Sunrun Inc (RUN) 2024 Q2 法說會逐字稿

(audio in progress) Please note that this call is being recorded and that one hour has been allocated for the call, including question-and-answer session. (Operator Instructions)

（音訊正在進行中）請注意，本次通話正在錄音，並已為通話分配一小時，包括問答環節。 （操作員說明）

I will now turn the call over to Patrick Jobin, Sunrun's Investor Relations Officer. Please go ahead.

我現在將把電話轉給 Sunrun 投資者關係官 Patrick Jobin。請繼續。

Before we begin, please note that certain remarks we will make on this 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.

在我們開始之前，請注意，我們將在本次電話會議中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目前已知因素的最佳判斷，但實際結果可能存在重大和不利的差異。請參閱該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聲明中的預測不同的風險和其他因素。

Please also note that these statements are being made as of today, and we disclaim any obligation to update or revise them. During today's call, we will also be discussing certain non-GAAP financial measures, which we believe can provide meaningful supplemental information for investors regarding the performance of our business and facilitated a meaningful evaluation of current period performance on a comparable basis with prior periods.

另請注意，這些聲明是從今天起發布的，我們不承擔任何更新或修改這些聲明的義務。在今天的電話會議上，我們還將討論某些非公認會計準則財務指標，我們相信這些指標可以為投資者提供有關我們業務業績的有意義的補充信息，並有助於在與前期可比的基礎上對本期業績進行有意義的評估。

These non-GAAP financial measures should be considered as a supplement to and not a substitute for superior to or an isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed in today's call and our press release issued this afternoon and our filings with the SEC, each of which is posted on our website.

這些非公認會計原則財務指標應被視為優於公認會計原則結果的補充，而不是替代或孤立。您將在今天的電話會議、我們今天下午發布的新聞稿以及我們向 SEC 提交的文件中找到有關非 GAAP 財務措施的更多披露，這些資訊均發佈在我們的網站上。

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; along with Paul Dickson, Sunrun's President and Chief Revenue Officer, are also on the call for the Q&A session. The presentation is available on Sunrun's Investor Relations website, along with supplemental materials.

今天參加電話會議的是 Sunrun 執行長 Mary Powell； Sunrun 財務長 Danny Abajian； Sunrun 聯合創辦人兼共同執行主席 Ed Fenster； Sunrun 總裁兼首席營收長 Paul Dickson 也參加了問答環節。此簡報以及補充資料可在 Sunrun 的投資者關係網站上取得。

An audio replay of today's call, along with a copy of today's prepared remarks and transcripts, including Q&A will be posted to the Investor Relations website shortly after the call. We've allocated 60 minutes for today's call, including the question-and-answer session.

今天電話會議的音訊重播以及今天準備好的言論和文字記錄的副本（包括問答）將在電話會議後不久發佈到投資者關係網站上。我們為今天的電話會議分配了 60 分鐘時間，包括問答環節。

And now let me turn the call over to Mary.

現在讓我把電話轉給瑪莉。

Thank you, Patrick, and thank you all for joining us today. Sunrun's strategy to become the beloved trusted provider of clean energy and storage for households across America is delivering strong results. In the second quarter, the Sunrun's team set records for storage installation and attachment rates, beating the high end of our installation guidance while delivering solid quarter-over-quarter solar installation and net subscriber value growth. We also delivered strong cash generation of $217 million in Q2, recouping the tax credit transfer-related working capital investment noted in Q1.

謝謝派崔克，也謝謝大家今天加入我們。 Sunrun 的策略是成為全美家庭深受喜愛、值得信賴的清潔能源和儲存供應商，這項策略正在取得強勁成果。第二季度，Sunrun 團隊創下了儲存安裝和附加率記錄，超過了我們安裝指導的上限，同時實現了太陽能安裝量和淨用戶價值的穩定季度環比增長。我們還在第二季實現了 2.17 億美元的強勁現金生成，收回了第一季提到的與稅收抵免轉移相關的營運資本投資。

Our primary focus is accelerating our differentiation, launching additional products and services to expand customer lifetime values and remaining the disciplined margin and customer-focused leader, growing cash generation in the business for years to come. We are on track to achieve our cash generation objectives as we exit 2024 and our increasing cash generation guidance for 2025. We are also on track to exceed the high end of our full-year storage installation guidance this year, as our focus on storage products pays dividends faster than we even expected.

我們的主要重點是加速我們的差異化，推出額外的產品和服務以擴大客戶終身價值，並保持嚴格的利潤和以客戶為中心的領導者地位，在未來幾年增加業務的現金產生。隨著我們退出 2024 年以及不斷增加的 2025 年現金生成指導，我們有望實現現金生成目標。還要快。

Driven by our margin-focused strategy and slightly lower sales pacing than we initially expected, we now expect our solar volumes for 2024 to be at the lower end of our guidance range. Nevertheless, we are seeing strong sequential growth in order activity, as consumer entrants continues to build over this hot summer with soaring electricity rates. We continue to focus on the most margin-accretive customers.

在我們以利潤為中心的策略和略低於我們最初預期的銷售節奏的推動下，我們現在預計 2024 年的太陽能銷售將處於我們指導範圍的下限。儘管如此，我們看到訂單活動出現強勁的環比增長，因為在這個炎熱的夏季，隨著電價的飆升，消費者的進入繼續增加。我們持續關注最能增加利潤的客戶。

The hot summer and high utility bills are driving consumers to focus on their home energy use and related costs. Our strategy is to focus on products and geographies, where Sunrun shareholders can earn a strong return, while Sunrun customers experience an excellent value proposition.

炎熱的夏季和高昂的水電費促使消費者關注家庭能源使用和相關成本。我們的策略是專注於產品和地區，Sunrun 股東可以獲得豐厚的回報，同時 Sunrun 客戶也能體驗到卓越的價值主張。

Driven by these dynamics, we are increasing our storage capacity installation guidance from approximately 58% to approximately 86% growth in the year. And we are narrowing our solar installation guidance to reflect the low end of our prior range, down approximately 15% for the year.

在這些動態的推動下，我們將今年的儲存容量安裝指引從約 58% 成長至約 86%。我們正在縮小太陽能安裝指導範圍，以反映先前範圍的低端，今年下降約 15%。

We expect to see solid high-teens sequential growth in solar installations into Q3 and Q4 and to resume double-digit year-over-year growth in Q4. We are reiterating our cash generation guidance of $50 million to $125 million in Q4. In addition, we are initiating even higher cash generation guidance for 2025 of $350 million to $600 million.

我們預計第三季和第四季太陽能裝置量將出現穩定的高雙位數連續成長，並在第四季恢復兩位數的年成長。我們重申第四季現金產生目標為 5,000 萬至 1.25 億美元。此外，我們也啟動了 2025 年更高的現金產生指導，即 3.5 億至 6 億美元。

The fundamental drivers of our business continue to accelerate. Utility rates continue to rise, while storage and solar equipment costs are declining.

我們業務的基本驅動力持續加速。公用事業費率持續上升，而儲存和太陽能設備成本正在下降。

Our operating efficiency and customer experience continues to improve. Customers remain eager to take control of their energy needs with affordable and resilient solutions to power their lives, the ultimate in independents.

我們的營運效率和客戶體驗持續改善。客戶仍然渴望透過經濟實惠且有彈性的解決方案來控制自己的能源需求，為他們的生活提供動力，這是獨立人士的終極目標。

A Pew study issued in June affirmed what polls have said for years: the majority of Americans, Republicans, Democrats, and Independents favor expanding solar power in the United States. Over a year ago, we oriented the business to be storage-first, which increases the customer value proposition and lays the foundation for future value creation from grid services. This strategy has also allowed us to capitalize on regulatory changes faster and better than others in the industry.

皮尤研究中心 6 月發布的一項研究證實了多年來的民調結果：大多數美國人、共和黨人、民主黨和獨立人士都贊成在美國擴大太陽能發電。一年前，我們將業務定位為儲存優先，這增加了客戶價值主張，並為網格服務未來創造價值奠定了基礎。這項策略也使我們能夠比業內其他公司更快、更好地利用監管變化。

In Q2, we installed storage on 54% of our new customers, up from an 18% attachment rate in the prior year and a four-point increase from levels achieved in Q1. We installed 265-megawatt hours of storage in Q2, up 152% from a year ago and the most we have installed in any quarter.

第二季度，我們為 54% 的新客戶安裝了存儲，高於上一年 18% 的安裝率，也較第一季的水平提高了 4 個百分點。我們在第二季度安裝了 265 兆瓦時的儲存設備，比去年同期成長了 152%，是我們在任何季度安裝的最多的儲存設備。

Sunrun's experience selling, installing, and monetizing storage for the grid is a clear differentiator. Storage systems provide increased customer value to enhance resiliency and control, while providing higher margins for Sunrun.

Sunrun 的電網儲存銷售、安裝和貨幣化經驗是一個明顯的優勢。儲存系統可提高客戶價值，增強彈性和控制力，同時為 Sunrun 提供更高的利潤。

Our fleet of networked storage capacity has reached 1.8-gigawatt hours with 116,000 systems installed. While still in the early stages of commercializing these valuable, dispatchable energy resources, we continue to advance programs which prove their value potential. We now have more than a dozen operating virtual power plants across the country.

我們的網路儲存容量已達到 1.8 吉瓦時，安裝了 116,000 個系統。雖然這些寶貴的可調度能源仍處於商業化的早期階段，但我們將繼續推進證明其價值潛力的專案。我們現在在全國有十多個正在運作的虛擬發電廠。

Just this afternoon, we announced a program with Tesla in Texas. The program has already enrolled customers and will scale up while dispatching stored solar energy from at-home batteries to rapidly increase capacity on the grid during periods of high consumption.

就在今天下午，我們宣布了與特斯拉在德克薩斯州的計劃。該計劃已經吸引了客戶，並將擴大規模，同時從家用電池中分配儲存的太陽能，以在高消耗時期迅速增加電網容量。

Customers will be compensated for their participation, while retaining a portion of their stored energy to provide back-up power to their homes in the event of a power outage. Sunrun will also earn incremental recurring revenue for the program.

客戶將因其參與而獲得補償，同時保留部分儲存的能源，以便在停電時為其家庭提供備用電力。 Sunrun 也將透過該計劃賺取增量經常性收入。

These same resources are providing tremendous value for our customers. During prolonged power outages in the aftermath of Hurricane Beryl, more than 1,600 Sunrun customers in the Greater Houston area were able to keep their homes energized with more than 70,000 hours of back-up energy provided by their solar and storage systems. With over 3 million homes and businesses without power, we are seeing strong demand in Texas, as many are seeing the obvious value our service can provide.

這些相同的資源為我們的客戶提供了巨大的價值。在颶風 Beryl 造成的長時間停電期間，大休士頓地區的 1,600 多名 Sunrun 客戶能夠利用太陽能和儲存系統提供的超過 70,000 小時的備用能源保持家庭供電。德州有超過 300 萬個家庭和企業停電，我們看到了強勁的需求，因為許多人看到了我們的服務可以提供的明顯價值。

Just last week, we announced the operation of the nation's first vehicle-to-home power plant using a small group of customer-owned bidirectional electric vehicles. Initiated by forward-thinking regulation and in partnership with Maryland's largest utility, Baltimore Gas and Electric, this program utilizes all-electric Ford F-150 Lightning trucks to deliver power this summer during peak demand times.

就在上週，我們宣布使用一小群客戶擁有的雙向電動車來營運全國首個車到戶發電廠。該計劃由具有前瞻性的監管機構發起，並與馬裡蘭州最大的公用事業公司巴爾的摩天然氣和電力公司合作，利用全電動福特 F-150 Lightning 卡車在今年夏天的高峰需求時段提供電力。

These programs build on many others we are operating, including the Demand Side Grid Support program initiated by regulators in California. This virtual power plant is being actively used to support California's power grid.

這些計劃建立在我們正在運營的許多其他計劃的基礎上，包括由加州監管機構發起的需求側電網支援計劃。該虛擬發電廠正被積極用於支援加州電網。

Just last month, during a heatwave, over 16,000 Sunrun customers' solar-plus-storage systems dispatched power during peak hours, supplying the grid with an average of 48 megawatts each night exceeding the capacity of several costly and polluting gas-fired peaker plants in California.

就在上個月的熱浪期間，超過16,000 個Sunrun 客戶的太陽能+儲能係統在高峰時段調度了電力，平均每晚為電網提供48 兆瓦的電力，超過了幾個昂貴且污染嚴重的燃氣調峰發電廠的容量。

Home solar and battery systems are modernizing and strengthening the electric grid. With forward-thinking regulation, these resources could lower the cost of the overall grid for all users. As a reminder, California has 14,000 megawatts of power plants that are used less than 5% of the time.

家用太陽能和電池系統正在使電網現代化並加強。透過前瞻性監管，這些資源可以降低所有用戶的整體電網成本。提醒一下，加州有 14,000 兆瓦的發電廠，但使用率不到 5%。

We are quickly becoming a multi-product company that offers a suite of clean energy products to our consumers in a bundled, easy-to-finance way. By continuing to invest heavily in service and providing a leading customer experience, we are able to monetize opportunities to provide additional services to our large base of customers for decades into the future.

我們正迅速成為一家多產品公司，以捆綁、易於融資的方式向我們的消費者提供一套清潔能源產品。透過持續大力投資服務並提供領先的客戶體驗，我們能夠在未來幾十年內利用為我們龐大的客戶群提供額外服務的機會獲利。

We are proud of our customer-first approach, evidenced by a continued increase in customer Net Promoter Scores at the time of installation, which this quarter reached 76 points, up over 5 points in the past year. We have invested time and resources to develop products and learn from pilots to best inform our strategy to harness these opportunities.

我們對客戶至上的方針感到自豪，安裝時客戶淨推薦值的持續增長就證明了這一點，本季度達到 76 分，比去年增加了 5 分多。我們投入了時間和資源來開發產品並向試點學習，以便最好地為我們的策略提供利用這些機會的資訊。

On slide 7, we highlight our focus, including renewals, repowering customers with new equipment that meet increased energy demand, installing batteries for existing solar-only customers to provide energy resilience, networking systems to form virtual power plants, and providing electric vehicle charging or even bidirectional solutions.

在幻燈片7 中，我們強調了我們的重點，包括更新、使用滿足不斷增長的能源需求的新設備為客戶重新供電、為現有的純太陽能客戶安裝電池以提供能源彈性、聯網系統以形成虛擬發電廠，以及提供電動車充電或甚至雙向解決方案。

We are seeing strong traction. For instance, we have over 1,000 orders by existing customers to add batteries. While we've just recently launched this, orders are growing at a rapid rate.

我們看到了強大的吸引力。例如，我們有超過 1,000 個現有客戶的新增電池訂單。雖然我們最近才推出此服務，但訂單正在快速成長。

I want to spend a minute discussing developments with a public peer, who recently announced their market exit and restructuring. This presents an opportunity for Sunrun to continue our industry leadership and gain share in a financially disciplined and measured way.

我想花一點時間與一位公眾同行討論事態發展，該同行最近宣布退出市場並進行重組。這為 Sunrun 提供了一個機會，可以繼續我們的行業領導地位，並以財務紀律和衡量的方式獲得份額。

We are engaged in conversations with many of their former dealers and are selectively onboarding partners that share our vision and commitment to provide the best customer experience. We have been an established leader in the new homes business for many years and are engaging with many large national homebuilders about joining the Sunrun platform.

我們正在與他們的許多前經銷商進行對話，並選擇性地加入與我們擁有共同願景和致力於提供最佳客戶體驗的合作夥伴。多年來，我們一直是新房屋業務的領導者，並且正在與許多大型全國性住宅建築商洽談加入 Sunrun 平台。

In July, we announced the addition of two strong leaders and industry veterans, who most recently led the new homes business at SunPower. We expect strategic growth in the new homes segment in the coming quarters, driven by our leading platform, expanded leadership team, and a long track record of being a reliable, trusted partner for homeowners.

7 月，我們宣布增加兩位實力雄厚的領導者和行業資深人士，他們最近領導了 SunPower 的新住宅業務。我們預計，在我們領先的平台、擴大的領導團隊以及作為房主可靠、值得信賴的合作夥伴的長期記錄的推動下，未來幾個季度新房領域將實現戰略增長。

This dislocation will provide opportunities for competitors as well, especially new entrants in the financing segment eager for volume. We continue to see irrational pricing and immature control from some of the new entrants, but have also seen some indications that as they have gained more experience, they are adjusting pricing and controls accordingly.

這種錯位也將為競爭對手提供機會，尤其是渴望獲得銷售的融資領域的新進業者。我們繼續看到一些新進入者的定價不合理和控制不成熟，但也看到一些跡象表明，隨著他們獲得更多經驗，他們正在相應地調整定價和控制。

We continue to hear from our partners that they value Sunrun most from being a sustainable, reliable partner and that has led to strong long-term relationships. We deeply value these partners and our shared vision of success, particularly some of our longest-standing and largest partners.

我們不斷從合作夥伴那裡聽到，他們最重視 Sunrun 是一個可持續、可靠的合作夥伴，這促成了牢固的長期合作關係。我們非常重視這些合作夥伴以及我們共同的成功願景，特別是我們一些歷史最悠久、規模最大的合作夥伴。

Before handing over to Danny, as always, I want to take a moment to celebrate some of our people, who truly embrace the power of clean energy and the desire to connect customers to the cleanest energy on earth. Thank you to our leading direct-to-home sales team in Los Angeles. Thanks so much to our team members, Adler, Rich, and Jon for delivering on safety, quality, battery attachment rates and customer experience, delivering some incredible results this quarter.

在將工作交給丹尼之前，一如既往，我想花點時間向我們的一些員工致敬，他們真正擁抱清潔能源的力量，並渴望將客戶與地球上最清潔的能源聯繫起來。感謝我們在洛杉磯領先的直接到家銷售團隊。非常感謝我們的團隊成員 Adler、Rich 和 Jon 在安全性、品質、電池連接率和客戶體驗方面的貢獻，在本季度取得了一些令人難以置信的成果。

I also want to celebrate the team at SnapNrack, our independently run business, which is proudly manufacturing premium solar racking in the United States, creating jobs and helping improve the efficiency of someone's installation activities and those across the industry. The team is busy innovating and ramping production of US-made equipment to help the entire industry, including Sunrun, meet domestic content standards. Thanks so much, Troy, Charles, Arun, and the entire team.

我還想向 SnapNrack 的團隊表示祝賀，我們的獨立營運企業 SnapNrack 自豪地在美國製造優質太陽能支架，創造就業機會並幫助提高安裝活動和整個行業的效率。該團隊正忙於創新和提高美國製造設備的產量，以幫助包括 Sunrun 在內的整個行業滿足國內內容標準。非常感謝特洛伊、查爾斯、阿倫和整個團隊。

With that, let me turn the call over to Danny for our financial update.

接下來，讓我將電話轉給丹尼，以了解我們的財務最新情況。

Thank you, Mary. 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。今天，我將介紹我們本季的營運和財務業績，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 on slide 11. We have now installed over 116,000 solar and storage systems, with storage attachment rates reaching 54% of installations nationally during the quarter. We expect storage attachment rates to remain at or above this level around the remainder of the year.

首先看投影片 11 上的本季結果。我們預計今年剩餘時間儲存附加率將維持在或高於此水準。

This higher mix of storage continues to drive net subscriber values higher, as back-up storage offerings carry higher margins. During the quarter, we installed 265-megawatt hours of storage capacity, well above the high end of our guidance and an increase of 152% compared to the same quarter last year. Our total networked storage capacity is now approximately 1.8 gigawatt hours.

由於備份儲存產品的利潤率更高，這種更高的儲存組合繼續推高淨用戶價值。本季度，我們安裝了 265 兆瓦時的儲存容量，遠高於我們指導的上限，與去年同期相比成長了 152%。目前，我們的總網路儲存容量約為 1.8 吉瓦時。

In the second quarter, solar energy capacity installed was approximately 192 megawatts, within our guidance range of 190 to 200 megawatts. Customer additions were approximately 26,700, including approximately 25,000 subscriber additions.

第二季度，太陽能裝置容量約為192兆瓦，在我們190至200兆瓦的指導範圍內。新增客戶約 26,700 名，其中新增訂戶約 25,000 名。

Our subscription mix reached 95% of deployments in the period, an increase from 93% last quarter and again, the highest level in many years. We ended Q2 with 984,000 customers and approximately 828,000 subscribers, representing 7.1 gigawatts of networked solar energy capacity, a 14% increase year over year.

在此期間，我們的訂閱組合達到了部署的 95%，高於上季的 93%，再次創下多年來的最高水準。第二季末，我們擁有 984,000 名客戶和約 828,000 名訂戶，相當於 7.1 吉瓦的連網太陽能容量，較去年同期成長 14%。

Our subscribers generate significant recurring revenue with most under 20- or 25-year contracts for the green energy we provide. At the end of Q2, our annual recurring revenue, or ARR, stood at almost $1.5 billion, up 27% over the same period last year. We had an average contract life remaining of nearly 18 years.

我們的訂戶透過我們提供的綠色能源大多數合約期限都在 20 或 25 年以下，從而產生了可觀的經常性收入。截至第二季末，我們的年度經常性收入 (ARR) 接近 15 億美元，比去年同期成長 27%。我們的平均合約期限剩餘近 18 年。

Turning to slide 12. In Q2, subscriber value was approximately $49,600 and creation cost was approximately $37,200, delivering a net subscriber value of $12,394. This strong result was from higher battery attachment rates, efficiency, and sequential growth in volumes. Although subscriber value decreased slightly in Q2 due to a smaller average system size relative to Q1, we expect this trend to reverse in Q3 and Q4 with higher average system sizes. If measured on a per-watt basis to normalize for system size, subscriber value per watt increased slightly from Q1.

轉向投影片 12。這一強勁的業績得益於更高的電池連接率、效率和銷售的連續成長。儘管由於平均係統規模相對於第一季較小，第二季的用戶價值略有下降，但我們預計這一趨勢將在第三季和第四季扭轉，平均係統規模更大。如果以每瓦為基礎進行衡量以標準化系統規模，則每瓦用戶價值較第一季略有增加。

Our Q2 subscriber value and net subscriber value reflect a blended investment tax credit of approximately 35%, again reflecting the portion of our deployed systems, qualifying for the energy communities and low-income ITC adders. Total value generated, which is the net subscriber value multiplied by the number of subscriber additions in the period, was $310 million in the second quarter. Our present value-based metrics are presented using a 6% discount rate, but our financial underwriting already accounts for our current cost of capital, which was approximately 7.5% in Q2.

我們第二季的用戶價值和淨用戶價值反映了約 35% 的混合投資稅收抵免，再次反映了我們已部署系統的部分，有資格獲得能源社群和低收入 ITC 加法器。第二季產生的總價值為 3.1 億美元，即淨用戶價值乘以該期間新增用戶數量。我們目前基於價值的指標採用 6% 的折現率，但我們的財務核保已經考慮了我們目前的資本成本，第二季約為 7.5%。

As a reminder, to enable ease of comparison across periods, we generally do not update the discount rate frequently. Instead, we provide advance rate ranges that reflect current interest rates, enabling investors to calculate the obtainable net cash unit margins on our deployments. In addition, we provide a pro forma net subscriber value using the capital costs observed for the quarter.

提醒一下，為了方便跨期間比較，我們一般不會頻繁地更新貼現率。相反，我們提供反映當前利率的預付利率範圍，使投資者能夠計算我們的部署中可獲得的淨現金單位利潤。此外，我們也使用本季觀察到的資本成本提供了預期淨訂戶價值。

At a 7.5% discount rate, net subscriber value was $7,075, and total value generated was $177 million. We expect additional tailwinds to net subscriber value in future periods from the following variety of factors: more favorable business mix; increased realization of ITC adders; lower hardware prices; labor efficiency and operating leverage from strong sequential volume growth.

以 7.5% 的折扣率計算，淨訂戶價值為 7,075 美元，產生的總價值為 1.77 億美元。我們預計，以下各種因素將在未來一段時間內對淨用戶價值產生額外的推動作用：更有利的業務組合；增加 ITC 加法器的實作；更低的硬體價格；銷售量連續強勁成長帶來的勞動力效率和營運槓桿。

On slide 13, we detail the tailwinds from ITC adders. In Q2, we recognized the weighted average ITC of approximately 35%, the equivalent of approximately half of our systems qualifying for the energy communities or low-income adder. Proceeds from domestic content adders are expected to be realized in the coming quarters, including a retroactive monetization of a portion of 2023 and the year-to-date 2024 installations.

在投影片 13 中，我們詳細介紹了 ITC 加法器帶來的推動力。在第二季度，我們認識到加權平均 ITC 約為 35%，相當於我們系統中約一半符合能源社區或低收入加法者的資格。國內內容添加商的收益預計將在未來幾季實現，包括對 2023 年的部分內容和 2024 年迄今的安裝量進行追溯貨幣化。

We were encouraged to see the updated guidance in May, which should allow for a strong majority of our installations to qualify for this adder within a few quarters and increase our weighted average ITC level to around 45% in 2025.

我們很高興看到 5 月的更新指南，這將使我們的絕大多數安裝在幾個季度內符合此加法器的要求，並在 2025 年將我們的加權平均 ITC 水準提高到 45% 左右。

Turning now to gross and net earning assets and our balance sheet on slide 15. Gross earning assets were $15.7 billion at the end of the second quarter. Gross earning assets is the measure of cash flows we expect to receive from subscribers over time, net of operating and maintenance costs, distribution to tax equity partners and distributions to project equity financing partners, all discounted at a 6% unlevered capital cost.

現在轉向幻燈片 15 上的總盈利資產和淨盈利資產以及我們的資產負債表。總獲利資產是我們預計隨著時間的推移從認購者收到的現金流量的衡量標準，扣除營運和維護成本、向稅務股權合作夥伴的分配​​以及向專案股權融資合作夥伴的分配​​，所有這些均以6% 的無槓桿資本成本折現。

Net earning assets were $5.7 billion at the end of the second quarter, up approximately $430 million from the prior quarter. Net earning assets is gross earning assets, plus cash, less all debt.

第二季末淨獲利資產為 57 億美元，比上一季增加約 4.3 億美元。淨獲利資產是總獲利資產加上現金，減去所有債務。

Net earning assets does not include inventory or other construction and progress assets or net derivative assets related to our interest rate swaps, all of which represent additional value. The value creation upside we expect from future grid services opportunities and selling additional products and services to our customer base are not reflected in these metrics.

淨利潤資產不包括庫存或其他建設和進度資產或與我們的利率掉期相關的淨衍生資產，所有這些都代表附加價值。我們預期未來電網服務機會以及向我們的客戶群銷售外產品和服務所帶來的價值創造優勢並未反映在這些指標中。

We programmatically enter into interest rate hedges to insulate our capital costs from adverse near-term fluctuations. The vast majority of our debt is either fixed-coupon long-dated securities or floating rate loans that have been hedged with interest rate swaps. As such, we do not adjust the discount rate used in net earning assets to match our capital costs for new installations.

我們有計劃地進行利率對沖，以使我們的資本成本免受不利的短期波動的影響。我們的絕大多數債務要么是固定息票長期證券，要么是透過利率掉期對沖的浮動利率貸款。因此，我們不會調整淨收益資產中使用的折現率來匹配新裝置的資本成本。

We ended the quarter with over $1 billion in total cash, an increase of $259 million compared to the prior quarter. Cash generation was $217 million in Q2, which included the recovery of timing-related items. Most notably, the $181 million reduction in Q1 proceeds as the result of the transition from traditional tax equity to tax credit transfers.

本季結束時，我們的現金總額超過 10 億美元，比上一季增加了 2.59 億美元。第二季現金產生量為 2.17 億美元，其中包括與時間相關的項目的回收。最值得注意的是，由於從傳統稅收公平轉移到稅收抵免的轉變，第一季收益減少了 1.81 億美元。

Turning to our capital markets activities. As we discussed last call, we were very active in Q1 arranging capital to support our growth and further optimizing our balance sheet by extending maturities. To navigate potential and economic conditions and volatility, we have been prudent to extend facilities early and proactively.

轉向我們的資本市場活動。正如我們在上次電話會議中討論的那樣，我們在第一季非常積極地安排資本以支持我們的成長，並透過延長期限進一步優化我們的資產負債表。為了應對潛在的經濟狀況和波動性，我們一直謹慎地儘早主動擴展設施。

As of today, closed transactions and executed term sheets provide us with expected tax equity capacity to fund over 313 megawatts of project for subscribers beyond what was deployed through the second quarter. We also have over $1 billion in unused commitments available in our non-recourse senior revolving warehouse loan. This unused amount would fund approximately 373 megawatts of projects for subscribers.

截至今天，已完成的交易和執行的條款清單為我們提供了預期的稅收股權能力，可以為訂戶超過第二季度部署的超過 313 兆瓦的項目提供資金。我們的無追索權優先循環倉庫貸款中還有超過 10 億美元的未使用承諾。這筆未使用的資金將為訂戶的約 373 兆瓦項目提供資金。

Our strong debt capital run rate allows us to be selective in timing term-out transactions. Since the start of the year, we have closed three ABS transactions. Sunrun's industry-leading performance as an originator and servicer of residential solar assets continues to provide deep access to attractively priced capital.

我們強勁的債務資本運作率使我們能夠選擇性地選擇到期交易的時機。自今年年初以來，我們已經完成了三筆 ABS 交易。 Sunrun 作為住宅太陽能資產的發起者和服務商，其領先業界的表現繼續為獲得價格有吸引力的資本提供深入的途徑。

In June, we closed an $886 million ABS transaction, representing the largest ever securitization for Sunrun and the residential solar industry. We also arranged a subordinated financing on the portfolio. The Class A non-recourse debt, comprising both publicly and privately placed tranches, was rated A+ by Kroll. The Class A notes had a higher rating than precedent ABS transactions with comparable advance rates, evidencing the higher quality of our portfolios. The spread of 205 basis points on the public tranche represented a 35 basis point improvement from our previous comparable ABS transaction in September 2023.

6 月，我們完成了 8.86 億美元的 ABS 交易，這是 Sunrun 和住宅太陽能產業有史以來最大的證券化交易。我們也為該投資組合安排了次級融資。 A 級無追索權債務（包括公開發行和私募發行部分）被克羅爾評為 A+。 A 級票據的評級高於具有可比較預付款利率的先例 ABS 交易，證明了我們投資組合的更高品質。公共部分的利差為 205 個基點，比我們 2023 年 9 月之前的可比較 ABS 交易提高了 35 個基點。

The advance rates on the portfolio were 73% for the Class A notes and 83% cumulatively when including the additional subordinated financing. As previously noted, in February, we issued $483 million in convertible notes due in 2030 and concurrently commenced repurchases of our 2026 convertible notes.

此投資組合中 A 級票據的預付率為 73%，如果包括額外的次級融資，則累積預付率為 83%。如前所述，2 月份，我們發行了 2030 年到期的 4.83 億美元可轉換票據，同時開始回購 2026 年可轉換票據。

To date, we have repurchased over $266 million or two-thirds of our 2026 convertible notes. This amount includes repurchases of $50 million in July. We will continue to be disciplined and selective with our repurchases.

迄今為止，我們已回購了超過 2.66 億美元，即 2026 年可轉換票據的三分之二。這筆金額包括 7 月回購的 5,000 萬美元。我們將繼續保持紀律和選擇性地進行回購。

When we think about our balance sheet, we prioritize a strong cash position and use of asset-level non-recourse debt financing. This strategy provides the lowest cost capital to finance cash flow producing assets, backed by highly creditworthy consumers and to use parent recourse debt that is appropriately sized and balances, maturity dates, cash interest costs and flexibility.

當我們考慮資產負債表時，我們會優先考慮強大的現金狀況和使用資產級無追索權債務融資。該策略提供最低成本的資本來為產生現金流的資產提供資金，並由信譽良好的消費者提供支持，並使用適當規模、餘額、到期日、現金利息成本和靈活性的母公司追索權債務。

Turning now to our outlook on slide 18. The underpenetrated nature of our market gives us confidence we can sustain robust growth throughout this decade. In this strong long-term demand backdrop, our priority is to generate cash by continuing to increase customer values through growing storage adoption and other higher-value products and services and by reducing our costs.

現在轉向我們對幻燈片 18 的展望。在這種強勁的長期需求背景下，我們的首要任務是透過不斷增加儲存採用率和其他更高價值的產品和服務來繼續提高客戶價值以及降低成本來產生現金。

Storage capacity installed is expected to be in a range of 275 to 300 megawatt hours in Q3. This represents approximately 64% growth year over year at the midpoint. For the full year, we are increasing our storage guidance to a range of 1,030 to 1,100 megawatt hours, representing 86% growth at the midpoint, an increase from our prior guidance range of 800 to 1,000 megawatt hours.

預計第三季安裝的儲存容量將在 275 至 300 兆瓦時之間。這意味著中位數同比增長約 64%。對於全年，我們將儲存指導範圍提高到 1,030 至 1,100 兆瓦時，中間值成長 86%，高於我們先前 800 至 1,000 兆瓦時的指導範圍。

Solar energy capacity installed is expected to be in a range between 220 and 230 megawatts in Q3. At the midpoint, this represents 17% growth from Q2. For the full year, we expect solar energy capacity installed to decline approximately 15%, in line with the low end of our prior guidance range. We believe this guidance still represents market share gains underpinned by the strength of our subscription offering and our disciplined go-to-market approach.

預計第三季太陽能裝置容量將在 220 至 230 兆瓦之間。從中間值來看，這比第二季度增長了 17%。我們預計全年太陽能裝置容量將下降約 15%，與我們先前指導範圍的下限一致。我們相信，這項指導仍代表著市場佔有率的成長，而這得益於我們的訂閱服務實力和嚴格的上市方式。

We also expect year-over-year growth to be positive starting in Q4. Given our focus on increasing net subscriber values through product mix, additional ITC adders and cost efficiencies, we expect our net subscriber values will be materially higher in the second half of the year relative to Q2 levels.

我們也預計第四季開始年比成長將呈現正值。鑑於我們專注於透過產品組合、額外的 ITC 加法器和成本效率來增加淨用戶價值，我們預計下半年我們的淨用戶價值將顯著高於第二季度的水平。

Because we have been increasing unit economics, total value generated growth will be at least 15 percentage points higher than solar installation growth. We remain committed to driving meaningful cash generation, as we execute our margin-focused and disciplined growth strategy.

由於我們一直在提高單位經濟效益，因此產生的總價值成長將比太陽能安裝成長至少高出 15 個百分點。在執行以利潤為中心和嚴格的成長策略時，我們仍然致力於推動有意義的現金產生。

We are reiterating our cash generation outlook for Q4. We expect cash generation will be positive in Q3, $50 million to $125 million in Q4 and now $350 million to $600 million in 2025.

我們重申第四季的現金生成前景。我們預計第三季的現金產生將為正，第四季為 5,000 萬至 1.25 億美元，現在到 2025 年為 3.5 億至 6 億美元。

On slide 19, we have outlined sensitivities related to key variables that would affect our achievement. We now expect a large portion of our solar-only systems, in addition to our storage systems, to qualify for the domestic content adder starting later this year and into 2025.

在投影片 19 上，我們概述了與影響我們成就的關鍵變數相關的敏感度。現在，除了我們的儲存系統之外，我們預計我們的大部分純太陽能係統將有資格從今年稍後開始一直到 2025 年。

We will provide more concrete expectations for amounts and timing of initial receipt of domestic content adders during the coming quarters. Our 2025 cash generation guidance reflects an approximately 45% average ITC.

我們將對未來幾季首次收到國內內容添加者的數量和時間提供更具體的預期。我們的 2025 年現金產生指導反映了約 45% 的平均 ITC。

With that, let me turn it back to Mary.

說到這裡，讓我把話題轉回瑪麗身上。

Thanks, Danny. I want to again express my appreciation to the entire Sunrun team, your continued commitment to providing our customers and communities with clean, affordable energy to power their lives and to create value for all of our stakeholders is what drives us forward. Our rapid transition to a storage-first company is extending our differentiation, driving enhanced margins and delivering the best value to customers.

謝謝，丹尼。我想再次向整個Sunrun 團隊表示感謝，你們持續致力於為我們的客戶和社區提供清潔、負擔得起的能源，為他們的生活提供動力，並為我們所有利益相關者創造價值，這是我們前進的動力。我們向儲存優先的公司的快速轉型正在擴大我們的差異化、提高利潤並為客戶提供最佳價值。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions)

（操作員說明）

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, everyone. Good afternoon. Thanks for taking the questions and kudos on the solid cash generation here. I guess first question on that front, just given it's such a focus for you now and for the overall market as well, how are you thinking about capital allocation priorities, especially into 2025, as you think about now the significantly higher and absolute levels of cash gen you're talking about?

嘿大家。午安.感謝您提出問題，並對這裡穩定的現金產生表示讚賞。我想在這方面的第一個問題是，考慮到它現在對您和整個市場來說都是如此關注，您如何考慮資本配置優先事項，特別是到2025 年，因為您現在考慮的是明顯更高的絕對水準你說的是現金世代嗎？

And then just given the wide range, what are some of the biggest swing factors for the '25 outlook for cash gen? Is it rates? Is it mix, et cetera? Just what's sort of in your control versus what's not in your control, if we're trying to kind of handicap your potential to reach the higher end of some of those cash generation targets? And then I have a follow-up.

那麼考慮到範圍廣泛，25 年現金生成前景的最大波動因素是什麼？是費率嗎？是混合等嗎？如果我們試圖限制您實現某些現金產生目標的較高目標的潛力，那麼您可以控制哪些內容，哪些內容不受您控制？然後我有一個後續行動。

Hey, Brian, it's Danny. I'll take the second part of the question first, and I'll just generally refer to slide 19 of the presentation where we do zero in on the three primary factors. If we're trying to think for sensitivities, they are the ITC realization rate, cost of capital, and the battery attachment rates.

嘿，布萊恩，我是丹尼。我將首先回答問題的第二部分，我將一般性地參考簡報的第 19 張投影片，其中我們對三個主要因素進行了歸零。如果我們試圖考慮敏感性，它們就是 ITC 實現率、資本成本和電池附加率。

I think those are the principal three we highlighted in the past as well. Per point or quarter point of change in each of those, we've indicated the degree of sensitivity. So I'd refer you there for those big three.

我認為這也是我們過去強調的三個主要因素。每一個點或四分之一點的變化，我們都顯示了敏感度。所以我會向您推薦這三巨頭。

There are a bunch of other items noted around mostly timing. I would say, in the bucket of not entirely within our control, always at all times, so that could have some intra-quarter variability around incentive monetization, capital markets timing.

還有很多其他的項目主要是關於時間的。我想說的是，在不完全在我們控制範圍內的情況下，總是在任何時候，因此激勵貨幣化、資本市場時機可能會出現一些季度內的變化。

Just as a general reminder, we do about three to four turn out transactions a year. So the timing for those will matter. And generally, other working capital, I mentioned incentives, rebates, the ITC monetization, the timing of cash received by transaction. I'll put those all in the timing buckets in addition to the three primary factors.

總而言之，我們每年大約進行三到四筆交易。因此，這些的時機很重要。一般來說，其他營運資金，我提到了激勵措施、回扣、ITC 貨幣化、交易收到現金的時間。除了三個主要因素之外，我還將把所有這些都放在時間桶中。

On the capital allocation question, we'll continue to evaluate the best options to remain disciplined around that and, say, parent deleveraging to better position the balance sheet will become a focus that will drive available -- higher available liquidity, clean up the balance sheet, which we think will drive shareholder value meaningfully as we do that.

在資本配置問題上，我們將繼續評估最佳選擇，以保持紀律性，例如，母公司去槓桿化以更好地定位資產負債表將成為一個焦點，這將推動可用——更高的可用流動性，清理餘額我們認為，當我們這樣做時，這將有意義地推動股東價值。

And then the remainder, the balance, will be put the best use being determined at the time. Buybacks and other uses will be a consideration, of course, some of which would be a Board-level decisions considering the best use of the time.

然後剩下的，即餘額，將根據當時確定的情況得到最佳利用。當然，回購和其他用途將是一個考慮因素，其中一些將是考慮到最佳利用時間的董事會層級決策。

Okay. That's awesome. Great color. Maybe one for Mary since you brought it up in your prepared remarks, just obviously real-time developments around some of your peers, not doing very well in the marketplace, potential for share gain for you.

好的。棒極了。顏色很棒。也許是瑪麗的一個，因為你在準備好的發言中提出了這一點，顯然是你的一些同行的實時發展，在市場上表現不佳，你的股票收益潛力。

Given the better cash flow prospects, you talked about gaining some share. How would you factor in kind of adding incremental growth and spending money on that as a priority for capital allocation in '25? Just on the solar side, obviously, you very well on the storage side already.

考慮到更好的現金流前景，您談到了獲得一些份額。您如何將增加增量成長和為此投入資金作為 25 年資本配置的優先事項？顯然，就太陽能方面而言，您在存儲方面已經做得很好了。

But given you're also talking about being back to double-digit year-on-year solar growth exiting this year, it seems like you might have a tailwind into '25. Like what are the sort of the spending priorities/needs you might be looking at there? Thank you.

但考慮到今年太陽能發電量將恢復兩位數的同比增長，看來您可能會在 25 年迎來順風車。您可能會在那裡關注哪些支出優先事項/需求？謝謝。

Brian, good to chat with you. Yes, so just to reiterate again, we're going to continue our disciplined margin-focused approach and strategy. So yes, certainly, what is happening is providing some opportunity for us, some market opportunity. As I said in my remarks, I mean, we were really thrilled to have really two industry veterans and leaders joined our new homes team, and we are talking to some of really the most significant builders in the market.

布萊恩，很高興與你聊天。是的，所以再次重申，我們將繼續我們嚴格的以利潤為中心的方法和策略。所以，是的，當然，正在發生的事情為我們提供了一些機會，一些市場機會。正如我在演講中所說，我的意思是，我們非常高興有兩位行業資深人士和領導者加入我們的新房團隊，而且我們正在與市場上一些真正最重要的建築商進行交談。

And so we're progressing those kinds of conversations and looking at ways we can continue to grow in our margin-focused way, measured way that delivers what we're after, right, which is volume and margin and cash generation.

因此，我們正在推進此類對話，並尋找能夠以以利潤為中心的方式繼續增長的方法，這種可衡量的方式可以實現我們所追求的目標，對吧，即銷售、利潤和現金生成。

So that is like -- you're not going to see any change. That's what our focus is on while we also continue to really drive -- continue to drive efficiencies in the business. So I'm really proud of what the team has done, both on the customer experience side from an NPS perspective, but also from an efficiency perspective, as we have also done in the operations of the company.

所以這就像——你不會看到任何變化。這就是我們的重點，同時我們也持續真正推動──持續提高業務效率。因此，我對團隊所做的事情感到非常自豪，無論是從 NPS 角度來看的客戶體驗方面，還是從效率角度來看，就像我們在公司營運中所做的那樣。

We've been in the new homes business for some time. We've been in the business of working with really important partners. So we also see some opportunity. We've had a number of affiliate partners reach out to us. And so again, we're really pleased to be having those conversations, and continuing to build out the momentum we have in the business towards, again, that margin accretive, profitable growth.

我們從事新房業務已有一段時間了。我們一直在與非常重要的合作夥伴合作。所以我們也看到了一些機會。有許多附屬合作夥伴與我們聯繫。因此，我們真的很高興能夠進行這些對話，並繼續增強我們在業務中的勢頭，再次實現利潤成長和獲利成長。

So, Paul, I don't know if there's anything you want to add to that.

所以，保羅，我不知道你是否還有什麼要補充的。

Maybe, say, just similar as we've talked about in the past on the dealer side of the business. We're seeing people migrate more to safe harbor -- safer harbors, and we don't view this situation where -- one where the market is demanding people come in and overpay to attract the volume. Much of our conversations with these new homes partners and other volume sources that SunPower's had historically. They're coming to us, looking for the foundation of Sunrun has: our reliable business that knows how to predictably price, service and maintain and deliver for consumers and do sort of areas.

也許，就像我們過去在經銷商方面討論過的那樣。我們看到人們更多地遷移到安全港——更安全的港口，我們不認為這種情況是——市場要求人們進來並支付過高的價格來吸引數量。我們與這些新房合作夥伴以及 SunPower 歷史上擁有的其他數量來源進行了許多對話。他們來找我們，尋找 Sunrun 的基礎：我們可靠的業務，知道如何為消費者提供可預測的定價、服務、維護和交付，以及從事各種領域的工作。

So we've definitely seen that take place. We are, however, investing in product expansion and not chasing volume specifically. And we don't anticipate that exercise. It consumes a lot of capital, but we do think it contributes towards that mid-teens double-digit year-over-year growth resuming in Q4.

所以我們確實看到了這種情況的發生。然而，我們正在投資產品擴展，而不是專門追求數量。我們預計不會進行這樣的演習。它消耗大量資本，但我們確實認為它有助於第四季度恢復兩位數的同比增長。

Appreciate it. And best of luck.

欣賞它。祝你好運。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey, good afternoon, team. Thank you. Nicely done indeed on the cash gen here. Maybe pick it up where Brian left off here, if we can. Just on the full year and just rolling forward here, I mean, cash gen looks very constructive. What does that reflect in terms of volumes looking to '25? You said, as you look to the full year, obviously, expecting solar volumes to decline, but seeing an inflection here to positive beginning in Q4.

嘿，下午好，團隊。謝謝。這裡的現金產生確實做得很好。如果可以的話，也許可以從布萊恩留下的地方繼續。就全年而言，我的意思是，現金生成看起來非常有建設性。這對 25 年的銷售量有何影響？您說，當您展望全年時，顯然預計太陽能發電量將下降，但看到第四季度開始出現積極的轉折點。

Just how do you think about that volumetrically across the space, as you look forward here? What's reflected? And related -- well, actually, I'll let you and I'll follow up with a clarification.

當您展望這裡時，您如何看待整個空間的體積？反映了什麼？相關的——好吧，實際上，我會讓你跟進澄清。

Julien, I'll give the short answer on volume, as it related to cash gen, which is double-digit growth. I think we made the remark on the script. Getting to that level in Q4 and holding at that level beyond Q4 is the anticipation. That's in line with the longer-term view and objective of double digit, like mid-teens industry growth potential as well.

朱利安，我將就數量給出簡短的回答，因為它與現金生成有關，現金生成是兩位數的增長。我想我們是對劇本作出評論的。我們預計將在第四季度達到這一水平並在第四季度之後保持這一水平。這符合兩位數的長期觀點和目標，也符合十幾歲左右的產業成長潛力。

I always try to ask for more granularity, right? If I can, I was just passing on this little further right. So despite the eligibility on solar-only systems for domestic content here, you're still raising storage guidance, right?

我總是試著要求更多的粒度，對吧？如果可以的話，我只是從這個稍微靠右的地方過去。因此，儘管這裡的純太陽能係統有資格用於家庭內容，但您仍在提高儲存指導，對嗎？

I think that's an interesting dynamic here by 10% to 20%. Is that a statement on California and NEM market specifically, right, as you think about California being a big driver here nationally on volumes, is the fact that storage is doing relatively well, a statement of what you guys specifically are seeing in California?

我認為 10% 到 20% 是一個有趣的動態。這是針對加州和 NEM 市場的具體聲明嗎？

It's a statement on what we specifically see provides incredible value for customers all across America as well as for our shareholders. So we've made them all join into a multiproduct company with our storage-first strategy. We sell other products as well, but storage has really been a key focus of ours, not just because of the value it provides for shareholders, the value it provides for customers in terms of resilience, but also what we really continue to see is going to be a future unlock, which is the grid services value that we continue to talk about.

這是一份關於我們特別看到的為全美國客戶以及我們的股東提供令人難以置信的價值的聲明。因此，我們透過儲存優先策略讓他們全部加入了一家多產品公司。我們也銷售其他產品，但儲存確實是我們的重點關注點，不僅因為它為股東提供了價值，還因為它在彈性方面為客戶提供了價值，而且還因為我們真正繼續看到的是成為未來的解鎖，這就是我們繼續講的網格服務價值。

So it really allows us on over time to be building a fleet of stored energy capacity that I think is going to become increasingly valuable in the United States as utilities face not just rising cost challenges but capacity challenges as well.

因此，隨著時間的推移，它確實使我們能夠建立一系列儲存能源容量，我認為這在美國將變得越來越有價值，因為公用事業不僅面臨成本上升的挑戰，還面臨容量挑戰。

Got it. Thank you very much.

知道了。非常感謝。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

Thanks for taking my questions. Congrats on stellar update. How do you think of competing for tax equity and transferability hybrid funds in the context of rising demand for such capital, particularly from your top competitor who is successfully pushing deeper into these markets, but possibly also from former loan providers and others trying to flood into this market?

感謝您回答我的問題。恭喜恆星更新。在對此類資本的需求不斷增長的背景下，您如何看待競爭稅收公平和可轉讓混合基金，特別是來自成功深入這些市場的頂級競爭對手，但也可能來自前貸款提供者和其他試圖湧入的人這個市場？

Moses, this is Danny. We feel pretty well positioned. I think, in particular, given how many years they've been added, right, the buyer universe that's been pretty stable for us over many years, the ability to implement hybrid structures where we're combining the traditional buyer universe with a very rapidly expanding set of transferability buyers, many of whom are in the 9-figure ZIP code for individual check size in the transactions.

摩西，這是丹尼。我們感覺自己處於有利位置。我認為，特別是考慮到它們已經添加了多少年，對吧，多年來我們的買家世界一直相當穩定，我們有能力實施混合結構，將傳統的買家世界與非常快速的結合起來。轉讓性買家群體，其中許多人在交易中使用9 位數郵政編碼的個人支票尺寸。

I think just given the momentum we've seen build over the year, we feel very well positioned. We're well aware of the kind of the overall demand for tax equity. But I think it is being balanced for us with the radically expanding available supply that's coming in from the corporate buyer universe that is supplementing deal sizes in a very, very material way for us.

我認為，考慮到我們一年來所建立的勢頭，我們感覺自己處於非常有利的位置。我們非常了解稅收公平的整體需求。但我認為，這對我們來說是平衡的，因為企業買家領域的可用供應正在急劇擴大，這對我們來說以非常非常物質的方式補充了交易規模。

And Moses, this is Ed. I would say that the company, I think, has a fantastic reputation across all of our capital providers on the nonrecourse side, but I think that is particularly acute with tax equity who we've been working for for so long they have done dozens of funds with multiple counterparties, both the company's performance, the lack of need to amend the transactions, the quality of the team, all those things, I think, contribute to us being really on the top of the list of counterparties for those capital providers. And I think we feel very good about it.

摩西，這是艾德。我想說的是，我認為該公司在非追索權方面在我們所有的資本提供者中都享有盛譽，但我認為這在稅收公平方面尤其嚴重，我們已經為他們工作了很長時間，他們已經做了數十次我認為，有多個交易對手的基金，公司的業績，無需修改交易，團隊的質量，所有這些因素都有助於我們真正成為這些資本提供者的交易對手名單的首位。我認為我們對此感覺非常好。

Yes, the reliable -- and then one point just on that, like the reliable flow nature of our business leads new predictive -- very high rate of predictability for the person on the other side seeking tax credits and a tax planning exercise as well. And I think that's understood by the market.

是的，可靠——還有一點就是這一點，就像我們業務的可靠流動性質帶來了新的預測——對於另一方尋求稅收抵免和稅務規劃活動的人來說，可預測性非常高。我認為市場可以理解這一點。

I think that's very helpful. And I sort of remember you out competing as far as SolarCity's days, so I mean you've proven that. I guess one more separately. I noticed $220 million early repayment of pass-through financing. How is that reflected in cash gen?

我認為這非常有幫助。我記得你在 SolarCity 時代就參加過比賽，所以我的意思是你已經證明了這一點。我想另外還有一個。我注意到轉手融資提前償還了 2.2 億美元。這如何反映在現金生成？

Was that swapped out with new project that I know that was sort of a form of former kind of tax equity. But what's happening there with that $220 million?

我知道這是一種以前的稅收公平形式，是否被新項目取代了？但這 2.2 億美元到底發生了什麼事？

Moses, are you referring to the repayment of -- sorry, I missed part of the question. Is it the repayment of the tax equity financing obligation?

摩西，你指的是償還——抱歉，我漏掉了問題的一部分。是償還稅股權融資義務嗎？

No, I noticed the early repayment of pass-through financing of $220 million. You had $20 million last quarter also.

不，我注意到提前償還了2.2億美元的轉手融資。上個季度你也有 2000 萬美元。

Yes, those -- that was the older style of tax equity fund that reached its buyout point. I think we've had a rolling amount of tax equity buyouts. I think this is no different. The tax equity is done buyout, the asset capital structure gets cleaned up eventually in connection with that.

是的，那些——那是達到收購點的老式稅收股權基金。我認為我們已經進行了大量的稅收股權收購。我認為這沒有什麼不同。稅收股權被收購，資產資本結構最終會隨之清理。

So I think that's just a kind of ordinary course type of activity for us. These funds just reach kind of end of life in terms of getting to the buyout point.

所以我認為這對我們來說只是一種普通的課程類型的活動。就到達收購點而言，這些基金的生命週期剛結束。

Right. Sorry, how was that paid? Was that reducing cash generation though?

正確的。抱歉，請問這是怎麼付款的？但這會減少現金產生嗎？

It would have been paid with a concurrent debt financing of the assets in connection with the buyout.

這筆資金將透過與收購相關的資產的平行債務融資來支付。

Well, I'll take the rest offline. Thank you.

好吧，我會把剩下的部分離線。謝謝。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

Thank you, everybody. Following on Moses' question, insofar as the market for transferable credits is concerned, I'm wondering if you can give us some rough commentary on where those transactions are clearing in terms of pricing.

謝謝大家。繼摩西的問題之後，就可轉讓信用市場而言，我想知道您是否可以就這些交易在定價方面的清算情況給我們一些粗略的評論。

And then I'm also curious as to whether there's any difference in the market, if you're looking at something that might be perceived as a little more aggressive like stacking and energy communities, credit and a domestic content on top of the 30%? Or is everything kind of priced the same?

然後我也很好奇市場是否有任何差異，如果你正在尋找一些可能被認為更具侵略性的東西，例如堆疊和能源社區、信貸和 30% 之上的國內含量？還是所有東西的價格都一樣？

And then my -- I'll just give you my follow-up, which is super simple. I want to clarify on the cash generation for next year. Are you talking Q4 '24 to Q4 '25 for the $350 million to $600 million? I just want to make sure I'm thinking about the right comps. Thank you.

然後我的——我會給你我的後續行動，這非常簡單。我想澄清一下明年的現金產生。您指的是 24 年第 4 季到 25 年第 4 季的 3.5 億美元到 6 億美元嗎？我只是想確保我正在考慮正確的搭配。謝謝。

So taking the first part, so really, the primary pricing data point is the price per credit being paid. And I think that's been in a low 90s -- express in cents per dollar of credit in the low 90s range. I think that has moved incrementally, I think, over the course of the year, especially as we get later in the year, we could see pricing move up for those looking to fill out the year and they're just kind of in a moment for urgent demand.

因此，就第一部分而言，實際上，主要定價數據點是支付的每個積分的價格。我認為這個數字一直處於 90 年代的低點——以每美元信貸的美分錶示，處於 90 年代低的範圍內。我認為，在這一年中，尤其是在今年晚些時候，我們可以看到那些希望填補這一年的人的價格上漲，而且他們只是在一瞬間緊急需求。

So we're seeing some of that activity now materialize in the back half of the year. Potentially, we'll see more of it. Generally, the long-term expectation is that we see the price per credit incrementally pick up over time, both because the buyer universe expands, but then we mature to the point where we're seeing repeat buying activity and it's not kind of reliability play where we could see the value differentiation or the ticking up in value coming to play.

因此，我們看到其中一些活動將在今年下半年實現。我們可能會看到更多這樣的情況。一般來說，長期預期是，我們會看到每積分的價格隨著時間的推移逐漸上升，這都是因為買家範圍擴大，但隨後我們成熟到了看到重複購買活動的程度，這不是一種可靠性遊戲我們可以看到價值差異或價值上漲正在發揮作用。

There will be monetization of retroactive credits. So pricing can be a little bit different depending on how far back we're reaching. And there's no distinction. Because it's for dollar credit transfer, there isn't a distinction between the type of adder that's being paid for.

追溯積分將貨幣化。因此，根據我們的回溯時間，定價可能會略有不同。而且沒有差別。因為它用於美元信用轉賬，所以所支付的加法器類型之間沒有區別。

As for the second part of the question --

至於問題的第二部分——

Yes, that was my question. There's not any kind of perceived high level of recapture if you're stacking multiple credits. People are just kind of paying what they're paying.

是的，這就是我的問題。如果您疊加多個積分，則不會有任何高水平的重新捕獲。人們只是支付他們所支付的費用。

I think that's generally right. I mean, investors are doing their diligence and they're paying in consideration of their diligence. I think the prices reflect that. And then can you remind me the second part, the follow-up?

我認為這通常是正確的。我的意思是，投資者正在盡職盡責，他們的付出也是考慮到他們的勤奮。我認為價格反映了這一點。然後你能提醒我第二部分，也就是後續部分嗎？

Yes. It's a simple clarification that '25 cash generation target, can I think of that as where you exit '24 and then where you exit '25? I just want to make sure I understand.

是的。這是一個簡單的澄清，即“25 年現金生成目標”，我可以將其視為退出“24 年”然後退出“25 年”嗎？我只是想確保我理解。

That's more simply the cash generation in the year. So through all four quarters added up.

這更簡單地說是當年的現金產生量。因此，將所有四個季度相加。

All right. So I want to make sure I'm clear. What does that imply for exiting '24 versus exiting '25 if I'm just comping like-to-like, what has that number been?

好的。所以我想確保我說清楚了。如果我只是比較類似的情況，那麼退出「24」與退出「25」意味著什麼，這個數字是多少？

Right. So we have $50 million to $125 million for Q4 is the guidance. And if you simply annualize that by multiplying by 4, that's $200 million to $500 million is the exit pace. And then for the full year next year, it's $350 million to $600 million.

正確的。因此，我們第四季的指導金額為 5,000 萬至 1.25 億美元。如果你簡單地將其乘以 4 進行年化，那麼退出速度就是 2 億至 5 億美元。明年全年的支出為 3.5 億至 6 億美元。

Yes. I guess -- I'm sorry, I want to clarify this. Is -- are you saying that exiting 2025, the cash balance exiting the year should be between $350 million and $600 million higher than the cash balance exiting 2024?

是的。我想——抱歉，我想澄清這一點。您是說，到 2025 年，當年的現金餘額應該比 2024 年的現金餘額高出 3.5 億至 6 億美元嗎？

That's correct, unrestricted.

沒錯，不受限制。

Got it. Thank you.

知道了。謝謝。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Great. Good evening, everyone, and thanks for taking the question you asked. I do want to ask another question on this cash generation here just related to some of the ITC adders. I mean, I guess, I just would have expected a slightly more meaningful jump in 2025 as you fully realize some of that domestic content adder.

偉大的。大家晚上好，感謝您提出問題。我確實想問另一個關於現金產生的問題，與 ITC 的一些加法器有關。我的意思是，我想，當你充分意識到一些國內內容增加者時，我只是期望 2025 年會有更有意義的跳躍。

I believe that the top end of the $250 million to $500 million range that you provided for the fourth quarter this year contemplated like a 40% ITC. If that goes to 45%, I guess, I would have expected the top end of next year to be slightly above where you're guiding. Is that just conservatism? Am I misreading some of your sensitivities?

我認為，你們為今年第四季提供的 2.5 億至 5 億美元範圍的上限相當於 40% 的 ITC。如果達到 45%，我想，我預計明年的上限將略高於您的指導值。這只是保守主義嗎？我是否誤解了你的一些敏感點？

We'd just love some additional color around how you're thinking about benefiting from some of those credits and whether or not there's potentially additional upside if you don't pass that through to the customer.

我們只是希望了解您如何考慮從其中一些積分中受益，以及如果您不將其傳遞給客戶是否有潛在的額外好處。

Andrew, yes. So based on the implied volume growth we expect to see next year, the volume mix and the amount of adders, the $350 million to $600 million implies a high-single digits to slightly north of 10% type of free cash flow margin, if you will. So just taking free cash flow against the -- all the proceeds raised for financing in the business as the indexing, which we view as an appropriate level of target margin for the business next year, especially as we figure out how to, market by market, go-to-market with the adders, especially the domestic content piece in areas where we have lower battery adoption, there might be some pricing benefits accruing to the consumer as opposed to us.

安德魯，是的。因此，根據我們預計明年看到的隱含銷量成長、銷量組合和加法器數量，3.5 億美元至 6 億美元意味著自由現金流利潤率略高於 10% 類型的高個位數，如果您將要。因此，只需將自由現金流與業務融資籌集的所有收益作為指數，我們認為這是明年業務目標利潤率的適當水平，特別是當我們弄清楚如何逐個市場進行營銷時，隨著加法器進入市場，特別是在我們電池採用率較低的地區的國內內容部分，消費者而不是我們可能會獲得一些定價優勢。

Like all things considered as we watch that through, and that's 6% to 10% level of net margin even through like consideration for working capital as we resume growth, we feel like it's an appropriate target area to expect.

就像我們觀察到的所有因素一樣，即使在我們恢復成長時考慮營運資本，淨利潤率也達到 6% 至 10% 的水平，我們認為這是一個適當的目標領域。

Understood. Okay. That's helpful. And then maybe just switching gears, coming back to the battery storage part of your business for a second. Maybe can you just elaborate, obviously, California very, very strong.

明白了。好的。這很有幫助。然後也許只是切換方向，暫時回到您業務的電池儲存部分。也許你可以詳細說明一下，顯然，加州非常非常強大。

Battery storage market under NEM 3. Can you just give us any data points or anecdotes in terms of what you're seeing on attach rates outside of California? You mentioned Texas already. But maybe just compare and contrast where you are on battery attach rates in some of those markets today versus 2023 or 2022, that would be helpful?

NEM 3 下的電池儲存市場。你已經提到了德克薩斯州。但也許只是比較和對比當今某些市場的電池附加率與 2023 年或 2022 年的情況，這會有幫助嗎？

Yes. I think overall, we see consumers in every market expressing interest in batteries, but we really have pockets that have far stronger battery attach rates. So inside Hawaii and Puerto Rico, obviously, we have nearly 100% or 100% battery attached. California in the backup storage is 80% -- well under the 80%. Texas has been trending up really steeply as we've talked about in the past.

是的。我認為總的來說，我們看到每個市場的消費者都對電池表現出興趣，但我們確實有電池附加率更高的口袋。因此，在夏威夷和波多黎各，顯然我們幾乎 100% 或 100% 連接了電池。加州的備份儲存率為 80%——遠低於 80%。正如我們過去所討論的，德州的上漲趨勢非常陡峭。

So for us, the heavy focus was Mary kind of alluded to this being a core strategy for us is opening up additional markets. And across the East Coast, you see a lot of markets that have relatively low penetration today, but have really attractive consumer value props. The grid deeply needs that we see a lot of future opportunity because of it.

因此，對我們來說，重點是瑪麗暗示這是我們的核心策略，即開拓更多市場。在整個東海岸，您會看到許多市場目前的滲透率相對較低，但擁有真正有吸引力的消費者價值支撐。電網非常需要我們因此看到許多未來的機會。

Our sell people are eager to sell it. So as we work with policy, the different cities, the utilities and a good market strategy, that's kind of where additional growth would come. But nationwide, I would say, strong demand for it and pockets that we've cracked the code on and other markets that are emerging.

我們的銷售人員很想賣掉它。因此，當我們與政策、不同城市、公用事業和良好的市場策略合作時，這就是額外成長的來源。但我想說的是，在全國範圍內，對它的需求強勁，我們已經破解了密碼，以及其他新興市場。

Yes. And I would also just build on that by saying we see just really significant potential in our retrofit program going back to our existing customer base. So again, we expect to see real growth there as well.

是的。我還想在此基礎上說，我們看到我們的改造計畫確實具有巨大的潛力，可以回饋我們現有的客戶群。同樣，我們預計那裡也能看到真正的成長。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good afternoon and thanks for taking the question. Congrats on the cash gen. So my first question goes back to the commentary surrounding irrational pricing. If we take that comment and then we combine that with the fact that the OEMs will have domestic content available for pretty much everyone, what gives you guys the confidence that competition won't just end up eliminating the excess benefit of the higher ITC and that you guys can, in fact, retain the value? Like what makes you think that the cost of the lease across the board hasn't just come down and really it benefits the customer, but you and your peers end up in a relatively similar cash position as this year?

下午好，感謝您提出問題。恭喜現金世代。所以我的第一個問題回到了圍繞非理性定價的評論。如果我們採納這一評論，然後我們將其與原始設備製造商將為幾乎所有人提供國內內容這一事實結合起來，那麼是什麼讓你們相信競爭最終不會消除更高 ITC 的超額利益，而且你們實際上可以保留價值嗎？就像是什麼讓您認為租賃成本不僅全面下降而且確實對客戶有利，而且您和您的同行最終的現金狀況與今年相對相似？

Yes. Great question. So I think, today, we're proving that out in the reality that we're generating cash. We have differential price points and returns than our competition. And we see a large component of the market is out there selling and operating higher rates to sales dealers than we do. And we still have the volume and the growth and the kind of pricing power that we have.

是的。很好的問題。所以我認為，今天我們正在透過創造現金的現實來證明這一點。與競爭對手相比，我們的價格點和回報有所不同。我們看到市場的很大一部分向經銷商銷售和經營的價格比我們高。我們仍然擁有數量、成長和定價能力。

And as we see more competitors struggle and go out, we see consumers get more thoughtful around selecting who they go forward with on merits other than just the price they're paying.

當我們看到越來越多的競爭對手陷入困境並退出時，我們看到消費者在選擇與誰合作時會更加深思熟慮，而不僅僅是考慮他們所支付的價格。

We also think that complication is our competitive advantage. And so as markets get more complicated, have different rate structures that require batteries and other considerations to deliver a complete consumer value prop, we view that as absolutely our advantage and anticipate more markets becoming more complicated and us being able to price differentially as a result.

我們也認為複雜性是我們的競爭優勢。因此，隨著市場變得更加複雜，具有不同的費率結構，需要電池和其他考慮因素來提供完整的消費者價值支柱，我們認為這絕對是我們的優勢，並預計更多市場變得更加複雜，我們能夠因此進行差異化定價。

And then as Danny mentioned, some pass-through to the customer is considered.

然後，正如丹尼所提到的，考慮向客戶傳遞一些訊息。

Yes. I mean, for sure, how we built our guidance. We built in the assumption that some would flow through to benefit customers without a doubt, yes, for sure. And we are just building on what Paul said, that is something we are definitely seeing that I think is more recent, which is -- and probably the most recent disruption that SunPower will drive this home even further where customers are looking harder at servicing. They're looking harder at the long-term relationship where, again, Sunrun just has a very, very strong story to tell.

是的。我的意思是，當然，我們是如何制定指導的。我們建立的假設是，毫無疑問，有些人會流向讓客戶受益，是的，當然。我們只是在 Paul 所說的基礎上繼續發展，我認為這確實是最近發生的事情，這可能是 SunPower 將進一步推動這一趨勢的最新顛覆，因為客戶正在更加努力地尋求服務。他們更重視長期關係，Sunrun 再次有一個非常非常強大的故事要說。

Got it. I appreciate the color there from everyone. And then my follow-up question, maybe a little bit more theoretical, may be a little bit tricky to answer, more difficult to answer. But let's say rates decline faster current -- faster than the market currently anticipates, faster than what's implied in yield curves just due to a more significant deterioration in the economy. Do you have any historical reference for how project financing spreads could trend?

知道了。我很欣賞每個人的顏色。然後我的後續問題，也許更理論一點，可能有點難回答，更難回答。但假設當前利率下降得更快——快於市場目前的預期，快於殖利率曲線所暗示的速度，而只是由於經濟更加嚴重的惡化。對於專案融資利差的趨勢，您有任何歷史參考嗎？

I'm basically trying to understand if you get lower benchmarks, but they're offset entirely by higher credit spreads, or if you think that would potentially be a net benefit to you or if it's just too difficult to answer until you go ahead and do a deal under that scenario? Thank you.

我基本上是想了解您是否獲得較低的基準，但它們完全被較高的信用利差所抵消，或者您是否認為這可能會給您帶來淨收益，或者在您繼續之前很難回答在這種情況下會做交易嗎？謝謝。

That's a great question. And prior to assuming the role, I liked capital markets. We've seen this play out through cycles and different points and cycles. You might -- and I suspect what we're seeing right now in capital markets transactions when there is an immediate and sudden change in base rates, you might see a little bit of credit spread impact. Those can be relatively short lived. We go through a period of price reset, price discovery.

這是一個很好的問題。在擔任此職位之前，我喜歡資本市場。我們已經看到這種情況在不同的週期和不同的點和週期中發生。我懷疑我們現在在資本市場交易中看到的情況，當基本利率立即發生突然變化時，您可能會看到一點信用利差影響。這些可能相對短暫。我們經歷了一段價格重置、價格發現的時期。

We've seen it happen over the last couple of years even, where spreads have momentarily moved. And in subsequent transactions, they've come back down. So we've planned for all of that. I think we're taking both sides of the equation, looking at base rates and planning appropriately and conservatively for credit spreads as we plan out the cash generation of the business.

我們甚至在過去幾年就看到了這種情況的發生，利差暫時改變了。而在隨後的交易中，它們又有所回落。所以我們已經為這一切做好了計劃。我認為我們正在考慮等式的兩邊，在規劃業務的現金生成時，考慮基本利率並適當且保守地規劃信貸利差。

As far as the approach, when base rates fall, monthly, we -- and even weekly, we hedge the base rate. We lock in the base rate environment we're in, for that week or month, depending on the life cycle of where the asset is relative to install. And we effectively protect that rate until the asset is installed. So we've been quite -- as you can imagine, we've been happy with that very recently with the pullback in rates and the seven-year treasury indexes our borrowing cost, and that's down quite a bit ahead of the -- any decision by the Fed to start reducing short-term rates. So we're already benefiting from that.

就方法而言，當基本利率下降時，我們每月甚至每週都會對基本利率進行對沖。我們鎖定該週或該月所處的基本費率環境，具體取決於資產相對於安裝的生命週期。在資產安裝之前，我們會有效地保護該費率。因此，正如你可以想像的那樣，我們對最近利率的回落和七年期國債指數我們的借貸成本感到很滿意，而且比任何其他利率都下降了很多。所以我們已經從中受益了。

On the credit spread environment, we'll be very thoughtful about how we approach markets. So in the past where we've seen momentary short-lived rises in credit spreads rather than doing noncallable transactions in the capital markets, it might turn out in the commercial bank market, which has refinancing flexibility for a future point when credit spreads come back down. So we've got a well-scripted playbook for -- out of experience in playing that through different points in the cycle.

在信用利差環境中，我們將非常慎重地考慮如何對待市場。因此，過去我們看到信用利差短暫上升，而不是在資本市場進行不可贖回交易，但商業銀行市場可能會出現這種情況，因為商業銀行市場在未來信用利差回升時具有再融資靈活性向下。因此，我們有一個精心編寫的劇本——根據在周期中不同點的經驗。

Appreciate all the color. Thank you.

欣賞所有的顏色。謝謝。

James West, Evercore ISI.

詹姆斯·韋斯特，Evercore ISI。

Hey, everyone. I wanted to just quickly ask about the current pricing environment. Mary, I know you mentioned it was getting -- your competition that had been a little sloppy was getting better.

嘿大家。我想快速詢問一下目前的定價環境。瑪麗，我知道你提到過——你之前有點草率的競爭正在變得更好。

I would like to get some more context on this. Are these larger competitors? Are these smaller competitors? Are these competitors that are slowly going out of business? I mean what's changing in the overall pricing environment? And how is it helping to get better?

我想了解更多這方面的背景資訊。這些是更大的競爭對手嗎？這些是較小的競爭對手嗎？這些競爭對手是否正在慢慢倒閉？我的意思是整體定價環境發生了什麼變化？它如何幫助變得更好？

Yes. So thanks for the question. I view it more as like we were giving you an update versus a size mix shift. So there has been, I would say -- since the Inflation Reduction Act, there has been, particularly in the financing-only space with the rapid move to third-party-owned model versus loan, there's been a lot of entrants into the space. So I do it more as we were giving an update.

是的。謝謝你的提問。我認為這更像是我們向您提供更新而不是尺寸混合變化。因此，我想說，自從《通貨膨脹削減法案》頒布以來，特別是在純融資領域，隨著第三方擁有模式與貸款的快速轉變，有很多進入者進入該領域。因此，當我們提供更新時，我會做更多的事情。

We are definitely glad to see what we thought would happen, which is some maturation as entrants learn that this is a very, very different space than loans or cash.

我們絕對很高興看到我們認為會發生的事情，這是一種成熟，因為進入者了解到這是一個與貸款或現金非常非常不同的領域。

But Paul, do you want to add any specific color relative to this question?

但是保羅，你想添加與這個問題相關的任何具體顏色嗎？

Yes. I think the only thing I would add to that is when a new financial entrant comes in and there's been a pretty big handful of them with small individual scale, but several of them, they come in with low controls, attractive pricing and trying to buy up and grow market share.

是的。我認為我唯一要補充的是，當一個新的金融進入者進來時，其中有相當多的個體規模較小，但其中有幾個，他們的控制力較低，定價有吸引力，並試圖購買並擴大市場佔有率。

Then as them and their finances were more about owning 25-year assets, tax credits or the things that -- to use Danny's terminology, it's a well scripted playbook that we've built over nearly two decades. As they were in those things, they are repricing and implementing a lot of the controls that we already have in place, bringing it closer to a level playing field. And as that happens, volume migrates back to us.

然後，因為他們和他們的財務更多是關於擁有25 年的資產、稅收抵免或其他東西——用丹尼的術語來說，這是我們在近二十年裡編寫的一本精心編寫的劇本。正如他們在這些事情上所做的那樣，他們正在重新定價並實施我們已經到位的許多控制措施，使其更接近公平的競爭環境。當這種情況發生時，交易量就會轉移回我們身邊。

And so we have not seen and don't see these people -- these groups scaling, but it's more of the quantity of them out in the marketplace with transferability tax credits making it more readily available.

因此，我們還沒有看到也沒有看到這些人——這些群體正在擴大規模，但更多的是市場上的這些人的數量，而可轉移性稅收抵免使其更容易獲得。

Okay. Got it. Makes sense for us. Thank you.

好的。知道了。對我們來說很有意義。謝謝。

Philip Shen, ROTH Capital.

沉飛，羅仕資本。

This is Robert on Phil's line. Thank you for taking the question. First question is just for the inverter battery procurement strategy for domestic content. Second is how you're thinking about originations over the next 12 months and leveraging tax equity versus tax credit transferability?

這是菲爾電話裡的羅伯特。感謝您提出問題。第一個問題只是針對國內逆變器電池的採購策略。其次，您如何考慮未來 12 個月的起源以及利用稅收公平與稅收抵免可轉移性？

Philosophically, how are you making the decision between tax credit transfers and tax equity? To what degree does tax credit transfer improve the GAAP financials and then which is more expensive between tax equity and tax credit transfers? I know you kind of touched on that a bit earlier, if you could provide any additional color, that would be helpful.

從哲學上講，您如何在稅收抵免轉移和稅收公平之間做出決定？稅收抵免轉移在多大程度上改善了 GAAP 財務狀況，那麼稅收公平和稅收抵免轉移哪一個更昂貴？我知道您早些時候已經提到過這一點，如果您可以提供任何其他顏色，那將會有所幫助。

Yes, yes. I think on the first part of the question, we think that will get implied in the 45% weighted average ITC level guided for next year is -- the vast majority of our systems qualifying, whether they are storage or solar only. In the case of solar-only, it's a combination of components, including the inverter, the racking. We called out -- we gave a shout out to SnapNrack on the call. There is domestic content qualification contribution from that business that will primarily benefit solar only.

是的是的。我認為，關於問題的第一部分，我們認為 ITC 明年指導的 45% 加權平均水平中隱含的是——我們的絕大多數系統都符合資格，無論是儲存系統還是太陽能係統。在純太陽能的情況下，它是組件的組合，包括逆變器、貨架。我們在電話中向 SnapNrack 大聲喊叫。該業務的國內含量資格貢獻將主要僅使太陽能受益。

On the battery side, we have been using batteries that have been manufactured in the US. I think there's good line of sight industry wide on batteries as well.

在電池方面，我們一直使用美國製造的電池。我認為整個行業對電池也有良好的關注。

On the second part on the mix of financing, I think we'll definitely see a mix of both, and we'll even see participation of traditional tax equity players in a hybrid format where it does look like a tax equity fund and a large portion of the credits will be transferred out and the traditional participants will be also active in brokering the transfer out of the fund.

關於融資組合的第二部分，我認為我們肯定會看到兩者的混合，我們甚至會看到傳統稅收股權參與者以混合形式參與其中，它看起來確實像稅收股權基金和大型部分積分將被轉出，傳統參與者也將積極促成基金轉出。

So we'll expect a good deal of that hybrid format, and we'll probably see a mix of an arrangement of parties by us in structures where each participant takes a different part of the value stream. And we're participating out the transfer of credits. I think it will be more often than not that there's a tax credit transfer involved in the transaction.

因此，我們對這種混合格式抱有很大的期望，我們可能會看到我們在結構中混合各方的安排，其中每個參與者都佔據價值流的不同部分。我們正在參與學分轉移。我認為交易中通常會涉及稅收抵免轉移。

What that does is it takes the size we would have had in a bilateral transaction with a traditional player. It allows us to raise single tax equity fund of much greater size. So I think that's a key benefit for us and to consider the number of deals we have to do throughout the course of the year.

其作用是我們與傳統參與者進行雙邊交易時所需要的規模。它使我們能夠籌集規模更大的單一稅收股權基金。因此，我認為這對我們來說是一個關鍵的好處，並考慮到我們全年必須完成的交易數量。

Great. Thanks. I'll pass it on.

偉大的。謝謝。我會把它傳遞下去。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey, good evening. Thanks for taking the questions. Firstly, just on the storage growth here. Could you just help us understand whether it's driven by attach rate growth? Or are you seeing larger system sizes, maybe more backup and sort of shift batteries in California? And then I had a follow-up on cash generation

嘿，晚上好。感謝您提出問題。首先，關於這裡的儲存成長。您能否幫助我們了解這是否是由附加率成長所驅動的？或者您是否在加州看到更大的系統尺寸，也許更多的備用電池和某種輪班電池？然後我對現金產生進行了跟進

I mean we're definitely seeing that it's driven by a higher attachment rate, as we've talked about, as well as the fact that many customers want now hold on backup. So we're seeing more and more customers with the desire for multiple batteries. So again, two, in some cases, three. Sometimes that is tied to a larger solar system size as well depending on the individual customer.

我的意思是，正如我們所討論的，我們肯定看到它是由更高的附件率驅動的，以及許多客戶現在希望保留備份的事實。因此，我們看到越來越多的客戶需要多種電池。再說一次，兩個，在某些情況下，三個。有時，這也與更大的太陽能係統尺寸有關，具體取決於個別客戶。

But for sure, that is a big part of what is driving the storage attachment rate and the growth. It's both the attachment rate and the number of products per customer.

但可以肯定的是，這是推動儲存附件率和成長的重要原因。它既是附著率又是每位顧客的產品數量。

Got you. And just on cash generation for next year. Any just early thoughts on the cadence there versus that Q4 run rate? Is it more linear or some seasonality, I think, in the past you said Q1 weaker? But any thoughts appreciated.

明白你了。以及明年的現金生成。關於節奏與第四季運行率的早期想法嗎？我想，過去你說第一季較弱，是比較線性還是季節性？但任何想法表示讚賞。

I think other than we expect normal seasonality. Q1, we get volume decline. We start to see that pick up in Q2, more materially in Q3. And that has a -- historically, if you look at our cash generation, obviously, adjusted for onetime extraordinary items, especially this year, you will see that sort of shape of cash generation. I think that will continue, but we'll get more specific as we go.

我認為除了我們預期的正常季節性之外。第一季度，我們看到成交量下降。我們開始看到第二季出現回升，第三季更為明顯。從歷史上看，如果你看看我們的現金生成，顯然，根據曾經的非凡項目進行調整，特別是今年，你會看到這種現金生成的形狀。我認為這將繼續下去，但我們會隨著進展變得更加具體。

Thank you.

謝謝。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Hey, good afternoon, everyone, and thanks for fitting me in. Just going back to the questions on domestic content and the qualifying equipment. How much do you plan to shift the current equipment mix as it stands now to potentially realize more adders in the back half of this year? And then just a follow-up is, how permanent could those changes be? Would you kind of revert back to the prior mix at some point?

嘿，大家下午好，感謝您讓我加入。您計劃對目前的設備組合進行多大程度的改變，以便在今年下半年實現更多加法器？接下來的問題是，這些變化能持續多久？你會在某個時候恢復到之前的混音嗎？

Yes. I think the current products that we have in inventory are set, established and flowing out into installs currently our domestic content qualified. So that is and has been underway.

是的。我認為我們庫存中的當前產品已經設定、建立並流入安裝，目前我們的國內內容合格。這就是並且一直在進行中。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys. Can you talk about how much market risk you're taking on pricing with these aggregated capacity portfolios? And secondly, are you seeing any uptick from potential utility partners to start new programs, especially given what's going on with interconnection piece?

非常感謝，夥計們。您能否談談您在這些聚合產能組合的定價上承擔了多少市場風險？其次，您是否看到潛在的公用事業合作夥伴啟動新計劃的數量有所增加，特別是考慮到互連件的情況？

Could you repeat the beginning of the question, I'm not sure I followed it. Are you talking about the group --

你能重複問題的開頭嗎，我不確定我是否聽懂了。你是在談論這個團體嗎——

Yes, with the VPPs, how much market risk are you taking on the pricing? And how should we think about that flowing through the model as we go through the balance of this year and into next year?

是的，對於 VPP，您在定價方面要承擔多少市場風險？當我們經歷今年和明年的剩餘時間時，我們應該如何考慮模型中的流動？

We're not taking market risk with the pricing. So all of the virtual power plant projects that we're actively engaging in are positive for customers and positive for Sunrun. And again, like the value of what we're doing is not just the initial inherent value for customers and for Sunrun.

我們不會在定價方面承擔市場風險。因此，我們積極參與的所有虛擬發電廠專案對客戶和 Sunrun 都是正面的。再說一次，我們所做的事情的價值不僅僅是為客戶和 Sunrun 帶來的最初的內在價值。

But it's really, again, as you mentioned, I think in the second part of your question so much tied to the future potential value as, again, we're seeing it play out all over the country, more acutely in some parts of the country than others, but where utilities really don't have the capacity to meet the electrification demand combined with weather events that are happening, combined with, of course, the highly talked about publicized AI load growth demand. So we see that our resources are going to continue to have increased economic value in the coming three to five years.

但正如您所提到的，我認為您問題的第二部分與未來的潛在價值密切相關，因為我們再次看到它在全國各地發揮作用，在某些地區更為嚴重。公用事業公司確實沒有能力滿足電氣化需求，再加上正在發生的天氣事件，當然還有廣為人知的人工智慧負載成長需求。因此，我們看到我們的資源將在未來三到五年內繼續增加經濟價值。

Thanks so much.

非常感謝。

Thank you. That concludes the time that has been allocated for Q&A. You may now correct.

謝謝。分配給問答的時間到此結束。你現在可以更正了。