Earnings call transcript Q4 2022

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Patrick Jobin

Before we begin, please note that certain remarks we will make on this conference 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 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 that these statements are being made as of today and we disclaim any obligation to update or revise them.

On the call today are Mary Powell, Sunrun’s CEO; Ed Fenster, Sunrun’s Co-Founder and Co-Executive Chair; and Danny Abajian, Sunrun’s CFO.

turn to me let now, it Mary. over And

Mary Powell

well gigawatts energy really forward and strong outlook to you, you quarter Patrick. delivering call even delivering growing and looking with increased have I as with We and subscriber results our Thank net priorities this guidance, for about ended XXX,XXX greatly been assets. in to exited full year to XXXX. nearly as talk and by XXXX our net fourth XXXX solar installations modestly new exceeding of customers, billion $X.X X.X values. capacity our and over network We earning XX% share

year will our a great is I XXXX build am of this start. the subscription strong confident market momentum provides strength The off as model to on gains. share

sales are acceleration the also in even and rate continue this California, utility it the and growth early to We awareness our over trends, entire which but our offering. XX% direct is January funnel of of of growth broader Part business of growing seeing the across in rise expected in California. faster changes consumer ahead indicative of is

traction is attract best that result that one talent storage innovation. of also our on and the nation’s industry work ability is energy in to the with to especially provider, a sales eager the strong clean Our leading is leading

economic subscription service providing all guarantees, for subscriptions systems the clear with as subscription over contributed relative and of loans, a leader the advanced need the energy industry. have in uncertain of growing along growing for awareness the with advantages across to new Sunrun Recent performance our of the financing share the is offering. of value climate service with storage, trends XX% costs

in expect a seeing activities through will flow in coming and a it are activities quarters. We offering our shift meaningful in installation way the the in sales subscription towards our already

potential and adders proposition more accessible as homeowners to to are as solar subscription in swinging customers. the further making only this more other advantaged the even is model The even customer storage towards model, available in Sunrun is value ITC storage deployments. and leader the significantly

installed other have more country, XX,XXX solar any company. more the and storage than We systems than residential across

considerable customers skills storage addition experience value in to have the projects. designing, proposition installing advanced developed of capabilities systems and these communicating in We efficiently permitting and with more gaining

are leading given also we our suppliers procuring multiple believe hardware with We scale. strong storage in and our relationships large

are conditions constraint differentiator a as accretive and increase rate the improved was dramatically are as to advantage are competitive well positioned in not supply Storage year, industry, storage. considerably the our margins. last to supply salespeople storage and attachment of us eyes of Sunrun While have they customers and a recently for to we meaningfully growth the for significant only in solutions

Sunrun, At offering to we increase customers and continuing our to our further competitive advantages. differentiate are

in XX Puerto this a Just XX-megawatt the country. the form is plant to when we ago to across a virtual opportunities Rico builds PG&E month, on in way provide forged power advanced most. with This announced repeatable needed now baseload XX-megawatt a helping it we this plant plant virtual critical virtual collaboration months summer, announced power a with few just power

increased network customer recurring revenue the regulators possibilities generating and while utilities leading and value. and the of home our are industry showing solar We systems and leveraging distributed storage streams of driving

and progress dimensions faster, on making in we the better the stronger of Sunrun fourth demonstrated In continued quarter, all fundamentals.

differentiation. faced as over last the interest XX,XXX, net year. as subscriber can results cost improvements, which we rate value while ensuring of value so optimization focused and the of a helped customer fundamentals our work, along pressures You efficiency through with on even We us of innovation offset strong hard price discuss, and the through will continued this many Danny proposition performance record-setting this invest see of in achieved we

be the experience growing through we customer headcount worked of better streamlining that to rate. while at was great process one-third leading grew customers over strong only year, the This operations, streamlining improved our on Throughout productivity. a focus and achieved in while a installations on We experience XX% hours delivering throughout and and XXXX, a by new safety value. operations and to while The reduction driven quality crews crew maintaining efficient, size an the ways our improved our prior average part QX XX% spent we installation on found in of by year, the average compared more by to productive high standards. XX% as in

XXXX. declining growth. we will by than continue QX, to tremendously cost customers is discipline. while year customers efficiency of per G&A scale sustainable, team proud improvement each I in delighting and profitable our more know what benefits approach to a the am our of last to field and for and overhead compared With in reaching doing our and the our more X,XXX our everyday year-over-year, even XX% strong I maintained XX% also drive customer disciplined expenses We new showing

biggest updated reductions customers. gears in during significant proposal draft the tariff. to NEM pricing the exported The final was energy language dropped the The variable The California, the net regulators increasing the discriminatory with of proceeding proposition grid storage. improved updates. the Shifting of fee billing the policy dramatically will the as regulators proposed new day, fixed of finalization value from value to of since where dramatically solar is call the our back last initial on introduce X.X development approved and

leader earlier, storage noted and transition storage well this As I solar plus is Sunrun in more for positioned solutions the is installations. to

system, system offerings believe quicker solar this and a storage to offering, for customers exports value low-value offering self-consumption for and for value energy customers’ proposition We and easier a our and benefit. incorporates offering net we This increasing our launch to that solar solar install. new delivers California for will of optimize strong Sunrun. home the subscriber produced by reducing economics our the to with in new backup, will storage addition In be

mid-April, hard greater to working lock already we effective sign to help prior interim, up the to structure potential. customers in structure rate the In savings current the are new under in becoming in California even

result Combined throughout growing QX XXXX. and the in customer to anticipated demand funnel in record-breaking last California market. in country, following backlog response tariffs, expect will sales in the Lower with than strong the combination also early strong offering growing more long-term demand into seeing sales-driven demand expect compared forward implementation our but January, immediately we year. and expected are the to California innovative the of that We is of across installations and over sales this strong strong the sequentially we new to of growth with activity XX% pull smooth activity the deliver in

economic technologies to policy other are that Inflation areas clean encourage domestic or Investing increased the advanced and high high to unemployment the is On low-income to excited well with benefits Reduction helping we of Act. disadvantage matters, things exposure fossil economies production Sunrun by that by opportunities are help have communities, providing fuel-based do. all to created positioned

solar week discussed possible. low to the before, established so LMI have We, released in fast credit many see to administration’s have position will Reduction these low-income goal last communities as tax income we appears the to benefit investment Inflation are accomplish adders. industry, The in those objectives. in as adders Act many that three Americans to now dwellings and treasury and along broad we initial moderate as our disappointed to the wait multifamily As so across the from to much guidance encourage with

solar delivering the potentially the when already many risking likely capacity escalating most in of projects, and budgets the quickly utility many Sunrun communities. predictably rates mechanism are are drawn and delays long proposed industry a energy and so being As benefits allocate communities and delaying help and clean to need low-income the These household time to is particularly benefits these access that well-positioned have noted, affordable, out at are squeezed. the communities available critical gain energy to priced the to

We others work sure in the IRA and with legislation industry to with these intended. in way policymakers make will benefit to the the communities continue

taking are we the awaiting steps on domestic obtained. we treasury two act content, for adders ensure proactively to today energy from clarity communities can is once the guidance we and other quickly While are ITC

example, addition in domestic portion volume should, significant supply to a nearly solutions our For arrangements storage U.S., for into will entered from we XXX megawatts guidance obviously, have until in the supply leading to But our adder. for meaningful we content opinion, agreements in already from of producer allow to have produced of obtained. official a domestic qualify which is for wait the treasury module

consumers we to crushing on uncertain demand rapidly navigate team it utility continue predictably Sunrun fundamentals high and times. as for escalate and rates and the and continues focus the and customers experienced In energy priced right continued energy. these proposition to successfully focused increase to in strategy have place affordable, value of clean The summary, our

I make will the set team’s XXXX of have help the as proud of to to a certainly stronger for our ourselves in year environment we While share its we XXXX, last way a around macro of things rapidly quick us. am to actions to adapt brought Sunrun, At changing see our long adversity and challenges overcome company shape run. and

and work am team we challenge. confident more be to to sitting our idle that have is won’t I do, up We so the

faster, consumer-led the revolution customers I the so communities. final Sunrun single I create to energy for our the best better stronger and a sincere to hard and express every and charge working for committed is item, appreciation talented this lead only who helping to one our want and the is employees with that Before turbocharge all team hit my company Building is ready possible company day. and

August, least, his capacity, transition change timing announced in where a you certainly over update I leadership today. has Fenster, who Ed more since can also parental After a want family. right on the to management XX to role leave on been but not he with Last, young time to was years a we spend decided full-time

has deep as While digging role leader Sunrun direct that role certainly an he obvious, the in active in counsel needed. Ed and won’t team strategic visible invaluable will we be market forward. the will very our cease hesitate topics Ed making matters. on quite company, but remain will an omnipresent to won’t reports invaluable trusted be he know his he state play as and at day-to-day, will having the with To Ed continue played going

providing the his he continue leadership insight will will continue and in wisdom, and – to ways. throughout You from company so and hear many you him will continue

over so that, Ed. I Thank you you. And turn with much, it to

Ed Fenster

and Sunrun I storage. day small so leading and company solar great the you, thankful had have run grow impressed working the a people leading talented a helped am the provider by and nation’s alongside of the in and for Mary. out day out team attic into have of Sunrun today. It’s many privilege been who from Thank to flourish honor my of

parental on for And over plan being months, during to I more time formative to with travel also before them years want concluded I last a several my While that in spend important leave with months they the the few over summer. children I school. these are

don’t team key decisions, capital any is company participation day-to-day success. The in participate committed leadership management continue in extensively and the as longer key strategy meet I ever in family. experience success providers. position. are time is I’ll a deep balance focus and to meetings, recover believe Company value to and to highest across our my business. just in with hands. and be tremendous work is to remain of my full-time and fantastic as our that the in I both me spend very other with Sunrun my I on frankly aspects to strength to for am time bench leadership the not the Sunrun and believe has the all areas taking fantastic I involved right

company to few it’s significant am operating efficient as been the and The results an make your forward to last support by we for look grateful score move that volumes appropriate of intuition enjoyed great while transition. all net I this me for time I pricing. remaining company has in more part forward. the this gains Over increasing quarters, and and cooperated promoter operationally

financial update. of to I’d which, the call to turn to like Danny over the Speaking share

Danny Abajian

you Thank an cover team markets I that privilege. closely on and I a will your been so performance with is much, Working Ed. real capital mentorship our has in so and you quarter with counsel outlook. financial to along always receiving your away. update operating activities and our call a the appreciate our Today,

additions. for the quarter, customer approximately fourth results in to including first the were XX,XXX Turning subscriber additions XX,XXX, quarter, approximately

a subscriber total additions Our of increase customer period, additions were our small from the XX% last quarter. in

mix to recent the towards which in from likely of and Our ahead. sales indicate customer adders the available to benefits the Inflation credit solar more activities quarters in model the additions tax the shift only subscription Reduction are the subscribers significantly Act is

a installed quarter quarter capacity was XX% of megawatts greater fourth in year. the Solar same XXXX, than approximately increase XXX last the from energy

solar nearly prior For from year, was capacity XXX the increase modestly installed the XX.X% at guidance. energy year our a exceeding XXXX, full X megawatts, gigawatt

quarter, of approximately first one planning in Our QX. is quarter to pipeline gradually and while of and expect The installation although to down at our we teams installation the installations in resource is well year. the efficiency and to also sales high-quality remaining the driving and to maintain experience, to increase that We manage customer our committed pipeline, end activities of do aim metrics partners strong the pipeline optimizes increased a pace fourth half and work our performed installations. which productivity safety us allowing incredibly

solar XX,XXX and systems. installed We over have storage now

the storage only increased capabilities, expect provide increase rate dollars Storage solutions rates typically attachment backup ahead energy will margins, will quarters in value We higher carry customers optimization power by customer. and but rapidly not they grow thousand per meaningfully. several and from installations

As the approximately gigawatts XXX,XXX of to capacity, differentiator clear a for prior demand for increase Sunrun and ended to solar XXX,XXX X.X ability fulfillment with with superior Mary marketplace. compared operational year. energy the customers our storage We subscribers is QX an satisfy XX% installations in representing of network highlighted,

ARR, revenue subscribers life average of contracts at clean Our revenue, recurring we end with of most for remaining significant the XX $X an generate our over At or provide. annual years. over billion XX-year recurring XX contract energy or QX, the with under stood

a resiliency we successfully and historic financial installation a backlog. XXXX, face and adaptability large high rate During inflation, interest of the our increases, a of in demonstrated supply persistently speed dynamic chain

capital significant the utility own throughout customers. year of their pricing and increases We price utility increases ways efficiencies. input proposition their operational and were to sustained Because implemented trajectory costs similar to improved labor, created We fuel price in price through to utilities behind double-digit demand. pass our as attractive new value the increases rising customers, we offset high with for increases maintained an and found costs inflation

In over cost quarter. inflation. was creation Total $XX,XXX, of value a subscriber approximately creation value subscriber quarter. $XX,XXX multiplied period, the approximately to From million costs remained a value the XXXX was the $XXX is from healthy flat $XX,XXX, QX, XXXX, $X,XXX the generated, and delivering prices QX was net value of higher increase net or subscriber approximately by subscriber our despite in subscriber $XX,XXX value which number prior XX%, approximately in additions QX fourth our in increased equipment while by sharply general the and

subscriber value year-over-year. than net doubled approximately more $X,XXX from Our

which costs. and non-recourse our subscriber We a debt starting monetizes in of by advance tax rate benefit credit level measured QX, current the Inflation opposed reminder, capital tax of with systems of ranges a upon our reflected installation passage the percentage quarter, equity a provided Each value value. Act a as As Reduction XX% value as subscriber of August. to reflect finance XX% contracted we project that the for subscriber our provide in portion

ranges Our unit of net to investors of from allow sources, all XXXX, XXX% advance margins XX% to range QX XX%. XXXX XX% to fell advance deployments. the fees net from From and proceeds approximate rate obtainable QX on gains our cash rates substantially to a to

the over estimated the same per using ranges. our over these However increased of contracted proceeds by $XXX customer period, by because value $X,XXX increased also two subscriber we our midpoints

contracted as value market in used with the QX. proceeds net subscriber higher increase anticipate cost reporting higher total $X,XXX in throughout thus from as would to Because based already in customer which with XXXX XX, our reporting, rate discount subscriber XX%. by by in to our increasing Slide our capital rate X%, adjusting rate can the today’s see commencing approximately X% value of XX% of Given per lower XXXX approximately value a are X%, QX you discount and environment, assumption on rates, advance subscriber to we we percentage

net gross to is earning distributions prior of structures of earning financing is a receive assets assets assets earning sheet. quarter. $XX.X cost. assets cash nearly equity were earning equity Net tax to fourth gross fourth quarter, and maintenance expect assets billion distributions end assets time, all costs partnership and earning less from the now discounted X% flip million the measure and the billion at Gross at the capital and of the plus XX% project partners and from increase of an our to partners flows balance unlevered over $X.X end we or Net debt. $XXX customers at cash earning Gross to quarter. net Turning the were operating of

We rate assets the to earning gross calculate to X% X% also to used changes be anticipate from in subscriber how calculated. adjusting value the discount with is consistent

earning the we a million and pro in net Slide forma gross provide quarter On rate. assets $XXX discount X% earning using XX, ended assets We total cash. with

robust finance to continue We a runway. maintain project

As closed expected and of also for fourth was provide capacity $XXX Sunrun million the in us XXX selective for end with to what to megawatts unused of available capital over tax XXX to allows transactions revolving term non-recourse us equity the sheets had through of runway executed projects in subscribers beyond fund loan activity. of its quarter. be our quarter deployed in commitments capital billion subscribers. at $X.X This fund warehouse markets projects timing over strong megawatts today, senior the

now our Turning to outlook.

our on in be opportunity gains. in in net than upside the ITC cautionary transition the full year the result billing go-to-market by capacity times see mix and feel this higher growth which XX% of share more solar risk between storage is the air extended downside is California, we are range, will timing growth to with believe adjustments and but for year. new cycle installed early and sales ongoing expect activities best the tariff XXXX, We influenced to optimization the market energy achieving we conservative in side XX% adders to efforts. currently it in our implementation uncertainty stance Even in seeing, with tremendous currently on of pricing the mid-April We

extend storage will working attachment mix increase rate But seeing XX% storage the to strong our extend significantly prudently and to expect foregoing from remain will opportunity to growth and coupled XXX We times solar focused likely are lead sales and of XXXX Sunrun energy In installed without increased expect XXXX. the capacity XXX on in of needs. we The with range increasing our working we capital be in a in approximately XXXX. tremendous cycle QX, in managing backlog we megawatts. capital is

first of quarter prior all shorter The as the Due is to the see weather-related more seasonally installation can than new year typically our the over and limitations the entering days you selling lower quarter, historic activities results and nearly from exiting fourth years. lower year.

rate net subscriber using XXXX. sequentially in $XX,XXX to expect and be We discount a approximately increase to value X% throughout QX

For value comparability, net using subscriber over would rate, $XX,XXX a be in X% discount QX.

while delivering Our operations growth, rate interest unit fluctuating focus is on a and navigating margins profitable environment. efficient strong

well and will company believe discipline us our stakeholders serve and paradigm. economic last the Our the years the we has served for XX well current in

briefly Turning capital outlook. and to activities markets our

installed shared rate regularly we swaps capital on our newly to we’ve hedge interest customers. before, As costs into enter

fluctuations debt is rate debt. rate this Nearly from installation long-dated rate level fluctuations has non-recourse shortly We to around that as securities coupon, been customer are or principally near-term origination time either financing interest fixed through swaps. interest all interest with our hedged is insulated of after with systems debt of project financed installation, are our floating the exposed between rate

supporting loan a an team million particularly of The which recent rate and our previously benefit syndicated placed Because million debt executed end of the initial $XXX at At loan consisting lower. advance credit systems. sector $XXX range in a end interest XXX XXXX, rate below advance well, points executed term does the the rate not term of next million at senior carry advance portfolio our financing out observed XXX-megawatt transaction transaction, out a of XX%. hedges, an guidance delivering non-recourse pricing $XXX subordinated and we spread, this solar exceeding portfolio basis facility, high the from a transactions the money facility bank on securitization to such in benefited cumulative expect in slightly Sunrun rate this of that be the time

the improved. have Cost few has favorably as last of over capital markets months credit trended

mid-X% performance of using transactions. through to a us new calculated our have be We capital using we cost of to observe this to reputation area. subscriber discount our newly we rate. discount subscriber of multiple be XX% cost longstanding rates contracted calculated sponsor consistently continue X% with XX% or allows to as payment markets, rate and value selective the contracted cycles against performance our high-quality with Consistent on in trends cultivated capital and capital expect the XX% mid-X% XX% between the strong us advance range, X% still ready and deployed value relationships providers in with portfolios our The many a access capital of economic multiple to our customers trends affords and

the securitization new transaction in due start to next Our term market market be conditions the likely in as improved will much opposed to the to year. bank market that out

With that, back it let to me Mary. turn

Mary Powell

XXXX. I amazing for and I our appreciative team in am on transformation our Danny. helped the the adaptability financial am as purpose Sunrun commitment momentum faster, deliver and amazing fundamentals in partners. and benefit to that into of XXXX customers, year will an across the stronger confident better whose operate our hardworking employees, of to us the of hundreds Thanks, our country of focus for so continue our beloved our we make we communities

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

Operator

question comes Bank Dumoulin-Smith from Our America. with your question. Instructions] of proceed Please Julien [Operator with first

Julien Dumoulin-Smith

say. And ‘XX would on to the specifically you for Good done, time. afternoon. more Congratulations, XX% Ed. impressive. is look the Nicely Thank XX% for here, I

seeing – of Just prepared you commentary will? you of if you some considering shift, the share kind for of looking terms capture in on some depth a the side? the gain You guys your in ability are that little your loan guys bit of you to market what elaborate market Can said of share on that are remarks gains. that share

Mary Powell

hey, you. it’s Yes, nice Julien, Yes. Mary. hear to is This from

to So really the for beginning because well signs that, at fact positioned a terms subscription We basically believe value folks and expect XX%. demand. again, ability we the sort customer of this again, the its again, have we And feeling in good on to expecting really, based because, we more monetize the gain flattish for like are valuable of ITC the of customers. proposition year with of we Wood has consumer X% adders are to market year, like Mackenzie the of share to which it’s then that you we’re seeing are looking model really at clearly XX%

As growth. we’re sustainable know, very focused on you profitable very,

XX% again, are to at conservative. as reasonable XX% So looking and being we that

given some And really the up storage. and we Mackenzie, we also really pick feel products frankly, continue will is share. that and given which and will – of market believe is we a need call And priced. we to is So will really like highly we leader because it’s Sunrun reliable utility our year because, market are California, is in the very Wood in probably what storage our just power not as always be positioned Californians well important and be the product

like in are position. a feel So good we we

Ed Fenster

labor a as thing than hours calendar one we a as would – or just the XX a to get can add, XX% year, just reminder more take in days add this expect many storage do Julien, a installations to storage the more and increase installation can solar-only I because installation. one on take big as

– storage not entering And that obviously pipeline, you many we talking are we the in actually so pipeline. attachment significantly about pipeline. the the development growth the as are more the have rate, you the are when projects talking the about And projects increase rate, entering exiting annual

And so as there well. factor that’s in a

Julien Dumoulin-Smith

for How be see it’s perhaps talked to might say a actually cadence as of print. the only per XX,XXX I the XX% at through the then that’s the the what XX% year plus, mean to are Yes, you here, pretty about of ‘XX? related And say I you follow-up solid mean, it funnel early. you that plus does you XX%. course guys customer that, know I too? do little here. that that

Mary Powell

Yes.

one about energy more like, actually, things when have is storage really right that clean about we Ed’s about But again, company So we as it talked and we are talk how accretive response, on Julien, the we value. of well, more as is growth again, of to is becoming build very installed to capacity. classically to a think

at So the create important as storage can is look really, the And really year. really looking you… context growth in we Danny, of the through to additional value we

Danny Abajian

on just the net walk. value, allow do the me to And subscriber

cost in did the decline is QX time, that from And than in due QX we coming QX and said in prepared in as the obviously, a business. normal achieve volume if installation in $XX,XXX on And volume to some QX. leverage operating that we of reduced the mix that’s $XX,XXX between discount drop greater I As rate. grow the QX, over we see for remarks, period greater over at sequential year the then there would than be we X% been seasonality of X% kind in period. have projects. number in per customer there is we XX,XXX and is approximately or to as outlook guided grow like-for-like that in rate, to But towards there switch a and volumes – went to the basis, throughout And the through X% discount the higher shift sequentially the guide value would

Operator

your James from proceed question with ISI. Evercore West Please with comes Our next question.

James West

everybody. afternoon good and Thanks

Mary Powell

Hi.

James West

break I that, installations. rather between pure you at transition you I guys a installation assume line seeing the as guess, would quickly and solar. outgrows as kind want Julien increase are growth the that comment? early of to company you where to down Hey, just going follow-up than versus you what somewhat to this The was a revenue Mary. on of with your expected as growth, see just starts kind that year. more storage of, installation I top maybe residential his mentioned, correlation around Is questions fair

Danny Abajian

volume a more to is And in size take disconnect pipeline I there greater there jobs as from after few that Yes. that contracting. of the we quarters see few capability will line growth that mean, the and installation a against generally our so – there growth top as again, a we growth, of growth, expectation and install installation shift ramp up yes, lagging the an more hours. complex our resume is a is volume between effect a just the

James West

about And had in BXB business. Okay, a I then And you I commentary me, maybe Lunar just saw It your current wondering remarks going? on on some for parts be is follow-up and that to your Gridshare VPPs. okay. all moving the going release some I finding obviously, sense. noticed BXBs your makes commentary quick – the forward prepared press around switch your of And other to quality higher will you maybe that are or you your a is product, process business? was it software to in how

Mary Powell

noting Yes. that. Thank for you

Puerto to the as so with so We we excited more as that as just space. in so the about solar. an paired our following my the announcement, with particularly again, we PG&E virtual the announcement important future, area are see Rico work is as a to noted future we we look look much remarks, this storage And in power plant strategically

utilities have not-too-distant as in doors, I’ve have we our access get to about sort I more radical of to the think where the to the literally I to So that wanting collaboration I when day, and capacity. often regulators going banging talked we’re future down think, about talk

Lunar, So really their we transition capabilities. into long-winded way question are excited on your about

grid with really highly that in them. work performance this but really – working be incredibly only and So on capability just it we’ll well. we Not that are have share yes, they with through next-generation sophisticated, to their is going this great access program, working to find we ‘XX, excited storage we’re

Operator

Our next question Lee Please comes your with from Goldman with question. Sachs. Brian proceed

Brian Lee

Hey, Thanks taking the for afternoon. questions. everyone. Good

Mary Powell

Hey, Brian.

Brian Lee

broader of peers? related is are loan-to-lease And general point? acknowledging specific it that’s much here growth you follow-up. embedding to this highlight outlook what market year? is then encouraging, guess, had to down that, Hey, that Maybe California, you where from for would how mix for going? from for have I your and I coming just then then much is as super interesting is that that in share obviously states shift areas that back at invested of this non-California gain And the more just than how doubled your efforts, maybe a the going coming how And you everyone

Mary Powell

would a say, our at been as stronger. have faster, I talked again, has Yes, we level, met, about better, high we when have Brian, focus,

in always like the like at and going we every every decisions is continue market, the impressed around so our area. customer the week, data we making are team in So areas have proposition every geo in of looking and best I’m that like that value how with leverage one XXXX to XXXX to position

are all continue consumers. are we a are going we to that. we in, broader we the offer perspective So to to do – to though, are the definitely great mean from that interest seeing like all seeing for I in have market we markets what

around position in value really our really about are feeling California. because of tariff we really will good a also innovating help monetize that customers product in new the of feel the are We California

would it So I more growth to toss level give Danny, do with you that, to comments? specific want

Danny Abajian

Yes.

I market at growth the there the value the to and we out, XX% – I ex-California. will she it we’ve the as in more said well be great California, where expectation is in play post and prop think expectation rate April, moment. it mid-April towards see think we growth in seen well, will than have for covered in the nationally market what think but early that trend the California and higher still in transition lead customers the sales funnel Mary And that’s

Brian Lee

this you, as appreciate for to thoughts additional PVX, way high-level just or one well, even maybe all think some maybe from another color. enough. maybe to Fair Danny Ed to And on that expecting I transition were the Okay. investors I go PVX. PVX

this PVX cost ABS year? expect on in and volume you. PVX thoughts in just versus and then and ‘XX capital general trends Thank So financing what of costs you

Ed Fenster

Thanks question. the Yes. for Yes.

pro metric have also long-term saw So fluctuations is that to discount we in And forma. doesn’t I the of as every think lots as the quarter. well, need want we we quarter-over-quarter rate think for that – in doesn’t have to good the generate the remarks – we fluctuate and as said, explain a you reasonably

point fluctuating for to keep also moved for select just relative was advance And much of give and of was are year. rates to market comparability clarity we interest where constant approximate the it in in that X how we long-term to rates the place at good period-over-period moment will about we’re have were continuing subscriber the So value, at where allows on able around a install. us are at to rates, in continue cash mark guidance felt the at the system thought to something that kind proceeds time the in that thoughtful of any a to looking looking past, recent value, we expectations rate contracted to give on monetize but and

today into equivalent going will maintain are the to markets we’d that’s QX, new given weeks. that between We the be of proceeds And be observed probably mentioned to looking that at rates and which the that couple or that around maintain midpoint range, markets the we’ve last XX% of top range still using half where that given where an So we that expectation somewhere X.X% XX% X% discount for XX% range. number XX%, still the in today, rate. we with

moment. at in advance where an the advance standpoint, range on trending from So half put that of would guidance are things rate, the us the rate bottom based

Operator

Shen Our with ROTH. next proceed your question question. comes from Please Phil with

Phil Shen

if Mary, around of wondering I a guide questions. asked angle. different I the the it ‘XX onboarding the about and lot another taking and be think around guidance of the talked might conservative. you for the conservatism new know outlook, a from hit area want dealers. And Thanks being I been to Yes. I was reasonable has

there sense What’s imagining my base dealers. existing organic point. as a what upside dealers of at To XX% more with of could So your growth would well? inquiries is I’m new another fair activity Thanks. level to XX% this is serve that degree of yet maybe as maybe that your as be to amount jump that been the on of wanting and interest platform

Ed Fenster

flywheel attractive a definitely X-year would as period place together effects say, directly. operating the and with definitely relatively Vivint the seen now organic, put and track Yes. being to businesses I Sunrun we’ve seeing also an record, as sell more

it’s to say more So dealer-driven. direct-driven becomes driven, the more it I’d dealer extent upside that to model. as the And than we relatively would view

Mary Powell

Yes.

Phil Shen

Great. a activity those whether dealers of And externally? comment can or in on you not you flow level high from are guys seeing

Ed Fenster

us question with platform? With our like on the – is

Phil Shen

greater – subscriber. worked Are from not are getting Yes. you historically dealers that you have you seeing inbounds a like you with in because have your

Mary Powell

is answer If again, guess, mean Like you leader. the we’re like, – would way it I nation’s yes. the I think to we’re

We and described also it our strategy I and is to back worked we XXXX selective like, very we’re how disciplined. we’re again, how go-to-market in whole very

sustainable on growth. different more you So yes, path that again, our a again, profitable to focus and focused could profitable creating to to definitely we selective And sustainable being are we’re growth. upside. ensure disciplined know that super is ways But get we there see really on

Phil Shen

Mary. Thanks, Great.

time contributes are done are new can NIMX Thanks. your in result to it saw offering actually my in serve about volumes losing could value where your in strong of year-over-year. could actually subscriber how net grow in about it or and follow-up, situation on decreasing decline proposition year-over-year terms your California well value. like potentially in California, and customers when Most competitors expecting you California installations talk a a possibly offering talked but once this In new a are guys I has It Mary a sounds NIMX California. and this many of you

Mary Powell

for go year think in into California storage. Sunrun is I mean deep I Yes. most that this powerful around we bench strength have as the thing we

in the customers’ we’re again, So nation’s storage homes. leader in providing

storage. that have customers already XX,XXX have We

product, to really provides yes, easier So and install savings quicker great something up is for we’ve that customers. and with come proposition again, this

And our storage particularly regulators will the rest sure, storage. very one of the longer is a tail to were of reasons us and from history going quickly tariff, around and to industry, was of be that ramp capabilities we have relies be others. very which helpful it’s so and we of on But not yes, agitating powerful. I in we that adopt that going definitely, storage be mean policymakers last experience the it on the really some with differentiating to think I part a this to much harder year long for new is our for really the time think may for saw the leadership very,

in year. feeling into as the like good So we’re shape go we’re we

Ed Fenster

installations something quarters on or Mary believe sequential underscore across expecting in highlight just year. basis, we maybe that to of the installation mentioned the call, And on growth are an all I this

Mary Powell

XXX%. A Yes.

Operator

with question Piper proceed with Harrison Sandler. Kashy comes next Our your from question. Please

Kashy Harrison

And and Hi, good taking congrats Ed. for afternoon, the thanks then question.

So just first one for me.

the mix on are quick thinking loan one Just XXXX? guide, follow-up you how your question XXXX about in lease

Ed Fenster

call, is We XX%. generally to to prior XX% there we XX% to closer if XX% last on Yes. you And year, to said area. went outlook historically, XX% in look range. were the an the And the

the towards will kind of we trend more think saw the I historical business. the norm in we

Kashy Harrison

slide then advance rates, – fulfil. you looks indicated your with that you the – the you generate to question, And thanks And on working It my the follow-up based roughly, that per in it. Got XXXX? $X,XXX can have you thinking How like think, you years. million to X about million these I about $XXX capital been changes $XXX past during customer. are it’s

curious so just And thinking I’m you’re XXXX. about how

Ed Fenster

the Yes. footprint some in which then ahead The of the well associated the of as investment pretty working right, in mainly the ramp occurring of move say, QX. fixed the year meaningful operational with there growth, continued run-up balance the of of in the kind this chain realization sheet in attach on proceeds. see battery particular, and sales grow balance, as just in in you’ll supply would already capital is, I organization structure we our general as, in spend And that capacity, a with sales, the and lot line to balance rate. substantial the period being in And cost a growth results in a inventory incurred inventory with growth

Kashy Harrison

at? were capital your that lower to working you clarify, changes in just ‘XX getting XX%. than saying what Is Sorry, are will you that be in

Ed Fenster

also don’t would say of the higher have the It’s last of amount comparison, up, rate of that but amount obviously. XX% XX% the the cost So year-over-year. exact offsetting rate, number installs year I relatively XX%, that lower. I would of amount would suggest growth But the a is this value per but attach ramping the going per equipment up higher, job be being installation right? into being year installation would with Yes. of growth we’re be lower to the equipment

they probably there. factors So offsetting are

Mary Powell

to I the other confident have add again, improvements say Yes, help thing we the improvements I as will stronger, backlog our us, actually at faster, moving and that definitely better, particularly to we harvest just, vein look us still that team also operational would more in would like very of to help again, continue see to regard. the you’re is in through is efficiencies sequentially, that that will that going

Operator

Our proceed next question with Osha Guggenheim Partners. comes Please from Joseph with question. your

Joseph Osha

miss to man. thank Ed, are Hi, you, going you. we

Ed Fenster

here be for to call. be going I’m on Joe. the I’ll you,

Joseph Osha

Good. Good. Okay.

Mary Powell

him. miss may You not

Joseph Osha

I feel better now.

do transition, you this to of Could could How it installed think much backlog. obviously, X.X refer get? through of be California, in installer or obviously, you that. I’m terms September we NEM or April you say, trying to so? systems, whatever heard In a I’ve deadlines, get is, but installing the XX backlog sense

Mary Powell

months, likely aiming not I quarters backlog. is mean, of towards what we’re

stronger, the going to make as many customers So to pipeline I are us building is improvements see pipeline, we’re having was allow that backlogged. we a that last say, healthy question, we like to in continue we’re the become we’re faster, backlog resist shall we to that to as possible and what or and to trying going focused team again, like digest very better, on to this see answer still to speaking still back sequential

that So we’re focused through. moving on very

Ed Fenster

work we’re we kind year battery year to as last and that at as quarters gains you installations about on our were the of two more say think right? And would that If efficiency on record towards bullish tough those find we the business. transition is efficiency there backlog that peak, track and for through of throughout we the quarters, the I at through finding down gains the ability the I in brought well. track

Joseph Osha

given question, balance look capital, Okay, expect then we I that to around Should got And cash perhaps guys what of not generation to million sheet. see $XXX at about if XXXX, it. year, talk this or the on so given level working my Thank the did of I’m manage put you cash you. other hearing?

Ed Fenster

Yes.

did level $XXX I think the which walk, I cash moved unit think unit the level customer. we – by about per

was of So increases. lot margin offsetting also the a gain interest the rate

inventory, little working offsets I but a bit year. travel year the through realize capital the more we of we margins, a unit run-up the and growth from through the higher-value will better consumptive starting just will in capital perspective. And think, Certainly, I on as and think talked kind about, working we’re, margin perspective. volume expect preparation the we So be the sequential the off year in from transition projects see do cash we a unit for the

Joseph Osha

much. thanks very lot. a Thank Okay, you

Operator

Our Credit with Suite. proceed your Mandloi question. next Maheep from with comes question Please

Maheep Mandloi

question. evening. good taking for Hi, Thanks

expect or also on by basis that to QX? And XX,XXX any of a per sequential to Just question to going the the are ITC here? in customers year, QX NPV want like-to-like variables up XX% we a the just ramping one into the net it your where QX decline you back talked the through assuming for subscriber could understand Thanks. you and customer on value, but ramp it about versus adders

Danny Abajian

our of observation The rate piece obviously, good the A QX. ITC metric generate that the does around piece. not that. and get kind the high also guidance $XX,XXX the did adders gets Domestic what would realized. business content, is the question but we’re not not we another of when already those on assumed be the realization to reasonable realization it of of the new those address doing assumed. similarly material waiting on upside confidence But would last. as on last in specific portion who the will any Energy a that adder the that low and qualify, extent, income see of reasonably the timing have we would further To installs are upside more we to that number concerns adders with That’s guide on source. that good Yes. X% from assume the the that Communities is discount most

mix we and higher in of that and talked megawatts the a pricing be the also about, growth supply increase of there. realization install shift couple the battery related in hundred further that, will of we the extent To projects the then as As that’s sequential then have year. general, way towards the upside. we we comes confirm those out guidance almost throughout And a rest higher-value qualify the but to

volume the QX the on largely in are the will subscriber creation value again, the reduced All see metric realized on as we getting the costs and subscribers fewer growth. factors. of on cost the the But relatively adders we Also, installation contributing of an also as report basis, that expect top the XX,XXX and those some you sequential see operating and back, leverage for from you’ll operating doesn’t see installation into decline in on include relatively fewer we the metric. line upside

QX walk some So to leverage there the as considerations in QX well. is operating

Ed Fenster

cash the period the Ed. is all move And metric just QX number add activity as QX QX. This the because the to just in QX. also we more then customers than at looking installed I is of would costs from in sales and

a and more activity, installations in create have over As metric does which fewer time. sales the Danny of we reverse that said, headwind both

Maheep Mandloi

just it’s this or question story But investors, kind any been maybe but net view. I Should ways customer from on focus metrics question help Thanks. maybe a a to the expect or per metrics focus the Got of just Thanks. different on looking for generation. it. the NPV we subscriber and value around new appreciate of probably asked cash one then And point here?

Danny Abajian

Yes.

We Obviously, also from there is megawatts. if is the creation on we continue there focus metrics. primary to the subscribers. things, value – headline will one creation is of There

stable is also the dynamics per the GAAP to also that’s is get although financials an rate because unit into march ongoing we appreciating flow we something are throughout objective is generation that environment the last the and And keep did a the then forward evaluate unit continue also of we as the installations cautious value is like margins, our value as there cash simplify, higher One to ultimately, throughout is to mind to where of interest grow year. ultimately Ultimately, basis. standpoint place again priority, to growth being the in opportunity is been we year. megawatt a we – we’re previously margins capital probably kind it of on on but working also a of continue as grow discussed. consumptive from we’ve considerably and continue seeing, given amount also that

Operator

question Perincheril question. Biju with next from Our with Please Susquehanna. comes your proceed

Biju Perincheril

question. Hi, thanks my taking for

factors there to Going of some shift sort share first growth the you XX% bridge being is other well? all the from back [indiscernible] quarter of to so guidance, the and or Is or as XXXX installation towards to the the of can sort gains that growth year. X% systems more in market there XX% for sort

Danny Abajian

Yes. comparisons can look so percentage irregular. decline Again, The quarter-over-quarter, a QX past in at across The a we can bit. if year-over-year a you bit see QX fluctuate periods, look can look typically years. little QX, little decline year-over-year comparisons irregular if bit from the become you a

opportunity, So the there that capacity. as grow period to risk to definitely, all at volume ability annualized but again, we we’re the we And from opportunity that more is to downside volume we’re had XX% seeing more specifically, realized extra think sequential the again, comes seeing upside fulfill expecting get than extra range. a the in our the growth to rate, build and that to where XX%

Biju Perincheril

impacts Were else? quarter weather in there sort abnormal from Okay. any that or number first of anything

Danny Abajian

our delivering weather, A strong of, the bit unusual. our against we Not bit nothing pipeline, strong – a unusual. obviously, little of a of the lot growth against little guidance like accelerate but did

Mary Powell

of seasonality a Yes. just lot that shows up. No, is there

Operator

question Steve comes your Wolfe with question. Fleishman from Research. proceed next Please with Our

Steve Fleishman

adder would IRA I qualify is you in someone later low-income for for Thank QX that a so thing Good first go capture you you afternoon. on? guess back added and QX, you. adders, if that Questions or community the can find adder energy or you later the on the on

Ed Fenster

is income little on As which unfortunately, the January currently inconsistent forth, that read with the does set we currently as a set and no thought X. low the piece, answer, was legislation,

be upside planned again, So in, for here. it soon but as as not that will have we kicks

be On require is sorts the particulars but and think four – how would energy is how X, REIT communities, and qualifications is which the stronger exact the geographic than up. intent guidance. January the things more quarters of Those are big the the I that picked are big map, of the nuanced

Mary Powell

thing adder. Same the with domestic

Ed Fenster

a tax certainly And for perspective, appetite would Yes. investors happy the our it they value credit that happy tax from and realize funding have to be investors be pay would equity in the advance. the provided

Danny Abajian

question by What confident we law that box. Just law? can check to on And constraints, your available it’s by it. law low, – monetize available the a pretty is by is we working it it’s right, if by it it clarify if the can available we’re as available monetize

Steve Fleishman

much much later that of retain? other how next of amount availability think How is or away competed my is is you customers the in likely i.e., retain And as get of you you good to Okay. the it question you just year can adders then kind a or it can of do these? risk think about that the being year.

Mary Powell

energy end mean absolutely and able the on in Yes. as the feeling a likely adder, adder. and remarks, when think of it’s well two adders. more the what advantage exactly to the likely what kick the dialogues an will we’re content areas about like doing We low and can it. said outcome likely is we are income for those the in the domestic the ‘XX. a know going going it’s going in kick given income domestic content the like of communities issue like we’re other what energy feeling in, the But in. moderate opportunity applies amount communities already we’re the like different could against retain positioned we more It’s final we my one end like of and adders And moderate are who really and is are of be size the timing. again, think into we on of of take to like up being we on will feel we I of to business ‘XX definition low adders And I good sooner sure, that by knows,

Operator

proceed with with comes Barclays. Our Christine question. your from next Please question Cho

Christine Cho

off my take be for will will of cadence you take question. NEM expect think really wants just we taking the months. grandfathered wanted you Thank year aren’t a throughout installations someone assume a battery. looking when I to about would of if that you couple the for the I under place start But in they it that to X.X mentioned that California,

loaded especially plus year? we that it think solar be more should installations if applications X.X longer will so by logic, over should prioritized And will storage to takes back-end those So installations, plus that do that be XX% solar storage this those? the we think

Mary Powell

Yes, to pull it’s think past Yes, rate April we your forward to we’re a will XX, lot. for definitely, be sure. a absolutely I that of once to seeing point, demand. point, get mean, I a logical seeing higher we’re believe attach there your

builds. our In customer and how cutover now that being in clear them terms required how we pipeline trying the of before are expectations, now that customers to pipeline the to we installation set manage as we’re like get to really time that with get

customer can technically of focused requirements making that it’s customers that on course, cutoff count we’re, an having experience they for the all sure date. we’re that meeting and in those the So very, very so made amazing pipeline

along in be of part terms they really our we much prioritizing in customers that’s important it. of order also pipeline. came But very moving a into So in will which the it,

Christine Cho

storage for customer about kind because value California? is don’t there subscriber of plus the I like in anything the a solar provide a of question, you difference easy plus solar to is installations subscriber storage then this answer Just customer And versus customer solar it might is can customer be an for know but Okay. higher. there down, as think but offset how is around value we in

Mary Powell

XXX%. Yes,

Ed Fenster

like backup, for in product. digits out getting be low battery margin per customer the a Yes. with thousands incremental single in would backup the the customer, a

home, the they to number the Of course, the on the batteries they vary have, will want up. that of loads back size of depending number of

number, So with probably average but big a that’s more range. of an

Operator

from Our Corinne next Deutsche question proceed with with comes Bank. Blanchard Please your question.

Corinne Blanchard

Hey, you good taking for Thank afternoon. my question.

months? Just one power in next Do pricing. you follow-up also have of the I couple room any mean over pricing still pricing increase on for

Ed Fenster

environment one Yes. monitor on the macro hand interest rates the We the to rates continuously respect on utility and other with hand.

done. continuously we’ve something that’s So

year talked we a year, was exiting As as that about transition. of we environment we talk rate last last declining to an about more had pricing were event and

transitioning dynamic. today, and the gets constantly own think how at as a and we’re to fully And is those it it is rising industry two optimizing factors looking volume our dynamic as I whole rate on And into as environment well pricing. profit.

looking factors So specific national a and thinking but perspective I would it a as kind say more from to of there being geographic opposed about we’re thing. of of at kind as and those deliberate all is opportunity,

Corinne Blanchard

weeks over expense, California your as well some intend on like question next few I increase maybe that it of or few Is the next And more sense. but you do if in have missed it investing can I growth. to color and to support call, what earlier just further makes peers provide you then I heavily the know had, Okay, commented months. you expect on the

Ed Fenster

the that related equipment you’ll cost think again, cost see battery. into increases going higher to, the will ticket jobs, I higher price is equipment be which or

the time, flat. cost that So that. But rate, on over for the of last offsetting and continue stable we throughout more saw remain But you generally general year, of from see installation of line at see equipment dynamic the if value costs a just going increase period subscriber prices efficiency period grind that the attachment against to that kind equipment on to you’ll creating increase. you up, prices but going also bottom a year up, expect gains we’re side net continue to and this saw in you look

Operator

from question. comes proceed with your Financial. Please with Northland Sinha question next Our Abhi

Abhi Sinha

Yes. for my taking question. Hi, thanks

you something Rico, Puerto in also of your have the do that I’m said on trying you anything Is that $X,XXX Rico Rico those X of expect X when mean, value I Puerto just What market Puerto on two now? think Rico just and contrast impact what in that plants could I in And So next it versus what to the here. share to agreements Rico, progress Puerto with PG&E I wanted the span you in Puerto mean I share, lines? in to VPP, whether compare VPP if per is a – PG&E from it’s you I’m years, like your about what’s NPV. versus comparing something you get? understand customers? what [indiscernible]

Mary Powell

Yes. incredibly for important is some post in your one Puerto I in folks context Thank with to from been deploying with power a also lot, actually you. panel so I important It’s really Puerto how all Rico, folks the of speak our Puerto is a Rico Puerto the spent there our future market virtual They Rico the span attach incredible from we’ve – one the that of plant high say an just down like to I us. and like I to, rate. are in it’s point, have storage to Rico. cards perspective. a they time as partners mean,

need in Rico’s really we’ve of Puerto the doing desire really transformation clean the the innovation technology to So been for been and context there. Sunrun leverage bringing that energy and strength utilizing forward-leaning of we’ve

in very, are Rico. we the very So Puerto bullish opportunity on

the capacity all We’re I there of with we we what Governor leverage a Rico with channel glad work I was when how perspective was that we’re Puerto to panel do in grid so able one that meetings and his about and many the And team of from to bring of point, helping expand. perspective. to excited have was to so capacity really storage leverage we from very your incredible that and a partners

is work the the be system systems done managed Puerto we really take more storage in we’ve can help leveraging grid the going we online so Rico. more to solar already that do really how how transform plus and rethink So and

very a important it’s yes, for us. So market

Abhi Sinha

we in in versus that X comment now market terms X, years? you put expect Any what might share have you of

Mary Powell

I to to go expect mean it we continue up.

Operator

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

Colin Rusch

for Thanks you. this Danny, and is one so much. Ed

of able Just cost durable around how around this last underwriting that’s a assumptions, the advantage. financing, of that construction, portfolio bit lower Is the those better little and bit trying of systems like things Just field? capital in little cost what’s understanding are? capital a get can push enable helping a it you of performance to the talk advantages about where happening the with to you’re

Danny Abajian

Yes.

move, directions goes a sustained have very while when fact appreciate of think multiyear markets spread signaling move especially in well. It’s debt of built time. that markets I for to for a obviously the execution credit valuable as than can was deep kind capital been that faster a environment relationship really in commercial capital both rising we move and be in the markets last the and the had as We to and strategy. we bank that that we’ve that one periods And relationships decade. those almost us markets

side, would and that move that the to to where where just I fluctuate ABS bank and be side to spot and period at of – our that markets throughout a underscoring the ABS spread back as the calendar we access multiple to up us scale. on to key deals year more the in quickly can the transaction, today, shift deals where our have balance market say our where and on we the forth was similar bank nimble we Allows So of executed throughout driver kind both

Ed Fenster

well. the tightening, long-term in what’s dividends, then when strategy benefited the with with think in a and Danny relationship respected probably bit relationships frankly, all a fantastic that pointed a understanding according market, happening that and we is being more as than leader having a a and setting pays little as from strong in markets I out, Just market

Colin Rusch

you will manage are functionality I’m Okay. the specifically control value And multiple really guys curious or VPP of guys capture to you the that are assets That’s then seeing as emerging control that meaningful still granular if – hardware of system? the to helpful. or and and real innovation is layers you on working that are with. side, But any it’s super those that system for really guys need obviously, to technology really about that software there meaningfully out really contributing you as the at

Mary Powell

that find mean hit the virtual we’ve – when virtual a been software Sunrun has, for I like I of LUNAR doing was – make years power launched Yes. mistake, no But it’s work strong. a yes, a very the we this VPP culture the It’s mean this been honest as we And plant X the years like plant doing I’m I utility technology it I power bigger what executive improving been to quite technology can really the do has of and with in utilities for existed be bullish like in challenge ago, is that’s time. the context. advancing. long the on and LUNAR you. more has space

the future. of direction really we’re these used the because, be no distributed demand excited to for assets grid again, increased it about to but of see help I So kinds

Operator

of have your conference. our This We today’s for concludes end Thank reached question-and-answer you participation. the session.

your disconnect at lines may You this time.

Sunrun (RUN) 22 Feb 232022 Q4 Earnings call transcript