Sunrun Inc (RUN) 2025 Q4 法說會逐字稿

Greetings, and welcome to the sunrun fourth quarter 2025 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Sunrun 2025 年第四季財報電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Patrick Jobin, Investor Relations. Thank you, sir. You may begin.

再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，投資者關係部的派崔克‧喬賓。謝謝您，先生。你可以開始了。

Thank you, Maria. Before we begin, please note that certain remarks we will make on this call constitute forward-looking statements related to the expected future results of our company, including our 2026 financial outlook and other statements that are not historical in nature or predictive in nature or depend upon or refer to future events or conditions, such as our expectations, estimates, predictions, strategies, beliefs or other statements that may be considered forward-looking.

謝謝你，瑪麗亞。在開始之前，請注意，我們在本次電話會議上發表的某些言論構成與公司預期未來業績相關的前瞻性陳述，包括我們對 2026 年財務展望的展望，以及其他非歷史性質或預測性質的陳述，這些陳述不依賴或涉及未來事件或情況，例如我們的預期、估計、預測、策略、信念或其他可能被視為前瞻性的陳述。

Although we believe these statements reflect our best judgment based on factors currently known to us, actual results may differ materially and adversely. Please refer to the company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements. Please also note these statements are being made as of today, and we disclaim any obligation to update or revise them.

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。有關可能導致我們的實際業績與任何前瞻性聲明中作出的預測存在差異的風險和其他因素的更全面討論，請參閱本公司向美國證券交易委員會提交的文件。另請注意，以上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。

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. These non-GAAP measures are being presented because we believe they provide investors with means of evaluating and understanding how the company's management evaluates the company's operating performance.

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。之所以列出這些非GAAP指標，是因為我們認為它們能夠為投資人提供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; 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 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；以及 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。今天的電話會議錄音回放，以及今天的發言稿和文字記錄（包括問答環節），將在電話會議結束後不久發佈在 Sunrun 的投資者關係網站上。

Now let me turn the call over to Mary.

現在我把電話交給瑪莉。

Thank you, Patrick, and thank you all for joining us today. Sunrun continues to deliver strong operating and financial results. Our disciplined growth strategy focused on our role as a critical energy system player, while creating healthy margins is paying off. The heart of our strategy is providing a richer and more meaningful customer experience by providing generation and storage capabilities, and then utilizing those resources to create the nation's leading residential power producer, leveraging our assets as a distributed power plant.

謝謝你，派崔克，也謝謝今天所有到場的各位。Sunrun持續強勁的營運和財務表現。我們採取了嚴謹的成長策略，專注於發揮我們作為能源系統關鍵參與者的作用，同時創造健康的利潤率，而這項策略正在取得成效。我們的策略核心是透過提供發電和儲能能力，為客戶提供更豐富、更有意義的體驗，然後利用這些資源，將我們的資產打造成為全國領先的住宅電力生產商，從而建立分散式發電廠。

We are providing American families peace of mind with predictable, affordable and reliable energy, which is particularly welcomed in an environment where utility costs are rising rapidly, and the grid is proving time and again to be unreliable in the face of extreme weather and increased demand.

我們為美國家庭提供可預測、價格合理、可靠的能源，讓他們安心無憂。在公用事業成本快速上漲，電網在極端天氣和需求增加的情況下一次又一次地被證明不可靠的環境下，這一點尤其受到歡迎。

We have built a base of incredibly valuable grid resources that are helping to improve our country's energy system and meet the growing energy capacity challenges. Just last year, we dispatched 425 megawatts to the grid, equivalent to the peaking capacity in some states. Our growth each year is equivalent to adding a moderate-sized utility to our fleet, in addition to dispatchable generation capabilities of 1.5 gigawatt hours added in 2025.

我們已經建立了極其寶貴的電網資源基礎，這有助於改善我國的能源系統，並應對日益增長的能源容量挑戰。就在去年，我們向電網輸送了 425 兆瓦的電力，相當於某些州的尖峰發電容量。我們每年的成長相當於在我們的車隊中增加一個中等規模的公用事業公司，此外，到 2025 年還將增加 1.5 吉瓦時的可調度發電能力。

In 2025, we demonstrated our value in the face of significant uncertainty surrounding passage of the 2025 budget bill. This process served as a powerful catalyst for us to help legislators and their constituents recognize that distributed storage plus solar is not just a preference, but of strategic importance to meet America's energy needs.

2025年，面對2025年預算案通過的重大不確定性，我們證明了自身的價值。這個過程有力地促使我們幫助立法者及其選民認識到，分散式儲能加太陽能不僅僅是一種選擇，而且對於滿足美國的能源需求具有戰略意義。

We emerged in a stronger position, focused on higher-value storage-first offerings and building upon our domestically focused supply chain. To that end, in 2025, we continue to prioritize growing our customer base in an optimized disciplined way, focusing on product mix and the highest value routes to market and geographies.

我們以更強大的姿態脫穎而出，專注於更高價值的儲存優先產品，並鞏固我們以國內為中心的供應鏈。為此，在 2025 年，我們將繼續以優化、有紀律的方式優先發展我們的客戶群，並專注於產品組合以及最有價值的市場和地理通路。

We increased our storage attachment rates to 71% exiting the year, up 9 percentage points from the prior year. At the same time, we also remain focused on being the absolute best in the business on customer experience, while simultaneously unlocking additional cost efficiencies as we leveraged AI and streamlined operations.

截至年底，我們的儲存附加率提高到 71%，比前一年提高了 9 個百分點。同時，我們仍然專注於在客戶體驗方面做到業內絕對最佳，同時透過利用人工智慧和簡化運營，進一步提高成本效益。

As shown on Slide 5, this margin-focused strategy resulted in the highest subscriber values we have ever reported and drove strong upfront unit margins with upfront net subscriber value exceeding $3,200 per subscriber addition in 2025.

如投影片 5 所示，這種以利潤為中心的策略使我們獲得了有史以來最高的訂閱用戶價值，並推動了強勁的預付單位利潤率，到 2025 年，預付淨訂閱用戶價值將超過每增加一個訂閱用戶 3,200 美元。

Sunrun reached an inflection point in 2025 in terms of our financial performance. We oriented our business to generate strong upfront returns and to structurally generate cash. In 2025, Sunrun delivered $377 million of cash generation and paid down approximately $150 million of parent level recourse debt. We expect to continue to build on this momentum and drive meaningful value to shareholders in 2026 and beyond.

就財務表現而言，Sunrun 在 2025 年達到了一個轉捩點。我們的業務模式旨在產生強勁的前期回報，並從根本上創造現金流。2025 年，Sunrun 實現了 3.77 億美元的現金流，並償還了約 1.5 億美元的母公司追索債務。我們期望能夠繼續保持這一發展勢頭，並在 2026 年及以後為股東創造有意義的價值。

Turning to slide 6. I want to spend a minute on Sunrun's strategic priorities for 2026. We will continue to lead in our efforts to be the best in the energy business, delivering sophisticated energy offerings and a strong customer experience, while building the nation's leading distributed power plant. We plan to expand our storage attachment rate on our path to being American's choice for greater energy independence and control.

翻到第6張投影片。我想花一分鐘時間介紹 Sunrun 2026 年的策略重點。我們將繼續努力成為能源產業的佼佼者，提供先進的能源產品和服務，打造卓越的客戶體驗，同時建立全國領先的分散式發電廠。我們計劃擴大儲能設備的安裝率，力求成為美國民眾在能源獨立和自主控制的首選。

Over the course of the last few years, we have dramatically improved our vertically integrated Sunrun direct business, achieving Net Promoter Scores that rival some top-tier brands. We have executed amazing pivots to make our products and sales force the best in navigating increasingly complex utility rate structures and selling an entirely different offering centered around dispatchable storage.

在過去幾年裡，我們大幅改進了垂直整合的 Sunrun 直銷業務，實現了可與一些頂級品牌媲美的淨推薦值。我們進行了驚人的轉型，使我們的產品和銷售團隊能夠最好地應對日益複雜的公用事業費率結構，並銷售以可調度儲存為中心的完全不同的產品。

We believe that we will deliver robust growth in 2026 at higher margins and stellar quality in Sunrun's direct business, which already represents over two-thirds of our volume. We expect high single-digit to low double-digit growth in our Sunrun direct business this year. We recently decided to reduce our volume through affiliate channels, which we expect will lower affiliate volumes by over 40% in 2026, leading to slight declines in overall volumes.

我們相信，到 2026 年，Sunrun 的直接業務將實現強勁增長，利潤率更高，品質更優，目前該業務已占我們總業務量的三分之二以上。我們預計今年 Sunrun 直銷業務將實現高個位數至低兩位數的成長。我們最近決定減少透過聯盟管道的銷量，預計到 2026 年，聯盟銷量將下降 40% 以上，從而導致整體銷量略有下降。

We made these changes because our direct business provides greater customer experience and operational control to manage regulatory and compliance complexity, resulting in stronger customer credit profiles, higher margins, and better strategic alignment with our long-term objectives. The increasing complexity of sales processes, utility rate structures, storage integration, distributed power plants, and ITC compliance requires ever-increasing standards of training for our employees on our best-in-class products and operations.

我們做出這些改變是因為我們的直接業務能夠提供更好的客戶體驗和營運控制，從而更好地應對監管和合規方面的複雜性，進而提高客戶信用狀況、利潤率，並更好地與我們的長期目標進行策略協調。銷售流程、公用事業費率結構、儲能整合、分散式發電廠和 ITC 合規性的日益複雜化，要求我們對員工進行更高標準的培訓，使其掌握我們一流的產品和營運知識。

Today, very few industry participants are able to execute in this landscape to our standards. We will continue to value and work with partners that meet our rigorous standards and further our strategic objectives. To put it simply, complexity, control, and end-to-end visibility add to Sunrun's competitive advantages.

如今，能夠在這種環境下達到我們標準的產業參與者寥寥無幾。我們將繼續重視並與符合我們嚴格標準並能推進我們策略目標的合作夥伴合作。簡而言之，複雜性、控制力和端到端視覺性增加了 Sunrun 的競爭優勢。

We will continue to expand our work as a distributed power plant, designing our approach by market with the best possible products and services for our customers and generating additional value as our assets get leveraged as a grid resource.

我們將繼續擴大作為分散式發電廠的業務，透過市場研究設計我們的策略，為客戶提供最好的產品和服務，並透過將我們的資產作為電網資源加以利用，創造更多價值。

Our team launched innovative customer products that provide enhanced value and further differentiate Sunrun. In 2025, we launched Flex, which has now reached thousands of installs per quarter. In 2026, we will aim to further accelerate innovation, focusing on expanding our lead as the largest distributed power plant operator.

我們的團隊推出了創新的客戶產品，這些產品提供了更高的價值，並進一步提升了 Sunrun 的差異化優勢。2025年，我們推出了Flex，目前每季安裝量已達數千次。2026年，我們將致力於進一步加快創新步伐，並專注於擴大我們作為最大分散式發電廠營運商的領先優勢。

As you can see on slide 7, our nation needs more power to meet the demands coming from the AI and data center revolution. Many of our top markets have already experienced exponential growth in retail electricity prices and face an uncertain future as it relates to affordable and reliable energy. By aggregating our growing fleet of dispatchable storage and home solar, Sunrun is building the next generation of power plants to deliver the critical energy our customers and the US grid urgently requires.

正如您在投影片 7 中看到的那樣，我們的國家需要更多的電力來滿足人工智慧和資料中心革命帶來的需求。我們許多主要市場的零售電價已經呈指數級增長，並且在經濟實惠和可靠的能源方面面臨著不確定的未來。透過整合我們不斷成長的可調度儲能和家用太陽能發電設施，Sunrun 正在建造下一代發電廠，以滿足我們的客戶和美國電網迫切需要的關鍵能源需求。

Importantly, we can scale these resources quickly as opposed to traditional utility solutions that can take years or even decades to bring online. This fleet of storage provides important resiliency benefits to our customers. The value of this was recently highlighted yet again during Winter Storm Fern. As widespread grid outages swept across the US, Sunrun kept the power flowing for our storage customers, delivering uninterrupted energy for these households.

重要的是，我們可以快速擴展這些資源，而傳統的公用事業解決方案可能需要數年甚至數十年才能上線。這批儲存設備為我們的客戶提供了重要的彈性保障優勢。最近在冬季風暴「蕨類」期間，這一點再次凸顯出來。當美國各地發生大規模電網故障時，Sunrun 保證了儲能客戶的電力供應，為這些家庭提供了不間斷的能源。

Detailed on slide 8, over the course of 2025, our 237,000 storage customers faced over 650,000 unique outages. In many cases, customers had enough stored energy to power through outages that lasted days. We have already reached a sizable scale with over 4 gigawatt hours of dispatchable energy. Over the last year, our customers participated in 18 active programs across the country that provided 425 megawatts of peak power capacity.

如投影片 8 所示，在 2025 年期間，我們的 237,000 個儲存客戶面臨超過 65 萬次獨特的停電。在許多情況下，客戶儲存的能源足以應付持續數天的停電。我們已經達到了相當大的規模，可調度能源超過 4 吉瓦時。過去一年，我們的客戶參與了全國 18 個活躍的項目，提供了 425 兆瓦的尖峰電力容量。

During 2025, Sunrun generated tens of millions of dollars of revenue for dispatching energy onto the grid, and we expect to expand this in 2026 as we grow our battery base, increase customer participation and diversify into new power plant programs. Our customers are also directly financially benefiting from participation in these programs.

2025 年，Sunrun 透過向電網輸送能源創造了數千萬美元的收入，我們預計在 2026 年隨著電池基礎的擴大、客戶參與度的提高以及向新的發電廠項目多元化發展，這一數字將會增長。我們的客戶也能直接從參與這些專案中獲得經濟利益。

In Q4, Sunrun announced a partnership with NRG, pairing Sunrun storage and solar offerings with optimized rate plans through NRG's retail electric provider. We believe that we will be a meaningful contributor to NRG's goal of creating a 1 gigawatt distributed power plant by 2035. Uptake by existing and new Sunrun customers has been strong, and our batteries under the program have already delivered energy back to the grid during multiple dispatch events.

第四季度，Sunrun 宣布與 NRG 建立合作夥伴關係，將 Sunrun 的儲能和太陽能產品與 NRG 零售電力供應商提供的優化費率計劃相結合。我們相信，我們將為 NRG 到 2035 年建成 1 吉瓦分散式發電廠的目標做出有意義的貢獻。Sunrun 現有客戶和新客戶的接受度很高，我們根據該計劃提供的電池已經在多次調度事件中向電網輸送了能量。

We look forward to scaling this program in a meaningful way in 2026. This is in addition to the programs we have already launched with other retail energy providers such as Tesla, providing a more sophisticated solution for customers in Texas as we design products that integrate retail electricity plans with solar and storage subscriptions.

我們期待在 2026 年以有意義的方式擴大該計劃的規模。除了我們已經與特斯拉等其他零售能源供應商推出的項目之外，我們還設計了將零售電力計劃與太陽能和儲能訂閱相結合的產品，為德克薩斯州的客戶提供更完善的解決方案。

Retail electricity providers are seeing the benefits they can derive from these partnerships while customers receive better value. We expect to launch additional partnerships in 2026. Our priority is to deliver strong financial results. We believe that our margin-focused growth strategy will continue to produce meaningful cash generation. This is delivered through innovations in how we operate and how we finance our growth. We expect to lean even more into our AI and technology capabilities this year.

零售電力供應商看到了他們可以從這些合作關係中獲得的收益，而客戶也獲得了更高的價值。我們預計將於 2026 年啟動更多合作計畫。我們的首要任務是取得優異的財務表現。我們相信，以利潤率為中心的成長策略將繼續產生可觀的現金流。這是透過我們在營運方式和成長融資方式上的創新來實現的。我們預計今年將更加充分發揮我們的人工智慧和技術能力。

At Sunrun, AI is foundational to how we are transforming the business to an energy generation and dispatch company, in addition to unlocking further cost efficiencies and enhancing the customer experience. At the same time, we aim to continue to strengthen and diversify our capital sources to fund growth through new innovative structures with strategic partners.

在 Sunrun，人工智慧是我們將業務轉型為能源生產和調度公司的基礎，此外還能進一步提高成本效益並增強客戶體驗。同時，我們計劃繼續加強和多元化我們的資本來源，透過與策略合作夥伴建立新的創新結構來為成長提供資金。

We have deployed various structures to accelerate investment in distributed energy resources. First, we are pleased to announce we evolved the asset sale structure we launched in Q3 into something even more strategic between both parties, forming a new joint venture partnership to acquire and finance residential storage and solar energy assets. This was the initial intent of the parties. The partnership not only provides efficient capital formation, it provides preferred returns for the infrastructure investor, while Sunrun retains a long-term share of project cash flows and maintains the customer relationship and cross-selling opportunities. The partnership also envisions accelerating distributed power plant development across the country.

我們已部署多種機制來加速對分散式能源資源的投資。首先，我們很高興地宣布，我們已將第三季推出的資產出售結構發展成為雙方之間更具戰略意義的模式，成立了一家新的合資企業，以收購和融資住宅儲能和太陽能資產。這是雙方最初的意圖。此合作關係不僅能有效形成資本，還能為基礎設施投資者提供優先回報，同時 Sunrun 還能長期享有專案現金流的一部分，並維持客戶關係和交叉銷售機會。該合作計畫還設想加快全國分散式發電廠的發展。

Additionally, in Q4, we entered into a new partnership with Hannon Armstrong. This innovative structure is a first of a kind for residential storage and solar financing. We expect this will drive a more efficient and lower overall weighted average cost of project capital.

此外，在第四季度，我們與 Hannon Armstrong 建立了新的合作關係。這種創新結構在住宅儲能和太陽能融資領域尚屬首例。我們預計這將提高專案資本的效率，並降低專案資本的整體加權平均成本。

Before handing it 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. I specifically want to call out our leading installation teams in Houston, Texas. Higher power prices and the prevalence of extreme weather events has highlighted our value proposition in Texas, where we give our customers peace of mind by offering them the ultimate in reliability and the ability to power the grid when needed.

在將發言權交給丹尼之前，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，並渴望為客戶提供更安全的能源供應方式。我特別想稱讚我們在德州休士頓的優秀安裝團隊。更高的電力價格和極端天氣事件的頻繁發生，凸顯了我們在德州的價值主張：我們透過提供極致的可靠性和在需要時為電網供電的能力，讓我們的客戶安心無憂。

Our Houston sales and install teams have been exemplary in advancing this mission and are a critical piece in supporting 25% year-on-year growth in the Texas market. Further, they are executing at strong levels of efficiency with excellent customer satisfaction. Ricky and all the Houston installation team members, Let's Go Texas, and thank you.

我們在休士頓的銷售和安裝團隊在推進這項使命方面表現卓越，是支持德州市場每年成長 25% 的關鍵因素。此外，他們的營運效率很高，客戶滿意度也很高。Ricky 和休斯頓安裝團隊的所有成員，加油德州，謝謝你們。

All right. Now I'll 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，讓他介紹最新的財務狀況和展望。

Thank you, Mary. The Sunrun team executed well in Q4, both operationally and in our financing activities. Subscriber additions were approximately 25,000 in Q4, bringing the full year subscriber additions to 108,000, approximately flat from the prior year. Compared to the prior year, we increased our storage attachment rate by 9 percentage points to 71%, allowing us to grow storage capacity installed by 26%.

謝謝你，瑪麗。Sunrun團隊在第四季表現出色，無論是在營運方面還是在融資活動方面。第四季新增用戶約 25,000 人，全年新增用戶達 108,000 人，與去年基本持平。與前一年相比，我們的儲存附加率提高了 9 個百分點，達到 71%，這使得我們安裝的儲存容量增加了 26%。

Average system size grew by 4%, leading to similar growth in solar capacity installed. This margin-focused disciplined growth strategy allowed us to generate meaningful cash. In the fourth quarter, we increased sales of newly originated assets to the financing structure we launched in Q3 that results in upfront revenue.

平均係統規模成長了 4%，帶動了太陽能裝置容量的類似成長。這種以利潤為導向的穩健成長策略使我們能夠產生可觀的現金流。第四季度，我們增加了對第三季推出的融資結構所對應的新資產的銷售，從而獲得了預付收入。

In the fourth quarter, approximately half of our subscriber additions were monetized through this vehicle, while the remaining half was monetized through our traditional on-balance sheet structures. This represents an increase from 10% of our mix being monetized through this arrangement in the third quarter.

第四季度，我們新增用戶中約有一半是透過這種方式變現的，而其餘一半是透過我們傳統的資產負債表結構變現的。這意味著，第三季透過這種安排實現貨幣化的投資組合比例從 10% 增加到 10%。

As a result, GAAP revenue, gross profit and operating income were meaningfully higher in the period. Also, as a result, our reported non-GAAP value creation metrics were lower in Q4 as these metrics do not include future cash flows from these customers, even though we maintain a service relationship, rights to grid services, and ability to cross-sell and upsell these customers over time. The diversification of funding sources is prudent for our scale, carries improved and simpler GAAP results and generates equal or better upfront cash on our originations.

因此，該期間的 GAAP 收入、毛利和營業收入均顯著提高。此外，由於這些指標不包括來自這些客戶的未來現金流，因此我們報告的非GAAP價值創造指標在第四季度有所下降，儘管我們與這些客戶保持著服務關係、電網服務權，並且能夠隨著時間的推移向這些客戶進行交叉銷售和向上銷售。對於我們的規模而言，資金來源多元化是審慎的，可以帶來更完善、更簡單的 GAAP 結果，並在我們的貸款發放中獲得同等或更好的前期現金。

Further, as Mary noted earlier, we have transitioned this asset sale relationship into a strategic joint venture. Going forward, we expect to maintain a share of long-term customer cash flows under the partnership structure, which will maximize value and have a less dilutive effect on our subscriber value and other value creation metrics. The GAAP accounting clarity and benefits will be maintained under this new partnership structure.

此外，正如瑪麗之前提到的，我們已經將這種資產出售關係轉變為策略合資企業。展望未來，我們期望在合作架構下維持一部分長期客戶現金流，這將最大限度地提高價值，並對我們的用戶價值和其他價值創造指標產生較小的稀釋效果。在這種新的合夥結構下，GAAP會計準則的清晰度和優勢將得以維持。

We expect the mix of non-retained or partially retained subscribers to decline in Q1 and to continue to remain a part of our diversified funding mix in the quarters ahead.

我們預計第一季未續訂或部分續訂用戶的比例將下降，並在未來幾季繼續成為我們多元化融資組合的一部分。

Turning to the unit level results for the quarter on slide 14. Subscriber value was approximately $50,200; a 2% decrease compared to the prior year. We increased our store attachment rate by 9 percentage points and benefited from a 42% weighted average ITC level, an increase of 3 percentage points from Q4 of last year. Subscriber value reflects a 7.1% discount rate this period. These positive project attributes were offset by the dilution from the asset sale activity I discussed earlier.

接下來請看第 14 頁投影片，了解本季各部門的業績結果。訂閱用戶價值約為 50,200 美元；比前一年下降了 2%。我們的門市附加率提高了 9 個百分點，加權平均 ITC 水準達到 42%，比去年第四季提高了 3 個百分點。本期訂閱用戶價值反映了 7.1% 的折扣率。我之前討論過的資產出售活動造成的稀釋抵消了這些積極的項目屬性。

Creation costs increased 8% compared to the prior year. The increase is primarily attributable to larger system sizes and a higher storage attachment rate requiring more hardware and associated labor costs. This resulted in a 7% year-over-year increase in installation cost per subscriber. We experienced 4% higher sales and marketing cost per subscriber addition.

與前一年相比，創作成本增加了 8%。成長主要歸因於系統規模增加和儲存設備附加率提高，這需要更多的硬體和相關的人力成本。這導致每位用戶的安裝成本年增了 7%。我們每增加一位訂閱用戶，銷售和行銷成本就增加了 4%。

G&A was elevated in Q4, primarily owing to financing transaction-related costs along with less fixed cost absorption. These factors led to a $3,800 decrease in net subscriber value year-over-year to approximately $9,100.

第四季一般及行政費用增加，主要是因為融資交易相關成本增加以及固定成本吸收減少。這些因素導致淨用戶價值年減 3,800 美元，約為 9,100 美元。

Turning now to aggregate results on slide 15. These results are the average unit margins multiplied by the number of units. Starting on the top line, aggregate subscriber value was $1.3 billion in the fourth quarter, an 18% decrease from the prior year.

現在來看第 15 頁的總結結果。這些結果是平均單位利潤乘以單位數量。從營收數據來看，第四季用戶總價值為 13 億美元，比去年同期下降了 18%。

Aggregate creation costs were $1 billion, which includes all CapEx and asset origination OpEx, including overhead expenses. Our Q4 contracted net value creation was $176 million. This reflects a net margin of approximately 14% of aggregate contracted subscriber value. This figure is lower than last year, primarily due to the shift toward asset sale financing mix.

總創建成本為 10 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。我們第四季合約淨創造價值為 1.76 億美元。這反映出淨利潤率約為已簽約用戶總價值的 14%。這一數字低於去年，主要是由於融資結構向資產出售方向轉變。

Slide 16 breaks down the unit level economics and aggregate economics on a contracted-only basis, along with the main underlying drivers.

第 16 張投影片從合約層面細分了單位經濟效益和總體經濟效益，以及主要的潛在驅動因素。

Turning now to slide 17. For retained subscribers reflected on our consolidated balance sheet, we raised nonrecourse capital against the value of the systems. This includes tax equity and asset-backed debt, along with receiving cash from subscribers opting for prepaid leases and from governments and utilities under incentive programs.

現在請看第17張投影片。對於我們合併資產負債表上反映的留存用戶，我們以系統價值為抵押籌集了無追索權資本。這包括稅收權益和資產支持債務，以及從選擇預付費租賃的訂戶那裡獲得的現金，以及從政府和公用事業公司根據激勵計劃獲得的現金。

As discussed earlier, we now also received proceeds from the full or partial sale of a portion of newly deployed systems, and we refer to the related subscribers as non-retained or partially retained subscribers. We estimate these upfront sources of cash called aggregate upfront proceeds will be approximately $1.1 billion for subscriber additions in Q4, representing an advance rate of approximately 91% of the aggregate contracted subscriber value, an increase of 5 percentage points year-over-year.

如前所述，我們現在也從全部或部分出售新部署的系統中獲得收益，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，這些被稱為預付總額的現金來源，在第四季度新增用戶方面將達到約 11 億美元，預付率約為已簽約用戶總額的 91%，比上年同期增長 5 個百分點。

When we deduct our aggregate creation cost of $1 billion from the aggregate upfront proceeds, we are left with an expected upfront net value creation of approximately $69 million. 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. Though 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.

當我們從預付總額中扣除 10 億美元的總創造成本後，預計預付淨值創造約為 6,900 萬美元。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 Flex 電力消耗超過合約最低限額帶來的收益。雖然前期淨值創造與現金產生（由於營運資本和其他項目）有所不同，但它是衡量現金產生隨時間推移情況的一個有力指標。

Proceeds realized from retained subscribers in the quarter were $829 million with $542 million from tax equity, $214 million from nonrecourse debt and $74 million from customer prepayments and upfront incentives. Aggregate upfront proceeds differ from 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.

本季從留存用戶獲得的收益為 8.29 億美元，其中 5.42 億美元來自稅收權益，2.14 億美元來自無追索權債務，7,400 萬美元來自客戶預付款和前期激勵。預付總額與留存用戶實現的收益有所不同，因為前者是對該期間所有新增用戶的估計，而後者是僅針對留存用戶新增用戶收到的收益，這些新增用戶也可能發生在其他期間。

Sunrun also recorded revenue of $569 million from the sale of non-retained or partially retained subscribers, which is not included in the realized proceeds figure. Cash generation was $187 million in Q4 and $377 million for the full year 2025.

Sunrun 也從出售未續約或部分續約用戶中獲得了 5.69 億美元的收入，這筆收入未計入已實現收益金額。第四季現金流為 1.87 億美元，2025 年全年現金流為 3.77 億美元。

Turning now to slide 20 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 and has enabled us to build a strong diversity of funding sources.

現在請翻到第 20 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者和服務商，其業界領先的業績持續為我們提供價格優惠的資金，並使我們能夠建立強大的多元化融資管道。

During 2025, we added $2.7 billion in traditional and hybrid tax equity. We raised $2.8 billion in non-recourse project debt, and we recorded revenue of $684 million from the sale of non-retained or partially retained subscribers. As of today, closed transactions and executed term sheets, inclusive of agreements related to non-retained or partially retained subscribers provide us with expected tax equity capacity or equivalent to fund approximately 499 megawatts of projects for subscribers beyond what was deployed through the fourth quarter.

2025年，我們新增了27億美元的傳統和混合稅收權益。我們透過無追索權項目債務籌集了 28 億美元，並透過出售未保留或部分保留的訂戶獲得了 6.84 億美元的收入。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，使我們擁有預期的稅收權益能力或等值資金，可以為用戶提供約 499 兆瓦的項目資金，這還不包括第四季度部署的項目。

Our transaction activity in the tax equity market increased considerably during the second half of last year, and we have developed a strong pipeline of transactions, which would secure the remainder of our 2026 needs with corporate ITC buyers and traditional tax equity investors engaging in their 2026 planning.

去年下半年，我們在稅收權益市場的交易活動大幅增加，並且我們已經建立了強大的交易管道，這將確保我們 2026 年剩餘的需求，包括企業 ITC 買家和參與 2026 年規劃的傳統稅收權益投資者。

We also have over $600 million in unused commitments available in our non-recourse senior revolving warehouse loan to fund over 230 megawatts of projects for retained subscribers as of the end of Q4. Our recent amendment to the warehouse loan extends its availability period through 2029 and maturity date to 2030, upside this commitment by $70 million and incorporated the new component in the borrowing base that provide partial advances against expected future ITC proceeds. Our strong debt capital runway has allowed us to be selective in timing term-out transactions.

截至第四季末，我們還有超過 6 億美元的未使用承諾資金，這些資金來自我們的無追索權高級循環倉儲貸款，可用於為現有訂戶提供超過 230 兆瓦的專案資金。我們最近對倉儲貸款的修訂將其可用期限延長至 2029 年，到期日延長至 2030 年，並將該承諾額度提高了 7000 萬美元，並將新的組成部分納入借款基礎，該部分可提供針對預期未來 ITC 收益的部分預付款。我們雄厚的債務資本儲備使我們能夠有選擇地掌握到期交易的時機。

We did not go to the securitization market during the fourth quarter following a very active Q3 in which Sunrun priced three transactions. The securitization market has shown favorable conditions so far this year, and we expect to place several transactions in the market this year.

在經歷了非常活躍的第三季（Sunrun 完成了三筆交易的定價）之後，我們在第四季度沒有進入證券化市場。今年以來，證券化市場狀況良好，我們預計今年將在市場上進行多筆交易。

As noted earlier, in Q4, Sunrun increased its mix of outright sales of newly originated assets, representing 51% of subscriber additions during the quarter. As these sales are recognized as upfront revenue, the benefit to our GAAP financials was immediately felt during the quarter as Sunrun posted positive operating profit, net income and cash flow from operations.

如前所述，在第四季度，Sunrun 增加了新發行資產的直接銷售比例，佔該季度新增用戶的 51%。由於這些銷售額被確認為預付收入，因此本季度我們的 GAAP 財務數據立即受益，Sunrun 實現了正的營業利潤、淨收入和經營活動現金流。

In Q4, we also closed a new innovative joint venture with Hannon Armstrong Sustainable Infrastructure Capital, or HASI. The partnership is expected to ultimately finance over 300 megawatts of capacity across more than 40,000 homes across the country. HASI will invest up to $500 million over an 18-month period into the joint venture, which is a structured equity investment that monetizes a portion of the long-term customer cash flows, while enabling Sunrun to retain a significant long-term ownership position, and greater flexibility in structuring an efficient capital stack.

第四季度，我們也與 Hannon Armstrong Sustainable Infrastructure Capital（簡稱 HASI）達成了一項新的創新合資協議。該合作計畫預計最終將為全國超過 4 萬戶家庭提供超過 300 兆瓦的電力容量。HASI 將在 18 個月內向合資企業投資高達 5 億美元，這是一項結構化股權投資，可將部分長期客戶現金流貨幣化，同時使 Sunrun 能夠保持重要的長期所有權地位，並在構建高效的資本結構方面擁有更大的靈活性。

We anticipate this will allow aggregate proceeds that are equal to or better than our traditional financing arrangements. On the parent capital side, we continue to pay down recourse debt, paying down $81 million during the fourth quarter and $148 million during full year 2025.

我們預計這將帶來與我們傳統融資安排相等或更高的總收益。在母公司資本方面，我們繼續償還追索權債務，第四季償還了 8,100 萬美元，2025 年全年償還了 1.48 億美元。

During the quarter, we amended our recourse working capital facility to extend the facility's maturity date by one-year to March 2028. The amendment additionally provides for further reductions in commitments in line with our goal of continued reduction of parent recourse debt as we deliver significant cash generation.

本季度，我們修改了我們的追索權營運資金貸款安排，將該貸款的到期日延長一年至 2028 年 3 月。該修正案還規定，在實現顯著現金流的同時，進一步減少承諾，以實現我們持續減少母公司追索債務的目標。

With this amendment and the full payoff of our 2026 convertible notes earlier this month, we have no recourse debt maturities until March 2028. Over the course of 2025, we also increased our unrestricted cash balance by $248 million and grew net earning assets by $1.8 billion.

透過這項修正案以及本月初我們全部償還的 2026 年可轉換票據，我們在 2028 年 3 月之前沒有任何追索權債務到期。在 2025 年，我們的非限制性現金餘額增加了 2.48 億美元，淨獲利資產增加了 18 億美元。

Turning now to our outlook on slide 22. We're positioned to grow volume in our direct business by high single to low double digits in 2026, expecting Q1 to mark the low point, followed by strong sequential growth during the year. We are confident that our ability to execute through complexity in our vertically integrated model will enable this growth. At the same time, growing complexity of execution, as examples, integrating storage, navigating evolving utility rate structures, operating distributed power plants and compliance with ITC rules means that very few companies in the affiliate universe today are able to meet our stringent requirements.

現在就來看看第 22 張投影片中的展望。我們預計到 2026 年，我們的直接業務量將實現高個位數到低兩位數的成長，預計第一季將是低谷，隨後在年內將實現強勁的環比增長。我們相信，憑藉我們垂直整合模式下應對複雜情況的能力，我們將實現這一成長。同時，執行的複雜性日益增加，例如，整合儲存、應對不斷變化的公用事業費率結構、營運分散式發電廠以及遵守 ITC 規則，這意味著如今在關聯公司領域，能夠滿足我們嚴格要求的公司寥寥無幾。

As a result, we made a proactive decision to dramatically reduce affiliate partner volumes by over 40% in 2026, which will impact our results. In addition to these volume trends, budget bill and tariff uncertainty last year resulted in us reducing direct sales activity in certain routes and geographies in order to increase our mix toward higher unit margins, which cut volumes during the second half of 2025 and into early 2026.

因此，我們主動決定在 2026 年將聯盟合作夥伴數量大幅減少 40% 以上，這將影響我們的業績。除了這些銷售趨勢之外，去年的預算案和關稅的不確定性導致我們減少了某些路線和地區的直接銷售活動，以便增加產品組合，提高單位利潤率，這導致 2025 年下半年和 2026 年初的銷售下降。

Now with an even stronger base of unit margins and resolution of some of these uncertainties, we have expanded certain sales activities and expect strong sequential volume and margin growth through the year.

現在，隨著單位利潤率基礎更加穩固，以及一些不確定因素的消除，我們擴大了某些銷售活動，並預計全年銷售和利潤率將實現強勁的環比增長。

For the full year 2025, we expect aggregate subscriber value to be between $4.8 billion and $5.2 billion. We expect contracted net value creation to be in a range of $650 million to $1.05 billion. The year-over-year decline in these value creation metrics is driven by lower volume and the dilutive effects from a higher mix of assets sold to the infrastructure investor or financed through our new joint venture together.

我們預計 2025 年全年用戶總價值將在 48 億美元至 52 億美元之間。我們預計合約淨價值創造額將在 6.5 億美元至 10.5 億美元之間。這些價值創造指標較去年同期下降的原因是交易量減少，以及出售給基礎設施投資者或透過我們新的合資企業融資的資產組合比例增加所帶來的稀釋效應。

It is important to note, however, that we do not expect the higher asset sale or JV mix to dilute upfront net subscriber value and cash generation because this activity also drives our average advance rate higher. We expect the impact from asset sales to reduce under the joint venture structure and for year-over-year comparisons to improve during the second half of this year.

但值得注意的是，我們預期更高的資產出售或合資組合不會稀釋預付淨用戶價值和現金流，因為這項活動也會提高我們的平均預付款率。我們預計，在合資企業結構下，資產出售的影響將會減少，並且今年下半年年比數據將會改善。

We expect cash generation to be between $250 million to $450 million for the full year. In addition to the volume and mix factors I noted, we expect key drivers to include lower proceeds from ITC transfers due to lower prices and higher insurance costs and higher solar module prices, offset partially by continued operational efficiency improvements. Incremental ITC safe harboring investments are not included in our cash generation outlook.

我們預計全年現金流將在 2.5 億美元至 4.5 億美元之間。除了我提到的數量和組合因素外，我們預計主要驅動因素包括由於價格下降、保險成本上升和太陽能組件價格上漲而導致的ITC轉讓收益減少，但持續的營運效率提高將部分抵消這些影響。增量ITC安全港投資不計入我們的現金流量預期。

We are working to finalize plans to execute additional safe harbor investments prior to the early July deadline. This year's activity would augment the activities we undertook last year, to further extend our coverage through 2030, provide a buffer for more growth and diversify our approaches and equipment use to maximize flexibility around system configurations when the equipment is utilized.

我們正在努力敲定計劃，以便在7月初的截止日期前完成額外的安全港投資。今年的活動將加強我們去年開展的活動，進一步擴大我們的覆蓋範圍至 2030 年，為進一步增長提供緩衝，並使我們的方法和設備使用多樣化，從而在設備使用時最大限度地提高系統配置的靈活性。

We estimate cash allocation to these activities may be in the range of $50 million to $100 million, a figure we will update once our plans are final. For the first quarter, we expect aggregate subscriber value to be approximately $850 million to $950 million. We expect contracted net value creation to be between $25 million and $125 million in Q1.

我們估計用於這些活動的現金撥款可能在 5000 萬美元到 1 億美元之間，一旦我們的計劃最終確定，我們將更新這一數字。我們預計第一季用戶總價值約為 8.5 億美元至 9.5 億美元。我們預計第一季合約淨價值創造額將在 2,500 萬美元至 1.25 億美元之間。

Incremental to the factors I just mentioned, the expected decline is driven by adverse fixed cost absorption in what is typically the lowest volume quarter of the year. We expect cash generation to increase sequentially throughout the year following our typical seasonal pattern and financing activity cadence.

除了我剛才提到的因素之外，預計的下降是由於固定成本吸收不利因素造成的，而這通常是一年中銷售最低的季度。我們預計，現金流將按照我們典型的季節性模式和融資活動節奏，在一年內逐年增加。

We expect Q1 to be positive, but timing for execution of project financing transactions scheduled for March will influence the Q1 outcome. We expect to repay over $100 million in our parent recourse debt in 2026 and to be below our target recourse leverage of 2 times cash generation. Over time, we will explore further capital allocation options to maximize shareholder value based on market conditions and our long-term outlook.

我們預計第一季業績將為正，但計劃於3月份執行的專案融資交易的時間表將影響第一季的業績。我們預計在 2026 年償還超過 1 億美元的母公司追索權債務，並將追索權槓桿比率控制在現金產生能力的 2 倍以下。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。

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。

Kudos on the cash generation here and the guidance for 2026. You're implying basically a stable guidance range for cash gen as the range you started with in 2025. I know in the past, you've kind of given us a bridge with cash gen drivers, lower interest rates, higher ITC weighting, more storage, et cetera. I mean, it seems like the drivers are in place for cash gen to go higher. Maybe the offset there is less volume. But can you speak to some of the moving pieces around cash gen maybe not having more upside off the range you started with in '25?

值得稱讚的是，該公司在現金流方面表現出色，並對2026年做出了預測。你的意思是，現金流的穩定預期範圍基本上與你最初在 2025 年給出的範圍相同。我知道過去你們曾透過現金流驅動因素、較低的利率、較高的投資稅收抵免權重、更多的儲存等方式為我們搭建了一座橋樑。我的意思是，種種跡象表明，現金流有望進一步成長。或許那裡的偏移量較小。但是，您能否談談現金流方面的一些變動因素，例如，現金流的成長空間可能不會比您在 2025 年最初設定的範圍更大？

Sure, Brian. Nice to talk to you. We still have the typical factors. The primary variables we've talked about in the past include interest rates, the ITC percentage, the storage attachment rate. I'll go through a few details, particular to 2026 as we try to bridge the year-over-year comparison.

當然可以，布萊恩。很高興和你聊天。我們仍然需要考慮一些典型因素。我們過去討論的主要變數包括利率、投資稅收抵免百分比、儲存附加費率。我將詳細介紹一些 2026 年的具體情況，以便更好地進行年度比較。

So we did talk a bit about volume on the call. So some factors in play there with modest growth in the Sunrun direct side, contraction on the affiliate side. So that is a net negative effect on volume that kind of bears into the comparison. I would say the other factors, a little bit of, I would say, on a year-on-year comp, a little bit of overperformance in '25 relative to our expectation. That was small items that were favorable in timing in 2025.

所以我們在電話會議上稍微談了一下音量問題。因此，Sunrun 直接業務方面略有成長，而附屬業務方面則出現萎縮，這其中存在一些影響因素。因此，這對銷量產生了淨負面影響，這在一定程度上影響了比較結果。我認為其他因素，例如，與前一年相比，2025 年的表現略微超出了我們的預期。那是一些在 2025 年時機有利的小物件。

More largely speaking, we've taken a slightly lower view on potential ITC pricing in the market, some supply/demand dynamics largely across the market, weighing down pricing. We've incorporated into the forecast. We're also seeing higher insurance costs as the insurance market is also dealing with the increase in amount of insurance volume. And then equipment prices are also weighing as we continue to shift to domestic. I would say those are the primary factors impacting the year-over-year bridge.

總的來說，我們對市場上潛在的 ITC 定價持較保守的看法，市場中一些供需動態因素對定價構成了下行壓力。我們已將其納入預測中。由於保險市場也在應對保險量的成長，我們也看到保險成本上升。隨著我們不斷轉向國內市場，設備價格也成為不容忽視的壓力因素。我認為這些是影響年增幅的主要因素。

That's super helpful color. I appreciate that. And then just a follow-up on this -- the asset sales model, I know it's kind of -- it's new, and we're all trying to get a handle on how to model this, but it jumped around a lot here in the past two quarters. It sounds like you might have a bit more of a view on kind of the mix into '26. Is there sort of an average level it should trend at quarter-to-quarter? And is that 40,000 homes capacity under the HASI JV maybe indicative of the volume under that structure you'd be doing in 2026?

這個顏色非常實用。我很感激。然後，關於資產出售模式，我還有一點後續要補充——我知道它有點——它比較新，我們都在努力掌握如何對其進行建模，但在過去的兩個季度裡，它的變化很大。聽起來你對 26 年的各種融合方式可能有更深入的了解。是否存在一個大致的季度平均值？HASI 合資企業 40,000 套房屋的產能是否預示著您在 2026 年在該結構下完成的規模？

So there are a couple of structures. There's the asset sale that we talked about last quarter. That is now -- so that picked up considerably from 10% to about 50% from Q3 to Q4. That will continue to move around. But I think we generally expect a decline from a 50% level.

所以這裡有兩種結構。還有我們上個季度討論過的資產出售事宜。現在的情況是——從第三季度到第四季度，這一比例大幅上升，從 10% 增長到大約 50%。那東西還會繼續流動。但我認為我們通常預期會從 50% 的水平開始下降。

But quarter-to-quarter, as has been typical in all tax equity funds, you'll see some fluctuations. Some periods will have fund recently closed with maybe more elevated allocation and sometimes there will be a different funding mix. But generally, we expect that activity now in the joint venture format to remain in our mix for the year at a lower level from the more recent pace of 50%.

但正如所有稅收權益基金的典型情況一樣，季度之間會出現一些波動。有些時期，基金近期可能會關閉，分配比例可能會更高，有時資金組合也會有所不同。但總的來說，我們預計今年合資企業形式的業務活動仍將占我們業務總量的一定比例，但會低於最近 50% 的水平。

Separate from that, we announced in early January, the Q4 closing of the partnership with Hannon Armstrong. That is also in a joint venture format that is different and incremental to the mix of the other JV we just talked about, and both will be -- part of the meaningful part of our mix for the balance of the year.

除此之外，我們在 1 月初宣布，與 Hannon Armstrong 的合作關係將於第四季完成。這也是一種合資企業形式，與我們剛才討論的其他合資企業有所不同，並且是一種補充，兩者都將成為我們今年剩餘時間裡重要的業務組合的一部分。

And I would say just to layer on to that, longer range, it is our intent to continue to utilize structures like that as part of the overall diversification of funding sources and evolving structures to gain and unlock more efficiency and capital costs.

而且，我想補充一點，從長遠來看，我們打算繼續利用這樣的結構，作為融資來源多元化和不斷發展的結構的一部分，以獲得和釋放更大的效率和資本成本。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

Congrats on the great end to 2025. On the retained versus the non-retained assets, just a little more on that. How should we think of the mix, let's take it beyond Brian's question, like if you're looking beyond 2026 and you're thinking strategically, if tax credit monetization metrics get, I don't know, easier with retained advance rates maybe back to 88% or 90%, I assume you'd go back and do more retained. So how should we think of that?

祝賀2025年圓滿結束。關於留存資產與非留存資產，這裡再補充一點。我們該如何看待這種組合呢？讓我們超越布萊恩的問題，例如，如果你著眼於 2026 年以後，並且從戰略角度考慮，如果稅收抵免貨幣化指標變得更容易，比如，保留預付款比例可能回到 88% 或 90%，我假設你會回去做更多的保留預付款。那我們該如何看待這個問題呢？

And then are you going to disclose the available capacity you have in dollar terms for non-retained asset sales like on a forward basis, the same way you talk about tax equity and availability and capacity on the -- for the forward quarters?

那麼，你們是否會像談論稅務權益、可用性和產能一樣，以美元計價，揭露未來幾季的非留存資產出售的可用產能？

Yes. So retained and non-retained, we are giving runway disclosure. I think when you look at the tax equity or tax credit capacity that includes -- certainly includes both. Just to hit a little bit of that. It's not broken out, but we will certainly involve a mix of both retained and non-retained.

是的。因此，無論是否保留，我們都將披露跑道資訊。我認為，當你審視稅收公平或稅收抵免能力時，它肯定包括兩者。只是想稍微體驗一下那種感覺。雖然沒有具體說明，但我們肯定會採用保留和非保留相結合的方式。

And I'd just say just to comment on -- in terms of the asset sales, like the non-retained piece, the asset sales, joint ventures that present with that sort of treatment as well, we like having it be a part of our mix and as part of a broader mix that will still include traditional tax equity, hybrid tax equity and accessing the tax credit transfer market in a very meaningful way.

我只想補充一點——關於資產出售，例如非留存部分、資產出售、合資企業等，我們也希望將其納入我們的投資組合，並作為更廣泛的投資組合的一部分，該投資組合仍將包括傳統的稅收權益、混合稅收權益，並以非常有意義的方式進入稅收抵免轉讓市場。

So the other benefits on transaction simplicity, right, involving full stack capital, the deconsolidation, at least partially leading to a better clarity of GAAP presentation as well as improved results on GAAP dynamics. I think just to name a few benefits of that transaction in terms of the asset sale.

因此，其他好處包括簡化交易、涉及全端資本、取消合併，至少在一定程度上提高了 GAAP 列報的清晰度，並改善了 GAAP 動態方面的結果。我認為，就資產出售而言，這筆交易的好處僅舉幾例。

In terms of the other partnership with Hannon Armstrong, that will still consolidate. That will still access tax credit transfers that will still access the ABS market. That is an innovation relative to more traditional tax equity and hybrid structures and that will also be part of the mix.

至於與 Hannon Armstrong 的另一項合作關係，也將持續鞏固。這仍然會獲得稅收抵免轉移，這些轉移仍然會進入資產支持證券市場。相對於更傳統的稅收權益和混合結構而言，這是一種創新，也將成為組合的一部分。

So I'd say the mix is evolving. And certainly, there are more tools to access the capital markets in more efficient ways. As far as specific breakouts, I don't think we'll be providing a longer-range outlook of specific mix other than to say what I just said to Brian, which is 50% was the level we hit in Q4. In terms of that asset sale transaction structure overall for the year, we expect that to come down.

所以我覺得這個組合正在不斷演變。當然，現在有更多更有效的方式進入資本市場。至於具體的突破點，我認為我們不會提供更長期的具體組合展望，除了我剛才對布萊恩說的話，那就是我們在第四季度達到了 50% 的水平。就全年資產出售交易結構而言，我們預計這一數字將會下降。

Ameet Thakkar, BMO Capital Markets.

阿米特·塔卡爾，BMO資本市場。

Just on the cash gen outlook for the year for 2026, I think your press release talks about that it excludes some potential safe harbor investments. Did your cash gen kind of numbers for 2025 actually already net those out? And if you do kind of move forward with those investments, can you just kind of give us an idea of the magnitude on how much that might kind of impact kind of the cash gen figure thereafter?

關於 2026 年的現金流展望，我認為你們的新聞稿中提到，它不包括一些潛在的安全港投資。你們2025年的現金流量預測數據是否已經將這些因素抵銷掉了？如果您確實推進這些投資，您能否大致估算一下這可能會對之後的現金流產生多大影響？

Yes. So we have it in a $50 million to $100 million range for the whole year. So I'll just note a little bit more on the activity just to have the texture. The 2026 activity will give us the ability to safe harbor up to four tax years that follow 2026, which gets us through the end of 2030, in terms of the extension of runway of safe harbor activity. We expect to -- we have done some to start the year.

是的。因此，我們預計全年預算將在 5,000 萬美元到 1 億美元之間。所以，我再簡單記錄一下這項活動，以便更好地展現其特色。2026 年的活動將使我們能夠在 2026 年之後的四個納稅年度內獲得安全港豁免，從而延長安全港活動的期限，直至 2030 年底。我們預計會—年初我們已經做了一些工作。

We expect to do more before the July deadline because we're in the process of finalizing those plans, some of which are quite advanced, we do want to complete the activity before we share a specific number. But right now, we have it in a range of $50 million to $100 million of cash allocation out of our cash for the year.

我們預計在7月截止日期前會有更多進展，因為我們正在敲定這些計劃，其中一些已經相當成熟。我們希望在公佈具體數字之前完成所有工作。但目前，我們計劃從今年的現金流中撥出5,000萬美元至1億美元。

And how much was it in 2025 that impacted your -- I guess, your actual cash gen from kind of the safe harbor activities you engaged in last year?

那麼，2025 年，這些因素對您——我猜，您去年從事的那些安全港活動——實際產生的現金流產生了多大的影響呢？

Yes. Yes. So the 2025 activity was -- we said capital light. I don't think we've detailed the exact number, but $50 million to $100 million more specific. But in relation to that, we'd say capital light in 2025.

是的。是的。所以2025年的業務活動－我們說過是輕資本投入。我不太確定具體數字，但更具體一些，大概在5,000萬美元到1億美元之間。但就此而言，我們會說2025年是輕資本投入。

Yes, so we have it in a $50 to $100 million dollar range for the whole year. So the, I'll just note a little bit more on the activity just to have the texture. The 2026 activity, will give us the ability to safe harbor up to four tax years that followed 2026, which gets us through the end of 2030, in terms of the extension of runway of safe harbor activity. We expect to, we have done some, to start the year.

是的，所以我們預計全年預算在5000萬到1億美元之間。接下來，我再簡單介紹相關活動，以便更全面地了解狀況。2026 年的活動將使我們能夠將 2026 年之後的四個納稅年度納入安全港範圍，從而延長安全港活動的期限，直至 2030 年底。我們預計，而且我們已經做了一些，將在年初實現。

We expect to do more before the July deadline, because we're in the process of finalizing those plans, some of which are quite advanced. We do want to complete the activity before we share a specific number, but right now, we have it in a range of $50 to $100 million of cash allocation, out of our cash up the year.

我們預計在 7 月截止日期前會取得更多進展，因為我們正在敲定這些計劃，其中一些計劃已經相當成熟。我們希望在公佈具體數字之前完成這項活動，但目前，我們計劃從今年的現金中撥出 5,000 萬至 1 億美元的現金用於此專案。

Chris Dendrinos, RBC Capital Markets.

克里斯丹德里諾斯，加拿大皇家銀行資本市場。

I guess I wanted to just ask about the demand environment and how you're kind of seeing the TPO, non-TPO, I guess, maybe more of the non-TPO market play out? And is that turning into an opportunity for you all to take more customers? And then maybe just on the affiliate side of things, I mean, previously, I guess, they were a partner, but now would you consider them a bit more of a competitor? And is there an opportunity to take share there as well?

我想問的是需求環境，以及您如何看待TPO、非TPO市場，或許更確切地說是非TPO市場的發展？這是否會為你們帶來更多客戶？然後，就聯盟行銷方面而言，我的意思是，以前他們是合作夥伴，但現在你會認為他們更像是競爭對手嗎？那麼，是否也有機會在那裡佔有一席之地呢？

Yes. So as the 25D market wound down, I think there was some consideration that, that volume would immediately flow to us. And we've kind of articulated previously; the cohort of organizations that typically sold under the loan model have tried to migrate to the most simple sales processes and the highest paying partners. And so as we've been talking about more complex rate environments, ever-increasing complexity around compliance and the need for improved controls and fiscal responsibility, we've seen that, that volume has largely migrated to other places. As we watch that play out, we anticipate seeing the same thing that we've seen play out time and time again over the last two years.

是的。因此，隨著 25D 市場逐漸萎縮，我認為當時有人認為，這部分交易量會立即流向我們。我們之前也曾闡述；那些通常以貸款模式進行銷售的機構，已經嘗試轉向最簡單的銷售流程和報酬最高的合作夥伴。因此，隨著我們討論的利率環境日益複雜、合規性日益複雜以及對改進控制和財政責任的需求，我們發現，交易量已基本轉移到其他地方。隨著事態發展，我們預計會看到與過去兩年中反覆出現的情況相同的結果。

The financing shops that attract volume by focusing more on simplicity of underwriting or lack of underwriting and excessive pay typically don't last long, and those people eventually, we anticipate will migrate if they want to stay in the industry to a place that's been investing heavily around controls, prudent financial processes and deep training on complex rate environments and a focus on evolving into an independent power producer, thoughtfully underwriting these distributed assets.

那些透過簡化承保流程或不進行承保以及支付過高費用來吸引業務量的融資機構通常不會長久，我們預計，如果他們想留在這個行業，最終會遷移到那些在控制、審慎的財務流程和對複雜費率環境的深入培訓方面投入巨資，並專注於發展成為獨立電力生產商，認真承保這些分佈式資產的機構承保。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

As a follow-up to that last point, talking about the complexity with everything that's happening. The [FEOC] rules or guidelines came out recently. It seems like that wasn't enough. We need more clarity on PFEs and FIEs and so forth. And so there was an article out from Bloomberg about how certain large tax equity investors, I think JPMorgan was named, may have paused some investments in tax equity.

作為對上一點的補充，我想談談當前局勢的複雜性。[FEOC] 的規則或指南是最近發布的。看來這還不夠。我們需要對 PFE 和 FIE 等概念有更清晰的了解。因此，彭博社發表了一篇文章，報告某些大型稅務股權投資者（我認為摩根大通被點名）可能已經暫停了對稅務股權的一些投資。

And you said in your prepared remarks that compliance with ITC rules was important or part of the package of tax equity and so forth. Just was wondering if you guys could give us some color on the challenges that you're seeing for resi solar out there because of the delayed release of the FEOC guidelines? And then how you guys specifically are navigating it? And do you see risk that there could be even challenges for you guys if the FEOC rules take longer than expected to come out. So let's say it's after the midterms, for example, which is a possibility.

您在事先準備好的發言稿中提到，遵守 ITC 規則非常重要，是稅務公平等一攬子計畫的一部分。我想請教各位，由於聯邦能源監管委員會（FEOC）指導方針的延遲發布，住宅太陽能領域目前面臨哪些挑戰？那你們具體是如何應對的呢？如果聯邦選舉委員會 (FEOC) 的規則出台時間比預期要長，您是否認為這可能會給您帶來挑戰？例如，假設是在期中考之後，這並非不可能。

And then this also impacts the transfer market. And so I know you guys have these other structures, which are fantastic and unique, but I was wondering if you could talk through these impacts from the delayed FEOC guidelines.

這也會對轉會市場產生影響。我知道你們還有其他一些很棒的、獨特的機構，但我很想知道你們能否談談延遲的 FEOC 指南所帶來的影響。

Nice to hear from you. This is Mary. I'll take it and then pass it to Danny to talk a little bit more on the market side. But I mean, make no mistake, really, how we're seeing this is really, frankly, right now, playing to Sunrun's strength in the business. Like Sunrun is the sophisticated vertically integrated player that has end-to-end visibility.

很高興收到你的來信。這是瑪麗。我接過電話，然後交給丹尼，讓他再談談市場方面的狀況。但我的意思是，毫無疑問，我們現在看到的這一切，坦白說，正是在發揮 Sunrun 在業界的優勢。就像 Sunrun 是一家成熟的垂直整合型企業，擁有端到端的視覺性。

And we have gotten, I think, really good at making complex work in a way for consumers that's very powerful and then also really helps us as we think about building out our distributed power plants. The initial guidance that we just got actually was from a Sunrun perspective, exactly what we were expecting and fit. You're right, it didn't provide very specific guidance on the -- for financers. But the reality is everybody always knew there was going to then be this next rule-making process. So make no mistake, like this first phase was exactly what we expected.

我認為，我們已經非常擅長以一種對消費者來說非常有效的方式處理複雜的工作，這不僅對我們思考如何建造分散式發電廠大有裨益，而且也對我們大有幫助。我們最初得到的指導其實是從 Sunrun 的角度出發的，這正是我們所期望和需要的。你說得對，它沒有為融資者提供非常具體的指導。但事實上，每個人都知道接下來會有下一個規則制定過程。所以毫無疑問，第一階段的情況完全符合我們的預期。

It came out in a positive way for Sunrun. And yes, to your point, we are really pleased with the strategic partnerships we've developed and how we've diversified our capital structure. But Danny, why don't you take it a little bit more on the specifics there that he was also after.

對Sunrun來說，結果是個好消息。是的，正如您所說，我們對已建立的策略合作夥伴關係以及資本結構的多元化感到非常滿意。但是丹尼，為什麼不更深入地探討他所追求的具體細節呢？

Sure. Our view on the -- I'll start with the FEOC considerations, and then I'll go into the dynamics in the tax equity and the tax credit transfer market. So on the FEOC, we view it as incrementally helpful and also confirmatory to some of our expectations on what the rules and approaches would be under the material assistance portions as it relates to FEOC. What we did not get as many who follow this know, is further clarity on prohibited foreign entity and foreign influence entity rules, which are the piece that's forthcoming. And that relates to where you started your question, which is some participants in the market awaiting more clear rules on entity level considerations before they put more dollars into tax credits effectively.

當然。關於這一點，我將首先談談聯邦僱員補償計劃 (FEOC) 的考慮因素，然後深入探討稅收公平和稅收抵免轉讓市場的動態。因此，對於聯邦僱員救濟委員會 (FEOC)，我們認為它在一定程度上有所幫助，也證實了我們對與 FEOC 相關的物質援助部分規則和方法的一些預期。正如許多關注此事的人所知，我們尚未得到關於禁止外國實體和外國影響實體規則的進一步明確，而這正是即將出台的內容。這與你提出的問題有關，即一些市場參與者正在等待有關實體層面考慮因素的更明確的規則，然後再有效地將更多資金投入稅收抵免。

So that has sidelined a few people. I would say then going to the broader conditions in the tax credit -- overall tax equity space, the market was a bit of a mixed story last year. If you look at the ultimate headlines, the tax credit transfer space grew by in the magnitude of 50% year-over-year from 2024. So there continues to be growth in the tax equity market. Some of the tax effects of the budget bill did ease corporate appetite in the second half of the year for tax credits.

所以這導致一些人被排除在外。那麼，就稅收抵免的更廣泛情況而言——整體稅收公平領域，去年的市場情況喜憂參半。從最終的新聞標題來看，從 2024 年起，稅收抵免轉移領域每年增長約 50%。因此，稅收權益市場持續成長。預算案中的一些稅收影響確實緩解了企業在下半年對稅收抵免的需求。

And I would say, in the second half of the year, it was a tighter market in terms of supply/demand, dollars continue to flow very adequately for us. But what we started to see and led us to expectations for this year was a softening up of price expectations in that market, given the supply-demand fundamentals, but at a $50 billion-plus type scale when you consider the tax credit transfer market and the traditional tax equity space. There is a lot of capital that was put to work, but also obviously, a proliferation of the number of types of credits and demand.

而且我認為，在下半年，供需關係更加緊張，但美元的流入仍然非常充足。但我們開始看到，並且讓我們對今年的市場預期有所緩和，這是由於供需基本面所致，但考慮到稅收抵免轉讓市場和傳統稅收權益領域，其規模超過 500 億美元。投入使用的資本很多，但顯然，信貸類型和需求也大幅增加。

So it kept that market tightly balanced between supply and demand with a little bit more slowness in the second half of the year. But I would say, at the same time, we were able to manage an acceleration in our activity in the second half of the year, and that culminated with that we had a 499-megawatt kind of number in the script here on our tax equity monthly.

因此，市場供需保持了緊密平衡，但在下半年成長速度略有放緩。但同時，我們成功地在下半年加快了業務發展，最終在稅收權益月度報告中達到了 499 兆瓦左右的數字。

So the net-net is like lower pricing, some people not yet coming back to the market, but plenty of people having remained active in the market sufficient for our needs. And we expect that to continue. We've made good progress exiting last year in securing more tax equity and into this year and continuing to advance our pipeline as we try to fill out the balance of this year.

所以總而言之，價格會降低，有些人還沒有重返市場，但很多人仍然活躍在市場上，足以滿足我們的需求。我們預計這種情況還會持續。去年年底，我們在確保更多稅收權益方面取得了良好進展；今年，我們將繼續推進該項目，努力完成今年剩餘時間的工作。

Great. Danny and Mary, thank you for that color. I know it's a complex topic and also dynamic. Shifting to the outlook for shareholder return. I was wondering if you could give an update on the outlook for a potential buyback or the latest in terms of how you're thinking about capital allocation. It likely hasn't changed much, but wanted to get a refresh on that.

偉大的。丹尼和瑪麗，謝謝你們帶來的色彩。我知道這是一個複雜且不斷變化的話題。接下來討論股東回報前景。我想請您介紹一下潛在的股票回購前景，或是您在資本配置方面的最新想法。情況可能沒有太大變化，但還是想確認一下。

Yeah. I think it's the same positioning in terms of continuing to pay down parent debt. We said $100 million or more for this year and with an expectation that, that would get us below our overall leverage target that we've been managing towards over the last several years. So that kind of in our mind, like marks the completion of the deleveraging period. But as far as beyond that, I think the same kind of expectation in terms of looking to maximize shareholder return with capital allocation. And this year, in particular, we're also real time going through that exercise we mentioned around finalizing the magnitude of our safe harboring activity, which is a very high returning long-term use of cash.

是的。我認為在繼續償還母公司債務方面，雙方的立場是一樣的。我們預計今年的收入將達到 1 億美元或更多，有理由相信，這將使我們的整體槓桿率低於我們過去幾年一直在努力達到的目標。所以，在我們看來，這標誌著去槓桿化時期的結束。但除此之外，我認為在透過資本配置來實現股東回報最大化方面，預期仍然是一樣的。尤其今年，我們還在實時進行我們之前提到的關於最終確定安全港活動規模的工作，這是一項回報非常高的長期現金使用方式。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

This is Andre Adams on for Colin. I was just hoping you could quantify on an apples-to-apples basis, how much labor costs increased year-over-year?

這是安德烈·亞當斯替補科林上場。我只是希望您能客觀地量化一下，勞動成本比去年同期增加了多少？

We had the installed cost comparison, and I'm just looking for that -- I know I just said the number, we had it in the prepared remarks, but the install cost number up year-over-year. I believe it was 8%, but I just don't want to misquote that. We did have -- if you are thinking installed labor included in that number, but not detailed is installed labor and equipment taken together. And then we had sales and marketing costs also up 4% year-over-year, but against which we saw a higher storage attachment rate continue to drive up the top line as well to manage to healthy margins.

我們已經進行了安裝成本比較，我正在尋找這個數據——我知道我剛才提到了那個數字，我們在準備好的發言稿裡也提到了，但是安裝成本同比上升了。我記得是 8%，但我不想記錯。我們確實有——如果您認為這個數字包含了安裝人工費，但沒有詳細說明的是安裝人工費和設備費的總和。此外，銷售和行銷成本也比去年同期成長了 4%，但同時，儲存附加率的提高也持續推動營收成長，從而實現了健康的利潤率。

Great. And --

偉大的。和--

And the creation cost is the 8% number. That includes everything, just to get that right.

而創作成本就是8%。為了確保萬無一失，這包括所有方面。

Yes. All right. I appreciate it. And can you just speak on the DPP side about whether utilities are looking to leverage the asset base to drive some grid stability outcomes in addition to kind of basic power availability and how that might vary by geography?

是的。好的。謝謝。您能否從分散式電力採購（DPP）的角度談談，除了基本的電力供應之外，電力公司是否正在尋求利用其資產基礎來推動電網穩定性，以及這可能會因地理位置而異？

Yes. So depending on the market, we're seeing varied levels of activity, but overall, massive increases in interest in our assets. When you think about like the next generation of power plant and access to power, it needs to happen quickly. The expansion and growth of AI data center energy consumption is growing rapidly and is pent-up. And so a power plant solution that can be brought online quickly is critical.

是的。因此，根據市場情況，我們看到不同程度的交易活躍度，但總體而言，人們對我們資產的興趣大幅增加。當你思考下一代發電廠和電力供應時，你會發現這需要盡快實現。人工智慧資料中心能源消耗的擴張和成長速度很快，而且存在大量積壓需求。因此，能夠快速投入使用的發電廠解決方案至關重要。

And so as utilities are realizing the quick deployment nature of our assets, there's growing interest in them. As we talked about in Mary's remarks, we talked about exciting programs with both NRG and Tesla in the Texas market, for example, where we're essentially pledging assets to those partners to be able to dispatch as needed to be able to stabilize the grid and control costs for consumers.

因此，隨著公用事業公司意識到我們資產的快速部署特性，人們對它們的興趣也越來越濃厚。正如我們在瑪麗的演講中所談到的，例如，我們談到了與 NRG 和特斯拉在德克薩斯州市場開展的激動人心的項目，我們實際上是將資產抵押給這些合作夥伴，以便能夠根據需要進行調度，從而穩定電網並控制消費者的成本。

Yes. And as we said, we have 18 different programs already, and the success of the programs we've had has spurred, as Paul mentioned, a lot of interest, and we're having very -- yes, very interesting talks with a number of partners across the country.

是的。正如我們所說，我們已經有 18 個不同的項目，而且正如保羅所提到的，我們已有的項目的成功激發了許多人的興趣，我們正在與全國各地的許多合作夥伴進行非常有趣的對話。

And just to maybe conclude with that point. By the end of 2028, we've communicated we plan to have over 10 gigawatts of dispatchable capacity that's 0.75 million batteries across the country that can be dispatched and have communicated $2,000 net subscriber value per customer on those and are very excited about what we're building out.

最後，我想以這一點作為結尾。到 2028 年底，我們計劃擁有超過 10 吉瓦的可調度容量，相當於全國 75 萬個可調度電池，並已宣布每個用戶可獲得 2000 美元的淨用戶價值，我們對正在建設的項目感到非常興奮。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

I appreciate it. Look, maybe just to follow-up a little bit on the last one here and press a little bit further. As you think about the backdrop here, your comments about capital markets at large, how do you think about returning cash here? I just want to press you a little bit. I know at times; there have been conversations about dividends and buybacks and things.

謝謝。聽著，或許可以稍微補充一下上一個問題，並進一步深入探討。考慮到當前的背景，以及您對整個資本市場的看法，您如何看待在這裡返還現金？我只是想稍微逼你一把。我知道有時候會這樣；我們討論過分紅、股票回購之類的事情。

But I just want to make sure I'm hearing you very clear about where you stand in terms of being offensive or defensive in the current environment. Has your thinking evolved at all? Obviously, kind of more of a flattish overall cash gen profile? And any comments you'd make as to what you need to see to kind of get more offensive, if you will, if you want to take a foot forward?

但我只是想確認一下，我是否完全理解了你對當前環境下進攻或防守的立場。你的思考方式是否有所改變？顯然，整體現金流狀況較為平緩？那麼，如果你想更進一步，更有攻擊性，你有什麼建議嗎？

Yes. It's $350 million cash generation at the midpoint. It's $100 million of use to pay down more debt. I think that dynamic taken together by the end of the year has us below the 2 times leverage target we had previously communicated several times. And so it's just -- it's a continuation of that and charging towards that over the course of this year.

是的。中間值顯示，現金流為 3.5 億美元。這1億美元將用於償還更多債務。我認為，綜合這些因素，到年底我們的槓桿率將低於我們之前多次提到的 2 倍目標。所以，這只是——是這一趨勢的延續，並且在今年內朝著這個方向努力。

But also there is an implied $250 million of excess once we've dealt with that. And then we've talked about using a portion of that, that remains on Safe Harbor. So it's getting us closer to the point where we're starting to look, well, what is the capital allocation beyond that -- but that is the established focus for this year. And then beyond that, we start to introduce in our conversations with the topic of shareholder return and go through the relative attractiveness of that. And we look at balance sheet strength and we go through all the options.

但處理完這個問題後，還隱含著 2.5 億美元的盈餘。然後我們討論過使用其中的一部分，這部分仍然保留在安全港協議中。所以，這讓我們離開始考慮下一步的資本配置問題更近了一步——但這是今年既定的重點。此外，我們也會開始在談話中引入股東回報這個主題，並探討其相對吸引力。我們會檢視資產負債表的穩健性，並仔細分析所有方案。

But so far, at the moment, the guidance is the $100 million of debt paydown and then further use on safe harbor. That's where we are at the moment.

但就目前而言，指導方針是先償還 1 億美元的債務，然後根據安全港規則進一步使用。這就是我們目前的處境。

Got it. And if I can follow-up just real quickly on the financing environment here. Is there a definitive moment that you're looking for that will hopefully open up the tax equity markets more? Or do you not see this playing out that way? I mean I know we were alluding to FEOC earlier, but is there kind of a catalyst in as much as reenabling these markets?

知道了。如果可以的話，我想簡單跟進一下這裡的融資環境。您是否期待某個決定性的時刻到來，從而進一步開放稅收股權市場？還是你認為事情不會那麼發展？我的意思是，我知道我們之前提到過FEOC，但重新啟用這些市場是否有某種催化劑？

Or is this just a general malaise or widening out of spreads that will persist here? Just curious on how you frame it. And then separately, related to that, how do you think about should this environment persist moving more structurally in other directions for capital markets? I mean you guys have been very nimble over the years in adapting, and it seems like you are here today again. Just curious on how you would frame the backdrop and your latitudes.

或者這只是普遍存在的低迷狀態，或是疫情擴散範圍擴大，並將持續下去？只是好奇你是如何看待這個問題的。另外，與此相關的是，您認為這種環境是否應該持續下去，並促使資本市場朝著其他結構性方向發展？我的意思是，這些年來你們在適應方面一直非常靈活，而且今天看來你們又一次做到了。我只是好奇你會如何構圖，以及你們的緯度。

Yes. In terms of going to the most core of the issue is corporate profitability and tax appetite is there, has been there and has been growing. In terms of any single event that serves as a catalyst, we did get the FEOC guidance. And again, in my prior response, I did say we view that as incrementally helpful and largely confirmatory with what we felt was our approach, and we were confident in this confirms it. And then in terms of other events, it could be further clarification on the entity level rules.

是的。問題的核心在於企業獲利能力和稅收意願，這種意願一直存在，而且還在持續成長。對於任何起到催化作用的單一事件，我們確實得到了聯邦選舉委員會的指導。而且，在我之前的回覆中，我確實說過，我們認為這在某種程度上有所幫助，並且在很大程度上證實了我們認為我們採取的方法，我們對此充滿信心。至於其他事件，可能需要進一步澄清實體層級的規則。

And that would -- to the extent anybody is sideline in the market, that would bring them back in from the sidelines and they are a portion of the market that is already very large. So I would say it's just more of a continuing to build pipeline, execute transactions and build runway. And if you look at our runway, we have extended it very meaningfully from prior quarters. So again, it's not a single event, but you'll see it and notice it over time.

這樣一來，如果有人在市場中處於觀望狀態，就會讓他們重新回到市場中，而他們所處的市場已經非常龐大。所以我覺得這更像是一個持續建構管道、執行交易和累積資金的過程。如果你看一下我們的資金儲備情況，你會發現我們比前幾季有了顯著的延長。所以，這不是單一事件，而是隨著時間的推移，你會看到並注意到它。

[Maheep Mandloi, Mandloi].

[Maheep Mandloi，Mandloi]

Perfect. Sorry about that. A quick clarification on the buyback. The leverage ratio you're targeting, is that still 2 times debt to cash generation is the metric here? Or is that changing in this environment?

完美的。抱歉。關於回購事宜，需要簡單說明一下。您設定的槓桿率目標，仍是債務與現金流比率的兩倍嗎？或者說，在這種環境下情況正在改變？

2 times. And with this year's activity of $100 million -- at least $100 million of paydown, we expect to get through that number, below that number. That's the current outlook on it.

2次。今年，我們的活動規模達到了 1 億美元——至少有 1 億美元的還款額，我們預計最終的還款額將低於這個數字。這是目前對此事的看法。

Yes. And just a quick clarification on the creation cost, and I might have missed this earlier. The change between OpEx versus CapEx and OpEx seems more than 60% of the cash generation here. Is that structural? Or should that reverse going forward over here?

是的。關於創作成本，我再簡單澄清一下，我之前可能漏掉了這一點。營運支出與資本支出之間的變化以及營運支出似乎佔此處現金流的 60% 以上。這是結構性的嗎？或者說，這種情況應該反過來嗎？

That you're noticing the effect there of that 40 percentage point increase in our mix from 10% to 50% from Q3 to Q4 going to asset sale activity on the financing mix is also resulting in a full expensing of -- a greater degree of expensing of asset origination costs that have shifted from previously capitalized into expense. So you're noticing that pickup and that corresponds to the significant pickup in revenue from those asset sales. And that's why you're seeing the pickup in margin, operating income, et cetera.

您注意到，從第三季度到第四季度，資產出售活動在融資組合中的佔比從 10% 增加到 50%，這 40 個百分點的增長也導致了資產發放成本的完全費用化——這些成本從以前資本化的成本更多地轉為費用。所以你注意到這種回升，這與資產出售帶來的收入大幅成長相對應。這就是為什麼你會看到利潤率、營業收入等指標都在上升的原因。

Robert Zolper, Raymond James.

Robert Zolper，Raymond James。

What's the significance of changing the default rate measurement in the metric sensitivities?

在指標敏感度分析中，改變違約率的衡量標準有何意義？

Yes. I think this is following trends we've been seeing and making sure we're capturing the whole range of sensitivity. We -- the proceeds amounts that we raised on our transactions do have default assumptions being made by capital providers. And it's just to capture the evolving range as we've been seeing and to make sure everybody has the full coverage. Before we used to -- so the other thing you'll notice in the numbers just as a presentation thing.

是的。我認為這符合我們一直以來觀察到的趨勢，並確保我們能夠捕捉到所有敏感度範圍。我們——我們在交易中籌集的資金數量確實存在資金提供者所做的預設假設。這樣做是為了捕捉我們所看到的不斷變化的範圍，並確保每個人都能獲得全面的覆蓋。以前我們這樣做——所以你會注意到數字中還有一點不同，這只是一個演示方面的問題。

Previously, we used to show it as cumulative and now we're showing it as annual measures to give more clarity in terms of what you want to model.

以前，我們通常將其顯示為累積值，現在我們將其顯示為年度指標，以便更清楚地說明您想要建模的內容。

Okay. Understood. And I guess on your more seasoned securitizations, which bucket of default rate would they typically fall into?

好的。明白了。那麼，對於您那些較成熟的證券化產品，它們通常會屬於哪一類違約率呢？

I'm not sure I follow the question. Like what are our default rates? Is that the --

我不太明白這個問題。我們的違約率是多少？那是嗎？--

Exactly. Yes. What are your default rates relative to what you have in the metric sensitivities for your more seasoned securitizations?

確切地。是的。相對於您較成熟的證券化產品的指標敏感性，您的違約率是多少？

Yes. I think it really depends on -- it depends on the asset performance, the vintages, the types -- there is a bit of a spread. I think we've said cumulatively, I don't know if we've put out the recent updates. But certainly, on our deals, the rating agencies do look at it. And we've seen about 50 to 75 basis points on an average, and that's the annual figure.

是的。我認為這真的取決於——取決於資產表現、年份、類型——這其中存在一些差異。我想我們已經說過，總的來說，我不知道我們是否發布了最近的更新。但可以肯定的是，在我們的交易中，評級機構確實會考慮這一點。我們看到平均下降了約 50 至 75 個基點，這是年度數據。

In the past, we -- again, we've used cumulative figures. So there could be a little bit of a difference in translation when you go back and look at what we've disclosed previously. But on average, it's 50 to 75 basis points. And again, that could vary by FICO score, geography, product, et cetera.

過去，我們——同樣，我們一直使用累計數字。所以，當你回顧我們之前揭露的內容時，可能會發現翻譯上有些許差異。但平均而言，漲幅在 50 到 75 個基點之間。同樣，這可能因 FICO 信用評分、地理位置、產品等因素而異。

Okay. Very helpful.

好的。很有幫助。

The rating agencies take long-term assumptions when they're rating transactions. And generally, when they updated on our performance, they've been able to maintain or in a limited case or two upgrade our ratings.

評級機構在對交易進行評級時會做出長期假設。總的來說，當他們更新我們的業績報告時，他們能夠維持我們的評級，或者在少數情況下，甚至提升我們的評級。

Understood.

明白了。

We have reached the end of our question-and-answer session, which concludes today's teleconference. You may disconnect your lines at this time. Everyone else has left the call

我們的問答環節到此結束，今天的電話會議也到此結束。您可以在此時斷開線路。其他人都退出了通話。