Sunrun Inc (RUN) 2022 Q2 法說會逐字稿

Greetings, and welcome to Sunrun's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎參加 Sunrun 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to your host, Mr. Patrick Jobin. Thank you. You may begin.

我現在想將會議轉交給您的主持人 Patrick Jobin 先生。謝謝你。你可以開始了。

Thank you, operator. Before we begin, please note that certain remarks we will make on this conference call constitute forward-looking statements. Although we believe these statements reflect our best judgment based on factors currently known to us, actual results may differ materially and adversely. Please refer to the company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements. Please also note that these statements are being made as of today, and we disclaim any obligation to update or revise them.

謝謝你，接線員。在開始之前，請注意，我們將在本次電話會議上發表的某些言論構成前瞻性陳述。儘管我們相信這些陳述反映了我們基於我們目前已知的因素做出的最佳判斷，但實際結果可能存在重大差異和不利影響。請參閱公司向美國證券交易委員會提交的文件，以更全面地討論可能導致我們的實際結果與任何前瞻性陳述中的預測不同的風險和其他因素。另請注意，這些聲明是從今天開始發布的，我們不承擔任何更新或修改它們的義務。

On the call today are Mary Powell, Sunrun's CEO, and Danny Abajian, Sunrun's CFO; Ed Fenster, Sunrun's Co-Founder and Co-Executive Chair, is also on the call today and will be participating in the Q&A session that follows the prepared remarks.

今天的電話會議是 Sunrun 的首席執行官 Mary Powell 和 Sunrun 的首席財務官 Danny Abajian； Sunrun 的聯合創始人兼聯合執行主席 Ed Fenster 今天也在電話會議上，並將參加準備好的發言之後的問答環節。

And now let me turn the call over to Mary.

現在讓我把電話轉給瑪麗。

Thank you, Patrick. Well, well, well, so much to talk about since our last quarter. Frankly, I was already looking forward to speaking with all of you this week to talk about the exciting developments and how strong we are delivering on the fundamentals, and then we received the good news coming out of Washington on climate legislation. As a company, providing customers with the ability to have a more affordable, innovative, resilience and recession-proof future, it truly feels like the sun is shining on our work.

謝謝你，帕特里克。好，好，好，自上個季度以來要談的太多了。坦率地說，我已經期待本週與大家交談，討論令人興奮的事態發展以及我們在基本面方面的表現如何，然後我們收到了華盛頓關於氣候立法的好消息。作為一家公司，為客戶提供更實惠、創新、彈性和抗衰退的未來，感覺就像陽光照耀著我們的工作。

That said, in the spirit of "you make your own luck", the Sunrun team has been laser-focused on crushing the fundamentals, and I am excited to talk about the work we have been doing and some of the luck we have created. We delivered above guidance volumes in the quarter. growing new installations by 33% from the same period last year, and have continued to see incredibly strong momentum, breaking sales records again just last month, and growing customer orders 28% compared to last year.

也就是說，本著“你自己創造好運”的精神，Sunrun 團隊一直專注於粉碎基本面，我很高興能談談我們一直在做的工作以及我們創造的一些運氣。我們在本季度提供了上述指導量。新安裝量比去年同期增長 33%，並且繼續保持強勁勢頭，僅在上個月再次打破銷售記錄，客戶訂單比去年增長 28%。

We are delivering on improving net subscriber values through continued actions to be faster, better and stronger, and to see those benefits continuing to build and flow through the pipeline which underpins our guidance of continued margin expansion into Q3.

我們正在通過持續採取更快、更好和更強的行動來提高淨訂戶價值，並看到這些好處繼續建立並流經管道，這支撐了我們對第三季度利潤率持續擴張的指導。

Looking beyond the quarter, I am very excited about building the future we are running to. We are a clean energy technology company, and we believe the ultimate way to fuel life is through the natural abundance of the sun. We aim to put control, simplicity and possibility in the hands of every customer to connect with the cleanest energy on earth for powering their homes, their transportation and their lives. We are running to provide a more affordable, resilient and energy independent future for America.

展望本季度之後，我對建設我們正在走向的未來感到非常興奮。我們是一家清潔能源技術公司，我們相信為生命提供燃料的最終方式是通過自然豐富的太陽。我們的目標是將控制權、簡單性和可能性交到每一位客戶手中，以連接地球上最清潔的能源，為他們的家庭、交通和生活供電。我們正在努力為美國提供一個更實惠、更有彈性和能源獨立的未來。

Now is the time for Americans and the world to embrace clean energy to help solve some of our greatest problems and to create greater socioeconomic prosperity by providing more resilient and affordable clean energy to all.

現在是美國人和全世界擁抱清潔能源以幫助解決我們的一些最大問題並通過向所有人提供更具彈性和負擔得起的清潔能源來創造更大的社會經濟繁榮的時候了。

The crippling heat waves across the country, devastating wildfires in areas, facing record-breaking droughts and geopolitical tensions highlighting the vulnerabilities of finite fossil fuel sources, all underscore the need to accelerate to clean, affordable, decentralized energy sources that put customers at the center and provide them what they need and want to run their lives.

全國范圍內嚴重的熱浪、地區的毀滅性野火、破紀錄的干旱和突顯有限化石燃料來源脆弱性的地緣政治緊張局勢，都強調需要加速開發以客戶為中心的清潔、負擔得起、分散的能源並為他們提供他們需要和想要的生活。

This summer, we celebrated our 15th anniversary as a company, marking 15 years of continuous and rapid growth and putting us in the enviable position of leading the industry forward. Today, we are operating at a scale that is twice as large as our nearest competitor, and we have more than 5 gigawatts of network solar energy capacity, making us the second largest owner of solar assets in the U.S. across all segments of the industry. As the nation's leader in deployed personal storage, we sit on the capability to deploy over 150 megawatts of clean stored energy when called upon.

今年夏天，我們迎來了公司成立 15 週年，標誌著公司 15 年來的持續快速發展，讓我們處於引領行業前進的令人羨慕的位置。今天，我們的運營規模是最接近的競爭對手的兩倍，我們擁有超過 5 吉瓦的網絡太陽能容量，使我們成為美國太陽能資產在該行業所有領域的第二大所有者。作為全國部署個人存儲的領導者，我們有能力在需要時部署超過 150 兆瓦的清潔存儲能源。

Our track record sets us apart. We have navigated repeated policy uncertainties, various economic cycles and dynamic supply chains before, and I'm proud of the team we have in place today that is executing so well in the current environment. Sunrun is positioned incredibly well for periods of high inflation or even a recession because fundamentally, we offer customers security, price stability and control over a basic human necessity.

我們的業績記錄使我們與眾不同。我們之前曾經歷過反复的政策不確定性、各種經濟周期和動態供應鏈，我為我們今天擁有的團隊感到自豪，他們在當前環境中表現出色。 Sunrun 在高通脹甚至經濟衰退時期的定位非常好，因為從根本上說，我們為客戶提供安全、價格穩定和對基本人類必需品的控制。

My focus since assuming the CEO role has been to make Sunrun even faster, better and stronger, building on the solid foundation that has been built over the last 15 years to accelerate what we can accomplish for our customers and stakeholders. And I am proud to share that Sunrunners are embracing the opportunity and running to the future where we are the go-to provider for whole home energy services across the country. We are making great progress against these goals.

自從擔任首席執行官一職以來，我的重點一直是讓 Sunrun 更快、更好、更強大，建立在過去 15 年所建立的堅實基礎之上，以加快我們為客戶和利益相關者實現的目標。我很自豪地與大家分享，Sunrunners 正在抓住機會，奔向未來，我們是全國范圍內整體家庭能源服務的首選供應商。我們在實現這些目標方面取得了很大進展。

First, we are delivering rapid growth. We grew new installations by 33% this quarter. The confluence of a growing understanding about the virtues of powering your home with solar energy and storage compounded by rapid utility rate inflation across the country is driving record levels of demand, following on the price actions we took in late March and early April. Rapidly escalating utility rates sustained a very strong customer value proposition. As many of you know, utility rate inflation was over 13% across the country in the latest CPI data, and is running even higher in many of our large markets and is poised to remain elevated for the foreseeable future.

首先，我們正在實現快速增長。本季度我們的新安裝量增長了 33%。繼我們在 3 月下旬和 4 月初採取的價格行動之後，隨著對太陽能和儲能為您的家庭供電的好處的日益了解，加上全國范圍內快速的公用事業費率通脹，這共同推動了創紀錄的需求水平。快速上升的公用事業費率維持了非常強大的客戶價值主張。正如你們許多人所知，在最新的 CPI 數據中，全國公用事業費率通脹率超過 13%，並且在我們的許多大型市場中甚至更高，並且在可預見的未來有望保持高位。

Second, we are also continuing to innovate and expand our offerings. We are benefiting from and helping enable the transition to electric vehicles by providing our customers the ability to run their vehicles on clean, independently generated energy. Customers who drive electric vehicles need larger systems. These solar and battery and EV resources are incredibly valuable for homeowners and the energy system alike.

其次，我們還在繼續創新和擴展我們的產品。通過為我們的客戶提供使用清潔、獨立產生的能源運行車輛的能力，我們正在受益於並幫助實現向電動汽車的過渡。駕駛電動汽車的客戶需要更大的系統。這些太陽能、電池和電動汽車資源對房主和能源系統都非常有價值。

Our partnership with Ford has officially kicked off and is tremendously exciting. Hundreds of orders have already been placed, and we have started conversations over 1,000 additional potential customers as they approach delivery of their Ford F-150 Lightning. Approximately 2/3 of customers placing orders are opting for the advanced bidirectional power flow and home backup capabilities from the Charge Station Pro, along with the home integration system.

我們與福特的合作夥伴關係已經正式啟動，非常令人興奮。已經下達了數百個訂單，當他們接近交付福特 F-150 Lightning 時，我們已經開始與另外 1,000 多名潛在客戶進行對話。大約 2/3 的下訂單客戶選擇 Charge Station Pro 的先進雙向電力流和家庭備用功能，以及家庭集成系統。

Based on initial numbers, we are seeing over 10% uptake of bundling solar at the same time as the installation of a home integration system. Sunrun has already installed several systems, and expects to install thousands more in the coming months.

根據最初的數字，我們看到超過 10% 的捆綁太陽能與安裝家庭集成系統的同時使用。 Sunrun 已經安裝了多個系統，預計在未來幾個月內還會安裝數千個系統。

We have also just launched our new level 2 electric vehicle charger to complement the company's home energy management solutions. This allows customers to achieve even greater benefits, independence and stability by powering their vehicles at home, tapping into the most abundant and affordable clean energy source on the planet. This time, the offering will be available later this month in California, New Jersey and Vermont, and will be rolled out to all Sunrun markets as an optional add-on by year-end.

我們還剛剛推出了新的 2 級電動汽車充電器，以補充公司的家庭能源管理解決方案。這使客戶能夠在家中為他們的車輛供電，利用地球上最豐富、最實惠的清潔能源，從而獲得更大的利益、獨立性和穩定性。這一次，該產品將於本月晚些時候在加利福尼亞州、新澤西州和佛蒙特州推出，並將在年底前作為可選附加產品推廣到所有 Sunrun 市場。

We are also the leader in deploying batteries with solar systems today, installing more than any other solar company with more than 42,000 battery systems installed thus far. We can provide a critical service by discharging electricity to the grid during the times it's most needed. As more severe and frequent heat waves continue to stress our nation's grid this summer, we strongly encourage grid operators, utilities and policymakers alike to leverage this amazing source of solar energy.

我們也是當今部署太陽能係統電池的領導者，迄今為止安裝了超過 42,000 個電池系統的任何其他太陽能公司都安裝了更多。我們可以在最需要的時候通過向電網放電來提供關鍵服務。隨著今年夏天更加嚴重和頻繁的熱浪繼續給我們國家的電網帶來壓力，我們強烈鼓勵電網運營商、公用事業公司和政策制定者等利用這種驚人的太陽能來源。

Not only do our solar customers take load off the grid, our batteries export during times of peak demand, which reduces the overall stress on the grid. We expect as battery availability improves, we will see even faster adoption by customers choosing to add batteries alongside solar systems. And as electric vehicle adoption increases, we will have tremendous opportunity to innovate even further with our service offerings and grid service capabilities.

我們的太陽能客戶不僅可以減輕電網負荷，而且我們的電池會在需求高峰期出口，從而減輕電網的整體壓力。我們預計，隨著電池可用性的提高，我們將看到客戶選擇在太陽能係統旁邊添加電池的速度更快。隨著電動汽車採用率的提高，我們將有巨大的機會通過我們的服務產品和電網服務能力進一步創新。

Yesterday, Sunrun announced an exclusive agreement with SPAN, making the company's smart home electric panel available to residents in Puerto Rico. The offering is available exclusively through Sunrun and Sunrun's partners in Puerto Rico, further differentiating our offering.

昨天，Sunrun 宣布與 SPAN 達成獨家協議，讓波多黎各的居民可以使用該公司的智能家居配電板。該產品僅通過 Sunrun 和 Sunrun 在波多黎各的合作夥伴提供，進一步區分了我們的產品。

Still recovering from the devastating effects of Hurricane Maria, Puerto Rico's fragile electric grid remains prone to unplanned power outages and protracted blackouts. With this partnership and state-of-the-art innovation, customers will be able to shift home solar and battery powered supply to different uses throughout the home during an outage, controlling where and how backup power is used. This technology also provides Sunrun with an even more sophisticated ability to control and dispatch energy back to the grid if called upon by the grid operators.

波多黎各脆弱的電網仍在從颶風瑪麗亞的破壞性影響中恢復，仍然容易發生意外停電和長期停電。通過這種合作夥伴關係和最先進的創新，客戶將能夠在停電期間將家用太陽能和電池供電轉移到整個家庭的不同用途，控製備用電源的使用地點和方式。如果電網運營商需要，這項技術還為 Sunrun 提供了更複雜的控制和分配回電網的能量的能力。

Sunrun entered Puerto Rico in 2018, and has quickly become one of the island's largest providers of residential solar energy and battery systems. Sunrun will start offering this incredible next innovation to customers this month.

Sunrun 於 2018 年進入波多黎各，並迅速成為島上最大的住宅太陽能和電池系統供應商之一。 Sunrun 將於本月開始向客戶提供這一令人難以置信的下一個創新。

We are accomplishing all of this with a laser focus on efficiency. While tremendous growth opportunities and innovation initiatives can pressure organizations to deprioritize efficiency, we are focused on delivering growth, innovation and efficiency together. As an example of our combined focus, Sunrun delivered 16% sequential growth in new solar installations in Q2 while head count remained materially unchanged in the organization. We are driving cost efficiency while also remaining committed to delivering a great experience to forge enduring decades-long relationships with our beloved customers.

我們正在通過對效率的高度關注來完成所有這一切。雖然巨大的增長機會和創新舉措可能會迫使組織降低效率的優先級，但我們專注於共同實現增長、創新和效率。作為我們共同關注的一個例子，Sunrun 在第二季度實現了 16% 的新太陽能裝置連續增長，而該組織的員工人數基本保持不變。我們在提高成本效率的同時，還致力於提供出色的體驗，與我們心愛的客戶建立長達數十年的持久關係。

Shifting gears to some external items. We were delighted that Senator Joe mentioned, came back to the table on climate legislation, and there seems to be a highly likely passage of a meaningful commitment to clean energy. It is clear that by providing incentives to invest in clean energy, we can actually combat inflation and provide customers what they need, clean, affordable energy, insulating them from skyrocketing utility bills.

轉移到一些外部項目。我們很高興參議員喬提到，回到氣候立法的談判桌上，似乎很有可能通過對清潔能源的有意義的承諾。很明顯，通過激勵投資清潔能源，我們實際上可以對抗通貨膨脹並為客戶提供他們需要的清潔、負擔得起的能源，使他們免受飛漲的水電費的影響。

We also see tremendous opportunity in the latest legislation to build on our success of providing clean, affordable energy as a path to building greater socioeconomic impact through our work with multifamily housing and to first-time homebuyers and those in communities most in need of energy security, stability, independence and cost savings.

我們還在最新立法中看到了巨大的機會，可以在我們成功提供清潔、負擔得起的能源的基礎上，通過我們與多戶住宅、首次購房者和最需要能源安全的社區的合作，建立更大的社會經濟影響。 ，穩定性，獨立性和成本節約。

It has also been a busy period for trade policy. We were encouraged that the administration took steps to block the anti-circumvention tariffs for 2 years. However, the current bureaucratic process from the customs and border patrol is causing delays to the timely release of football fields worth of modules currently sitting at the ports for us and many in the industry.

這也是貿易政策的繁忙時期。令我們感到鼓舞的是，政府採取措施阻止了 2 年的反規避關稅。然而，目前海關和邊境巡邏的官僚程序導致我們和許多業內人士無法及時釋放目前位於港口的足球場模塊。

This results in unnecessary friction costs such as customer system redesign. We have called upon the Customs and Border Patrol to follow guidelines, respond to consumer demand and quickly release solar modules that are demonstrated to be in compliance with the latest requirements, and we have seen some recent progress. These delays are slowing the deployment of what Americans need and want: clean, affordable solar energy.

這會導致不必要的摩擦成本，例如客戶系統的重新設計。我們已呼籲海關和邊境巡邏隊遵循指導方針，響應消費者需求並迅速放行經證明符合最新要求的太陽能電池組件，並且我們已經看到了一些近期進展。這些延誤正在減緩美國人需要和想要的東西的部署：清潔、負擔得起的太陽能。

With that, before I turn the call over to Danny, I want to share a few words of appreciation for the amazing employees at Sunrun, and most of all to our customers, who we are privileged to serve.

有了這個，在我把電話轉給 Danny 之前，我想對 Sunrun 出色的員工說幾句感謝的話，尤其是對我們有幸為他們服務的客戶表示感謝。

Our team is doing tremendous work to deliver on rapid growth, accelerate innovation and drive a customer-obsessed culture at Sunrun. We are running a marathon to help combat climate change and provide customers control over their energy future. We appreciate all of our customers and Sunrunners who are part of this journey with us.

我們的團隊正在為實現快速增長、加速創新和推動 Sunrun 以客戶為中心的文化做了大量工作。我們正在舉辦馬拉鬆比賽，以幫助應對氣候變化並讓客戶控制他們的能源未來。我們感謝所有與我們一起參與這一旅程的客戶和 Sunrunners。

With that, over to you, Danny.

有了這個，交給你，丹尼。

Thank you, Mary. Hi, everyone. I'm pleased to be joining Marine today on my first quarterly call as CFO. Today, I will cover our operating and financial performance in the quarter, along with an update on our capital markets activities and outlook.

謝謝你，瑪麗。大家好。我很高興今天能在我擔任首席財務官的第一個季度電話會議上加入 Marine。今天，我將介紹我們本季度的運營和財務業績，以及我們資本市場活動和前景的最新情況。

Turning first to the results for the quarter. In the second quarter, customer additions were approximately 34,400, including more than 25,000 subscriber additions. Our subscriber additions were nearly 74% of our total customer additions in the period, up from nearly 72% in Q1. Solar energy capacity installed was over 246 megawatts in the second quarter of 2022, a 33% increase from the same quarter last year and exceeding the high end of our guidance range. We saw strong customer demand for our products and services in Q2. Customer orders increased by 28% in the quarter compared to the prior year. While we are still adding customers to our pipeline, the increased pace of installations is allowing us to gradually work down our pipeline. Our current pipeline is closer to 1 quarter at this point.

首先談談本季度的結果。在第二季度，新增客戶約為 34,400 人，其中包括超過 25,000 人的新增用戶。在此期間，我們的訂戶增加量占我們總客戶增加量的近 74%，高於第一季度的近 72%。 2022 年第二季度太陽能裝機容量超過 246 兆瓦，比去年同期增長 33%，超過了我們指導範圍的高端。我們在第二季度看到客戶對我們的產品和服務的強勁需求。與去年同期相比，本季度的客戶訂單增加了 28%。雖然我們仍在將客戶添加到我們的管道中，但安裝速度的加快使我們能夠逐步完成我們的管道。我們目前的管道在這一點上接近 1 個季度。

We have now installed over 42,000 batteries. We expect battery installations to grow rapidly in the quarters ahead. Current battery supply conditions and longer install cycle times have resulted in lower battery attachment expectations in the near future, but we expect that as we introduce additional battery suppliers and work through our pipeline, attachment rates will increase meaningfully. Today, we are prioritizing allocation of batteries in key markets where they are needed for the most for grid reliability concerns.

我們現在已經安裝了超過 42,000 個電池。我們預計電池安裝量將在未來幾個季度快速增長。當前的電池供應條件和更長的安裝週期導致在不久的將來降低電池連接預期，但我們預計，隨著我們引入更多電池供應商並通過我們的管道工作，連接率將顯著提高。今天，我們正在優先考慮在電網可靠性問題上最需要電池的關鍵市場分配電池。

We ended Q2 with approximately 724,000 customers and more than 614,000 subscribers, representing 5.1 gigawatts of network solar energy capacity, an increase of 21% compared to the prior year. Our subscribers generate significant recurring revenue with most under 20- or 25-year contracts for the clean energy we provide. At the end of Q2, our annual recurring revenue, or ARR, stood at $917 million with an average contract life remaining of over 17 years. In Q2, subscriber value was approximately $38,700, and creation cost was approximately $30,800, delivering a net subscriber value of approximately $7,900.

我們在第二季度末擁有約 724,000 名客戶和超過 614,000 名訂戶，代表網絡太陽能容量 5.1 吉瓦，比去年同期增長 21%。我們的訂戶通過我們提供的清潔能源的大多數合同期限在 20 年或 25 年以下，產生了可觀的經常性收入。在第二季度末，我們的年度經常性收入或 ARR 為 9.17 億美元，平均合同期限超過 17 年。在第二季度，訂戶價值約為 38,700 美元，創建成本約為 30,800 美元，淨訂戶價值約為 7,900 美元。

Total value generated, which is the net subscriber value multiplied by the number of subscriber additions in the period, was $200 million in the second quarter. The adjustments we made to pricing and home upgrades policies in late March and early April are starting to partially flow through our installations in Q2 and will be more fully reflected in Q3 deployments. We are optimizing overall sales activities and revising our policies on pricing and product mix in certain markets. These moves are already producing positive results in Q2, and we will continue to evaluate our customer offering based on incumbent utility rate trends and the capital markets environment.

第二季度產生的總價值，即淨訂戶價值乘以當期新增訂戶數量，為 2 億美元。我們在 3 月底和 4 月初對定價和家庭升級政策所做的調整開始部分體現在我們在第二季度的安裝中，並將在第三季度的部署中得到更充分的體現。我們正在優化整體銷售活動，並修改我們在某些市場的定價和產品組合政策。這些舉措已經在第二季度產生了積極的結果，我們將繼續根據現有的公用事業費率趨勢和資本市場環境評估我們的客戶產品。

Turning now to gross and net earning assets and our balance sheet. Gross earning assets were $10.8 billion at the end of the second quarter. Gross earning assets is the measure of cash flows we expect to receive from customers over time, net of operating and maintenance costs, distributions to tax equity partnerships, partners in partnership flip structures and distributions to project equity financing partners discounted at a 5% unlevered capital cost.

現在轉向總和淨收益資產以及我們的資產負債表。第二季度末的總盈利資產為 108 億美元。總收益資產是衡量我們預期從客戶那裡收到的現金流量，扣除運營和維護成本、對稅收股權合夥企業的分配、合夥企業翻轉結構中的合作夥伴以及對項目股權融資合作夥伴的分配，以 5% 的無槓桿資本貼現成本。

Net earning assets were $4.6 billion at the end of the second quarter, an increase of over $130 million from the prior year and $145 million compared to the first quarter. Net earning assets is gross earning assets plus cash less all debt.

第二季度末淨收益資產為 46 億美元，比上年增加 1.3 億美元，比第一季度增加 1.45 億美元。淨收益資產是總收益資產加上現金減去所有債務。

We ended the quarter with $863 million in total cash. We continue to maintain a robust project finance runway. As of today, closed transactions and executed term sheets provide us with expected tax equity and project debt capacity to fund over 360 megawatts for subscribers beyond what was deployed through the second quarter.

我們在本季度末的總現金為 8.63 億美元。我們繼續保持穩健的項目融資渠道。截至今天，已完成的交易和已執行的條款清單為我們提供了預期的稅收權益和項目債務能力，為超過第二季度部署的訂戶提供超過 360 兆瓦的資金。

Turning now to our outlook. The current solar module import disruption, as Mary mentioned, create some uncertainty around volumes during the second half of 2022. But the strong consumer demand we see, are further improving operational efficiencies and fulfillment capacity, and the visibility of our robust pipeline gives us confidence to confirm our full year guidance of over 25% year-over-year growth in solar energy capacity installed. We now expect total value generated to be substantially greater than $900 million for the full year, confirming our prior guidance that total value generated will grow meaningfully faster than volumes.

現在轉向我們的前景。正如瑪麗所說，當前的太陽能組件進口中斷給 2022 年下半年的銷量帶來了一些不確定性。但我們看到的強勁消費者需求正在進一步提高運營效率和履行能力，而我們強大的管道的可見性讓我們充滿信心確認我們全年太陽能裝機容量同比增長超過 25% 的指導。我們現在預計全年產生的總價值將大大超過 9 億美元，這證實了我們之前的指導，即產生的總價值將明顯快於銷量增長。

We continue to expect net subscriber value above $10,000 in Q3 and Q4. In our forecast, we do not assume any increase to the federal investment tax credit that may result from passage of the Inflation Reduction Act of 2022, an increase in the investment tax credit, pending California net metering policy and any impacts to volumes from supply chain disruptions could obviously result in variations in total value generated in either direction. For the third quarter, we expect solar energy capacity installed to be in a range of 250 to 260 megawatts.

我們繼續預計第三季度和第四季度的淨用戶價值將超過 10,000 美元。在我們的預測中，我們不假設聯邦投資稅收抵免可能因 2022 年《通貨膨脹減少法案》的通過、投資稅收抵免的增加、加州未決的淨計量政策以及對供應鏈數量的任何影響而增加中斷顯然會導致任一方向產生的總價值發生變化。對於第三季度，我們預計太陽能裝機容量將在 250 至 260 兆瓦之間。

Since the April pricing of our $0.5 billion senior note securitization, capital availability has remained strong in both the securitization and bank markets. Apart from a brief period in June, market interest rates have remained in a narrow range. Our borrowing costs, which are indexed to long-term interest rates, have benefited from downward pressure recently as expectations for economic growth have softened.

自 4 月份我們對 5 億美元的優先票據證券化定價以來，證券化市場和銀行市場的資本可用性一直保持強勁。除 6 月份短暫外，市場利率維持窄幅震盪。隨著對經濟增長的預期減弱，我們與長期利率掛鉤的借貸成本最近受益於下行壓力。

We continue to expect advance rates on our deployed portfolios to be between 85% to 95% of contracted subscriber values, which are discounted at a 5% rate. We believe the wide range is appropriate given the potential volatility in debt capital markets. As a reminder, the numerator in advance rate includes proceeds received net of fees from all sources; rebates, tax equity, customer prepayments, senior and subordinated debt and swap terminations. As we've shared before, we frequently enter into interest rate swaps to hedge capital costs on our newly installed customers. Our existing capital structure is also well hedged through a mix of interest rate swaps and fixed coupon long-dated debt securities.

我們繼續預計我們部署的投資組合的預付率將在合同訂戶價值的 85% 至 95% 之間，以 5% 的利率折現。鑑於債務資本市場的潛在波動性，我們認為寬範圍是合適的。提醒一下，預付利率的分子包括扣除所有來源費用後收到的收益；回扣、稅收權益、客戶預付款、高級和次級債務以及掉期終止。正如我們之前分享的那樣，我們經常進行利率掉期以對沖新客戶的資本成本。我們現有的資本結構也通過利率掉期和固定票面長期債務證券的組合得到很好的對沖。

We currently observe -- our capital cost is between 5% and 6%. As you may recall, several years ago, we used to report subscriber value and gross earning asset figures using a 6% discount rate, and didn't update it to 5% until we saw capital costs below 4%. While we actively monitor capital costs, we don't plan to update the discount rate for minor fluctuations around 5%.

我們目前觀察到——我們的資本成本在 5% 到 6% 之間。您可能還記得，幾年前，我們使用 6% 的貼現率報告訂戶價值和總收入資產數據，直到我們看到資本成本低於 4% 才將其更新為 5%。雖然我們積極監控資本成本，但我們不打算針對 5% 左右的小幅波動更新貼現率。

As mentioned, we implemented meaningful price increases earlier this year behind large electric utility price inflation and high interest rates. Since then, utility price inflation has remained persistently in the double digits as utilities pass through their higher labor, fuel and capital costs to customers. This provides ample headroom to continue to evaluate market and pricing opportunities while still delivering customers an incredibly attractive value proposition.

如前所述，在電力公用事業價格大幅上漲和高利率之後，我們在今年早些時候實施了有意義的價格上漲。從那時起，隨著公用事業公司將較高的勞動力、燃料和資本成本轉嫁給客戶，公用事業價格通脹一直保持在兩位數。這為繼續評估市場和定價機會提供了充足的空間，同時仍為客戶提供極具吸引力的價值主張。

With that, let me turn it back to Mary.

有了這個，讓我把它轉回給瑪麗。

Thanks, Danny. It is such a powerful time in our nation's history to be working in clean energy, shoulder to shoulder with thousands of Sunrunners every day working hard to deliver to Americans what they want and need; clean, affordable, independent energy to power their lives and to give them a greater sense of comfort and security.

謝謝，丹尼。這是我們國家歷史上如此強大的時刻，致力於清潔能源，每天與成千上萬的 Sunrunners 肩並肩努力為美國人提供他們想要和需要的東西；清潔、負擔得起、獨立的能源，為他們的生活提供動力，並給他們更大的舒適感和安全感。

We sit on the precipice of perhaps the most impactful climate and inflation reduction legislation the U.S. has ever seen. It is so exciting to think about the measures and how they could dramatically accelerate our work and maximize our impact, all while addressing ramp in energy inflation, which is squeezing households all across the country.

我們正處於美國有史以來最具影響力的氣候和通脹減排立法的邊緣。想到這些措施以及它們如何能夠顯著加快我們的工作並最大限度地發揮我們的影響，同時解決能源通脹的上升問題，這是非常令人興奮的，這正在擠壓全國各地的家庭。

That said, no matter what the world throws at us, at Sunrun, we stay focused on making our own luck, growing faster, better and stronger and delivering on our obsession with our customers with the employees who serve them, and delivering strong results for our investors.

也就是說，無論世界向我們投擲什麼，在 Sunrun，我們始終專注於創造自己的好運，更快、更好、更強大，並通過為客戶服務的員工實現我們對客戶的痴迷，並為我們的投資者。

Before opening the line for questions, I want to again express my deep appreciation for the big-hearted, ambitious team of employees at Sunrun. The customers we are blessed to serve, and the many partners who work with us every single day to deliver on creating a planet run by the sun.

在開始提問之前，我想再次對 Sunrun 胸怀大志、雄心勃勃的員工團隊表示深深的感謝。我們有幸服務的客戶，以及每天與我們合作以實現創造一個由太陽運行的星球的眾多合作夥伴。

With that, operator, let's open the line for questions.

有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions)

（操作員說明）

Our first question comes from Julien Dumoulin-Smith with Bank of America.

我們的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

And kudos for holding in on that $10,000, figure that we've all been fixating on here. If I just -- indeed. If I can -- just to keep running with that, if you don't mind, I'd love to hear a little bit more about how you're thinking about future further rate increases, right? For example, how do your rates compare with utilities today after the increases that you've implemented? And considering that typically, the cadence of rate increases is fixated around January 1, can we expect a further step up and expand that $10,000 going into '23 or at least in 1Q '22 or '23?

並為持有這 10,000 美元而感到自豪，這是我們一直在關注的數字。如果我只是——確實。如果可以的話——只是為了繼續堅持下去，如果你不介意的話，我很想听聽更多關於你對未來進一步加息的看法，對吧？例如，在您實施加價後，您的費率與今天的公用事業相比如何？考慮到這一點，通常情況下，加息的節奏固定在 1 月 1 日左右，我們能否期待進一步加息並將 10,000 美元擴大到 23 年或至少在 22 年第一季度或 23 年？

Julien, it's Mary. Thanks so much for the question and for the enthusiasm for maintaining our focus on net subscriber value. But that said, your question, I'll hit it first at the broad level and then see if Danny has any additional comments.

朱利安，是瑪麗。非常感謝您提出的問題以及保持我們對淨訂戶價值的關注的熱情。但就是說，你的問題，我會先從廣義上講，然後看看 Danny 是否有任何其他意見。

But we have a lot of headroom. I mean the bottom line is we have a lot of headroom. We basically are providing customers all across America, but particularly in some markets with really, really significant savings value proposition. We're also, at the same time, Julien, we're seeing more and more customers candidly, that are so motivated by other factors. And again, more and more customers are also going solar to power their electric vehicles.

但是我們有很大的空間。我的意思是底線是我們有很大的空間。我們基本上為美國各地的客戶提供，特別是在一些市場，提供非常非常重要的儲蓄價值主張。同時，我們也是 Julien，我們坦率地看到越來越多的客戶受到其他因素的激勵。而且，越來越多的客戶也開始使用太陽能為他們的電動汽車供電。

So when you also think about the opportunity to power an electric vehicle with your own independent solar versus the prices, the volatile prices at the pump, that also is a part of what we see as continuing to drive demand. So I would say at the highest level, again, we're being very opportunistic at the same time as we're very, very focused on making sure that we're delivering a significant value proposition to the customers we serve. And with that, Danny, I don't know if you want to hit any pointers?

因此，當您還考慮使用自己的獨立太陽能為電動汽車提供動力的機會時，與價格、波動的價格相比，這也是我們認為繼續推動需求的一部分。所以我想說的是，在最高層面上，我們非常投機，同時我們非常非常專注於確保我們為我們所服務的客戶提供重要的價值主張。有了這個，丹尼，我不知道你是否想投中任何三分球？

Yes, not much to add, Julien. Thanks for the question. As we discussed last period and as we've shown this period, we're making progress towards getting the realization of the pricing actions we've made. And as you'll notice, the guidance is for Q3 and Q4 this time, indicating -- we also obviously have gained confidence that the pricing actions we've taken will stick.

是的，Julien 沒什麼好補充的。謝謝你的問題。正如我們在上一個時期所討論的那樣，正如我們在這個時期所展示的那樣，我們正在朝著實現我們所做的定價行動取得進展。正如你會注意到的那樣，這次的指導是針對第三季度和第四季度的，這表明——我們顯然也對我們採取的定價行動將堅持下去有了信心。

Beyond that, we're not guiding anything at the moment. Mary has kind of given you a sense for how we're thinking about things. And I think we're confident in what we've said regarding Q3 and Q4 at this time.

除此之外，我們目前沒有指導任何事情。瑪麗有點讓你了解我們是如何思考事情的。我認為我們對目前關於第三季度和第四季度所說的話充滿信心。

And Julien, lastly, also, as you know, the other adoption that's happening, whether it's electric vehicles, heat pumps, other types of electrification is just then driving up the demand for larger systems as well.

最後，朱利安，正如你所知，正在發生的其他應用，無論是電動汽車、熱泵，還是其他類型的電氣化，也正在推動對更大系統的需求。

Certainly, Excellent. And just a quick follow-up here. Considering IRA, obviously, it's an existing ITC, but to the extent to which you can get an additional bump up on the ITC with some of the additional adders, what portion of the -- your prospective origination could qualify for some of these additional ITC adders here? Or how nimble could your business be to pivot towards those kind of higher ITC opportunities as best you see it today?

當然，優秀。這裡只是一個快速的跟進。考慮到 IRA，顯然，它是一個現有的 ITC，但在某種程度上，您可以通過一些額外的加法器在 ITC 上獲得額外的提升，您的預期發起的哪一部分可能有資格獲得其中一些額外的 ITC加法器在這裡？或者，您的企業在轉向那些您今天所見的更高 ITC 機會方面能有多靈活？

Julien, it's Ed. We have a fantastic opportunity here. I'm a little cautious to share exact numbers because the regulations on each of the adders will be promulgated by treasury, and haven't been issued yet. But our preliminary analysis is on the low income adder, approximately 1/3 of our existing customers that we originate would qualify based on census track data. And obviously, with our direct marketing sales team in particular, it would be possible for us to seek additional business in those geographic areas.

朱利安，是埃德。我們在這裡有一個絕佳的機會。我有點謹慎地分享確切的數字，因為每個加法器的規定將由財政部頒布，尚未發布。但我們的初步分析是針對低收入者，根據人口普查跟踪數據，我們現有的大約 1/3 的客戶將符合條件。顯然，特別是我們的直銷銷售團隊，我們有可能在這些地理區域尋求更多業務。

On the American-made component, the opportunity, obviously, will depend on the percent requirements that are promulgated. But again, we think there's probably a good opportunity there. And then on the energy communities, there's a significant opportunity there. For instance, I suspect like most of Houston would qualify based on the workforce although we've got additional work to do there.

對於美國製造的組件，機會顯然取決於頒布的百分比要求。但同樣，我們認為那裡可能有一個很好的機會。然後在能源社區，那裡有一個重要的機會。例如，我懷疑休斯頓的大多數人都會根據勞動力獲得資格，儘管我們在那裡還有額外的工作要做。

So I think we feel like there's a significant opportunity even on the run rate business, and we have a lot of flexibility in targeting to achieve higher sort of attachment rates of those adders. And then obviously, I should mention again that those adders are only available under the Section 48 tax credit, which is the one available to lessors.

所以我認為我們覺得即使在運行率業務上也有很大的機會，我們在目標方面有很大的靈活性，以實現這些加法器的更高類型的附加率。然後很明顯，我應該再次提到，這些加法器僅在第 48 節稅收抵免下可用，這是出租人可用的。

Our next question is from Andrew Percoco with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Andrew Percoco。

So just my first question is just more on the cost side. I totally understand you have pricing power to offset some the near term pricing headwinds, but just curious if you have any thoughts on when you might start seeing -- the actual creation costs start to drift down more towards that 5% decline per annum that we saw historically?

所以我的第一個問題更多地是在成本方面。我完全理解你有定價能力來抵消一些近期的定價逆風，但只是好奇你是否對什麼時候開始看到有任何想法——實際的創造成本開始逐漸下降，朝著我們每年下降 5% 的方向下降。歷史上見過？

Yes. Yes. So yes, we've talked a lot about some of the cost pressures. I think we -- as Mary mentioned, one of the positives on that dimension over the quarter was, we were able to achieve the sequential growth with our head count virtually unchanged or not materially up as we described it. And it's speaking to the improving efficiency of the business. There are equipment cost pressures, there are other kind of pressures around us, and we continue to kind of work through those things by delivering greater efficiency through the business as we continue to scale up the volumes.

是的。是的。所以，是的，我們已經談了很多關於一些成本壓力的問題。我認為我們 - 正如瑪麗所提到的，本季度該維度的積極因素之一是，我們能夠實現連續增長，而我們的員工人數幾乎沒有變化，或者沒有像我們描述的那樣大幅增加。它正在談論提高業務效率。有設備成本壓力，我們周圍還有其他類型的壓力，隨著我們繼續擴大產量，我們將繼續通過提高業務效率來解決這些問題。

In addition, driving towards higher-margin product via battery attached, right? Like we commented about battery attach that is a product that kind of has momentarily had a dip in or a lack of further increase in the attachment rate, which we think is going to resume as that supply eases and certainly, the consumer demand is there. So like margin expansion opportunities coupled with just grinding out day by day further efficiency in the business to compensate the inflation pressures we know, that are all around us.

此外，通過附加電池驅動更高利潤的產品，對嗎？就像我們評論的電池連接是一種產品，這種產品的連接率暫時下降或沒有進一步增加，我們認為隨著供應的緩解，這種情況將會恢復，當然，消費者的需求就在那裡。因此，就像利潤率擴張的機會，再加上日復一日地提高業務效率以補償我們所知道的通脹壓力，這些都在我們身邊。

Got it. Super helpful. And then just one more on the funding strategy for me. ABS has been a big component of your funding strategy in the past. And I think Ed last call, you alluded to the fact that there was a noticeable difference between the credit spreads and the ABS markets, and what you're seeing from some depository capital. So just curious maybe what are your cost of capital today and how that funding strategy might change, if at all, going forward?

知道了。超級有幫助。然後再談一談我的融資策略。過去，ABS 一直是您籌資戰略的重要組成部分。我認為 Ed 最後一次電話會議，您提到了信用利差和 ABS 市場之間存在明顯差異的事實，以及您從一些存款資本中看到的情況。所以只是好奇你今天的資本成本是多少，以及未來的融資策略會如何改變，如果有的話？

Yes. Yes. So it's quite habitual for us to be looking at the broad access to the capital markets we have, and continuing to evaluate those cost of capital difference we see between markets. And I think we've played that quite favorably over different cycles and periods of time. And we're certainly in one of those where we think there is a cost of capital difference between the markets.

是的。是的。因此，我們非常習慣性地關注我們擁有的資本市場的廣泛准入，並繼續評估我們在市場之間看到的資本成本差異。而且我認為我們在不同的周期和時間段內都表現得非常好。我們當然處於我們認為市場之間存在資本成本差異的市場之一。

We also understand that, that cost of capital difference can often be fleeting, and we are strategically designed in our approach to the capital markets to be able to access both and pivot back and forth quickly as needed. So today, we have said and continue to believe that the commercial bank market is a little bit ahead or more favorable than the ABS market on a pricing basis. That pricing difference is relatively narrow, but it exists, and we continue to look at that.

我們也明白，資本差異的成本通常是短暫的，我們在資本市場的方法中進行了戰略設計，以便能夠根據需要快速訪問兩者並來回調整。所以今天，我們已經說過並繼續相信商業銀行市場在定價基礎上比 ABS 市場稍微領先或更有利。這種定價差異相對較小，但確實存在，我們將繼續關注這一點。

And to your question about cost of capital, we continue to see cost of capital, which is the blended cost of capital with our senior and subordinated debt all-in run in that 5% to 6% range. It has varied through the quarter as we've seen credit spreads move around a little bit. We've seen base rates move around a little bit more.

對於您關於資本成本的問題，我們繼續看到資本成本，即資本成本與我們的高級和次級債務的混合成本在 5% 至 6% 的範圍內。由於我們看到信用利差略有波動，因此整個季度都發生了變化。我們已經看到基本利率的變動幅度更大。

But I think, as we mentioned in the opening remarks, have tapered off recently to a much more favorable spot. So cost of capital recently trending positive, still up from late last year. And as we've discussed, we've taken a lot of action to kind of work through that, and those dynamics, broadly.

但我認為，正如我們在開場白中提到的那樣，最近已經逐漸減少到一個更有利的位置。因此，資本成本最近呈正趨勢，仍高於去年底。正如我們所討論的，我們已經採取了很多行動來解決這個問題，以及這些動態，廣泛的。

Our next question is from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

I had 2 kind of related to the model. First on the growth guidance, you're implying 3% sequential growth for 3Q, and then maybe mid- to high single digits growth in 4Q to hit the full year target. That's a little bit slower than what you just saw in 2Q, which was robust and above the high end of the guide. So just a question would be, was there any sort of pull forward ahead of your pricing increases? Or maybe you can just talk us through the cadence of growth you're seeing in bookings activity versus prior quarters right now. And then if there's been any notable shifts in customer trends you're seeing between the different offerings, PPAs, leases, loans, et cetera? And then I have a follow-up.

我有兩種與模型相關的東西。首先在增長指導上，您暗示第三季度環比增長 3%，然後可能在第四季度實現中高個位數增長以達到全年目標。這比您剛剛在 2Q 中看到的要慢一些，後者很強大並且高於指南的高端。所以一個問題是，在您的價格上漲之前是否有任何形式的推動？或者，也許您可以通過您在預訂活動中看到的與前幾個季度相比的增長節奏與我們交談。然後，如果您在不同的產品、PPA、租賃、貸款等之間看到客戶趨勢有任何顯著變化？然後我有一個跟進。

Yes. Thank you for the question. So on sequential growth in volumes, I think we've had -- as we've discussed previously, major increase in new customer orders at the beginning part of the year, even late last year, heading into this year on the last call, we guided to a backlog or a pipeline encroaching on nearly 2 quarters as the sequential growth in the business has picked up.

是的。感謝你的提問。因此，關於數量的連續增長，我認為我們已經 - 正如我們之前討論過的那樣，在今年年初，甚至去年年底，新客戶訂單大幅增加，在最後一次電話會議上進入今年，隨著業務的連續增長回升，我們引導積壓或管道侵占近兩個季度。

That has reduced to closer to 1 quarter. And as we look at the next couple of quarters, and even the next few quarters, that has also -- obviously, there are some challenges on the cost side we've talked about with a growing pipeline with the ability to bring it in and continue to work that down on a measured pace, I think, is valuable to the business. That is a deliberate focus. As we see some of these uncertainties and the macro picture, growing the physical footprint of the business in a measured, deliberate pace has been a focus. And the guidance we provide, we are comfortable with.

這已經減少到接近四分之一。當我們看接下來的幾個季度，甚至是接下來的幾個季度時，這也 - 顯然，我們已經談到了成本方面的一些挑戰，因為有能力將其引入並不斷增長的管道我認為，繼續以有節制的速度進行工作對業務很有價值。這是一個刻意的焦點。正如我們所看到的其中一些不確定性和宏觀圖景，以有節制、有意識的速度擴大業務的實際足跡一直是重點。我們提供的指導讓我們感到滿意。

As far as the product mix, the lease versus loan. We've seen a little bit of a shift. We've seen a relative pickup of the lease product, where last quarter that was 72%. And this quarter, that increased to 74%.

就產品組合而言，租賃與貸款。我們已經看到了一點點轉變。我們已經看到租賃產品的相對回升，上一季度為 72%。而本季度，這一比例增加到 74%。

Okay. That's awesome. And then on net subscriber value expansion, kudos on hitting the targets here, and reiterating the second half. Just wondering, can you sort of bridge the $2,000-plus step-up from 2Q? How much of that is pricing reading out versus other drivers like mix and so forth? And then as we think about the model longer term here, what's the normalized target for net subscriber value? I know you had talked about kind of reaching $10,000 to $12,000 per customer in the past. Obviously, you're of already there. So wondering if there's an update to that and what some of the step-up drivers from here would be, if you can quantify?

好的。棒極了。然後是淨訂戶價值擴張，在這里達到目標並重申下半年的榮譽。只是想知道，你能彌補第二季度超過 2,000 美元的升幅嗎？與混合等其他驅動因素相比，其中有多少是定價讀數？然後，當我們在這裡考慮更長期的模型時，淨訂戶價值的標準化目標是什麼？我知道您過去曾談到過要達到每位客戶 10,000 到 12,000 美元。顯然，你已經在那裡了。所以想知道是否有更新，以及從這裡開始的一些升級驅動程序是什麼，如果你可以量化？

Yes. Thank you. We have still room to run on the realization of the pricing increases. So those are late March, early April, coupling that with the backlog, which you said, again, encroaching upon 2 quarters, means about 1 quarter has passed, and we've got a little bit more room to run here for those pricing actions to kind of take hold through the metric. So partial realization of those through the quarter, and that's also what's causing us to form the guidance to greater than $10,000 for the balance of the year.

是的。謝謝你。我們在實現價格上漲方面仍有空間。所以這些是 3 月下旬，4 月初，再加上你所說的積壓，再次侵占 2 個季度，這意味著大約 1 個季度已經過去，我們有更多的空間來執行這些定價行動有點通過指標掌握。因此，通過本季度部分實現這些目標，這也是導致我們為今年剩餘時間形成超過 10,000 美元的指導的原因。

As we continue to deliver scale, we get some operating cost leverage as well, which we'll see on the cost side in the back half of the year. And we continue to see margin improvement. Within our creation cost, we have platform services margin. We expect some margin improvement there as well through the balance of the year, all contributing to that positive direction in the metric.

隨著我們繼續擴大規模，我們也獲得了一些運營成本槓桿，我們將在今年下半年的成本方面看到這一點。我們繼續看到利潤率提高。在我們的創造成本中，我們有平台服務利潤。我們預計，在今年餘下時間裡，利潤率也會有所改善，所有這些都有助於該指標的積極方向。

Our next question is from James West with Evercore.

我們的下一個問題來自與 Evercore 的 James West。

So Mary, you've had some back and forth with notable short seller here recently, or at least there's been some expectations made against Sunrun some of the accounting. And then, of course, there was a response for new and another response from them. I'm curious if you wanted to comment or take this opportunity, with the microphones you have right now on your conference call, to respond to them.

所以瑪麗，你最近在這裡與著名的賣空者有一些來回，或者至少對 Sunrun 的一些會計有一些期望。然後，當然，他們對新的和另一個回應有回應。我很好奇您是否想發表評論或藉此機會使用您現在在電話會議上使用的麥克風來回應他們。

Sure. Yes. Actually, James, from a high level, I think, as you know, we went to link to sort of go sort of point-by-point and just make sure that folks were still clear that from our perspective, Muddy Waters has it wrong. I thought actually it would be great for Danny as CFO, given his tenure with the company. I would just -- I would actually love to have you, Danny, share your thoughts and sort of how we look at it. We certainly welcome any and all dialogue as we always have as a company. So yes, Danny, I thought it'd be great if you could hit.

當然。是的。實際上，詹姆斯，從高層次來看，我認為，如你所知，我們逐點進行鏈接，並確保人們仍然清楚從我們的角度來看，Muddy Waters 錯了.實際上，考慮到 Danny 在公司任職期間，我認為這對 Danny 擔任首席財務官會很好。我只是 - 我真的很想讓你，丹尼，分享你的想法和我們如何看待它。作為一家公司，我們當然歡迎任何和所有的對話。所以，是的，丹尼，我想如果你能擊球那就太好了。

Yes. I'd just layer on those internally prepared remarks that we posted on our website. We're kind of at our fingertips, if you will, given the long history here of delivering just very high quality and reputation from a due diligence standpoint over the course of 15 years, my 12 years here, with probably close to about $20 billion raised, much of which was under private situations, private deals, where investors really have the opportunity to come in even some for like spanning multiple days to ask us these questions, and we've answered them some over a decade ago.

是的。我只想對我們在網站上發布的那些內部準備的評論進行分層。如果您願意的話，我們幾乎觸手可及，鑑於在 15 年的過程中，從盡職調查的角度來看，我們提供了非常高質量和聲譽的悠久歷史，我在這裡的 12 年，可能接近 200 億美元提出的，其中大部分是在私人情況下，私人交易中，投資者真的有機會在幾天內甚至有機會來問我們這些問題，而我們在十多年前已經回答了一些問題。

So we felt quite good about the response. I don't think we plan to elaborate further here on those point-by-point responses. I think that record speaks for itself on our website. But again, it's a culture of awesome reputation with our investors. That comes from the transparency and humility with which we've treated. A lot of the due diligence we've had to go through to raise all the capital we've raised.

所以我們對反應感覺很好。我認為我們不打算在此處進一步詳細說明這些逐點答复。我認為該記錄在我們的網站上不言自明。但同樣，這是一種在我們的投資者中享有盛譽的文化。這來自於我們所對待的透明和謙遜。為了籌集我們籌集的所有資金，我們必須進行很多盡職調查。

And I think as far as like anybody you could reach in the market to ask them about our reputation in those situations. I think they would speak very highly. They've certainly said those things to us.

而且我認為，就像您在市場上可以聯繫到的任何人一樣，向他們詢問我們在這些情況下的聲譽。我想他們會說得很高。他們肯定對我們說過這些話。

And we definitely appreciate that level of rigor we already get from a lot of these private investors, where we do have to kind of open up the hood a bit and get -- really get into these very specific issues, which we've done so many times, which is why, again, you saw a pretty robust response, go on our website, that the team kind of very quickly prepared here.

我們非常欣賞我們已經從許多私人投資者那裡得到的那種嚴格程度，我們確實必須稍微打開引擎蓋並獲得——真正進入這些非常具體的問題，我們已經這樣做了很多次，這就是為什麼你再次看到非常強烈的回應，請訪問我們的網站，團隊很快就準備好了。

And I think that's kind of basically on the matter. And we're excited about all of the execution -- there's a dynamic macro environment, but we're excited about the execution of this team, and we're excited about the trajectory of the business.

我認為這基本上是關於這個問題的。我們對所有的執行感到興奮——有一個動態的宏觀環境，但我們對這個團隊的執行感到興奮，我們對業務的發展軌跡感到興奮。

Our next question is from Maheep Mandloi with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

First, just on the growth over here in terms of targeting kind of 275-plus megawatts in Q4. Could you kind of talk about the sensitivity to that growth from California, the NEM 3.0 proceedings over there?

首先，就第四季度目標 275 多兆瓦而言，這裡的增長。你能談談加州對 NEM 3.0 程序的這種增長的敏感性嗎？

Yes. Not -- I mean there is a question on the timing. So there is some timing uncertainty there. At the moment, the base assumption is any impact given it's unknown. The impact of any action would deliver kind of more into next year. And we obviously have to see what comes out of it, measure those impacts and more clearly guide to them. But at the moment, we don't believe there is a high impact to the volumes that we've guided to in Q3, and what's implied for Q4 with the annual guidance.

是的。不是——我的意思是關於時間的問題。因此，存在一些時間不確定性。目前，基本假設是任何影響，因為它是未知的。任何行動的影響都會在明年產生更多影響。我們顯然必須看看它會產生什麼，衡量這些影響並更清楚地指導它們。但目前，我們認為對我們在第三季度指導的銷量以及第四季度的年度指導所暗示的影響並不大。

Got you. And just 2 more from me. One on the IR, does the tax credit transferability. Does that help with tax equity. And for the EV chargers, who's the OEM supply? Or is it related to the SK JV?

得到你。我還有2個。 IR 上的一個是稅收抵免可轉讓性。這對稅收公平有幫助嗎？對於電動汽車充電器，誰是 OEM 供應商？還是與SK JV有關？

Sure. So this is Ed. So a couple of questions. So first, again, on the potential for tax credit transfer in the current IRA draft, that is something again where Treasury will have to promulgate rules. And I don't want to speak in advance of those rules.

當然。這就是埃德。所以有幾個問題。因此，首先，關於當前 IRA 草案中稅收抵免轉移的可能性，財政部將不得不再次頒布規則。我不想在這些規則之前發言。

I think my high-level suspicion is that sort of traditional tax equity capital will continue to be cheaper, but that will certainly expand the market and be helpful and potentially for more off-the-run products or something like that. So we continue to monitor that and chat more about it, but I think that the traditional structure, which monetizes depreciation as well ought to give a better financial outcome most likely.

我認為我的高度懷疑是，這種傳統的稅收股權資本將繼續更便宜，但這肯定會擴大市場，並可能對更多的非運行產品或類似產品有所幫助。因此，我們繼續對此進行監控並進行更多討論，但我認為將折舊貨幣化的傳統結構最有可能帶來更好的財務結果。

As to the EV charger, that is a product that we're sourcing separately, although we are not manufacturing it ourselves. It continues to be that we expect to be -- or I should say that the SK with JV we'll be talking more about itself sometime during the calendar year.

至於電動汽車充電器，這是我們單獨採購的產品，儘管我們不是自己製造的。它仍然是我們期望的——或者我應該說，與合資企業的 SK 我們將在日曆年的某個時候更多地談論它自己。

Our next question is from Mark Strouse with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

I just had one kind of 2-part question on inventory. Going back to the comments about UFLPA creating some kind of delays in the market. Is that having a tangible impact on your ability to meet demand here in 3Q? Or are you kind of leaning into your inventory during this period? And then kind of the second part of that question is assuming the UFLPA kind of gets cleared up over the next quarter or 2, kind of what your strategy on inventory would be if that becomes kind of a working capital tailwind.

我只有一種關於庫存的兩部分問題。回到關於 UFLPA 在市場上造成某種延遲的評論。這是否對您在第三季度滿足需求的能力產生了切實的影響？或者您在此期間是否傾向於庫存？然後這個問題的第二部分是假設 UFLPA 在下一季度或第二季度得到清理，如果這成為一種營運資金順風，你的庫存策略將是什麼。

Mark, thanks for calling in. I don't know if you were done with the question, and I didn't want to talk over to you. Yes, so great questions. On the inventory balance itself, given those dynamics with UFLPA. If you look at our financials, you'll still see inventory balance up for the year, if you kind of compare June 30 to 12/31, you'll also notice that it's slightly down about $9 million quarter-over-quarter.

馬克，謝謝你的來電。我不知道你是否已經完成了這個問題，我不想和你說話。是的，這麼好的問題。考慮到 UFLPA 的動態，就庫存餘額本身而言。如果您查看我們的財務數據，您仍會看到今年的庫存餘額有所增加，如果您將 6 月 30 日與 12/31 進行比較，您還會注意到它比上一季度略有下降約 900 萬美元。

So we did dip into the inventory a little bit through the period. We're still overall up. Obviously, some of that is being driven by increased volume in the business. Some of it is being driven by keeping that days of supply high.

因此，我們確實在此期間稍微減少了庫存。我們仍然整體上。顯然，其中一些是由業務量增加推動的。其中一些是由保持高供應天數驅動的。

We did guide last time that we were carrying a balance of days in excess of 100. Now with both the volumes increasing and some of our product getting detained that has dipped below 100 days, but I think we've planned around it in a way where I think we feel comfortable for the balance of the year, although it remains a risk. We feel comfortable given all the procurement activity that we've done very tightly around the situation.

上次我們確實指導我們攜帶超過 100 天的餘額。現在隨著數量的增加和我們的一些產品被扣留的時間已經下降到 100 天以下，但我認為我們已經在某種程度上計劃了它我認為我們對今年的餘額感到滿意，儘管這仍然是一個風險。考慮到我們圍繞這種情況進行的所有採購活動，我們感到很自在。

Our next question is from Philip Shen with ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Philip Shen。

As a follow-up on the UFLPA situation. Mary, I think you referenced some of the CBP challenges. Can you provide some additional color on how the UFLPA may have impacted your business? How much redesigning did you guys actually have to do was 1 of the module vendors that you had contracted with possibly impacted?

作為 UFLPA 情況的後續行動。瑪麗，我認為你提到了 CBP 的一些挑戰。您能否提供一些關於 UFLPA 可能如何影響您的業務的補充說明？你們實際上需要做多少重新設計才能使與你們簽約的模塊供應商之一可能受到影響？

Yes. So at a high level, I mean, again, we're crushing it on the fundamentals. So -- and as we reported, like, yes, we had some flexing we have to do in the organization. And again, we have -- we work with a number of suppliers. So make no mistake, there's always some flexing we've had to do in the business. So it's just highlighting that risk and that, that's where it shows up is in the context of the friction it causes in the business and the amount of redesigning that you might have to do for customers if you're finding that you have 1 set of vendor panels versus another.

是的。所以在高層次上，我的意思是，我們再次在基本面上粉碎它。所以 - 正如我們報導的那樣，是的，我們必須在組織中進行一些調整。同樣，我們有 - 我們與許多供應商合作。所以不要誤會，我們在業務中總是需要做一些調整。因此，它只是強調了這種風險，而這正是它在業務中引起的摩擦以及如果你發現你有一組可能需要為客戶做的重新設計的背景下出現的。供應商面板與另一個。

The good news is we're in an enviable position. We work with really good vendors. We've had long-standing relationships. We've been a leader in having standards for who we operate with, making sure that they meet all of the requirements.

好消息是我們處於令人羨慕的位置。我們與非常好的供應商合作。我們有長期的關係。在為我們的合作夥伴制定標準方面，我們一直處於領先地位，確保他們滿足所有要求。

So it's really been around just working very directly, most recently with Customs and Border Patrol to make sure they're aware of that. to really put the pressure on ensuring that we get product released as quickly as possible that's sitting at the port. But we -- as Danny said, we are still sitting on a good amount of supply. We have great vendor relationships. We've been a leader in making sure that folks meet requirements. And so really, ultimately, I see it largely as just being something we've really got to keep our eye on and keep pushing on in this quarter.

所以它真的一直在非常直接地工作，最近與海關和邊境巡邏隊合作，以確保他們意識到這一點。真正施加壓力，確保我們盡快發布位於港口的產品。但是我們——正如丹尼所說，我們仍然有大量的供應。我們擁有良好的供應商關係。在確保人們滿足要求方面，我們一直處於領先地位。所以真的，最終，我認為這在很大程度上只是我們在本季度必須密切關注並繼續推進的事情。

Great. As a follow-up to net subscriber value, I wanted to see if we could hit the potential view on 2023, again, specifically, would you expect the net subscriber value to be flat in '23 as we get through the year, maybe potential for even more expansion?

偉大的。作為淨訂戶價值的後續行動，我想看看我們是否可以再次達到 2023 年的潛在觀點，具體來說，您是否預計 23 年的淨訂戶價值會在我們度過這一年時持平，也許是潛在的為了更多的擴展？

Yes. Yes. So far, we haven't guided to 2023. I think in the remarks, we noted some of the swinging variables around net subscriber value, total value generated. And those come into play more so in 2023 than they do for the balance of the year. That includes impacts from what happens in California, the ITC stepping up to 30%, the interest rate environment. So with enough of those uncertainties and I think our focus on closing out the year strong and having those pricing increases stick. I think we've kind of stayed away at the moment from getting deep into 2023 on the guidance.

是的。是的。到目前為止，我們還沒有指導到 2023 年。我認為在評論中，我們注意到了一些圍繞淨訂戶價值、總價值產生的波動變量。這些在 2023 年發揮的作用比今年餘下的時候更重要。這包括加州發生的事情、ITC 提高 30% 的利率環境的影響。因此，在這些不確定性足夠多的情況下，我認為我們的重點是結束這一年並保持這些價格上漲。我認為我們目前有點遠離指導深入到 2023 年。

Our next question is from David Peters with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 David Peters。

Just curious with respect to the IRA, I think in the past, you said the industry could grow anywhere from 10% to 15% annually over the next several years. And you made the comment in the release about, I think, the incentives turbocharging your growth. Do you have any sense in magnitude at this point? Or just any thoughts about how much bigger the TAM would get from day 1 just in new markets that you could enter where it wasn't quite economic enough before?

只是對愛爾蘭共和軍感到好奇，我認為在過去，您曾說過該行業在未來幾年內的年增長率可能在 10% 到 15% 之間。我認為，您在新聞稿中發表了關於促進您增長的激勵措施的評論。在這一點上，你對大小有任何意義嗎？或者只是想知道 TAM 從第一天起會在新市場中獲得多大的規模，你可以進入以前不太經濟的地方嗎？

This is Ed. So I mean the -- assuming if the IRA were to pass, which we expect it will, I think TAM could increase from quite a few areas, right? There's obviously the base increase in the tax credit. There are also tax credits now available for things or there would be like main panel electric upgrades, which also will make storage more affordable for more people. There are the adders that we discussed earlier on the call, particularly for lower-income Americans but also for other situations.

這是埃德。所以我的意思是——假設如果愛爾蘭共和軍通過，我們預計會通過，我認為 TAM 可以從很多領域增加，對吧？很明顯，稅收抵免的基礎增加了。現在也有稅收抵免，或者像主面板電動升級，這也將使更多人能夠負擔得起存儲。我們之前在電話會議上討論了一些加法器，特別是對於低收入的美國人，但也適用於其他情況。

And then also, it's also very -- it's a long-term extension of the credit which is also helpful. So with those elements and obviously, against the backdrop of just rapidly escalating commodity and electricity prices, we think that the opportunity for robustly quicker growth is significant. We obviously have -- we haven't quantified that yet. And obviously, our -- we want to build a path and the regulations they make higher but it's obviously where we would see nice acceleration.

而且，它也非常 - 它是信用的長期擴展，這也很有幫助。因此，有了這些因素，很明顯，在商品和電價快速上漲的背景下，我們認為強勁快速增長的機會是巨大的。我們顯然已經 - 我們還沒有量化。顯然，我們 - 我們想要建立一條道路和他們制定的更高的規定，但顯然我們會看到很好的加速。

Yes. And Ed, thank you so much. And just to put a point on that. So again, I mean, we're sitting at a place of like really strong growth surging customer demand, right? And then with a potential passage of a bill that is going to encourage more Americans to move faster towards electrification, which means more Americans are going to also want to move faster, not just to the other kinds of electrification products we can help them with, but with the ability to generate their own energy that is way more affordable, reliable and energy independence.

是的。還有埃德，非常感謝。只是為了說明這一點。再說一次，我的意思是，我們正處於一個非常強勁的增長和客戶需求激增的地方，對吧？然後可能會通過一項法案，該法案將鼓勵更多美國人更快地走向電氣化，這意味著更多的美國人也將想要更快地行動，而不僅僅是我們可以幫助他們的其他類型的電氣化產品，但有能力產生自己的能源，這更實惠、可靠和能源獨立。

So we really believe, as I said, that we're on the precipice of really some monumental and impactful climate legislation that, again, is going to be felt not just in like the TAM, not just in sort of these very practical ways, but seismic ways in terms of the drive towards electrification and the surging demand. That's going to turbo charge around the need for solar energy.

因此，正如我所說，我們真的相信，我們正處於一些真正具有紀念意義和影響力的氣候立法的邊緣，這將再次感受到，不僅僅是像 TAM，不僅僅是以這些非常實用的方式，但就電氣化的推動和需求的激增而言，這是一種地震方式。這將圍繞對太陽能的需求進行渦輪增壓。

Great. No, I appreciate those thoughts. Just 1 other one, just back to the net subscriber value. I guess you guys are kind of guiding to exit year around that $10,000 level. But just how quick can we see that step-up just from the higher ITC alone, again, assuming the bill passes just understanding the value of tax equity marked up in that calculation, right? Would it flow through pretty fast? Or just how should we think about that?

偉大的。不，我很欣賞這些想法。只有另外 1 個，剛剛回到淨訂戶價值。我猜你們是一種指導，以在 10,000 美元左右的水平退出一年。但是，我們能多快地從更高的 ITC 中看到這種提升，再次假設法案通過只是了解計算中標記的稅收權益的價值，對嗎？它會很快流過嗎？或者我們應該怎麼想？

Yes, yes, it depends on, obviously, the legislation in its current form, it is dated to January 1. So there would be an immediate flow on future installations, and then there would be some additional value pickup on the systems you've already placed in service for the year, and that would show up as an impact through our investment funds as well as we kind of calculate the tax equity returns with the 26 versus the 30, I think it will factor in there and have some positive financing and working capital benefits as well, but should be pretty immediate, and apply to systems across the year.

是的，是的，顯然，這取決於當前形式的立法，日期為 1 月 1 日。因此，未來的安裝將立即流動，然後您擁有的系統會有一些額外的價值提升今年已經投入使用，這將通過我們的投資基金以及我們計算 26 與 30 的稅收權益回報來顯示，我認為它會在那裡考慮並有一些積極的融資和營運資金收益，但應該非常直接，並適用於全年的系統。

Our next question is from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

I'm just curious about a couple of elements on the cycle time. So can you talk a little bit about changes in the sales cycle? And then also in terms of recruiting and training new installation staff.

我只是對周期時間的幾個要素感到好奇。那麼你能談談銷售週期的變化嗎？然後在招聘和培訓新的安裝人員方面也是如此。

Yes. Can you -- what specifically was the question on the sales cycle. If you can elaborate on that first one?

是的。你能 - 銷售週期的具體問題是什麼？如果你能詳細說明第一個？

Yes. Just the directionality of it, are you able to shorten it here with some of the elements that you've been working on with permitting are customers getting to a point where they're educated enough where they make faster decisions than you're able to get out and install these systems quicker. Just...

是的。只是它的方向性，您是否可以在這裡使用您一直在研究的一些元素來縮短它，允許客戶達到他們受過足夠教育的程度，他們可以做出比您更快的決策更快地安裝這些系統。只是...

Yes. 100% -- got you. Sure. Yes. So in that context, again, I was really pleased with the progress we made in this last quarter. with really tightening on the cycle time. Candidly, it's not so much in the sales process. It's actually again, with a lot of the coded related challenges over the last couple of years, it was more -- the cycle time we really focused on was shortening the time from customer signature to installation.

是的。 100%——明白了。當然。是的。因此，在這種情況下，我再次對我們在上個季度取得的進展感到非常滿意。真正收緊週期時間。坦率地說，在銷售過程中並沒有那麼多。實際上，在過去的幾年中，面對許多與編碼相關的挑戰，這實際上又是一次——我們真正關注的周期時間是縮短從客戶簽名到安裝的時間。

And that's where we have, again, made some -- in this last quarter, we made some real nice headway. But yes, we're seeing, as again, as I've talked about before, that we've -- in my view, we've really already hit this consumer tipping point where, again, solar is really becoming a way more mainstream to be thinking about and talking about.

這就是我們再次取得一些成果的地方——在最後一個季度，我們取得了一些真正不錯的進展。但是，是的，我們再次看到，正如我之前談到的那樣，我們已經 - 在我看來，我們真的已經達到了這個消費者的臨界點，再次，太陽能真的變得更加主流去思考和談論。

So in the context of the work that our sales teams are doing, it has been really -- fundamentally, dealing with really incredible customer demand, and that part of the process is moving very slow. In the context of also, I think you mentioned training.

因此，在我們的銷售團隊正在做的工作的背景下，它確實 - 從根本上說，處理了非常令人難以置信的客戶需求，而這部分過程進展非常緩慢。在上下文中，我認為您提到了培訓。

Yes, again, as you would expect, we definitely have robust training that we have new employees go through. But one of the things I've also been really impressed with from a labor perspective at Sunrun is we just -- we continue to remain a highly attractive employer. So we also just seem to have a relatively straightforward time in the context of recruiting and bringing on a lot of new enthusiastic sun runners where and when we need them. So we're in a really good position from labor, from the productivity metrics that we're seeing and what we're driving towards in terms of the installation cycle.

是的，正如您所期望的那樣，我們肯定會為新員工提供強有力的培訓。但是，從 Sunrun 的勞工角度來看，給我留下深刻印象的一件事是，我們只是——我們繼續保持著一個極具吸引力的雇主。因此，我們似乎也有一段相對簡單的時間，可以在我們需要的時間和地點招募和引進許多新的熱情的太陽跑者。因此，從勞動力、我們所看到的生產力指標以及我們在安裝週期方面的目標來看，我們處於非常有利的位置。

Fantastic. And then the second question is the conversion rate of the referrals you're getting from Ford. You need to speak to how many -- or what percentage of those referrals are actually turning into sales for you guys?

極好的。然後第二個問題是您從福特獲得的推薦的轉化率。您需要說明有多少——或者這些推薦中有多少百分比實際上為你們轉化為銷售？

Well, again, it's -- we're early in the process. I think as I described, when I opened, we are talking to literally thousands of customers. And what I also described is, I think right now, again, it's super early, but we're like 10% of the currently scheduled customers for the bidirectional charging are -- have also decided they want to go solar at the same time, which is super powerful. and not surprising to us because there is such an incredible correlation between those -- between electric vehicle drivers and those who want to go solar. So we're expecting to see great continued uptake.

好吧，再一次，它是 - 我們處於這個過程的早期。我想正如我所描述的，當我開業時，我們正在與成千上萬的客戶交談。我還描述的是，我認為現在還為時過早，但我們目前預定的雙向充電客戶中有 10% 也決定同時使用太陽能，這是超級強大的。這對我們來說並不奇怪，因為在電動汽車司機和那些想要使用太陽能的人之間存在著如此令人難以置信的相關性。因此，我們期待看到巨大的持續吸收。

Our next question is from Kashy Harrison with Piper Sandler.

我們的下一個問題來自 Kashy Harrison 和 Piper Sandler。

So I noticed that you disclosed the value generation target of greater than $900 million. I think there were some hopes that you mentioned to it in the prepared remarks, and you indicated that is way up relative to 2021. However, corporate cash net of recourse debt is down about $250 million net of the investment from Q1. And so just wondering if you could help us think through the corporate cash trajectory as you look into the second half of the year? And I have a follow-up.

所以我注意到你披露了超過 9 億美元的價值創造目標。我認為您在準備好的評論中提到了一些希望，並且您表示這比 2021 年要高得多。但是，扣除追索權債務的公司現金淨額從第一季度開始減少了約 2.5 億美元的投資。因此，只是想知道您是否可以幫助我們在您展望下半年時考慮公司的現金軌跡？我有一個後續行動。

Yes. Yes, the corporate cash dynamic for the -- I think we might have talked on the -- I forgot exactly what we said on the last call, but I think the enormous growth over the first half of the year, was such that it was cash consuming on the working capital side as we have increased sequentially by large numbers quarter-over-quarter, getting that installation footprint increased and catching up to the demand.

是的。是的，公司現金動態——我想我們可能已經談過了——我完全忘記了我們在上次電話會議上所說的，但我認為今年上半年的巨大增長是這樣的營運資金方面的現金消耗，因為我們環比環比大幅增加，安裝足跡增加並滿足需求。

We have also mentioned the increase -- the increasing inventory balances we've had to carry over the supply chain situations. So there's been general working capital consumption through the year. And I think quarter-over-quarter, the movement was less significant.

我們還提到了增加——我們不得不結轉供應鏈情況的庫存餘額增加。因此，全年都有一般的營運資金消耗。而且我認為季度環比的變化不那麼顯著。

And this is Ed. I think the one other thing we did mention on the prior call would continue to be the case is that from a cash flow performance, the systems that we originated prior to the quick run-up in interest rates, that we've now placed in service during the period of higher interest rates don't meet our kind of long-term desires for cash generation. But as we now transition back to the projects to installing the projects that we originated after we increased pricing, that is very helpful to the cash trajectory as well.

這是埃德。我認為我們在之前的電話會議中提到的另一件事將繼續如此，從現金流表現來看，我們在利率快速上升之前發起的系統，我們現在已經放置在在高利率時期的服務不符合我們對現金產生的長期渴望。但是，當我們現在過渡回項目以安裝我們在提高定價後發起的項目時，這也對現金軌跡非常有幫助。

That's helpful context. And then as my follow-up, as you contemplate strategies to maximize customer economics, not just in the second half of the year, but it's really long term. I was wondering if you can maybe talk a little bit about customer acquisition costs because that is something that you have the ability to control unlike NEM and ITC, et cetera, looking at where customer acquisition costs are now relative to prior to the Vivint deal.

這是有用的上下文。然後作為我的後續行動，當您考慮最大化客戶經濟的策略時，不僅在下半年，而且是長期的。我想知道你是否可以談談客戶獲取成本，因為這是你有能力控制的東西，不像 NEM 和 ITC 等等，看看現在客戶獲取成本相對於 Vivint 交易之前的位置。

Those numbers are up a bunch. And so just wondering, is that somewhere where with a downturn coming on the economy, you can maybe bring those down and rapidly improve customer economics, rapidly improve levered cash generation for 2023?

這些數字上升了很多。所以只是想知道，在經濟衰退的某個地方，你是否可以讓那些經濟下滑並迅速改善客戶經濟，迅速提高 2023 年的槓桿現金產生？

Yes. Yes. So definitely, the dynamics in the economy, particularly as the economy softens, I think that could generally be a tailwind to the business on the cost side. And I think that would apply whether you're talking about equipment, you're talking about input labor on the install side or you're talking about labor on the sales side, that could certainly be a factor that would be beneficial over time.

是的。是的。因此，毫無疑問，經濟動態，特別是隨著經濟走軟，我認為這通常可能對成本方面的業務產生不利影響。而且我認為無論您是在談論設備，您是在談論安裝方面的投入勞動力還是在談論銷售方面的勞動力，這都適用，隨著時間的推移，這肯定會成為一個有益的因素。

We've also seen just the record demand for the product. I think the benefits as we see those tailwinds just from just consumer awareness, adoption, their wallets being pinched with rising utility rates and everything else, I think that those are generally favorable dynamics to customer acquisition costs. We did see the sales and marketing in our creation cost metric go up quarter-over-quarter, and that is reflecting because of the way we realize that upon the install to the dynamic Ed mentioned earlier.

我們還看到了對該產品的創紀錄需求。我認為，我們看到這些順風的好處僅僅是來自消費者的意識、採用、他們的錢包因公用事業費率的上漲以及其他一切而受到擠壓，我認為這些通常是對客戶獲取成本有利的動力。我們確實看到我們的創作成本指標中的銷售和營銷比上一季度有所上升，這反映了我們在安裝到前面提到的動態 Ed 時意識到這一點的方式。

You are also seeing in our metric some of the sales and marketing costs get realized upon install from systems we originated in Q1 prior to those pricing changes, which should have a beneficial impact over the next period or 2.

您還可以在我們的指標中看到，一些銷售和營銷成本是在安裝這些定價變化之前的第一季度產生的系統時實現的，這應該對下一或第二個時期產生有益的影響。

Yes. And I would just add to that. Yes, from a big picture perspective, back to your fundamental question, we are 100% focused in like as we're getting faster, better, stronger in driving down the cost stack like in every area, right? And at the same time, really, again, dramatically driving up customer experience. So we're doing a lot of things around simplifying process and other activities that should continue to improve the overall profile.

是的。我只想補充一點。是的，從大局的角度來看，回到您的基本問題，我們 100% 專注於我們正在變得更快、更好、更強大地降低成本堆棧，就像在每個領域一樣，對吧？同時，真的，再一次，極大地提升了客戶體驗。因此，我們圍繞簡化流程和其他應該繼續改善整體形象的活動做了大量工作。

Our next question is from Sophie Karp with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Sophie Karp。

It's been a long discussion. I have got a few questions for you guys. Okay. So first, I was curious, looking at the net subscriber -- net earning assets rather, value, right? And how the trajectory of that metric has tracked in the last, call it, 12 months, it has been growing in low single digit, especially if you look at it on a per share basis, and it's pretty much always flat, right?

這是一個很長的討論。我有幾個問題要問你們。好的。所以首先，我很好奇，看看淨訂戶——淨收入資產，而不是價值，對吧？以及該指標的軌跡在過去 12 個月中是如何跟踪的，它一直以低個位數增長，特別是如果你以每股為基礎看，它幾乎總是持平，對吧？

So do you expect to target that growth in that metric as one of your core targets at some point? Or would you just prefer to focus on, I guess, customer value I guess what I'm trying to say is like how should we think about increasing customer value translating into ultimate increase in the net earning assets? And is this the right way of looking at the economics of the business?

那麼，您是否希望在某個時候將該指標的增長作為您的核心目標之一？還是您更願意專注於，我想，客戶價值我想我想說的是我們應該如何考慮增加客戶價值轉化為最終增加淨收益資產？這是看待企業經濟的正確方式嗎？

Yes. Thanks for the question. Yes, again, going back to one of my responses to the prior questions, in the last couple of quarters. And again, echoing what Ed mentioned, there was that period of time where we had that major increase in volumes that major increase in interest rates, where we did write a lot of business that had impacts to their ultimate unit economics from the financing environment as well as the working capital environment, which we're still kind of working through as we raise up to the higher volume level over the course of the year. So you also see the related impacts through the metric. The metric is also burdened by the SK investment we've also talked about.

是的。謝謝你的問題。是的，再次回到我在過去幾個季度中對先前問題的回答之一。再一次，與 Ed 提到的相呼應，有一段時間，我們的交易量大幅增加，利率大幅增加，我們確實寫了很多業務，這些業務從融資環境中對其最終單位經濟產生了影響，例如以及營運資金環境，隨著我們在一年中提高到更高的交易量水平，我們仍在努力解決這個問題。因此，您還可以通過指標看到相關影響。該指標還受到我們也談到的 SK 投資的影響。

So eventually, we should see that metric to kind of recover to more about level of growth, let's say?

所以最終，我們應該看到該指標恢復到更多關於增長水平，比方說？

Yes. So the -- yes, we have seen a modest pickup between Q1 and Q2. So in the most recent period, there has been a resumption of growth in the metric.

是的。所以 - 是的，我們看到第一季度和第二季度之間出現了適度的回升。因此，在最近一個時期，該指標恢復了增長。

Yes. Okay. And then I have a follow-up. So we talked about utility rate inflation and such, right, and real mode energy costs up. Here's my question. So the most recent spike in the utility rates that we have seen is, to a large degree, driven by the spike in energy and fuel prices, right?

是的。好的。然後我有一個跟進。所以我們談到了公用事業費率通脹等，對，實模式能源成本上升。這是我的問題。因此，我們所看到的最近一次公用事業費率飆昇在很大程度上是由能源和燃料價格的飆升推動的，對吧？

Let's say, if we -- the economy softens, and the energy prices moderate, so the we will presumably see a corresponding decline or moderation at least and you'd see it in the growth rate. Is there any risk that some of your most recently underwritten customers could actually see negative sales versus the utility rate if that happens?

比方說，如果我們——經濟走軟，能源價格放緩，那麼我們大概會看到相應的下降或放緩，至少你會在增長率中看到它。如果發生這種情況，您最近承保的一些客戶是否會實際看到負銷售額而不是公用事業費率？

Sorry, could you repeat the last part of your question?

對不起，你能重複你問題的最後一部分嗎？

If the utility rates come down because energy prices, let's say, crush in the softening economy, is it possible that some of your most recent customers would see negative savings or no savings or maybe paying even more with the solar installation versus the utility rate because they were underwritten in a high energy cost environment.

如果公用事業費率下降是因為能源價格在疲軟的經濟中受到擠壓，那麼您最近的一些客戶是否可能會看到負儲蓄或沒有儲蓄，或者可能會為太陽能裝置支付更多費用而不是公用事業費率，因為它們是在高能源成本環境中承保的。

Yes. Sophie, it's Mary. Yes. No. I think that's my short answer. Again, as a former utility executive for 20 years. Fundamentally -- the fundamental cost drivers of what you're seeing from a utility rate perspective, like, yes, you're right, fuel costs were a big part of the driver of a lot of the recent uptake, but what you're also seeing is fundamentally just really billions of dollars of rate base investment that needs to make its way through the process of being absorbed in rates.

是的。蘇菲，是瑪麗。是的。不，我認為這是我的簡短回答。再次，作為前公用事業主管 20 年。從根本上說——從公用事業費率的角度來看，你所看到的基本成本驅動因素，就像，是的，你是對的，燃料成本是最近許多增長的驅動因素的重要組成部分，但你是什麼還看到從根本上說，只有數十億美元的利率基礎投資需要通過被利率吸收的過程。

You also are seeing in, like, as I think about different major markets we're in like California, you're seeing the effects of climate change and fires and droughts creating, again, unprecedented levels of utility spending both from a distribution and a transmission perspective.

你也看到了，就像我想到我們在加利福尼亞等不同的主要市場一樣，你看到氣候變化、火災和乾旱的影響再次創造了前所未有的公用事業支出水平，無論是分銷還是傳輸視角。

You're also seeing much higher labor costs. You're seeing so many fundamentals that are -- that really take years like even if some of those fundamentals change, which I'm having a hard time seeing what would be driving that change in the short term. You're literally talking about like things that take sort of a decade to work their way through the system. So even if you had other countervailing positive trends, it would just take an incredibly long time that to feed through. I mean where you see the -- where you see fuel prices affect utility rates positively and negatively more quickly is just in power adjusters, right? So in certain parts of the country or in certain states or regions where there's the pass-throughs, right? Then you're going to see those really huge upticks that may be purported as being temporary, but the reality is they shake customers to their core in the context of price stability.

您還看到更高的勞動力成本。您會看到如此多的基本面——即使其中一些基本面發生變化，這確實需要數年時間，我很難看到短期內是什麼推動了這種變化。您實際上是在談論需要十年才能通過系統的事情。因此，即使您有其他抵消性的積極趨勢，也需要非常長的時間才能通過。我的意思是你看到的地方——你看到燃料價格對公用事業費率的正面和負面影響更快，只是在電力調節器中，對吧？因此，在該國的某些地區或某些州或地區存在傳遞，對嗎？然後你會看到那些真正巨大的上漲，這些上漲可能被認為是暫時的，但現實是它們在價格穩定的背景下動搖了客戶的核心。

So again, that's a big part of what our customers want. It isn't honestly, just the savings as much as it is about the stability. It's about really knowing what the cost is going to be of this really important essential service and knowing what that's going to be for a given period of time. So I think there's a lot of dynamics. I know, Ed, I don't know if you want to add something to that?

再說一次，這是我們客戶想要的很大一部分。老實說，這與穩定性有關的儲蓄一樣多。這是關於真正了解這項非常重要的基本服務的成本是多少，並知道在給定的時間段內這將是什麼。所以我認為有很多動態。我知道，Ed，我不知道你是否想添加一些東西？

Yes. There are a few things I wanted to add. So in the background, as Mary mentioned, there is this CapEx extravaganza. Utilities nationwide are incurring 2.5x as much CapEx as depreciation. This is why, for instance, in Arizona, over the late decade even before the recent rise in energy costs, wholesale power costs fell in half while retail power costs doubled. In addition, retail power costs kind of go up with made of like efficiency because even if there is a savings on the fuel side, usually someone finds a CapEx experiment to plug the hole. That said, a lot of the operating cost increases that utilities have already experienced. They have not yet been able to pass through because they get approved in rate cases.

是的。我想補充幾點。因此，正如瑪麗所說，在背景中，有這場資本支出盛會。全國公用事業的資本支出是折舊的 2.5 倍。這就是為什麼，例如，在亞利桑那州，在最近十年甚至在最近能源成本上漲之前，批發電力成本下降了一半，而零售電力成本翻了一番。此外，零售電力成本會隨著效率的提高而上升，因為即使在燃料方面節省了成本，通常也會有人找到資本支出實驗來堵住漏洞。也就是說，公用事業公司已經經歷了很多運營成本的增加。他們還沒有通過，因為他們在費率案件中獲得批准。

So increases in operating costs, increases in capital costs and long term and increases in long-term fuel procurement, you haven't seen actually in rate increases. What you've only really seen in the last 6 months is the impact from the small portion of energy that utilities kind of buy on the spot market. And so there is this giant animal that the snake still has to digest in terms of price increases. And then you've also got happening in the background, this huge CapEx increase. So I think that the best increase -- the best projections for retail rate increases are that they will continue to be double digit or close to double digit for years, even if you saw wholesale prices moderate or decline selling.

因此，運營成本的增加、資本成本的增加以及長期和長期燃料採購的增加，您實際上並沒有看到費率的增加。您在過去 6 個月中真正看到的是公用事業公司在現貨市場上購買的一小部分能源的影響。因此，就價格上漲而言，蛇仍然必須消化這種巨型動物。然後你也在後台發生了巨大的資本支出增長。所以我認為最好的增長——對零售率增長的最好預測是，即使你看到批發價格溫和或銷售下降，它們仍將在幾年內繼續保持兩位數或接近兩位數。

And it's one of the many reasons why we've talked a lot, and this company has done so much work on radical collaboration around really having our assets become a valuable part of how we operate the grid going forward. Because fundamentally, the work we do and the work we're doing around, particularly like with Ford with the bidirectional charger with solar with storage, we are, in essence, creating an opportunity for utilities to have access to smart controllable load. So as we electrify more of devices and transportation around the country, we could play a really, really critical role in helping utilities and grid operators operate the grid much more cost effectively.

這也是我們談了很多的眾多原因之一，這家公司在徹底合作方面做了很多工作，真正讓我們的資產成為我們未來運營電網的寶貴部分。因為從根本上說，我們所做的工作和我們正在做的工作，特別是像福特的帶有太陽能和存儲的雙向充電器，我們本質上是為公用事業創造了一個獲得智能可控負載的機會。因此，隨著我們在全國范圍內實現更多設備和交通的電氣化，我們可以在幫助公用事業和電網運營商更經濟高效地運營電網方面發揮非常非常關鍵的作用。

Our next question comes from David Niewood with Curator Fund.

我們的下一個問題來自策展人基金的大衛尼伍德。

Very quick question. The value proposition to customers has expanded rapidly from just being solar to being solar plus storage plus backup power plus EV and bidirectional and I guess, a whole home energy storage energy service application. You have a very large installed customer base -- have you given thought or how should we think about the potential to upsell existing customers on the expanded offering?

非常快速的問題。對客戶的價值主張已經從太陽能迅速擴展到太陽能+存儲+備用電源+電動汽車和雙向，我猜是一個完整的家庭儲能能源服務應用。您擁有非常龐大的已安裝客戶群——您是否考慮過或者我們應該如何考慮通過擴展產品向現有客戶追加銷售的潛力？

And what would that mean for customer acquisition costs and something akin to a refinancing or renewing of a contract that captures renewal value that was somewhat amorphous previously. I hope that question is clear.

這對於客戶獲取成本以及類似於再融資或更新合同的東西意味著什麼，該合同可以獲得以前有些無定形的更新價值。我希望這個問題很清楚。

Yes. Thank you. It's a great question and actually one we're very focused on because, again, you're right. We're really well positioned. We are already for many customers acting as their clean energy company that can help them with the transformation of their electric vehicle as well. And 100%, I mean, we've actually already seen that in some cases, right, where a customer already needs to make their system larger.

是的。謝謝你。這是一個很好的問題，實際上是我們非常關注的一個問題，因為你是對的。我們的位置真的很好。我們已經為許多客戶充當他們的清潔能源公司，可以幫助他們改造電動汽車。 100%，我的意思是，我們實際上已經看到在某些情況下，客戶已經需要擴大他們的系統。

We definitely see increased opportunity around system sizes. We absolutely see opportunity to bring 2 existing customers, new products and technologies that we're bringing to the market. So again, we see not just rapid growth in the number of customers that we serve, but also the opportunity to continue to deepen and enrich our relationship with our existing customers. And it's also interesting to think about the fact that a lot of customers stay in their home, what, on average, 7 years.

我們肯定看到圍繞系統規模的機會增加了。我們絕對看到了將 2 個現有客戶、新產品和新技術推向市場的機會。同樣，我們不僅看到了我們服務的客戶數量的快速增長，而且看到了繼續深化和豐富我們與現有客戶關係的機會。考慮到很多客戶都呆在家裡的事實也很有趣，平均來說，是 7 年。

So in many cases, we're already seeing cases where we've picked up a new customer because they bought the home of an existing customer then becomes a new customer again with their new homes. So it's really the expansion opportunities of the relationship in our endless. They're limitless in our minds. And again, that's why I talk a lot about customer obsession and being that beloved, trusted partner for customers all across America in helping them get to that more affordable, clean, independent smarter energy future.

因此，在許多情況下，我們已經看到了這樣的情況，即我們已經獲得了一位新客戶，因為他們購買了現有客戶的房屋，然後又成為新客戶，並擁有他們的新房屋。所以這真的是我們無盡的關係的擴展機會。它們在我們心中是無限的。再說一次，這就是為什麼我經常談論對客戶的痴迷，以及成為全美客戶心愛、值得信賴的合作夥伴，幫助他們實現更實惠、更清潔、更獨立、更智能的能源未來。

And one thing I would add to that, we've tested the interest, particularly in retrofit storage is enormous. We -- while we support that for our customers, we haven't marketed it yet given some of the constraints in battery supply. But as those constraints relieve, we would expect to market that, and think there's a really enormous opportunity there.

我要補充的一件事是，我們已經測試了人們的興趣，特別是在改造存儲方面是巨大的。我們 - 雖然我們為客戶提供支持，但鑑於電池供應方面的一些限制，我們尚未將其推向市場。但隨著這些限制的解除，我們希望將其推向市場，並認為那裡有一個非常巨大的機會。

100%.

100%。

Our final question comes from Joseph Osha with Guggenheim.

我們的最後一個問題來自古根海姆的約瑟夫·奧沙。

This is actually Hilary on for Joe. I just wanted to touch real quickly on storage. And if you could just give us a better sense for where kind of attach rates are and particularly as you work through bringing down those install cycle times, kind of what has to happen and how quickly we might see that stronger adoption rate.

這實際上是喬的希拉里。我只是想快速接觸一下存儲。如果您可以讓我們更好地了解附加率在哪裡，特別是在您努力縮短安裝週期時間時，必鬚髮生的事情以及我們可能會以多快的速度看到更高的採用率。

Yes. Thanks for the question. Yes, so if we look at the demand for storage, I think it far outpaces the supply that we have of batteries. So the -- if we look at the volume growth rate in our storage customers. That has been robust, like far outpacing the overall growth in the business. I think if we look at the attach rate, I don't have the number -- the exact number in front of me, it's somewhere in the teens.

是的。謝謝你的問題。是的，所以如果我們看看對存儲的需求，我認為它遠遠超過了我們對電池的供應。所以——如果我們看看我們的存儲客戶的容量增長率。這一直很強勁，就像遠遠超過了業務的整體增長。我想如果我們看一下附加率，我沒有這個數字——我面前的確切數字，它在十幾歲的某個地方。

But also our volumes have been increasing for overall installations at a pretty robust pace relative to the amount of battery supply available. So that's been putting downward pressure on the attach rate, but the physical units and the number of customers have been growing at a pretty robust pace.

但相對於可用電池供應量，我們的整體安裝量也在以相當強勁的速度增長。因此，這一直在給附加率帶來下行壓力，但物理單位和客戶數量一直在以相當強勁的速度增長。

Yes. As we said, we have 42,000 customers with storage and again, one of the largest providers. I think actually the largest provider in the country. No doubt in my mind that, again, there are so many customers that want to go with storage, as Ed highlighted already, there's just incredible opportunity to go back to customers, existing customers with storage capabilities as we, again, see the tightening that's happened in the market sort of loosen up and free up. So tremendous upside opportunity for us.

是的。正如我們所說，我們擁有 42,000 名存儲客戶，並且再次成為最大的供應商之一。我認為實際上是該國最大的供應商。毫無疑問，再次有很多客戶想要使用存儲，正如 Ed 已經強調的那樣，有難以置信的機會回到擁有存儲功能的現有客戶，因為我們再次看到緊縮發生在市場上的放鬆和釋放。對我們來說如此巨大的上行機會。

This concludes today's Q&A session and also this concludes our conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的問答環節到此結束，我們的會議也到此結束。您此時可以斷開線路，我們感謝您的參與。