Sunrun Inc (RUN) 2024 Q4 法說會逐字稿

Good afternoon and welcome to Sunrun's fourth-quarter and full-year 2024 earnings conference call. Please note that this call is being recorded and that 1 hour has been allocated for the call, including the Q&A session. (Operator Instructions)

下午好，歡迎參加 Sunrun 2024 年第四季和全年財報電話會議。請注意，本次通話正在錄音，且通話時間已分配 1 小時，包括問答環節。（操作員指令）

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

現在我將電話轉給 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. Though we believe these statements reflect our best judgment based on factors currently known to us. Actual results may differ materially and adversely.

謝謝您，接線生。在我們開始之前，請注意，我們在本次電話會議中發表的某些言論構成前瞻性陳述。但我們相信這些陳述反映了我們根據目前已知的因素所做的最佳判斷。實際結果可能存在重大不利差異。

Please refer to the company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements. Please note that these statements are being made as of today, and we disclaim any obligation to update or revise them.

請參閱本公司向美國證券交易委員會提交的文件，以獲得有關可能導致我們的實際結果與任何前瞻性陳述中的預測不同的風險和其他因素的更全面討論。請注意，這些聲明都是截至今天做出的，我們不承擔更新或修改它們的任何義務。

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. The presentation is available on Sunrun's Investor Relations website along with supplemental materials.

今天參加電話會議的有 Sunrun 的執行長 Mary Powell； Sunrun 財務長 Danny Abajian；以及 Sunrun 總裁兼首席營收長 Paul Dickson。此簡報及補充資料可在 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 transcript, including Q&A, will be posted to Sunrun's Investor Relations website shortly after the call. We've allocated 60 minutes from today's call, including the question-and-answer session.

今天的電話會議的音訊回放以及今天準備好的發言和記錄（包括問答部分）的副本將在電話會議結束後不久發佈到 Sunrun 的投資者關係網站上。我們為今天的電話會議預留了 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 all of you for joining us today. The fourth quarter was an exceptionally strong quarter for Sunrun, and our execution positioned us well for 2025. We are delivering high-quality growth, generating meaningful cash, increasing our book value of deployed systems, and paying down our parent debt. We are poised to further improve our operating and financial results and deliver a very strong 2025 with meaningful cash generation.

謝謝你，派崔克，也謝謝大家今天的到來。第四季對 Sunrun 來說是一個非常強勁的一個季度，我們的執行力為我們 2025 年的發展奠定了良好的基礎。我們正在實現高品質的成長，產生有意義的現金，增加我們部署系統的帳面價值，並償還母公司的債務。我們準備進一步改善我們的營運和財務業績，並在 2025 年實現強勁成長並產生可觀的現金。

In 2024, we adapted to the rapid increase in interest rates, innovated through changes in state regulations, built a robust supply chain with strong domestic content focus, and remained steadfast in the face of irrational behavior from several industry participants.

2024年，我們適應了利率的快速上漲，透過國家法規的變化進行了創新，構建了以國內內容為重點的強大供應鏈，並在一些行業參與者的非理性行為面前堅定不移。

We are improving in every dimension, focusing on fast, effective execution, delivering strong financial and operating results, gaining share in a disciplined way, and building a long-term foundation of valuable grid resources. Executing on our plan does not require equity funding.

我們正在各個方面不斷進步，專注於快速、有效的執行，實現強勁的財務和營運業績，以規範的方式獲得份額，並建立長期寶貴的電網資源基礎。執行我們的計劃不需要股權融資。

In 2024, we optimized our product mix, prioritize the highest value geographies and routes to market with an intense focus on cost efficiency. At the same time, we increase storage attachment rates, resulting in the highest net subscriber values Sunrun has ever reported.

2024 年，我們優化了產品組合，優先考慮價值最高的地區和市場路線，並高度重視成本效率。同時，我們提高了儲存附加率，從而使 Sunrun 的淨訂戶價值達到了有史以來的最高水準。

We have now posted positive cash generation for three consecutive quarters and expect to do so in every quarter throughout 2025, including the first quarter which is seasonally the weakest. We have allocated excess cash to pay down our parent debt by $186 million since Q1 of last year, while making strategic long-term investments in AI to lower costs, streamline operations and create a differentiated customer experience.

我們目前已連續三個季度實現正現金流，預計 2025 年每季都將如此，包括季節性最弱的第一季。自去年第一季以來，我們已撥出 1.86 億美元的多餘現金來償還母公司的債務，同時對人工智慧進行長期戰略投資，以降低成本、簡化營運並創造差異化的客戶體驗。

We also allocated excess cash to execute our end of year safe harbor equipment purchases to mitigate what we view as unlikely, but still potential policy changes. The fundamental long-term demand drivers for our business are incredibly strong and unrelated to any political party affiliation.

我們還分配了多餘的現金來執行年底的安全港設備採購，以緩解我們認為不太可能但仍有可能的政策變化。我們業務的長期基本需求驅動力非常強勁，與任何政黨關係無關。

Americans want greater energy independence and control of their lives and their pocketbooks. The country also needs more power from all sources to fuel rapid growth in electrification and data centers, and our growing fleet of energy resources will be part of that solution. For these reasons, it is no surprise that support for the energy we provide spans across all party lines.

美國人希望獲得更大的能源獨立性以及對自己生活和錢包的控制權。該國還需要來自各個來源的更多電力來推動電氣化和資料中心的快速成長，而我們不斷增長的能源資源將成為該解決方案的一部分。由於這些原因，我們所提供的能源得到各黨派支持也就不足為奇了。

Turning to more specifics for the quarter. In Q4, we grew contracted total value generated or the aggregate net contracted value of systems installed in the quarter using capital costs observed in Q4 by 125% compared to the prior year and just 48% compared to the prior quarter.

談到本季的更多具體情況。在第四季度，我們利用第四季度觀察到的資本成本，將合約總價值或本季度安裝的系統的總淨合約價值與去年同期相比增長了 125%，與上一季相比僅增長了 48%。

We did this by growing our customer editions sequentially and by increasing subscriber values from higher battery attachment rates and ITC realization while holding our creation costs flat. Cash generation was $34 million in the quarter. We elected to invest $18 million of working capital in safe harbor equipment, which obviously lowered our cash generation results in the quarter.

我們透過連續增加客戶版本並透過更高的電池連接率和 ITC 實現來增加訂戶價值，同時保持我們的創作成本平穩來做到這一點。本季的現金產生額為 3,400 萬美元。我們選擇投資 1,800 萬美元的營運資金於安全港設備，這顯然降低了本季的現金產生結果。

In Q4, we also hit all-time highs for storage attachment rates and capacity installed. We installed storage for 62% of our new customers, an increase of 17 percentage points from a year ago. We installed 392 megawatt hours of storage in Q4, up 78% from a year ago. Our fleet of network storage capacity has reached 2.5 gigawatt hours with over 156,000 storage systems installed. We continue to advance programs that generate value for customers, the grid and Sunrun.

在第四季度，我們的儲存連接率和安裝容量也創下了歷史新高。我們為62％的新客戶安裝了存儲，比一年前增加了17個百分點。我們在第四季安裝了 392 兆瓦時的儲能，比去年同期成長了 78%。我們的網路儲存容量已達到 2.5 千兆瓦時，安裝了超過 156,000 個儲存系統。我們將繼續推進為客戶、電網和 Sunrun 創造價值的計劃。

We have 16 grid service programs active across the country, with over 20,000 customers participating. During 2024, Sunrun's virtual power plants successfully supported power grids across the country with a combined instantaneous peak of nearly 80 megawatts, a capacity greater than many traditional fossil fuel power plants.

我們在全國各地開展了 16 個電網服務項目，參與的客戶超過 20,000 個。2024 年，Sunrun 的虛擬發電廠成功支援了全國各地的電網，總瞬時峰值接近 80 兆瓦，容量超過許多傳統的化石燃料發電廠。

Sunrun is leading in establishing a platform to turn homes and vehicles into smart controllable load that can be dispatched into and improve the electric grid. I want to spend a minute on what we're 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.

Sunrun 正在率先建立一個平台，將家庭和車輛轉變為可調度並改善電網的智慧可控負載。我想花一點時間來介紹我們所看到的最新行業數據。我們沒有辦法佔領市場。我們認為我們在產業中的領先地位是奉行客戶至上的嚴格成長策略的長期自然結果。

There have been periods where there are irrational competitive behavior, such as pricing and terms loan providers offered a few years ago, and more recently price being offered by certain financing only new entrants. But our view is that a focus on the fundamentals and first-rate execution always prevails in the long term.

曾經有過不理性的競爭行為，例如幾年前貸款提供者提供的定價和條款，以及最近某些融資新進者提供的價格。但我們認為，從長遠來看，專注於基本面和一流的執行始終是主流。

We lead with the best possible customer experience, underwrite healthy and financially sound business and grow in a sustainable strategic way. We have seen some new entrants become more rational in recent periods, while others continue to scale with uneconomic cash-consuming activities.

我們以最佳的客戶體驗為主導，承保健康和財務健全的業務，並以可持續的策略方式發展。我們看到，最近一段時間一些新進入者變得更加理性，而另一些新進入者則繼續透過不經濟的現金消耗活動擴大規模。

We have seen our share of residential storage installations expand to over 50% in the US, while residential solar installations nationwide picked up significantly in the last few quarters, from 13% in Q1 to 19% in Q4. I'm pleased to see these trends, but I'm more pleased that we are doing it in a way that is consistently generating cash and delighting our customers.

我們已經看到我們在美國住宅儲能裝置中的份額擴大到50％以上，而全國住宅太陽能裝置在過去幾個季度中顯著上升，從第一季的13％上升到第四季度的19％。我很高興看到這些趨勢，但更高興的是我們能夠以一種持續創造現金並讓客戶滿意的方式做到這一點。

Sunrun is well positioned to drive meaningful value for shareholders in 2025 and beyond. The grid continues to become less reliable and more expensive. Consumers are demanding more energy independence and choice, and technology advancements continue to unlock more opportunities.

Sunrun 有能力在 2025 年及以後為股東創造有意義的價值。電網變得越來越不可靠，成本也越來越高。消費者要求更多的能源獨立性和選擇，技術進步也不斷釋放出更多的機會。

Our primary focus is furthering our 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.

我們的首要重點是進一步實現差異化。推出更多產品和服務來擴大客戶終身價值，並繼續保持紀律嚴明、利潤豐厚和以客戶為中心的行業領先地位，並在未來幾年內增加業務的現金收入。

I know we are living in uncertain times, and no one can predict the future perfectly, but what we can do is continue building an incredibly resilient and efficient organization that can pivot and respond to whatever is thrown at it.

我知道我們生活在不確定的時代，沒有人能夠完美地預測未來，但我們能做的是繼續建立一個極具彈性和高效的組織，能夠應對任何挑戰。

I recall just a few years ago, investors were skeptical because Sunrun had negative cash generation and was facing large regulatory changes in California, massive increases in interest rates and a challenging supply chain.

我記得就在幾年前，投資人還心存懷疑，因為 Sunrun 的現金產生量為負，而且面臨加州的重大監管變化、利率大幅上漲以及充滿挑戰的供應鏈。

Sunrun not only managed to adapt to these pressures but has now started to generate significant cash on a recurring basis with higher rates while operating under [NIM 3] and navigating the various supply chain dynamics. This is the team that knows how to focus on first rate execution and lead this industry.

Sunrun 不僅設法適應了這些壓力，而且在 [NIM 3] 下運作並應對各種供應鏈動態的同時，已經開始以更高的利率定期產生大量現金。這個團隊懂得如何專注於一流的執行並引領這個行業。

Before handing it over to Danny, I want to take a moment to share how Sunrun employees responded during the devastating Los Angeles wildfires in January. As soon as high winds and wildfire threats emerged, our team initiated our planned response to support customers and employees.

在交給丹尼之前，我想花點時間分享 Sunrun 員工在一月份洛杉磯毀滅性山火期間的反應。一旦出現強風和野火威脅，我們的團隊就會啟動計劃的回應來支援客戶和員工。

In an emergency like this, the homes we serve become critical infrastructure in impacted communities, supporting both our customers and the communities they live in. Batteries were automatically adjusted to maximize backup power ahead of widespread blackouts.

在這樣的緊急情況下，我們服務的家庭成為受影響社區的關鍵基礎設施，為我們的客戶及其所居住的社區提供支援。在發生大面積停電之前，電池會自動調節以最大程度地提高備用電力。

When I visited our Los Angeles teams and customers during that time, I heard numerous stories of how Sunrun customer homes provided essential power and a safe haven for so many who are impacted by this tragedy.

當我在那段時間拜訪我們的洛杉磯團隊和客戶時，我聽到了無數關於 Sunrun 客戶住宅如何為眾多受這場悲劇影響的人們提供基本電力和避風港的故事。

These events highlight the urgent need to more safely generate and deliver energy to customers and to have on-site power generation and storage systems providing critical power during those emergencies. Demand for our storage offering remains robust following this event.

這些事件凸顯了更安全地為客戶發電和輸送能源的迫切需要，以及在緊急情況下提供關鍵電力的現場發電和儲電系統的迫切需求。此次事件之後，對我們的儲存產品的需求依然強勁。

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

說完這些，讓我把電話轉給丹尼，聽聽我們的財務更新。

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，我將介紹本季的營運和財務表現以及我們的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 156,000 solar and storage systems with storage attachment rates reaching 62% of installation 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.

首先來看投影片 10 上的本季業績。我們目前已安裝了超過 156,000 個太陽能和儲能係統，本季儲能安裝率達到安裝量的 62%。我們預計未來幾季的儲存附加率將保持在這個水準左右或略高一些。這種更高層級的儲存組合將繼續推動淨訂戶價值的上升。

During the quarter, we installed 392 megawatt hours of storage capacity, well above the high end of our guns and an increase of 78% compared to the same quarter last year. Our total networked storage capacity is now above 2.5 gigawatt hours.

本季度，我們安裝了 392 兆瓦時的儲存容量，遠高於我們的最高水平，與去年同期相比成長了 78%。我們總的網路儲存容量現在已超過2.5千兆瓦時。

In the fourth quarter, solar energy capacity installed was approximately 242 megawatts within our guidance range of 240 to 250 megawatts and an increase of approximately 7% compared to the prior year. Customer additions were approximately 32,900, including approximately 30,700 subscriber additions.

第四季度，太陽能裝置容量約為 242 兆瓦，符合我們 240 至 250 兆瓦的指導範圍，比上年增長約 7%。客戶新增約32,900家，其中訂戶新增約30,700家。

Our subscription mix remained at 96% of deployments in the period. Customer additions with storage was approximately 20,400 in the quarter, an increase of [50%] compared to the same quarter last year. And in Q4 with approximately 1 million customers and 889,000 subscribers representing 7.5 gigawatts of networked solar energy capacity, a 13% increase year over year.

我們的訂閱組合在該期間仍保持在 96% 的部署水準。本季新增帶儲存客戶約 20,400 人，較去年同期成長 [50%]。第四季度，客戶數約 100 萬，用戶數 889,000 人，連網太陽能容量達 7.5 千兆瓦，較去年同期成長 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 Q4, our annual recurring revenue or ARR stood at over $1.6 billion, up 23% over the same period last year. We had an average contract life remaining of nearly 18 years.

我們的用戶大多數透過我們提供的清潔能源簽訂了 20 年或 25 年以下的合同，獲得了可觀的經常性收入。截至第四季末，我們的年度經常性收入或 ARR 超過 16 億美元，比去年同期成長 23%。我們的平均合約期限剩餘將近18年。

Turning the slide 10. In Q4, subscriber value was approximately $55,800 and creation cost was approximately $36,600 delivering a net subscriber value of $19,177. The 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.

轉動幻燈片 10。第四季度，訂戶價值約為 55,800 美元，創建成本約為 36,600 美元，淨訂戶價值為 19,177 美元。強勁的業績得益於電池安裝率的提高、平均投資稅收抵免水平的提高以及銷量的連續增長，從而提高了固定成本的吸收。

Our Q4 subscriber value and net subscriber value reflect a blended investment tax credit of 39.8%. We realized stronger than expected achievement in the 2024 low to middle income ITC adder allocation process, which provided an approximate $750 benefit to our reported subscriber value with Q4.

我們第四季的用戶價值和淨用戶價值反映了 39.8% 的混合投資稅收抵免。我們在 2024 年中低收入 ITC 增加分配過程中取得了比預期更好的成績，這為我們第四季度報告的用戶價值帶來了約 750 美元的收益。

Qualification for the domestic content ITC adder is picking up, although at a slower ramp within our affiliate partner segment. Our blended investment tax credit was at approximately 42% for January installations, and we expect this level to increase further to 45% later in 2025.

儘管在我們的附屬合作夥伴領域中，國內內容 ITC 附加價值的資格增長速度較慢，但正在加快。我們 1 月安裝的混合投資稅收抵免約為 42%，我們預計這一水平將在 2025 年下半年進一步上升至 45%。

Total value generated, which is net subscriber value multiplied by the number of subscriber additions in the period was $589 million in the fourth 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 7.3% to Q4.

第四季的總創造價值（即淨訂戶價值乘以當期新增訂戶數量）為 5.89 億美元。我們目前基於價值的指標是使用 6% 的折扣率呈現的，但我們的財務承保已經考慮了我們當前的資本成本，即第四季度的資本成本約為 7.3%。

At a 7.3% discount rate, net subscriber value was approximately $14,400 and total value generated was $441 million. Excluding the non-contracted portion of subscriber value but still adjusting for a 7.3% discount rate, contracted net subscriber value was approximately $11,600 and total value generated was $357 million, an increase of 125% compared to the prior year.

以 7.3% 的折扣率計算，淨訂戶價值約為 14,400 美元，產生的總價值為 4.41 億美元。不包括非合約部分的用戶價值，但仍以 7.3% 的折扣率進行調整，合約淨用戶價值約為 11,600 美元，總價值為 3.57 億美元，比上年增長 125%。

On slide 11, you can see our progress increasing subscriber value through higher values and higher ITC levels while keeping creation costs largely flat, generating expanded net subscriber values. Efficiency improvements in hardware cost declines, coupled with operating cost leverage from sequential volume growth have largely offset the increased costs associated with higher storage attachment rates.

在第 11 張投影片上，您可以看到我們透過更高的價值和更高的 ITC 水平來增加用戶價值，同時保持創作成本基本上持平，從而產生擴大的淨用戶價值。硬體成本下降帶來的效率提升，加上連續銷售成長帶來的營運成本槓桿，在很大程度上抵消了因儲存附加率提高而增加的成本。

Turning now to gross and net earning assets and our balance sheet of slide 13. Gross earning assets were $17.8 billion at the end of the fourth 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.

現在轉到總收益資產和淨收益資產以及投影片 13 的資產負債表。第四季末，總生息資產為178億美元。總獲利資產是衡量我們預期在一段時間內從訂戶處獲得的現金流的指標，扣除營運和維護成本、分配給稅收股權合夥人的金額以及分配給專案股權融資合夥人的金額，全部按 6% 的無槓桿資本成本折現。

Net earning assets were $6.8 billion at the end of the fourth quarter, up $536 million from the prior quarter. Net earning assets, gross earning assets, plus cash, less old debt. Net earning assets does not include inventory, other construction and progress assets, or any net derivative assets related to interest rate hedges, all of which represent additional value.

第四季末，淨獲利資產為68億美元，較上一季增加5.36億美元。淨獲利資產、總獲利資產加上現金，減去舊債。淨盈利資產不包括存貨、其他建設及進度資產、或任何與利率對沖相關的淨衍生資產，這些資產均代表額外的價值。

The value creation upside we expect from future grid service opportunities at selling additional products and services to our customer base are not reflected in these metrics. In our prudent risk management approach, we programmatically enter into interest rate hedges to insulate our capital costs from adverse near-term fluctuations.

我們期望從未來的電網服務機會中透過向我們的客戶群銷售以外的產品和服務而創造的價值並沒有反映在這些指標中。在我們審慎的風險管理方法中，我們以程序方式進行利率對沖，以使我們的資本成本免受短期不利波動的影響。

The vast majority of our debt is either fixed coupon elongated 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.

我們的絕大部分債務要么是固定息票延長證券，要么是已通過利率互換對沖的浮動利率貸款。因此，我們不會調整淨收益資產所使用的折現率來配合新安裝的當前資本成本。

Turning to our capital markets activities. Sunrun's industry leading performance as an originator and servicer of residential solar assets continues to provide deep access to attractively priced capital. As of today, closed transactions and executed term sheets provide us with expected tax equity capacity to fund over 500 megawatts of projects for subscribers beyond what was deployed through the fourth quarter.

談到我們的資本市場活動。作為住宅太陽能資產的發起人和服務商，Sunrun 的行業領先表現繼續為企業提供具有價格吸引力的資本的深度獲取管道。截至今天，已完成的交易和已執行的條款清單為我們提供了預期的稅收公平能力，可為第四季度部署的超過 500 兆瓦的用戶項目提供資金。

Thus far in 2025, we have added more than $1.3 billion in tax equity, resulting in the strong runway. We also have over $680 million in unused commitments available in our non-recourse senior revolving warehouse loan after our January securitization.

截至 2025 年，我們已增加了超過 13 億美元的稅收權益，從而形成了強勁的發展勢頭。我們在一月份證券化之後的無追索權優先循環倉儲貸款中還有超過 6.8 億美元的未使用承諾。

This unused amount would fund approximately 230 megawatts of projects per subscribers. Our strong debt capital runway allows us to be selective in timing term out transactions. In January, we priced the industry's second largest securitization behind only our own transaction from June of last year.

這筆未使用的資金將為每位用戶資助約 230 兆瓦的專案。我們強大的債務資本能力使我們能夠選擇性地安排定期交易。今年 1 月，我們為業界第二大證券化項目定價，僅次於我們去年 6 月的交易。

The oversubscribed transaction was structured with three separate classes of A-rated notes, only two of which were publicly offered. The weighted average spread of the notes was 197 basis points, which was an improvement of approximately 38 basis points from our prior securitization in September.

超額認購的交易由三類不同的 A 級票據組成，其中只有兩類是公開發行的。該票據的加權平均利差為 197 個基點，比我們 9 月的證券化利率提高了約 38 個基點。

Similar to prior transactions, we raised additional subordinated non-recourse debt financing, which increased the cumulative advance rate as measured against our contracted subscriber value metric to above 80%.

與先前的交易類似，我們籌集了額外的次級無追索權債務融資，這使得以我們的合約用戶價值指標衡量的累積預付率提高到 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 designed to avoid the use of parent capital to fund our recurring origination activity.

當我們考慮資產負債表時，我們優先考慮強勁的現金狀況和使用資產水準無追索權債務融資。這項策略以最低成本的資本為由高信用度消費者支持的產生現金流的資產提供融資，旨在避免使用母公司資本為我們的經常性發起活動提供資金。

Cash generation was $34 million in Q4, the third consecutive quarter of positive cash generation. Cash generation would have been approximately $66 million had it not been for a few factors. First, we decided to invest $18 million in cash for safe harbor equipment purchases in late Q4. Second, our affiliate partners experienced a slower ramp in domestic content ITC outer qualifications.

第四季的現金產生量為 3,400 萬美元，這是連續第三個季度實現正現金產生。如果不是因為某些因素的話，現金產生量將達到約 6,600 萬美元。首先，我們決定在第四季末投資 1,800 萬美元現金用於購買安全港設備。其次，我們的關聯合作夥伴在國內內容ITC外部資格的提升速度較慢。

These two primary factors, along with other minor working capital timing differences, collectively represented over $32 million in reductions to cash generations for the period.

這兩個主要因素，加上其他次要的營運資本時間差異，共造成該期間現金產生減少超過 3,200 萬美元。

During the fourth quarter, we executed a safe harbor program to insulate various tax policy risks. The program was executed in a very capital efficient way, securing $350 million in equipment purchases while only consuming about $18 million in debt working capital.

第四季度，我們實施了安全港計畫以防範各種稅收政策風險。該計劃以非常資本高效的方式執行，確保了 3.5 億美元的設備採購，同時僅消耗約 1800 萬美元的債務營運資金。

These (inaudible) provide risk mitigation for volumes throughout 2025 for solar projects and midway through 2025 for storage projects. We will explore additional safe harbor initiatives if circumstances weren't in the future, and we intend to maintain availability of non-equity capital dedicated for this purpose.

這些（聽不清楚）為 2025 年全年的太陽能專案和 2025 年中期的儲存專案提供了風險緩解措施。如果未來情況沒有改變，我們將探索額外的安全港舉措，並且我們打算保持為此目的專用的非股權資本的可用性。

We have a strong balance sheet with no near-term corporate debt maturities. We ended the quarter with $947 million in total cash. During the fourth quarter, we repurchased $126 million in principle of our 2026 convertible notes at a discount.

我們的資產負債表強勁，近期沒有公司債務到期。本季結束時，我們的現金總額為 9.47 億美元。第四季度，我們以折扣價回購了 1.26 億美元的 2026 年可轉換票據。

As of the end of 2024, we had only $8 million in principal outstanding of these notes which we plan to repurchase in 2025. Since March 2024, we have paid down recourse debt by $186 million by repurchasing our 2026 convertible notes and reducing borrowings under our recourse working capital facility.

截至 2024 年底，我們僅剩下 800 萬美元的未償還票據本金，我們計劃在 2025 年回購。自 2024 年 3 月以來，我們透過回購 2026 年可轉換票據和減少追索營運資金工具下的借款，償還了 1.86 億美元的追索債務。

We expect to further pay down $100 million or more in recourse debt in 2025. Aside from the $8 million outstanding of our 2026 convertible notes, we have no recourse debt maturities until March 2027. We have no current capital needs at this time. Over time, we will explore further capital allocation options to maximize shareholder value based on market conditions and long-term outlook.

我們預計到 2025 年將進一步償還 1 億美元或更多的追索債務。除 2026 年未償還的 800 萬美元可轉換票據外，我們在 2027 年 3 月之前沒有追索權債務到期。我們目前沒有資金需求。隨著時間的推移，我們將根據市場狀況和長期前景探索進一步的資本配置選擇，以最大化股東價值。

Turning now to our financial outlook. The under penetrated 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.

現在來談談我們的財務前景。我們行業滲透率較低的特性讓我們有信心在未來十年保持強勁成長。在長期強勁的需求背景下，我們的首要任務是透過增加高價值產品組合來繼續提高客戶價值並保持低成本，從而創造現金。

Our margin focused growth is yielding strong results and provides a high growth outlook for aggregate value creation, which will translate into cash generation and growth in our book value deployed systems or net earning assets.

我們以利潤為重點的成長正在產生強勁的業績，並為總價值創造提供了高成長前景，這將轉化為現金產生和帳面價值部署系統或淨收益資產的成長。

Turning to slides 17 and 18. Before I share our specific guidance for Q1 and the full year 2025, I want to detail a few of the key metrics we will report and guide to commencing with our Q1 2025 release that we believe align with our strategy.

轉到投影片 17 和 18。在我分享我們對 2025 年第一季和全年的具體指導之前，我想詳細介紹一些我們將報告和指導從 2025 年第一季發布開始的關鍵指標，我們認為這些指標符合我們的策略。

Over a year ago, we started reporting subscriber value and net subscriber value pro forma for the market cost of capital we observed each period and used to make our financial underwriting decisions. This additional disclosure showed our ability to substantially grow unit margins even as capital costs remained elevated and fluctuated.

一年多前，我們開始報告訂戶價值和淨訂戶價值的形式，以反映我們每個時期觀察到的市場資本成本，並用於做出財務承保決策。這項額外揭露表明，即使資本成本仍居高不下且波動不定，我們仍有能力大幅提高單位利潤率。

Importantly, we also directly address critics about our use of a fixed 6% discount rate in the higher capital cost environment. Going forward, we will report subscriber value, net subscriber value, total value generated and any similar metrics derived from subscriber value using only a floating discount rate that reflects market observed cost of capital for each period.

重要的是，我們也直接回應了對我們在更高資本成本環境下使用固定 6% 折現率的批評。展望未來，我們將僅使用反映市場觀察到的每個時期的資本成本的浮動折現率來報告用戶價值、淨用戶價值、產生的總價值以及從用戶價值衍生的任何類似指標。

Gross earning assets, our book value measure will continue to use a fixed discount rate. As I noted, because the vast majority of our customer cash flows are not subject to floating rate exposure, adjusting the discount rate each quarter is not appropriate. Continuing to increase our aggregate value creation correlates with growth in cash generation over time.

總生息資產，我們的帳面價值衡量將繼續使用固定折現率。正如我所指出的，由於我們的絕大多數客戶現金流不受浮動利率影響，因此每季調整折現率並不合適。持續增加我們的總價值創造與現金創造的持續成長有關。

Accordingly, we'll start guiding to aggregate value creation metrics while moving away from guiding to specific solar and storage deployment volumes and unit margins each period. We will continue to report and provide commentary on deployment of unit margins, including our optimization between the two so that analysts and investors can continue to track the fundamental building blocks in our business.

因此，我們將開始指導整體價值創造指標，而不再指導每個時期特定的太陽能和儲存部署量和單位利潤。我們將繼續報告並提供有關單位利潤部署的評論，包括兩者之間的優化，以便分析師和投資者能夠繼續追蹤我們業務的基本組成要素。

On our next call, we will provide guidance on the following primary metrics. First, aggregate subscriber value, which is subscriber value multiplied by the number of subscriber additions in a period. Second, contracted net value creation, which is the contracted only portion of aggregate subscriber value, conservatively excluding non-contracted value, less aggregate creation costs. And third, cast generation.

在下次電話會議中，我們將針對以下主要指標提供指導。首先，總用戶價值，即用戶價值乘以一定時期內新增用戶數。第二，合約淨價值創造，即總用戶價值中僅有的合約部分，保守地排除非合約價值，減去總創造成本。第三，演員的產生。

On slides 19 and 20, we detail our guidance. Strong value creation will allow us to deliver cast generation of $40 million to $50 million in Q1, which will be our fourth consecutive quarter of positive cash generation.

在投影片 19 和 20 上，我們詳細介紹了我們的指導。強勁的價值創造能力將使我們在第一季實現 4,000 萬至 5,000 萬美元的現金創造，這將是我們連續第四個季度實現正現金創造。

Underpinning our Q1 cash generation guidance, storage installations are expected to grow at a robust pace, while solar installations are expected to be approximately flat compared to the prior year with higher growth in our direct business than our affiliate partner business.

在我們第一季現金產生指引的基礎上，預計儲存安裝將強勁成長，而太陽能安裝預計將與去年基本持平，且我們的直接業務的增幅高於我們的關聯合作夥伴業務。

In Q1, storage capacity installed is expected to be in a range of 265 to 275 megawatt hours, and solar capacity installed is expected to be in a range of 170 to 180 megawatts. For the full year 2025, we expect cash generation to be in a range of $200 million to $500 million.

第一季度，預計安裝的儲能容量在 265 至 275 兆瓦時之間，安裝的太陽能容量預計在 170 至 180 兆瓦之間。到 2025 年全年，我們預計現金產生額將在 2 億至 5 億美元之間。

This is a revision from our prior guidance of $350 million to $600 million driven by a slower ramp in domestic content ITC adders in our affiliate partner business, higher capital cost assumptions and slightly lower volume expectations partially offset by higher storage mix.

這是對我們先前 3.5 億美元至 6 億美元指引的修正，其原因在於我們的聯屬合作夥伴業務中的國內內容 ITC 增加量增長放緩、資本成本假設提高以及銷量預期略有下降，但存儲組合提高部分抵消了這一影響。

On slide 20, we outline the assumptions and sensitivities related to key variables that would affect our achievement of our 2025 outlook. We expect a 44% weighted average ITC level in 2025 and further underpinning our guidance are assumptions of 7.5% to 8% average cost of project level capital, battery attachment rates around 66%, and slight improvements in the timing of tax credit transfers as that market further matures.

在投影片 20 上，我們概述了影響我們實現 2025 年展望的關鍵變數的假設和敏感性。我們預計 2025 年的加權平均 ITC 水準為 44%，進一步支撐我們指導的是，專案級資本平均成本為 7.5% 至 8%，電池附著率約為 66%，隨著市場進一步成熟，稅收抵免轉移時機略有改善。

Our tax generation outlook does not reflect additional safe harbor equipment purchases. We expect solar install volumes to be approximately flat next year -- this year. As we achieve cash generation, we will continue to allocate excess unrestricted cash to deleverage with a target to bait down parent recourse debt by $100 million or more by the end of 2025. We are committed to a capital allocation strategy beyond this initial deleveraging period that drives significant shareholder value.

我們的稅收前景並未反映額外的安全港設備購買。我們預計明年和今年的太陽能安裝量將基本持平。隨著我們實現現金創造，我們將繼續分配多餘的非限制現金來去槓桿，目標是到 2025 年底將母公司追索權債務減少 1 億美元或更多。我們致力於在最初的去槓桿期之後實施資本配置策略，以推動實現顯著的股東價值。

With that, let me turn it back to Mary.

說完這些，讓我把話題轉回給瑪莉。

Thanks, Danny. I so appreciate the work of the entire Sunrun team. At our scale, even with more modest growth in new additions, we are adding over 100,000 customers a year, which is double-digit growth to our fleet, and with 66% battery attachment rates, that's well over 1 gigawatt hour of valuable storage capacity or the peak capacity of a nuclear plant on an annual basis.

謝謝，丹尼。我非常感謝整個 Sunrun 團隊的工作。以我們的規模，即使新增客戶數量增長較為溫和，每年仍新增超過 100,000 名客戶，這意味著我們的電池組數量將實現兩位數增長，加上 66% 的電池連接率，這意味著每年的寶貴存儲容量將遠遠超過 1 千兆瓦時，或相當於一座核電站的峰值容量。

The strategic shift we undertook nearly two years ago to emphasize high quality growth is yielding strong results in terms of repeatable and meaningful cash generation, along with providing customers with a greater sense of independence, stability and security in their own homes.

我們在過去兩年前實施的強調高品質成長的策略轉變在可重複和有意義的現金創造方面取得了強勁的成果，同時為客戶在家中提供了更大的獨立感、穩定感和安全感。

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

有了那位接線員，我們就可以開通問答專線了。

(Operator Instructions) Praneeth Satish, Wells Fargo.

(操作員指示) Praneeth Satish，富國銀行。

Thanks. Good evening. I guess I wanted to start first on the safe harbor. Maybe this is too simplistic of a way to look at this, but if I take the $350 million of safe harbor that you did and divide by 5% and get to [$7 billion].

謝謝。晚安.我想我首先想從安全港開始。也許這樣看問題太簡單，但如果我把你算出來的 3.5 億美元安全港除以 5%，就會得到[70億美元]。

So that seems like you could cover a few years worth of solar and storage installation. So I'm just trying to square that with the commentary you made on how the safe harbor will cover, I think, solar installs for one year and storage for half a year.

因此看起來您可以支付幾年的太陽能和儲能安裝費用。因此，我只是試圖將其與您關於安全港如何涵蓋一年的太陽能安裝和半年的存儲的評論相協調。

Yeah. Hey, it's Danny. I can help bridge that a little bit. So we said on the prepared remarks. It's about 12 months for solar deployments and approximately half the year for storage deployments. One element of bridge is with the amount of equipment purchases and the kind of the ticket price if you will, it's not a perfect optimization for every project to exactly 5%.

是的。嘿，這是丹尼。我可以稍微幫助彌補這一點。我們在準備好的發言中就是這樣說的。太陽能部署大約需要 12 個月，而儲能部署大約需要半年。橋樑的一個要素是設備採購的數量和票價種類，如果你願意的話，它並不是每個項目都完美地優化到恰好 5%。

So the actual amount of purchase could represent more than 25%. That simple division would cause you to overstate the amount of value. And then the amount of aggregate value against which it applies is the fair market value of projects.

因此實際購買金額可能超過25%。這種簡單的劃分可能會導致你誇大價值的數量。然後，適用的總價值金額是項目的公平市場價值。

So you should be looking at aggregate system value created over an annual period or any period to bridge that kind of remainder of difference. But it is six months for batteries, about 12 months for storage only projects.

因此，您應該查看年度或任何時期內創造的總系統價值，以彌補這種剩餘差異。但對於電池來說，使用壽命為六個月；對於僅儲存項目，使用壽命約為 12 個月。

Got it. That's helpful. And then secondly, on the guidance here. So you're guiding to $200 million to $500 million of cash generation in '25. You're committing to pay down $100 million of recourse debt basically, I guess the working capital facility.

知道了。這很有幫助。其次，關於這裡的指導。所以你預計 25 年的現金流將達到 2 億到 5 億美元。你承諾償還 1 億美元的追索債務，我猜是營運資金貸款。

So that leaves a good amount of unallocated cash generation. Maybe if you could just kind of walk us through your priorities for deploying that additional cash and I guess why not pay down more debt?

因此留下了大量未分配的現金流。也許您可以向我們介紹一下您部署這些額外現金的優先事項，我想為什麼不償還更多債務？

Yeah. I think priority is to continue to deleverage. As far as deleveraging target, I think we're looking at a target range of 1.5 to 3x free cash flow multiple, which for us, we would use cash generation. And it's important to build multiple corners of trailing look back of cash generation as we do that and with an outlook to continue.

是的。我認為當務之急是繼續去槓桿。就去槓桿目標而言，我認為我們正在考慮 1.5 到 3 倍自由現金流倍數的目標範圍，對我們來說，我們將使用現金創造。在我們這樣做的同時，重要的是要回顧現金產生並展望未來。

So we're, obviously, multiple quarters into that with the Q1 guide achievement that would make four consecutive quarters of positive cash generation. We would want to continue to use this period of time to delever the balance sheet to within those targets. That's about one year outlook beyond that.

因此，顯然，我們已經進入多個季度，並且第一季的預期目標已經實現，這將連續四個季度實現正現金流。我們希望繼續利用這段時間將資產負債表的槓桿率降低至這些目標範圍內。這是未來一年的展望。

There could be more deleveraging or during the period of time there could be substantially more than $100 million. I could do that as the floor. And then, the ultimate priority is to strengthen the balance sheet over this period of time and as we get closer and closer to our deleveraging targets, what comes into focus is a capital allocation beyond that period which would be in the interest of maximizing shareholder value.

去槓桿化可能會進一步加劇，或者在此期間，去槓桿金額可能會遠遠超過 1 億美元。我可以將其作為地板。然後，最終的優先事項是在這段時間內加強資產負債表，隨著我們越來越接近去槓桿目標，我們需要關注的是該時期之後的資本配置，這將有利於最大化股東價值。

Philip Shen, Roth Capital Partners, LLC.

菲利普·沈（Philip Shen），Roth Capital Partners，LLC。

Hey, congrats on your solid execution, cash generation, debt pay down and stable performance overall during this challenging time. This stands in contrast with some peers in the industry who are struggling.

嘿，恭喜你們在這個充滿挑戰的時期裡，表現出色、現金創造能力強、債務償還能力強、整體表現穩定。這與業內一些苦苦掙扎的同行形成了鮮明對比。

Wanted to see if you could comment on the tax equity and upfront funding dynamics. It seems like things may be slowing down on the front end, especially following the election. Can you give some color on this and importantly, how are you guys managing through perhaps a lengthening of the tax equity payment terms? Thanks.

想看看您是否可以對稅收公平和前期融資動態發表評論。看起來前端的事情可能會放緩，特別是在選舉之後。您能否對此進行一些解釋？更重要的是，你們如何透過延長稅收公平支付期限來解決這個問題？謝謝。

Yeah. So on the prepared remarks, we talked about $1.3 billion in tax equity added to our runway this year. If we include debt, I know your question is not specific to debt, but we've had a very busy start to the year in terms of raising capital and front ending our capital raises and being on a pretty high velocity deal base.

是的。因此，在準備好的發言中，我們談到了今年為我們的跑道增加的 13 億美元稅收公平。如果我們包括債務，我知道你的問題並不是針對債務的，但是我們今年年初在籌集資金和前端籌集資金方面非常忙碌，並且交易速度相當快。

And so, that's $2 billion or more in aggregate of capital if you add the two together. But on the tax equity piece specifically, we're continuing to see both re-emergence of certain traditional tax equity buyers might have been for reasons unspecific in the space in the market for a little bit of time.

所以，如果將兩者加在一起，資本總額將達到 20 億美元或更多。但具體到稅收公平部分，我們繼續看到某些傳統稅收公平買家的重新出現，這可能是由於市場空間中尚不明確的原因。

We've seen traditional tax equity continue to participate in greater and greater ways in the hybrid transaction format. And we've definitely seen most significantly a big broadening out of the transfer credit buyer universe, very large corporates increasing in the mix, and we're certainly seeing our investor universe broaden out and the deal activity be quite active at the front end of the year.

我們看到傳統稅收公平繼續以越來越多的方式參與混合交易模式。我們確實看到，最顯著的是，轉移信貸買家範圍大幅擴大，大型企業的數量不斷增加，我們也確實看到我們的投資者範圍擴大，而且交易活動在年底相當活躍。

Right. And so, as that broadening of that buyer universe happens and with the uncertainty with the IRA, have you seen payment terms change as a result, perhaps the traditional tax equity investors who are syndicating for lack of a better word the deals now instead of participant being the entire source of the tax equity, they might be bringing in other tax credit investors, but those guys might be getting a little bit skittish with the IRA.

正確的。因此，隨著購買者範圍的擴大以及 IRA 的不確定性，您是否看到付款條件因此而發生變化，也許傳統的稅收股權投資者由於缺乏更好的詞彙來聯合交易，而不是參與者成為稅收股權的全部來源，他們可能會引入其他稅收抵免投資者，但這些人可能會對 IRA 感到有點不安。

How are you guys managing through that where some of the traditional tax equity might be very comfortable with the situation, but some of the new players who may not have deep expertise in this space to be dealing with that.

你們是如何應對這種情況的？一些傳統的稅務公平人士可能對這種情況感到滿意，但一些新參與者可能沒有這個領域的深厚專業知識來處理這種情況。

And then shifting to my other topic on domestic content and last quarter you guys talked about Powerwall 3 not having shortages for you guys. And so, they recently shared some new allocations for Q2 in terms of how much people are getting in terms of Powerwall 3. Are you getting the full allocation that you've been expecting? Thanks.

然後轉到我關於國內內容的另一個主題，上個季度你們談到 Powerwall 3 對你們來說沒有短缺。因此，他們最近分享了第二季有關人們使用 Powerwall 3 的金額的一些新分配情況。您是否獲得了期望的全部分配？謝謝。

Sure. So I'll take the tie-off on that first question and then I'll pass it over. But on the tax equity dynamics, I would say if you track our commentary of the past, which is as we moved into the tax credit transfer market, there have been impacts to the price of credits that we sell.

當然。因此，我將就第一個問題進行平局回答，然後將其交由他人回答。但就稅收公平動態而言，我想說，如果你追蹤我們過去的評論，那就是當我們進入稅收抵免轉移市場時，我們出售的抵免價格受到了影響。

I would say not much due to report there low to [mid-90s on a cents] for credit basis continues to be the price. I would say those impacts are already borne by the system and we're expecting to continue with the potential for upside.

我想說的是，根據報告，信貸基礎的價格仍然低至 [90 美分中段]，因此變化不大。我想說這些影響已經被系統承受了，我們預計其還具有繼續上升的潛力。

As far as tax policy uncertainty risk and how it's being digested by the market, I think people are generally comfortable at this point -- if we're talking about in calendar year 2025 tax credit sales, people are generally comfortable with the current law that's in place and underwriting those credits. So we're not really seeing an impact that's noticeable there.

就稅收政策不確定性風險以及市場如何消化它而言，我認為人們現在普遍感到滿意——如果我們談論的是 2025 日曆年的稅收抵免銷售，人們普遍對現行法律和承保這些抵免感到滿意。所以我們其實並沒有看到明顯的影響。

And then this -- I'll just answer the question on our Powerwell supplying generally in great shape there as you're seeing we're steadily raising our guidance and that's what in particular remains a strong partner for us and generally keeping up with demand. We do have other partners in our fleet portfolio that we use that have great partnership and then really align supply chain and had very little issues whatsoever.

然後這個——我只想回答有關我們的 Powerwell 供應的問題，總體而言，情況很好，正如您所看到的，我們正在穩步提高我們的指導，特別是這對我們仍然是一個強大的合作夥伴，並且總體上滿足了需求。我們的機隊組合中確實有其他合作夥伴，他們之間的合作關係非常良好，並且真正協調了供應鏈，幾乎沒有任何問題。

Maheep Mandloi, Mizuho Securities.

瑞穗證券的 Maheep Mandloi。

Hey. Good evening. Thanks for taking the questions and nice to see this cash generation hitting at the $200 million, including that $18 million if I do that. But maybe one question just on the guidance for '25. You talked about solar being slightly flattish.

嘿。晚安.感謝您回答這些問題，我很高興看到這項現金創造活動達到了 2 億美元，如果我這樣做的話，其中包括那 1800 萬美元。但也許有一個問題只是關於'25的指導。您剛才談到太陽能略顯平坦。

Is that due to your affiliate partners or just broader market slowdown you're seeing or just more competition with other leasing companies? If you could you just highlight any color on that would be great.

這是由於您的附屬合作夥伴造成的，還是只是您所看到的更廣泛的市場放緩，還是與其他租賃公司的競爭加劇？如果您可以突出顯示任何顏色，那就太好了。

Yeah. So for sure, this is Mary. Thank you for the question. Our volume outcome is a bottoms of go-to-market approach. Our direct business is seeing solid growth. We are seeing some less growth in affiliate partners. As you know, we shifted to a storage first strategy, margin-focused strategy that's generating cash. So again, we feel we're growing market share and the data clearly indicates this. So that's our view.

是的。所以可以肯定，這是瑪麗。感謝您的提問。我們的數量結果是進入市場方法的底部。我們的直接業務正在穩步成長。我們發現聯盟夥伴的成長有所放緩。如您所知，我們已轉向以儲存為先的策略、以利潤為中心的策略，以產生現金。因此，我們再次感覺到我們的市場份額正在增長，數據清楚地表明了這一點。這是我們的觀點。

Got it. And maybe just on top of that. So you talked about one of the reasons for reduced cash generation for '25 was a slower ramp in domestic content as for affiliate partners. Could you elaborate on that? Is that them -- are your partners getting less domestic equipment or like batteries or solar or anything specific there?

知道了。或許還只是如此。所以您談到 25 年現金產生減少的原因之一是附屬合作夥伴的國內內容成長放緩。能詳細說明一下嗎？是的，您的合作夥伴是否獲得了更少的家用設備或電池或太陽能或任何特定的東西？

Yeah. I think you did exactly that. So I think there's some challenges with obtaining qualifying domestic content hardware. And then as the rules evolve and clarity comes on them, operationalizing processes to be able to qualify, can be challenging for some smaller partners since we've seen slower adoption with our affiliate business.

是的。我認為你確實這麼做了。所以我認為取得合格的國產硬體存在一些挑戰。然後，隨著規則的發展和清晰度，對於一些較小的合作夥伴來說，實施符合資格的流程可能會具有挑戰性，因為我們看到我們的附屬業務的採用速度較慢。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Thanks so much. Can you talk a little bit about the labor pool that you're seeing right now and shifts in terms of any impact of immigration law or other folks exiting the business and being able to pick up some new folks?

非常感謝。您能否談談目前您所看到的勞動力資源，以及移民法的影響，或者其他人退出該行業並能夠招募一些新人？

Thanks for the question. This is Mary. We're not seeing any labor impact changes. We have -- Sunrun repeatedly comes out as one of the best companies to work for. We have a really good pipeline to support our needs across the business. So we're feeling really good in that arena.

謝謝你的提問。這是瑪麗。我們沒有看到任何勞動力影響的變化。我們－Sunrun 多次被評為最適合工作的公司之一。我們擁有非常好的管道來支援我們整個業務的需求。因此我們在這個領域感覺非常好。

I think on the second part of the question, just as others slowdown in the space, I was picking up talent, I would say, yes, I mean, people do see Sunrun as kind of a safe haven in place to go really long, stable career. And on the sales front and on the installation front, we see people who have been out of the industry kind of migrating to Sunrun.

我認為關於問題的第二部分，就像其他領域的發展放緩一樣，我正在選拔人才，我想說，是的，我的意思是，人們確實將 Sunrun 視為一種安全的避風港，可以幫助人們實現真正長期、穩定的職業生涯。在銷售和安裝方面，我們看到一些已經離開該行業的人正在轉向 Sunrun。

Dylan Nassano, Wolfe Research.

沃爾夫研究公司的 Dylan Nassano。

Hey. Good afternoon, everyone. I just want to start with -- it looks like sales and marketing has been one of the more meaningful tailwinds for creation costs, which were flat in the quarter. Can you just talk a little bit about what you're seeing with commissions and is that the competitive dynamics that you've talked about, how has that been factoring into how you're paying commissions?

嘿。大家下午好。我只是想先說明一下——看起來銷售和行銷對創作成本來說是更重要的推動因素之一，而創作成本在本季度持平。您能否簡單談談您對佣金的看法，以及您提到的競爭動態如何影響您支付佣金？

Yeah. I think one of the areas of focus for us has been standardization and speed installation of our operations business. Our operations team, I think, is -- I can confidently say the best in the industry and the fastest and most efficient they've ever been.

是的。我認為我們關注的領域之一是營運業務的標準化和快速安裝。我認為，我們的營運團隊是──我可以自信地說，他們是業內最好的，也是最快、最有效率的。

And so, as sales people evaluate where do they want to sell the experience that their customers get is first class at Sunrun. So that's really helped us to be able to have commission leverage, if you will, by providing a superior operations experience for some people.

因此，當銷售人員評估他們想要在哪裡銷售時，他們的客戶在 Sunrun 獲得的體驗是一流的。因此，透過為某些人提供卓越的營運體驗，這確實幫助我們獲得了佣金槓桿。

The second would be the product that we sell and being a storage first business. So when you're out there trying to compete on price or deliver customer savings against the utility rate versus talking about the benefits of resiliency and battery backup and future revenue sources for the customers through virtual power plants, it's completely different offering and more sophisticated thoughtful salespeople are recognizing that and are seeing they're able to generate assets that have higher value, that are in the more attractive commission but on a relative basis, we create good economies of scale for us on a per unit basis.

第二個是我們銷售的產品並且作為儲存第一業務。因此，當您試圖在價格上競爭或為客戶節省電費，而不是透過虛擬發電廠談論彈性和電池備份的好處以及為客戶提供未來的收入來源時，這是一種完全不同的產品，更成熟、更周到的銷售人員認識到了這一點，並且看到他們能夠創造具有更高價值的資產，這些資產的佣金更具吸引力，但相對而言，我們在每個單位上創造了良好的基礎上。

Got it. Thank you. And then I guess just a more timely question. The Trump administration seems like it's trying to keep everybody on their toes with the tariffs. I guess specifically for Sunrun, I'm assuming that would kind of flow through the snap and rack business in terms of exposure to tariffs, whether that be China, Canada or Mexico. Can you just speak to any exposure that you might have?

知道了。謝謝。我想這只是一個更及時的問題。川普政府似乎正試圖利用關稅讓所有人保持警惕。我想，具體到 Sunrun 來說，我假設這會對快照和機架業務產生關稅影響，無論是中國、加拿大還是墨西哥。您能談談您可能有過的任何接觸嗎？

Yeah. I'll talk through it at a high level as we think about it from the holistic financial picture. So first as a reminder, there have been various forms of tariffs burdening the industry since 2012. Today, as we look at the total cost stack, hardware is about a third of our total costs.

是的。我將從整體財務狀況的角度高層次地討論這個問題。首先要提醒的是，自 2012 年以來，各種形式的關稅一直給該行業帶來負擔。今天，當我們看一下總成本堆疊時，硬體約占我們總成本的三分之一。

And we estimate that when you put -- it's about a $0.20 per watt aggregate cost between all of the elements, not just racking equipment, that would be about a 13%-ish increase to overall hardware cost. But then when you cut that down for what is our overall capital -- the creation cost stack, if you will, that's about a 4% increase in overall cost. So I would say a large portion of which we've already also baked into our expectations.

我們估計，所有元素（不僅僅是機架設備）的總成本約為每瓦 0.20 美元，這將導致整體硬體成本增加約 13%。但是，當你將其削減至我們的總資本——創作成本堆疊時，如果你願意的話，這會導致總成本增加約 4%。因此我想說，其中很大一部分我們已經考慮到了我們的預期。

And so, if we look at it and we take that in combination with the fact that pricing related to our safe harbor purchases has already been locked in. There's a good mitigation for cost impacts this year. And ultimately, 2026, that's a few percentage points of potential impact, and we'll continue to grind costs down around it to be best positioned to continue to grow cash generation beyond '25.

因此，如果我們看一下它，並將其與我們的安全港購買相關的定價已鎖定的事實結合起來。今年的成本影響得到了很好的緩解。最終，到 2026 年，這會產生幾個百分點的潛在影響，我們將繼續降低成本，以便在 2025 年以後繼續增加現金創造能力。

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Hey guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. Just wanted to first touch on your updated key assumptions for the different cash generation metrics. Can you just discuss like what drivers led you to revise those? It's just higher costs you're seeing or is it something else?

嘿，大家好。這是泰勒比塞特 (Tyler Bisset) 為布萊恩 (Brian) 主持的節目。感謝您回答我們的問題。我首先想談談您對不同現金產生指標的最新關鍵假設。您能否討論一下是什麼原因促使您修改這些內容？您看到的只是成本更高了還是有其他原因？

Yeah. I think just in the course of the planning exercise, we talked about the ITC realization, that's 44%. So that's mainly a reflection of not ultimately where we'll end up, but the delayed near term wrap we discussed and covered, and it's mainly related to the affiliate partner.

是的。我認為，就在規劃過程中，我們討論了 ITC 的實現，即 44%。因此，這主要反映的不是我們最終的結局，而是我們討論和涵蓋的延遲的近期總結，這主要與附屬合作夥伴有關。

We said also expecting to reach 45% for the year but maybe attaining 44% for the whole calendar year. So long term, not a change, but near term impacts the calendar year.

我們也表示預計今年將達到 45%，但全年可能達到 44%。因此從長期來看，不會發生變化，但短期內會影響日曆年。

On cost of capital, I would say today, obviously we gave the 7.3% discount rate looking back on Q4 actuals, and we've planned a little bit more conservatively, which obviously there's been multiple quarters now with rates fluctuating.

關於資本成本，我今天要說，顯然，回顧第四季度的實際情況，我們給出了 7.3% 的折扣率，而且我們的計劃更加保守一些，顯然現在已經有多個季度的利率在波動。

So we planned a little bit higher than where we're currently running for the sake of conservatism and the battery attachment rates, that's just updating to the normal run rate. Of course, we also gave commentary both on the call and during the Q&A here on volume and how that's moved around from the past quarter's outlook.

因此，為了保守起見，我們計劃的運行速度比現在略高一些，電池連接率只是更新到正常運行率。當然，我們也在電話會議和問答環節中就交易量以及與上一季的展望相比的變化情況發表了評論。

Great. Super helpful. And then just on safe harboring, you mentioned spent $18 million in cash in 4Q to secure the $350 million. Should we expect any continued cash deployment for that, like incrementally here like the first half or anything?

偉大的。超有幫助。然後就在安全港問題上，您提到在第四季度花費了 1800 萬美元現金來確保 3.5 億美元。我們是否應該期待任何持續的現金部署，例如上半年的逐步部署？

It will not in a onetime fashion, I would say it would probably look more like a run rate activity through the year. The one thing we've also mentioned is we don't assume -- so there's also -- it's a step back. There's also consumption of equipment through the year occurring which is cash timing of monetization and install occurring concurrently with equipment payments for committed purchases.

它不會是一次性的事情，我想說它可能看起來更像是全年的運行率活動。我們也提到過，我們不假設──因此，這也是──退一步。全年都會發生設備消費，這是貨幣化和安裝的現金時間，與承諾購買的設備付款同時發生。

So the onetime activity we call out for Q4 will run rate out for the year. And then as far as any future safe harbor activity, we haven't planned for that in the numbers, that could be incremental activity as we plan out the year. So there could be future forthcoming impacts if we took on more safe harbor purchases to extend that out.

因此，我們在第四季度呼籲的一次性活動將會在全年內完成。至於任何未來的安全港活動，我們還沒有在數字上對其進行規劃，這可能是我們計劃全年的增量活動。因此，如果我們進行更多的安全港購買來延長這一期限，未來可能會產生影響。

Tim Moore, Clear Street.

蒂姆·摩爾 (Tim Moore)，Clear Street。

Well, thanks so much. I mean, investors are clearly starting to appreciate your cash generation and focusing that as the main metric. And we like that you're doing profitability and cash generation rather than solely focusing on the topline. I'm just wondering with your guidance commentary on flat solar energy, capacity installation versus the robust growth on the battery energy stores.

好吧，非常感謝。我的意思是，投資者顯然開始欣賞你的現金創造能力並將其作為主要指標。我們很高興看到您致力於盈利和現金創造，而不是僅僅關注營收。我只是想知道您對太陽能、容量安裝持平與電池儲能強勁增長的指導性評論。

And just kind of factoring in, your new home sales should be a driver this year. You've been doing good on that since last summer. You got California rebound, retrofits, battery attachment rate might go up, I don't know 8%.

並且考慮到，新房銷售應該會成為今年的一個動力。從去年夏天以來你在這方面一直做得很好。加州的復甦、改造和電池附加率可能會上升，我不知道 8%。

The first half of the year as you lap the 52% first half last year. So can you just any color maybe on what you think revenue growth could be even though it's not the main metric. I mean, is it too assertive to think upper single digits growth for the year?

今年上半年的增幅與去年上半年的 52% 相當。所以，您能否對收入成長做出任何具體解釋，儘管這不是主要指標。我的意思是，認為今年的成長率將達到個位數以上是否太過自信了？

So from a topline revenue growth perspective, the revenue should be growing faster than the units because we're creating higher value units. I think you already hit all the factors, the storage attachment rate, continuing to focus and grow in the highest value markets and deprioritization, if you will, of solar only.

因此，從總收入成長的角度來看，收入的成長速度應該比單位的成長速度更快，因為我​​們正在創造更高價值的單位。我認為您已經考慮到了所有因素，包括儲存附著率、繼續集中精力並在最高價值市場中發展，以及降低太陽能的優先順序（如果您願意的話）。

And as we do that, the other thing we noticed is the ability to hold the cost discipline and the creation cost flat inclusive of sales and marketing enables us to extend margin, reduce cost as a percent of revenue. And that's correlating with cash generation.

當我們這樣做時，我們注意到的另一件事是，控製成本和保持包括銷售和行銷在內的創造成本平穩的能力使我們能夠擴大利潤，降低成本佔收入的百分比。這與現金創造相關。

So the other part of this is -- I did shed a little bit of light for a few minutes on the new metrics. We're excited about that. And I think they'll be able to better illustrate all those dimensions over time to see a better how the top line growth is not just units, but it's higher value units and margin expansion.

所以這件事的另一部分是——我確實花了幾分鐘對新指標進行了一點說明。我們對此感到非常興奮。我認為他們將能夠更好地說明隨著時間的推移所有這些維度，以更好地了解營收成長不僅僅是單位數，而且是更高價值的單位數和利潤率的擴大。

That's helpful. And the only other question I had was just on irrational competitive behavior. I know Mary mentioned that some new entrants aren't irrational, but there's probably some incumbents that still haven't changed their ways.

這很有幫助。我唯一的另一個問題是關於非理性競爭行為。我知道瑪麗提到過，有些新進入者並非不理性，但可能有些現任者仍然沒有改變自己的做法。

I mean can you just give us a flavor or at least benchmark, if irrational behavior peaked sometime last summer, I don't know if it did, but if it was something like 5 out of 10 last summer. How have you seen it in the last few months? Has it improved overall a little bit?

我的意思是，你能否給我們一個大概的情況或至少是基準，如果非理性行為在去年夏天的某個時候達到頂峰，我不知道是否確實如此，但如果去年夏天有 10 種非理性行為，則有 5 種左右。在過去的幾個月裡您如何看待它？整體來說有稍微改善嗎？

Yeah. Great question. I would say it's about stable when prices are rationally, they have a tendency to not be able to do it forever. And so, as one kind of unwinds, a new one has kind of replaced them and then quickly gets filled up with volume with sales reps that are happy to take advantage of someone paying more for assets than the proceeds you can generate on them.

是的。好問題。我想說，當價格合理時，它就會保持穩定，但它們往往無法永遠保持這種狀態。因此，當一種資產解散時，就會有新的資產取代它們，然後很快就會有銷售代表填滿，他們很樂意利用有人為資產支付的費用高於你能從中產生的收益這一事實來牟利。

And so, I would say it's largely stable in terms of [a percentage] of the market that is overpaying for assets. But there's kind of been some exchange (inaudible)

因此，我認為，就市場為資產支付過高價格的佔比而言，情況基本上穩定。但確實有一些交流（聽不清楚）

Vikram Bagri, Citibank.

花旗銀行的維克拉姆‧巴格里 (Vikram Bagri)。

Hi. Thanks for taking the question. Just going back to the safe harboring of the equipment, are you able to quantify whether you'll face any higher inventory costs on those modules and storage that you're safe harboring this year? Is there any incremental warehousing costs that you might face on that?

你好。感謝您回答這個問題。回到設備的安全港問題，您能否量化今年您是否會面臨安全港所涵蓋的模組和存儲的更高庫存成本？您是否可能會面臨任何增量倉儲成本？

Yeah. We've been able -- so you could look at the Q4 inventory balance that did take up in the range of $60 million so that there is a little bit higher carrying, but as you'll also see that number is not $350 million. So it's not necessarily showing up as a big front-ended impact on inventory warehouse costs.

是的。我們已經能夠——所以你可以看看第四季度的庫存餘額，確實在 6,000 萬美元左右，因此持有量會稍微高一些，但你也會看到，這個數字不是 3.5 億美元。因此，它不一定會對庫存倉庫成本產生巨大的前端影響。

But we also did know that we did it in a very capital efficient manner on use of corporate cash, which implies we use third party capital to fund it which has some interest costs. So I think the bigger share costs probably more on the financing charges as opposed to the holding costs, which I think we're going to be quite efficient on.

但我們也知道，我們在使用公司現金方面採取了一種非常資本高效的方式，這意味著我們使用第三方資本來為其提供資金，這會產生一些利息成本。因此，我認為，較大的份額可能需要花費更多的融資費用而不是持有成本，我認為我們將在這方面相當有效率。

Got it. And just one follow up, maybe I might have missed it earlier, but what was the rationale for having a little bit of a longer lead time on the modules as opposed to storage?

知道了。還有一個後續問題，也許我之前可能錯過了，但是與儲存相比，模組的交付週期稍微長一些的理由是什麼？

Could you repeat that question?

你能重複一下這個問題嗎？

What was the thinking behind having a bit of a longer runway for safe harboring on the module side as opposed to on the storage side?

與儲存方面相比，在模組方面設置更長的安全港跑道背後的想法是什麼？

Yeah. I think it's just a relative availability of equipment in the market one year of modules being available, one year of batteries not being available.

是的。我認為這只是市場上設備的相對可用性問題，一年的模組可用，一年的電池不可用。

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

謝謝。問答時間到此結束。您現在可以斷開連線。