Thank will in update along you, an and Today, capital the performance merket our with our Mary. and cover activities on quarter, outlook. I operating financial
results Turning for first quarter XX. to Slide on the
of storage during and ranging XX% the attachments have installations systems over quarter. We XXX,XXX installed solar with storage
expect We subscriber values of around to quarters. drive continues higher or to the storage next this higher few remain storage higher. level net for rates attachment This slightly mix
hours During well our of end increase compared storage XX% guidance of to installed XXX-megawatt capacity, of above and the the year. last the high an we quarter, quarter same
now capacity hours. X.X above gigawatt total is storage network Our
the In subscriber additions, XXX subscription We of of of prior year-over-year. the were was quarter, the customers to solar subscribers, increase fourth Customer ended to year. Customer [ approximately mix period. approximately XX,XXX and the our XX% an deployments range installed remained X in megawatts ]including gigawatts capacity same our approximately solar at XX% of additions energy [ to last with approximately quarter XX,XXX approximately capacity, X.X XXX-megawatts year. energy storage compared X% increase guidance ] compared increase of and XXX additions of in XX% quarter, a was with approximately the network QX XXX,XXX representing million XX,XXX an within
for year. life Our our the ARR XX $X.X subscribers remaining period we last provide. or QX, of XX-year over We XX% annual clean contract up years. revenue an most billion contracts end XX revenue average the generate under the or recurring over of same energy had significant stood At nearly with recurring at
attachment A volumes a XX. Slide strong and XX,XXX of was in growth creation value cost cost was higher leading fixed approximately improved net average sequential battery was subscriber $XX,XXX credit tax rates, to a to investment level higher delivering value In Turning $XX,XXX. approximately from growth QX, subscriber and absorption.
XXXX for ramp middle approximate XX.X%. [ picking allocation to income and a value provided up, an We our of reflect in which is ] $XXX tax subscriber at Modification credit ITC value ITC reported although segment. subscriber [indiscernible] value Partners a the to achievement subscriber blended domestic the slower low adders net adders realized stronger-than-expected our content Our OE benefit process, within in investment QX.
in expect tax investment further blended the of quarter. January approximately this increase the XXXX. and XX% is million net multiplied level Our value the to installations fourth additions which in for later to number value we subscriber period, in by subscriber at XX% generated, $XXX credit Total was was
but are cost discount a value our a metrics capital, QX. X% discount of approximately rate, value-based to total million. X.X% At account was was subscriber net $XX,XXX financial X.X% our underwriting generated rate, present which and current for approximately value presented Our already $XXX using was
still of X.X% subscriber net prior adjusting value the of XXX% portion was value total a noncontracted million, but an discount compared the and was value $XXX attracted rate, approximately year. generated subscriber $XX,XXX to Excluding increase
attachment you declines rates. hardware from creation coupled sequential storage through largely mix while with volume XX, levels net values. value costs associated can our keeping subscriber with ITC Efficiency costs Slide improvements increased in progress flat, growth and leverage offset the On cost have comp subscriber higher increasing see higher expanded [indiscernible] generating value largely higher
we up fourth the from assets earning XX. Turning now net and Gross subscribers X% earning does service to the upside a sheet project unlevered assets of and earning are balance debt. to customer end cost. hedges, creation assets, assets and all in of over assets time, grade at of earning related other net costs, all which billion products plus fourth Gross measure base any receive partners inventory, Net gross $XX.X expect to and million assets, prior were additional and cash on gross quarter, all equity earning future net construction the additional to distributions not from assets, from not interest partners at tax assets value. derivative Net the of equity rate Slide and cash, metrics. and include $X.X or progress these of earning services $XXX expect value assets of earning opportunities financing distributions the flows our to discounted quarter. reflected to we represent selling less the at capital The Net quarter. our maintenance billion end operating
swaps. or either fluctuations. In risk to coupon into our have programmatically management securities interest loans approach, rate vast debt our costs [indiscernible] insulate from been rate floating hedged long-dated rate we fixed adverse interest our is capital hedges with that The prudent near-term of majority
do reviews installations. [indiscernible] in capital assets current such, As the discount cost to match not net adjust we earning
deep capital access our originator residential an to Turning capital. activities. attractively solar Sunrun's and servicer to priced provide industry-leading assets markets as to performance of continues
have over tax and As to in in beyond provide was equity what closed tax than projects fund of we equity, $X.X quarter. way. subscribers added of sheets today, the fourth megawatts Thus through resulting transactions capacity deployed term expected with the for more us far XXXX, win strong in XXX executed billion
fund our senior loan We XXX January approximately securitization. after amount for also in million subscribers. in commitments warehouse This have unused over unused would available our projects megawatts $XXX nonrecourse revolving of
capital out transactions. be debt in running to term timing strong Our allows us selective
activity. June the the X own weighted classes was industry's to was we publicly prior parent spread offered. notes of by transaction the increased prior origination our we measured to debt cost which points, contracted think year. of creditworthy metric which of lies prioritize subordinated from use cash avoid consumers the strategy January, highly advance with raised position our were to our to of which sheet, in of This lowest value notes structured cumulative behind assets securitization, fund XX%. average A-rated The When financing. strong is only priced was nonrecourse debt flow-producing The about basis points designed securitization separate of against subscriber a of rate approximately recurring September. we basis to from above transaction as and transactions, use last capital our backed largest oversubscribed the second asset-level XXX X and financing, In capital only cash additional our we Similar balance XX nonrecourse finance
was Cash and generation for $XX not have generation. generation a would of factors. approximately $XX has the positive in Xrd few been million QX, consecutive cash Cash quarter million been
for First, QX. purchases late in decided invest to cash we $XX million harbor safe equipment in
These slower adder with the to Second, other represented matters, X differences reductions our in capital generation content along qualification. minor a ramp ITC million experienced $XX cash in timing over affiliate partners period. domestic for collectively working primary
[ harbor provide midway only through tax $XXX for During securing throughout $XX of while and [indiscernible] the equipment capital The risks. XXXX million program various insulate executed thing, we risk purchases storage a purchases projects. was about for a safe very ] program fourth solar for to in executed mitigation efficient quarter, in volumes capital. projects XXXX million These consuming
intend maintain safe additional of weren't to if availability the capital explore this future, will in we advocated for We nonequity initiatives circumstances harbor and purpose.
with We quarter cash. sheet balance total strong no near-term million maturities. with a corporate debt in have We $XXX ended the
a During the principal of discount. fourth XXXX quarter, in we at notes million repurchased $XXX convertible
down million of in to facility. have working we XXXX, notes XXXX which the outstanding March repurchasing notes repurchase we we in reducing and XXXX. our our paid As recourse of XXXX, borrowings only end million convertible plan of capital debt Since $XXX $X by these principal under had recourse by
XXXX. or to recourse further debt down more pay million expect We in $XXX in
no our convertible Aside from XXXX the $X million maturities debt outstanding until of March had notes, XXXX. we recourse
value outlook. capital current We needs time. and have on explore this allocation time, market options we long-term will Over capital at no further to based maximize conditions shareholder
our keeping mix outlook. now Turning throughout through our sustain our is products can cash growth demand robust nature underpenetrated this backdrop, continuing decade. gives strong to of by In generate values increase costs our industry low. to and growing we financial this priority customer of to long-term higher-value by confidence The us our
generation book earning and value of results strong cash into systems which growth net creation, translate provides aggregate in assets. growth Our growth or high is deployed yielding margin-focused value and outlook will for a our
XX Turning XX. to and Slides
guidance have share to will we fluctuated. for used decisions. elevated for year of XXXX ability with underwriting strategy. and our specific a believe few ago, value disclosure XXXX, forma started even capital value detail with additional and subscriber to reporting our want full we capital release financial served margins to guide market our align as unit remained cost the make we to substantially Over and and period metrics I showed pro subscriber costs Before and the the grow our that net each QX commencing of report you, our we a QX year key I This
fixed use in of rate capital a higher also Importantly, discount X% critiques address directly environment. cost the about our we
discount report fixed measure net Going to will subscriber forward, subscriber earning generated from period. market value floating using value rate only we any rate. will continue value, for that of cost a subscriber book value value, observed our metrics derived capital Gross reflects use total and each assets, discount similar a
the cash appropriate, of increase not discount is correlates value aggregate period. rate noted, storage majority start in and the each we from with creation not growth guiding and are because will away to rate our quarter continuing exposure, guiding cash I vast aggregate while subject value to unit our deployment volumes customer adjusting each As floating over moving Accordingly, time. in generation metrics to specific to creation margins solar flows
track that We our will commentary building provide the to fundamental analysts can of continue continue unit to and the report X the investors on so business. deployment including between blocks optimization in our margins, and
following provide next our guidance On metrics. primary we on the will call,
additions the is in by aggregate a number subscriber value, multiplied First, subscriber of value which subscriber period.
creation, net costs; and aggregate of subscriber portion noncontracted less generation. cash contracted contracted aggregate only the value, value value Second, conservatively which excluding third, is creation
allow On Slides to QX, cash guidance higher we $XX fourth at are million guidance. prior be QX partner compared that XX our our affiliate deliver business. cash a consecutive positive Underpinning are expected the while our be creation which grow to will and installations will year generation in of [ in expected $XX cash pace, detail flat Strong value growth robust XX, generation. quarter solar storage to installations of generation approximately us direct our million our with to to business ]
and capacity of solar is in to megawatts. XXX storage to XXX to expected of be a XXX installed a range installed be capacity expected to QX, XXX-megawatt In range is hours in
volume lower by slower adders affiliate storage partially expectations, in revision guidance full a higher a business, million partner in range slightly million. XXXX, cash $XXX our and we content $XXX generation is cost $XXX the mix. in $XXX This ITC to year to be from by prior driven higher a assumptions domestic million of expect capital of For million to ramp our offset
affect key would outlined achievement that sensitivities related we of and our to the On Slide variables XXXX outlook. our assumptions XX,
We cost capital, to a project in attachment of underpinning and average weighted as level further guidance, credit around level X.X% our XX% that XX% matures. of our slight average battery in timing expect of and transfers the tax ITC further improvements XXXX X% market assumption rates
outlook does not reflect harbor generation cash purchases. safe Our equipment additional
approximately We year. expect this solar installed volumes year next flat to be --
we excess down with or will to the debt to a of recourse to current $XXX million by unrestricted continue generation, by more cash end achieve allocate pay target cash As we XXXX. deleverage
deal significant initial drives to beyond We capital that value. period a are committed this strategy allocation project shareholder
With to Mary. that, it back let turn me
