Why is Convert being used in this statement and how does it differ from CAST?
Convert style



If SalesYTD type is float or real:

1 = Always 8 digits. Always use in scientific notation.
If type is money and small money:

1 = Commas every three digits to the left of the decimal point, and two digits to the right of the decimal point; for example, 3,510.92.



  Cast will use the default value for style: 0



If SalesYTD type is float or real:

0 (default) = A maximum of 6 digits. Use in scientific notation, when appropriate.
If type is money and small money:

0 (default) = No commas every three digits to the left of the decimal point, and two digits to the right of the decimal point; for example, 4235.98.


There are other differences and default values for style with other types but I think it covers your data types. See CAST and CONVERT (Transact-SQL)


  SUM window function


For each partition (=TerritoryID) it takes all SalesYTD, order them by DATEPART(yy,ModifiedDate) and sum them. Note that the Order part is not necessary or could be anything since you only do SUM and AVG but using it change the behaviors (see hypercube answer about it and moving average). With ROW_NUMBER and others, it would be important and mandatory.

Diffence between SUM and moving SUM (@hypercube answer):

declare @data table(TerritoryID int, SalesYTD int, ModifiedDate date)
insert into @data(TerritoryID, SalesYTD, ModifiedDate) values
(1, 1, '20100101')
, (1, 2, '20110101')
, (1, 3, '20120101')
, (1, 4, '20130101')
, (1, 5, '20140101')
, (2, 6, '20150101')
, (2, 7, '20160101')
, (2, 8, '20170101')

Select *
    , [Moving SUM] = SUM(SalesYTD) OVER (PARTITION BY TerritoryID ORDER BY DATEPART(yy,ModifiedDate))
    , [SUM] = SUM(SalesYTD) OVER (PARTITION BY TerritoryID)
From @data


Output:

TerritoryID | SalesYTD | ModifiedDate | Moving SUM    | SUM
---------------------------------------------------------------------
1           | 1        | 2010-01-01   | 1 =&gt; 1        | 10 =&gt; 1+2+3+4
1           | 2        | 2011-01-01   | 3 =&gt; 1+2      | 10 =&gt; 1+2+3+4
1           | 3        | 2012-01-01   | 6 =&gt; 1+2+3    | 10 =&gt; 1+2+3+4
1           | 4        | 2013-01-01   | 10 =&gt; 1+2+3+4 | 10 =&gt; 1+2+3+4
2           | 6        | 2015-01-01   | 6 =&gt; 6        | 21 =&gt; 6+7+8
2           | 7        | 2016-01-01   | 13 =&gt; 6+7     | 21 =&gt; 6+7+8
2           | 8        | 2017-01-01   | 21 =&gt; 6+7+8   | 21 =&gt; 6+7+8


See OVER Clause (Transact-SQL) for window functions.