Sunrun Inc (RUN) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Sunrun's third-quarter earnings conference call. Please note that this call is being recorded and that one hour has been allocated for the call, including the question-and-answer session. (Operator Instructions)

下午好，歡迎參加Sunrun第三季財報電話會議。請注意，本次通話將會被錄音，通話時間為一小時，包括問答環節。（操作說明）

I will now turn the call over to your host, Patrick Jobin, Sunrun's Investor Relations Officer. Thank you. You may begin.

現在我會把電話交給主持人，Sunrun 的投資人關係主管 Patrick Jobin。謝謝。你可以開始了。

Thank you, operator. Before we begin, please note that certain remarks we will make on this call constitute forward-looking statements. Although we believe these statements reflect our best judgment based on factors currently known to us, actual results may differ materially and adversely. Please refer to the company's filings with the SEC for more inclusive risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements.

謝謝接線生。在開始之前，請注意，我們在本次電話會議中將要發表的某些言論構成前瞻性陳述。儘管我們相信這些陳述反映了我們基於目前已知因素的最佳判斷，但實際結果可能與這些陳述有重大不利差異。請查閱公司向美國證券交易委員會提交的文件，以了解更全面的風險和其他因素，這些因素可能導致我們的實際表現與任何前瞻性聲明中所做的預測有所不同。

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. 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.

另請注意，這些聲明僅代表截至今日的觀點，我們不承擔任何更新或修改的義務。請注意，在本次財報電話會議中，我們可能會提及某些非GAAP指標，包括現金產生和總創建成本，這些指標並非依照美國GAAP編制。之所以列出非GAAP指標，是因為我們認為這些指標能夠提供投資人一種評估和了解公司管理階層如何評估公司經營績效的方法。

Reconciliation of these measures can be found in our earnings press release and other investor materials available on the company's Investor Relations website. 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.

這些措施的核對詳情請參閱我們的獲利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。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂看待，也不應被視為替代或優於後者。

On the call today are Mary Powell, Sunrun's CEO; Danny Abajian, Sunrun's CFO; 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 a transcript including Q&A, will be posted to Sunrun's Investor Relations website shortly after the call.

今天參加電話會議的有：Sunrun 執行長 Mary Powell；Sunrun 財務長 Danny Abajian；Sunrun 總裁兼首席營收長 Paul Dickson。簡報及補充資料可在 Sunrun 的投資者關係網站上取得。今天電話會議的錄音回放，以及今天準備好的發言稿和包含問答環節的文字記錄，將在電話會議結束後不久發佈在 Sunrun 的投資者關係網站上。

And now let me turn the call over to Mary.

現在我把電話交給瑪莉。

Thank you, Patrick and thank all of you for joining us today. Our strategic focus on providing Americans a way to achieve energy independence is yielding strong results. We are generating cash while growing our customer base. We are continuing to lead the industry with superior energy offerings for homeowners, allowing them to power through grid outages and protect their households from rising energy costs.

謝謝派崔克，也謝謝各位今天蒞臨。我們致力於為美國民眾提供實現能源獨立的途徑，這項策略重點正取得顯著成效。我們在不斷增加客戶群的同時，也在創造現金流。我們繼續引領業界，為房主提供卓越的能源產品，使他們能夠在電網中斷期間保持電力供應，並保護他們的家庭免受不斷上漲的能源成本的影響。

As demand is growing at the most rapid rate since World War II fueled in large part by AI computing demand, we are also building critical energy infrastructure the country needs. We generated $1.6 billion in top line aggregate subscriber value at the top end of our guidance range, growing 10% year over year. Contracted net value creation was $279 million, growing 35% year over year. We generated strong profitability through our market-leading position in storage offerings, while also driving significant cost efficiencies and performance improvements across the business.

由於人工智慧運算需求的大幅成長，能源需求正以二戰以來最快的速度成長，我們也在建立國家所需的關鍵能源基礎設施。我們創造了 16 億美元的總訂閱用戶價值，達到預期範圍的上限，年增 10%。合約淨創造價值為 2.79 億美元，年增 35%。我們憑藉在儲存產品領域的市場領先地位，實現了強勁的獲利能力，同時在整個業務範圍內實現了顯著的成本效益和效能提升。

We reported a solid upfront net subscriber value of over $3,500, a 5-point margin improvement compared to the prior year and represent a 7% margin on contracted subscriber value. In the quarter, we generated $108 million in cash, our sixth consecutive quarter of positive cash generation. Given the timing of transactions, we exceeded the high end of our cash generation guidance range for the quarter.

我們報告稱，預付淨用戶價值超過 3,500 美元，較上年增長 5 個百分點，合約用戶價值的利潤率為 7%。本季我們產生了 1.08 億美元的現金，這是我們連續第六個季度實現正現金流。鑑於交易的時機，我們本季的現金流產生量超過了預期範圍的上限。

Over the trailing four quarters we have generated $224 million in cash. We are on track to meet our annual cash generation guidance and are reiterating the midpoint of our outlook at $350 million. We are reducing these very strong results by remaining disciplined in how we balance margins and growth while innovating and expanding all we provide for our customers. This strategy is yielding strong financial results while growing our base of customers and increasingly valuable energy resource for the grid.

過去四個季度，我們創造了 2.24 億美元的現金流。我們預計將實現年度現金流預期目標，並重申預期中位數為 3.5 億美元。我們透過嚴格控制利潤率和成長，同時不斷創新和拓展為客戶提供的服務，來降低這些非常強勁的業績。這項策略在帶來強勁的財務表現的同時，也擴大了我們的客戶群，並為電網提供了日益寶貴的能源資源。

To highlight this, in Q3, we delivered higher unit margins and considerably more cash generation. This will be amplified in Q4 as we set to produce even more cash generation. and we'll do so with our unwavering commitment to high-quality installations and customer experience. Our energy resources are growing rapidly. We have transformed the business to be a provider of independent, reliable energy for homeowners and a formidable independent power producer.

為了強調這一點，我們在第三季實現了更高的單位利潤率和更多的現金流。第四季度，隨著我們力爭創造更多現金流，這一趨勢將進一步增強。我們將秉持對高品質安裝和客戶體驗的堅定承諾來實現這一目標。我們的能源資源正在快速成長。我們已將公司轉型為一家為房主提供獨立、可靠能源的供應商和一家強大的獨立電力生產商。

Now with 3.7 gigawatt hours of dispatchable energy from our fleet of home batteries and over 80.2 gigawatts of solar generation capacity. As you can see on slide 6, the country needs more power to meet the demands coming from data centers and AI, as electricity demand is expected to grow by more than 40% over the next 15 years according to a recent study. Our distributed and dispatchable storage and solar resources are contributing to meet this critical energy infrastructure needs.

目前，我們擁有來自家用電池組的 3.7 吉瓦時的可調度能源，以及超過 80.2 吉瓦的太陽能發電容量。正如你在第 6 張投影片中看到的那樣，該國需要更多的電力來滿足資料中心和人工智慧的需求，因為根據最近的一項研究，未來 15 年電力需求預計將增加 40% 以上。我們分散式、可調度的儲能和太陽能資源正在為滿足這項關鍵能源基礎設施需求做出貢獻。

When the generation and storage capabilities of homes are aggregated, they collectively create a powerful, flexible utility-scale resource for the energy system. We are not playing small scale. We are bringing the power of American homes to the bid and building the next generation of power plants. With over 217,000 storage systems installed, we are now routinely dispatching energy to provide value to the grid, with 17 active programs across the country, provided 416 megawatts of power capacity over the last year.

當家庭的發電和儲能能力匯集起來時，它們共同為能源系統創造了一個強大、靈活的公用事業規模資源。我們並非在小規模作戰。我們將美國家庭的力量帶入投標，並建造下一代發電廠。目前已安裝超過 217,000 個儲能係統，我們正在定期調度能源，為電網創造價值。在全國範圍內，我們開展了 17 個活躍項目，去年提供了 416 兆瓦的電力容量。

Based on these current activities, we are finding that our prior estimate of 2,000 or more in incremental net present value per participating home is likely conservative. As we continue to scale storage and provide cost-effective utility-scale energy resources back to the grid expect a rapidly growing incremental cash flow stream over the coming years. We expect to have more than 10 gigawatt hours of dispatchable energy online by the end of 2028.

根據目前的活動情況，我們發現先前對每戶參與家庭淨現值增加 2000 或更多的估計可能過於保守。隨著我們不斷擴大儲能規模，並向電網提供經濟高效的公用事業規模能源資源，預計未來幾年現金流將快速成長。我們預計到 2028 年底，將有超過 10 吉瓦時的可調度能源在線上傳輸。

Technology improvements and cost reductions achieved by our storage partners over the last few years have helped accelerate adoption. We continue to leverage the best technologies available and use a diversified set of suppliers to best fit customer needs and meet our price and performance requirements.

過去幾年，我們的儲存合作夥伴在技術改進和成本降低方面的成就，加速了儲存技術的普及應用。我們將繼續利用現有最佳技術，並使用多元化的供應商，以最大程度地滿足客戶需求，並達到我們的價格和性能要求。

Our investment in Lunar Energy has helped push innovation across the storage space. Sunrun began scaling the Lunar storage solution in California in Q4 of last year. The Lunar system's modular whole home backup solutions that integrate solar, storage and load control makes this an attractive offering for customer value creation. Lunar is ramping production and we expect to deploy about 10,000 Lunar systems over the next year or so.

我們對 Lunar Energy 的投資推動了儲能領域的創新。Sunrun 去年第四季開始在加州擴展 Lunar 儲存解決方案。Lunar 系統的模組化全屋備用電源解決方案整合了太陽能、儲能和負載控制，使其成為為客戶創造價值的理想選擇。Lunar公司正在增加生產力度，我們預計在未來一年左右的時間內部署約10,000套Lunar系統。

Our base of customers is also growing rapidly, exceeding 1.1 million customers at end of Q3. Our strategy is to generate strong upfront margins on our customer origination activities and then to create additional value from the long-term nature of our customer relationships.

我們的客戶群也在快速成長，截至第三季末已超過 110 萬名客戶。我們的策略是透過客戶開發活動獲得強勁的前期利潤，然後從與客戶建立的長期關係中創造更多價值。

Since launching Flex a year ago, our innovative storage and solar product offering, we have seen tremendous traction. Flex has further differentiated Sunrun in the market as it provides unique flexibility for customers to use well-priced energy when they need it. Flex also creates a meaningful source of additional recurring cash flow for Sunrun.

自從一年前推出我們創新的儲能和太陽能產品 Flex 以來，我們已經獲得了巨大的市場認可。Flex 進一步提升了 Sunrun 在市場上的差異化優勢，因為它為客戶提供了獨特的靈活性，讓他們可以在需要時使用價格合理的能源。Flex 也為 Sunrun 創造了重要的額外經常性現金流來源。

For home energy systems, the solar generation portion has historically been designed to either match a household's current energy usage or be oversized in anticipation of greater future needs, resulting in either unmet needs as energy usage increases or generating solar energy that is paid for, but not used immediately. Flex removes this uncertainty, offering a solution that fits families needs today and tomorrow. It is a great product that allows customers to pay a minimum monthly amount and then pay for additional energy only when needed.

對於家庭能源系統而言，太陽能發電部分的設計歷來要么是為了滿足家庭當前的能源消耗，要么是為了應對未來更大的需求而進行過大的設計，這導致隨著能源消耗的增加，要么出現無法滿足需求的情況，要么是產生已付費但未立即使用的太陽能。Flex 消除了這種不確定性，提供了一種能夠滿足家庭當前和未來需求的解決方案。這是一款很棒的產品，它允許客戶每月支付最低金額，然後在需要時為額外的能源付費。

Customers are clearly loving this product as we are seeing Net Promoter Scores over 10 points higher. The take rate in markets where Flex is offered is already about 40%. Flex is being offered in markets that represent about half of our volume. As expected, the initial cohort of Flex customers are indeed tapping into the well-priced Flex energy. We found that two-thirds of these customers already consumed above their presolar baseline.

顧客顯然非常喜歡這款產品，我們看到淨推薦值提高了 10 分以上。在提供 Flex 的市場中，採用率已達到約 40%。Flex 已在約占我們銷售一半的市場推出。正如預期的那樣，首批 Flex 用戶確實正在享受價格合理的 Flex 能源。我們發現，這些客戶中有三分之二的用電量已經超過了安裝太陽能係統之前的用電量。

In current markets, the Flex product includes extra storage, providing more value to the customer. incredibly reliable energy and an even more valuable grid resource along with more recurring cash flows for Sunrun. Another area where we are proving how valuable our long-term customer relationships could be for Sunrun and the grid, is by offering storage to our existing solar-only customers.

在當前市場環境下，Flex產品包含額外的儲能功能，為客戶提供更多價值，提供極為可靠的能源，為電網帶來更寶貴的資源，並為Sunrun帶來更多經常性現金流。我們正在向現有的僅使用太陽能的客戶提供儲能服務，以證明我們與客戶的長期關係對 Sunrun 和電網的價值。

We have now installed nearly 2,000 storage systems for these customers. This is growing rapidly, and we expect this activity to accelerate. We are capturing this opportunity by using high-tech, low-cost routes, including our customer app and digital lead channels. We believe this will enable a fantastic value proposition for customers, produce strong and expected upfront margins for Sunrun and serve as an accelerated growth in our distributed power plant capacity.

我們目前已為這些客戶安裝了近2000套儲存系統。這種趨勢正在迅速發展，我們預計這種活動還會加速。我們正在利用高科技、低成本的途徑來抓住這個機會，包括我們的客戶應用程式和數位潛在客戶管道。我們相信這將為客戶帶來巨大的價值，為 Sunrun 帶來強勁且預期的前期利潤，並加速我們分散式發電廠產能的成長。

Our cash generation from new customers is set to grow. And we expect to augment this cash flow with recurring sources from grid service programs, growing Flex adoption and offering valuable solutions like add-on batteries to existing customers through low CAC channels.

我們從新客戶獲得的現金流預計將會成長。我們期望透過電網服務計畫的經常性收入來源、不斷增長的 Flex 採用率以及透過低 CAC 管道向現有客戶提供附加電池等有價值的解決方案，來增加這筆現金流。

Before handing the call over to Danny, I want to take a moment to celebrate some of our people who truly embrace energy independence and the desire to connect customers to a more secure way to power their lives. Thank you to our leading direct-to-home sales team in Massachusetts, Boston legacy as well as our top installation team, the Bone. It was so fun being with you all this fall and seeing you all in action. We're incredibly thankful for your team's dedication to customer experience, which has resulted in significant success this year, including record high battery attachment rates in Massachusetts.

在將電話交給丹尼之前，我想花一點時間表揚一下我們的一些員工，他們真正擁抱能源獨立，並渴望幫助客戶以更安全的方式為他們的生活提供能源。感謝我們在馬薩諸塞州領先的直接上門銷售團隊 Boston legacy 以及我們頂尖的安裝團隊 the Bone。今年秋天和大家在一起真的非常開心，也看到了大家的精彩表現。我們非常感謝您的團隊對客戶體驗的投入，這為我們今年帶來了巨大的成功，包括馬薩諸塞州創紀錄的電池安裝率。

Less than a year ago, we made a pivot and focus on storage offerings in Massachusetts, given the increased value proposition for customers and the grid at large and the Sunrun team delivered. Our storage attachment rate on sales in Massachusetts went from under 10% at the start of the year to more than 50% today. Importantly, this is an offering that can drive great value for customers, and we are seeing even higher NPS stores across the state. Mike, Adam and the whole Massachusetts team, thank you.

不到一年前，我們調整了策略，將重心轉向馬薩諸塞州的儲能產品，因為儲能產品能為客戶和整個電網帶來更高的價值，而 Sunrun 團隊也確實做到了這一點。我們在馬薩諸塞州的銷售儲存附加率從年初的不到 10% 成長到如今的超過 50%。重要的是，這項服務能夠為顧客帶來巨大的價值，我們看到全州各地的 NPS 門市不斷提高。麥克、亞當以及整個麻薩諸塞州團隊，謝謝你們。

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

好的。現在我將把電話交給丹尼，讓他介紹一下財務方面的最新情況和展望。

Thank you, Mary. Turning first to the unit level results for the quarter on slide 12.

謝謝你，瑪麗。首先來看第 12 頁投影片中本季的單位層級結果。

Subscriber value was approximately $53,500, an 11% increase compared to the prior year as we saw -- as we increased our storage attachment rate by 10 percentage points to 70%, grew our Flex deployments and benefited from a 42% weighted average ITC level, an increase of 5 percentage points from Q3 of last year. Subscriber value reflects a 7.3% discount rate this period. We maintained cost discipline with creation costs increasing only 4% from the prior year, a smaller increase than the 11% growth in subscriber value.

訂閱用戶價值約為 53,500 美元，比上一年增長了 11%，這得益於我們的存儲附加率提高了 10 個百分點，達到 70%，Flex 部署規模擴大，以及加權平均 ITC 水平達到 42%，比去年第三季度提高了 5 個百分點。本期訂閱用戶價值反映了 7.3% 的折扣率。我們嚴格控製成本，創作成本僅比前一年增長了 4%，這一增幅低於訂閱用戶價值 11% 的增幅。

Creation costs increased primarily due to higher battery hardware and associated labor costs from the storage detachment rate increase with 8% higher installation costs on a per subscriber basis versus the prior year. Providing offset, we lowered customer acquisition costs and overhead by 5% on a per subscriber basis. The higher subscriber value and lower creation costs led to a 38% year-over-year growth in net subscriber value to approximately $13,200.

創建成本增加主要是由於電池硬體​​成本增加以及儲存設備拆卸率上升導致的相應人工成本增加，與前一年相比，每個用戶的安裝成本增加了 8%。透過抵銷措施，我們降低了每位用戶的獲客成本和管理費用 5%。訂閱用戶價值的提高和創作成本的降低，使得淨訂閱用戶價值年增 38%，達到約 13,200 美元。

Turning now to aggregate results on slide 13. These results are the average unit margin multiplied by the number of units. First on the top line, aggregate subscriber value was $1.6 billion in the third quarter, a 10% increase from the prior year. Aggregate creation costs were $1.2 billion, which includes all CapEx and asset origination OpEx, including overhead expenses.

現在來看第 13 頁的總結結果。這些結果是平均單位利潤乘以單位數量。首先來看營收方面，第三季用戶總價值為 16 億美元，比上年同期成長 10%。總創建成本為 12 億美元，其中包括所有資本支出和資產創建營運支出，包括管理費用。

Excluding the expected present value from noncontracted or upside cash flows, our contracted net value creation was $279 million, a 35% increase from last year and about $1.21 per share. This level of value creation reflects a net margin of approximately aggregate contracted subscriber value.

除去非合約或潛在現金流的預期現值，我們的合約淨價值創造為 2.79 億美元，比去年增長 35%，每股約 1.21 美元。這種價值創造水準反映出淨利潤約為總簽約用戶價值。

Slide 14 makes down the unit level economics and aggregate economics on a contracted only basis, along with the main underlying drivers for the increases.

第 14 張投影片詳細分析了僅以合約為基礎的單位經濟效益和總體經濟效益，以及成長的主要潛在驅動因素。

Turning now to slide 15. The majority of our deployments are retained subscribers that we reflect on our consolidated balance. We raised nonrecourse capital against the value of the systems related to retained subscribers from tax equity, which monetizes the tax credits and the shared cash flows and asset-backed debt, along with receiving cash from subscribers opting for prepaid leases and from governments and utilities under incentive programs.

現在翻到第15張投影片。我們的大部分部署都是由現有用戶完成的，這些用戶已反映在我們的合併餘額中。我們利用稅收權益，以與留存用戶相關的系統價值為抵押，籌集了無追索權資本，從而將稅收抵免、共享現金流和資產支持債務貨幣化；此外，我們還從選擇預付費租賃的用戶以及政府和公用事業公司根據激勵計劃獲得的現金中獲得了資金。

We now also received proceeds from the sale of a portion of newly deployed systems in a new transaction, I will explain later in more detail and we refer to the related subscribers as nonretained or partially retained subscribers. We estimate these upfront sources of cash called aggregate upfront proceeds will be approximately $1.3 billion for subscriber additions in Q3, representing an advance rate of approximately 88% of the aggregate contracted subscriber value.

我們現在也透過一項新交易從新部署系統的部分銷售中獲得了收益，稍後我會詳細解釋，我們將相關的訂戶稱為非保留訂戶或部分保留訂戶。我們估計，第三季新增用戶可獲得的預付現金總額（稱為預付收益總額）約為 13 億美元，預付率約為合約用戶總額的 88%。

When we deduct our aggregation costs of $1.2 billion, we are less with an expected upfront net value creation of approximately $106 million. This represents our estimate for the expected net cash from subscriber addition in the period after raising nonrecourse capital and receiving upfront cash from subscribers and incentive programs. as well as receiving proceeds from the sale of nonretained or largely retained subscribers.

當我們扣除 12 億美元的合併成本後，預估前期淨價值創造約為 1.06 億美元。這代表我們對在籌集無追索權資本、收到來自訂戶和激勵計劃的預付款以及收到出售未續訂或大部分續訂用戶的收益後，預計新增訂戶帶來的淨現金流的估計。

This figure excludes any value from our equity position on 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 menu. No 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.

該數字不包括我們資產權益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、改造或更新，或超出合約菜單的靈活用電帶來的收益。沒有預先淨值創造與因營運資本和其他項目而產生的現金流不同。它是衡量現金流長期成長能力的有力指標。

Actual realized proceeds from retained subscribers in the quarter were $1.3 billion, with $525 million from tax equity and $659 million from nonrecourse debt and $90 million from customer prepayments and upfront incentives. Aggregate upfront proceeds realized from retained subscribers due to the former being an estimate for all subscriber additions in the period. and the latter being the proceeds received only against retained subscriber additions that may also have occurred in a different period.

本季從留存用戶實際實現的收益為 13 億美元，其中 5.25 億美元來自稅收權益，6.59 億美元來自無追索權債務，9,000 萬美元來自客戶預付款和前期激勵。前者是對本期間所有新增用戶的估計，後者是僅針對已保留用戶新增用戶收到的款項，這些新增用戶也可能發生在其他期間。

Sunrun also recorded right near of $115 million from the sale of nonretained or partially retained subscribers which is not included in the realized proceeds figure. Cash generation was $108 million in Q3.

Sunrun 還記錄了近 1.15 億美元的非保留或部分保留認購權的出售收入，這筆收入未計入已實現收益數字。第三季現金流為1.08億美元。

Turning now to slide 18 for a brief update on our capital markets activities. Sunrun's industry-leading performance as an originator and servicer of residential storage and solar continues to provide deep access to attractively priced capital. As of today, closed transactions and executed term sheets inclusive of agreements related to nonretained or partially retained subscribers provide us with expected tax equity capacity or equivalent to fund approximately 550 megawatts of projects or subscribers beyond what was deployed for the third quarter.

現在請看第 18 張投影片，簡單介紹一下我們的資本市場活動。Sunrun 作為住宅儲能和太陽能的發起人和服務商，其業界領先的業績持續為用戶提供價格極具吸引力的資金。截至今日，已完成的交易和已簽署的條款清單（包括與非保留或部分保留用戶相關的協議）為我們提供了預期的稅收權益能力或等值資金，以資助大約 550 兆瓦的項目或用戶，超出第三季度已部署的規模。

Thus far in 2025, we have added $2.8 billion in traditional and hybrid taxes. And as mentioned earlier, we have recorded revenue of $115 million from the sale of nonretained or partially retain subscribers, resulting in the strong runway. We also had $111 million in unused commitments available in our nonrecourse senior revolving warehouse loan to fund over 288 megawatts of projects for retained subscribers. Our strong debt capital runway has allowed us to be selective in time and term out transactions.

截至目前，2025 年我們已新增 28 億美元的傳統稅和混合稅。如同前面所提到的，我們從出售未續訂或部分續訂用戶中獲得了 1.15 億美元的收入，這為我們提供了強勁的發展動力。我們還有 1.11 億美元的未使用承諾資金，可用於我們無追索權高級循環倉儲貸款，為現有訂戶提供超過 288 兆瓦的專案資金。我們雄厚的債務資本儲備使我們能夠有選擇地進行交易，並靈活調整交易期限。

During the third quarter, we raised securitizations, raising approximately $1.4 billion in senior nonrecourse debt. The publicly placed tranche of our most recent $510 million securitization in September priced at a 6.1% yield reflecting a spread of 240 basis points, in line with the spread of our prior securitization that priced in July. Year to date, incentives raised approximately $2.8 billion in total nonrecourse debt including $2.4 billion of senior debt across five securitizations and additional subordinated financings.

第三季度，我們進行了證券化，籌集了約 14 億美元的優先無追索權債務。我們最近一次於 9 月公開發行的 5.1 億美元證券化產品定價收益率為 6.1%，利差為 240 個基點，與我們先前於 7 月定價的證券化產品的利差一致。今年迄今為止，激勵措施共籌集了約 28 億美元的無追索權債務，其中包括五項證券化交易中的 24 億美元優先債務以及其他次級融資。

These transactions were placed across public and private investor groups including several first-time buyers, demonstrating the strength and expanded diversity of our capital markets access. In Q3, Sunrun modestly diversified our asset monetization strategy. We complemented our strategy of retaining all newly originated cyber assets on our balance sheet with an alternative structure where we sell a portion of newly originated solar assets to an energy infrastructure investor which generates upfront GAAP revenue, while allowing us to maintain ongoing customer relationships and future value opportunities.

這些交易涉及公共和私人投資者群體，其中包括幾位首次購房者，這表明我們資本市場管道的實力和日益擴大的多樣性。第三季度，Sunrun 對其資產變現策略進行了適度多元化。我們採取了一種替代結構，將所有新產生的網路資產保留在資產負債表上，以此來補充我們的策略。在這種結構中，我們將一部分新產生的太陽能資產出售給能源基礎設施投資者，從而產生前期 GAAP 收入，同時使我們能夠維持與客戶的持續關係和未來的價值機會。

The net result on our upfront net subscriber values and ultimate cash generation is similar to the capital structure we have utilized historically. This transaction is a result of increasing interest in the category by strategic energy investors and our strong track record of the high-quality originator along with our desire to improve our GAAP financial reporting and further diversify our sources of capital to fund growth.

我們的前期淨用戶價值和最終現金流的淨結果與我們過去使用的資本結構類似。此次交易是由於策略能源投資者對該領域的興趣日益濃厚，以及我們作為高品質發起機構的良好業績記錄，同時我們也希望改進我們的 GAAP 財務報告，並進一步多元化我們的資本來源以資助成長。

We have made adjustments to certain key operating metrics to reflect this new construct. Given this transaction was introduced in Q3, there are no impact on any prior periods. We plan to continue executing both publicly placed transactions and direct placement in the private credit markets to expand our tax equity -- tax credit universe with large corporations and to continue directly selling a portion of our originations.

我們已對某些關鍵營運指標進行了調整，以反映這一新結構。由於該交易是在第三季進行的，因此對先前的任何期間都沒有影響。我們計劃繼續在公開交易和私募信貸市場直接發行債券，以擴大我們與大型企業的稅收權益——稅收抵免範圍，並繼續直接出售我們部分發行的債券。

On the parent capital side, we continue to pay down recourse debt, paying down another $17 million during the third quarter, bringing our year-to-date debt repayment of $66 million. We expect to pay down our recourse debt by more to $100 million in 2021. Aside from the [$5.5 billion] outstanding of our 2026 convertible notes, we have no recourse as maturities until March 2027.

在母公司資本方面，我們繼續償還追索權債務，第三季又償還了 1,700 萬美元，使我們今年迄今的債務償還達到 6,600 萬美元。我們預計到 2021 年，我們的追索權債務將減少至 1 億美元以上。除了我們 2026 年到期的 [55 億美元] 可轉換債券外，我們在 2027 年 3 月之前沒有其他到期債務。

Year to date, we have also increased our unrestricted cash balance by $134 million and grown net earning assets by $1.5 billion. Over time, we will explore further capital allocation options to maximize shareholder value based on market conditions and our long-term outlook.

今年迄今為止，我們的非限制性現金餘額增加了 1.34 億美元，淨獲利資產增加了 15 億美元。隨著時間的推移，我們將根據市場狀況和我們的長期展望，探索進一步的資本配置方案，以最大限度地提高股東價值。

Turning now to our outlook on slide 20. We are reiterating 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. We expect contracted net value creation to be in a range of $1 billion to $1.3 billion, representing a 67% growth at the midpoint. We are reiterating the midpoint while narrowing the range of our cash generation guidance for the year.

現在就來看看第 20 張投影片中的展望。我們重申2025年的指導方針。對於全年，我們重申先前的預期，預計用戶總價值將在 57 億美元至 60 億美元之間，其中值表示成長 14%。我們預計合約淨價值創造額將在 10 億美元至 13 億美元之間，中位數為 67%。我們重申了年度現金流預期中位數，同時縮小了預期範圍。

We expect cash generation to be between $250 million to $450 million. In the fourth quarter, we expect aggregate subscriber value to be approximately $1.3 billion to $1.6 billion. representing a 5% decline at the midpoint and contracted net value creation to be between $182 million and $482 million, representing 6% growth at the midpoint. We expect cash generation to be between $60 million and $260 million, with the range being driven by finance transaction timing and working capital impacts.

我們預計現金流將在 2.5 億美元至 4.5 億美元之間。第四季度，我們預期用戶總價值約為 13 億美元至 16 億美元，以中間值計算下降 5%；合約淨價值創造額預計在 1.82 億美元至 4.82 億美元之間，以中間值計算成長 6%。我們預計現金流將在 6,000 萬美元至 2.6 億美元之間，具體範圍取決於融資交易時間和營運資本的影響。

Operator, let's open the line for questions.

接線員，我們來接聽提問電話。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

I had two just kind of around the longer-term business. First, Dan, you talked about the diversification of capital sources this quarter. Just curious what first, are you anticipating this to be a much bigger part of the strategy going forward?

我有兩個，主要是為了長期發展業務。丹，首先，你這個季度談到了資金來源多元化的問題。首先我很好奇，您是否預期這會在未來的策略中佔據更重要的地位？

And then what are kind of the implications for P&L, cash generation as well as -- does this help in any way, clean kind of valuation considerations for assets when you're monetizing through this channel? And then I had a follow-up.

那麼，這對損益表、現金流量以及資產估值（透過此管道變現時）有何影響？這是否有助於進行清晰的資產估值？然後我還有後續跟進。

Yes. We expect to continue to use similar structures. Perhaps if we're thinking longer term, perhaps diversified over time, but definitely in the near term, a continuation of the use of what you saw out of us in Q3. I think as far as all of the -- the way it looks on the metrics, so the unit level, key operating metrics, the aggregate value creation metrics end up looking very similar because what typically flow through financing activity now shows up as revenue and what used to be capitalized expense can now be fully expensed in period.

是的。我們預計將繼續使用類似的結構。從長遠來看，或許可以考慮多元化發展，但就近期而言，肯定會延續我們在第三季所採取的做法。我認為就所有指標而言——從單位層面、關鍵營運指標、整體價值創造指標來看，最終結果都非常相似，因為通常透過融資活動產生的資金現在都變成了收入，而以前資本化的支出現在可以在當期完全計入費用。

It will show up in the system sales growth profit section of the P&L. So there will be an increase, you'll notice in that area of activity which will be overall accretive to the P&L view on a GAAP basis. So there is a parcel simplification in respect of the degree of assets that go into this structure. We'll still have the consolidated tax equity activity as well alongside this, that will certainly continue as well.

它將出現在損益表的系統銷售成長利潤部分。因此，您會注意到該領域的業務活動將會增加，這將從 GAAP 角度來看對損益表整體上有所好處。因此，就構成該結構的資產規模而言，存在著一種簡化。同時，我們仍將進行合併稅務權益活動，這部分活動也肯定會持續進行。

Okay. Awesome. That's helpful. And then second question, maybe for Mary. The -- I noticed that the 10 gigawatt hour dispatchable capacity by the end of 2028, you pulled that forward a smidge versus prior, I think you were talking 2029 prior.

好的。驚人的。那很有幫助。第二個問題，或許是問瑪莉的。我注意到，你把到 2028 年底實現 10 吉瓦時可調度容量的目標提前了一點，而之前你好像說的是 2029 年。

So you do seem to be growing faster in that part of the business? And you've always talked about it in terms of NPV uplift, but as you're seeing a lot more breadth and scale, are there other monetization opportunities on this capacity going forward, whether it's cash flow, maybe even metrics like EBITDA getting broken out for this part of your model separately.

所以看來你們這部分業務的成長速度確實更快？您一直以來都從淨現值提升的角度來談論這個問題，但隨著您看到更廣泛的範圍和規模，未來是否還有其他利用這種產能實現盈利的機會，例如現金流，甚至像 EBITDA 這樣的指標是否可以單獨列出？

Just trying to think big picture about what that business could ultimately look like as it grows in scale, like it looks like it's targeted to do.

我只是想從宏觀角度思考一下，隨著業務規模的擴大，它最終會發展成什麼樣子，就像它似乎想要達到的目標一樣。

Yes, sure. Nice to hear from you, Brian. So no, we didn't change. I mean we've always said by end of 2028 or early 2029, then we should be at that scale. And yes, you're absolutely right. it absolutely will tie to other forms of value creation for someone who really speaks to the long-term value we see in the customer relationship that we're developing and the recurring forms of revenue that we can have from those customers.

當然可以。很高興收到你的來信，布萊恩。所以，不，我們沒有改變。我的意思是，我們一直都說，到 2028 年底或 2029 年初，我們就應該達到那個規模。是的，您說得完全正確。對於那些真正重視我們正在發展的客戶關係中的長期價值，以及我們可以從這些客戶那裡獲得的經常性收入的人來說，這絕對會與其他形式的價值創造聯繫起來。

So I feel like only just getting started, frankly, Brian. I mean, we had 17 programs. We had sizable dispatches. And again, that really led us to call out the fact that we think our 2000 number, the 2000 NPV is probably too conservative. So we're feeling very bullish about this opportunity as a distributed power plant provider.

坦白說，我覺得自己才剛開始，布萊恩。我的意思是，我們有17個項目。我們有大量貨物需要運送。再一次，這確實促使我們指出，我們認為 2000 年的淨現值可能過於保守。因此，我們對作為分散式發電廠供應商的這一機會感到非常樂觀。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Actually, let me just pick up from where Brian left that off Speaking of which, can you speak a little bit to what you're seeing preliminarily on '26 in as much as volumetric expectations across the industry seem to be recovering somewhat.

實際上，讓我接著布萊恩剛才說的繼續說下去。說到這個，您能否談談您對 2026 年的初步觀察，因為整個行業的銷售預期似乎正在恢復。

And I'd certainly love to hear how you think not just on '26 but even beyond that into '27 as this new paradigm of TPOs evolves?

我非常想聽聽您對 2026 年乃至 2027 年的看法，因為這種新的 TPO 模式正在不斷發展？

Yes. So great to hear for you, Julien. As you know, Julien, we are not guiding to volume. We are very much focused on creating -- focused on margin, creating cash generation and creating really sustainable, long profitable relationships with our customers while we're building on the nation's largest distributed power plant that will also have lots of value for years to come. So that is our focus.

是的。聽到你的消息真是太好了，朱利安。朱利安，你知道的，我們並不以銷量為導向。我們非常注重創造——注重利潤、創造現金流，並與客戶建立真正可持續的、長期的盈利關係，同時我們正在建設全國最大的分散式發電廠，該發電廠在未來幾年也將具有巨大的價值。這就是我們的重點。

At the same time, as I think we've said, for 2025, we expect to be sort of flat to growing slightly. We see 2026 as another year to continue to do what we're doing, which is focus on margins, focus on cash, focus on providing an amazing customer experience and programs that build out our distributed power plant capabilities. the reality is like the volume is there and Sunrun is continuing to be very diligent and I would say, vigilant in how we go after that volume to make sure that we are creating the best experience for customers and the best margin profile for Sunrun.

同時，正如我們之前所說，我們預計 2025 年經濟將保持穩定或略有成長。我們認為2026年將繼續保持目前的勢頭，即專注於利潤率、現金流、提供卓越的客戶體驗以及拓展分散式電廠能力。事實上，市場需求旺盛，Sunrun將繼續保持高度的專注和警惕，努力拓展業務，確保為客戶創造最佳體驗，並為Sunrun本身帶來最佳利潤。

Excellent. And if I can follow that up, I mean, the core question I wanted to get at here is prepaid leases. I'd love to get your perspective here, certainly generating a lot of sector interest admittedly seems somewhat complementary to what you offer here already. And obviously, you all have something of an offering in this end market already.

出色的。如果我能繼續追問下去，我的意思是，我在這裡想要探討的核心問題是預付租賃。我很想聽聽您的看法，當然，引起業界的廣泛關注，這似乎與您目前提供的服務在某種程度上是互補的。顯然，你們在這個終端市場上已經擁有了一些產品或服務。

But how do you see that product offering evolving both for yourselves and across the competitive landscape in '26 and especially in '27? Because I imagine this could very well take some time to get off the ground wherever it's going.

但您認為在 2026 年，尤其是在 2027 年，貴公司以及整個競爭格局的產品供應將如何發展？因為我估計無論這個計畫最終走向何方，都需要一段時間才能真正啟動。

Yes, great question. I think you ended with my first point. I think it will take a little bit of time to get off the ground and going, raising the capital for it at scale. I think will be a constraint for those new entrants. But when I look at what they're trying to accomplish, they essentially have their business model go away. So they're trying to figure out how to play in our business model without being able to play in our business model with direct TPO.

是的，問得好。我認為你最後總結的是我的第一點。我認為還需要一些時間才能啟動並運作起來，大規模籌集資金。我認為這將是新進入者的一大限制。但當我審視他們試圖實現的目標時，我發現他們的商業模式實際上正在消亡。所以他們正在努力弄清楚如何在無法透過直接第三方採購 (TPO) 參與我們的商業模式的情況下，參與我們的商業模式。

So they go through some creative gymnastics to basically finance with a loan, a TPO lease have construct. And so we view it as a more complicated and slightly more confusing consumer offering without advantages.

所以他們想出了一些創意的辦法，基本上就是透過貸款、TPO租賃等方式進行融資。因此，我們認為它是一種更複雜、更令人困惑的消費產品，而且沒有優勢。

And we did look at it a couple of years ago and decided not to pursue it for all of those reasons, Julien.

朱利安，幾年前我們也考慮過這件事，但基於上述種種原因，我們決定不再繼續前進。

Do you see this as a meaningful competitor though, or alternative just to clarify?

你認為這是一個有意義的競爭對手，還是一個替代方案？ （為了澄清一下）

You broke up a little. Can you say that again?

你們關係有點破裂。你能再說一次嗎？

Do you see it as a meaningful alternative or a competitor to your own product offerings as it stands today?

您認為它對您目前的產品來說是有意義的替代方案還是競爭對手？

Yes. I think we will see a good portion of the TPO market share transition to that product. I think there is (inaudible) where our product is not as well suited and or it's a market demographic that we are chasing. So I think it's easier for people to raise that type of capital at small scale and service the long tail.

是的。我認為我們會看到相當一部分 TPO 市場份額轉移到該產品上。我認為在某些（聽不清楚）地區，我們的產品不太適用，或者說，我們正在瞄準的是某個特定的市場群體。所以我認為，人們更容易小規模地籌集這類資金，並服務長尾市場。

And as you know, our core business model is not focused around servicing several hundred small dealers. It's around our core internal sales routes that we believe are differentiated and a few key core partners that are aligned with our strategy.

如您所知，我們的核心業務模式並非圍繞著服務數百家小型經銷商。我們認為，我們的核心內部銷售管道具有差異化優勢，並且與我們的策略保持一致，這體現在我們幾個關鍵的核心合作夥伴身上。

Ameet Thakkar, BMO Capital Markets.

阿米特·塔卡爾，BMO資本市場。

I just -- I appreciate that, I guess, asset monetization just like kind of I guess, a third pillar for the capital raising going forward. But just to kind of clarify, the $115 million of sales this quarter, if we use your definition for cash generation in the second quarter, would cash generation have been negative for Q3?

我只是——我很欣賞這一點，我想，資產貨幣化就像是未來融資的第三大支柱。但為了澄清一下，如果按照您對第二季現金流的定義，本季 1.15 億美元的銷售額，第三季的現金流是否為負值？

If you were to assume it did not consume other available capital for the same assets then yes. But the alternative to that structure would have been to draw capital and consume capital from our traditional structure. So I would say this was very much additive and complementary to our sources of financing, but we don't think we would have seen an impact because we would have placed these assets in the more traditional structure than we have done in the past that would have replaced this capital.

如果假設它不佔用其他可用於相同資產的資金，那麼答案是肯定的。但另一種選擇是從我們傳統的結構中汲取資本並消耗資本。因此，我認為這對我們的融資來源起到了很大的補充和補充作用，但我們認為不會產生影響，因為我們會將這些資產置於比過去更傳統的結構中，從而取代這筆資本。

Okay. So it's just a definition will change it would have still fallen in one of the other buckets, but you guys just kind of felt like the need to kind of change the definition to reflect that this is a new bucket that wasn't contemplated before.

好的。所以，這只是一個定義上的改變，它原本仍然會歸入其他類別之一，但你們覺得有必要改變一下定義，以反映這是一個以前沒有考慮過的新類別。

Think of it as think of it as we have more available sources of diverse capital that we did before that generates kind of -- that generates similar bond line results on cash generation.

可以這樣理解：我們現在擁有比以前更多可用的多元化資本來源，這可以產生類似的債券融資現金流結果。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

I want to follow up on one of Brian's questions. In terms of the monetization of the storage assets, can you talk about the relative value for portfolios that are a little bit higher density from a geographic perspective versus ones that are a little bit more spread out? Is there a delta between some of those territories?

我想就布萊恩提出的一個問題做進一步說明。就儲存資產的貨幣化而言，您能否談談從地理角度來看密度稍高的投資組合與分佈更分散的投資組合的相對價值？這些地區之間是否存在三角洲？

You're talking about the battery assets that we have in enrolling (inaudible) service contracts?

您指的是我們在簽訂（聽不清楚）服務合約時所擁有的電池資產嗎？

Exactly. Yes.

確切地。是的。

Yes. I think what we're seeing right now in that we're enrolled in is largely people take kind of a portfolio view at giving a blended price for access to the assets rather than customization based off of density or grid congesting whatever that may be. I think as these programs mature, we're actually ironically talking about this just recently. I think you will see some price differentiation on well-placed assets over time.

是的。我認為我們現在看到的，在我們參與的項目中，大多數人採取的是一種投資組合的視角，即以混合價格來獲取資產，而不是根據密度或網格擁堵等因素進行定制。我認為隨著這些項目的成熟，諷刺的是，我們最近才開始討論這個問題。我認為隨著時間的推移，優質資產的價格會出現一些差異。

Okay. Great. And then looking into next year, I know you're not guiding, but in terms of some of the supply chain elements and your ability to source at advanced prices, you guys have talked about some of your purchasing power over time. Are you starting to see some leverage from some of that purchasing power as you get into next year and you see some of the demand start to fall away for certain elements of the hardware side?

好的。偉大的。展望明年，我知道您沒有給出指導意見，但就供應鏈的一些要素以及您以優惠價格採購的能力而言，你們也談到了你們隨著時間的推移所擁有的購買力。隨著明年到來，您是否開始感受到部分購買力所帶來的槓桿效應，並且您發現某些硬體的需求開始下降？

Yes. It's an interesting question. If you're thinking about the overall market supply/demand in relation to '25, I would say that part has yet to play out, and we really have to see how that goes. There are different dynamics across parts of the supply chain general trend and theme is onshoring of what wasn't previously onshore manufacturing, and that is enabling much more domestic content value to unlock through the bonus ITC adder than the modest cost increases we're seeing, but we are seeing some cost increases.

是的。這是一個有趣的問題。如果你考慮的是 2025 年的整體市場供需情況，我認為這部分還沒有定論，我們真的需要看看情況會如何發展。供應鏈各環節的動態各不相同，總體趨勢和主題是將以前不在國內生產的環節遷回國內，這使得透過額外投資稅收抵免釋放出更多的國內內容價值，而不是我們看到的適度成本增長，但我們確實看到了一些成本增長。

I think generally known in the industry, I would say, most significantly on module pricing as that onshore, we're expecting and anticipating those effects, but we also expect and anticipate them to be net value accretive from a bonus ITC qualification standpoint. But I think as we continue to observe trends, we'll be able to save more, there is a moment of change in the industry that we have to yet live through to understand how that plays out on the other end for '26.

我認為業內普遍了解的情況是，就模組定價而言，最重要的是，我們預計並預料到這些影響，但我們也預計並預料到，從獎勵性投資稅收抵免資格的角度來看，這些影響將增加淨值。但我認為，隨著我們繼續觀察趨勢，我們將能夠節省更多。產業正處於變革時期，我們還需要經歷這段時期才能了解這對 2026 年會產生怎樣的影響。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

I wanted to start with housekeeping questions on margins first. G&A came in lower than we expected. Where do you see it going forward on a per watt or a per customer basis? And related to that, the Platform Services margin was impressive this quarter. I was wondering what drove that. Was it pull forward of demand? Was it more storage installs? And is this a new normal going forward?

我想先從一些關於利潤率的日常問題開始。一般及行政費用低於預期。您認為未來以每瓦或以客戶計算，其價格走勢會如何？與此相關的是，本季平台服務利潤率表現亮眼。我想知道是什麼原因導致了這種情況。這是提前需求拉嗎？是儲存設備安裝量增加了嗎？這會成為未來的新常態嗎？

Then I have a follow-up.

然後我還有一個後續問題。

Which metric in particular was the first part of your question? I just didn't hear that.

你問題的第一部分具體指的是哪個指標？我沒聽到。

G&A.

一般及行政費用。

The G&A (inaudible).

G&A（聽不清楚）。

The G&A overall per customer or per watt basis, you came in at $0.27 at watt. This is three or four quarters a decline for you on a per watt basis with except one quarter. I was wondering where do you see this going? Historically, this number has been under $0.20 a watt.

以每位顧客或每瓦計算，G&A 總費用為每瓦 0.27 美元。這意味著，除一個季度外，每瓦的能耗將下降三到四個季度。我想知道你覺得這件事會如何發展？從歷史上看，這個數字一直低於每瓦0.20美元。

Are you on track to go into that level going forward? Where do you see this (inaudible) forward on a per watt basis?

你目前的發展方向是否能夠達到那個水準？您認為這種（聽不清楚）的前進動力是每瓦特計算會如何？

Yes. I would -- I think we are oriented to think of that more on a dollar per unit basis, and we've been hovering in the high 1,000 to 2,000 for several quarters. We have across that time period been increasing top line unit value. So G&A, though on a per customer basis, has trended flat on a percent of customer value basis, just like you'll see on sales and marketing spend have been falling.

是的。我認為——我們更傾向於以每單位美元的價格來考慮這個問題，而且我們幾個季度的價格一直徘徊在 1000 到 2000 美元之間。在此期間，我們的單位銷售額一直在增長。因此，儘管一般及行政費用是按每位客戶計算的，但按客戶價值百分比計算，其趨勢卻保持平穩，就像您會看到的銷售和行銷支出一直在下降一樣。

Now we're getting a margin expansion in the current quarter, G&A per customer fell a little bit about $300 a customer from the prior quarter. and that is operating cost leverage as we build more volume in Q3 going into the seasonal peak. That will move around a little bit through the four quarters of the year. But we expect it to stay in this sort of range. .

本季利潤率提升，每位客戶的管理費用較上一季略有下降，約每位客戶300美元。隨著第三季銷售成長，進入銷售旺季，營運成本也隨之降低。這種情況會在一年中的四個季度略有變化。但我們預計它會保持在這樣的範圍內。。

Got it. And I'm going to ask the other two questions in one go. The Platform Services margin was impressive. I was wondering what drove that. And then Dan, if you can talk about the puts and takes for the securitization spread of 240 basis points. This has been persistently at that level for a while now. When you look out for the next 12 months, what are some of the puts and takes for the securitization spread?

知道了。我打算一次問完另外兩個問題。平台服務利潤率非常可觀。我想知道是什麼原因導致了這種情況。然後丹，如果你能談談證券化價差為 240 個基點的看跌期權和看漲期權的話。這種情況已經持續了一段時間。展望未來 12 個月，證券化價差有哪些值得關注的賣出與買進機會？

Great. I'll hit the first part. On the margin expansion, I think it's just a continuation of the prior story, say, again, we got good operating cost leverage, volume growth, seasonal peak. If you look year over year, we're seeing the dynamics we've mentioned around storage attachment rate going up. the level of ITC at or qualification going up, interest rates holding reasonably steady. And as we generate higher value systems though we are seeing the costs associated with the storage attach, so the extra materials and installed labor costs are flowing through the creation cost back.

偉大的。我先講第一部分。關於利潤率擴張，我認為這只是先前情況的延續，比如說，我們再次實現了良好的營運成本槓桿、銷售成長和季節性高峰。如果按年來看，我們看到先前提到的倉儲附加率上升、ITC（投資稅收抵免）資格提高、利率保持相對穩定等趨勢。然而，隨著我們生產出更高價值的系統，我們發現與儲存相關的成本也隨之增加，額外的材料和安裝人工成本最終都會轉嫁到生產成本中。

But we're generating several points more value north of that and you're getting the margin expansion. So it's just in line with the focus of picking the right go-to-market strategy with the right product offering as you heard in the lead-in from Mary, Massachusetts had a tremendous increase in the storage attach rate that is a contributor.

但我們創造的價值比這高出好幾個百分點，你們就能獲得利潤率的提升。所以，這與選擇正確的市場進入策略和正確的產品供應的重點是一致的，正如你在瑪麗的引言中聽到的那樣，馬薩諸塞州的存儲附加率大幅上升，這是一個促成因素。

We see that in one market we action it and we see the fruits of our labor show and the margin expansion when we report that out. So I think the goal is to continue that sort of activity throughout the balance of the quarter and 2026.

我們看到，在一個市場中，我們採取了行動，當我們公佈結果時，我們看到了勞動成果和利潤率的擴張。所以我認為，我們的目標是在本季剩餘時間和 2026 年繼續進行這類活動。

On the securitization side, I would say it's tilted towards more opportunity than risk if you're tracking just the credit spread element. So if we look across the year to date so far, we have seen residential solar credit spreads stay elevated in that mid-200 basis point area, while we've seen credit spreads generally across corporate and asset classes to continue to compress to very tight like near all-time type levels. So that is expressing or implying some spread elevation.

從證券化的角度來看，如果你只關注信用利差因素，我會說機會大於風險。因此，如果我們回顧今年迄今為止的情況，我們看到住宅太陽能信貸利差一直保持在 200 個基點左右的高位，而企業和資產類別的信貸利差總體上繼續收窄至非常接近歷史最低水平。所以這表達或暗示了某種程度的擴散提升。

And I think we're wearing that for reasons around us relating to peer distressed and some elevated default rates in the (inaudible) side and some of the uncertainties around policy this year. we view that as an opportunity as we kind of further and further distance out into next year from some of the events this year that drove that up.

我認為我們之所以持有這種態度，是因為我們周圍存在一些問題，例如同業公司陷入困境、部分公司違約率上升以及今年政策方面的一些不確定性。我們認為這是一個機遇，因為我們與今年導致違約率上升的某些事件之間的距離會越來越遠。

My estimate is we're probably at least 50 basis points elevated if you correlate our credit spreads to general credit spreads over time, I think there's opportunity there.

我的估計是，如果將我們的信用利差與一段時間內的整體信用利差進行關聯分析，我們可能至少高出 50 個基點，我認為這裡存在機會。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（操作員說明）Philip Shen，Roth Capital Partners。

First one is on capital allocation. In your prepared remarks, you talked about exploring that further to maximize shareholder value through '26, is my guess. And so I was wondering what might be on the table? Is buyback the most likely option, what kind of timing might it be? And what things need to exist, conditions need to exist in order to pursue that?

第一個問題是關於資本配置。我猜想，您在事先準備好的發言稿中提到，要進一步探索如何最大限度地提高股東價值，直到 2026 年。所以我想知道有哪些方案擺在桌面上？如果回購是最有可能的選擇，那麼回購的時間點會是怎麼樣的呢？那麼，要實現這個目標，需要具備哪些條件呢？

Great. Yes. You'll notice and others will notice, we've stayed consistent on the objectives around parent debt paydowns. So $100 million or more than $100 million for the calendar year. Year to date, we've gotten more than halfway there. And then we've also expressed a longer-range target of having sort of a 2 times leverage ratio of total parent debt inclusive of our 2030 converts against trailing cash generation.

偉大的。是的。你會注意到，其他人也會注意到，我們在償還父母債務的目標上始終保持一致。所以，本年度收入達到或超過 1 億美元。今年迄今為止，我們已經完成了一半以上。此外，我們也提出了一個更長遠的目標，即 2030 年實現的母公司總債務（包括我們 2030 年轉換的債務）與過去現金流的槓桿率達到 2 倍左右。

So we're paying down debt as we're building up the trailing cash generation at some point into next year, those lines should converge. For anything beyond that, whether it involves buybacks, dividends, accruing more cash on hand, pursuing other opportunities, some of them will be board-level discussions. So we're not commenting on those, but we're kind of a near-term focus on execution that will build the path to unlock those conversations.

因此，我們在償還債務的同時，也逐步增加現金流，到明年某個時候，這兩條線應該會匯合。至於除此之外的任何事情，無論是股票回購、分紅、累積更多現金儲備，或是尋求其他機會，其中一些都將是董事會層面的討論。所以我們對此不予置評，但我們近期的重點是執行，這將為開啟這些對話鋪平道路。

Great. And then shifting to '26 as it relates to volume. I know you don't want to talk too much about volume, but you do have some perspective in terms of growth for next year relative to the market overall, which might be contracting as a result of the 25D expiration. And so what we're seeing now is that Q3, Q4 pull forward of demand. You guys plan to grow next year.

偉大的。然後轉向與音量相關的“26”。我知道你不想過多談論交易量，但你對明年相對於整體市場的成長有一些看法，而整體市場可能會因為 25 天到期而萎縮。因此，我們現在看到的是第三季和第四季的需求提前釋放。你們計劃明年發展壯大嗎？

But that said, can you talk to us about the quarterly cadence? And so if there's a bunch of 25D business being pulled forward, does that impact some of your Q1 and/or two volumes in a way where the seasonal drop-off in Q1, for example, might be more than normal or more than typical? And if you can provide some color on that kind of quarterly cadence, that would be very helpful.

不過，您能否跟我們談談季度發布頻率？因此，如果大量 25D 業務被提前，這是否會對您的第一季和/或第二季銷售產生影響，例如，第一季的季節性下降幅度可能會比正常情況或典型情況更大？如果您能詳細說明一下這種季度性的節奏，那就非常有幫助了。

Yes. I mean I think at a high level, we expect to continue to gain significant share in 2026, given our focus on subscription offerings and our Storage First strategy, and we expect to do it while generating strong financial returns. Our strategy is not to roll over on board a lot of smaller dealers who were historically focused on the loan to cap segment of the market.

是的。我的意思是，我認為從宏觀層面來看，鑑於我們對訂閱服務的重視以及我們的「儲存優先」策略，我們預計在 2026 年將繼續獲得顯著的市場份額，並且我們預計在實現這一目標的同時還能獲得強勁的財務回報。我們的策略並非接納許多歷史上專注於貸款融資市場的小型經銷商。

Our focus is to do exactly what we've talked about, which is to continue to focus on providing a really strong customer experience, really strong value proposition for Sunrun and build out our distributed power plant capabilities. So as I said earlier, like the volume is there. A part of what you've seen even in what we're doing is we've continued even to pare back in certain segments where it did not hit our margin threshold.

我們的重點是做我們一直在談論的事情，那就是繼續專注於為 Sunrun 提供真正強大的客戶體驗和真正強大的價值主張，並建立我們的分散式發電廠能力。正如我之前所說，音量是有的。你們也看到了，即使在我們目前所做的工作中，我們也一直在某些未能達到利潤率閾值的領域繼續縮減規模。

So we're going to continue to be a disciplined player focused on customer experience, margins and building out storage while at the same time, we do expect to, again, gain significant share. We're in a really strong position from a market share perspective.

因此，我們將繼續保持嚴謹的作風，專注於客戶體驗、利潤率和倉儲建設，同時，我們也期望再次獲得顯著的市場份額。從市場佔有率的角度來看，我們處於非常有利的地位。

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

問答環節到此結束，今天的會議也到此結束。現在您可以斷開線路了，感謝您的配合。