quarter, operating financial outlook. and I Thank the our in on with performance activities you, and capital Mary. an along markets update cover will our Today,
the Turning for first quarter XX. to on Slide the results
during reaching the and installed have systems storage solar over of now with XX% We quarter. installations storage attachment rates XXX,XXX
the for rates or We values remain drive to continues higher. This storage next quarters. mix subscriber level attachment higher of higher around to slightly few this net expect storage
end During and the XXX high quarter of megawatt hours of quarter, of the same installed we our to last above capacity, the compared guidance an XX% year. storage increase well
now network is Our storage total approximately X.X gigawatt capacity hours.
at XX,XXX, installed megawatts. quarter, Customer of our XXX subscriber XXX high approximately megawatts In XXX the the third approximately of energy solar to were end capacity XX,XXX guidance additions. was including additions approximately
just the over increase in network QX approximately solar gigawatts ended Our XX% customers X.X XXX,XXX of with subscribers, energy representing XX% year-over-year. mix reached X We capacity, period. million a subscription deployments of and
years. recurring XX-year average same contracts At energy with of the XX- the over clean nearly significant had generate our period We or annual year. stood XX% of revenue end provide. remaining $X.X over XX revenue, last contract or life at ARR, billion subscribers Our QX, recurring most under for we the up an
and tax battery Turning This and value was leading net improved to from investment to fixed $XX,XXX approximately result Slide rates cost growth credit higher a attachment absorption. commission of $XX,XXX XX. was was In a higher value level approximately average strong sequential cost subscriber QX, delivering volumes, $XX,XXX. in subscriber
of QX by is the credit Total value million quarter. which tax was [indiscernible]. net Our value in the which $XXX period now generated, value net third all subscriber and the multiplied additions ITC number in value the blended XX.X%, X subscriber the subscriber investment subscriber reflects of includes
already approximately cost our X% our in X.X% value-based presented QX. which current present metrics accounts are Our capital, using financial was of rate for discount but underwriting
As enabling net calculate this reflect advanced rate to ease our the rate approach of ranges provide rates cash frequently. enable we that reminder, obtainable periods not on a margins updated the have Instead, deployments. discount interest we historically taken to investors unit current across and have comparison
net In subscriber have flat, value costs X.X% value cost declines largely was value of our net addition, we hardware higher pro offset progress cost was and discount using and storage costs see generated our Efficiency XX, increasing growth subscriber leverage value total $XXX and quarter rates. On creation while can at the higher Slide ITC to strong value forma improvements $XX,XXX observed a capital keeping you generating the attachment mix increased coupled through subscriber costs higher rate provided expanded with for operating the largely levels sequential subscriber with associated values. from net volume million. return
QX expect and trends will We XXXX. continue these into
now earning balance Turning growth to in assets XX. sheet on our Slide net and
the Gross flows not all prior and distributions cost. construction earning earning other gross quarter. cash, interest assets of hedges, derivative assets earning over the measure of does to or to project of assets $XX.X million the equity distributions financing value. X% is of related $X.X assets is include any quarter, were progress net from partners third of the at from to which assets the plus debt. at were all assets additional and expect end assets $XXX maintenance discounted all to less rate time, receive capital Net unlevered net Gross tax up assets, subscribers end at inventory, third costs, operating earning Net quarter. represent the earning billion Net partners earning billion and a cash we equity
long-dated these from value not and recent is products to of future are run-up rate our to near-term upside The our services strong creation a service is selling in interest the in risk loans securities vast fluctuations. costs or customer with coupon from been we either management The of have majority into metrics. rate our enter approach. expect and of adverse reminder grid hedged base treasury value The programmatically debt floating interest additional insulate capital rate yields our hedges opportunities We that swaps. reflected prudent fixed
installations. do for capital such, discount adjust used As current new in not assets match earning rate the we cost to net
Turning activities. to our markets capital
beyond with of As us capacity closed of provide deployed fund expected through sheets megawatts term subscribers transactions to XXX for equity tax today, third quarter. approximately executed was and projects what the
subscribers. approximately In available unused XXX the by have also billion of for nonrecourse megawatts in commitments, revolving unused warehouse matching also scale growing million fund -- loan $XXX have million projects July, $X.X our We business. we over in warehouse in of commitments would our our amount loan. we senior This expanded to $XXX
runway out capital strong be selective in Our to term debt and allows transactions. time us
we overall than with publicly average environment. of rate. spread The the notes. yield transactions, balance Residential was higher servicer X capital. have XXX an was to last residential performance our credit X deep and initial provide average of priced The the the transaction points credit and were Since industry-leading in the we classes XX.X% oversubscribed the The Class-A continues start A+ attractively separate Sunrun's that line ABS spread a Solar million closed marketed. year, represents and transaction structured of spread The access notes placed a XX rated advance Systems. of including was originator of was with publicly points solar as closed X and Battery securitization weighted September, In assets $XXX weighted to X.XX%. basis basis
transactions, debt to Similar cash capital capital above by position prior debt finance think recurring our raised origination of nonrecourse cost nonrecourse to financing avoid use the provides the and highly is of the intended we balance and a use activity. rate which backed subordinated about When consumers lowest asset-level assets recourse our prioritize XX%. advance creditworthy strategy to cumulative we additional This parent strong cash fund sheet, increased we to financing. flow-producing to
the some lower The terms matures. million continue at sale buyers' of generation guidance cash in transferability timing, and payments, vary in on but slower Timing a with higher pricing, $X.X some with as the positive of in of payments. was play tax depending market consistent generation each Cash cash QX, credit our realization resulting and timing return faster factor tax will grows prices with but to generation.
Sunrun according to Our transactions future timing. principle, instead for the periods. the approach optimize delayed to fastest value for first this cash generation We realization which to payment is of best QX executed from
solutions in participants as investment, of transfer our over the increases, we expect financing market timing number and efficiently this We bridge that there and more the capital accelerating credit proceeds will be coming of quarters. cash the working create tax realization predictability will
debt no corporate maturities. have sheet a balance strong with We near-term
million to over cash consumed declined We Total We ended $XX total by million March have as notes from to parent extended our working billion recourse reduced cash end $XXX outstanding March. in our at today, We $XX a maturity the notes And the of capital the quarter as prior debt these quarter since of million XXXX. already XXXX convertible have had over facility with $X quarter. we in as $XX of cash. repurchase of the we discount. $XXX million of million
currently to have of set $XX as outstanding today. repurchase million principal have into We QX and continued this of
recourse of this At capital early March establishing working XXXX. maturities $XXX addressed the of accounts corporate year. QX, to to of the We notes. our $XXX balance, to the the restricted to our of remainder to XXXX our in Establishing debt extend million convertible cash maturity ability repurchase relates very and us million all reserve the increase reserve provided our facility
have We at this time. capital needs no parent
our Turning to XX. XX on now outlook Slides and
by of confidence growing nature under-penetrated of keeping continuing we generate value can In robust backdrop, long-term through higher low. gives our this industry values sustain products costs priority and strong customer our growth us by our decade. throughout is demand increase to this cash mix to The our
added at prior a hours of Storage in This the capacity range and XXX% the hours implies installed increase XX% be growth year-over-year X.X XXX-megawatt gigawatt an of expected to represents QX. over guidance growth This midpoint. to midpoint. in in is XXX- XXXX, our at capacity to
XXX of to between represents growth believe XXX market QX. the from and this to Solar expected decline energy X% year At for and gains. be installed share in sequential the prior represents This QX. which level we midpoint, compared in the a capacity megawatts represent range year, full is X% XX% growth a substantial
in positive growth XXXX. expect remain to year-over-year We
valuable of QX product more and net we values cost efficiencies, emphasis through will higher in our levels increase to ITC subscriber QX our Given on levels. expect mix, compared adders optimization
outlook. reiterating We cash generation are our
million will be to QX. capital timing $XX cash to of discrete our million inherent to ultimately expect within we this quarter. depend on project generation Because large business, We transactions range transaction in finance the where $XXX land next
to $XXX XX, to expect sensitivities Slide On variables continue XXXX. to in We that our we million cash outlined be million affect generation would assumptions and to key $XXX achievement. have related
further as further XX% cost the timing project underpinning of our our slight assumptions a market expect We average of that XXXX improvements X.X% and transfers level average ITC XX% in matures. rates capital, level battery tax of to credit weighted around attachment and guidance,
We next XX% long-term focus to and outlook expect will solar our XX%, specific attainment. our as closer generation volume cash opposed of margins but to to on grow install to volumes year be
we our generation, to will As period strategy a unrestricted cash value. continue drives reduce this excess debt cash to we and significant de-leveraging to increase allocate beyond committed recourse shareholder parent that initial capital allocation are
that, me With back to it turn Mary. let
