Sunrun Inc (RUN) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Sunrun's second quarter earnings conference call. Please note that this call is being recorded, and that one hour has been allotted for the call, including the Q&A session. (Operator Instructions)

下午好，歡迎參加 Sunrun 第二季財報電話會議。請注意，本次通話正在錄音，通話時間（包括問答環節）已分配一小時。（操作員指示）

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

現在我將電話轉給 Sunrun 的投資者關係官 Patrick Jobin。先生，請繼續。

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. 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.

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上發表的某些言論構成前瞻性陳述。儘管我們相信這些聲明反映了我們根據目前已知的因素做出的最佳判斷，但實際結果可能會存在重大不利差異。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。

Please also note these statements are being made as of today, and we disclaim any obligation to update or revise them. Please note, during this earnings call, we may refer to certain non-GAAP measures, including cash generation and aggregate creation costs, which are not measures prepared in accordance with US GAAP.

另請注意，這些聲明均截至今日作出，我們不承擔更新或修改它們的任何義務。請注意，在本次財報電話會議上，我們可能會參考某些非公認會計準則指標，包括現金產生量和總創造成本，這些指標並非依照美國公認會計準則編制。

The non-GAAP measures are being presented because we believe they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance. Reconciliation of these measures can be found in our earnings press release and other investor materials available on the company's Investor Relations website.

我們之所以採用非公認會計準則指標，是因為我們相信它們能為投資人提供一種評估方法，以了解公司管理階層如何評估公司的營運表現。您可以在我們的收益新聞稿以及公司投資者關係網站上提供的其他投資者資料中找到這些措施的對帳情況。

These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with US GAAP.

這些非公認會計準則指標不應被孤立地看待，也不應將其視為按照美國公認會計準則編制的財務指標的替代指標或優於這些指標。

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. 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 the Sunrun's Investor Relations website shortly after the call.

參加今天電話會議的有 Sunrun 執行長 Mary Powell、Sunrun 財務長 Danny Abajian 和 Sunrun 總裁兼首席營收長 Paul Dickson。此簡報及其補充資料可在 Sunrun 的投資者關係網站上查閱。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副本（包括問答）將在電話會議結束後不久發佈到 Sunrun 的投資者關係網站上。

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. In the second quarter, we delivered strong financial and operating results while delivering a best-in-class customer experience for over 1 million Americans. We generated $1.6 billion in top line aggregate subscriber value, significantly exceeding our guidance and growing 40% year-over-year. Contracted net value creation of $376 million, which was our highest ever, more than doubled from last quarter and was also well above guidance.

謝謝你，派崔克，也謝謝大家今天的到來。在第二季度，我們取得了強勁的財務和營運業績，同時為超過 100 萬美國人提供了一流的客戶體驗。我們創造了 16 億美元的總用戶價值，大大超出了我們的預期，比去年同期成長 40%。合約淨值創造額為 3.76 億美元，創歷史新高，比上一季成長了一倍多，也遠高於預期。

We generated this record profitability by growing the attachment rate of our storage offerings to an all-time high of 70% of customer additions in the period and by driving significant cost efficiencies and performance improvements across the business.

我們透過將儲存產品的附加率提高到該期間客戶新增量的 70% 這一歷史最高水平，並在整個業務範圍內顯著提高成本效率和性能，創造了這一創紀錄的盈利能力。

We also reported the highest upfront net subscriber value quarter in the company's history, a 17 percentage point margin improvement compared to the prior year and now representing an 11% margin on contracted subscriber value.

我們也報告了公司歷史上最高的預付淨訂戶價值季度，與上年相比利潤率提高了 17 個百分點，目前佔合約訂戶價值的 11% 利潤率。

We achieved this result by growing contracted subscriber value while reducing our installation and customer acquisition costs. The trends in our operating performance highlight the cash generation trajectory of the business as our customer origination activities are financed over the coming quarters.

我們透過增加合約用戶價值同時降低安裝和客戶獲取成本實現了這一成果。我們的經營業績趨勢凸顯了業務的現金產生軌跡，因為我們的客戶發起活動將在未來幾季獲得融資。

We are structurally generating cash. In the quarter, we generated $27 million in cash, our fifth consecutive quarter of positive cash generation. While the quarterly number is lower than our prior guidance, we are on track to meet our cash generation outlook of $200 million to $500 million for the full year. We paid down another $21 million in recourse debt in the quarter and ended with $618 million in unrestricted cash, a $13 million increase from the prior quarter.

我們正在結構性地產生現金。本季度，我們產生了 2700 萬美元的現金，這是我們連續第五個季度產生正現金。雖然季度數字低於我們先前的預期，但我們預計將實現全年 2 億至 5 億美元的現金創造預期。我們在本季償還了另外 2,100 萬美元的追索債務，最終擁有 6.18 億美元的非限制性現金，比上一季增加了 1,300 萬美元。

One of the things that excites me the most about the work of the team over the last couple of years and that really accelerated this quarter is our definitive leading position as the nation's largest home-to-grid distributed power plant operator.

過去幾年團隊的工作最讓我興奮的事情之一，也是本季真正加速的事情之一，就是我們作為全國最大的家庭到電網分散式發電廠營運商的絕對領先地位。

We have transformed the business to be a provider of energy resilience for homeowners and a formidable independent power producer, now with more than 3 gigawatt hours of dispatchable energy from our fleet of home batteries and nearly 8 gigawatts of solar generation capacity. Our transition to lead with storage and provide more sophisticated products and services, not only differentiates us in the market, but also provides a tremendous energy resource that is extremely valuable to the grid.

我們已將業務轉型為房主能源彈性提供者和強大的獨立電力生產商，目前我們的家用電池可調度能源超過 3 千兆瓦時，太陽能發電能力接近 8 千兆瓦。我們轉型以儲存為主導並提供更先進的產品和服務，這不僅使我們在市場上脫穎而出，而且還提供了對電網極其寶貴的巨大能源資源。

We now have nearly 200,000 storage systems installed. Over 71,000 customers have enrolled in home-to-grid programs, representing 300% year-over-year growth. These programs provided 354 megawatts of power capacity to the grid over the last year.

我們現在已經安裝了近20萬個儲存系統。已有超過 71,000 名客戶加入了家庭到電網計劃，較去年同期成長 300%。這些項目去年為電網提供了 354 兆瓦的電力容量。

Based on current activities and the energy capacity challenges our country faces, we are finding that our prior estimate of 2,000 or more in incremental net present value per participating customer is not only realistic, it is likely conservative.

根據目前的活動和我國面臨的能源容量挑戰，我們發現，我們先前估計的每個參與客戶的增量淨現值 2,000 或更多不僅是現實的，而且可能是保守的。

As we continue to scale storage and provide utility scale energy resources back to the grid, we expect a rapidly growing cash flow stream over the coming years. We expect to have more than 10 gigawatt hours of dispatchable energy online by 2029.

隨著我們不斷擴大儲存規模並將公用事業規模的能源資源回饋給電網，我們預計未來幾年現金流將快速成長。我們預計到 2029 年可調度能源將超過 10 千兆瓦時。

Turning to an update on policy on slide 8. Paul and I spent a good portion of the quarter actively engaged in Washington, D.C. and in legislative offices around the country to ensure that the work we are doing to build the nation's largest distributed power plants, driving American energy independence and dominance is well understood.

前往投影片 8 上的政策更新。保羅和我在本季度的大部分時間裡積極參與華盛頓特區和全國各地的立法辦公室的工作，以確保我們為建設全國最大的分佈式發電廠、推動美國能源獨立和主導地位所做的工作得到充分理解。

What we do is provide our customers with an opportunity to take control of their own energy future and at the same time, help Americans get vital energy capacity they need by strengthening the grid. Given our rapid transition over the last couple of years, many stakeholders hadn't realized we are scaling just what the country needs, a massive customer base of Americans who become independent power producers that provide a valuable dispatchable energy resource to America's grid.

我們所做的是向我們的客戶提供掌控自己能源未來的機會，同時透過加強電網幫助美國人獲得所需的重要能源能力。鑑於我們過去幾年的快速轉型，許多利益相關者還沒有意識到我們正在擴大國家所需的規模，即龐大的美國客戶群，他們將成為獨立的電力生產商，為美國電網提供寶貴的可調度能源資源。

While there were a few twists and turns in the process that led up to the final budget bill, the ultimate legislation is something that will encourage the continued build-out of dispatchable energy. Sunrun is well positioned to continue to generate strong financial returns under the enacted legislation. The investment tax credit for customers who purchase solar outright or finance it with a loan, known as 25D will sunset at the end of 2025.

儘管最終預算法案的出台過程中有一些曲折，但最終的立法將鼓勵可調度能源的持續建設。根據頒布的立法，Sunrun 已準備好繼續創造強勁的財務回報。對於直接購買太陽能或透過貸款融資的客戶的「25D」投資稅收抵免將於 2025 年底到期。

Sunrun, however, primarily benefits from the commercial investment tax credit, known as 48E as 94% of new customer additions are subscribers. The 48E credit ends starting in 2028 for the solar portion of a project, but remains in place for storage through 2033.

然而，Sunrun 主要受益於商業投資稅收抵免（即 48E），因為 94% 的新客戶都是訂戶。48E 信貸對於專案的太陽能部分將於 2028 年開始結束，但對於儲存部分將保留到 2033 年。

While the sunset of the 25D homeowner tax credit could lead to large declines for a segment of the market in certain geographies, Sunrun is positioned to continue to grow margins and volumes into 2026. You can see on slides 9 and 10 that nationally, we represent over 40% of storage installations and more than one-third of subscription volumes.

儘管 25D 房主稅收抵免的終止可能會導致某些地區部分市場大幅下滑，但 Sunrun 預計將在 2026 年繼續提高利潤率和銷售。您可以在第 9 張和第 10 張投影片中看到，在全國範圍內，我們佔據了超過 40% 的儲存安裝份額和超過三分之一的訂閱量。

While market dynamics will present significant growth and market share opportunities, our focus will remain on running a sustainable business with strong margins, high-quality installations and delighted customers. We are building a business that can generate value with lower incentives.

雖然市場動態將帶來顯著的成長和市場份額機會，但我們的重點仍將是經營可持續發展的業務，實現強勁的利潤、高品質的安裝和滿意的客戶。我們正在建立一家能夠以較低激勵創造價值的企業。

On slide 11, we demonstrate one of many achievable paths to generating strong margins in 2028 without the solar portion of the tax credit. With conservative assumptions for pricing increases against utility rate escalation, equipment cost declines, customer acquisition cost reductions and grid services value, we would more than offset the reduction of the solar tax credit. These items are just a subset of the value we plan to unlock in the years ahead.

在第 11 張投影片中，我們展示了在 2028 年無需太陽能部分稅收抵免即可實現高利潤的眾多可行途徑之一。根據價格上漲、公用事業費率上漲、設備成本下降、客戶獲取成本降低和電網服務價值的保守假設，我們將足以抵消太陽能稅收抵免的減少。這些項目只是我們計劃在未來幾年釋放的價值的一部分。

While we are planning for a step down in the solar portion of the tax credit in 2028, we are, of course, taking actions to lengthen our runway. Per statute and current treasury guidance, projects that have commenced construction before July 2026 are eligible for the solar portion of the tax credit beyond 2027.

雖然我們計劃在 2028 年逐步減少太陽能稅收抵免部分，但我們當然正在採取行動延長我們的跑道。根據法規和現行財政指導，2026 年 7 月之前開工的專案有資格在 2027 年後享受太陽能部分的稅收抵免。

In accordance with these rules, Sunrun has already commenced construction on projects or plans too soon in order to retain the full solar portion of the tax credits through 2030. Treasury guidance on the requirement to commence construction may be updated, but new guidance is not expected to be retroactive and must be consistent with legislative statute.

根據這些規定，Sunrun 已經過早開始建造專案或計劃，以便在 2030 年之前保留全部太陽能稅收抵免部分。財政部關於開工要求的指導可能會更新，但新的指導預計不會具有追溯力，並且必須與立法法規一致。

I'll now turn the call over to Danny for the financial update and outlook.

現在我將把電話轉給丹尼，讓他報告財務最新情況和展望。

Thank you, Mary. Turning first to the unit level results for the quarter on slide 13. Subscriber value increased to approximately 54,000, a 22% increase compared to the prior year as we increased our storage attachment rate by 16 percentage points to 70%, grew our Flex deployments and benefited from a 43% weighted average ITC level, an increase of 7 percentage points from Q2 of last year. Subscriber value reflects a 7.4% discount rate this period.

謝謝你，瑪麗。首先來看投影片 13 上本季的單位級結果。用戶價值增加至約 54,000，與上年相比增長 22%，因為我們將儲存連接率提高了 16 個百分點，達到 70%，增加了 Flex 部署，並受益於 43% 的加權平均 ITC 水平，比去年第二季度增加了 7 個百分點。本期間訂戶價值反映了 7.4% 的折扣率。

We meaningfully reduced costs as well with creation costs falling 4% from the prior year. Though installation costs were approximately flat to the prior year, we were able to offset a 12% increase in equipment costs, driven by the jump in storage attachment rate with a 13% improvement in non-equipment costs such as installed labor and other soft costs.

我們也大幅降低了成本，創作成本比前一年下降了 4%。雖然安裝成本與上年基本持平，但我們能夠抵消設備成本 12% 的成長，這是由於儲存附件率的躍升所致，非設備成本（如安裝人工和其他軟成本）提高了 13%。

We also lowered customer acquisition costs and overhead by 10% on a per subscriber addition basis. We accomplished these strong cost reduction outcomes while delivering high quality, maintaining strict safety standards and embracing product and technological innovation. The higher subscriber value and lower creation costs led to a 182% year-over-year growth in net subscriber value to 17,000, the highest outcome in the company's history.

我們也以每個新增用戶數降低了 10% 的客戶獲取成本和管理費用。我們在提供高品質、維持嚴格的安全標準並擁抱產品和技術創新的同時，也實現了這些顯著的成本削減成果。更高的用戶價值和更低的創建成本導致淨用戶價值年增182%，達到17,000，這是該公司歷史上的最高成績。

Turning now to aggregate results on slide 14. These results are the average unit margins multiplied by the number of units. First, on the top line, aggregate subscriber value was $1.6 billion in the second quarter, a 40% increase from the prior year. Aggregate creation costs were $1.1 billion, which includes all CapEx and asset origination OpEx, including overhead expenses.

現在轉到投影片 14 上的總結果。這些結果是平均單位利潤乘以單位數。首先，就營收而言，第二季總用戶價值為 16 億美元，比上年成長 40%。總創建成本為 11 億美元，其中包括所有資本支出和資產發起營運支出，以及管理費用。

Excluding the expected present value from non-contracted or upside cash flows, our contracted net value creation was $376 million, an increase of $285 million from last year and about $1.64 per share. This level of value creation reflects a net margin of approximately 26% of contracted subscriber value.

不包括非合約或上行現金流的預期現值，我們的合約淨值創造為 3.76 億美元，比去年增加 2.85 億美元，每股約 1.64 美元。這一價值創造水準反映了合約用戶價值約 26% 的淨利潤。

Slide 15 breaks down the unit level economics and aggregate economics on a contracted-only basis, along with the main underlying drivers for the increases. Turning now to slide 16. Sunrun raises nonrecourse capital against the value systems we originate each period from tax equity, which monetizes the tax credits and the share of cash flows and asset-backed debt, along with receiving cash from subscribers opting for prepaid leases and from governments and utilities under incentive programs.

投影片 15 按合約細分了單位級經濟和總體經濟，以及成長的主要潛在驅動因素。現在翻到第 16 張投影片。Sunrun 根據我們每個時期從稅收公平中產生的價值體系籌集無追索權資本，將稅收抵免和現金流及資產支持債務的份額貨幣化，同時從選擇預付租賃的用戶以及根據激勵計劃從政府和公用事業公司獲得現金。

We estimate these upfront sources of cash will be approximately $1.2 billion for subscriber additions in Q2, representing approximately 85% of the aggregate contracted subscriber value or what we call the advance rate. When we deduct our aggregate creation cost of $1.1 billion, we are left with an expected upfront net value creation of approximately $165 million.

我們估計，這些預付現金來源將為第二季新增用戶帶來約 12 億美元，約佔合約用戶總價值或我們所謂的預付率的 85%。當我們扣除 11 億美元的總創造成本時，我們預期前期淨值創造約 1.65 億美元。

This represents our estimate for the expected net cash to Sunrun from subscriber additions in the period after raising nonrecourse capital and receiving upfront cash from subscribers and incentive programs. This figure excludes any value from our equity position in the assets over time, including potential asset refinancing proceeds and cash flows from other sources such as grid services, repowering or renewals or upside from Flex electricity consumption above the contracted minimum.

這代表了我們對 Sunrun 在籌集無追索權資本以及收到來自用戶和激勵計劃的預付現金之後，預計從用戶增加中獲得的淨現金的估計。該數字不包括我們在資產中的股權地位隨時間推移產生的任何價值，包括潛在的資產再融資收益和來自其他來源的現金流，例如電網服務、重新供電或更新，或超過合約最低限度的 Flex 電力消耗帶來的上漲。

Actual realized proceeds in the quarter were $1.3 billion with $679 million from tax equity, $526 million from nonrecourse debt and $82 million from customer prepayments and upfront incentives. Aggregate upfront proceeds differ from proceeds realized due to the former being an estimate for subscriber additions in the period and the latter being proceeds received against subscriber additions that may have occurred in a different period.

本季實際實現收益為 13 億美元，其中 6.79 億美元來自稅收權益，5.26 億美元來自無追索權債務，8,200 萬美元來自客戶預付款和前期激勵。總預付收益與實際收益不同，因為前者是對該期間新增用戶數量的估計，而後者是針對不同期間新增用戶數量而收到的收益。

Cash generation, which reflects realized proceeds as opposed to aggregate upfront proceeds and is after working capital changes and parent interest expense was $27 million in Q2. Upfront net value creation is different from cash generation due to working capital and other items, it is a strong indicator of cash generation over time.

現金產生量反映了已實現的收益而非預付收益總額，並且是在營運資本變動和母公司利息支出之後，第二季的現金產生量為 2700 萬美元。前期淨值創造不同於營運資本和其他項目產生的現金，它是一段時間內現金產生的有力指標。

Cash generation was impacted negatively by working capital timing in Q2. Inventory increased by $77 million from Q1 and taken together with changes to payables and receivables, this represented an investment of $45 million in Q2, as you can see on our cash flow statement. We also are continuing to see tax equity partners spend extra time digesting policy developments and changes with competitors, leading to extended time lines associated with monetizing tax credits.

第二季營運資本時間安排對現金產生了負面影響。庫存較第一季增加了 7,700 萬美元，加上應付帳款和應收帳款的變化，這意味著第二季的投資為 4,500 萬美元，正如您在我們的現金流量表中所看到的那樣。我們也繼續看到稅收公平合作夥伴花費額外的時間來消化競爭對手的政策發展和變化，從而延長了與貨幣化稅收抵免相關的時間。

Turning now to slide 19 for a brief update on our capital markets activities. Sunrun's industry-leading performance as an originator and servicer of residential solar and storage continues to provide deep access to attractively priced capital.

現在翻到第 19 張投影片，簡單介紹一下我們的資本市場活動。Sunrun 作為住宅太陽能和儲能領域的發起者和服務商，在業界擁有領先的業績，能夠繼續提供具有價格吸引力的資本深度獲取管道。

As of today, closed transactions and executed term sheets provide us with expected tax equity capacity to fund over 210 megawatts of projects for subscribers beyond what was deployed through the second quarter.

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，可以為第二季度部署的超過 210 兆瓦的用戶項目提供資金。

Thus far in 2025, we have added $1.7 billion in tax equity, resulting in this strong runway. We also have $323 million in unused commitments available in our nonrecourse senior revolving warehouse loan to fund over 114 megawatts of projects for subscribers. We are underway with plans to execute multiple term-out transactions in the coming months, including a private transaction with counterparties already identified.

到 2025 年為止，我們已增加了 17 億美元的稅收公平，從而形成了這一強勁的發展勢頭。我們的無追索權高級循環倉儲貸款中還有 3.23 億美元未使用承諾，可以為用戶提供超過 114 兆瓦的專案資金。我們正計劃在未來幾個月內執行多項期限交易，包括與已經確定交易對手的私人交易。

Our strong debt capital runway has allowed us to be selective in timing term-out transactions. In July, we priced our third securitization transaction of 2025, where we refinanced a seasoned pool of residential solar systems. The $431 million securitization priced at a yield of 6.37%, in line with the yield of our prior securitization in March.

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。7 月份，我們對 2025 年的第三次證券化交易進行了定價，為一批成熟的住宅太陽能係統進行了再融資。4.31 億美元的證券化定價收益率為 6.37%，與我們 3 月先前證券化的收益率一致。

The weighted average spread of the notes was 240 basis points, which is approximately 15 basis points higher than our securitization in March. The higher spread followed overall market movements in credit spreads for similarly rated credit.

該票據的加權平均利差為 240 個基點，比我們 3 月的證券化利率高出約 15 個基點。利差的上升與類似評級信貸的信用利差的整體市場走勢一致。

Inclusive of this transaction, we have issued approximately $1.4 billion in asset-backed securitizations thus far in 2025. Though some investors are taking extra time to assess transactions as noted earlier, asset financing markets are open and healthy, and there are an increasing number of investors, especially from private credit, who have done repeat transactions with us.

包括這筆交易在內，我們在 2025 年迄今已發行了約 14 億美元的資產支持證券化。儘管如前所述，一些投資者需要花費額外的時間來評估交易，但資產融資市場是開放和健康的，並且越來越多的投資者，特別是私人信貸投資者，與我們進行重複交易。

We plan to continue executing both publicly placed transactions and direct placements in the private credit markets and to expand our tax credit buyer universe with more large corporations. On the capital side, we continue to pay down recourse debt, paying down another $21 million during the second quarter. Since March of last year, we have paid down recourse debt by $235 million.

我們計劃繼續在私人信貸市場進行公開交易和直接配售，並透過更多大公司擴大我們的稅收抵免買家範圍。在資本方面，我們繼續償還追索債務，第二季又償還了 2,100 萬美元。自去年三月以來，我們已償還了2.35億美元的追索債務。

We have also increased our unrestricted cash balance by $131 million and grown net earning assets by $2.4 billion over this time period. We expect to pay down our recourse debt by $100 million or more in 2025. Aside from the $5.5 million outstanding of our 2026 convertible notes, we have no recourse debt maturities until March 2027.

在此期間，我們還將非限制性現金餘額增加了 1.31 億美元，並將淨收益資產增加了 24 億美元。我們預計到 2025 年將償還 1 億美元或更多的追索債務。除了我們 2026 年未償還的 550 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。

Over time, we'll explore further capital allocation options to maximize shareholder value based on market conditions and our long-term outlook. Turning now to our outlook on slide 20. We are either reiterating or raising all of our guidance for 2025. For the full year, we are reiterating our guidance for aggregate subscriber value to be between $5.7 billion and $6 billion, representing 14% growth at the midpoint.

隨著時間的推移，我們將根據市場狀況和我們的長期前景探索進一步的資本配置選擇，以最大化股東價值。現在轉到第 20 張投影片上的展望。我們要麼重申，要麼提高 2025 年的所有指引。對於全年，我們重申我們的預期，總用戶價值將在 57 億美元至 60 億美元之間，中間值成長率為 14%。

We expect contracted net value creation to be in a range of $1 billion to $1.3 billion, an increase from our prior range of $650 million to $850 million and representing 67% growth at the midpoint. The strong performance in the second quarter, along with continued cost efficiency improvements and value optimization is leading to improvements in our contracted net value creation outlook for the year.

我們預計合約淨值創造將在 10 億美元至 13 億美元之間，高於我們先前的 6.5 億美元至 8.5 億美元的範圍，中間值成長率為 67%。第二季的強勁表現，加上成本效率的持續提高和價值的最佳化，使我們今年的合約淨值創造前景得到改善。

We are reiterating our cash generation guidance for the year of $200 million to $500 million. This reflects the strong operating performance along with the increased working capital investments. For the third quarter, we expect aggregate subscriber value to be approximately $1.5 billion to $1.6 billion, representing 8% growth at the midpoint and contracted net value creation to be between $275 million and $375 million, representing 58% growth at the midpoint. We expect cash generation to be between $50 million and $100 million.

我們重申今年的現金產生指導價為 2 億至 5 億美元。這反映了強勁的經營業績以及營運資本投資的增加。對於第三季度，我們預計總用戶價值約為 15 億美元至 16 億美元，中間值成長 8%，合約淨值創造在 2.75 億美元至 3.75 億美元之間，中間值成長 58%。我們預計現金產生額將在 5,000 萬至 1 億美元之間。

Operator, let's open the line for questions.

接線員，讓我們打開熱線來回答問題。

Thank you. We will now conduct a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西·薩頓。

Thanks and congrats on quite an impressive update on really everything. On slide 11, where you detailed the start of construction, if three years will have started construction by mid-August, is that like saying extending through all of '28 and '29 because you don't have the safe harbor for '26 and '27?

感謝並祝賀您在所有方面都取得了令人印象深刻的更新。在第 11 張投影片上，您詳細介紹了施工開始的時間，如果三年的施工將在 8 月中旬開始，這是否意味著要延續到 28 年和 29 年，因為您沒有 26 年和 27 年的安全港？

And if so, why on that same slide, would you show the bridge above the 6,500 bridge, you have all that done by 2028. It seems to me like you're properly protecting the solar ITC through year-end '29 and that you'll do 2030 in 1H '26, notwithstanding the new rules?

如果是這樣，為什麼在同一張投影片上，你會展示 6,500 橋以上的橋樑，而這一切都要在 2028 年之前完成。在我看來，儘管有新規定，但您似乎在 29 年底之前一直在妥善保護太陽能 ITC，並且將在 26 年上半年實現 2030 年目標？

Right. I think, yeah, two different things. On the safe harbor, we are articulating that there's a Section 48 of a few months. There's Section 48 safe harbor of a few months, and then there's three years that you noted from the slide there. And you're correctly noting that, that is extending the runway by a few years beyond 2028.

正確的。是的，我認為是兩件不同的事情。在安全港，我們明確指出有幾個月的第 48 條。第 48 條安全港為幾個月，然後是您在幻燈片中看到的三年。您正確地指出，這將使跑道在 2028 年後延長幾年。

And on the top portion of that slide, we're just doing a very simple walk of the loss in margin from the loss of the solar portion of the ITC. You could think of that as 2028 or even a different year, but really to show the buildup back up to full recovery, if not a little bit more than full recovery of that about $6,000 per system loss in ITC value.

在這張投影片的上半部分，我們只是對 ITC 太陽能部分損失造成的利潤損失進行了非常簡單的介紹。你可以將其想像為 2028 年，甚至是其他年份，但實際上是為了展示完全恢復的積累，如果不是完全恢復每個系統約 6,000 美元的 ITC 價值損失，則要多一點。

And we've shown a few of the factors. Not in here is other cost reduction in the business. So operating cost efficiencies, servicing cost efficiencies, everything else we'll do on top of this. This will just show one possible path just to illustrate that we think it's achievable to recover that solar portion. And of course, we're complementing that prudently with a safe harbor strategy as well.

我們已經展示了其中的一些因素。這裡不包括業務中的其他成本削減。因此，我們將在此基礎上提高營運成本效率、服務成本效率以及所有其他工作。這只是展示一種可能的途徑，以說明我們認為恢復太陽能部分是可以實現的。當然，我們也謹慎地採取了安全港策略來補充這一點。

Got it. That's what I thought. Very helpful. And then on the cash generation being reiterated the guidance for the year, is that net of the safe harbor spend that you've done a little bit already and then finishing through August or will you be like netting that out when you do the cash generation math at the end of the year? Will it be excluding what you spent on safe harbor? How should we think of that? I know that's thing.

知道了。我也是這麼想的。非常有幫助。然後，關於現金生成，重申年度指導，這是您已經完成的安全港支出淨額，然後在 8 月份完成，還是在年底進行現金生成計算時將其扣除？這會排除您在安全港上花費的錢嗎？我們該如何看待這個問題？我知道那是件事。

Yeah. We've reflected the working capital effect we noted in Q2. We've also reflected expectations for the balance of the year.

是的。我們已經反映了第二季注意到的營運資本效應。我們也反映了對今年餘額的預期。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Thanks for taking the questions. Kudos on the nice quarter and execution. I guess first question kind of related to Moses's question. You had the big uptick in net value creation. So one, I was wondering if you could maybe quantify the different buckets to what's driving that significant increase in the view for the year? And then kind of related to that, how come -- that's not really translating to anything on the cash generation outlook for the year, maybe some of the puts and takes between what drove the uptick in net value creation, but why that's not translating at least this year into cash generation.

感謝您回答這些問題。對出色的季度和執行表示讚賞。我想第一個問題與摩西的問題有點相關。您的淨值創造量大幅上升。那麼，首先，我想知道您是否可以量化不同的因素，看看是什麼推動了今年的觀看次數顯著增加？然後與此相關的是，為什麼——這實際上並沒有轉化為今年的現金產生前景，也許是推動淨值創造上升的一些因素，但為什麼至少在今年這並沒有轉化為現金產生。

Yeah. I'll unpack that a little bit. So the sequential growth in volume definitely was a big factor. The jump in -- if we look here on a year-over-year basis, I think that's a good way to try to bridge 17 points of unit level margin expansion. We noted about 7 to 8 points worth of margin expansion within that associated with the increase in the weighted average ITC as we had more adds in the business.

是的。我來稍微解釋一下。因此，銷量的連續成長肯定是一個重要因素。如果我們從同比角度來看，我認為這是彌補 17 個單位級利潤率擴張的一個好方法。我們注意到，由於我們的業務增加了更多，加權平均 ITC 的增加導致利潤率擴大了約 7 到 8 個百分點。

The battery attachment rate, I noted certainly contributed. And to the aggregate result, the strength in year-over-year growth in subscriber additions also certainly helped. So I'd say more volume with tilted towards higher value mix. And then we also noted the operating cost efficiencies have been -- when you look at it on the surface, it appears a 4% year-on-year reduction.

我注意到，電池連接率肯定起了作用。從整體結果來看，用戶數量較去年同期成長強勁也無疑起到了一定作用。所以我想說更多的交易量會傾向於更高價值的組合。然後我們也注意到，從表面上看，營運成本效率似乎比去年同期下降了 4%。

But actually, once you unpack it and realize that all the extra materials cost consumption being fully absorbed by ops and sales and marketing cost reduction around it, the ability to keep creation costs flat year-over-year as we raise the top line led to huge margin expansion.

但實際上，一旦你拆開它並意識到所有額外的材料成本消耗都被周圍的運營和銷售和營銷成本削減所完全吸收，那麼在我們提高營收的同時保持創造成本逐年持平的能力將帶來利潤的大幅擴張。

Now we're also noting in Q2, in particular, some of the activity with our inventory balance and associated change in working capital, a little bit of extra time in the capital markets as people are kind of coming back from digesting the effects of the budget bill that market is picking up in activity. I think is also a little bit of the summer period coming into effect as well. But as the tax planning for the balance of the year continues, that activity picks up.

現在我們也注意到，特別是在第二季度，我們的庫存餘額和相關的營運資本變化的一些活動，資本市場需要一點額外的時間，因為人們正在消化預算法案的影響，市場活動正在回升。我認為夏季的影響也逐漸顯現。但隨著今年剩餘時間的稅務規劃繼續進行，這種活動將會增加。

So when you couple that with the sequential growth in volume and some of the installation activity to full cash conversion cycle with tax equity and turnout that we normally have, we expect to be more back half weighted in the cash generation in the business.

因此，當你將其與銷量的連續增長和一些安裝活動與完整的現金轉換週期以及我們通常擁有的稅收公平和結果結合起來時，我們預計業務的現金產生將更多地回到一半的權重。

Okay. Fair enough. That's helpful color. And then just on the safe harboring, presumably, you're focused on meeting the 5% threshold to satisfy the commenced construction criteria. Can you give us a sense of what the kind of working capital financing needs will be between now and sort of, I guess, July 2026, kind of quantify that for us? And then where you are with respect to discussions with lenders on securing what percent you have you secured, what percent do you have a line of sight to secure?

好的。很公平。這是很有幫助的顏色。然後，就安全港而言，大概您專注於滿足 5% 的門檻以滿足開始施工的標準。您能否告訴我們從現在到 2026 年 7 月之間的營運資金融資需求是多少，並為我們量化一下？那麼，在與貸款人討論確保您已獲得多少百分比的擔保時，您處於什麼位置？您打算獲得多少百分比的擔保？

I'll take the first part. I might need to clarify the lender question, but we did a bunch of activity at the end of last year. That's several months worth. We talked about additional activity in the quarter. The associated effects, you can kind of see in the inventory balance and some of the change in working capital.

我將選擇第一部分。我可能需要澄清貸款人的問題，但我們在去年年底做了很多活動。這可是好幾個月的錢。我們討論了本季的額外活動。您可以在庫存餘額和營運資本的一些變化中看到相關影響。

We've continued to pursue a capital-light strategy for doing safe harbor. I think we'll continue to do that. There's also the -- whatever the outcome of the executive order will be will impact the timing for more safe harboring.

我們繼續推行輕資本戰略來實施安全港。我想我們會繼續這樣做。此外，無論行政命令的結果如何，都會影響更多安全庇護措施的實施時間。

Of course, we feel like that will be prospective changes, not retroactive, and we've already done a few years' worth of that. Again, I think maybe your lender question was around the capital to maybe finance it. I'm not sure if I'm following that. But again, we've been able to do it in a very, very capital-efficient manner.

當然，我們覺得這將是前瞻性的變化，而不是追溯性的，而且我們已經做了幾年這樣的變化。再次，我認為也許您對貸款人的問題是關於融資的資本。我不確定我是否理解了這一點。但同樣，我們能夠以非常非常節省資本的方式來做到這一點。

Okay, I appreciate it. Thank you guys.

好的，我很感激。謝謝你們。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, good afternoon. Maybe just in terms of trying to quantify how much cash you've spent so far in Q2 and then into Q3, I guess we should look at maybe the inventory change as kind of a proxy. I think that was $70 million to $80 million, something like that. And then you mentioned that by mid-August, you'll have enough safe harbor to cover volume -- current volume through 2030. I guess is that -- we'll see what happens with the executive order.

謝謝，下午好。也許只是為了量化您在第二季和第三季迄今為止花費了多少現金，我想我們應該將庫存變化視為一種代理。我認為那是 7,000 萬到 8,000 萬美元左右。然後您提到，到 8 月中旬，您將擁有足夠的安全港來覆蓋交易量——從當前交易量到 2030 年。我想是這樣的——我們將看看行政命令的結果。

But is that where you stop or will you continue to safe harbor to cover expected volume growth to create a bit of a buffer?

但這就是您要停止的地方嗎？或者您會繼續進入安全港以覆蓋預期的交易量增長，從而創建一點緩衝？

I think we did note that there's about three years' worth of activity. There's a one-year period from the date of bill passage to supplement with more safe harbor activity, and we would plan to do more. The details of that will very much depend on the treasury guidance that comes out following the executive order. So we still need some more time to firm up thoughts on. How much more, but we can comment by saying we do intend to do more.

我想我們確實注意到了大約三年的活動。從法案通過之日起，有一年的時間來補充更多的安全港活動，我們計劃做更多的事情。具體細節很大程度取決於行政命令之後發布的財政指引。所以我們還需要一些時間來堅定想法。我們還有多少事情要做呢？但是我們可以說，我們確實打算做更多。

It's just kind of a matter of the details with what qualifies and what that strategy looks like.

這只是一個細節問題，涉及資格條件和策略是什麼樣的。

Got it. And maybe switching gears a little bit on the grid services. So I know you're estimating at least $2,000 NPV per customer. But maybe if you can help frame how much you're getting on a recurring revenue basis currently? I think we're kind of triangulating around $20 million per year of recurring revenue from your enrolled customers.

知道了。或許可以稍微改變一下電網服務。所以我知道您估計每位客戶的 NPV 至少為 2,000 美元。但也許您可以幫助確定您目前在經常性收入基礎上獲得了多少收入？我認為我們可以估算出您註冊客戶每年的經常性收入約為 2000 萬美元。

I guess, is that in the ballpark? And then as a follow-up, at what point do you securitize that revenue stream? Can you securitize it if it gets to $50 million? Is that large enough or do you need to go higher than that? Because it seems like based on the guidance you provided of getting to 10 gigawatt hours by 2029, maybe you can cross -- you can get to $50 million, $60 million of recurring revenue by 2029. So just trying to understand if there's a possibility of some securitizations there.

我猜，這是大致情況吧？那麼作為後續問題，您什麼時候將該收入流證券化？如果達到 5,000 萬美元，您可以將其證券化嗎？這個尺寸夠大嗎？還是需要更大？因為根據您提供的到 2029 年達到 10 千兆瓦時的指導，也許您可以跨越——到 2029 年您可以獲得 5000 萬美元、6000 萬美元的經常性收入。所以只是想了解那裡是否有可能進行一些證券化。

I think I'll start with that, and then I'll let Danny maybe take the securitization and financing of it. But today, we have about 3.2 gigawatts of storage devices, roughly 200,000 devices out in the market. 35% of those are currently enrolled in programs, a little over 70,000 of our battery devices are enrolled in functioning and paying programs.

我想我會從那裡開始，然後我會讓丹尼進行證券化和融資。但今天，我們擁有約 3.2 千兆瓦的儲存設備，大約有 20 萬台設備在市場上。其中 35％ 目前已加入計劃，我們的 70,000 多台電池設備已加入運行和付費計劃。

We're focusing heavily in our go-forward strategy about -- around deploying battery devices and reaching penetration and concentration in areas that would have and do have attractive home-to-grid vertical power plant type program set up. And so 35% enrollment rate of today and we anticipate that growing nicely.

我們的未來策略重點是部署電池設備，並在已經建立有吸引力的家庭到電網垂直發電廠類型專案的地區實現滲透和集中。今天的入學率為 35%，我們預期這一比例還會穩定成長。

We've articulated this 10 gigawatt number that we think is very achievable for us. And so kind of like anchoring around a $20 million number is, I think, conservative, but directionally okay. We see that $2,000 per subscriber number being something that we are currently beating and plan to continue to be. And I think as we build out more capacity and more robust programs, we'll have more stability that will make financing those easier, but I'll let Danny kind of take that.

我們已經明確了這個 10 千兆瓦的數字，我們認為這個數字對我們來說是非常容易實現的。因此，我認為，將金額定在 2,000 萬美元左右是比較保守的，但從方向上來說還是可以的。我們認為，我們目前已經實現了每位用戶 2,000 美元的目標，並且計劃繼續保持這一目標。我認為，隨著我們建立更多的能力和更強大的項目，我們將擁有更多的穩定性，這將使融資變得更容易，但我會讓丹尼來承擔這一點。

Yes. And then latching on of the $2,000 per customer, a vision and a realistic path to tripling the deployed capacity over the next few years. We start to push in the several hundred thousand customer range for participating customers with their batteries. So on a present value basis, that starts to look very meaningful in terms of scale, several hundred million dollars of total present value. As far as the financing outlook for that, I don't think we've concluded yet.

是的。然後鎖定每位客戶 2,000 美元，制定一個願景和一條切實可行的途徑，在未來幾年內將部署容量增加三倍。我們開始向數十萬名客戶推廣參與活動並擁有相應電池的客戶。因此，從現值角度來看，這在規模上看起來非常有意義，總現值達數億美元。就融資前景而言，我認為我們尚未得出結論。

I think we're happy with the way the scale is building. It's a new bank financing activity, certainly subscale. But as it scales, those options will open up and become very obvious to us.

我認為我們對規模的擴大方式感到滿意。這是新的銀行融資活動，當然規模不大。但隨著規模的擴大，這些選項將會開放並變得非常明顯。

Got it. Thank you very much.

知道了。非常感謝。

Joe Osha, Guggenheim.

古根漢的喬·奧沙。

Hi, thank you. I've got two questions for you. First, just thinking about the market as 25G goes away, maybe I'm asking this question in the right way. Does some portion -- is some portion of that cash and loan market sort of convertible to lease or PPA or do we just think about it going away? I'm just trying to think about how to think about that. Thanks. And then I have a follow-up.

你好，謝謝。我有兩個問題想問你。首先，只要考慮一下 25G 消失後的市場，也許我提出這個問題的方式是正確的。現金和貸款市場的某些部分是否可以轉換為租賃或 PPA，或者我們只是考慮讓它消失？我只是在思考如何去思考這個問題。謝謝。然後我有一個後續問題。

Yeah, great question. Kind of independent research consensus suggests half the market is that cash flow today and about half of that goes away. So a 25% pullback in the market overall. And we think that is quite reasonable. So if 25% of that market largely is areas where third-party owned isn't a viable solution.

是的，很好的問題。某種獨立研究的共識表明，今天一半的市場是現金流，而其中大約一半會消失。因此整個市場回檔了 25%。我們認為這是非常合理的。因此，如果該市場的 25% 大部分是第三方擁有的領域，那麼這並不是一個可行的解決方案。

So most of that market, I think, goes away. The sales and fulfillment partners that operate in third-party owned markets that are today selling under 25D. I do think most of them make a reasonably successful transition over into a third-party owned model with the solutions available to us or to them.

所以我認為，大部分市場都消失了。目前在第三方市場營運的銷售和履行合作夥伴的銷售額低於 25D。我確實認為，他們中的大多數都利用我們或他們可用的解決方案，相當成功地過渡到第三方擁有的模式。

I think for us, there maintains a really heavy focus on quality, margin control. And I think most of the players who are a bit more focused on the superior consumer offering that third party has been for quite some time are focused around and understanding the value of dispatchable controllable load have already migrated into a third-party model and are working with us.

我認為我們非常重視品質和利潤控制。我認為大多數專注於第三方提供的優質消費者產品的參與者已經關注了相當長一段時間，並且了解可調度可控負載的價值，他們已經遷移到第三方模式並與我們合作。

And so while I do see some migration of the 25B volume flowing into Sunrun, I think there's a lot of development and maturity for many of the partners that would need to take place, even simple things like we deploy domestically manufactured equipment and are focused on that.

因此，雖然我確實看到一些 25B 容量流入 Sunrun，但我認為許多合作夥伴還需要進行大量的開發和成熟，即使是像我們部署國產設備並專注於此這樣的簡單事情。

So having these organizations build out the supply chain and the sophistication to track and report on that to adhere with that standard for us, for example. I think there's some development that would need to take place. But I think overall, 25% contraction in the overall market, some of that flowing to Sunrun will be natural.

因此，讓這些組織建立供應鏈並對其進行複雜的追蹤和報告，以遵守我們的標準。我認為需要進行一些發展。但我認為整體而言，整個市場萎縮 25%，部分資金流向 Sunrun 將是自然現象。

Yeah, I agree. And I'm just wondering if that's -- okay, thanks. And my other question, this just occurred to me listening to your call. It's interesting that if I heard correctly, about one-third of your existing storage fleet is signed up for grid services. I'm wondering if there's been any effort to go back to the existing installed base and see if you can sign up nonparticipants.

是的，我同意。我只是想知道這是否——好的，謝謝。我還有一個問題，這是我在聽您的電話時突然想到的。有趣的是，如果我沒有聽錯的話，大約有三分之一的現有儲存設備已註冊電網服務。我想知道是否有人嘗試回到現有的安裝基礎並查看是否可以註冊非參與者。

Are you talking about signing them up to install storage with them or going back to...

您是在談論與他們簽約以安裝存儲還是返回...

I believe I heard you say that of your installed storage fleet, about one-third is signed up for grid services. Did I hear that correctly?

我相信我聽您說過，在您安裝的儲存設備中，大約有三分之一已註冊電網服務。我沒聽錯吧？

Yeah. Sorry. So --

是的。對不起。所以--

That's because of the programs and the geographies, Joe. It's not like all of our customers are technically capable to participate in programs. So again, it's more to the geographies of where we are already seeing a lot of grid constraints and challenges, and we expect to see that grow. And then --

喬，這是因為專案和地理位置的原因。並非所有客戶都具備技術能力參與這些專案。所以，這更多的是與地理位置有關，我們已經看到很多電網限制和挑戰，我們預計這種情況還會成長。進而--

Yeah, I wasn't trying to be negative. I'm just wondering whether there's some opportunity to go back and try and sort of remarket that existing fleet of storage. That was my question.

是的，我並不是想表達負面情緒。我只是想知道是否有機會回去嘗試重新行銷現有的儲存設備。這就是我的問題。

100%. Yeah, absolutely. As is we also see tremendous opportunities with our existing customer base, and we've started to do that successfully, which is scale in a super low CAC way, storage attachment for the 800,000 customers that we have that don't currently have storage so then we can enroll them in these programs.

100%。是的，絕對是如此。正如我們在現有客戶群中看到的巨大機會一樣，我們已經開始成功地做到這一點，即以超低 CAC 方式擴展規模，為目前沒有存儲的 800,000 名客戶提供存儲附件，以便我們可以將他們納入這些計劃。

Okay, thank you.

好的，謝謝。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hi, thanks so much for taking my questions. I was wondering, could you touch on just maybe how aggressively you're pursuing cost savings and cost efficiencies right now? Where do efforts stand in terms of cutting customer acquisition costs? Good progress here on creation costs, obviously, for the quarter. Just wondering how much is that -- of that as you really pushing more aggressively there? And is that part of the near-term strategy that you plan to pursue?

你好，非常感謝您回答我的問題。我想知道，您能否談談您目前在多大程度上積極追求成本節約和成本效率？在降低客戶獲取成本方面，目前所做的努力有哪些？顯然，本季的創造成本取得了良好的進展。我只是想知道，您在那裡真正採取了多大力度的積極行動？這是您計劃實施的近期策略的一部分嗎？

Yeah. I would say we have had a laser focus on running incredibly efficient and effectively for our customers for some time, and it's really gaining a lot of traction, particularly as we've talked about onboarding a really strong AI team that has helped to accelerate that throughout the business. So we still see opportunity for years to come in the context of continuing to drive down cost in the business, drive down the cost of customer acquisition. And so yeah, we not only have achieved a lot of that, but we see a lot of continued opportunity as a business.

是的。我想說，我們一直專注於為客戶提供極其高效的服務，而且它確實獲得了很大的發展動力，特別是當我們談到加入一個非常強大的人工智慧團隊來幫助加速整個業務的發展時。因此，在繼續降低業務成本、降低客戶獲取成本的背景下，我們仍然看到未來幾年的機會。是的，我們不僅取得了許多成就，而且我們還看到了許多持續的商業機會。

Yeah. The only additional call out I'll make is on post-installation servicing costs. We've seen those come down quite a bit over the last year as well. And that's been a key focus on top of installation and customer acquisition cost efficiency. On that side, we are also seeing as we kind of scale up volume, we're seeing operating cost leverage across our fixed cost base in a very, very meaningful and nice way.

是的。我唯一需要額外諮詢的是安裝後的服務費用。我們發現，去年這些數字也下降了不少。這是安裝和客戶獲取成本效率的重點。在這方面，我們也看到，隨著產量的擴大，我們的固定成本基礎上的營運成本槓桿正在以非常非常有意義和好的方式發揮作用。

Yeah, absolutely. Makes sense. And then separately, where do you stand with regard to the [FEOC] provisions, particularly with your storage supply? How much visibility do you have there to manage within the thresholds of the OBBB?

是的，絕對是如此。有道理。然後另外，您對 [FEOC] 條款持什麼態度，特別是對於您的儲存供應？在 OBBB 的閾值範圍內，您需要管理多少可見度？

Yeah. We've worked a lot with our partners and have had a lot of really good collaboration. We think the capabilities that we have in the time line works quite nicely, and we see a good ability to walk into it in compliance.

是的。我們與合作夥伴進行了大量合作，並取得了許多非常好的合作。我們認為我們在時間線上所擁有的能力運作得相當好，並且我們看到了良好的合規能力。

Great. Thank you so much.

偉大的。太感謝了。

Jon Windham, UBS.

瑞銀的喬恩溫德姆。

There we go. I had to get off mute, sorry. First of all, not usually one to dull out compliments on quarterly calls, but over 5700 on the upfront net subscriber value is a massive number. So good work by the team. I wanted to ask a question that maybe it's been an area where people aren't looking these days. We've obviously had so much focus on the federal level. Could I give you the opportunity maybe to walk around the room a little bit and talk about anything you have an eye on in terms of state-level subsidies and policy programs.

好了。我不得不取消靜音，抱歉。首先，通常不會有人對季度電話會議給予過多的讚揚，但前期淨訂戶價值超過 5700 是一個巨大的數字。團隊表現非常出色。我想問一個問題，也許這是人們最近沒有關注的領域。顯然，我們非常關注聯邦層級。我能否給您機會在房間裡走走，談談您所關注的有關國家級補貼和政策計劃的問題。

Historically, in this industry, when the federal government wants to go sort of one way under one administration, the opposite states tend to go to another, meaning like the last time we saw. Trump-elected saw some of the more democratic states sort of double down on their commitment to renewables.

從歷史上看，在這個行業中，當聯邦政府希望在某一屆政府的領導下走某種路線時，相反的州往往會走另一條路線，就像我們上次看到的那樣。川普當選後，一些較民主的州加倍致力於再生能源。

Just if you could help us on anything we should be keeping an eye on investors should be keeping an eye on at the state level over the next 6 or 12 months, would really appreciate just your high-level thoughts? Thank you so much.

如果您能幫助我們解決未來 6 個月或 12 個月內投資者在州一級應該關注的任何問題，我們真的很感激您能提供一些高層次的想法？太感謝了。

I think like an overall perspective, you articulated a dynamic we've seen play out and to be true multiple times and continue to be the right way to think about it. Overall, there are and have been long-standing durable rebate programs that we continue to see as strong stable elements like the SREC programs that exist, for example, or other state programs that have dedicated funding and continued stability. And we've seen, I think, in some areas, some enhancements there and some further commitments there. And then I would say early conversations are kind of budding in several new markets that create interesting and exciting opportunities for us.

我認為，從整體角度來看，您闡明了我們已經看到的一種動態，這種動態多次出現並且是事實，並且仍然是思考它的正確方式。總體而言，我們一直認為長期存在的持久回扣計劃是強大穩定的要素，例如現有的 SREC 計劃，或其他擁有專款和持續穩定性的州計劃。我認為，我們在某些領域看到了一些改進和進一步的承諾。然後我想說，早期的對話在幾個新市場中正在萌芽，這為我們創造了有趣和令人興奮的機會。

Yeah. The only thing I would add to that is that as we all know from reading the news every day, the grid is running into challenges. And now with also the AI challenge and the AI race with China, you're seeing a lot more focus on energy capacity. So not only do I expect to see some of the same phenomenon we've seen in the past, but I think someone is in a particularly athletic position because I think you're going to see a real focus on storage as a part of that.

是的。我唯一想補充的是，正如我們每天閱讀新聞所知道的那樣，電網正面臨著挑戰。現在，隨著人工智慧挑戰和與中國的人工智慧競賽，你會看到人們更加關注能源容量。因此，我不僅希望看到我們過去所見過的一些相同現象，而且我認為有人處於特別積極的位置，因為我認為你會看到對儲存的真正關注。

So as states are looking at that exact topic of how do we make sure we're accelerating it in our jurisdiction, I think there is also a very strong focus on dispatchable resources, which again plays very well into our vision and our work in the energy space.

因此，當各州都在關注如何確保在我們的管轄範圍內加速這一進程時，我認為大家也非常關注可調度資源，這再次很好地符合了我們的願景和我們在能源領域的工作。

Appreciate it. Thank you.

非常感謝。謝謝。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Yeah, hi, thanks for taking my question. I just want to go back to the slide 11, where you show what a post-ITC world could look like. So my question is, how can the industry kind of drive down those customer acquisition costs without significantly lowering volumes? It just seems like there's a view in the industry that sales commission payments are kind of like the lifeblood of volume growth.

是的，你好，謝謝你回答我的問題。我只想回到第 11 張投影片，您在其中展示了後 ITC 世界可能會是什麼樣子。所以我的問題是，產業如何在不大幅降低銷售量的情況下降低客戶獲取成本？業界似乎存在著這樣一種觀點，即銷售佣金是銷售成長的命脈。

So to me, it seems like a little bit of a chicken and egg problem. I'm curious how you think you could kind of achieve both.

所以對我來說，這看起來有點像是先有雞還是先有蛋的問題。我很好奇您認為如何才能實現這兩點。

I think we've programmatically been focused on innovation and creating a differentiated consumer offering. And as we've done that, CAC as a percent of proceeds or value created has been programmatically falling. And we're in, I would say, the early stages of that innovation cycle and building out that differentiated offering.

我認為我們一直專注於創新和創造差異化的消費者產品。當我們這樣做的時候，CAC 作為收益或創造價值的百分比一直在程序化地下降。我想說，我們正處於創新週期的早期階段，正在建立差異化產品。

So our sales reps are focused more on selling consumers features and functionality and benefit. Layer on top of that revenue that we were talking about with home-to-grid capabilities around virtual power plants and that becoming a more substantial thing as the grid fills the impacts of the electron shortage, the price you'll be able to fetch to be sitting on currently a little over 3 gigawatts of dispatchable capabilities soon to be 10 gigawatts over the next few years becomes very meaningful and a real source of incremental top line revenue with no real associated CAC speak of burdening it.

因此，我們的銷售代表更加重視向消費者銷售特性、功能和優勢。除了我們談論的收入之外，還有圍繞虛擬發電廠的家庭到電網功能，隨著電網填補電力短缺的影響，這將成為一件更重要的事情，您能夠獲得的價格目前略高於 3 千兆瓦的可調度能力，未來幾年很快將達到 10 千兆瓦，這將變得非常有意義的 CAC，並且是增量頂線收入的真正來源，而沒有負擔的實際負擔。

And so as those kind of dynamics play out, we have been seeing and expect that trend to continue to walk us into CAC reductions in line with what's shown on slide 11.

因此，隨著這些動態的發揮，我們已經看到並預期這種趨勢將繼續引導我們實現 CAC 降低，如投影片 11 所示。

Got it. Thanks. And then just as a follow-up. So I guess just given that residential solar is generally shorter cycle than utility scale solar. Can you talk a little bit about how you plan to balance safe harbor-related equipment acquisitions with a little bit more limited forward demand visibility? Just trying to think through some potential headwinds like stuff like equipment degradation. And then separately, kind of on that point, are you looking to further diversify your supply chain mix kind of maybe more towards some historically less represented suppliers?

知道了。謝謝。然後只是作為後續行動。所以我猜住宅太陽能的周期通常比公用事業規模的太陽能短。您能否談談您計劃如何平衡安全港相關設備採購與有限的未來需求可見度？只是試著思考一些潛在的阻力，例如設備退化等。然後，就這一點而言，您是否希望進一步實現供應鏈組合多樣化，並更多地選擇一些歷史上代表性較低的供應商？

I would say -- take the second part first, I think the safe harbor activity and the available capacity and like ability to do the safe harbor activity with our existing vendor mix has been like a very achievable exercise. So I wouldn't say the activity of safe harbor necessitates a big, big change in vendor mix. It could impact the mix amongst our vendor universe, but it's not like a drastic change in mix.

我想說的是——首先討論第二部分，我認為安全港活動和可用容量以及利用我們現有的供應商組合開展安全港活動的能力是一項非常可行的活動。因此，我不會說安全港活動需要對供應商組合進行重大改變。它可能會影響我們供應商群體的混合，但這並不意味著混合的劇烈變化。

So then I would say the multiple year -- the question on the multiple year runway, it's definitely a big combination of activity aggregating in a few years. I think we would like to see the executive order fully play out, fully complete the strategy before we kind of get into the details.

那麼我想說的是多年——關於多年跑道的問題，它肯定是幾年內活動的集合。我認為，我們希望看到行政命令全面實施，全面完成策略，然後再討論細節。

Alright thank you.

好的，謝謝。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hey, good afternoon. This is Hannah Velasquez on for Julien. Like everyone else has said, congrats on the quarter. So I just wanted to open up with a clarifying question. It sounds like of the three-year safe harbor program that you all are pursuing, you safe harbor about one year's worth post the one big bill to date. And then you're waiting, I assume, until treasury issues guidance for the remaining two years.

嘿，下午好。這是 Hannah Velasquez 為 Julien 表演的。就像其他人所說的那樣，祝賀本季取得佳績。所以我只是想提出一個澄清的問題。這聽起來就像你們都在推行的三年安全港計劃，迄今為止，你們的安全港價值約為一年，這是一筆巨額賬單。然後我想你正在等待財政部發布剩餘兩年的指導。

So a clarifying question there. Is that correct? And the follow-up there is, what gives you confidence that no portion of guidance will be retroactive? I'm sure you're hearing all the whisperings that it could be retroactive back to [7.4 or 7.7] or even retroactive back to January 1?

所以這是一個需要澄清的問題。對嗎？接下來的問題是，是什麼讓您確信指導意見不會具有追溯力？我敢肯定，您聽到了所有的傳言，它可能會追溯到 [7.4 或 7.7] 甚至追溯到 1 月 1 日？

Yeah, I can hit the retroactive comment first. This is Mary. Yeah, I -- what we're hearing, having spent quite a bit of time in Washington, I was just there last week, like what we're hearing is retroactivity is very, very low likelihood, extremely low likelihood. And I think as we've all seen, we already are seeing a lot of Republican Senate leadership expressing their desire, frankly, not for there to be a lot of changes at all, let alone retroactive changes. So everything we're hearing is that there will be -- there likely will be some changes and they will be prospective. So Danny, why don't you take the rest of it?

是的，我可以先打出追溯評論。這是瑪麗。是的，我——我們聽到的是，我在華盛頓待了相當長一段時間，我上週剛去過那裡，我們聽到的是追溯性的可能性非常非常低，極低。我認為，正如我們所看到的，我們已經看到很多共和黨參議院領導人表達了他們的願望，坦白說，他們不希望有太多的改變，更不用說追溯性的變化了。因此，我們聽到的一切都是，可能會有一些變化，而這些變化是預期的。那麼丹尼，你為什麼不拿走剩下的部分呢？

Yeah. The end of year activity was about 12 months of solar equipment, 6 months of battery. So just to bridge that to the bullet point you see at the bottom of slide 11, two months of Section 48. That implies the equipment that is available from that safe harbor activity. There's six months that have commenced construction in the calendar year before the passage of the bill.

是的。年底的活動大約包括 12 個月的太陽能設備以及 6 個月的電池。因此，只是為了將其與您在第 11 張投影片底部看到的要點聯繫起來，即第 48 節的兩個月。這意味著可以從安全港活動中獲得設備。在該法案通過之前的一年中，已有六個月開始動工。

So that's the six months. And then there's three years expecting to have commenced by this August. So that's fully incremental to the first two. And then what we're talking about further to that is doing more than the three years by July 2026, which is the one-year deadline from the data bill passage, and that's still in flight. Again, that's the part that's more TBD based on the treasury guidance.

這就是六個月。預計到今年八月，三年就開始了。所以這是前兩個的完全增量。然後，我們進一步討論的是在 2026 年 7 月之前完成三年以上的工作，這是數據法案通過後的一年期限，而且這項工作仍在進行中。再次強調，根據財政部的指導，這是有待確定的部分。

Okay, thank you. And then just as a follow-up on the battery side. When you talk about potentially getting to 10 gigawatt hours by 2029, what macro and market level assumptions are you considering to underwrite that number? Does it assume other states adopting maybe VPP programs across utilities or expanding across the current base of states where batteries are particularly strong? And then maybe you could also just identify which of the key states currently you feel will drive a bulk of this ramp to 10 gigawatt hours through 2029?

好的，謝謝。然後只是對電池方面的後續關注。當您談到 2029 年可能達到 10 千兆瓦時，您考慮了哪些宏觀和市場層面的假設來支持這個數字？是否假設其他州可能在公用事業中採用 VPP 計劃或在電池特別強大的現有州範圍內進行擴展？然後，也許您還可以確定目前您認為哪些主要州將在 2029 年前推動這一增長至 10 千兆瓦時？

Yeah. So the state participation in grid service programs would just be the enrollment rate and the economics we would drive off of that 10 gigawatts. But the batteries absent grid service programs are highly economical and attractive for us to be selling and create a great grid resource and good customer functionality.

是的。因此，各州參與電網服務計畫只是入學率，而我們將從這 10 千兆瓦中獲得經濟效益。但是，缺乏電網服務計劃的電池對我們來說非常經濟且具有吸引力，可以銷售並創造豐富的電網資源和良好的客戶功能。

So building the 10 gigawatt base is attractive, we're on independent of program enrollment. As we said, we're at 3.2 gigs right now, and I think a kind of steady state mix or consistent state mix of what you've been seeing.

因此，建造 10 千兆瓦的基地很有吸引力，我們與計劃註冊無關。正如我們所說，我們現在有 3.2 演出，我認為這是一種穩定狀態混合或一致狀態混合。

We're at about 70% attach rate today. So that puts us at about 70,000 new batteries installed on an annual basis that puts us not far off with little acceleration needed to be walking right into 10 gigawatts through 2028.

目前我們的附加率約為 70%。這樣，我們每年將安裝約 70,000 個新電池，只需稍加加速，我們就能到 2028 年直接邁入 10 千兆瓦的目標。

Okay, thank you.

好的，謝謝。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Hey, thanks for taking the questions here and congrats on the quarter here. So I just want to clarify one thing on the safe harbor through '28 or even beyond that. Like what growth rates are we assuming here for that? Is this $5.76 billion per year kind of run rate or slightly higher than that for those years? Thanks.

嘿，感謝您在這裡回答問題，並祝賀本季度取得的成績。因此，我只想澄清有關 28 年甚至更久以後的安全港的一件事。我們假設的成長率是多少？這是每年 57.6 億美元的運行率嗎？還是比這些年的運行率略高一些？謝謝。

Just to clarify, the growth rate, is that the growth rate we're assuming for our business when we sign the safe harbor activity?

只是為了澄清一下，成長率是我們簽署安全港活動時為我們的業務假設的成長率嗎？

Yes, yes. Because I think most of the -- only a part of that shows up in inventory, I presume, right? The rest shows up as --

是的，是的。因為我認為其中大部分——只有一部分出現在庫存中，我猜，對嗎？其餘部分顯示為--

Modestly growing, I would say, the expectation. Obviously, we've talked about the industry dynamics of 25B and the opportunity we have there. I think also we're being very disciplined on the volume growth. I think we're just anchored, as we've said for many quarters on the margin growth. I think that has us with a view of modest growth and the resulting multiple year runway comment when we're talking about the magnitude of the safe harbor activity is underpinned by that assumption.

我想說，期望值正在適度成長。顯然，我們已經討論了 25B 的行業動態以及我們在那裡所擁有的機會。我認為我們對銷量成長也非常嚴格。我認為我們只是穩定下來了，正如我們在利潤率成長方面許多季度所說的那樣。我認為這讓我們看到了溫和的增長，而當我們談論安全港活動的規模時，由此產生的多年跑道評論就是由這一假設支撐的。

Got it. I appreciate. Thanks.

知道了。我很感激。謝謝。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Thanks so much guys. Given some of the distress that's out there in the market, are you seeing any opportunities to pick up portfolios of assets that you could optimize and leverage with kind of add-on sales, especially given what you're doing with the balance sheet right now?

非常感謝大家。鑑於市場上存在的一些困境，您是否看到任何機會來選擇資產組合，您可以透過附加銷售來優化和利用這些資產組合，特別是考慮到您現在對資產負債表的處理方式？

That's definitely an opportunity that exists out in the market. It's not something that we're pursuing. I think there's an opportunity for us to do more with battery deployments and growing with and optimizing our own fleet, and we're really focused on that for the time being.

這絕對是市場上存在的一個機會。這不是我們所追求的。我認為我們有機會在電池部署、發展和優化我們自己的車隊方面做更多的事情，目前我們確實專注於此。

That's super helpful. And then just on the battery side, given some of the innovations around battery chemistry and some of the extended lifetimes, are you seeing any material step functions in terms of new chemistries that you guys could get -- you could start deploying and an ability to start driving some price and margin just through some of those incremental chemistry improvements?

這非常有幫助。然後僅在電池方面，考慮到電池化學方面的一些創新和一些延長的使用壽命，您是否看到在新化學方面可以獲得的任何材料階躍函數 - 您可以開始部署並能夠開始推動一些價格和利潤，只需通過一些漸進的化學改進？

One of the benefits of being the largest deployer of residential batteries in the country is you get pick and you get insights into what anybody is doing. So we do look at a lot of technologies. There's some incredibly impressive innovators out there, and we're excited about the prospects of continuing to develop around cheaper batteries, more functionality, better installability.

作為國內最大的家用電池部署商，其優勢之一就是您可以選擇並了解每個人的做法。所以我們確實研究了很多技術。有一些令人難以置信的創新者，我們對繼續開發更便宜的電池、更多功能、更好的可安裝性的前景感到興奮。

There's a lot of innovation taking place in that space. And we think we're seeing it both from our existing partners as well as new emerging opportunities.

該領域正在發生許多創新。我們認為，我們從現有合作夥伴和新興機會中都看到了這一點。

Great. Thanks so much guys.

偉大的。非常感謝大家。

Philip Shen, Roth Capital.

羅斯資本的菲利普沈（Philip Shen）。

Hey guys, thanks for taking my questions. First one is a follow-up on retroactivity. I know, Mary, you talked about it being an extremely low likelihood. We're hearing similar that they're not leaning that way. That said, there is still a probability out there that's non-zero. And so what happens if there is retroactivity?

嘿夥計們，謝謝你們回答我的問題。第一個是追溯性的跟進。我知道，瑪麗，你說過這種可能性極低。我們聽到了類似的消息，他們並不傾向那樣。話雖如此，但仍然存在非零的機率。那如果有追溯力會發生什麼事？

What's the path? And then in terms of what you guys have safe harbor thus far, how have you guys done that? Is it through inverters, batteries, modules? What's the dominant category of equipment?

路是啥？那麼就你們迄今為止的安全港而言，你們是如何做到的呢？是透過逆變器、電池、模組嗎？主要的設備類別是什麼？

Yeah. On the first part, nice to chat with you. The key context to keep in mind for Sunrun is that it would be isolated to claiming the ITC for solar for '28 through '30. And I think as we show in our slide, we see it as -- we believe Sunrun can generate attractive returns without the solar portion of the ITC. So first and foremost, like that's really important to understand from a base stakes perspective.

是的。第一部分，很高興與您聊天。對於 Sunrun 來說，需要牢記的關鍵背景是，它將僅限於申請 28 年至 30 年的太陽能 ITC。我認為，正如我們在幻燈片中所展示的那樣，我們相信——即使沒有 ITC 的太陽能部分，Sunrun 也能產生可觀的回報。因此，首先，從基本賭注的角度來理解這一點非常重要。

And then when you layer on top of that, that you've heard exactly what I'm hearing, exactly what everybody else is hearing, which is very low likelihood of retroactivity, I think we're feeling in a very strong position.

然後，當你在此基礎上進行分層時，你會發現你聽到的和我聽到的完全一樣，也和其他人聽到的完全一樣，即追溯力的可能性非常低，我認為我們處於非常有利的地位。

Vendor equipment type mix, kind of all of the above. I think we'll reserve comment on exact specifics of our strategy.

供應商設備類型混合，以上所有類型。我認為我們會保留對我們戰略具體細節的評論。

Okay. Thanks, guys. And then shifting to my second question here on tax credit buyers and buying some of our checks suggest a substantial percentage of the tax credit buyers out there are not interested in resi solar as a category in general. So then you have just less demand, right? And there's a fair amount of supply, especially with the new entrants, Nova's DK notwithstanding. Pricing appears to be challenged with some of these resi players.

好的。謝謝大家。然後轉到我的第二個問題，關於稅收抵免買家和購買我們的一些支票，這表明相當大比例的稅收抵免買家對住宅太陽能這一類別總體上不感興趣。那你的需求就少了，對嗎？而且供應量相當可觀，尤其是新進入者，儘管有 Nova 的 DK。一些房地產公司的定價似乎遇到了挑戰。

We're hearing kind of in the, call it, mid to high $0.80 on the dollar of credit. I got to imagine the pricing for you guys is better. But to what degree has that overall kind of challenged sentiment for resi solar impacted your pricing for tax credits? Have you seen a meaningful change that could impact margins despite your strong margins in the quarter, but could it impact margins ahead? Thanks.

我們聽到的是一種，稱之為每美元信貸 0.80 美元的中高水平的利率。我想你們的定價會更優惠。但是，對住宅太陽能整體的挑戰情緒在多大程度上影響了您的稅收抵免定價？儘管本季利潤率很高，但您是否看到了可能影響利潤率的重大變化，但它是否會影響未來的利潤率？謝謝。

Yeah. I think it's a big, big market. We've raised $1.7 billion into year-to-date. We did note on the call in the prepared comments that buyers over that period with the playing out of the bill between the different versions, I think going into the summer, the market -- the players in the market did slow down a little bit. Some of it was residential driven.

是的。我認為這是一個很大的市場。今年迄今為止，我們已經籌集了 17 億美元。我們確實在電話會議中準備好的評論中指出，在那段時期內，隨著不同版本法案的出台，我認為進入夏季，市場 - 市場參與者的速度確實有所放緩。其中一些是由住宅驅動的。

Wanting to understand the sponsor differentiation in the space. That's not different than we see in the debt capital markets as well when we're doing our securitization transactions. I think in a moment like today where we're showing the results of our work, we do encourage capital providers across all markets to really due diligence on the unit margins of what the originator is originating.

想要了解該領域的贊助商差異化。這與我們在債務資本市場進行證券化交易時看到的情況沒有什麼不同。我認為，在今天我們展示工作成果的時刻，我們確實鼓勵所有市場的資本提供者對發起人的單位利潤進行真正的盡職調查。

And we're very proud to show how healthy that looks and the results of all the work we've done to make that be the case. And I think that's a key credit point when somebody is looking at an asset deal, but wanting to understand how the sponsor differentiates from the others they may have come across.

我們非常自豪地展示出這種狀況是多麼健康，以及我們為實現這一目標所做的所有工作的成果。我認為，當有人在考慮資產交易，但想了解發起人與他們可能遇到的其他發起人有何不同時，這是一個關鍵的信譽點。

Now residential versus utility scale, there are definitely different considerations in utility scale. You do have a very, very long deployment window, the timing of which could be very uncertain. The overall completion rate of the project, which could be uncertain. So the fact that we're unique in that there aren't that many business models with a flow rate that is very reliable. We see that in the residential space.

現在，住宅規模與公用事業規模相比，公用事業規模肯定存在不同的考量。你確實有一個非常非常長的部署窗口，其時間可能非常不確定。專案整體完成率可能存在不確定性。事實上，我們的獨特之處在於，沒有那麼多具有非常可靠流量的商業模式。我們在住宅空間中看到了這一點。

I think that is an attractive point. There are pricing differences between where residential clears and where utility clears. We feel like over time, those two should still converge. I think in the moment, there might be certain price points that are -- there's market chat around certain price points that may or may not clear. I would say that's more of an in-the-moment thing as opposed to like a big long-term structural deviation from what we expect the economics to be.

我認為這是一個很有吸引力的觀點。住宅清理和公用事業清理之間存在定價差異。我們覺得隨著時間的推移，這兩者仍會趨於融合。我認為目前可能存在某些價格點——圍繞某些價格點的市場討論可能會或可能不會明確。我想說的是，這更多的是一種當下的事情，而不是與我們預期的經濟狀況的長期結構性偏差。

Okay, great, thanks, Danny. Thanks, Mary.

好的，太好了，謝謝，丹尼。謝謝，瑪麗。

Thank you.

謝謝。

Chris Dendrinos, RBC.

克里斯·丹德里諾斯（Chris Dendrinos），RBC。

Yeah, thank you. I wanted to follow up on the 25D conversation and the opportunity to capture some of that, I guess, call it, non-TPO market that might come to TPO. You mentioned you're not looking to employ a long tail or a roll-up strategy. What kind of is the strategy here? Do you do anything different, I guess, from this point forward in terms of onboarding new installers? Are you looking to add new installers or how are you thinking about making sure that you're benefiting from some of this opportunity here? Thanks.

是的，謝謝。我想跟進 25D 對話並抓住機會抓住一些可能進入 TPO 的非 TPO 市場。您提到您不想採用長尾策略或捲起策略。這裡的策略是什麼樣的呢？我想，從現在開始，在新安裝人員的入職方面，您會採取什麼不同的措施嗎？您是否希望添加新的安裝程序，或者您如何考慮確保您能從這裡的一些機會中受益？謝謝。

Yeah. We have a really successful and great relationships with our affiliate partner business and do see some opportunity to onboard people in the 25D space to join that affiliate partner network. Just calling out that it is -- there are some limitations given our strict underwriting, quality, safety controls and things like that. So there's really strict things that we think limit out much of that market.

是的。我們與我們的聯盟合作夥伴業務保持著非常成功和良好的關係，並且確實看到了一些機會，讓 25D 領域的人們加入該聯盟合作夥伴網絡。只是說一下——由於我們的嚴格承保、品質、安全控制等，存在一些限制。因此，我們認為確實存在一些嚴格的限制，限制了大部分市場。

That being said, there are some fantastic players in that space that we see could be and likely will become good Sunrun partners. Beyond that, we do see some companies seeing this as an opportunity to kind of go to safer harbors, and we've seen the onboarding and actually organizations come into Sunrun and become Sunrun employees joining our sales force or our installation labor force. And so we see that taking place as well. Those will be the two mechanisms and interaction points between Sunrun and kind of the 25D market.

話雖如此，我們認為該領域有一些出色的參與者，他們有可能成為 Sunrun 的良好合作夥伴。除此之外，我們確實看到一些公司將此視為尋求更安全港灣的機會，我們也看到入職培訓和實際組織加入 Sunrun 並成為 Sunrun 員工，加入我們的銷售團隊或安裝勞動力。我們也看到這種情況正在發生。這些將是 Sunrun 和 25D 市場之間的兩種機制和互動點。

Got it. And then I guess maybe separately on a follow-up. Tariff impacts last quarter, you had highlighted, I want to say it was maybe $1,000 or $1,300 per customer from tariffs. How has that changed, I guess, today, just given fluctuation in tariff rates? Thanks.

知道了。然後我想也許可以單獨進行後續跟進。您曾強調過上個季度的關稅影響，我想說的是，關稅對每位客戶造成的損失可能是 1,000 美元或 1,300 美元。我想，鑑於關稅稅率的波動，今天這種情況有何改變？謝謝。

Yeah. I think -- I mean, the short answer is we've moderated and ended up at the low end of the range. And all of the associated impacts, we've kind of reflected in our forecast and is in all the guidance we've given.

是的。我認為——我的意思是，簡短的回答是我們已經緩和了，並最終處於該範圍的低端。所有相關影響都已反映在我們的預測中，並體現在我們提供的所有指導中。

Okay. Thank you.

好的。謝謝。

Thank you. This does conclude the allotted time for today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝。今天的電話會議的分配時間就到此結束了。我們感謝您的參與。現在您可以斷開線路，並享受美好的一天。

(spoken by AI) Everyone else has left the call.

（AI 朗讀）其他人都已退出通話。