Sunrun Inc (RUN) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Sunrun's third quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) I will now turn the call over to Patrick Jobin, Sunrun's Investor Relations Officer.

下午好，歡迎參加 Sunrun 2024 年第三季財報電話會議。請注意，此通話正在錄音。 （操作員說明）我現在將電話轉給 Sunrun 投資者關係官 Patrick Jobin。

Thank you, operator. 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.

謝謝你，接線生。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。

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 these statements are being made as of today, and we disclaim any obligation to update or revise them.

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。另請注意，這些聲明是自今天起發布的，我們不承擔任何更新或修改這些聲明的義務。

On the call today are Mary Powell, Sunrun's CEO; Danny Abajian, Sunrun's CFO; and Paul Dickson, Sunrun's President and Chief Revenue Officer. A presentation is available on Sunrun's Investor Relations website along with supplemental materials. An audio replay of today's call, along with a copy of today's prepared remarks and transcript, including Q&A, will be posted to Sunrun's Investor Relations website. We have allocated 60 minutes for today's call, including the Q&A session.

今天參加電話會議的是 Sunrun 執行長 Mary Powell； Danny Abajian，Sunrun 財務長； Sunrun 總裁兼首席營收長 Paul Dickson。 Sunrun 的投資者關係網站上提供了簡報以及補充資料。今天電話會議的音訊重播以及今天準備的演講和文字記錄（包括問答）將發佈到 Sunrun 的投資者關係網站上。我們為今天的電話會議分配了 60 分鐘的時間，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. This was a strong quarter. Sunrun is becoming faster, better and stronger at everything we do, providing a differentiated customer experience and delivering value to the bottom line.

謝謝你，派崔克。感謝大家今天加入我們。這是一個強勁的季度。 Sunrun 所做的一切都變得更快、更好、更強，提供差異化的客戶體驗並為利潤創造價值。

While public markets fret policy uncertainty and changes in the short-term, Sunrun is more confident than ever in our leadership position, differentiated offering, and our ability to generate enduring value. All Americans want reliable, affordable energy and that has not changed. Our focus is yielding strong operating and financial results.

雖然公開市場擔心政策的不確定性和短期變化，但 Sunrun 對我們的領導地位、差異化產品以及創造持久價值的能力比以往任何時候都更有信心。所有美國人都想要可靠、負擔得起的能源，這一點沒有改變。我們的重點是產生強勁的營運和財務表現。

In Q3, in addition to reaching the 1 million customer milestone, we again set new records for storage installations, net subscriber values, and delivered solid quarter-over-quarter growth for solar installations. We delivered the second consecutive quarter of positive cash generation and are reiterating our strong cash generation outlook for the fourth quarter and for 2025.

在第三季度，除了達到 100 萬客戶里程碑之外，我們再次創下了儲存安裝量、淨用戶價值的新記錄，並實現了太陽能安裝量的穩健季度環比增長。我們連續第二季實現正現金生成，並重申我們對第四季和 2025 年強勁的現金生成前景。

Our primary focus is accelerating our clean energy differentiation, launching additional products and services to expand customer lifetime values, and remaining the disciplined, margin and customer-focused industry leader, growing cash generation in the business for years to come.

我們的主要重點是加速我們的清潔能源差異化，推出更多產品和服務以擴大客戶終身價值，並保持紀律嚴明、以利潤和客戶為中心的行業領導者地位，在未來幾年增加業務的現金產生。

One way we are executing this higher margin strategy is by leading with our storage offering, which increases the customer value proposition through enhanced resiliency and control, delivers a more sophisticated clean energy platform, and lays the foundation for future value creation from grid services.

我們執行這種更高利潤策略的一種方式是領先我們的儲存產品，透過增強彈性和控制來提高客戶價值主張，提供更複雜的清潔能源平台，並為未來透過電網服務創造價值奠定基礎。

We are blazing the trail to a storage-first future, with a nearly 50% share of all residential storage installations in America. In Q3, we installed storage on 60% of our new customers, nearly double the 33% attachment rate a year ago, and a 6 point increase from levels achieved in Q2. We installed 336 megawatt hours of storage in Q3, up 92% from a year ago, the most we have installed in any quarter.

我們正在開闢儲存優先的未來，占美國所有住宅儲存裝置的近 50% 份額。第三季度，我們為 60% 的新客戶安裝了存儲，幾乎是一年前 33% 的安裝率的兩倍，比第二季度的水平提高了 6 個百分點。我們在第三季安裝了 336 兆瓦時的儲存設備，比去年同期成長了 92%，是我們在任何季度安裝的最多的儲存設備。

Our fleet of networked storage capacity has reached 2.1 gigawatt hours with 135,000 storage systems installed. While still in the early stages of commercializing these important, dispatchable energy resources, we continue to advance programs that generate value for customers, the grid and Sunrun.

我們的網路儲存容量已達到 2.1 吉瓦時，安裝了 135,000 個儲存系統。雖然這些重要的可調度能源仍處於商業化的早期階段，但我們將繼續推進為客戶、電網和 Sunrun 創造價值的計畫。

We now have 16 grid service programs active across the country, with over 20,000 customers participating. These resources are being utilized by the grid and can replace several costly and polluting gas-fired peaker plants. Sunrun is leading in establishing a platform to turn homes and vehicles into smart controllable load that can be dispatched to, and improve, the electric grid.

目前，我們在全國各地開展了 16 個電網服務項目，參與客戶超過 20,000 家。這些資源正被電網利用，可以取代一些昂貴且污染嚴重的燃氣調峰發電廠。 Sunrun 在建立平台方面處於領先地位，該平台將家庭和車輛轉變為智慧可控負載，可以調度到電網並改善電網。

Most recently we activated New York’s largest residential power plant with the utility Orange and Rockland. This adds to our recently announced partnerships with Tesla Electric and Vistra to support the grid in Texas, as well as our other programs in California, Maryland, and Puerto Rico.

最近，我們與奧蘭治和羅克蘭公用事業公司一起啟動了紐約最大的住宅發電廠。這進一步增強了我們最近宣布的與 Tesla Electric 和 Vistra 的合作夥伴關係，以支持德克薩斯州的電網，以及我們在加利福尼亞州、馬裡蘭州和波多黎各的其他項目。

Our customers are actively reducing the need to overinvest in costly centralized peaking power plants and associated infrastructure. Customers are also benefiting from direct payments for participating in these programs or, in some cases, receiving batteries at discounted prices when subscribing to our service. Sunrun is also earning incremental revenue for enrolling storage systems in these programs.

我們的客戶正在積極減少對昂貴的集中調峰發電廠和相關基礎設施的過度投資。客戶還可以從參與這些計劃的直接付款中受益，或者在某些情況下，在訂閱我們的服務時以折扣價接收電池。 Sunrun 也透過在這些計劃中註冊儲存系統來賺取增量收入。

These incredibly reliable, clean energy resources, lower the cost of the grid for all users. These same storage resources routinely provide financial value to customers by optimizing their use against far-too-complicated utility rate structures while also powering them through far-too-frequent grid outages.

這些極其可靠的清潔能源降低了所有用戶的電網成本。這些相同的儲存資源通常透過針對過於複雜的公用事業費率結構來優化其使用，同時也透過過於頻繁的電網中斷為客戶提供電力，從而為客戶提供財務價值。

This hurricane season again showed the crippling effects of climate change on our country’s aging infrastructure. I’m pleased to report, but not surprised at all, that our systems performed remarkably well as they are built to withstand these harsh events. Nearly 3,000 Sunrun storage customers powered through hurricanes Beryl, Helene, and Milton with 100,000 hours of critical backup power during and in the aftermath of these devastating storms.

這個颶風季節再次顯示了氣候變遷對我國老化基礎設施的嚴重影響。我很高興地報告，但一點也不感到驚訝，我們的系統性能非常好，因為它們是為承受這些惡劣事件而設計的。近 3,000 個 Sunrun 儲存客戶在 Beryl、Helene 和 Milton 颶風期間和之後提供了 100,000 小時的關鍵備用電源。

It is so inspiring to hear from many of our customers that while their local grid systems were down for multiple days, they were able to keep their homes powered, and in many instances, share some of that power with neighbors in need.

我們的許多客戶表示，雖然他們的當地電網系統停機多日，但他們能夠保持家庭供電，並且在許多情況下，與有需要的鄰居分享部分電力，這真是令人鼓舞。

A cornerstone of our strategy to increase our differentiation and augment our competitive advantage is to become a multi-product company that offers a suite of clean energy products to new and existing customers in a bundled, easy-to-finance way.

我們提高差異化和增強競爭優勢的策略的基石是成為一家多產品公司，以捆綁、易於融資的方式向新客戶和現有客戶提供一套清潔能源產品。

By continuing to invest heavily in service and providing a leading customer experience, we are able to monetize opportunities to provide additional products to our large base of customers for decades into the future. We are demonstrating this potential by testing products through pilots and scaling them once success is proven. On slide 7 we highlight the various initiatives underway to learn from and inform our strategy to provide valuable services to existing customers.

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更多產品的機會獲利。我們透過試點測試產品來展示這種潛力，並在證明成功後進行擴展。在投影片 7 中，我們重點介紹了正在進行的各種舉措，以學習並告知我們為現有客戶提供有價值服務的策略。

One of the areas where we are seeing tremendous success is offering batteries to existing customers. Nearly 87% of our existing 1 million customer base today does not have a Sunrun storage system. We already have thousands of orders, which have been growing rapidly. One way we are selling the offering is through our Sunrun app. We are seeing tremendous interest from customers in signing up through the app, which positions us to fulfill quickly, simply, and at low cost. You will hear a lot more about this multi-product strategy and our success providing additional products and services to customers in the quarters ahead.

我們取得巨大成功的領域之一是向現有客戶提供電池。目前，我們現有的 100 萬個客戶群中近 87% 沒有 Sunrun 儲存系統。我們已經有數千個訂單，並且一直在快速成長。我們銷售該產品的一種方式是透過我們的 Sunrun 應用程式。我們看到客戶對透過該應用程式註冊表現出極大的興趣，這使我們能夠快速、簡單且低成本地完成任務。您將聽到更多有關此多產品策略的信息，以及我們在未來幾季為客戶提供更多產品和服務所取得的成功。

I want to spend a minute on what we are seeing in recent industry data. We don’t manage to market share. We view our leading position in the industry as a natural long-term result of pursuing a customer-first, disciplined growth strategy. There have been periods with irrational competitive behaviour, such as pricing and terms loan providers offered a few years ago, and more recently, pricing and terms being offered by certain financing-only new entrants.

我想花一點時間談談我們在最近的行業數據中看到的情況。我們無法獲得市場佔有率。我們認為，我們在產業中的領先地位是追求客戶至上、嚴格的成長策略的長期自然結果。曾經有過非理性競爭行為的時期，例如幾年前貸款提供者提供的定價和條款，以及最近某些僅融資的新進業者提供的定價和條款。

But our view is that fundamentals always prevail in the long-term. We lead with the best customer experience, underwrite healthy and financially sound business, and grow in a sustainable, strategic way. The latest data from market research firms highlights that our strategy is indeed leading to strong growth. We have seen our share of residential solar installations nationwide pick up significantly in the last few quarters from 13% in Q1 to 18% in Q3 and our residential storage share has expanded to 49% in the US. I’m pleased to see these trends, but more pleased that we are doing it in a way that is generating cash and delighting our customers.

但我們的觀點是，從長遠來看，基本面總是佔上風。我們以最佳的客戶體驗為主導，承保健康且財務穩健的業務，並以可持續的策略方式發展。市場研究公司的最新數據表明，我們的策略確實帶來了強勁成長。我們看到過去幾季我們在全國住宅太陽能裝置中的份額顯著上升，從第一季的13% 上升到第三季的18%，在美國，我們的住宅儲能份額已擴大到49% 。我很高興看到這些趨勢，但更高興的是我們以一種能夠產生現金並取悅客戶的方式來做這件事。

I also want to provide an update on the traction in our new homes business. This division is seeing tremendous growth. Sunrun is now working with 9 of the top 10 new home builders in California, and over half of the top 20 home builders in the US. In September, we signed a multi-year exclusive agreement with Toll Brothers in California.

我還想提供有關我們新房業務吸引力的最新資訊。該部門正在經歷巨大的成長。 Sunrun 目前與加州排名前 10 的新住宅建築商中的 9 家以及美國排名前 20 的住宅建築商中的一半以上合作。 9 月，我們與加州 Toll Brothers 簽署了一份多年獨家協議。

While the new homes division currently represents less than 5% of our volumes, we expect it to grow at least 50% over the next year. Home builders appreciate our leading subscription offerings, service commitments, and long track record. Our offering can provide new home buyers with immediate value, savings on energy and resiliency from backup storage, without increasing the cost of purchasing the home.

雖然新房部門目前僅占我們銷量的不到 5%，但我們預計明年將成長至少 50%。住宅建築商讚賞我們領先的訂閱產品、服務承諾和長期的業績記錄。我們的產品可以為新購屋者提供即時的價值、能源節省和備份儲存的彈性，而不會增加購屋成本。

To sum it up, we are gaining share in a disciplined and sustainable way and are on track to accelerate our cash generation in the quarters ahead. Utility rates continue to rise and utility service reliability is deteriorating, while solar and storage equipment costs are declining. Customers remain eager to take control of their energy needs with affordable and resilient solutions to power their lives, the ultimate in independence

總而言之，我們正在以嚴格且可持續的方式擴大市場份額，並預計在未來幾季加速現金產生。公用事業費率持續上升，公用事業服務可靠性不斷惡化，而太陽能和儲存設備成本卻在下降。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，實現最終的獨立

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 energy independence and the desire to connect customers to the cleanest energy on earth.

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，他們真正擁抱能源獨立的力量，並渴望將客戶與地球上最清潔的能源聯繫起來。

Our leading direct-to-home sales team in Bakersfield and our top installation team in Oahu have delivered some incredible results this quarter on safety, quality, battery attachment rates and customer experience. Thank you so much for all that you do every day to make Sunrun the trusted and beloved clean energy partner for our valued customers. I want to make a specific shout-out to Sterling Hills for your great leadership and achievements at Sunrun. Thank you Sterling.

我們在貝克斯菲爾德領先的直接到戶銷售團隊和我們在瓦胡島的頂級安裝團隊本季度在安全、品質、電池安裝率和客戶體驗方面取得了一些令人難以置信的成果。非常感謝您每天所做的一切，讓 Sunrun 成為我們尊貴客戶值得信賴且喜愛的清潔能源合作夥伴。我想特別讚揚 Sterling Hills 在 Sunrun 的出色領導和取得的成就。謝謝斯特林。

All right, with that, let me turn the call over to Danny for our financial update.

好吧，接下來，讓我把電話轉給丹尼，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 10. We have now installed over 135,000 solar and storage systems, with storage attachment rates reaching 60% of installations during the quarter. We expect storage attachment rates to remain around this level or slightly higher for the next few quarters. This higher mix of storage continues to drive Net Subscriber Values higher.

首先看投影片 10 上的季度結果。我們預計未來幾季儲存附加率將保持在這一水平附近或略高。這種更高的儲存組合繼續推動淨用戶價值更高。

During the quarter, we installed 336 megawatt hours of storage capacity, well above the high-end of our guidance and an increase of 92% compared to the same quarter last year. Our total networked storage capacity is now approximately 2.1 gigawatt-hours.

本季度，我們安裝了 336 兆瓦時的儲存容量，遠高於我們指導的高端，與去年同期相比成長了 92%。我們的總網路儲存容量現在約為 2.1 吉瓦時。

In the third quarter, Solar Energy Capacity installed was approximately 230 megawatts, at the high-end of our guidance of 220 to 230 megawatts. Customer additions were approximately 31,900, including approximately 30,300 subscriber additions. Our subscription mix reached 96% of deployments in the period. We ended Q3 with just over 1 million customers and approximately 858,000 Subscribers representing 7.3 gigawatts of Networked Solar Energy Capacity, a 13% increase year-over-year.

第三季度，太陽能裝置容量約為 230 兆瓦，處於我們指導的 220 至 230 兆瓦的上限。新增客戶約 31,900 名，其中新增訂戶約為 30,300 名。在此期間，我們的訂閱組合達到了 96% 的部署。截至第三季度，我們擁有超過 100 萬客戶和約 858,000 名訂戶，代表 7.3 吉瓦的連網太陽能容量，年增 13%。

Our Subscribers generate significant, recurring revenue, with most under 20 or 25 year contracts for the clean energy we provide. At the end of Q3, our annual recurring revenue, or ARR, stood at over $1.5 billion, up 22% over the same period last year. We had an average contract life remaining of nearly 18 years.

我們的訂戶產生了可觀的經常性收入，其中大多數與我們提供的清潔能源簽訂了 20 或 25 年的合約。截至第三季末，我們的年度經常性收入 (ARR) 超過 15 億美元，比去年同期成長 22%。我們的平均合約期限剩餘近 18 年。

Turning to Slide 11. In Q3, subscriber value was approximately $51,200 and creation cost was approximately $36,600, delivering a Net Subscriber Value of $14,632. This strong result was from higher battery attachment rates, a higher average investment tax credit level and sequential growth in volumes leading to improved fixed cost absorption.

轉向投影片 11。這一強勁業績得益於更高的電池附加率、更高的平均投資稅收抵免水平以及銷量的連續增長，從而改善了固定成本吸收。

Our Q3 Subscriber Value and Net Subscriber Value reflect a blended Investment tax credit of 37.7% which now includes all three ITC adders. Total Value Generated, which is the Net Subscriber Value multiplied by the number of subscriber additions in the period, was $444 million in the third 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 7.1% in Q3.

我們的第三季訂戶價值和淨訂戶價值反映了 37.7% 的混合投資稅收抵免，其中現在包括所有三個 ITC 加法器。第三季的總價值為 4.44 億美元，即淨訂戶價值乘以該期間新增訂戶數量。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，第三季約為 7.1%。

As a reminder, we have taken this approach historically to enable ease of comparison across periods and have not updated 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 cost observed for the quarter. At a 7.1% discount rate, Net Subscriber Value was $10,744 and total value generated was $326 million.

提醒一下，我們過去一直採用這種方法，以便於跨時期進行比較，並且沒有經常更新貼現率。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的淨訂戶價值。以 7.1% 的折扣率計算，訂戶淨價值為 10,744 美元，產生的總價值為 3.26 億美元。

On slide 12 you can see our progress increasing subscriber value through higher-value mix and higher ITC levels, while keeping creation costs largely flat, generating expanded Net Subscriber values. Efficiency improvements and hardware cost declines, coupled with our return to operating cost leverage from strong sequential volume growth, have largely offset the increased costs associated with higher storage attachment rates. We expect these trends will continue into Q4 and 2025.

在投影片 12 上，您可以看到我們透過更高價值的組合和更高的 ITC 水平來提高訂戶價值，同時保持創建成本基本持平，從而產生更大的淨訂戶價值。效率的提高和硬體成本的下降，加上我們從強勁的連續銷售成長中恢復營運成本槓桿，在很大程度上抵消了與更高的儲存附加率相關的成本增加。我們預計這些趨勢將持續到第四季和 2025 年。

Turning now to gross and net earning assets and our balance sheet on slide 14. Gross earning assets were $16.8 billion at the end of the third quarter. Gross earning assets is the measure of cash flows we expect to receive from Subscribers over time, net of operating and maintenance costs, distributions 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 14 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、對稅務股權合作夥伴的分配​​以及對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 earnings assets were $6.2 billion at the end of the third quarter, up $550 million from the prior quarter. Net earning assets is gross earning assets, plus cash, less all debt. Net earning assets does not include inventory, other construction in progress assets or any net derivative assets related to interest rate hedges, all of which represent additional value. The value creation upside we expect from future grid service opportunities and selling additional products and services to our customer base are not reflected in these metrics.

第三季末淨利資產為 62 億美元，比上一季增加 5.5 億美元。淨獲利資產是總獲利資產加上現金，減去所有債務。淨利潤資產不包括存貨、其他在建工程資產或任何與利率對沖相關的淨衍生資產，所有這些都代表附加價值。我們期望從未來的電網服務機會以及向我們的客戶群銷售以外的產品和服務中獲得的價值創造優勢並未反映在這些指標中。

The recent run-up in Treasury yields is a strong reminder of the value of our prudent risk management approach. 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 current capital costs for new installations.

最近國債殖利率的上漲強烈提醒我們謹慎的風險管理方法的價值。我們有計劃地進行利率對沖，以使我們的資本成本免受近期不利波動的影響。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安裝的當前資本成本。

Turning to our capital markets activities. As of today, closed transactions and executed term sheets provide us with expected tax equity capacity to fund approximately 272 megawatts of projects for subscribers beyond what was deployed through the third quarter.

轉向我們的資本市場活動。截至今天，已完成的交易和已執行的條款清單為我們提供了預期的稅收股權能力，可以為訂戶的約 272 兆瓦項目提供資金，超出第三季度部署的項目。

We also have over $900 million in unused commitments available in our non-recourse senior revolving warehouse loan. This unused amount would fund approximately 318 megawatts of projects for subscribers. In July, we expanded our warehouse loan by $280 million to $2.6 billion in commitments, matching the growing scale of the business. Our strong debt capital runway allows us to be selective in timing term-out transactions.

我們的無追索權優先循環倉庫貸款中還有超過 9 億美元的未使用承諾。這筆未使用的金額將為訂戶的約 318 兆瓦項目提供資金。 7 月份，我們將倉庫貸款承諾額增加了 2.8 億美元，達到 26 億美元，與不斷成長的業務規模相符。我們強大的債務資本跑道使我們能夠選擇性地選擇到期交易的時機。

Since the start of the year we have closed four ABS transactions, including three that were publicly marketed. Sunrun’s industry-leading performance as an originator and servicer of residential solar assets continues to provide deep access to attractively priced capital.

自今年年初以來，我們已經完成了四筆 ABS 交易，其中三筆是公開市場的。 Sunrun 作為住宅太陽能資產的發起者和服務者，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 September we closed a $365 million securitization of residential solar and battery systems. The oversubscribed transaction was structured with two separate classes of publicly-placed A-plus rated notes. The weighted average spread was 235 basis points and the weighted average yield was 5.87%. The initial balance of the Class A notes represents a 73.8% advance rate.

9 月，我們完成了價值 3.65 億美元的住宅太陽能和電池系統證券化。此次超額認購交易由兩類不同的公開發行 A+ 評級票據構成。加權平均利差為235個基點，加權平均收益率為5.87%。 A 級票據的初始餘額代表預付款率為 73.8%。

The credit spread was 30 basis points higher than our last transaction, and in-line with the overall credit spread environment. Similar to prior transactions, we raised additional subordinated non-recourse debt financing which increased the cumulative advance rate to above 80%.

信用利差比我們上次交易高出 30 個基點，與整體信用利差環境一致。與先前的交易類似，我們額外籌集了次級無追索權債務融資，將累積墊款率提高到80%以上。

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 is intended to avoid the use of parent recourse capital to fund our recurring origination activity.

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由信譽良好的消費者支持的現金流產生資產提供資金，並旨在避免使用母公司追索資本來為我們的經常性發起活動提供資金。

Cash generation was $2.5 million in Q3, consistent with our guidance of positive Cash Generation. Timing of tax credit realization will continue to play a factor in cash generation timing as the transferability market grows and matures. The terms of each sale vary depending on the buyer’s tax return timing, with some resulting in faster payments but at lower prices, and some with higher pricing but slower payments. Our approach is to optimize first for the best value realization for Sunrun, instead of the fastest payment timing.

第三季的現金產生量為 250 萬美元，與我們積極的現金產生量指引一致。隨著可轉讓市場的發展和成熟，稅收抵免的實現時間將繼續成為現金產生時間的因素。每筆銷售的條款根據買方的報稅時間而有所不同，有些會導致付款速度更快，但價格較低，有些則價格較高，但付款速度較慢。我們的方法是先優化 Sunrun 的最佳價值實現，而不是最快的付款時間。

We executed transactions according to this principle, which delayed Cash Generation from Q3 to future periods. We expect as the number of participants in the tax credit transfer market increases there will be more predictability in timing, and we will create financing solutions that efficiently bridge this working capital investment, accelerating our realization of cash proceeds over the coming quarters.

我們根據這項原則執行交易，這將現金產生從第三季推遲到未來時期。我們預計，隨著稅收抵免轉移市場參與者數量的增加，時間安排將更具可預測性，我們將創建融資解決方案，有效地銜接這種營運資本投資，加速我們在未來幾季實現現金收益。

We have a strong balance sheet with no near-term corporate debt maturities, we have extended our recourse working capital facility maturity to March 2027, and as of today, we have already reduced parent debt by over $100 million since March.

我們擁有強大的資產負債表，沒有短期企業債務到期日，我們已將追索性營運資本融資期限延長至2027 年3 月，截至今天，自3 月份以來，我們已將母公司債務減少了超過1 億美元。

We ended the quarter with over $1 billion in total Cash. Total cash declined $32 million from the prior quarter, as we consumed $46 million in cash to repurchase $50 million of our 2026 convertible notes at a discount. We had $133 million of these notes outstanding as of the end of the quarter. We have continued to repurchase this debt into Q4 and currently have $83 million in principal outstanding as of today.

本季結束時，我們的現金總額超過 10 億美元。現金總額比上一季減少了 3,200 萬美元，因為我們消耗了 4,600 萬美元現金以折扣價回購了 5,000 萬美元的 2026 年可轉換票據。截至本季末，我們尚有 1.33 億美元的未償票據。我們在第四季繼續回購這筆債務，截至目前，尚未償還的本金為 8,300 萬美元。

In Q3, of the $143 million increase to our restricted cash balance, $133 million relates to establishing a reserve account to repurchase the remainder of our 2026 convertible notes. Establishing this reserve provided us the ability to extend the maturity of our recourse working capital facility to March 2027. We addressed all of our corporate debt maturities very early in the year. We have no parent capital needs at this time.

第三季度，我們的限制性現金餘額增加了 1.43 億美元，其中 1.33 億美元用於建立儲備帳戶以回購 2026 年剩餘的可轉換票據。建立這項準備金使我們能夠將追索性營運資金安排的期限延長至 2027 年 3 月。我們目前沒有母公司資本需求。

Turning now to our outlook on slides 17 and 18. The underpenetrated nature of our industry 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 our mix of higher-value products and by keeping our costs low.

現在轉向我們對幻燈片 17 和 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增加高價值產品組合和維持低成本來繼續增加客戶價值，從而產生現金。

Storage capacity installed is expected to be in a range of 320 to 350 megawatt-hours in Q4. This represents 52% growth year-over-year at the midpoint. This implies over 1.1 gigawatt-hours of capacity added in 2024, an increase to our prior guidance, and 100% growth at the midpoint.

預計第四季已安裝的儲存容量將在 320 至 350 兆瓦時之間。這意味著中位數年增 52%。這意味著 2024 年新增容量超過 1.1 吉瓦時，比我們之前的指導有所增加，中點增加 100%。

Solar Energy capacity installed is expected to be in a range between 240 and 250 megawatts in Q4. At the midpoint, this represents 8% growth compared to the prior year and 7% sequential growth from Q3. This level represents a decline of 17% for the full year, which we believe represents substantial market share gains. We expect year-over-year growth to remain positive in 2025.

預計第四季太陽能裝置容量將在 240 至 250 兆瓦之間。中位數顯示，與上年相比成長 8%，與第三季相比較上季成長 7%。這一水平代表全年下降 17%，我們認為這代表著市場份額的大幅增長。我們預計 2025 年同比增長將保持正值。

Given our emphasis on more valuable product mix, higher ITC levels through optimization of adders, and cost efficiencies, we expect our Net Subscriber values will increase in Q4 compared to Q3 levels. We are reiterating our cash generation outlook. We expect cash generation to be $50 million to $125 million next quarter. Because of the discrete large capital transactions inherent to our business, where we ultimately land within this range will depend on project finance transaction timing in Q4. We continue to expect cash generation to be $350 million to $600 million in 2025.

鑑於我們強調更有價值的產品組合、透過優化加法器來提高 ITC 水平以及成本效率，我們預計第四季度的淨訂戶價值將比第三季度的水平有所增加。我們重申我們的現金生成前景。我們預計下季現金產生量將達到 5,000 萬至 1.25 億美元。由於我們業務固有的離散大額資本交易，我們最終落在這個範圍內的位置將取決於第四季度的專案融資交易時間。我們仍預期 2025 年現金產生量將達到 3.5 億至 6 億美元。

On slide 18, we have outlined assumptions and sensitivities related to key variables that would affect our achievement. We expect a 45% weighted average ITC level in 2025, and further underpinning our guidance are assumptions of 7.5% average cost of project-level capital, battery attachment rates around 60%, and slight improvements to the timing of tax credit transfers as that market further matures.

在投影片 18 中，我們概述了與影響我們成就的關鍵變數相關的假設和敏感度。我們預計 2025 年加權平均 ITC 水準將達到 45%，進一步支撐我們指導的是專案級資本平均成本為 7.5%、電池附加率約為 60% 以及稅收抵免轉移時間與市場情況略有改善的假設進一步成熟。

We expect solar install volumes to grow next year closer to our long-term outlook of 10% to 15%, but our focus will be on margins and cash generation as opposed to specific volume attainment.

我們預計明年太陽能裝置的成長將接近我們 10% 至 15% 的長期前景，但我們的重點將是利潤和現金產生，而不是具體數量的實現。

As we increase our cash generation, we will continue to allocate excess unrestricted cash to reduce parent recourse debt and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.

隨著我們增加現金產生能力，我們將繼續分配多餘的不受限制的現金，以減少母公司的追索債務，並致力於在最初的去槓桿化期之後採取資本配置策略，以推動顯著的股東價值。

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 so appreciate the work of the entire Sunrun team, committed to providing customers with a greater sense of independence, stability and security in their own homes, while producing value for our shareholders at the same time, a winning combination. Operator, let’s open the line for questions.

謝謝，丹尼。我非常感謝整個 Sunrun 團隊的工作，他們致力於為客戶提供更大的獨立感、穩定感和安全感，同時為我們的股東創造價值，這是一個雙贏的組合。接線員，讓我們打開提問線路。

(Operator Instructions) Brian Lee with Goldman Sachs.

（操作員指示）布萊恩李（Brian Lee）與高盛。

Hey, everyone. Good afternoon. Thanks for taking the questions. I guess first one, just appreciate all the guidance metrics here, and you're reiterating the $350 million to $600 million of cash generation in '25. Obviously, closing out financing, the ITC adders, those -- you've kind of laid out the path to get to that cash generation target for next year.

嘿，大家。午安.感謝您提出問題。我想第一個，請欣賞這裡的所有指導指標，並且您重申 25 年將產生 3.5 億至 6 億美元的現金。顯然，完成融資、ITC 加法器等——你已經為明年實現現金生成目標制定了道路。

But big question, I guess, on investors' minds is just how derisked is that given especially the election outcome we had a couple of days ago. Can you speak to that in any sort of whether quantitative, qualitative color, the term sheets? Do you have percentage committed, et cetera? Just how do you think about the implications of the election outcome for some of the key moving pieces of that cash generation target for next year, especially the ITC related ones? And then I have a follow-up.

但我想，投資人心中最大的問題是，特別是考慮到我們幾天前的選舉結果，這種風險有多大。您能以任何形式（無論是定量、定性還是條款清單）來談論這一點嗎？你有承諾百分比嗎？您如何看待選舉結果對明年現金產生目標的一些關鍵影響因素的影響，尤其是與 ITC 相關的因素？然後我有一個後續行動。

Sure. Hey, Brian. This is Mary. Good to hear from you. Yeah. So at a high level, Brian, we see an outright repeal of the IRA as highly unlikely. Americans want affordable, reliable energy. The Inflation Reduction Act targeted lots of investments in red states, very concentrated in Republican areas. So it was no surprise in August of this year to see 18 Republican representatives in Congress write a letter to support a more surgical approach to look at the IRA.

當然。嘿，布萊恩。這是瑪麗。很高興收到你的來信。是的。因此，布萊恩，從高層來看，我們認為徹底廢除愛爾蘭共和軍的可能性極小。美國人想要負擔得起的、可靠的能源。 《降低通貨膨脹法案》針對的是紅州的大量投資，其中非常集中在共和黨地區。因此，今年 8 月，國會中的 18 名共和黨代表寫信支持對 IRA 採取更嚴格的態度，也就不足為奇了。

So as we move forward and as we think about the ITC, I think, again, it's important to remember that the ITC under the former Trump presidency actually came up for expiration and it was extended. So one of the things that is really important to remember in the context of the work we do in the residential solar and storage space is that it really is the area of energy that pulls so strongly across party lines. So I think that then leads to support in a more general way across party lines.

因此，當我們繼續前進並考慮 ITC 時，我認為再次重要的是要記住，前川普總統任期內的 ITC 實際上即將到期，並且已經延長。因此，在我們在住宅太陽能和儲存領域所做的工作中，需要記住的一件非常重要的事情是，它確實是一個跨越黨派界限如此強烈的能源領域。所以我認為這會帶來更廣泛的跨黨派支持。

So -- and then there's some technical as I think about cash generation for next year, there's also just some technicalities in place that would make it very, very hard even in surgical changes for them to happen rapidly. So certainly, as we think about next year, we feel very strong about our cash generation guide. But Danny, let me turn to you to answer some of Brian's more specific questions.

所以，當我考慮明年的現金產生時，還有一些技術問題，也有一些技術問題，即使是外科手術式的改變，也很難讓它們迅速發生。因此，當然，當我們考慮明年時，我們對我們的現金產生指南感覺非常強烈。但是丹尼，讓我請你回答布萊恩的一些更具體的問題。

Sure. Hey, Brian. I'll add like qualitative on the capital side. As far as on the flow basis, what's being funded today is funding against all three adders through all of our funds, and we believe our investors view that as very secure. As we go into next year, what's underpinning the cash generation guidance is a 45% weighted average ITC level. That is about 9 points of domestic content roughly. There's some plus or minus there, but roughly 9% with the balance being energy communities and low income.

當然。嘿，布萊恩。我將在資本方面添加類似的定性內容。就流量而言，今天的資金是透過我們所有的基金針對所有三個加法者提供的資金，我們相信我們的投資者認為這是非常安全的。當我們進入明年時，現金產生指導的基礎是 45% 的加權平均 ITC 水準。大約是國內內容的9分左右。其中有一些正負，但大約為 9%，其餘為能源社區和低收入。

And as we've documented our funds, whatever qualifies gets funded against, and we've been working in order here. As we've mentioned in the past, we've got low-income energy communities previously. And through the quarter, we started to get increasing amounts of approvals for domestic content across a number of funds, even some of which go back to last year.

正如我們記錄的我們的資金一樣，任何符合資格的資金都會得到資助，而且我們在這裡一直按順序工作。正如我們過去提到的，我們以前有低收入能源社區。在整個季度中，我們開始在許多基金中獲得越來越多的國內內容批准，其中一些甚至可以追溯到去年。

Okay. Awesome. I appreciate all that color. Maybe just a quick follow-up, hopefully, a quick one for Danny. The pro forma asset level cost of capital, you showed 7.1 this quarter, and that's kind of encouraging given it's been 7.5, 7.6 consistently for close to a year. I know you had the caveat in that same slide saying based on where October rates are, it'd be right back at 7.5. But can you kind of speak to the change you saw in the quarter? Was it a unique transaction? Or are you just seeing better cost of capital over that three-month period?

好的。驚人的。我很欣賞所有這些顏色。也許只是一個快速的後續行動，希望對丹尼來說是一個快速的後續行動。本季預計資產水準資本成本為 7.1，考慮到近一年來一直維持在 7.5、7.6，這有點令人鼓舞。我知道您在同一張幻燈片中提出了警告，說根據 10 月的利率，它將立即回到 7.5。但您能談談您在本季看到的變化嗎？這是一場獨特的交易嗎？或者您只是在這三個月內看到了更好的資本成本？

And then I know the slide is assuming 7.5 is still the base case for your '25 assumptions. But what do you think the path is from here? It seems like that's a conservative view, but would appreciate any thoughts just given the performance you saw in the quarter being below the 7.5 base assumption to begin with. Thanks.

然後我知道幻燈片假設 7.5 仍然是您 '25 假設的基本情況。但你認為從這裡開始的路是什麼？這似乎是一個保守的觀點，但考慮到您在本季看到的業績低於 7.5 的基本假設，我們將不勝感激。謝謝。

Great. Yeah, I would say we saw a declining base rate environment through the quarter that inflected in September. So as we average that period with the 2.35 spread on our term-out transaction and what we're seeing on subordinated debt, that was the 7.1. As we look at it today, assuming we hold the credit spread constant, today mark-to-market is about -- it's probably spot on with 7.5% today even through the Fed rate move.

偉大的。是的，我想說的是，我們在 9 月的季度中看到了基本利率下降的環境。因此，當我們以 2.35 的期限到期交易利差和我們所看到的次級債務利差來平均這段時期時，結果是 7.1。正如我們今天所看到的，假設我們保持信貸利差不變，那麼即使聯準會利率變動，今天的市值計價也可能是 7.5%。

So the Fed has been easing. Base rates have moved up a bit perhaps on expectations for what's going to happen on both the monetary and fiscal side with even more clarity over the last few days with the election. So we think largely that's repriced through the system. We have an outlook for 7.5%.

所以聯準會一直在寬鬆。基本利率有所上升，或許是因為對貨幣和財政方面將要發生的事情的預期，並且在過去幾天的選舉中更加清晰。因此，我們認為很大程度上是透過系統重新定價的。我們的預期為 7.5%。

The credit spread environment, as we noted, is up slightly deal over deal. I think we're still in a normal range for what we've seen on transactions. Participation remains good. And as we've noted also in the past, participation for us is -- can be over time, deal by deal can be private, privately placed through big private debt funds, publicly marketed, such as the last one, which had good participation. So the spread environment, we also can see fluctuate. But today, we see at 235 basis points, up a bit, but still in a kind of a normal historical range.

正如我們所指出的，信用利差環境逐筆小幅上漲。我認為我們的交易仍處於正常範圍。參與度依然良好。正如我們過去也指出的那樣，我們的參與可能是隨著時間的推移，逐筆交易可以是私人的，透過大型私人債務基金私下進行的，公開市場的，例如最後一個，它有很好的參與度。所以傳播環境，我們也可以看到波動。但今天，我們看到 235 個基點，略有上升，但仍處於正常的歷史範圍內。

Julien Dumoulin-Smith with Jeffries.

朱利安·杜穆蘭-史密斯和傑弗里斯。

Hey, good afternoon team. Thank you guys very much. Appreciate it. Just with respect to the debt principal paydown here, just how would you expect to show this going forward? Obviously, you did a nice proactive pay down below par here of $50 million, ultimately showing slightly better than zero cash, obviously, in terms of the cash gen, but that's obviously inclusive of some debt paydown.

嘿，團隊下午好。非常感謝你們。欣賞它。就債務本金償還而言，您希望如何表明這一點？顯然，你做了一個很好的主動支付，低於標準值 5000 萬美元，最終顯示出略好於零現金，顯然，就現金生成而言，但這顯然包括一些債務償還。

Just how would you expect to kind of talk to the cash generation next year? Should we kind of expect that some of the cash is proactively used for debt paydown, for instance, to pay out the remaining [83] as you start to execute against your range for '25 that you just reiterated?

您希望明年如何與現金世代對話？我們是否應該期望一些現金被主動用於償還債務，例如，當您開始執行您剛剛重申的 25 年範圍時，支付剩餘的 [83]？

Yeah. I would characterize it as kind of strong focus on debt paydown. What we've demonstrated so far is the continued paydown of the convert. I think what you'll start to see is start to paying down our corporate revolver as well. I think we like the combination of debt paydown, getting to lower leverage levels, replenishing capacity and prioritizing stronger balance sheet as we go through this period of time.

是的。我將其描述為對債務償還的強烈關注。到目前為止，我們所展示的是皈依者的持續回報。我想你會開始看到我們公司的左輪手槍也開始還清了。我認為，在我們度過這段時期時，我們喜歡償還債務、降低槓桿水平、補充產能和優先考慮加強資產負債表的結合。

So I'd say it'd be substantial and we'll start to involve more and more. And over time, the majority of the debt paydown will be more geared towards the recourse revolver that we have outstanding.

所以我想說這將是實質的，我們將開始參與越來越多的活動。隨著時間的推移，大部分債務償還將更多地用於我們未償還的追索權左輪手槍。

Got it. And then just how is the market shaping up right now from a competitive perspective? I mean you didn't -- you took out some of the run rate language in the slides here about cash gen beyond '25. How do you think about just the competitive backdrop or any other thoughts about that positioning here? I obviously reiterated your '25 cash gen targets.

知道了。那麼從競爭的角度來看，目前市場的狀況如何呢？我的意思是你沒有——你刪除了幻燈片中關於 25 年後現金產生的一些運行率語言。您如何看待競爭背景或對此定位的任何其他想法？我顯然重申了你們 25 年的現金產生目標。

Yeah. I don't think anything in terms of cash gen targets beyond '25 has materially changed. I think we're bullish and optimistic. The competitive landscape has had a bit of evolution. We've actually seen some of the people we've mentioned on previous calls is having what we've categorized as irrational pricing, essentially offering pay and cost in excess of the total proceeds you can raise against the asset, and that's before consideration of G&A or any cost for servicing those assets. And we've seen correction in some of those partners who have been out in the market for a year plus.

是的。我認為 25 年後的現金產生目標沒有任何實質變化。我認為我們是樂觀的。競爭格局已經發生了一些變化。實際上，我們已經看到我們在之前的電話會議中提到的一些人的定價被我們歸類為非理性定價，本質上提供的薪酬和成本超過了您可以從資產中籌集的總收益，而這是在考慮之前一般行政費用或為這些資產提供服務的任何費用。我們已經看到一些已經退出市場一年多的合作夥伴進行了調整。

We like new entrants in the space, but we've actually seen the replacement of those people with new entrants bringing even more aggressive pay into the market. And as Mary mentioned, despite that, we aren't out there playing dollar for dollar to try to win business. We have a very thoughtful and programmatic approach to deliver differentiated value to our customers, and we're picking up market share doing that.

我們喜歡這個領域的新進入者，但我們實際上已經看到新進入者取代了這些人，為市場帶來了更激進的薪酬。正如瑪麗所提到的，儘管如此，我們並不是為了贏得業務而以美元對美元的方式進行交易。我們有一個非常周到和程序化的方法來為我們的客戶提供差異化的價值，並且我們正在通過這樣做來獲得市場份額。

But we do continue to see that, I guess I would say, aggressive pricing structure to attract market volume. And I think there'll be quick corrections for these players as they learn to better understand the economics of solar.

但我想我會說，我們確實繼續看到積極的定價結構來吸引市場容量。我認為，當這些參與者學會更好地了解太陽能經濟學時，他們很快就會得到糾正。

Great, guys. Thank you.

太棒了，夥計們。謝謝。

Andrew Percoco with Morgan Stanley.

摩根士丹利的安德魯·佩爾科科。

Hey, good evening, guys. Thanks for taking the question. I did want to come back to the election point for a second. And a slightly different question on that end. In terms of like how you guys are managing tariff risk. I know, obviously, you're buying batteries and inverters and racking equipment in the US to hit that domestic content. But how are you thinking about panel supply in the context of potentially higher tariffs, either universally or directly on China? How are you dealing and how are you diversifying your supply chain with this current backdrop?

嘿，晚上好，夥計們。感謝您提出問題。我確實想回到選舉點上來。對此有一個稍微不同的問題。就你們如何管理關稅風險而言。我知道，顯然，您在美國購買電池、逆變器和貨架設備是為了滿足國內需求。但是，在可能普遍或直接對中國徵收更高關稅的背景下，您如何看待面板供應？在當前背景下，您的情況如何以及如何實現供應鏈多元化？

Yeah. I mean, generally, like just as a reminder, module costs are less than 10% of our cost stack. So any impacts, we think, will also be a very small percentage of our total cost stack. We've seen -- we've had diversity of supplier base. That's not just modules, that's across inverters, batteries. And supply chain is already diverse. I think there's also the angle with domestic content as we see more of that transition to US made, that will also be part of the mix that can be higher cost, but also delivers yet more value against the cost differential through the ITC adder. So generally, we feel well positioned. As a reminder, the industry is already burdened somewhat by tariffs, and I think we've been able to manage through it.

是的。我的意思是，一般來說，正如提醒一樣，模組成本不到我們成本堆疊的 10%。因此，我們認為，任何影響也只占我們總成本的一小部分。我們已經看到—我們擁有多元化的供應商基礎。這不僅僅是模組，還包括逆變器、電池。供應鏈已經多樣化。我認為國內內容也有一個角度，因為我們看到更多的向美國製造的過渡，這也將成為成本更高的組合的一部分，但也透過 ITC 加法器針對成本差異提供更多價值。所以總的來說，我們感覺自己處於有利位置。提醒一下，該行業已經承受了一定程度的關稅負擔，我認為我們已經能夠克服它。

Okay. Understood. That's helpful context. And then coming back to the IRA, I know it's not your base case that you get any repeal, but are you expecting any impacts to the health of the ABS markets or tax equity agreements just given the uncertainty around IRA repeal? Or are you expecting any kind of change in behavior from some of your counterparties there as you move into 2025?

好的。明白了。這是有用的背景。然後回到 IRA，我知道廢除 IRA 並不是您的基本情況，但考慮到 IRA 廢除的不確定性，您是否預計會對 ABS 市場或稅收公平協議的健康產生任何影響？或者，當您進入 2025 年時，您預計那裡的一些交易對手的行為會發生任何變化嗎？

Yeah. Again, like I answered before, what's going into service that is qualified is clear at the moment. To the extent we're playing out scenarios on adders, I think there is a built-in experience in the industry on how to deal with times when there is something in tax code, like even considering the corporate income tax rate, just to throw that one in there, there was a period not too long ago where that was in flux, right?

是的。再次，就像我之前回答的那樣，目前哪些內容是合格的，哪些將投入使用是明確的。就我們在加法器上演的場景而言，我認為業界有一種固有的經驗，涉及如何處理稅法中存在某些內容的情況，例如甚至考慮企業所得稅稅率，只是為了拋出那裡的那個，不久前有一段時間，它正在不斷變化，對吧？

So I think there's experience on our side and amongst all the counterparties. To the extent we're looking at IRA or what happens with the current tax provisions, how they get extended, how they might change, there will be a period where we'll have to be more thoughtful about how to deal with that through transactions. I'd say we have a lot of built-in experience doing that from cycles of the past.

所以我認為我們和所有交易對手都有經驗。就我們正在研究 IRA 或當前稅收規定會發生什麼、它們如何延長、它們可能如何變化而言，在一段時間內我們必須更加考慮如何透過交易來處理這些問題。我想說，我們在過去的周期中擁有很多這樣做的內在經驗。

Thank you.

謝謝。

Kashy Harrison with Piper Sandler.

卡希·哈里森和派珀·桑德勒。

Hi. Good afternoon, and thanks for taking my question. And no surprise, it's an election one as well. So Mary, you're 100% correct that a wholesale repeal is extremely unlikely. But the prevailing thought is that the Republicans will look towards the IRA to at least partially offset the cost of extending the original tax cuts because they want to at least minimize the impact of the deficit. And so even if the IRA doesn't completely go away, there's certainly the potential for tweaks. And obviously, no one knows what's going to happen, what that's going to look like at this point.

你好。下午好，感謝您提出我的問題。毫不奇怪，這也是一場選舉。所以瑪麗，你百分之百正確地認為大規模廢除的可能性極小。但普遍的想法是，共和黨將指望愛爾蘭共和軍至少部分抵消延長最初減稅的成本，因為他們希望至少最大限度地減少赤字的影響。因此，即使愛爾蘭共和軍沒有完全消失，也肯定有可能進行調整。顯然，沒有人知道會發生什麼，此時會是什麼樣子。

And so my question is, what is the appetite for structurally revisiting the business structure to be capable to generate meaningful cash at a lower ITC, maybe 30% just in case perhaps the adders go away?

所以我的問題是，從結構上重新審視業務結構，以便能夠以較低的 ITC（也許是 30%）產生有意義的現金，以防加法器消失？

Yeah. I mean, I guess I would -- I'll make some opening comments, and then I'll ask Paul to talk a little bit more about our specific revenue strategy as we look out. But from a broader picture perspective, like you're right, it's -- like there's always -- actually, I would say, I've been in the energy business over a couple of decades, like there's always tweaks. So I would say from a policy perspective, having tweaks is kind of something that we've certainly always had and I think can adjust to for sure.

是的。我的意思是，我想我會——我會做一些開場評論，然後我會請保羅更多地談論我們在觀察時的具體收入策略。但從更廣泛的角度來看，就像你是對的一樣，實際上，我想說，我在能源產業工作了幾十年，就像總是有調整一樣。所以我想說，從政策角度來看，調整是我們一直以來都會做的事情，而且我認為絕對可以進行調整。

The other thing is they take time, which means that you certainly have -- you see things coming and you can alter. And again, this business and Sunrun have used the last couple of years as an example, to emerge in a much stronger position. And so that's sort of how we look at any changes that we see coming down the hike is how do we look at those and how do we think of it in our very margin-focused disciplined way.

另一件事是它們需要時間，這意味著你當然需要時間——你看到事情即將發生，你可以改變。再次強調，該公司和 Sunrun 以過去幾年為例，取得了更強大的地位。因此，這就是我們如何看待升息後發生的任何變化，以及我們如何以非常注重利潤率的嚴格方式來看待這些變化。

And we really, again, are managing costs in a I would say, a maniacal way. We're really focused on making sure we're operating really efficiently and effective because that always gives you maximum flexibility. So with that, Paul, why don't you give some more specifics?

我們確實再次以一種我想說的瘋狂的方式管理成本。我們真正專注於確保我們的營運真正高效且有效，因為這總是為您提供最大的靈活性。那麼，保羅，你為什麼不提供更多細節呢？

Yeah. I think I'd maybe start by just saying, as we all know, equity markets don't respond well to uncertainty. But when you look at the facts, there's always risk in rebates and incentives. And in Trump's previous presidency, he actually had the opportunity not to extend the ITC because it did come up for renewal and he opted to elect it. The ITC has existed for decades, and we're optimistic and confident around that.

是的。我想我可能首先會說，眾所周知，股市對不確定性的反應不佳。但當你審視事實時，就會發現回扣和激勵總是存在風險。在川普上一任總統期間，他實際上有機會不延長 ITC，因為它確實需要續簽，而他選擇了它。 ITC 已經存在了幾十年，我們對此充滿樂觀和信心。

That said, the way the ITC and the adders work in our business is it does enable market expansion. It enables route expansion, and it enables us to reach customers that we otherwise couldn't. And so in the event of contraction in that, we would react like we have regularly and consistently do in our business to adjustments and rebates and incentives.

也就是說，ITC 和加法器在我們業務中的運作方式確實能夠實現市場擴張。它能夠擴展航線，使我們能夠接觸到原本無法接觸到的客戶。因此，如果出現收縮，我們會像我們在業務中經常和持續所做的那樣，對調整、回扣和激勵措施做出反應。

That said, we feel like we're significantly more insulated and derisked relative to others, given our focus and strategy is less around chasing and offering a savings product to consumers, and we've invested heavily around building out our consumer offering to be more focused around functionality and service and resiliency. And so we think we would see far less contraction than our competitors were that to happen.

也就是說，我們覺得相對於其他公司來說，我們的隔離性和風險性明顯更高，因為我們的重點和策略不再是追逐和向消費者提供儲蓄產品，而且我們已經投入巨資，打造我們的消費者產品專注於功能、服務和彈性。因此，我們認為，如果發生這種情況，我們看到的收縮將遠遠小於我們的競爭對手。

Got it. I appreciate the thoughts from both of you. And then my follow-up question is maybe for Danny. I think you referenced the 10% to 15% megawatt growth here, but then you also said, look, it's really about cash generation, not growth. That said, if I just think about normal quarterly seasonality over the course of a typical year, you combine that with your 250-megawatt exit rate and then the fact that you also have like pretty easy comps in the first half of next year, it would suggest your starting point is quite a bit of upside to that 10% to 15% range.

知道了。我很欣賞你們倆的想法。然後我的後續問題可能是針對丹尼的。我想你在這裡提到了 10% 到 15% 兆瓦的成長，但你也說，看，這實際上是關於現金生成，而不是成長。也就是說，如果我只考慮典型一年中正常的季度季節性，你將其與 250 兆瓦的退出率結合起來，然後事實上你在明年上半年也有相當簡單的比較，它表明你的起點比10% 到15% 的範圍有相當大的上升空間。

And so is the 250-megawatt exit rate, is there something unusual about that activity level? Or is the thought that if you guys are running ahead - pull back to focus on cash? I'm just trying to think about that growth rate relative to your baseline level in 4Q.

250兆瓦的退出率也是如此，這個活動水準有什麼不尋常的地方嗎？或者是這樣的想法：如果你們跑在前面，那就撤回專注於現金？我只是想考慮相對於第四季基準水準的成長率。

Yeah. I think the best metric to look at because we've had irregular year-on-year comps and because we've now gotten through three quarters of sequential increase and we've returned closer to levels we saw prior to the NEM change in California, the year-on-year growth rate indicated for exiting this year is about 7% or 8%. I think it's 7% or 8% sequential and 7% or 8% year-on-year, however you look at that. And that's trended towards a double-digit number, and we think we'll hold that sort of pace.

是的。我認為這是最好的衡量標準，因為我們的同比比較不規律，而且我們現在已經經歷了連續四個季度的增長，並且我們已經恢復到更接近加利福尼亞州 NEM 變更之前看到的水平預計今年退出的年增速約為7%或8%。我認為環比增長 7% 或 8%，同比增長 7% 或 8%，無論你怎麼看。這個數字有兩位數的趨勢，我們認為我們會保持這種速度。

Now we'll, of course, have some of the, again, year-on-year comp irregularity to a much lesser degree. But if we roll back like Q1 over Q1, last Q1, we were still in recovery, but we think double digits area is achievable for the business. Now we'll manage seasonality, working on ways to balance seasonality so we can really put the focus on volume in relation to fixed and fixed cost structure, fixed cost absorption.

當然，現在我們將再次出現一些同比比較不規則的情況，但程度要小得多。但如果我們像上一季的第一季那樣回滾，我們仍在復甦中，但我們認為業務可以實現兩位數的成長。現在我們將管理季節性，研究平衡季節性的方法，這樣我們就可以真正將重點放在與固定和固定成本結構、固定成本吸收相關的數量上。

And as we've been getting the volumes up, it's really seeing the cost efficiency return to the business has been where we've been delighted to see what we thought would happen finally happen, and you can see that through the metrics of creation cost, the different elements to creation cost, how we've been able to get the battery attach rate higher, increase customer value, but keep the cost relatively flat.

隨著我們數量的增加，我們確實看到了業務成本效率的回歸，我們很高興看到我們認為會發生的事情最終發生，你可以透過創建成本的指標看到這一點，創造成本的不同因素，我們如何能夠獲得更高的電池連接率，增加客戶價值，但保持成本相對穩定。

And actually, I think we have three consecutive quarters of creation cost decline. So on a unit basis, we're trending where we want to be through volume. Volume in itself is not the primary objective. It's the unit margin expansion, which we expect to hold.

事實上，我認為我們的創造成本已經連續三個季度下降。因此，在單位基礎上，我們透過數量來預測我們想要的趨勢。數量本身並不是主要目標。這是我們預計將維持的單位利潤率擴張。

Got it. Thank you.

知道了。謝謝。

James West with Evercore ISI.

詹姆斯·韋斯特 (James West) 與 Evercore ISI。

Hey, thanks and good afternoon, everyone. Mary, curious about the -- I won't ask about the election. I think we've kind of killed that one. So let me ask about your virtual power plants. You added several this quarter. I think that's a big growing opportunity for you guys. What's the impediment to growth there? Is it utilities? Is it -- I guess, how do you think about the impediment to growth, if there is one?

嘿，謝謝大家，下午好。瑪麗，對——我不會問選舉的事感到好奇。我想我們已經殺了那個人了。那麼讓我問一下你們的虛擬發電廠。您本季添加了幾個。我認為這對你們來說是一個巨大的成長機會。那裡的成長有什麼障礙？是公用事業嗎？我想，如果有的話，您如何看待成長的障礙？

Yeah. Thanks for the question. I am, as you know, very excited about the development and the leading position Sunrun has around monetizing the value of these assets to help the grid and help customers, and it certainly contributes to the bottom line of Sunrun. It is really -- it is all about having it continue to catch an edge in the context of the regulatory and utility environment.

是的。謝謝你的提問。如您所知，我對 Sunrun 在將這些資產的價值貨幣化以幫助電網和幫助客戶方面的發展和領先地位感到非常興奮，這無疑有助於 Sunrun 的盈利。事實上，這一切都是為了讓它在監管和公用事業環境中繼續保持優勢。

So I have always felt for so many years going back to when I was a utility CEO for over a decade that we were going to be in the situation that we're finding ourselves in today, right, which is as people electrify their homes, as they electrify their transportation and now we have the pressures of AI, the grid simply can't add resources or manage resources fast and effectively. And what we're finding is, again, these resources that we have are proving to be very valuable for the grid and really helping to sustain it as it's adjusting to these increased capacity demand.

因此，多年來我一直覺得，當我擔任公用事業執行長十多年時，我們將處於今天的境地，對吧，那就是當人們為他們的家庭電氣化時，隨著交通電氣化，現在我們面臨人工智慧的壓力，電網根本無法快速有效地添加資源或管理資源。我們再次發現，我們擁有的這些資源被證明對電網非常有價值，並且在電網適應這些增加的容量需求時確實有助於維持電網。

So I think we're just going to continue to see this trend grow. I was really encouraged just in every venue I'm in, every conference I go to, it is certainly becoming something that was talked about, I would say, more on the fringes to something that is being discussed in a much more mainstream way. So I feel very positive about that.

所以我認為我們將繼續看到這種趨勢的成長。在我所在的每一個場所、我參加的每一個會議上，我都受到了很大的鼓勵，我想說，它肯定會成為人們談論的事情，更多地處於以更主流的方式討論的事情的邊緣。所以我對此感到非常積極。

And we are, of course, scaling at an incredible pace. We hit a really strong record in terms of 60% of our installations now have storage. And that just positions Sunrun really, really well to benefit -- to create benefit for our shareholders and our customers as we help out the grid.

當然，我們正在以令人難以置信的速度擴展。我們創下了一個非常好的記錄，現在 60% 的安裝都有儲存。這使得 Sunrun 能夠真正受益——在我們幫助電網發展的同時為我們的股東和客戶創造利益。

Okay. Maybe a quick follow-up for me on the data center AI theme. What do you see as the opportunity set for Sunrun there?

好的。也許是我對資料中心人工智慧主題的快速跟進。您認為 Sunrun 在那裡面臨哪些機會？

Very much an extension of the same. So what you're finding is that, again, there are challenges in so many parts of the country to meet the demand. And what you're also finding is that in many cases, a lot of the developers do want clean energy alternatives. So certainly, there are always -- there's always more than one solution, but Sunrun's assets could play a very important role in contributing to solutions to the AI demands that are happening. So as I think was reported, we're in NDAs with a couple of AI developers along those lines.

很大程度上是相同的延伸。因此，您會發現，該國許多地區再次面臨滿足需求的挑戰。您還發現，在許多情況下，許多開發商確實需要清潔能源替代品。當然，總是有不只一種解決方案，但 Sunrun 的資產可以在為正在發生的人工智慧需求提供解決方案方面發揮非常重要的作用。因此，正如我所報導的那樣，我們正在與一些人工智慧開發人員簽訂保密協議。

So one of the things I love again about our resources is somebody who ran a fully integrated utility where we had generation assets, we had transmission distribution, the whole power supply requirement. One of the things I really like about the storage and solar assets, the residential solar and storage assets are they are -- I would stack them up against a peaker plant any day of the week as being more reliable because you're aggregating so many different touch points. So let's just say a couple don't come online, it makes no difference in the overall value that you can supply to the grid.

因此，關於我們的資源，我再次喜歡的一件事是有人運行一個完全整合的公用事業，我們擁有發電資產，我們有輸電配電，整個電力供應需求。關於儲存和太陽能資產，我真正喜歡的一件事是，住宅太陽能和儲存資產是——我會在一周中的任何一天將它們與峰值發電廠相比，因為它們更可靠，因為你聚集了這麼多不同的接觸點。因此，假設有幾個設備沒有上線，那麼您可以向電網提供的整體價值沒有任何影響。

So again, I think this is going to continue to be a very valuable resource. I know so many regulators think so. Regulators are a big part of why you're seeing increased demand for these types of virtual power plants and grid services programs.

再說一次，我認為這將繼續是一個非常有價值的資源。我知道很多監管機構都這麼認為。監管機構是導致此類虛擬發電廠和電網服務計劃需求增加的一個重要原因。

Thanks very much.

非常感謝。

Praneeth Satish with Wells Fargo.

富國銀行的普拉尼思·薩蒂什。

Thanks. Good evening. Maybe switching gears a bit here. Obviously, projecting a lot of growth in the new homes market. Maybe if you could just help us understand better the unit economics there. I assume you've got some benefits from kind of streamlining the customer acquisition cost. But there's probably also revenue shares and maybe a longer cash conversion cycle. So I guess, how do the cash generation economics compare in that channel versus your typical residential solar sale?

謝謝。晚安.也許在這裡稍微換一下方式。顯然，新房市場預計將大幅成長。也許你能幫助我們更了解那裡的單位經濟學。我認為您可以從簡化客戶獲取成本中獲得一些好處。但可能還有收入分成，也許還有更長的現金轉換週期。所以我想，該通路的現金產生經濟效益與典型的住宅太陽能銷售相比如何？

Yeah. Just really simply, as Mary mentioned, I believe, in her script, about 5% of our business today. We see tremendous growth opportunities in that route. And as you mentioned, kind of across the board, it's a more efficient model in terms of economics. So you have single permitting, you have one-to-many kind of customer acquisition model. And so it's an efficient route. And so we would anticipate improved margins as that becomes and scales to a more meaningful part of our business.

是的。非常簡單，正如瑪麗所提到的，我相信，在她的劇本中，這大約占我們今天業務的 5%。我們在這條路線上看到了巨大的成長機會。正如您所提到的，從經濟角度來看，這是一種更有效的模型。所以你有單一的許可，你有一對多的客戶獲取模型。所以這是一條有效的路線。因此，隨著利潤率成為並擴大到我們業務中更有意義的部分，我們預計利潤率將會提高。

Got it. And notwithstanding the elections, but just as it relates to the ITC and domestic content, maybe specifically on domestic content, can you walk through kind of your framework for how you go about deciding whether to keep that or share that? It sounds like you're going to look at it market by market, customer by customer. But I guess what kind of signals or competitive dynamics would lean you one way or another?

知道了。儘管有選舉，但正如它與 ITC 和國內內容有關，也許特別是國內內容一樣，您能否介紹一下您的框架，以決定是否保留該內容或分享該內容？聽起來你要逐個市場、逐個客戶地審視它。但我想什麼樣的訊號或競爭動態會讓你以某種方式傾斜？

Yeah. I would say keep versus share is not like the decision framework we've been applying. It's more of a margin target setting exercise. So that results in implicitly some amount accruing out to the customer or being retained. And it depends on the value of the market, our relative positioning in the market, the product category, whether it's higher value or lower value product, mainly being driven by whether or not there's a storage attachment to it.

是的。我想說的是，保留與分享並不像我們一直在應用的決策框架。這更像是利潤目標設定活動。因此，這會隱含地向客戶累積或保留一些金額。這取決於市場的價值，我們在市場中的相對定位，產品類別，無論是高價值還是低價值的產品，主要取決於是否有儲存附件。

So we're looking at a variety of factors and solving to attractive and good margin profiles for us and a good value prop to the customer and a good competitive position within that particular space. So it's a pretty granular exercise.

因此，我們正在考慮各種因素，並解決對我們有吸引力且良好的利潤狀況、對客戶的良好價值支撐以及在特定領域內良好的競爭地位的問題。所以這是一個非常精細的練習。

Got it. Thank you.

知道了。謝謝。

Philip Shen with ROTH Capital Partners. Please state your question.

菲利普‧沈 (Philip Shen) 與羅仕資本合夥人 (ROTH Capital Partners)。請說出你的問題。

Hey, thanks for taking the questions. First one is a follow-up on your 10% to 15% growth for solar installs next year. I was wondering if you might be able to share the regional breakdown that you expect in 2015 -- sorry, 2025. So for example, California versus the Northeast, Puerto Rico, Southwest, et cetera. Thanks.

嘿，感謝您提出問題。第一個是明年太陽能安裝量增加 10% 至 15% 的後續行動。我想知道您是否能夠分享您預計 2015 年（抱歉，2025 年）的地區細分情況。謝謝。

Yeah. I think we've had -- so California, we've had good track record in California for many years. It's been our biggest market. We think it will continue to be, of course. And I think we've shared in the past as well, like the return of volume in California and its growth rate recently has been outpacing everywhere else.

是的。我認為我們在加利福尼亞州多年來一直擁有良好的記錄。這是我們最大的市場。當然，我們認為這種情況將繼續存在。我認為我們過去也分享過，例如加州的銷售恢復及其最近的增長率超過了其他地方。

We see strong spots -- continue to see strong spots in the Northeast. Illinois in the Midwest, Puerto Rico is a good market where resiliency is a big driver. I'd say those are the major ones. Texas is a Texas with -- also with a high battery attachment rate. So Texas has converted to much higher value recently as well, and we think that will accelerate with the domestic content angle as well.

我們看到了強點——繼續在東北部看到強點。中西部的伊利諾州和波多黎各是一個很好的市場，彈性是一個很大的推動力。我想說的是主要的。德州的電池連接率也很高。因此，德州最近也轉向更高的價值，我們認為這也將隨著國內內容的角度而加速。

And any chance you can quantify some of those regions? So California is a strong spot or outpacing everywhere. Are we talking about 25% growth next year?

您是否有機會量化其中一些區域？所以加州是一個強點，或者說超越了所有地方。我們是在談論明年 25% 的成長嗎？

For that, we haven't broken out kind of market-specific year-on-year growth rates. I would say California has been as much as half of our business. That probably fell to more like a third immediately after NEM, the NEM change, and that's been coming back up. But we don't have specific market year-on-year growth rates to share at the moment.

為此，我們還沒有列出特定市場的年成長率。我想說，加州佔了我們業務的一半。在 NEM 改變之後，這個數字可能會下降到大約三分之一，而這個數字正在回升。但目前我們沒有特定的市場年增率可供分享。

Okay. Thanks. And then in terms of my follow-up, we've read a lot about the long lead times for Powerwall 3. Our sense is the big customers such as yourselves have no issues with securing Powerwall 3s. But on the margin, the smaller dealers and through distribution, they're having challenges. Do you anticipate any issues at all? Or do you guys expect to continue to get strong and reliable Powerwall 3 supply in '25? Thanks.

好的。謝謝。然後就我的後續行動而言，我們已經了解了很多有關 Powerwall 3 的較長交貨時間的資訊。但在邊際上，較小的經銷商和分銷商面臨挑戰。您預計會出現任何問題嗎？或者你們期望在 25 年繼續獲得強大而可靠的 Powerwall 3 供應？謝謝。

Yeah. Great question. We've experienced very much the opposite. We view Tesla as a really key and strategic partner for us and believe based off the way we're being treated by them with supply and the partnership that we're a very strategic partner for them as well. So we don't have supply chain shortages with Powerwall 3s at this time and don't foresee them in our forecast.

是的。很好的問題。我們的經驗恰恰相反。我們將特斯拉視為我們真正重要的策略夥伴，並相信根據他們對待我們的供應方式和合作夥伴關係，我們也是他們的非常策略夥伴。因此，我們目前不存在 Powerwall 3 的供應鏈短缺問題，在我們的預測中也沒有預見到這種情況。

That said, there are a lot of new exciting battery technologies that are coming online. And as we focus on virtual power plants and functionalities for customers in the connected home, knowing that space and understanding the technologies that are available there is paramount for us. And so in Q1, we'll be launching some new battery hardware that we're excited about, but continue to be focused on building and maintaining our strong partnership with Powerwall 3 and Tesla.

也就是說，有許多令人興奮的新電池技術正在上線。當我們專注於為互聯家庭中的客戶提供虛擬發電廠和功能時，了解該空間並了解那裡可用的技術對我們來說至關重要。因此，在第一季度，我們將推出一些令我們興奮的新電池硬件，但我們將繼續專注於建立和維持與 Powerwall 3 和 Tesla 的牢固合作夥伴關係。

Great. Thank you very much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Our next question comes from Dylan Nassano with Wolfe Research. Please state your question.

我們的下一個問題來自沃爾夫研究中心的迪倫·納薩諾。請說出你的問題。

Yeah. Hi, everyone. Good afternoon. Thanks for taking my question. I just wanted to go back to the domestic content qualification of 19% that you had in the quarter. Did you guys give an idea of what that could be in 4Q? And just kind of give us a sense of what's the lowest hanging fruit to kind of get that number up higher over the next couple of quarters?

是的。大家好。午安.感謝您提出我的問題。我只是想回到本季 19% 的國內含量資格。你們知道第四季會發生什麼事嗎？讓我們了解在接下來的幾個季度中讓這個數字更高的最容易實現的目標是什麼？

Yeah. I think there's a gradual pickup through Q4 and Q1, we'll see a meaningful pickup. I think that will go by early next year up to a qualification rate of around 90%, perhaps even higher. So that's being driven by initially more quickly probably on the battery side on solar-only installs, we have a combination of equipment getting us above the 40% threshold. We're cycling into that. So that's a meaningful area of pickup we'll continue to see.

是的。我認為第四季和第一季會逐漸回升，我們會看到有意義的回升。我認為到明年初合格率將達到 90% 左右，甚至可能更高。因此，最初可能是在純太陽能安裝的電池方面更快地推動這一目標，我們擁有使我們超過 40% 閾值的設備組合。我們正在騎自行車進入這個領域。因此，這是一個有意義的領域，我們將繼續看到。

So I'd say that the relative pickup from here on out is more on the solar-only side than the storage side, but both are -- we're starting from a low number and going to a very high one. So both are picking up very meaningfully.

所以我想說，從現在開始，僅太陽能一側的相對拾取量比存儲一側的相對拾取更多，但兩者都是——我們從一個較低的數字開始，然後達到一個非常高的數字。所以兩者都很有意義。

Got it. Okay. That's helpful. Thank you. And then my follow-up, I just wanted to ask on grid services. So I understand that, I guess, the lifetime value of grid services is something like $2,000 per customer. I think you have 20,000 customers enrolled right now.

知道了。好的。這很有幫助。謝謝。然後我的後續行動，我只是想詢問有關網格服務的問題。因此，我認為網格服務的生命週期價值約為每位客戶 2,000 美元。我認為您現在有 20,000 名客戶註冊。

Can you just give us an idea of what's kind of the current actual revenues that you're getting from grid services? Is it something that should kind of be aligned with that $2,000 lifetime value?

您能否向我們介紹一下您目前從電網服務中獲得的實際收入是多少？它是否應該與 2,000 美元的終身價值保持一致？

Yeah. So the $2,000 lifetime value is expressed on a PV basis. And what's in that is an assumption for a few hundred dollars per year per customer. And I think we're generally seeing a pickup that's like kind of in line with that assumption.

是的。因此，2,000 美元的終身價值是以 PV 為基礎表示的。其中的假設是每位客戶每年幾百美元。我認為我們通常會看到一個與這一假設相符的皮卡。

Great. Thank you.

偉大的。謝謝。

Our next question comes from Colin Rusch with Oppenheimer. Please state your question.

我們的下一個問題來自科林·魯什和奧本海默。請說出你的問題。

This is Andre Adams on for Colin. Are you starting to see any increase in labor availability? And how should we think about construction cost trends going forward?

我是科林的安德烈·亞當斯。您是否開始看到勞動力供應增加？我們該如何看待未來的建築成本趨勢？

Yeah, we're not kind of across the board, we're seeing strong demand and growth across our go-to-market roles as well as in our operation business and supply chain.

是的，我們並不是全面的，我們看到了我們的市場推廣角色以及我們的營運業務和供應鏈的強勁需求和成長。

Got it. Thank you. And for the follow-up, just from a permitting perspective, you've spoken about automated permitting as a possibility for some geographies. Are you seeing any meaningful trends in permitting that could have a material impact on your sales cycle or pace of install?

知道了。謝謝。對於後續行動，僅從許可的角度來看，您談到了自動許可對於某些地區的可能性。您是否發現任何有意義的趨勢可能會對您的銷售週期或安裝速度產生重大影響？

Yeah. We're actually seeing nice progress on that. And kind of across the business, we're looking for ways to automate more and more. In our cells, for example, as Mary mentioned, we're growing and selling more of our retrofit batteries and rather than doing that through traditional routes in our customer app, we're pushing out leads and have thousands of responses at far higher and faster conversion rates. And so technology and implementing that across sales and operations is bearing fruit for us.

是的。我們實際上看到了這方面的良好進展。在整個行業中，我們正在尋找越來越多的自動化方法。例如，在我們的電池中，正如瑪麗所提到的，我們正在種植和銷售更多的改造電池，而不是透過我們的客戶應用程式中的傳統途徑來做到這一點，我們正在推出潛在客戶，並以更高和更高的價格收到數千個回應。因此，技術以及在銷售和營運中的實施正在為我們帶來成果。

Thank you.

謝謝。

Maheep Mandloi with Mizuho.

馬希普·曼德洛伊 (Maheep Mandloi) 與瑞穗 (Mizuho)。

Hey, thanks for taking the question. And definitely just most on the election and other topics over here. But maybe just one on the safe harbor process here. In the past, when tax rates were sunsetting, we saw a two-year safe harbor, giving you ample time to buy equipment upfront and keep the credits. Is there any guidelines or any clarity on that under the new tax credit rules from the IRA?

嘿，謝謝你提出問題。絕對是關於這裡的選舉和其他主題的大部分內容。但也許這裡只是關於安全港流程的一個。過去，當稅率下降時，我們看到了兩年的安全港，讓您有充足的時間預先購買設備並保留抵免額。根據愛爾蘭共和軍 (IRA) 的新稅收抵免規則，是否有任何指導方針或對此有任何明確說明？

Yeah. There's a four-year period in the -- to the extent we safe harbor, we've had strategies in the past. To the extent there valuable through available financing sources and things we've done in the past. I think we've got a good developed playbook there as well. I think our guidance considers all of the possibilities.

是的。在我們安全港的範圍內，有四年的時間，我們過去已經制定了策略。在某種程度上，透過可用的融資來源和我們過去所做的事情是有價值的。我認為我們也有一個很好的開發手冊。我認為我們的指導考慮了所有的可能性。

Got it. Appreciate it. That's all. Thank you.

知道了。欣賞它。就這樣。謝謝。

Jordan Levy with Truist Securities.

喬丹·利維 (Jordan Levy) 與 Truist 證券公司合作。

Hey, thanks. This is Noah on for Jordan. I just have a quick one about the new Home segment. Can you maybe talk about profitability margin profile of this segment compared to your traditional subscription model? And how should we think about the blended margins as this segment becomes a larger part of the mix? Thanks.

嘿，謝謝。這是諾阿替補喬丹。我只是簡單介紹一下新的家庭版塊。您能否談談與傳統訂閱模式相比該細分市場的利潤率概況？隨著該細分市場成為混合利潤的更大組成部分，我們應該如何考慮混合利潤？謝謝。

Yeah. So I think as Paul shared, there's good cost efficiency on the business on the sales costs, the efficiency on permitting he noted. What you also get relative to a retrofit on average, that might be smaller system size with cost efficiency on a margin percentage basis, they're similar to the relative product like in California, for example, it will compare well to a retrofit product that we'd otherwise do.

是的。因此，我認為正如保羅所分享的那樣，該業務在銷售成本方面具有良好的成本效率，他指出了許可效率。相對於平均改造，您還可以獲得更小的系統規模，並且在利潤百分比的基礎上具有成本效率，它們與加利福尼亞州的相關產品類似，例如，它將與改造產品相比較否則我們會這樣做。

So it is a majority California. It is a high-value market. It has a similar margin profile. The individual homes might be smaller, but the batches of units come in larger quantities, which is a strong offset when you consider the aggregate volume.

所以它是大多數加利福尼亞州。這是一個高價值的市場。它具有類似的利潤概況。單一房屋可能較小，但批量單位的數量較大，當您考慮總體積時，這是一個很大的抵消。

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

謝謝。分配給問答的時間到此結束。您現在可以斷開連線。