys, this is Tyler Bissit on for Brian.

大家好，我是 Tyler Bissit，為 Brian 播報。

Thanks for taking our questions.

感謝您回答我們的問題。

Can you start by just discussing the factors that led you to remove your guidance?

能先討論一下導致您撤銷指導的因素嗎？

You're always assuming and addressing the debt this year and had been articulating that last quarter when the guidance was reiterated.

您今年一直在承擔和解決債務，並且在上個季度重申指導意見時也明確了這一點。

So what has changed since then?

那麼自那時以來發生了什麼變化？

Yeah, we can't talk much about the corporate debt maturities.

是的，我們不能談論太多有關公司債務到期的問題。

I will say that we are obviously very focused on, particularly after getting some of these accomplishments closed out.

我想說的是，我們顯然非常專注，特別是在完成一些這些成就之後。

But we're looking to tackle those corporate debt maturity sooner rather than later, and we'll leave it at that.

但我們希望儘早解決這些企業債務到期問題，我們就到此為止了。

I think at this point in time, we can go back and take a look at the Q3 call and say, should we not have issued the guidance or continued guidance on cash gen, knowing that we would need to tackle these corporate debt maturities, maybe so.

我認為此時此刻，我們可以回過頭來看一下第三季度的電話會議，並說，我們是否應該沒有發布有關現金產生的指引或持續指引，因為我們知道我們需要解決這些公司債務到期問題，也許應該這麼做。

I would just remind everybody that was right prior to the election too.

我只是想提醒大家，在選舉前這也是正確的。

And we've had some other tension in the markets clearly in capital markets since then.

自那時起，資本市場顯然出現了一些其他緊張局勢。

So I think really at this point in time, it's a good time to just frankly just flush everything out.

因此我認為，現在確實是坦率地把一切澄清的好時機。

Let's restart and let's go tackle this corporate debt and then get back at it and reset the table.

讓我們重新開始，解決企業債務問題，然後重新開始，重新安排談判。

I mean, why not.

我的意思是，為什麼不呢？

Just get them where things are.

只需將它們放到事物所在的地方即可。

So I think it was just the prudent thing to do and focus on taking care of the corporate debt maturities, which clearly everybody's really focused on whether it's equity or credit.

因此，我認為這是明智之舉，重點關注企業債務到期，顯然每個人都真正關注的是股權還是信貸。

Eric, anything you want to add to that?

艾瑞克，你還有什麼要補充嗎？

No.

不。

I think it was.

我認為是的。

We're just assessing momentum coming into the year and we put out adjusted cost structure targets.

我們只是在評估今年的發展勢頭，並提出了調整後的成本結構目標。

And so I think that we want to take a holistic approach to updating guidance once we have a little bit more clarity as to how these things are coming together.

因此，我認為，一旦我們對這些事情如何結合在一起有了更清晰的認識，我們就想採取整體的方法來更新指導。

Okay.

好的。

Thank you very much.

非常感謝。

And then just curious what trends you guys seeing with your weighted average ITC?

那麼我很好奇，你們從加權平均 ITC 中看到了什麼趨勢？

I think you were expecting 43% in 4Q and sounds like you guys were close on that.

我認為您預計第四季度的成長率為 43%，聽起來你們已經接近這個數字了。

So I guess what was the ITC in 4Q?

那我猜第四季的 ITC 是多少呢？

And I guess how are you seeing that trending so far in Q1?

我想您覺得到目前為止第一季的趨勢如何？

It has been in the low 40s and we do still see that continuing.

目前該數字已降至 40 出頭，而且我們確實看到這種情況仍在繼續。

The latest domestic content guidance was a little less than ideal, but not too bad, and we're working with that.

最新的國內內容指導略微不太理想，但也不是太糟糕，我們正在努力實現這一目標。

And we have some of the other -- a couple adders as well.

我們還有一些其他的——還有一些加法器。

And so overall, I think that's pretty close to where we thought it would be, maybe a little bit lighter if you look at over the year, but we're seeing the manufacturers adjust pretty quickly to the change in guidance, so I suspect it's largely going to come out where we think it will.

因此，總體而言，我認為這與我們預期的水平非常接近，如果從全年來看，可能會稍微低一些，但我們看到製造商很快就適應了指導方針的變化，因此我認為它基本上會達到我們所預期的水平。

The one thing I will say on the policy side, that it's heartening to see is that the politicians, regardless of what party, really love the 45x in domestic manufacturing, and they should.

在政策方面，我想說的一件事是，令人欣慰的是，無論哪個黨派，政客都非常喜歡國內製造業的 45 倍增長，而且他們應該這樣做。

But what goes with that is you need the ITC and the PTC to essentially have consumers buy all those wonderful pieces of equipment.

但隨之而來的是，你需要 ITC 和 PTC 來讓消費者購買所有這些出色的設備。

And so the combination of those and the need for the combination of those is now, I think, seen by a good majority of folks in Congress, and in particular the Republican side of Congress that now leads Congress.

所以，我認為，現在國會中的大多數人，特別是現在領導國會的共和黨人，都看到了這些因素的結合以及這些因素結合的必要性。

So I think that's heartening to see and that's something to take note of.

所以我認為這是令人欣慰的並且是值得注意的事情。

Julien Dumoulin-Smith, Jeffrey.

朱利安·杜穆蘭·史密斯，傑弗裡。

Sorry to see all these challenges here, and thanks for the time.

很遺憾看到這裡遇到這麼多挑戰，感謝您抽出時間。

I appreciate it.

我很感激。

Look, John, can you speak a little bit to what you are actually seeing on the ground and origination trends year-to-date and just how the dealer community is responding here?

約翰，您能否談談您在實地看到的情況和今年迄今為止的發起趨勢以及經銷商社區對此的反應？

I mean, obviously we got the payment dynamics, but what are the origination trends?

我的意思是，我們顯然了解了支付動態，但起源趨勢是什麼？

And then maybe speak to that in tandem.

然後也許會同時談論這一點。

I'm thinking about what you can do on further cost rationalization, just steady the ship, if you will.

我正在考慮你能做些什麼來進一步合理化成本，如果你願意的話，就穩住局面。

But just first on what you're seeing of late and how to just benchmark a little bit even year-to-date on how we should be thinking about '25.

但首先，我想談談您最近看到的情況，以及如何對今年迄今為止的情況進行一些基準評估，以了解我們應該如何看待 25 年。

Yeah, Julien.

是的，朱利安。

Dealers have been great overall.

整體來說，經銷商表現很棒。

They've been really sticking with us and these are the times that it's easy to be partners in the good times, but it's not so easy in the bad times, and they've done a really good job.

他們一直與我們緊密合作，在順境中很容易成為合作夥伴，但在逆境中就不那麼容易了，而他們做得非常好。

And look, there are issues across the industry.

看看吧，整個產業都存在問題。

I can talk to ours, but I can also see that the industry itself is definitely challenged.

我可以和我們談談，但我也看到這個行業本身肯定面臨挑戰。

I mean, there's no question about that.

我的意思是，這是毫無疑問的。

But again, there's great unit economics.

但同樣，單位經濟學也很棒。

When you look at cost structure and refer to it, we've been aggressively attacking it for over well over a year now, and we continue to see more opportunities to take out costs, but at some point you just got to continue to grow the business.

當你查看成本結構並參考它時，我們已經積極地攻擊它一年多了，我們繼續看到更多削減成本的機會，但在某些時候你必須繼續發展業務。

And we generate cash on origination, not just recurring cash flows, which we have those in times of need, kind of the piggy bank, if you will, and now is the time of need.

我們在發起時就會產生現金，而不僅僅是經常性現金流，我們在需要的時候才會有這些現金，如果你願意的話，它們就像是一種存錢罐，現在就是需要的時候。

And that's why we did the loan facility, and it'll help us greatly, we expect anyways, on the corporate debt maturities and addressing those.

這就是我們提供貸款的原因，無論如何，我們預計它將在企業債務到期和解決這些問題方面對我們有很大幫助。

So when you look at moving forward, I like the origination pace that we've been on to really kind of right size ourselves up to the amount of capital that we have.

因此，當你展望未來時，我喜歡我們所採取的啟動步伐，這種步伐能夠真正根據我們擁有的資本量進行正確的評估。

And I think that what we'll see as we start to get these payments caught up, as I've answered Phil's question in the next few days and weeks, I think the origination will actually go up quite a bit, and we've had a very conservative forecast.

我認為，當我們開始追趕這些付款時，我們會看到，正如我在接下來的幾天和幾週內回答菲爾的問題一樣，我認為發起金額實際上會增加相當多，而我們的預測非常保守。

And so we're looking at things that wouldn't be much different than where we were last year, maybe a little bit higher.

因此，我們所關注的情況與去年不會有太大不同，甚至可能略有增加。

And I kind of like to see where our dealers are coming out on that, and I expect that we'll hit that internal plan.

我很想看看我們的經銷商在這方面的表現，我希望我們能夠實現這個內部計劃。

So not so bad actually at the end of the day.

所以總的來說，情況其實還不算太糟。

Got it.

知道了。

Understood.

明白了。

And then just can you speak a little bit to the dynamic or thought of like a private yieldco?

那麼能否稍微談談私人收益公司的動態或想法呢？

You talk about the piggy bank, if you will.

如果你願意的話，你可以談論存錢罐。

How would you set expectations about the ability to tap those uncommitted cash flows?

您對於利用這些未承諾現金流的能力有何期望？

I mean, just what structure are you thinking right now will it take?

我的意思是，您現在在想它會採用什麼樣的結構？

And then how does that kind of morph into the question about dealing with some of these forthcoming maturities here?

那麼，這個問題將如何演變為如何處理一些即將到期的債務？

Yeah.

是的。

We're open to what's best, and I think that's why we retained JPMorgan to help us in that in that effort.

我們對最好的事情持開放態度，我認為這就是我們保留摩根大通來幫助我們實現這一目標的原因。

And so they're looking at all options at this point in time and we'll choose, and choose quickly, the best option.

所以他們此時正在考慮所有的選擇，我們會迅速地選擇最好的選擇。

So I think that -- look, these cash flows, whether they're leases and PPAs are performing materially better than anybody thought.

所以我認為——看，這些現金流，無論是租賃還是 PPA，表現都比任何人想像的都要好。

They've continue to do that.

他們一直繼續這麼做。

And on the loans, the loans are really picking up prepayment speed significantly.

就貸款而言，貸款預付速度確實正在大幅加快。

And I think that with this recent back off in the 10-year and the mortgage rates, and if that continues, these prepayments could really move up in a very, very significant way.

我認為，隨著近期 10​​ 年期和抵押貸款利率的回落，如果這種情況持續下去，這些預付款可能會大幅增加。

Right now, we're materially ahead of where we thought we would be by this time last year on prepayments, I mean materially, and I think that goes even higher.

目前，我們在預付款方面的數字已經大大超出了我們預計去年同期的水平，我的意思是，實際上，我認為這個數字甚至會更高。

So the loans are performing extremely well at this point in time, so those cash flows are cash flows, and people can argue about it.

因此，這些貸款目前表現得非常好，所以這些現金流就是現金流，人們可以對此進行爭論。

I know it's difficult to see in the financial statements, but the cash is really truly there.

我知道在財務報表中很難看出來，但現金確實存在。

And you can see as an example here, we're able to put together a loan facility to help us on the working capital side and get through the corporate debt maturity exercise, and I think it will obviously, as I said earlier, help us on the corporate debt maturity exercise as well.

舉個例子，您可以看到，我們能夠整合一筆貸款來幫助我們在營運資金方面以及完成公司債務到期事宜，而且我認為，正如我之前所說，它顯然也會幫助我們完成公司債務到期事宜。

Alright.

好吧。

Thanks, John, and team.

謝謝，約翰和團隊。

All the best.

一切順利。

Good luck.

祝你好運。

Dylan Nassano, Wolfe Research.

沃爾夫研究公司的 Dylan Nassano。

I just want to go back to the comments on kind of during the quarter you saw lower originations kind of due to the slower financing.

我只是想回到你剛才的評論，在本季度，由於融資速度較慢，你看到貸款發放量有所下降。

It kind of sounds like it's creating a bit of a negative cycle where it's harder for you to execute on growth.

這聽起來像是形成了一種負面循環，讓你更難實現成長。

So I guess just how long do you expect this kind of cycle to persist and how do you kind of break out of it?

那麼我想問一下您認為這種循環會持續多久以及如何擺脫它？

Is it a matter of waiting for the tax equity market to catch up to you, or you have to throttle growth until then?

這是等待稅收股權市場趕上你的步伐的問題，還是你必須抑製成長直至那時？

Thank you.

謝謝。

Yeah.

是的。

In some ways it was intentional to do that.

從某種程度上來說，這樣做是故意的。

If you don't have the capital coming in at the pace that you expect it to, the prudent thing to do would be to slow that origination down.

如果您的資本沒有按照您預期的速度流入，那麼明智的做法是放慢資金的發放速度。

And so we did do that.

我們也確實這麼做了。

I wouldn't say it was all a grand plan on our part, but it certainly has worked out where we've been able to get to a spot where I said, we've secured capital for the foreseeable future or the next few months from our plan.

我不會說這是我們的宏偉計劃，但它確實已經取得了成果，我們已經達到了我所說的程度，我們已經從計劃中獲得了可預見的未來或未來幾個月的資本。

And so we feel pretty good about where we sit today.

因此，我們對目前的狀況感到非常滿意。

So I think that, look, I expect that we would see an increased amount of origination, maybe significantly so, over the course of the next few weeks, and it's just in time for the selling season.

因此我認為，我預計在接下來的幾週內，我們會看到交易量的增加，甚至可能是顯著的增加，而這正好趕上銷售季節。

The fundamentals, as I mentioned earlier, with the power rates and what's going on in the US electric industry are very strong and the equipment is improving and dropping in costs continually and it's domestic content.

正如我之前提到的，美國電力產業的基本面和電價都非常強勁，設備不斷改進，成本不斷下降，而且都是國產產品。

So look, the unit economics are, like I said earlier, the best the industry has ever seen.

所以，就像我之前說的，單位經濟學是業界有史以來最好的。

So I like where we sit, I like where the projected growth is, get some of our dealers taken care of, as I mentioned, and this loan facility was a big piece of that.

所以我喜歡我們現在的狀況，我喜歡預期的成長情況，就像我提到的那樣，我們一些經銷商也得到了照顧，而這筆貸款是其中很重要的一部分。

I think it's upwards and onwards.

我認為它是向上、向前的。

Yeah, Dylan, I'd just add.

是的，迪倫，我只是想補充。

We began the year with $540 million of tax equity capacity.

今年年初，我們的稅收公平能力達到 5.4 億美元。

And so as John said, this term loan allows us to put funds back into the system to get the dealers moving.

正如約翰所說，這筆定期貸款使我們能夠將資金重新投入到系統中，以使經銷商能夠繼續運作。

I think there's pent up energy that, as he said, enter the sales season.

我認為，正如他所說，人們已經壓抑了一些能量，準備進入銷售旺季。

And with capital to allow that to flow, I think we're in much better shape.

有了資本的支持，我認為我們的狀況會好得多。

Got it.

知道了。

Thank you.

謝謝。

And then my follow up, so just to kind of circle back to the upcoming corporate maturities, and I know that you can't say a whole lot here, but I'm just curious to what extent equity funding kind of has increased or decreased in terms of likelihood of needing to do that.

然後是我的後續問題，只是回到即將到來的公司到期日，我知道你在這裡不能說太多，但我只是好奇股權融資在需要這樣做的可能性方面增加了還是減少了多少。

I don't think that's changed at all.

我認為這一點根本沒有改變。

I mean, obviously the stock price has gone down materially, including this morning, but it certainly hasn't changed in terms of the cash flows, the contracted cash flows that we have, and that we used to originally raise the existing corporate debt.

我的意思是，顯然股價已經大幅下跌，包括今天早上，但就現金流、我們擁有的合約現金流以及我們最初用於籌集現有公司債務的現金流而言，它肯定沒有改變。

So I don't think the environment is any different at all.

所以我認為環境並沒有什麼不同。

And maybe with these rates coming down over the last few weeks, that actually could be incremental and positive.

也許隨著過去幾週利率的下降，這實際上可能會帶來漸進的、正面的影響。

I will say that the asset-level market, as we saw in our securitizations and our competitors have saw in their securitizations, is performing very, very well.

我想說的是，正如我們在我們的證券化中看到的那樣，以及我們的競爭對手在他們的證券化中看到的那樣，資產層面的市場表現非常非常好。

And so that's extremely helpful to look at getting a deal that makes sense for everybody on the corporate debt side.

因此，尋求達成一項對企業債務各方都合理的協議是非常有幫助的。

Ben Kallo, Baird.

本卡洛，貝爾德。

Following up about -- maybe you addressed this a little bit.

繼續跟進——也許你已經稍微解決了這個問題。

But in the past, you've talked about asset sales or something like that.

但過去，您曾談到資產出售或類似的事情。

Maybe how much of discussions have you had in the past?

也許你們過去進行過多少討論？

And I guess, I know hindsight is not where you want to talk about right now, but if there was discussions before, then why not act on it then?

我想，我知道事後諸葛亮不是你現在想談論的話題，但如果之前有過討論，那麼為什麼不當時就採取行動呢？

And then you still think that that's an option for liquidity?

那麼您仍然認為這是一種流動性的選擇嗎？

Hey, Ben, it's John.

嘿，本，我是約翰。

The best thing to do is to borrow against the cash flows.

最好的方法就是利用現金流進行借貸。

It was the most economic.

這是最經濟的。

I would say that the asset market, we're still selling some loans on a forward-flow basis and we're getting a margin there.

我想說的是，在資產市場上，我們仍然以正向流動方式出售一些貸款，並從中獲得利潤。

But it's certainly something we look at, but to us the numbers are pretty clear and you want to borrow against it.

但這確實是我們會關注的事情，但對我們來說，這些數字非常清楚，你想用它來借貸。

I think a lot of it is also in the servicing side of things and the importance of that.

我認為這很大程度上也與事物的服務面及其重要性有關。

Again, we're open to options, but it was pretty clear that this loan facility is the best economics.

再次強調，我們對各種選擇持開放態度，但很明顯，這種貸款方式是最經濟的。

Great, and then just one follow up.

很好，接下來只需進行一次跟進。

You have the press release, and I know you've been cut -- you have the right sizing the workforce for the environment.

你有新聞稿，而且我知道你已被裁員——你已經根據環境正確安排了勞動力規模。

Is there more to do on that front?

這方面還有很多工作要做嗎？

Or would you characterize it as kind of you guys have gone through as much of that as possible?

或者你會將其描述為你們已經經歷了盡可能多的事情？

We've cut a lot.

我們已經削減了很多。

It's over 30% from our high, and we've grown the customer base significantly in that time frame and continue to grow the customer base.

目前比我們的最高水準成長了 30% 以上，並且我們在此期間大幅擴大了客戶群，並且客戶群還在繼續擴大。

So I think that we are getting to a point where there's diminishing returns, certainly more cuts, but we're going to constantly look for them.

因此我認為我們正處於收益遞減的階段，肯定會有更多的削減，但我們會不斷尋找它們。

I think on the capital market side, the cost of closing transactions and so forth, I think we could.

我認為在資本市場方面，交易完成的成本等等，我認為我們可以。

Especially as we scale up the larger transactions that we have in front of us, I think that we can do more cutting there.

特別是當我們擴大面前的大型交易時，我認為我們可以在這方面進行更多的削減。

And those are material in size as far as our expenditures.

就我們的支出而言，這些都是實質的。

So I think that that's probably more of the area that we can chop the wood, so to speak.

所以我認為，這可能是我們可以砍伐木材的更多區域。

Okay, great.

好的，太好了。

Thanks, guys.

謝謝大家。

Good luck.

祝你好運。

Praneeth Satish, Sunnova.

Praneeth Satish，Sunnova。

With Wells Fargo, but thanks.

是富國銀行的，不過還是謝謝。

I'll just ask both of my questions together.

我將同時問這兩個問題。

So you kind of mentioned in your comments the latest rules on domestic content were less than ideal.

所以您在評論中提到，有關國內內容的最新規定不太理想。

Do you see the new rules impacting your sourcing decisions for batteries, inverters, or modules?

您是否認為新規則會影響您對電池、逆變器或模組的採購決策？

And then do you feel like you need to safe harbor products to lock in the existing domestic content rules before the April 15 cut off?

那麼，您是否覺得需要在 4 月 15 日截止日期之前對產品進行安全港保護，以鎖定現有的國內內容規則？

And then finally if so, how much capacity do you have to do safe harboring?

最後，如果是這樣，您有多少能力進行安全庇護？

Thanks.

謝謝。

Yeah, on the safe harboring side, we could do that.

是的，從安全保護方面來說，我們可以這樣做。

We're taking a look at it.

我們正在觀察它。

I think that, again, the manufacturers have been fairly nimble.

我認為製造商已經相當靈活了。

And so I think we're going to say less than ideal.

所以我認為，我們認為這並不太理想。

We'd love to see some consistency, and I know the manufacturers would.

我們希望看到一定的一致性，而且我知道製造商也希望如此。

They make plans and then suddenly it changes.

他們制定計劃，然後計劃突然改變。

So we've got to see some consistency there, but they have been very agile and adaptive.

因此，我們必須看到他們的一致性，但他們非常敏捷且適應性強。

So let's see where all that comes out.

那麼讓我們看看結果如何。

But I think overall, again, where our domestic content percentage on the ITC is coming out is going to be fairly close to what we expected previously.

但我認為總體而言，我們的 ITC 國內內容百分比將非常接近我們先前的預期。

I don't know, Paul, you run supply chain.

我不知道，保羅，你負責供應鏈。

Any comments you want to make there?

您有什麼評論嗎？

I'm just really proud of the fact that we took a stand, and we brought the market and the industry really with us.

我真的很自豪我們採取了立場，並真正帶領市場和行業跟隨我們。

Our partners and our OEMs have all been really supportive.

我們的合作夥伴和 OEM 都給予了大力支持。

They've all moved with us very quickly.

他們都很快跟著我們一起行動了。

They've changed plans.

他們改變計劃了。

They've updated timelines, so we're all marching in the right direction.

他們已經更新了時間表，所以我們都朝著正確的方向前進。

I'm also really proud of the fact that those actions really brought jobs back to the US, so we have a lot to be proud for there and I'm looking forward to seeing where we end up.

我也對這些舉措確實將就業機會帶回美國感到自豪，所以我們有很多值得驕傲的事情，我期待看到我們最終的成果。

Alright.

好吧。

Thanks, guys.

謝謝大家。

Good luck.

祝你好運。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Just on the residual cash flows you have, I think you're using some of that against the $185 million loan.

僅就您所擁有的剩餘現金流而言，我認為您會用其中的一部分來償還 1.85 億美元的貸款。

I just want to understand how much is available for future loans or for acquisitions for you.

我只是想了解您將來有多少貸款或可用於收購。

Well, I think we'd be mostly focused on addressing the corporate debt maturities, and so I don't think we would be looking at adding any corporate-level capital like we did last year for the first time in the company's history.

嗯，我認為我們主要專注於解決公司債務到期問題，因此我認為我們不會考慮增加任何公司層面的資本，就像去年我們公司歷史上第一次做的那樣。

So I think we're -- look, we're a pretty good size company with the very large cash flow base.

所以我認為，我們是一家規模相當不錯的公司，擁有非常龐大的現金流基礎。

And those cash flows are under-levered compared to really almost anybody in the space, whether it's resi or utility scales what we've been told.

而且據我們所知，與該領域的幾乎所有公司相比，這些現金流的槓桿率都較低，無論是住宅還是公用事業規模。

So we've got pretty good assets, really good assets, and we're looking to focus that on addressing the corporate debt maturities.

因此，我們擁有相當好的資產，非常好的資產，我們希望專注於解決企業債務到期問題。

Eric, you want to comment any more on that?

艾瑞克，你還想對此發表更多評論嗎？

No.

不。

I think holistically, we -- the adders provide a significant opportunity to increase cash flow.

我認為，從整體來看，加法器為增加現金流提供了重要的機會。

We're working to capitalize on that as we talked about.

正如我們討論過的，我們正在努力利用這一點。

We've adjusted our cost structure, and so I think that as we enter the year, we're still focused on that asset-level cash flow and don't see the need to look beyond that.

我們已經調整了成本結構，因此我認為，進入新的一年，我們仍然會關注資產水準的現金流，並且沒有必要去關注更多。

But just I think last quarter, you mentioned I think $135 million of residual cash flows or levered cash flows exiting '24.

但就在上個季度，您提到，我認為 24 年後剩餘現金流或槓桿現金流將達到 1.35 億美元。

Do you have a sense of how much -- could you provide a sense of how much of that is used against the term loan?

您是否知道其中有多少——您能否說明其中有多少用於定期貸款？

Well, that does -- it is comprised of emission credits, MSA fees, service fees, and the residuals.

嗯，確實如此——它由排放信用額、MSA 費用、服務費和殘值組成。

And the emission credits and MSA fees are not a part of this facility.

並且排放信用和 MSA 費用不屬於該設施的一部分。

So there's still quite a bit of cash.

因此，現金仍然相當多。

And we see increasing amounts of levered cash flows moving forward, including this year.

我們看到未來槓桿現金流將會持續增加，包括今年。

That number keeps bumping up frankly.

坦白說，這個數字還在不斷上升。

So that's due to the asset-level performance increasingly is just better than expected.

這是因為資產水準的表現越來越好於預期。

And as more tax equity funds that we've had in our history flip, and as the prepayment speed continues to gain, to accelerate, I think all that portends very well for the levered cash flows.

而且，隨著我們歷史上越來越多的稅收股權基金轉向，以及預付款速度不斷加快，我認為這一切都預示著槓桿現金流將會好轉。

And just separately, are there any other maturities due in the Q1 or Q2?

另外，第一季或第二季還有其他到期債務嗎？

I'm thinking of the revolvers, ease of, or other facilities.

我在考慮左輪手槍、便利性或其他設施。

We have the loan warehouse, but that's being addressed through doing a securitization, and loans are a very small part of our business.

我們有貸款倉庫，但是正在透過證券化來解決，貸款只是我們業務的一小部分。

I think at this point, solar loans are less than 2% of our origination.

我認為目前太陽能貸款占我們貸款總額的比重不到2%。

So it's something we just do for our dealers, and we'll probably frankly just get into selling those along with the other loans that we're doing a forward flow on.

所以這只是我們為經銷商所做的事情，坦白說，我們可能會將這些貸款與我們正在進行的其他貸款一起出售。

William Grippin, UBS.

瑞銀的威廉‧格里平 (William Grippin)。

Just a quick one here.

這裡只是簡單說一下。

But on the going concern notice, do you think that could have an impact on customer willingness to sign new lease contracts with Sunnova just given they're entering -- need to be comfortable entering a 20-plus year contract with you folks.

但在持續經營通知中，您是否認為這會影響客戶與 Sunnova 簽訂新租賃合約的意願，因為他們需要放心與您們簽訂 20 多年的合約。

And if so, what steps could you take to potentially mitigate that impact?

如果是，您可以採取哪些措施來減輕這種影響？

This is John.

這是約翰。

I don't think so.

我不這麼認為。

I think that this is an accounting term that, candidly, I'm not sure how many people really understand what that is.

我認為這是一個會計術語，坦白說，我不確定有多少人真正理解它是什麼。

We have a solid plan, as Eric pointed out.

正如埃里克指出的那樣，我們有一個完善的計劃。

We're executing on that plan.

我們正在執行該計劃。

It's not that we're going to execute, we're executing on it.

這並不是說我們要執行，而是我們正在執行。

We feel very good about it.

我們對此感覺非常好。

And frankly, we'd have a different opinion in terms of our outlook on the world of Sunnova.

坦白說，我們對 Sunnova 世界的看法有所不同。

And I think what customers really care about is great service, and we're doing that.

我認為客戶真正關心的是優質的服務，而我們正在做到這一點。

And so my commitment is that we will not degrade our service just because that would save more and more money.

因此，我的承諾是，我們不會因為可以節省更多錢而降低我們的服務品質。

I know there's some concern about that, but that is not the case.

我知道有人對此感到擔憂，但事實並非如此。

We want to make sure these assets are performing.

我們希望確保這些資產能夠發揮作用。

Performing assets engender consumers to be happy.

績效資產使消費者感到高興。

Happy consumers are paying consumers, and paying consumers generate great asset-level returns and cash flows, and no company is more dependent on those asset-level returns and cash flows obviously than Sunnova.

快樂的消費者就是付費消費者，付費消費者會產生龐大的資產水準回報和現金流，顯然沒有一家公司比 Sunnova 更依賴這些資產水準回報和現金流。

So it's in our best interest to deliver great service to customers.

因此，向客戶提供優質服務符合我們的最大利益。

And at the end of the day, that's what they really care about.

而歸根究底，這才是他們真正關心的事。

And I think that we have seen, thus far, despite all challenges and so forth and negative headlines in the press with regards to our industry and the election outcome and all this other stuff that we have not seen a huge drop in demand from consumers.

我認為，到目前為止，儘管面臨種種挑戰，媒體上關於我們的行業和選舉結果的負面報道以及所有這些其他事情，我們已經看到，我們並沒有看到消費者需求的大幅下降。

If anything, as these power bills keep getting higher and the outages keep getting more frequent, we're seeing more and more folks turn and look for a different solution that only our industry can provide against the monopolies.

不管怎樣，隨著電費越來越高，停電越來越頻繁，我們看到越來越多的人轉而尋找只有我們的產業才能提供的其他對抗壟斷的解決方案。

So again, I see fundamentally the market's great.

因此，我再次從根本上看到市場狀況良好。

Capital markets, not so great.

資本市場不太好。

But eventually the capital markets will connect up with the fundamentals, and that is that we're delivering a better energy service at a better price.

但最終資本市場將與基本面連結起來，那就是我們以更優惠的價格提供更好的能源服務。

Thanks, John.

謝謝，約翰。

Good luck to everybody in the months ahead here.

祝大家在未來的幾個月好運。

So that was our final question.

這是我們的最後一個問題。

And now we'll hand back over to John Berger for any final remarks.

現在我們將時間交還給約翰·伯格，請他做最後的評論。

Thank you.

謝謝。

It's a challenging time for our industry and the capital markets.

對於我們的產業和資本市場來說，這是一個充滿挑戰的時期。

But where it really counts, in the marketplace, we're seeing a huge opportunity to deliver a better energy service at a better price.

但真正重要的是，在市場上，我們看到了以更優惠的價格提供更好能源服務的巨大機會。

We have a plan to get back to success, and we expect to continue to execute on this plan and achieve that success.

我們有一個重獲成功的計劃，我們希望繼續執行這個計劃並取得成功。

We look forward to sharing more with you in the coming earnings call.

我們期待在即將召開的財報電話會議上與您分享更多內容。

Thank you for joining us this morning.

感謝您今天上午加入我們。

Bye.

再見。

Thank you, everyone.

謝謝大家。

Have a nice day.

祝你今天過得愉快。

You may now disconnect.

您現在可以斷開連線。