Thank you, our with an in will performance update the Mary. quarter, financial capital I outlook. along operating Today, activities on and markets and our cover
volumes delivering and way. financing leading in and storage with strong appropriate Our growth team efficient is our an
for on first Turning to XX. the the quarter results Slide
We have now installed systems. storage and solar over XX,XXX
storage the attached periods. in installed sales XX% attachment to Recent We future been continue [indiscernible], grow of which rates should will storage installations systems ahead. higher quarters have in expect substantially drive approximately
per customer. typically thousand Our higher dollars storage carry offerings margins, backup by several
gigawatt reflecting topping end installed to additions quarter, XX,XXX During solar of Customer increase an megawatts of of our XXX% hours. over total and additions. XXX approximately the storage the capacity range the approximately guidance In XX,XXX, fourth the year, was significantly quarter XXX quarter, X.X same we including guidance capacity of installed approximately last to our XXX-megawatt megawatts. XXX storage network subscriber were energy and within hours bringing capacity high from
the XX% period. highest and deployments increase subscription of years. level XX% our Our quarter in represented the many last in from mix an
solar customers representing network XXXX capacity, of XXX,XXX with XXX,XXX an ended of X.X year-over-year. We energy XX% approximately and gigawatts subscribers increase
provide. under generate subscribers or for XX-year revenue energy clean XX- most with we the contracts recurring significant Our
billion, over At average of ARR, $X.X our nearly the We years. the remaining XX% revenue, up an last at year. end had or stood period of XX life same over annual QX, contract recurring
and XX. net value delivering In value was approximately subscriber XX,XXX Slide approximately creation and cost to of a XX,XXX, QX, Turning was subscriber $XX,XXX.
Total systems the value investment generated, the by the from Energy number adder. the adder Communities QX and subscriber benefiting was is value in the net for which in subscriber fourth tax million period portion the of XX.X% value $XXX of blended reflect subscriber ITC credit, a and Our the low-income multiplied value additions a subscriber quarter. net eligible now
for Our are present capital a accounts but X.X% rate, financial costs, our presented already area. current in underwriting our which the is using value-based metrics discount X%
obtainable the periods, of interest margins As do we advanced Instead, to we frequently. rate enable net discount rate our rates unit generally reminder, the reflect cash ease a enabling deployments. comparison investors update to calculate current provide that across not ranges on
provide cost addition, net pro value quarter. In forma the subscriber using we a capital the for observed
$XXX total X.X% rate, At was was X,XXX subscriber a net value and million. discount value generated
We future costs from price tailwinds increased variety leverage and sequential to volume, value from growth labor subscriber and in realization orders of lower periods the of expect from higher ITC net factors: additional attachment rates volume efficiency operating storage in hardware reductions, following growth.
Slide XX, detail [ the ] hardware ITC from On and tailwinds adders we costs.
cash adder adders in content on final continued for has recognize or are what government proceeds energy communities be realized would the pending the adders domestic approval content issued. from During still to Proceeds we the will QX. each expect in fourth on Guidance from quarter, to expected while quarters. application, been adder, which qualify late the for awarded coming QX we domestic are low-income the proceeds
awaiting However, we year. sometime processes additional are still this rule-making
Combined, million more cash adders rate run annual three or in $XXX to these proceeds. represent up additional
our continue through which as see are We consuming key gradually higher decreasing flowing components, we hardware reported inventory. to our finish prices cost for costs
costs. but beneficial carries install in of therefore, hardware decline for the On are a quarter of by peak increasing $X,XXX and costs per basis or will system mix over this which and end with net higher These nearly solar second storage, margins impact battery may be to XX% an year, backup and their by trends costs increase a XXXX. like-for-like of the creation from hardware obscured by system, X.X-kilowatt expected
to Turning Slide XX.
at ITC a adders We expect the unit hardware show presented have realized, we forma if margins cost net potential impact forthcoming fully [ along subscriber from with pro tailwinds to ], value to mix these the the in rate approximately quarters. a with value Based X% on QX, XX,XXX forma of in our net XX,XXX pro discount business a rate. subscriber benefits at discount was the X.X% and coming
of Gross and discounted fourth gross net the and cash quarter. expect Gross a partners to partnership maintenance Slide at structures, to to and now flows cost. time balance partners all X% earning earning and sheet the of assets earning distributions receive from net equity of and Turning were assets the equity we financing end to capital $XX.X is XX. flip our project measure subscribers distributions assets operating over billion tax unlevered costs, at on
assets our derivative services in these reflected base, rate net of were we additional Net retrofit opportunities does and additional to debt. billion and electrification of Net value. metrics. earning grid assets not by quarter. or is $X are $XXX quarter. other end including represent plus related value fourth creation selling Net our earning assets at customer expect swaps, or Net gross construction assets which less inventory the million increased assets all progress this earning include and services the our not earning The interest products all assets assets offering to earning from upside storage cash future
interest to long-dated capital that of is either interest enter insulate our hedged have debt fluctuations. rate from been The loans programmatically or floating swaps. majority costs fixed coupon into hedges vast with near-term our We rate adverse securities rate
new As such, not do assets adjust the cost current for in installations. net rate to earning used discount match capital we
of $XXX quarter million an the cash, quarter. prior compared the with to ended million total $XX We in increase
to activities. our capital Turning markets
last We we in considerable over been shareholder few optimize further arranging ways have believe long-term drive growth the value. incredibly and can to balance our capital support sheet our active months
securitization and before in warehouse support market. revolving scale. term have We asset-backed to facility financing This upsized raise extended successfully nonrecourse principally our finances senior assets the out facility temporarily we our
the was April the the of We from to $XXX facility by and by X $X.X years spread million effective The February extended billion $X.XX from billion to maturity size approximately increased XXXX commensurate XXXX. credit for lenders. set recent the basis relationship increase advance diversified facility a to out continues The transactions with securitization with market in nine of points rates. movement of XX have similar term
fund terms improved afford more other certain that flexibility achieved mix. anticipated also product We geographic future to our and
has exploring transactions, also facilitate is calendar our pool undertake, including planning now a to deepening execute as to the relationships a That market decade to The the put are of options partners equity tax tighter which utilizing tax track ITC recently, rethinking the equity timing been tax spanned of continues increase ITC fund traditional exercises along structures commitments. can impact have the a fact owing of our size transfers. believe by continue team us said, to tax a partners and of which that Our year available over our long-term to record structures good This large structural arrange well that we with buyers. transfers sponsor the equity in position to that many funding.
amendment. subsequent warehouse in loan us of what $XXX senior upside to closed commitments revolving of over XXX quarter. executed or the nonrecourse expected forma and would reflect fund fund to XXX transactions approximately tax subscribers. capacity for the its with in megawatts at through term projects pro As unused deployed sheets beyond of quarter, subscribers provide This of the today, and end was projects unused had also available megawatts the equity Sunrun fourth million amount
strong transactions. Our in allows runway us selective capital timing be to
with rate portfolio and was of closed In rated costs a last million private priced February, stack we subordinated X.X% demonstrated approximately The in ] We senior with [ was full XXX.X resulted a XXX placed of capital well. financing. an on with in priced spread. $XXX average ABS was a The cumulative A- the weighted investor points This September with as loan capital point advance $XXX cost that ranging spreads credit all-in another improvement contracted transaction also assets yet broad along private investors metric in our CRO as use value of credit in interest securitization of the of was subordinated XX%. a and against The over shows measured million a our from basis debt basis nonrecourse spread. and declining investors. with strong set by subscriber our from a growing a
parent to capital updates side, share. of a On have couple the we
high sure leverage lowest parent lines. and is unexpected managing maturity early across conditions capital strategy financing of flexibility the is generate debt terms and while make drive appropriately of It to facilities extend time overarching to to in cash the to asset enterprise, navigate macroeconomic our Our have cost volatility. to we potential level prudent supporting
working chain strategy, as refinance upsize the XXXX. been inventory as to especially substantially Consistent XX, the recourse in capital that to option into the facility, prior and $XXX.X we million working line closed September with with reduction have of this facility have is million needs our the capital an to $XXX.X size the supply pandemic-related reduced we million planning we The to recently from challenges with reduced facility We business, the past. reduced in $XXX extension. fade to
We November XXXX. facility amended January the extend from maturity the XXXX to to
extend meet points. a this that included spreads tied grid-based can time. typical provision. without March any now also This to XXXX, XXX facility the pricing maturity We from will ranging to for to utilization the with feature at we refinanced be further basis should The XXX has requirements penalty facility
Shifting million coupon we in XXXX, of to that zero issued is In February convertible $XXX debt. XXXX. our debt due
believe deploying area these and have final in the During of taken shareholders. to into at principal we QX, value These low QX opportunistically par repurchases pricing teens reflect levels market nearly million accretive to healthy are a discount by $XX maturity, approximately significant and dislocation of a bonds we yield $XX the the of open repurchasing million. market, to advantage
and proceeds convertible are for to use offering. on that refer press to release issued the information also transaction launching million the cap proposed a we call I we mitigate is will transaction the dilution. you of release intended more that indicating afternoon, read This a debt $XXX
million outstanding. $XXX have convertible we of XXXX today, of bonds As
to in previous bonds buying reduction debt. a Our net resulted XXXX transactions the
facility and balance about million our capital recourse by opportunity of debt. strategy with is of that prudent reduced recently working contemplating $XXX sheet also quantum We being with optimization consistent duration this the our
the financing. maturity execution decline issuance schedule will the a XXXX asset-level appropriately capital notes, provides that by cost recourse consumers increase, prioritize in and the convert is the and cash recourse indebtedness the parent and cash about be finance total position while costs flow-producing backed dates, balances either repurchase our assets use to of This high material sheet, interest When credit unlikely to of debt cash flexibility. on new nonrecourse either we of or of think lowest extended and balance could Depending sized use and the significantly. strong debt we direction strategy maturity
adoption is growing by products the and storage Turning on now services. we to outlook XXX high-value other very a backdrop, to The And this can long-term further underpenetrated, decade. to installed sustain generate across Slide values to XX. XXX-megawatt hours to represents expected be remains Storage we throughout our by and XXX% market by is year-over-year. customer robust reducing business. growth costs continue XXX% to capacity QX. our cash strong to growth through In in increase range this of and in believe priority efficiencies continuing driving demand This
the of hour year, expect reflecting we in gigawatt growth XX% to full range For to to storage a X capacity year-over-year. installed hours XXX-megawatt XX% be
XXX a is represents megawatts to energy decline range approximately capacity be XXX at Solar QX. midpoint. installed in the expected of QX a This from in XX% to of
QX. year along sales QX, weather-related to in on QX installations period activities based in to the typically is the and with QX constraints seasonal lowest of obstacles
QX, from declined no this every QX year reported volume, our has and we've exception. to year, volume Our is and
with California the continued fact the effect are the of we comparisons Because early has the Arizona. exited addition, of year-over-year are in in affiliate XXXX, segment in less a relevant QX. we slight demand partner that along pull-in In in exercising discipline
will QX the that growth We rest and QX year. expect very confident sequential into robust we point, volumes low and of the the are mark
our installed our go-to-market X%. share For in market approach the capacity the disciplined offering of the strong full results. delivers year, we to strength range represents X% subscription expect and to gains up solar of be as down This
mix create XX% in total we this increase we by input costs than the larger. Resulting in greater XXXX. higher much value with as subscriber XX% than generated in and will of value growth XXXX greater forecast will offerings volume declined. values of We in Our our increase of growth be value
Slide to XX. Turning
and capitalize in our We disciplined expect long-term allow focused our with us current generation on our will focus opportunity XXXX. to cash on strategy
to consecutive of We expect generation. achieve million we $XXX are generation cash of of XXXX. the second which fourth quarter cash in cash reiterating positive our annual quarter recurring by range quarter, fourth $XXX the to in We million generated the
latter cumulative generation QX project expect positive to the point, XXXX. mind, to which inherent lumpy in to financing fixed of a this we To and QX, based of cost quarter-to-quarter owing of can in cash on from end lower be business. result have volumes, generation Keep generation continue financing absorption. XXXX expect We timing in to cash our activity cash the be lower timing in worse the and seasonality through
refinancing on In we warehouse reduction the rate facility new advance our addition, as will the a result to onetime in facility. assets reflect cash in
on the Our range assumptions have outlined is generation Slide XX. on cash of we bottom based
to With back let me turn it that, Mary.
