Sunrun Inc (RUN) 2022 Q4 法說會逐字稿

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Patrick Jobin, Investor Relations. Thank you, sir. You may begin.

（操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係部的 Patrick Jobin。謝謝你，先生。你可以開始了。

Thank you, Maria. 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.

謝謝你，瑪麗亞。在我們開始之前，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。儘管我們認為這些陳述反映了我們根據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不利差異。

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.

請參閱公司提交給美國證券交易委員會的文件，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，這些聲明是在今天作出的，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 Ed Fenster, Sunrun's Co-Founder and Co-Executive Chair; and Danny Abajian, Sunrun's CFO. And now let me turn it over to Mary.

今天參加電話會議的有 Sunrun 的首席執行官 Mary Powell 和 Sunrun 的聯合創始人兼聯合執行主席 Ed Fenster； Sunrun 的首席財務官 Danny Abajian。現在讓我把它交給瑪麗。

Thank you, Patrick. I have really been looking forward to this call to share our strong fourth quarter and full-year results with you as well as to talk about our outlook and priorities for 2023. We ended 2022 delivering and even modestly exceeding our guidance, growing new installations by over 25% and delivering greatly increased net subscriber values. We exited 2022 with nearly 800,000 customers 5.7 gigawatts of networked solar energy capacity and $5.6 billion in net earning assets.

謝謝你，帕特里克。我真的很期待這次電話會議，與您分享我們強勁的第四季度和全年業績，並討論我們對 2023 年的展望和優先事項。我們在 2022 年底實現了甚至略微超過我們的指導，增加了新安裝超過 25%，並大大提高了淨用戶價值。到 2022 年，我們擁有近 800,000 名客戶、5.7 吉瓦的聯網太陽能容量和 56 億美元的淨收益資產。

I am confident 2023 will build on this strong momentum as the strength of our subscription model provides market share gains. The year is off to a great start. We are seeing early-funnel sales growth in January of over 30% across our entire direct business and even faster growth in California. Part of this is expected acceleration ahead of the changes in California.

我相信 2023 年將在這一強勁勢頭的基礎上繼續發展，因為我們訂閱模式的優勢將帶來市場份額的增長。今年開局不錯。我們看到 1 月份整個直接業務的早期漏斗銷售增長超過 30%，加利福尼亞的增長甚至更快。部分原因是預計在加利福尼亞發生變化之前會加速。

But it is also indicative of the broader utility rate trends, which continue to rise, and the growing consumer awareness of our offering. Our strong traction is also a result of our ability to attract the best sales talent in the industry that is eager to work with the nation's leading clean energy provider, especially one that is leading on storage and innovation.

但這也表明更廣泛的實用率趨勢繼續上升，以及消費者對我們產品的認識不斷提高。我們強大的吸引力也是我們能夠吸引業內最優秀的銷售人才的結果，這些人才渴望與美國領先的清潔能源供應商合作，尤其是在存儲和創新方面處於領先地位的供應商。

Sunrun is the clear leader providing energy-as-a-subscription service with over 60% share of new subscriptions across the industry. Recent trends in financing costs for loans, the growing need for advanced systems with storage, awareness of the value of service and performance guarantees along with the uncertain economic climate have all contributed to the growing relative advantages of our subscription offering.

Sunrun 是提供能源即訂閱服務的明顯領導者，在整個行業的新訂閱中佔有超過 60% 的份額。貸款融資成本的最新趨勢、對帶存儲的先進系統的需求不斷增長、對服務價值和性能保證的認識以及不確定的經濟環境都有助於我們訂閱產品的相對優勢不斷增長。

We are already seeing a shift in our sales activities towards the subscription offering and expect it will flow through in a meaningful way in our installation activities in the coming quarters.

我們已經看到我們的銷售活動轉向訂閱服務，並預計它將在未來幾個季度以有意義的方式出現在我們的安裝活動中。

The customer value proposition is swinging even further towards the subscription model as the ITC and other potential adders are only available to homeowners in this model, making solar and storage even more accessible to more customers.

客戶價值主張進一步轉向訂閱模式，因為 ITC 和其他潛在的附加服務僅適用於該模式中的房主，從而使更多客戶更容易獲得太陽能和儲能。

Sunrun is significantly advantaged as the leader in storage deployment. We have installed more than 53,000 residential solar and storage systems across the country, more than any other company. We have developed considerable skills and capabilities, communicating the value proposition of storage systems with customers, in addition to gaining experience in efficiently designing, permitting and installing these more advanced projects.

作為存儲部署的領導者，Sunrun 具有顯著的優勢。我們在全國安裝了超過 53,000 個住宅太陽能和儲能係統，比任何其他公司都多。除了在高效設計、許可和安裝這些更高級的項目方面獲得經驗外，我們還開發了相當多的技能和能力，與客戶溝通存儲系統的價值主張。

We believe we are also leading in procuring storage hardware, given our strong relationships with multiple suppliers and our large scale. While storage supply was a constraint to growth as recently as last year, supply conditions have improved considerably for us, and we are well positioned to dramatically increase the attachment rate of storage.

鑑於我們與多家供應商的牢固關係以及我們的規模，我們相信我們在採購存儲硬件方面也處於領先地位。雖然就在去年，存儲供應是增長的製約因素，但供應條件對我們來說已經有了很大改善，我們有能力大幅提高存儲的附加率。

Storage solutions are not only a significant competitive advantage for Sunrun and differentiator in the eyes of customers and salespeople in the industry, they are meaningfully accretive to our margins.

存儲解決方案不僅是 Sunrun 的重要競爭優勢，也是業內客戶和銷售人員眼中的差異化因素，它們還顯著增加了我們的利潤。

At Sunrun, we are continuing to further differentiate our offering to customers and increase our competitive advantages. Just this month, we announced a collaboration with PG&E to form a 30-megawatt virtual power plant this summer, helping to provide critical baseload in a repeatable way when it is needed most. This builds on the 17-megawatt virtual power plant we announced in Puerto Rico just a few months ago.

在 Sunrun，我們將繼續進一步差異化我們為客戶提供的產品並增加我們的競爭優勢。就在本月，我們宣布與 PG&E 合作，在今年夏天組建一個 30 兆瓦的虛擬發電廠，幫助在最需要的時候以可重複的方式提供關鍵的基本負荷。這建立在我們幾個月前在波多黎各宣布的 17 兆瓦虛擬發電廠的基礎上。

With 14 advanced virtual power plant opportunities now forged across the country, we are leading the industry and showing utilities and regulators the possibilities of leveraging our network of distributed home solar and storage systems while generating recurring revenue streams and driving increased customer value.

我們現在在全國建立了 14 個先進的虛擬電廠機會，引領行業並向公用事業和監管機構展示利用我們的分佈式家庭太陽能和存儲系統網絡的可能性，同時產生經常性收入流並推動增加客戶價值。

In the fourth quarter, we demonstrated continued progress on making Sunrun faster, better and stronger in all dimensions of the fundamentals. You can see the results of this through our record-setting net subscriber value of over 16,000, which, as Danny will discuss, helped us offset so many of the interest rate pressures we faced last year.

在第四季度，我們展示了在使 Sunrun 在基礎的各個方面更快、更好和更強方面的持續進展。您可以通過我們創紀錄的 16,000 多個訂戶淨值看到這一結果，正如 Danny 將要討論的那樣，這幫助我們抵消了去年面臨的許多利率壓力。

We achieved this through hard work, focused on the fundamentals of cost efficiency and performance improvements, along with continued price optimization while ensuring a strong customer value proposition, even as we invest in innovation and differentiation.

我們通過努力工作實現了這一點，專注於成本效率和性能改進的基礎，以及持續的價格優化，同時確保強大的客戶價值主張，即使我們投資於創新和差異化。

Throughout the year, we worked on streamlining our operations, leading to improved customer experience throughout the process and better productivity. We grew new installations over 25% in 2022 while only growing headcount at 1/3 of that rate. This was achieved through a strong focus on streamlining operations while delivering customers a great experience and value.

全年，我們致力於簡化我們的運營，從而改善了整個流程中的客戶體驗並提高了生產力。到 2022 年，我們的新安裝量增長了 25% 以上，而員工人數僅以該速度的 1/3 增長。這是通過高度重視簡化運營，同時為客戶提供出色的體驗和價值來實現的。

The average hours spent on an installation by our crews improved 23% in Q4 compared to the prior year, driven in part by a reduction of the average crew size by 12% as we found ways to be more productive and efficient while maintaining our high safety and quality standards.

與上一年相比，第四季度我們的工作人員在安裝上花費的平均時間增加了 23%，部分原因是平均工作人員人數減少了 12%，因為我們找到了提高生產力和效率的方法，同時保持了我們的高安全性和質量標準。

We also maintained strong overhead cost discipline. With G&A expenses declining more than 12% compared to last year and reaching 1,100 per new customer by Q4, a 29% improvement year-over-year, showing the benefits of our scale and our disciplined approach to sustainable, profitable growth.

我們還保持了嚴格的管理費用紀律。 G&A 費用與去年相比下降了 12% 以上，到第四季度達到每個新客戶 1,100 美元，同比增長 29%，顯示了我們的規模優勢和我們實現可持續盈利增長的嚴格方法。

I am tremendously proud of what our team is doing in the field each and every day for our customers, and I know we will continue to drive even more efficiency while delighting our customers in 2023.

我為我們的團隊每天在現場為我們的客戶所做的事情感到無比自豪，我知道我們將在 2023 年繼續提高效率，同時取悅我們的客戶。

Shifting gears to policy updates. The biggest development since our last call is the finalization of the NEM 3.0 proceeding in California, where regulators approved and updated net billing tariff.

換檔政策更新。自我們上次電話會議以來最大的進展是加利福尼亞州 NEM 3.0 程序的最終確定，監管機構批准並更新了淨計費關稅。

The final language was dramatically improved from the initial draft as the regulators drop the proposed discriminatory fixed fee on solar customers. The new proposal will introduce variable pricing with significant reductions of the value of energy exported back to the grid during the day, dramatically increasing the value proposition of storage.

由於監管機構放棄了擬議的對太陽能客戶的歧視性固定費用，因此最終語言與初始草案相比有了顯著改進。新提案將引入可變定價，顯著降低白天輸出回電網的能源價值，從而顯著提高存儲的價值主張。

As I noted earlier, Sunrun is the leader in storage solutions and is well positioned for this transition to more solar plus storage installations.

正如我之前提到的，Sunrun 是儲能解決方案領域的領導者，並且處於向更多太陽能加儲能裝置過渡的有利位置。

In addition to our solar offering, and solar with storage offerings for home backup, we will launch a new offering in California that incorporates storage to optimize the economics of energy produced by the solar system, reducing low-value exports and increasing self-consumption for our customers' benefit.

除了我們的太陽能產品和用於家庭備份的太陽能儲能產品外，我們還將在加利福尼亞州推出一項新產品，其中包含儲能以優化太陽能係統產生的能源的經濟性，減少低價值出口並增加自我消費我們客戶的利益。

This system will be easier and quicker to install. We believe this new offering delivers a strong value proposition for our customers and net subscriber value for Sunrun. In the interim, prior to the new structure becoming effective in mid-April, we are already working hard to help customers sign up under the current rate structure in California, to lock in even greater savings potential.

該系統將更容易和更快地安裝。我們相信這一新產品為我們的客戶和 Sunrun 的用戶淨價值提供了強大的價值主張。在此期間，在 4 月中旬新結構生效之前，我們已經在努力幫助客戶在加利福尼亞州當前的費率結構下註冊，以鎖定更大的儲蓄潛力。

We are seeing record-breaking demand in California, with early-funnel sales activity in January growing more than 30% compared to last year.

我們看到加利福尼亞州的需求破紀錄，1 月份的早期漏斗銷售活動與去年相比增長了 30% 以上。

Lower sales activity is expected immediately following implementation of the new tariffs, but we also expect that the combination of the pull-forward of demand into Q1 and the anticipated strong customer response to our innovative offering will result in strong growth over the long term in this market.

新關稅實施後，預計銷售活動將立即減少，但我們也預計，需求提前到第一季度以及客戶對我們創新產品的預期強烈反應的結合將導致該領域的長期強勁增長市場。

Combined with the strong sales-driven backlog in California and strong demand across the country, we expect to deliver smooth and sequentially growing installations throughout 2023.

結合加利福尼亞州強勁的銷售驅動積壓和全國強勁的需求，我們預計將在整個 2023 年實現平穩且連續增長的安裝。

On other policy matters, we are excited by the increased opportunities created by the Inflation Reduction Act. Investing to help disadvantage low-income communities, providing economic benefits to areas with high unemployment or that have high exposure to fossil fuel-based economies and helping encourage domestic production of advanced clean technologies are all things that Sunrun is well positioned to do.

在其他政策問題上，我們對《降低通貨膨脹法案》創造的更多機會感到興奮。投資幫助處於不利地位的低收入社區，為高失業率或高度依賴化石燃料經濟的地區提供經濟利益，並幫助鼓勵國內生產先進的清潔技術，這些都是 Sunrun 完全有能力做的事情。

As we have discussed before, the Inflation Reduction Act established 3 investment tax credit adders to accomplish these objectives. We, along with so many across the industry, were disappointed to see that so many low and moderate income Americans and those in multifamily dwellings will now have to wait to benefit from the LMI adders.

正如我們之前討論的那樣，《降低通貨膨脹法》設立了 3 個投資稅收抵免加法器來實現這些目標。我們和整個行業的許多人一樣，失望地看到如此多的中低收入美國人和住在多戶住宅中的人現在不得不等待從 LMI 加法器中受益。

The initial treasury guidance released last week appears in our position to the administration's broad goal to encourage as much solar in low-income communities as fast as possible.

上週發布的初步財政部指導意見表明我們對政府的廣泛目標的立場是盡快鼓勵低收入社區盡可能多地使用太陽能。

As many in the industry have already noted, the proposed drawn-out and long mechanism to allocate the available capacity likely delays many projects, delaying and potentially risking delivering benefits to low-income communities.

正如業內許多人已經指出的那樣，擬議的用於分配可用容量的冗長機制可能會延遲許多項目，從而延遲並可能冒著為低收入社區帶來利益的風險。

These are the communities that need the benefits of solar energy the most, and Sunrun is particularly well positioned to help these communities gain access to affordable, clean and predictably priced energy at a critical time when utility rates are escalating so quickly and household budgets are being squeezed.

這些社區最需要太陽能的好處，而 Sunrun 特別有能力幫助這些社區在公用事業費率迅速上升且家庭預算正在緊縮的關鍵時刻獲得負擔得起、清潔且價格可預測的能源擠壓。

We will continue to work with others in the industry and with policymakers to make sure these communities benefit in the way the IRA legislation intended. While we are awaiting guidance from the treasury on the other 2 ITC adders for energy communities and domestic content, we are proactively taking steps today to ensure we can act quickly once clarity is obtained.

我們將繼續與業內其他人和政策制定者合作，以確保這些社區以 IRA 立法預期的方式受益。在我們等待財政部關於能源社區和國內內容的其他 2 個 ITC 加法器的指導時，我們今天正在積極採取措施，以確保我們能夠在獲得清晰度後迅速採取行動。

For example, we've already entered into agreements for nearly 200 megawatts of module supply from a leading domestic producer, in addition to meaningful supply arrangements for storage solutions produced in the U.S., which should, in our opinion, allow a significant portion of our volume to qualify for the domestic content adder. But obviously, we will have to wait until official guidance from treasury is obtained.

例如，我們已經與一家領先的國內生產商簽訂了近 200 兆瓦的模塊供應協議，此外還有在美國生產的存儲解決方案的有意義的供應安排，在我們看來，這應該允許我們的很大一部分量有資格獲得國內內容加法器。但顯然，我們將不得不等到獲得財政部的官方指導。

In summary, Sunrun continued our focus of crushing it on the fundamentals, and we have the right strategy and high energy, focused and experienced team in place to continue to successfully navigate these uncertain times.

總而言之，Sunrun 繼續將重點放在基本面上，我們擁有正確的戰略和精力充沛、專注且經驗豐富的團隊，可以繼續成功度過這些不確定的時期。

The value proposition for customers continues to increase as utility rates escalate rapidly and consumers demand affordable, clean and predictably priced energy.

隨著公用事業費率迅速上升以及消費者需要負擔得起、清潔且價格可預測的能源，客戶的價值主張不斷增加。

While 2022 brought its set of challenges, and we will certainly have our share of things to overcome in 2023, I am proud of our team's quick actions last year to adapt to the rapidly changing macro environment around us. At Sunrun, we see adversity as a way to help shape ourselves and make a stronger company for the long run. We have more work to do, so we won't be sitting idle. And I am confident that our team is up to the challenge.

雖然 2022 年帶來了一系列挑戰，我們肯定會在 2023 年有自己的份額要克服，但我為我們團隊去年迅速採取行動以適應我們周圍瞬息萬變的宏觀環境感到自豪。在 Sunrun，我們將逆境視為幫助塑造自我並打造一家長期更強大公司的一種方式。我們還有很多工作要做，所以我們不會閒著。我相信我們的團隊能夠迎接挑戰。

Before I hit one final item, I want to express my sincere appreciation for all the Sunrun employees working so hard to create a company that is faster, better and stronger for our customers and our communities. Building the best company and helping turbocharge this consumer-led revolution and energy is only possible with the talented and committed team who is ready to lead the charge every single day.

在我提出最後一項之前，我想對所有辛勤工作的 Sunrun 員工表示衷心的感謝，他們努力創建一家更快、更好、更強大的公司，為我們的客戶和社區服務。建立最好的公司並幫助推動這場以消費者為主導的革命和能量，只有擁有才華橫溢、敬業奉獻的團隊，他們每天都準備好引領潮流，才有可能實現這一目標。

Last, but certainly not least, I also want to update you on a management change we announced today. After over 15 years in a full-time leadership capacity, Ed Fenster, who has been on parental leave since August, decided the timing was right to transition to a role where he can spend more time with his young family.

最後但同樣重要的是，我還想向您通報我們今天宣布的一項管理層變動。在擔任全職領導職務超過 15 年後，自 8 月以來一直休育兒假的埃德·芬斯特 (Ed Fenster) 認為現在是時候過渡到一個他可以花更多時間陪伴年幼家庭的角色了。

While Ed will cease having direct reports at the company, he will remain very active in strategic matters. Ed won't be quite as visible day-to-day, but his trusted counsel will be omnipresent, and we certainly know that he won't hesitate digging deep on topics with our team as needed.

雖然 Ed 將不再在公司直接下屬，但他仍將非常積極地參與戰略事務。 Ed 不會每天都那麼顯眼，但他值得信賴的顧問將無處不在，我們當然知道他會根據需要毫不猶豫地與我們的團隊深入探討主題。

To state the obvious, Ed has played an invaluable role in making Sunrun the market leader, and he will continue to play an invaluable role, going forward. You'll continue to hear from him, and you'll continue -- and he'll continue providing his wisdom, insight and leadership throughout the company in so many ways. Thank you so much, Ed. And with that, I turn it over to you.

顯而易見的是，Ed 在使 Sunrun 成為市場領導者方面發揮了不可估量的作用，他將繼續發揮不可估量的作用，繼續前進。你會繼續聽到他的消息，你會繼續——他會繼續以多種方式在整個公司提供他的智慧、洞察力和領導力。非常感謝，埃德。有了這個，我把它交給你。

Thank you, Mary. I am so thankful for and impressed by the team leading Sunrun today. It's been a great honor to have had the privilege of working day in and day out alongside the many talented people who helped Sunrun grow and flourish from a small company run out of my attic into the nation's leading provider of solar and storage.

謝謝你，瑪麗。我非常感謝今天領導 Sunrun 的團隊，並給我留下了深刻的印象。很榮幸能有幸與許多幫助 Sunrun 成長和繁榮的人才一起日復一日地工作，他們從我閣樓外的一家小公司發展成為美國領先的太陽能和儲能供應商。

While being on parental leave over the last several months, I concluded that I want to spend more time with my children during these important formative years before they're in school. And I also plan to travel with them for a few months over the summer.

在過去幾個月休育兒假期間，我得出結論，在孩子上學前的這些重要的成長歲月裡，我想花更多的時間陪伴他們。我還計劃在夏天和他們一起旅行幾個月。

The company and the leadership team are both in a fantastic position. I frankly don't believe my full-time day-to-day participation is any longer key to our success, and I remain as committed as ever to that success. I'll continue to be involved in key decisions, participate in management and strategy meetings and meet very extensively with our capital providers.

公司和領導團隊都處於極好的位置。坦率地說，我認為我的全職日常參與不再是我們成功的關鍵，而且我一如既往地致力於實現這一成功。我將繼續參與關鍵決策，參加管理和戰略會議，並將與我們的資本提供者進行廣泛會面。

I'm not taking on other work. I just believe the time is right for me to focus my Sunrun time in the highest-value areas and to recover the balance to spend with my family. Company leadership is in fantastic hands. Sunrun has deep [bench] strength and tremendous experience across all aspects of the business.

我不從事其他工作。我只是相信現在是時候將我的 Sunrun 時間集中在價值最高的領域，並恢復與家人共度的平衡。公司領導層掌握在出色的手中。 Sunrun 在業務的各個方面都擁有深厚的 [bench] 實力和豐富的經驗。

Over the last few quarters, the company has been more operationally efficient and enjoyed significant gains in Net Promoter Score while increasing volumes and pricing. The operating results corroborated my intuition that it's an appropriate time for me to make this transition.

在過去的幾個季度中，該公司的運營效率更高，淨推薦值顯著提高，同時銷量和定價也有所提高。經營業績證實了我的直覺，現在是我進行這種轉變的合適時機。

I'm grateful for all your support, and I look forward to remaining part of this great company as we move forward. Speaking of which, I'd like to turn the call over to Danny to share the financial update.

感謝大家的支持，我期待著在我們前進的過程中繼續留在這家偉大的公司。說到這，我想把電話轉給丹尼來分享財務更新。

Thank you so much, Ed. Working with you so closely and receiving your mentorship has been a real privilege. I appreciate that your counsel to our team is always a call away. Today, I will cover our operating and financial performance in the quarter along with an update on our capital markets activities and outlook.

非常感謝，埃德。與您密切合作並接受您的指導是一種真正的榮幸。我很感激您隨時為我們團隊提供諮詢。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 results for the quarter. In the fourth quarter, customer additions were approximately 37,400, including approximately 27,500 subscriber additions. Our subscriber additions were 72% of our total customer additions in the period, a small increase from last quarter.

首先轉向本季度的結果。第四季度，新增客戶約為 37,400 人，其中新增用戶約為 27,500 人。在此期間，我們的訂戶增加量占我們總客戶增加量的 72%，比上一季度略有增加。

Our recent sales activities and the benefits from the tax credit adders in the Inflation Reduction Act, which are only available to the solar subscription model, indicate the mix of customer additions is likely to shift towards subscribers more significantly in the quarters ahead.

我們最近的銷售活動以及《降低通貨膨脹法》中的稅收抵免加法器帶來的好處（僅適用於太陽能訂閱模式）表明，在未來幾個季度，客戶增加的組合可能會更顯著地轉向訂閱者。

Solar energy capacity installed was approximately 275 megawatts in the fourth quarter of 2022, a greater than 25% increase from the same quarter last year. For the full year 2022 solar energy capacity installed was nearly 1 gigawatt at 991 megawatts, a 25.2% increase from the prior year, modestly exceeding our guidance.

2022 年第四季度太陽能裝機容量約為 275 兆瓦，比去年同期增長 25% 以上。 2022 年全年太陽能裝機容量接近 1 吉瓦，達到 991 兆瓦，比上年增長 25.2%，略高於我們的指導。

Our installation teams and partners performed incredibly well in the fourth quarter, driving strong efficiency and productivity metrics while also remaining committed to safety and high-quality installations. The increased pace of installations is allowing us to gradually work down our pipeline, which is approximately one quarter at the end of Q4.

我們的安裝團隊和合作夥伴在第四季度的表現非常出色，推動了強大的效率和生產力指標，同時也繼續致力於安全和高質量的安裝。安裝速度的加快使我們能夠逐步減少我們的管道，在第四季度末大約是四分之一。

We aim to manage sales and installation activities to maintain a pipeline that optimizes our resource planning and customer experience, although we do expect our pipeline to increase in the first half of the year. We have now installed over 53,000 solar and storage systems.

我們的目標是管理銷售和安裝活動，以維持優化我們的資源規劃和客戶體驗的管道，儘管我們確實預計今年上半年我們的管道會增加。我們現在已經安裝了超過 53,000 個太陽能和存儲系統。

We expect storage installations will grow rapidly in the quarters ahead and attachment rates will increase meaningfully. Storage solutions not only provide customers increased value from energy rate optimization and backup power capabilities, but they carry higher margins, typically by several thousand dollars per customer.

我們預計存儲安裝將在未來幾個季度快速增長，並且附件率將顯著增加。存儲解決方案不僅可以通過能效優化和備用電源功能為客戶提供更高的價值，而且還可以帶來更高的利潤，通常每位客戶可以賺取數千美元。

As Mary highlighted, our ability to satisfy demand for storage installations with superior operational fulfillment is a clear differentiator for Sunrun in the marketplace. We ended Q4 with approximately 797,000 customers and 667,000 subscribers representing 5.7 gigawatts of networked solar energy capacity, an increase of 21% compared to the prior year.

正如 Mary 所強調的那樣，我們能夠以卓越的運營履行來滿足對存儲安裝的需求，這是 Sunrun 在市場上的一個明顯差異化因素。截至第 4 季度末，我們擁有約 797,000 名客戶和 667,000 名用戶，代表 5.7 吉瓦的聯網太陽能容量，比上年增長 21%。

Our subscribers generate significant recurring revenue with most under 20- or 25-year contracts for the clean energy we provide. At the end of Q4, our annual recurring revenue, or ARR, stood at over $1 billion, with an average contract life remaining of over 17 years.

我們的訂戶通過我們提供的清潔能源簽訂的大部分合同都在 20 年或 25 年以下，從而產生可觀的經常性收入。第四季度末，我們的年度經常性收入 (ARR) 超過 10 億美元，平均剩餘合同期限超過 17 年。

During 2022, we successfully demonstrated our adaptability and financial resiliency in the face of persistently high inflation, a historic speed of interest rate increases, a dynamic supply chain and a large installation backlog.

在 2022 年期間，面對持續高通脹、歷史性的加息速度、充滿活力的供應鍊和大量安裝積壓，我們成功地展示了我們的適應性和財務彈性。

We implemented significant pricing increases throughout the year behind double-digit utility price inflation as utilities passed their own increases in labor, fuel and capital costs through to their customers.

隨著公用事業公司將自身增加的勞動力、燃料和資本成本轉嫁給客戶，我們全年在兩位數的公用事業價格通脹背後實施了顯著的價格上漲。

Because the trajectory of utility price increases were similar to our price increases for new customers, we maintained an attractive value proposition and sustain high demand. We found and created ways to offset rising input costs with improved operational efficiencies.

由於公用事業價格上漲的軌跡與我們對新客戶的價格上漲相似，我們保持了有吸引力的價值主張並維持了高需求。我們找到並創造了通過提高運營效率來抵消不斷上升的投入成本的方法。

In Q4, subscriber value was approximately $46,300 and creation cost was approximately $29,800, delivering a net subscriber value of $16,569, a healthy increase from $13,259 in the prior quarter. Total value generated, which is the net subscriber value multiplied by the number of subscriber additions in the period, was $456 million in the fourth quarter.

第四季度，訂戶價值約為 46,300 美元，創建成本約為 29,800 美元，訂戶淨價值為 16,569 美元，較上一季度的 13,259 美元實現健康增長。第四季度產生的總價值為 4.56 億美元，即訂戶淨值乘以同期新增訂戶數量。

From Q4 2021 to Q4 2022, our subscriber value increased by over $9,000 or approximately 25%, while our creation costs remained approximately flat, despite sharply higher equipment prices and general inflation. Our net subscriber value more than doubled from approximately $7,000 year-over-year.

從 2021 年第四季度到 2022 年第四季度，我們的訂戶價值增加了 9,000 多美元或約 25%，而我們的創建成本基本持平，儘管設備價格大幅上漲且普遍通貨膨脹。我們的訂戶淨值從大約 7,000 美元同比增長了一倍多。

As a reminder, starting in Q3, our subscriber value reflected the benefit of a 30% tax credit as opposed to 26%, provided by the passage of the Inflation Reduction Act in August.

提醒一下，從第三季度開始，我們的訂戶價值反映了 30% 的稅收抵免的好處，而不是 26%，這是由 8 月份通過的《通貨膨脹減少法案》提供的。

Each quarter, we provide ranges for advance rate, measured as a percentage of contracted subscriber value, that reflect current capital costs. We finance our systems upon installation with tax equity and project-level nonrecourse debt, which monetizes a portion of our subscriber value.

每個季度，我們都會提供提前費率的範圍，以合同訂戶價值的百分比衡量，反映當前的資本成本。我們在安裝後通過稅收股權和項目級無追索權債務為我們的系統提供資金，這使我們的訂戶價值的一部分貨幣化。

Our advanced rate ranges allow investors to approximate proceeds from all sources net of fees and gains the obtainable net cash unit margins on deployments.

我們的高級利率範圍允許投資者估算所有來源扣除費用後的收益，並在部署時獲得可獲得的淨現金單位利潤。

From Q4 2021 to Q4 2022, our advance rates fell substantially from a range of 95% to 100% to 75% to 85%. However, because we also increased our contracted subscriber value by over $8,200 over the same period, our estimated proceeds per customer increased by $700, using the midpoints of these two ranges.

從 2021 年第四季度到 2022 年第四季度，我們的提前率從 95% 到 100% 大幅下降到 75% 到 85%。但是，由於同期我們的合同訂戶價值也增加了 8,200 美元以上，因此使用這兩個範圍的中點，我們估計每個客戶的收益增加了 700 美元。

Given today's higher cost of capital environment, commencing with 2023 reporting, we anticipate increasing our discount rate assumption from 5%, which we used in our reporting throughout 2022, to 6%. As you can see on Slide 12, adjusting the discount rate higher by 1% with lower the total subscriber value and thus, net subscriber value by approximately $3,600 in Q4.

鑑於當今更高的資本環境成本，從 2023 年的報告開始，我們預計將我們在整個 2022 年的報告中使用的貼現率假設從 5% 提高到 6%。正如您在幻燈片 12 中看到的那樣，將折扣率提高 1%，從而降低總訂戶價值，從而使第四季度的淨訂戶價值降低約 3,600 美元。

Because proceeds per customer are already based on market rates, our advance rate in Q4 as a percentage of contracted subscriber value would increase to approximately 80% to 90%.

由於每個客戶的收益已經基於市場利率，我們在第四季度的預付率佔合同訂戶價值的百分比將增加到大約 80% 至 90%。

Turning now to gross and net earning assets and our balance sheet. Gross earning assets were $12.4 billion at the end of the fourth quarter.

現在轉向總收入和淨收入資產以及我們的資產負債表。第四季度末的總收益資產為 124 億美元。

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 partners and partnership flip structures and distributions to project equity financing partners discounted at a 5% unlevered capital cost.

總收入資產是衡量我們預計隨著時間的推移從客戶那裡收到的現金流量，扣除運營和維護成本、對稅收股權合作夥伴的分配和合夥翻轉結構以及對項目股權融資合作夥伴的分配，以 5% 的無槓桿資本成本貼現。

Net earning assets were nearly $5.6 billion at the end of the fourth quarter, an increase of $487 million or 10% from the prior quarter. Net earning assets is gross earning assets plus cash less all debt.

截至第四季度末，淨收益資產接近 56 億美元，比上一季度增加 4.87 億美元，增幅為 10%。淨收益資產是總收益資產加上現金減去所有債務。

We also anticipate adjusting the discount rate used to calculate gross earning assets from 5% to 6% to be consistent with the changes in how subscriber value is calculated. On Slide 11, we provide gross earning assets and net earning assets pro forma using a 6% discount rate. We ended the quarter with $953 million in total cash. We continue to maintain a robust project finance runway.

我們還預計將用於計算總收入資產的貼現率從 5% 調整為 6%，以與計算訂戶價值的方式變化保持一致。在幻燈片 11 中，我們使用 6% 的貼現率提供了總收入資產和淨收入資產的備考。本季度結束時，我們的現金總額為 9.53 億美元。我們繼續保持穩健的項目融資跑道。

As of today, closed transactions and executed term sheets provide us with expected tax equity capacity to fund over 400 megawatts of projects for subscribers beyond what was deployed through the fourth quarter.

截至今天，已結束的交易和已執行的條款清單為我們提供了預期的稅收股權能力，可以為超過第四季度部署的訂戶提供超過 400 兆瓦的項目資金。

Sunrun also had $837 million in unused commitments available in its $1.8 billion nonrecourse senior revolving warehouse loan at the end of the quarter to fund over 320 megawatts of projects for subscribers. This strong capital runway allows us to be selective in timing our capital markets activity.

Sunrun 在本季度末的 18 億美元無追索權高級循環倉庫貸款中還有 8.37 億美元的未使用承諾，可為訂戶提供超過 320 兆瓦的項目資金。這條強大的資本跑道使我們能夠有選擇地選擇資本市場活動的時機。

Turning now to our outlook. We expect growth in solar energy capacity installed to be between 10% and 15% for the full year 2023, which we believe will result in market share gains.

現在轉向我們的展望。我們預計 2023 年全年太陽能裝機容量將增長 10% 至 15%，我們相信這將帶來市場份額的增長。

We currently see more upside opportunity than downside risk in achieving growth in this range, but feel it is best to air on the cautionary side early on in the year.

目前，我們認為在這一範圍內實現增長的上行機會多於下行風險，但我們認為最好在今年年初就保持謹慎。

Even with the tremendous sales activities we are currently seeing, our conservative stance is influenced by the mid-April transition to the new net billing tariff in California, extended cycle times of higher storage mix, timing uncertainty with the implementation of ITC adders and our ongoing pricing adjustments and go-to-market optimization efforts.

即使我們目前看到了巨大的銷售活動，我們的保守立場也受到 4 月中旬在加利福尼亞州向新的淨計費關稅過渡、更高存儲組合的周期時間延長、ITC 加法器實施的時間不確定性以及我們正在進行的影響定價調整和上市優化工作。

We expect our storage attachment rate will increase significantly in 2023 from approximately 15% in 2022. The strong sales growth we are seeing, coupled with the increasing mix of storage, is likely to extend cycle times and increased working capital needs.

我們預計我們的存儲附件率將從 2022 年的約 15% 顯著增加到 2023 年。我們看到的強勁銷售增長，加上存儲組合的增加，可能會延長周期時間並增加營運資金需求。

But we will remain focused on prudently managing our backlog and working capital without foregoing the tremendous opportunity to extend Sunrun lead in 2023. In Q1, we expect solar energy capacity installed to be in a range of 215 and 225 megawatts.

但我們將繼續專注於謹慎管理我們的積壓訂單和營運資金，同時不放棄在 2023 年擴大 Sunrun 領先優勢的巨大機會。在第一季度，我們預計太陽能裝機容量將在 215 和 225 兆瓦之間。

The first quarter is typically seasonally lower than the fourth quarter, as you can see from nearly all of our historic results over the years, due to lower selling activities exiting the prior year and more weather-related installation limitations and shorter days entering the new year.

第一季度通常季節性低於第四季度，正如您從我們多年來幾乎所有的歷史結果中看到的那樣，這是由於去年的銷售活動減少以及更多與天氣相關的安裝限制和進入新的一年的天數縮短.

We expect net subscriber value to be approximately $10,000 in Q1 using a 6% discount rate and to increase sequentially throughout 2023. For comparability, using a 5% discount rate, net subscriber value would be over $13,000 in Q1.

我們預計，使用 6% 的貼現率，第一季度的訂戶淨價值約為 10,000 美元，並在整個 2023 年連續增長。為了便於比較，使用 5% 的貼現率，第一季度的訂戶淨值將超過 13,000 美元。

Our focus is on delivering profitable growth, efficient operations and strong unit margins while navigating a fluctuating interest rate environment. Our discipline has served us well for the last 15 years, and we believe will serve the company and our stakeholders well in the current economic paradigm.

我們的重點是在波動的利率環境中實現盈利增長、高效運營和強勁的單位利潤率。在過去的 15 年裡，我們的紀律為我們提供了良好的服務，我們相信在當前的經濟模式下將為公司和我們的利益相關者提供良好的服務。

Turning briefly to our capital markets activities and outlook. As we've shared before, we regularly enter into interest rate swaps to hedge capital costs on our newly installed customers. We are principally exposed to interest rate fluctuations between customer origination through shortly after installation. Around the time of installation, our systems are financed with project-level nonrecourse debt.

簡要談談我們的資本市場活動和前景。正如我們之前分享的那樣，我們定期進行利率掉期交易，以對沖新客戶的資本成本。我們主要面臨客戶發起到安裝後不久之間的利率波動。在安裝前後，我們的系統通過項目級無追索權債務融資。

Nearly all of this financing is insulated from near-term interest rate fluctuations as our debt is either fixed coupon, long-dated securities or floating rate debt that has been hedged with interest rate swaps.

幾乎所有這些融資都不受近期利率波動的影響，因為我們的債務要么是固定息票、長期證券，要么是已通過利率掉期對沖的浮動利率債務。

At the end of 2022, Sunrun executed an $835 million term-out financing, consisting of a $600 million nonrecourse syndicated bank facility and a $235 million subordinated debt facility, supporting a 335-megawatt portfolio of systems.

到 2022 年底，Sunrun 執行了 8.35 億美元的終止融資，包括 6 億美元的無追索權銀團貸款和 2.35 億美元的次級債務貸款，支持 335 兆瓦的系統組合。

The team executed this transaction particularly well, delivering senior loan pricing at an initial credit spread, 100 basis points below recent solar loan securitization transactions observed in the sector at that time and a cummulative advance rate exceeding the high end of our guidance range of 85%.

該團隊執行此交易特別出色，以初始信用利差提供高級貸款定價，比當時在該行業觀察到的近期太陽能貸款證券化交易低 100 個基點，累計預付款率超過我們 85% 指導範圍的上限.

Because the advance rate on this portfolio benefited from previously placed in the money interest rate hedges, we expect the advance rate in our next term-out transaction, which does not carry such benefit, to be slightly lower.

由於該投資組合的提前利率受益於之前放置在貨幣利率對沖中的利率，我們預計下一次終止交易的提前利率（不具有此類收益）會略低。

Cost of capital has trended favorably over the last few months as credit markets have improved. We continue to observe our capital cost in the mid-6% to mid-7% area.

隨著信貸市場的改善，過去幾個月資金成本呈有利趨勢。我們繼續觀察我們的資本成本在 6% 到 7% 之間。

Consistent with this cost of capital range, we expect advance rates on our newly deployed portfolios to still be between 75% and 85% of contracted subscriber value, calculated using a 5% discount rate, or 80% and 90% against contracted subscriber value, calculated using the new 6% discount rate.

與這一資本成本範圍一致，我們預計新部署的投資組合的預付利率仍將在合同訂戶價值的 75% 至 85% 之間（使用 5% 的折扣率計算），或合同訂戶價值的 80% 至 90%，使用新的 6% 貼現率計算。

The long-standing relationships we have cultivated with many capital providers in multiple markets, our reputation as a high-quality sponsor and the consistently strong performance trends of -- payment performance trends of our customers through multiple economic cycles affords us ready access to capital and allows us to be selective with our transactions.

我們與多個市場的許多資本提供者建立的長期關係、我們作為高質量發起人的聲譽以及持續強勁的績效趨勢——我們客戶在多個經濟周期中的支付績效趨勢使我們能夠隨時獲得資本和允許我們對我們的交易有選擇性。

Our next term-out transaction will likely be in the securitization market as opposed to the bank market, due to much improved conditions in that market to start the new year. With that, let me turn it back to Mary.

我們的下一個期限交易可能會在證券化市場而不是銀行市場進行，因為該市場在新的一年開始時的條件有了很大改善。有了這個，讓我把它轉回給瑪麗。

Thanks, Danny. I am so appreciative of our hardworking team, whose adaptability and commitment to our purpose helped deliver an amazing year of transformation for Sunrun in 2022.

謝謝，丹尼。我非常感謝我們勤奮的團隊，他們的適應能力和對我們目標的承諾幫助 Sunrun 在 2022 年實現了驚人的轉型。

I am confident that our momentum will continue into 2023 as we focus on the fundamentals to make us faster, better and stronger for the benefit of our beloved customers, our amazing employees, the hundreds of communities we operate in across the country and our financial partners. With that, operator, let's open the line for questions.

我相信，我們的勢頭將持續到 2023 年，因為我們專注於基礎，使我們更快、更好、更強大，造福於我們敬愛的客戶、我們優秀的員工、我們在全國開展業務的數百個社區以及我們的金融合作夥伴.有了這個，接線員，讓我們打開問題熱線。

(Operator Instructions) Our first question comes from Julien Dumoulin-Smith with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations. Nicely done, I would say. And more specifically here, the look for 10% to 15% on '23 is impressive.

恭喜。幹得好，我會說。更具體地說，23 年 10% 到 15% 的外觀令人印象深刻。

You guys said in your prepared remarks that you're looking for share -- market share gains. Can you guys elaborate a little bit on the depth of that market share gain, considering some of the commentary on the loan side? Just what are you seeing in terms of your ability to kind of capture some of that shift, if you will?

你們在準備好的發言中說，你們正在尋找份額——市場份額的增長。考慮到貸款方面的一些評論，你們能否詳細說明一下市場份額增長的深度？如果你願意的話，你在某種程度上捕捉這種轉變的能力方面看到了什麼？

Julien, it's nice to hear from you. This is Mary. Yes. So really, it's based on the fact that, again, we're seeing really good signs at the beginning of the year in terms of consumer demand.

朱利安，很高興收到你的來信。這是瑪麗。是的。所以真的，這是基於這樣一個事實，即我們在年初再次看到消費者需求方面的良好跡象。

We believe that we are really well positioned with the subscription model for this year, which clearly has a more valuable customer proposition because of, basically, its ability to monetize the value of the ITC adders for customers.

我們相信，我們今年的訂閱模式確實處於有利地位，這顯然具有更有價值的客戶主張，因為基本上，它能夠為客戶將 ITC 加法器的價值貨幣化。

And then again, we expect to gain market share because, again, you have folks like Wood Mackenzie expecting sort of flattish to 6%, and we're looking at -- we're feeling like 10% to 15%. As you know, we're very, very focused on sustainable profitable growth.

再一次，我們期望獲得市場份額，因為，像 Wood Mackenzie 這樣的人再次期望持平到 6%，而我們正在看——我們感覺是 10% 到 15%。如您所知，我們非常非常關注可持續的盈利增長。

So again, we're looking at that 10% to 15% as being reasonable and conservative. So given that and given Wood Mackenzie, we believe we'll probably pick up some market share.

因此，我們再次將 10% 到 15% 視為合理和保守的。因此，考慮到這一點並考慮到 Wood Mackenzie，我們相信我們可能會獲得一些市場份額。

And also, it's really what we call the year of storage. And Sunrun is the leader in storage, and we feel like we are really well positioned in California, which will be -- always is and will continue to be a really important market for our products because, frankly, Californians need our product because the utility power is just not as reliable and is very highly priced. So we feel like we're in a good position.

而且，這真的就是我們所說的存儲年。 Sunrun 是存儲領域的領導者，我們覺得我們在加利福尼亞確實處於有利地位，這將 - 永遠是並將繼續成為我們產品的一個非常重要的市場，因為坦率地說，加利福尼亞人需要我們的產品，因為公用事業電源不那麼可靠，而且價格非常高。所以我們覺得我們處於有利位置。

Julien, just to add. The one thing I would just add as a reminder on the -- because we do expect a big increase in storage installations this calendar year, a storage installation can take 50% more labor hours than a solar-only one and can take as many as 50 or more days to get installation.

朱利安，只是補充一下。我只想添加一件事作為提醒——因為我們確實預計本日曆年的儲能安裝會大幅增加，儲能安裝可能比純太陽能多花費 50% 的工時，並且可能需要多達50 天或更長時間才能安裝。

And so as you significantly increase the storage attachment rate, you have many more projects in the development pipeline. And when we're talking about the annual growth rate, we're actually obviously talking about the projects that are entering the -- exiting the pipeline, not entering the pipeline. And so that's a factor in there as well.

因此，當您顯著提高存儲附加率時，您在開發管道中有更多的項目。當我們談論年增長率時，我們實際上顯然是在談論正在進入的項目——退出管道，而不是進入管道。所以這也是其中的一個因素。

Yes, that actually [preempts] the follow-up here. I mean the funnel you guys talked about 30% plus, you're only at 10% to 15%. I mean, what does that say for '24? I know it might be a little early. And then related to that, 16,000 plus per customer here, it's pretty solid print. How do you see the cadence of that through the course of the year as you say, too?

是的，這實際上 [preempts] 這裡的後續行動。我的意思是你們談論的漏斗超過 30%，你們只有 10% 到 15%。我的意思是，這對 24 年意味著什麼？我知道這可能有點早。然後與此相關，這裡每個客戶 16,000 多個，這是非常可靠的印刷品。正如您所說，您如何看待這一年的節奏？

Yes. So we -- actually, Julien, to build on Ed's response, like, again, one of the things to think about, right, when we talk about growth, is how we've classically talked about it is installed capacity.

是的。所以我們 - 實際上，朱利安，以埃德的回應為基礎，就像，再次，要考慮的事情之一，正確的，當我們談論增長時，我們如何經典地談論它是裝機容量。

But again, as we're becoming more and more of a clean energy storage company as well, that really is very accretive to value. So really looking at growth in the context of the additional value we can create through storage is really, really important as we look to the year. Danny, you...

但同樣，隨著我們也越來越成為一家清潔能源存儲公司，這確實非常增加了價值。因此，在我們展望這一年時，真正在我們可以通過存儲創造的附加價值的背景下看待增長是非常非常重要的。丹尼，你...

And on the net subscriber value, just allow me to do the walk. As I said in the prepared remarks, we did achieve greater than 16,000 in Q4, and we guided to greater than or approximately $10,000 in Q1. In there is the switch from 5% to 6% discount rate. And if we went on a like-for-like basis, at the 5% discount rate, the guide would have been over $13,000 per customer in Q1.

關於淨訂戶價值，請允許我走一走。正如我在準備好的評論中所說，我們在第四季度確實實現了超過 16,000 美元，並且我們在第一季度指導了超過或大約 10,000 美元。其中有從 5% 到 6% 折扣率的轉換。如果我們在同類基礎上進行，以 5% 的折扣率，第一季度每位客戶的指南將超過 13,000 美元。

And between Q4 and Q1, obviously, there's a sequential decline in installation volume due to some seasonality that's normal in the business.

顯然，在第四季度和第一季度之間，由於業務中的一些正常季節性，安裝量出現連續下降。

And as we kind of see that volume drop over that period of time, there's reduced operating cost leverage coming through in the period. But then the outlook would be for -- to grow that number sequentially throughout the year as we grow volumes and shift the mix towards higher-value projects.

正如我們看到的那樣，在這段時間內銷量有所下降，在此期間運營成本槓桿有所降低。但隨後的前景是——隨著我們增加數量並將組合轉向更高價值的項目，全年依次增加這個數字。

Our next question comes from James West with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

I just want to follow up quickly on kind of where Julien was going with his questions around your expected installation growth versus the increase you're seeing early this year.

我只想快速跟進 Julien 提出的關於您的預期安裝增長與您今年年初看到的增長的問題。

I guess, as you transition to more of, as you mentioned, a storage company rather than just pure residential solar, the correlation between kind of the top line and what you guys see as installation growth, I would assume that, that starts to break down somewhat at maybe revenue outgrows installations. Is that a fair comment?

我想，正如你提到的，當你轉向更多的存儲公司而不僅僅是純住宅太陽能時，頂線類型與你們所看到的安裝增長之間的相關性，我認為，這開始打破有所下降，也許收入增長超過了安裝量。這是一個公平的評論嗎？

Yes. I mean there is a -- yes, there is a greater disconnect between the top line growth and the installation volume growth, again, as we shift from more complex-to-install jobs that take a few more hours and as we see the ramp-up in our installation capability against that volume growth.

是的。我的意思是 - 是的，收入增長和安裝量增長之間存在更大的脫節，再次，因為我們從需要更多時間的更複雜的安裝工作轉移，並且我們看到了斜坡- 提高我們的安裝能力以應對該數量的增長。

So there's just generally a lagging effect and an expectation that the size of our pipeline will resume growth after a few quarters of contracting.

因此，通常存在滯後效應，並且預計我們的管道規模將在收縮幾個季度後恢復增長。

Okay. Okay. Makes sense. And then maybe just a quick follow-up for me. I noticed, obviously, you had some commentary in your prepared remarks about your [BTP] business. And I saw some commentary in the press release around Lunar and in moving to the grid share software on your current [BTPs].

好的。好的。說得通。然後也許只是對我的快速跟進。我注意到，顯然，您在準備好的關於 [BTP] 業務的評論中有一些評論。我在有關 Lunar 的新聞稿中看到了一些評論，以及在您當前的 [BTP] 上轉向網格共享軟件。

I was wondering how that process is going? And is -- are you finding it to be a higher-quality product where you switch to that on all your BTPs going forward or maybe other parts of your business?

我想知道這個過程是如何進行的？並且是 - 您是否發現它是一種更高質量的產品，您可以在所有 BTP 或您業務的其他部分切換到該產品？

Yes. Thank you for noting that. We are so excited about our work in the virtual power plant space. And as we noted in my remarks, again, the PG&E announcement following the Puerto Rico announcement, we just see this as an area that strategically is so important as we look to the future, particularly as we look to a future with so much more storage paired with solar.

是的。謝謝你注意到這一點。我們對我們在虛擬電廠領域的工作感到非常興奮。正如我們在發言中指出的那樣，PG&E 在波多黎各宣布之後再次宣布，我們只是認為這是一個在戰略上非常重要的領域，因為我們展望未來，特別是當我們展望擁有更多存儲空間的未來時與太陽能配對。

So I think as I've often talked about, when I talk about radical collaboration that we're going to get to the day, I think, in the not-too-distant future where we literally have regulators and utilities sort of banging down the doors, wanting to have more access to our capacity. So long-winded way transition.

所以我認為，正如我經常談到的那樣，當我談到我們將要進行的激進合作時，我認為，在不久的將來，我們確實會遇到監管機構和公用事業公司的衝擊門，想要更多地使用我們的能力。如此冗長的過渡方式。

And to your question on Lunar, we are really excited about their capabilities. So that is going incredibly well. Not only are they working on this next-generation storage capability that we'll have access to in '23, but through their work with this grid share program, we just -- yes, we find it really highly sophisticated, great performance, and we're really excited to be working with them.

對於你關於 Lunar 的問題，我們對他們的能力感到非常興奮。所以這一切都非常順利。他們不僅致力於我們將在 23 年獲得的下一代存儲功能，而且通過他們與這個網格共享程序的合作，我們只是——是的，我們發現它非常複雜，性能出色，而且我們很高興能與他們合作。

Our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

Maybe going back to the market share gain, that's super interesting and encouraging. I guess, how much of that is coming from specific states that you would highlight as areas where you've double-down efforts, invested more than your peers?

也許回到市場份額的增長，這是非常有趣和令人鼓舞的。我想，其中有多少來自特定的州，您會強調這些州是您加倍努力、投資超過同行的領域？

And then how much of that is just coming from this broader loan-to-lease mix shift that everyone is obviously acknowledging at this point? And then maybe related to that, just what are you embedding for California, non-California growth, in general, for your outlook here for the year? And then I have a follow-up.

那麼其中有多少是來自更廣泛的貸款到租賃組合的轉變，目前每個人都顯然承認這一點？然後可能與此相關的是，一般而言，您為加利福尼亞州、非加利福尼亞州的增長嵌入了什麼，以及您對今年的展望？然後我有一個後續行動。

Yes, I would say, at a high level, Brian, as we've talked about when we've met -- where our focus, again, has been faster, better, stronger. So we've like -- one of the areas I'm so impressed with the team in 2022 and that we're going to continue in 2023 is like always look like -- looking at data every week, every market, every geo, making decisions around our position and how to leverage the best customer value proposition in that area.

是的，我會說，在高層次上，布賴恩，正如我們在會面時談到的那樣——我們的重點再次更快、更好、更強。所以我們喜歡 - 2022 年我對團隊印象深刻並且我們將在 2023 年繼續的領域之一就像總是看起來一樣 - 每週查看數據，每個市場，每個地理區域，圍繞我們的位置做出決策，以及如何利用該領域的最佳客戶價值主張。

So we're going to continue to do that. I mean from a broader perspective, though, we're definitely seeing in all the market -- like all the markets that we're in, we're seeing great interest for what we have to offer to consumers.

所以我們將繼續這樣做。不過，我的意思是，從更廣泛的角度來看，我們肯定會在所有市場中看到——就像我們所處的所有市場一樣，我們對我們必須提供給消費者的產品產生了極大的興趣。

We also are feeling really good about our position in California because of our innovating around a product that we really feel will really help customers monetize the value of the new tariff in California. So with that, I would talk to it to Danny, do you want to give more specific growth-level comments?

我們也對我們在加利福尼亞州的地位感覺非常好，因為我們圍繞我們真正認為真正幫助客戶從加利福尼亞州新關稅的價值中獲利的產品進行創新。所以有了這個，我會和丹尼談談，你想給出更具體的增長水平評論嗎？

Yes. I think Mary covered it well in the lead in as well, where she said 30% early-funnel sales growth nationally and higher than that in California, and that's at the moment. And I think the expectation -- we have to see it play out.

是的。我認為瑪麗在領先地位也很好地涵蓋了這一點，她說全國早期漏斗銷售額增長了 30%，高於加利福尼亞，這就是目前的情況。我認為期望——我們必須看到它發揮作用。

But the expectation is post-April, mid-April market transition in California, we think the value prop will still be great for customers in the market, and the growth rate there will trend more towards what we've seen ex California.

但預期是加利福尼亞州 4 月後、4 月中旬的市場過渡，我們認為價值支柱對市場上的客戶來說仍然是很好的，那裡的增長率將更傾向於我們在加利福尼亞州看到的情況。

Okay. Fair enough. I appreciate that additional color. And maybe another one for you, Danny, or maybe Ed as well. Just high-level thoughts on this transition from PV5 to PV6. I think some investors were maybe expecting to go all the way to even PV7. So just thoughts on PV6 versus PV7. And then general cost of capital trends in '23. And what you expect in ABS financing costs and volume this year?

好的。很公平。我很欣賞這種額外的顏色。也許另一個給你，Danny，或者也可能是 Ed。只是關於從 PV5 到 PV6 的過渡的高級想法。我認為一些投資者可能期望一路走到 PV7。所以只是關於 PV6 與 PV7 的想法。然後是 23 年的總體資本成本趨勢。您對今年 ABS 融資成本和數量的預期是什麼？

Yes. Thanks for the question. Yes. So I think we -- as we've said, we want to have a discount rate in the metric that doesn't -- that we think is good for the reasonably long term and doesn't fluctuate every quarter. And as you saw in the remarks as well, quarter-over-quarter fluctuations also generate the need to explain lots of pro forma.

是的。謝謝你的問題。是的。所以我認為我們 - 正如我們所說的那樣，我們希望在沒有的指標中有一個貼現率 - 我們認為從合理的長期來看是好的並且不會每個季度都波動。正如您在評論中看到的那樣，季度環比波動也產生了解釋大量備考的需要。

So just for period-over-period comparability, the thought was to select something that allows us to keep it in place for a year. And we were thoughtful about that, looking at where rates have kind of moved around in the recent past, looking at long-term rate expectations and felt 6 was a good mark to approximate the system value.

因此，只是為了逐個時期的可比性，我們的想法是選擇一些能讓我們保持一年的東西。我們對此深思熟慮，研究了近期利率的變化情況，研究了長期利率預期，並認為 6 是接近系統價值的一個很好的標記。

But we're also continuing to give constant guidance on where advance rates are fluctuating at any moment in time relative to market interest rates, and we'll continue to give that clarity on how much of the contracted subscriber value we are able to monetize in the cash proceeds at the point of install.

但我們也將繼續就提前利率相對於市場利率隨時波動的位置提供持續指導，我們將繼續明確說明我們能夠在哪些合同訂戶價值中獲利安裝時的現金收入。

So that number today, looking at markets, that we mentioned the 75% to 85%, which will be 80% to 90%, using the new discount rate, and that's for equivalent proceeds.

所以今天這個數字，看看市場，我們提到了 75% 到 85%，這將是 80% 到 90%，使用新的貼現率，這是等值的收益。

We still maintain that range. We still maintain that range, going into Q1, given where rates are today, probably with an expectation that we'd be around the midpoint or the top half of that range, somewhere between 7 and 7.5, given where we've observed markets in the last couple of weeks.

我們仍然保持這個範圍。考慮到今天的利率，進入第一季度，我們仍然維持該範圍，考慮到我們在最近幾週。

So from an advance rate standpoint, that would put us in the bottom half of the advance rate guidance range, based on where things are trending at the moment.

因此，從預付率的角度來看，根據目前的趨勢，這將使我們處於預付率指導範圍的下半部分。

Our next question comes from Phil Shen with ROTH.

我們的下一個問題來自 Phil Shen 和 ROTH。

I know a lot has been asked around the '23 guide and the outlook, I want to hit it from a different angle. Mary, I think you talked about the guidance being reasonable and conservative. And I was wondering if another area of conservatism might be around the onboarding of new dealers. So I'm imagining there's a fair amount of dealers wanting to jump on your platform at this point.

我知道圍繞 23 年指南和前景提出了很多問題，我想從不同的角度來探討它。瑪麗，我想你談到了指導是合理和保守的。我想知道另一個保守主義領域是否可能與新經銷商的入職有關。所以我想現在有相當多的經銷商想加入你的平台。

To what degree could that serve as yet another level of upside as my sense would be that maybe that 10% to 15% growth is maybe more organic with your existing base of dealers? What's been the interest and activity of new inquiries as well?

這在多大程度上可以作為另一個層面的上升空間，因為我的感覺是 10% 到 15% 的增長對於您現有的經銷商基礎可能更有機？新查詢的興趣和活動是什麼？

Yes. I would say, relatively more organic, definitely seeing the flywheel effects as we've put the Sunrun and Vivint businesses together now with a 2-year operating period and track record, definitely being seen also as an attractive place to sell directly.

是的。我會說，相對更有機，肯定會看到飛輪效應，因為我們現在將 Sunrun 和 Vivint 業務放在一起，有 2 年的運營期和業績記錄，肯定也被視為一個有吸引力的直接銷售場所。

So I'd say, it's more direct-driven than dealer-driven. And to the extent it becomes dealer driven, we would view that as relatively more upside to the model.

所以我想說，它比經銷商驅動更直接。在某種程度上，它成為經銷商驅動的，我們認為這是該模型的相對更大的優勢。

Great. And can you guys comment on whether or not you are seeing a high level of flow in activity from those dealers externally?

偉大的。你們能否評論一下您是否從外部看到這些經銷商的高水平活動？

With -- is the question like with us on our platform?

與 - 問題是否與我們在我們的平台上一樣？

Yes. Are you seeing a greater -- like are you getting inbounds from dealers that you historically have not worked with because you have your...

是的。你是否看到了更大的——比如你是否從你以前沒有合作過的經銷商那裡得到了入境，因為你有你的……

If you would guess, I mean we're -- I think the way to answer it is like, yes. Like again, we're the nation's leader. We also like, again, back to how I described, our whole go-to-market strategy, and how we worked it in 2022 is we're very selective and we're very disciplined.

如果你猜的話，我的意思是我們 - 我認為回答它的方式就像是，是的。再說一次，我們是國家的領導人。我們也再次回到我所描述的方式，我們的整個進入市場戰略，以及我們在 2022 年的工作方式是我們非常有選擇性而且我們非常有紀律。

So again, our focus is on sustainable profitable growth. And yes, you know that there are definitely different ways we could see a path to creating more upside. But again, we're really super focused on being selective and disciplined to ensure that we get to sustainable profitable growth.

同樣，我們的重點是可持續的盈利增長。是的，你知道我們可以通過不同的方式找到創造更多優勢的途徑。但同樣，我們真的非常專注於選擇性和紀律性，以確保我們實現可持續的盈利增長。

Great. In terms of my follow-up, It's on NEM [3.0] in California, Mary talked about this new offering in California. It sounds like it has a strong value proposition and contributes well to net subscriber value.

偉大的。就我的後續行動而言，它在加利福尼亞州的 NEM [3.0] 上，瑪麗談到了加利福尼亞州的這項新產品。聽起來它具有很強的價值主張並且對淨訂戶價值做出了很好的貢獻。

Most are expecting a decline in California once NEM 2.0 installations are done. But can you talk about this new offering and possibly how it could serve your customers and potentially result in a situation where could you guys actually grow your California volumes year-over-year in a time when many of your competitors are actually losing or decreasing year-over-year?

大多數人預計，一旦 NEM 2.0 安裝完成，加利福尼亞州的房價就會下降。但是你能談談這個新產品嗎？它可能如何為你的客戶服務，並可能導致這樣一種情況，在你的許多競爭對手實際上每年都在虧損或減少的時候，你們實際上可以逐年增加加州的銷量嗎？ -超過一年？

Yes. I mean I think the most powerful thing for Sunrun, as we go into this year in California, is that we have deep bench strength around storage. So again, we're the nation's leader in providing storage in customers' homes. We have 53,000 customers that already have storage.

是的。我的意思是，我認為 Sunrun 最強大的事情是，當我們今年在加利福尼亞州進入時，我們在存儲方面擁有深厚的替補實力。因此，我們再次成為全國提供客戶家中存儲的領導者。我們有 53,000 名客戶已經擁有存儲空間。

So yes, this product, again, we've come up with something that is quicker and easier to install and really provides great savings proposition for customers. And so we think it will be very powerful.

所以是的，這個產品，我們再次提出了一些安裝更快、更容易的東西，真正為客戶提供了巨大的節省建議。所以我們認為它會非常強大。

But yes, I think definitely, our history and our leadership on storage is going to be very, very helpful and is a part of differentiating us, for sure, from some of the others.

但是，是的，我認為肯定的是，我們的歷史和我們在存儲方面的領導地位將非常非常有幫助，並且肯定會成為我們與其他一些公司區別開來的一部分。

I mean one of the reasons we really were agitating with regulators and policymakers last year for a longer ramp time was we saw that for the rest of the industry, particularly the long tail, that may not have the experience in storage that it's going to be much harder to quickly adopt to this new tariff, which really relies on capabilities around storage. So we're feeling like we're in good shape, as we go into the year.

我的意思是，我們去年真正與監管機構和政策制定者激怒的原因之一是，我們看到，對於該行業的其他人，尤其是長尾，他們可能沒有存儲方面的經驗，這將是很難快速適應這種新的關稅，它實際上依賴於存儲能力。所以我們感覺我們的狀態很好，因為我們進入了這一年。

And to just underscore or maybe highlight something that I believe Mary mentioned on the call, we are expecting, on an installation basis, sequential growth in installations across all the quarters of this year.

為了強調或強調我相信瑪麗在電話中提到的一些事情，我們預計，在安裝的基礎上，今年所有季度的安裝都會連續增長。

Yes. A 100%.

是的。一個 100%。

Our next question comes from Kashy Harrison with Piper Sandler.

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

And then congrats, Ed. So just first one for me. Just one quick follow-up question on the 2023 guide. How are you thinking about your lease loan mix in 2023?

然後恭喜你，埃德。所以對我來說只是第一個。只是關於 2023 年指南的一個快速跟進問題。您如何看待 2023 年的租賃貸款組合？

Yes. We said on the call, 71% went to 72%. And the outlook there is closer to the 80% area. And if you look historically, prior to last year, we were generally in an 80% to 85% range. I think we'll trend more towards the kind of the historical norm we saw in the business.

是的。我們在電話中說，71% 到 72%。那裡的前景更接近 80% 的區域。如果你從歷史上看，在去年之前，我們通常在 80% 到 85% 的範圍內。我認為我們會更傾向於我們在業務中看到的那種歷史規範。

Got it. And then my follow-up question, you -- based on your -- the slide that you have with the advance rates, you indicated that you can generate roughly, I think, $3,600 per customer. How are you thinking about the changes in working capital during 2022? It looks like it's been about $400 million to $500 million these past few years. And so I'm just curious, how you're thinking about 2023?

知道了。然後是我的後續問題，你——根據你的——你的預付款幻燈片，你表示你可以產生大約，我認為，每位客戶 3,600 美元。您如何看待 2022 年營運資金的變化？在過去的幾年裡，它看起來已經達到了大約 4 億到 5 億美元。所以我很好奇，您如何看待 2023 年？

Yes. The working capital is, I would say, mainly associated with the run-up in sales, right, which results in a lot of the cost structure of our sales organization being incurred ahead of the realization of proceeds.

是的。我想說，營運資金主要與銷售增長有關，對吧，這導致我們銷售組織的很多成本結構在收益實現之前就已經產生了。

And then as we ramp the operational capacity, some fixed investment there to grow the footprint as well as, in particular, this year with a meaningful growth in the battery attach rate and just general growth, continued growth in supply chain spend and inventory balance, and you'll see a pretty substantial move in the inventory balance on the balance sheet kind of in line with that already occurring in the period, in Q4.

然後，隨著我們提高運營能力，在那裡進行一些固定投資以增加足跡，特別是今年電池附加率的顯著增長和一般增長，供應鏈支出和庫存餘額的持續增長，你會看到資產負債表上的庫存餘額發生了相當大的變化，這與第四季度期間已經發生的情況一致。

Sorry, just to clarify, are you saying that your changes in working capital in '23 will be lower than 22%? Is that what you were getting at?

抱歉，澄清一下，你是說你在 23 年的營運資金變化將低於 22%？那是你的意思嗎？

Yes. I don't have the exact comparison, but I would say the amount of installation growth, last year being 25%, this year being 10% to 15%, would suggest lower. But the amount of offsetting that would be -- the amount of equipment cost per installation with the higher attach rate would also be higher, right?

是的。我沒有確切的比較，但我會說安裝量增長，去年是 25%，今年是 10% 到 15%，這表明會更低。但是抵消的數量將是 - 具有更高附加率的每次安裝的設備成本也會更高，對嗎？

So that the value of equipment per job is going up, but the number of installs we're ramping up into, relatively, year-over-year, it's a lower growth rate, obviously. So they're probably offsetting factors there.

因此，每個工作的設備價值正在上升，但我們正在增加的安裝數量，相對而言，同比增長，顯然是一個較低的增長率。所以它們可能是那裡的抵消因素。

Yes, I would say -- the other thing I would add to that is just, again, in the vein of faster, better, stronger, our team is actually very confident that we still also have, again, more operational improvements and efficiencies to harvest that will help us -- particularly as we look at like moving the backlog through, that will help us definitely sequentially -- you're going to continue to see improvements in that regard.

是的，我要說的是——我要補充的另一件事是，再次，在更快、更好、更強的脈絡中，我們的團隊實際上非常有信心，我們仍然有更多的運營改進和效率，以收穫將幫助我們 - 特別是當我們看到像移動積壓一樣，這肯定會按順序幫助我們 - 你將繼續看到這方面的改進。

Our next question comes from Joseph Osha with Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 Joseph Osha。

Ed, we are going to miss you, man.

艾德，我們會想念你的，伙計。

I'm going to be on the call. I'll be here for you, Joe.

我會接聽電話。我會在這裡等你，喬。

I feel better now. In terms of this transition, obviously -- in California, obviously, the deadline is April 14 or whatever it is, but I've heard you refer to installer backlog. How much installed backlog do you think you could get? Could we be installing NEM 2.0 systems, say, through September or so? I'm trying to get a sense of that.

我現在感覺好多了。就此過渡而言，很明顯——在加利福尼亞，很明顯，截止日期是 4 月 14 日或其他日期，但我聽說你提到了安裝程序積壓。您認為您可以獲得多少安裝積壓？我們可以在 9 月左右安裝 NEM 2.0 系統嗎？我正在嘗試了解這一點。

I mean, what we're aiming towards is likely months, not quarters, of backlog. So again, back to what I was speaking to in the answer to the last question, we still see -- this team is like very focused on faster, better, stronger.

我的意思是，我們的目標可能是幾個月而不是幾個季度的積壓。因此，再次回到我在回答上一個問題時所說的話，我們仍然看到——這支球隊非常專注於更快、更好、更強。

And we still see like sequential improvements we're going to continue to make that are going to allow us to digest that backlog or that pipeline, shall we say. We're building a healthy pipeline, and we're trying to resist having as many customers as possible become backlogged. So we're very focused on moving that through.

我們仍然看到我們將繼續進行連續改進，這將使我們能夠消化積壓或管道，我們應該說。我們正在建立一個健康的渠道，我們正在努力避免讓盡可能多的客戶積壓。所以我們非常專注於推動這一點。

I would say, last year is the track record for that right? If you track through the quarters, I think at the peak, we were at about 2 quarters of backlog, and we brought that down throughout the year and through tough work on finding the efficiency gains in the business. And as we transition more towards battery installations that we're kind of bullish on our ability to find those efficiency gains there as well.

我會說，去年是對的記錄嗎？如果你跟踪各個季度，我認為在高峰期，我們大約有 2 個季度的積壓，我們在全年中通過艱苦的工作降低了積壓，以提高業務效率。隨著我們更多地轉向電池安裝，我們有點看好我們也能在那裡找到這些效率提升的能力。

Okay. Got it. And then my other question, given the talk about working capital, if I look at 2022, you guys did manage to put around $100 million or so cash on the balance sheet. Should we perhaps not expect to see that level of cash generation this year, given what I'm hearing?

好的。知道了。然後是我的另一個問題，考慮到關於營運資金的討論，如果我看一下 2022 年，你們確實設法在資產負債表上投入了大約 1 億美元左右的現金。考慮到我所聽到的，我們是否應該不期望今年看到這種水平的現金產生？

Yes. I think the unit level -- I think we did the unit-level cash walk, which moved by about $700 per customer. So a lot of the margin gain was also offsetting the interest rate increases. So we're, I think, starting the year a little bit better off on a cash unit margin perspective.

是的。我認為是單位層面——我認為我們進行了單位層面的現金走動，每位客戶移動了大約 700 美元。因此，大量的保證金收益也抵消了利率上漲。因此，我認為，從現金單位利潤率的角度來看，我們今年開始會好一些。

Certainly, we just talked about, I think, the inventory, kind of the preparation for the run-up in volume will be consumptive from a working capital perspective. And as we travel through the year and transition and realize more higher-value projects, we do expect the sequential growth in the unit margins, but we will see offsets from working capital through the year.

當然，我認為我們剛剛談到了庫存，從營運資金的角度來看，這種為數量增加所做的準備將是消耗性的。隨著我們度過這一年並實現更多價值更高的項目，我們確實預計單位利潤率將連續增長，但我們將看到全年營運資金的抵消。

Our next question comes from Maheep Mandloi with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

Just one question on the NPV per customer net subscriber value. You talked about a sequential decline in Q1 versus Q4 and [ramping] it through the year. But could we expect it to ramp up back to that 16,000 on a like-to-like basis by Q4? And also just want to understand the variables going into -- where are you assuming the 30% ITC, or any of the adders for your customers here?

只有一個問題是關於每位客戶淨訂戶價值的 NPV。你談到了第一季度與第四季度的連續下降，並在一年中 [ramping] 它。但我們是否可以預期到第四季度它會在類似的基礎上回升至 16,000？並且還只是想了解進入的變量 - 你在哪裡假設 30% 的 ITC，或者這裡的客戶的任何加法器？

Yes. That's a good observation on the last -- a good question on the last piece. The $10,000 guide, with the new 6% discount rate, does not assume the realization of any ITC adders in Q1 to the extent -- obviously, the low income would be the most material piece of that, and we did address the kind of the timing concerns around that. But that would generate upside to the number as those get realized.

是的。這是對最後一個很好的觀察——對最後一塊的一個很好的問題。 10,000 美元的指南，採用新的 6% 的貼現率，並沒有假設在第一季度實現任何 ITC 加法 - 顯然，低收入將是其中最重要的部分，我們確實解決了那種圍繞這一點的時間問題。但隨著這些目標的實現，這會給數字帶來好處。

Energy communities is another adder that is not assumed, who we are waiting more specific guidance on what will qualify. But we have reasonable -- reasonably high confidence on the portion of our business we're already doing that when it installs and gets realization of those adders that we would also see further upside to the metric from that source.

能源社區是另一個未被假設的加法器，我們正在等待誰有資格獲得更具體的指導。但是我們對我們已經在安裝並實現這些加法器的業務部分有合理的 - 相當高的信心，我們也將從該來源看到指標的進一步上升。

Domestic content, similarly not assumed. As we talked about, we have almost a couple of hundred megawatts of supply there. To the extent the guidance comes out and we install those in a way that qualify and then confirm that, that's further upside.

國內內容，同樣不假設。正如我們所說，我們那裡有近幾百兆瓦的供應。在某種程度上，指南出台並且我們以符合條件的方式安裝這些指南，然後確認，這是進一步的好處。

And then the rest of the sequential growth will be related to higher pricing realization in general, but also the shift towards higher-value projects as we increase the battery mix throughout the year. All of those are contributing factors. But again, the 10,000 doesn't include the upside from the adders, and we expect the sequential growth.

然後，其餘的連續增長將與總體上更高的定價實現有關，但也與我們全年增加電池組合時向更高價值項目的轉變有關。所有這些都是促成因素。但同樣，10,000 不包括加法器的上行空間，我們預計會連續增長。

Also, as we see the decline in installation volume and as we report the metric on an installation basis, largely on the creation cost stack, you will see some of the reduced operating leverage on operating costs in Q1 and you'll also see relatively fewer -- on the top line for subscriber value, relatively fewer subscribers getting realized into that metric. So there's some operating leverage considerations in the Q4 to Q1 walk as well.

此外，由於我們看到安裝量的下降以及我們在安裝基礎上報告指標，主要是在創建成本堆棧上，您會看到第一季度運營成本的運營槓桿有所降低，而且您也會看到相對較少-- 在訂閱者價值的最高線上，實現該指標的訂閱者相對較少。因此，在第四季度到第一季度的步行中也有一些運營槓桿考慮因素。

This is Ed. I would just add also more sales activity in Q1 than Q4. And because the metric is just looking at the number of installed customers and then all the cash costs in the period as we move from Q4 to Q1, as Danny said, we have fewer installations and more sales activity, both of which create a headwind in the metric that does reverse over time.

這是埃德。我只想在第一季度添加比第四季度更多的銷售活動。而且由於該指標只關注已安裝客戶的數量，然後是我們從第四季度到第一季度期間的所有現金成本，正如 Danny 所說，我們的安裝量減少了，銷售活動增加了，這兩者都對我們造成了不利影響隨著時間的推移確實會逆轉的指標。

Got it. And then maybe just one question, and it's probably been asked different ways around cash generation. But maybe just a question on the focus from a metrics point of view. Should we expect the focus on this NPV or net subscriber value per customer or looking for any new metrics to kind of help investors, but I appreciate the story here.

知道了。然後可能只有一個問題，而且可能會以不同的方式詢問現金生成。但從指標的角度來看，也許只是一個關於焦點的問題。我們是否應該期望關注這個 NPV 或每個客戶的淨用戶價值，或者尋找任何新的指標來幫助投資者，但我很欣賞這裡的故事。

Yes. We'll continue to focus on the primary metrics. Obviously, one of the things, if we -- there's creation -- there's value creation from subscribers. There's also headline megawatts. One of the dynamics also to keep in mind is the value per megawatt is also appreciating considerably again because of higher-value installations throughout the year.

是的。我們將繼續關注主要指標。顯然，其中一件事，如果我們——有創造——就會有來自訂戶的價值創造。還有標題兆瓦。還要記住的動態之一是每兆瓦的價值也再次大幅升值，因為全年安裝的價值更高。

Ultimately, the GAAP financials are also a place where there's probably opportunity to simplify, although that's something we continue to evaluate on an ongoing basis.

最終，GAAP 財務狀況也是一個可能有機會進行簡化的地方，儘管這是我們持續不斷評估的內容。

And then ultimately, the objective is to grow unit margins and continue that march forward as we did throughout last year, that as we get into a stable interest rate environment and we continue to grow our unit margins, like cash flow generation ultimately is the priority.

然後最終，我們的目標是增加單位利潤率並像我們去年所做的那樣繼續前進，隨著我們進入穩定的利率環境並且我們繼續增加我們的單位利潤率，就像現金流產生最終是首要任務.

But we're also kind of being cautious on -- given the amount of growth we've been seeing, it is also consumptive from a working capital standpoint, as we previously discussed.

但我們也有點謹慎——鑑於我們看到的增長量，從營運資本的角度來看，它也是消耗性的，正如我們之前討論的那樣。

Our next question comes from Biju Perincheril with Susquehanna.

我們的下一個問題來自 Biju Perincheril 和 Susquehanna。

Going back to '23 guidance, can you sort of bridge the installation growth in the first quarter being sort of 3% or so to the 10% to 15% growth for the year? Is that all sort of market share gains and from the shift towards more TPO systems? Or is there some other factor there as well?

回到 23 年的指導方針，你能否將第一季度 3% 左右的安裝增長與全年 10% 至 15% 的增長聯繫起來？這是所有類型的市場份額收益和向更多 TPO 系統的轉變嗎？或者還有其他一些因素嗎？

Yes. The Q1, so we typically see a decline in Q1 from Q4, if you look across years. The percentage decline can fluctuate a bit. Again, if you look at past periods, the year-over-year comparisons can look a little bit irregular. Quarter-over-quarter, year-over-year comparisons can become a little bit irregular.

是的。第一季度，所以如果你跨年看，我們通常會看到第一季度比第四季度有所下降。下降百分比可能會略有波動。同樣，如果您查看過去的時期，同比比較可能看起來有點不規則。季度環比、同比比較可能會變得有點不規則。

So definitely, again, expecting the sequential growth and to that to get realized at a 10% to 15% annualized rate, where we had think there's more upside opportunity than downside risk to that range.

因此，可以肯定的是，再次期待連續增長，並以 10% 到 15% 的年化增長率實現，我們曾認為該範圍內的上行機會多於下行風險。

And the opportunity, again, comes from the extra volume we're seeing but more specifically, the ability to fulfill all that extra volume we're seeing in the period, as we grow our build capacity.

機會再次來自我們看到的額外數量，但更具體地說，隨著我們增加構建能力，能夠實現我們在此期間看到的所有額外數量。

Okay. Were there any sort of [abnormal] impact in that first quarter number from weather or anything else?

好的。第一季度的數據是否受到天氣或其他因素的任何[異常]影響？

Not unusual. A little bit of weather, a little bit of, obviously, like delivering the strong -- against the strong growth against our guidance we did accelerate a lot of our pipeline, but nothing unusual.

常見的。一點點天氣，一點點，顯然，就像交付強者一樣——在我們的指導下強勁增長的情況下，我們確實加速了我們的很多管道，但沒有什麼不尋常的。

Yes. No, there's a lot of seasonality that just shows up.

是的。不，只是出現了很多季節性。

Our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Fleishman。

Thank you. Question on the IRA adders. So the -- I guess first thing is if you find later on that you would qualify for a low-income adder or energy community for someone that you added in Q1 or Q2, can you go back and capture the adder later on?

謝謝。關於 IRA 加法器的問題。所以 - 我想第一件事是，如果您稍後發現您有資格為您在 Q1 或 Q2 添加的人加入低收入加法器或能源社區，您可以稍後回去捕獲加法器嗎？

As currently set on the low income piece, as currently set forth, the answer, unfortunately, is no. And that does read a little inconsistent with the legislation, which we thought was January 1. So -- but as soon as that kicks in, again, it will be upside we have not planned for here.

正如目前關於低收入部分的設定，不幸的是，答案是否定的。這確實與我們認為是 1 月 1 日的立法有點不一致。所以 - 但一旦開始，它就會再次出現，我們沒有在這裡計劃。

On the energy communities, I think the REIT is stronger than that would be January 1, but the particulars of the exact geographic qualifications and how big is the [intent] -- how big is the map, which 4 quarters are picked up, those sorts of things are more nuanced and require the guidance.

在能源領域，我認為 REIT 比 1 月 1 日要強，但確切的地理條件和 [意圖] 有多大的細節——地圖有多大，選擇了哪 4 個季度，那些各種各樣的事情更加微妙，需要指導。

Same thing with the domestic adder.

家用加法器也是一樣。

Yes. And from a funding perspective, certainly our investors would be happy -- the tax equity investors would be happy to realize that tax credit value, provided they have the appetite and pay for it in the advance.

是的。從融資的角度來看，我們的投資者當然會很高興——稅收股權投資者會很高興意識到稅收抵免的價值，前提是他們有興趣並提前支付。

Just to clarify your question, right, the constraints, is it available by law? And if it's available by low, can we monetize it? What we're working on, is it available by law? We're pretty confident that the -- we can monetize it, if it's available by law, as a check box.

只是為了澄清你的問題，對吧，限制，它是法律規定的嗎？如果低價出售，我們可以將其貨幣化嗎？我們正在做的事情，法律允許嗎？我們非常有信心——如果法律允許的話，我們可以將其貨幣化，作為一個複選框。

Okay. And then my other question is just as you think about the adders availability later in the year or next year, how much of that do you think you can retain, i.e., how much is it the risk of kind of being competed away to get customers? Or is it likely that you can retain a good amount of these?

好的。然後我的另一個問題是，就像你考慮今年晚些時候或明年的加法器可用性一樣，你認為你可以保留多少，即被競爭以吸引客戶的風險有多大？或者您是否有可能保留其中的大量內容？

It's likely we can retain a good amount of it. Yes. I mean we're feeling like the size of the opportunity we're feeling is one that we will absolutely be able to take advantage of. On the low and moderate income adder, it's more an issue of like when it's going to kick in. And the other two are more in the like final definition of the energy communities and what exactly like applies to the domestic content adder.

很可能我們可以保留很多。是的。我的意思是我們感覺我們所感受到的機會的大小是我們絕對能夠利用的機會。關於低收入和中等收入增加者，它更像是一個什麼時候開始的問題。另外兩個更像是能源社區的最終定義以及什麼完全適用於國內內容增加者。

But as I said in my remarks, like we feel like we're really well positioned against what we think is a likely outcome on the domestic content adders. We already are doing business in what we think are likely areas of energy communities.

但正如我在發言中所說的那樣，我們覺得我們確實處於有利地位，可以應對我們認為國內內容添加者可能出現的結果。我們已經在我們認為可能是能源社區的領域開展業務。

And again, the low and moderate income adders will kick in, we know for sure, by the end of '23, going into '24. And who knows, could end up being sooner, given the different dialogues going on about those adders and the timing.

再一次，我們可以肯定地知道，到 23 年底，進入 24 年，低收入和中等收入的加法者將開始發揮作用。誰知道呢，考慮到關於這些加法器和時間的不同對話，最終可能會更快。

Our next question comes from Christine Cho with Barclays.

我們的下一個問題來自巴克萊銀行的 Christine Cho。

I just wanted to start off, when we think about the cadence of the installations that will take place throughout the year in California, you mentioned that you expect that it will take a couple of months. But I would assume if someone wants to be grandfathered under NEM 2.0, they aren't really looking for a battery.

我只是想開始，當我們考慮將在加利福尼亞州全年進行的安裝節奏時，您提到您預計需要幾個月的時間。但我假設如果有人想在 NEM 2.0 下成為祖父，他們並不是真的在尋找電池。

So should we think that those 2.0 applications will be prioritized over solar plus storage installations, especially if it takes 50% longer to do those? And so by that logic, should we think that the solar plus storage installations will be more back-end loaded this year?

那麼我們是否應該認為這些 2.0 應用程序將優先於太陽能加儲能裝置，特別是如果這些應用程序需要 50% 的時間？那麼按照這個邏輯，我們是否應該認為今年太陽能加儲能裝置的後端負載會更多？

I mean, definitely. To your point, we're seeing a lot -- yes, we're seeing a pull-forward of demand. Yes, to your point, I think it's absolutely logical to believe that there will be a higher attach rate, once we get past April 15, for sure.

我的意思是，絕對是。就您的觀點而言，我們看到了很多——是的，我們看到了需求的拉動。是的，就你的觀點而言，我認為一旦我們過了 4 月 15 日，相信會有更高的附加率是絕對合乎邏輯的。

In terms of how we manage our pipeline now and how we set customer expectations, we're being really clear with customers now that are trying to get in before the cutover that of like the time required to get them to installation as that pipeline builds.

就我們現在如何管理我們的管道以及我們如何設定客戶期望而言，我們現在非常清楚客戶正在嘗試在轉換之前進入，就像在管道構建時讓他們安裝所需的時間一樣。

So we're, of course, very, very focused on making sure it's an amazing customer experience for those customers in the pipeline and that we're meeting all the requirements so that they technically can count for having made that cutoff date. So that's also a really important part of it. But in terms of prioritizing it, we very much will be moving customers along in the order in which they came into our pipeline.

因此，我們當然非常非常專注於確保為管道中的那些客戶提供令人驚嘆的客戶體驗，並且我們正在滿足所有要求，以便他們在技術上可以算作已經達到了截止日期。所以這也是其中非常重要的一部分。但就優先順序而言，我們非常會按照客戶進入我們管道的順序移動客戶。

Okay. And then like I don't know how easy it is to answer this question, but is there anything you can provide around the difference in subscriber value for a solar customer versus solar plus storage customer in California? Just as we kind of think about customer installations might be down, but there is an offset because of the subscriber value for a solar plus storage customer is higher.

好的。然後就像我不知道回答這個問題有多容易，但是關於加利福尼亞太陽能客戶與太陽能加儲能客戶的訂戶價值差異，您能提供什麼嗎？就像我們考慮客戶安裝可能會下降一樣，但由於太陽能加存儲客戶的訂戶價值更高，因此存在抵消。

Yes, 100%.

是的，100%。

Yes. With backup, it's in the low single digits out like thousands per customer, would be the incremental margin for a customer. Getting the battery in a backup product, of course, that will vary, depending on the size of the home, the number of batteries they have, the number of loads they want to back up. So that's more of an average number, but probably with a big range.

是的。有了備份，它是每個客戶數千個的低個位數，這將是客戶的增量利潤。當然，在備用產品中使用電池會有所不同，具體取決於家庭的大小、他們擁有的電池數量以及他們想要備份的負載數量。所以這更像是一個平均數字，但可能範圍很大。

Our next question comes from Corinne Blanchard with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Corinne Blanchard。

Just one follow-up also on pricing. Do you still have any room for pricing [power], I mean increase in pricing over the next couple of months?

也只有一項關於定價的後續行動。您還有定價 [power] 的空間嗎，我的意思是在接下來的幾個月內增加定價？

Yes. We continuously monitor the macro environment with respect to interest rates on the one hand and utility rates on the other hand. So that's something we've continuously done.

是的。我們一方面持續監測宏觀環境，一方面是利率，另一方面是公用事業利率。所以這是我們一直在做的事情。

As we talked about last year, pricing was more of an event that we had to talk about last year as we were exiting a declining rate environment and transition. I think the whole industry is transitioning into a rising rate environment and how dynamic it gets as to pricing. And today, it is fully dynamic.

正如我們去年談到的那樣，定價更像是我們去年不得不談論的一個事件，因為我們正在退出利率下降的環境和轉型。我認為整個行業正在過渡到一個利率上升的環境，以及它在定價方面的動態。而今天，它是完全動態的。

And we're constantly looking at those two factors as well as our own volume and optimizing on profit. So I would say, there is opportunity, but we're kind of looking at all of those factors and being deliberate and more specific from a geographic perspective as opposed to thinking about it kind of as a national thing.

我們一直在關注這兩個因素以及我們自己的數量並優化利潤。所以我想說，有機會，但我們正在考慮所有這些因素，並從地理角度進行深思熟慮和更具體，而不是將其視為國家事務。

Makes sense. And then the next question I had, and maybe I missed it earlier on the call, but can you just provide more color on if you expect like further increase in expense? I know some of your peers have commented like heavily investing to support California growth. Is that as well what you intend to do over the next few weeks or few months?

說得通。然後是我的下一個問題，也許我早些時候在電話中錯過了它，但是如果您希望進一步增加費用，您能否提供更多顏色？我知道你們的一些同行評論說要大力投資以支持加州的增長。這也是您打算在接下來的幾週或幾個月內做的事情嗎？

I think the cost increases that you'll see will be related to, again, higher-cost equipment or higher ticket price equipment going into jobs, which is the battery. So you'll see a general creating cost increase against that. But if you look at last year, we're just kind of in a more stable period on the attachment rate. You saw costs generally remain flat.

我認為你將看到的成本增加將再次與更高成本的設備或更高票價的設備投入工作有關，這就是電池。因此，您會看到總體創建成本有所增加。但如果你看看去年，我們只是在某種程度上處於依戀率更穩定的時期。你看到成本通常保持不變。

But over that period of time, you also saw equipment prices going up, but offsetting that from efficiency gains on the installation side. And we expect to continue to grind for that dynamic throughout this year and see the net subscriber value of the bottom line continue to increase.

但在那段時間裡，你也看到設備價格上漲，但抵消了安裝方面效率的提高。我們預計今年全年將繼續為這種動態而努力，並看到底線的淨訂戶價值繼續增加。

Our next question comes from Abhi Sinha with Northland Financial.

我們的下一個問題來自 Northland Financial 的 Abhi Sinha。

So I just wanted to -- if you could share something on Puerto Rico, your progress from Puerto Rico, I mean, whether it's in market share, what it is now? What do you expect in the next 3 to 5 years, your impact of agreements with SPAN? Anything on those lines?

所以我只想——如果你能分享一些關於波多黎各的東西，你在波多黎各的進展，我的意思是，無論是市場份額，現在是什麼？您對未來 3 到 5 年的期望是什麼，您與 SPAN 達成的協議會產生什麼影響？這些線路上有什麼嗎？

And also like when I'm comparing a VPP, what you have in Puerto Rico versus what's the PG&E customers? I mean I think Puerto Rico you said about $2,000 per the (inaudible) value in NPV. Is that something of that what you get in [VPP]? I'm just trying to understand that compare and contrast the two VPP plans Puerto Rico versus PG&E in here.

也像當我比較 VPP 時，你在波多黎各擁有什麼與 PG&E 客戶有什麼？我的意思是我認為波多黎各你說每 NPV 的（聽不清）價值大約 2,000 美元。那是你在 [VPP] 中得到的東西嗎？我只是想了解比較和對比波多黎各和 PG&E 的兩個 VPP 計劃。

Yes. Thank you,. I actually just spent some time in Puerto Rico with our partners down there and with all the folks that are so important from a virtual power plant perspective.

是的。謝謝你，。實際上，我剛剛在波多黎各與我們的合作夥伴以及從虛擬電廠的角度來看非常重要的所有人一起度過了一段時間。

I mean, Puerto Rico, to your point, is an incredibly important market for us. It's one -- as I like to say a lot, to folks I speak to, it's like Puerto Rico is one of our post cards from the future in the context of how they have a really incredible high storage attach rate.

我的意思是，就你的觀點而言，波多黎各對我們來說是一個非常重要的市場。這是一個 - 正如我經常說的那樣，對於我與之交談的人來說，就像波多黎各是我們未來的明信片之一，因為他們擁有非常令人難以置信的高存儲附加率。

They -- we've also been deploying the SPAN panel in Puerto Rico. So we've really been utilizing Puerto Rico's forward-leaning need and desire for clean energy technology transformation to really leverage the strength of Sunrun in the context of the innovation that we've been doing and bringing there.

他們——我們也一直在波多黎各部署 SPAN 面板。因此，我們一直在利用波多黎各對清潔能源技術轉型的前瞻性需求和願望，在我們一直在進行和帶來的創新的背景下真正利用 Sunrun 的實力。

So we are very, very bullish on the opportunity in Puerto Rico. We're very glad that we work with so many incredible channel partners in Puerto Rico and that we're able to leverage what we bring from a perspective of storage capacity, SPAN panel capacity and, to your point, really helping to leverage all of that from a grid perspective.

所以我們非常非常看好波多黎各的機會。我們很高興能與波多黎各這麼多令人難以置信的渠道合作夥伴合作，並且我們能夠從存儲容量、SPAN 面板容量的角度利用我們帶來的東西，就您而言，真正有助於利用所有從網格的角度來看。

And one of the meetings I was so excited to have when I was there was with the Governor and his team about how do we expand. So how do we take the work we've already done and really transform the system so that we can be leveraging more and more solar plus storage systems going online to help really rethink how the grid is managed in Puerto Rico. So yes, it's a very important market for us.

當我在那裡時，我很高興能與州長和他的團隊舉行會議，討論我們如何擴展。那麼我們如何利用我們已經完成的工作並真正改造系統，以便我們可以利用越來越多的太陽能和存儲系統上線，幫助真正重新思考波多黎各的電網管理方式。所以是的，這對我們來說是一個非常重要的市場。

Any comment that you put in terms of market share we have now versus what you might expect in 3, 5 years?

您對我們現在擁有的市場份額與 3、5 年後的市場份額有何評論？

I mean we expect it to continue to go up.

我的意思是我們預計它會繼續上漲。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Ed and Danny, this one is for you. Just around this last financing, can you talk a little bit about where you're able to push the cost of capital a little bit lower and how durable those advantages are?

埃德和丹尼，這是給你們的。就最後一次融資而言，您能否談談您可以在哪些方面降低資本成本以及這些優勢的持久性？

Is it around things like construction, underwriting assumptions, performance of the systems in the field? Just trying to get a better understanding of what's happening with the portfolio that's helping enable that cost of capital advantage.

是圍繞建築、承保假設、現場系統性能等問題嗎？只是想更好地了解有助於實現資本成本優勢的投資組合的情況。

Yes. I think the last one was execution strategy. We had been signaling for a while that when markets move especially in a rising credit spread environment, as markets move, the debt capital markets can be faster to move than the commercial bank markets, and that kind of goes in both directions.

是的。我認為最後一個是執行策略。一段時間以來，我們一直在發出信號，當市場波動時，尤其是在信用利差上升的環境中，隨著市場波動，債務資本市場的波動速度可能比商業銀行市場快，而且這種情況是雙向的。

And the fact that we have very deep multiyear relationships that we've built and sustained for almost a decade, it's really valuable to us in those periods of time. And we obviously appreciate that relationship capital as well.

事實上，我們已經建立並維持了近十年的非常深厚的多年關係，這在那些時期對我們來說真的很有價值。我們顯然也很欣賞這種關係資本。

So I would say, that was kind of the key driver and where today, spreads up quickly in the ABS market move to where -- to a similar spot to where we executed that bank transaction, just underscoring that markets can fluctuate more on the ABS side and on the bank side, where we have access to both at our scale, allows us to be nimble and shift back and forth as we balance our deals throughout -- our multiple deals throughout the period of the calendar year.

所以我想說，這是一種關鍵驅動因素，今天，在 ABS 市場中迅速蔓延到哪裡——與我們執行那筆銀行交易的地方相似，只是強調市場在 ABS 上可能會波動更大在我們的規模和銀行方面，我們可以在我們的規模上獲得這兩者，這使我們能夠靈活地來回調整，因為我們在整個日曆年期間平衡我們的交易 - 我們的多筆交易。

Just as Danny pointed out, understanding what's happening in all the markets and setting a strategy according with that and then having strong relationships when the market is tightening, being a respected leader with a long-term relationship pays probably more dividends, frankly, than in a fantastic market. And I think we benefited a little bit from that as well.

正如丹尼指出的那樣，了解所有市場正在發生的事情並據此制定戰略，然後在市場收緊時建立牢固的關係，坦率地說，作為一個受人尊敬的具有長期關係的領導者可能會比在一個夢幻般的市場。我認為我們也從中受益匪淺。

Okay. That's super helpful. And then on the VPP technology side, obviously, there's multiple layers of control and software that you guys are working with.

好的。這非常有幫助。然後在 VPP 技術方面，顯然，你們正在使用多層控制和軟件。

But I'm curious about any real meaningful innovation or hardware specifically that are -- that you guys are seeing as emerging as really meaningfully contributing to the functionality and granular control that you need to really manage those assets? Or if it's still really at the system level for you guys to really capture the value out of that system.

但我很好奇任何真正有意義的創新或硬件，特別是 - 你們認為新興的真正有意義地為您真正管理這些資產所需的功能和精細控製做出了貢獻？或者，如果你們真正從系統中獲取價值仍然是在系統層面。

Yes. I mean the VPP software that Lunar has, as I hit like it's -- we find it very strong. I mean make no mistake, we've been doing -- Sunrun has been doing virtual power plant work for years. When I was the executive of a utility, we launched a virtual power plant like 7 years ago.

是的。我的意思是 Lunar 擁有的 VPP 軟件，正如我所說的那樣——我們發現它非常強大。我的意思是不要誤會，我們一直在做——Sunrun 多年來一直在做虛擬電廠的工作。當我是一家公用事業公司的高管時，我們像 7 年前一樣推出了一個虛擬發電廠。

Like the technology has existed for a long time. It's more the culture of the utilities that's been the bigger challenge, to be quite honest with you. But yes, the technology is improving and advancing. And I'm really bullish on what Lunar can do in this space and in this context.

就像這項技術已經存在了很長時間。老實說，公用事業的文化才是更大的挑戰。但是，是的，技術正在改進和進步。我真的很看好 Lunar 在這個領域和背景下能做些什麼。

So we're really excited about it because, again, I see no direction but increased demand for these kinds of distributed assets to be used to help the grid of the future.

所以我們對此感到非常興奮，因為我再次看到沒有方向，但對這些類型的分佈式資產的需求增加，以幫助未來的電網。

We have reached the end of our question-and-answer session. This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.

我們的問答環節已經結束。今天的會議到此結束。感謝您的參與。此時您可以斷開線路。