Generac Holdings Inc (GNRC) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2022 Generac Holdings Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 2022 年第二季度 Generac Holdings 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the call over to Mike Harris, Senior VP, Corporate Development and Investor Relations. Please go ahead.

我現在想將電話轉給企業發展和投資者關係高級副總裁 Mike Harris。請繼續。

Good morning, and welcome to our second quarter 2022 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer; and York Ragen, Chief Financial Officer.

早上好，歡迎參加我們的 2022 年第二季度財報電話會議。我要感謝大家今天早上加入我們。今天和我在一起的是總裁兼首席執行官 Aaron Jagdfeld；和首席財務官 York Ragen。

We will begin our call today by commenting on forward-looking statements. Certain statements made during this presentation as well as other information provided from time to time by Generac or its employees may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements. Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors.

我們今天將通過評論前瞻性陳述開始我們的電話會議。本演示文稿中的某些陳述以及 Generac 或其員工不時提供的其他信息可能包含前瞻性陳述，並涉及可能導致實際結果與這些前瞻性陳述中的結果大不相同的風險和不確定性。請參閱我們的收益發布或 SEC 文件，以獲取識別此類陳述和相關風險因素的詞語或表達方式列表。

In addition, we will make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable U.S. GAAP measures, is available in our earnings release and SEC filings. I will now turn the call over to Aaron.

此外，我們將在今天的電話會議中參考某些非公認會計原則的措施。有關這些措施的更多信息，包括與可比較的美國公認會計原則措施的對賬，請參閱我們的收益發布和 SEC 文件。我現在將把電話轉給 Aaron。

Thanks, Mike. Good morning, everyone, and thank you for joining us today. Our second quarter results were very strong with robust revenue growth, significant sequential margin expansion and all-time records in net sales, adjusted EBITDA and adjusted EPS. Shipments of home standby generators and global C&I products outperformed our previous expectations, primarily driven by continued progress on our capacity expansion and our team's ability to effectively manage the challenging supply chain environment.

謝謝，邁克。大家早上好，感謝您今天加入我們。我們的第二季度業績非常強勁，收入增長強勁，利潤率連續大幅增長，淨銷售額、調整後 EBITDA 和調整後每股收益均創歷史新高。家用備用發電機和全球 C&I 產品的出貨量超出了我們之前的預期，這主要是由於我們產能擴張的持續進展以及我們團隊有效管理充滿挑戰的供應鏈環境的能力。

Growth in adjusted EBITDA margins were also ahead of our expectations in the quarter, reinforcing our prior forecast of margins bottoming in the first quarter. Gross margins benefited from favorable product mix, largely driven by home standby generators. These dynamics drove adjusted EBITDA margin outperformance and sequential margin expansion, combined with impressive top line growth, resulted in an all-time quarterly record for adjusted EBITDA dollars.

調整後 EBITDA 利潤率的增長也超出了我們本季度的預期，強化了我們之前對第一季度利潤率觸底的預測。毛利率受益於有利的產品組合，主要由家用備用發電機推動。這些動態推動了調整後 EBITDA 利潤率的表現和連續利潤率擴張，加上令人印象深刻的收入增長，導致調整後 EBITDA 美元的季度創歷史新高。

Positive underlying demand trends led to continued backlog strength with C&I products and home standby backlog, both providing us with considerable visibility for the quarters ahead. Year-over-year, overall net sales increased 40% to $1.29 billion and grew sequentially from the first quarter of 2022, which was the previous all-time record. Strong momentum in core sales, which excludes the impact of acquisitions and foreign currency, continued in the quarter with 33% growth over the prior year.

積極的潛在需求趨勢導致 C&I 產品和家庭備用積壓的持續積壓，這兩者都為我們提供了對未來幾個季度的可觀可見性。與去年同期相比，整體淨銷售額增長 40% 至 12.9 億美元，並從 2022 年第一季度環比增長，這是之前的歷史記錄。剔除收購和外匯影響的核心銷售額在本季度繼續保持強勁勢頭，同比增長 33%。

Overall, residential sales growth was again very robust, driven by a substantial increase in shipments of home standby generators as well as the impact from recent acquisitions. The C&I sales increase was broad-based, led by growth across all channels domestically, all regions internationally and the contribution from recent acquisitions. Adjusted EBITDA margins expanded sequentially from 17.3% in the first quarter to 21% due to improved price realization and the moderation of input costs.

總體而言，住宅銷售增長再次非常強勁，這得益於家用備用發電機出貨量的大幅增長以及近期收購的影響。工商業銷售額增長基礎廣泛，主要得益於國內所有渠道、國際所有地區的增長以及近期收購的貢獻。由於價格實現的改善和投入成本的緩和，調整後的 EBITDA 利潤率從第一季度的 17.3% 連續增長至 21%。

Importantly, we expect growing realization of previously announced price increases in the second half of the year, further execution on cost reduction projects and continued easing of input cost headwinds resulting in sequentially improving margins over the remainder of the year.

重要的是，我們預計今年下半年將越來越多地實現先前宣布的價格上漲，進一步執行降低成本的項目以及持續緩解投入成本逆風，從而在今年剩餘時間內連續提高利潤率。

Now discussing our second quarter results in more detail. Shipments of home standby generators grew at an exceptionally strong rate over the prior year. Growth also accelerated sequentially from the first quarter as we continued to expand production and power outage activity in the U.S. as measured on a rolling 4-quarter basis at the end of the second quarter remained above the long-term baseline average. In addition to elevated baseline outage activity in the U.S., severe storms left more than 1 million utility customers without power in Ontario and Quebec in May, which resulted in robust leading indicators of demand in Canada as well.

現在更詳細地討論我們的第二季度業績。家用備用發電機的出貨量與去年相比以異常強勁的速度增長。隨著我們繼續擴大生產，美國的停電活動也從第一季度開始連續加速，第二季度末以滾動 4 個季度為基礎衡量的停電活動仍高於長期基線平均水平。除了美國的基線停電活動增加外，5 月份安大略省和魁北克省的嚴重風暴導致超過 100 萬公用事業客戶斷電，這也導致加拿大的需求領先指標強勁。

Power grid stresses are expected to persist, with forecasts for the upcoming hurricane season pointing to another year of above-average activity and multiple grid operators warning of potential outages as a result of excessive demand coinciding with supply challenges. Home consultations or sales leads continue to point to strong underlying demand for home standby generators, growing at a mid-teens rate despite a prior -- a strong prior year comparable period driven by the Texas winter storm event in February of 2021. This demand was broad-based, with 4 or 5 regions experiencing year-over-year growth in home consultations in the quarter.

預計電網壓力將持續存在，對即將到來的颶風季節的預測表明又一年的活動高於平均水平，並且多家電網運營商警告稱，由於過度需求與供應挑戰相吻合，可能會導致停電。家庭諮詢或銷售線索繼續表明，對家庭備用發電機的潛在需求強勁，儘管在 2021 年 2 月得克薩斯州冬季風暴事件的推動下，前一年的可比時期強勁，但仍以十幾歲左右的速度增長。這種需求是基礎廣泛，本季度有 4 或 5 個地區的家庭諮詢量同比增長。

To frame just how much home standby baseline demand has grown over the last several years, second quarter home consultations were more than 4x greater than pre-COVID levels seen in the second quarter of 2019. Importantly, strength in this leading market indicator has continued here in the month of July. In addition, activations, which are a proxy for installs, continued to grow at a solid rate in the second quarter compared to the prior year, led by the South Central and Midwest regions as we further added to our residential dealer base as we ended the quarter with approximately 8,200 dealer partners.

為了確定過去幾年家庭備用基線需求增長了多少，第二季度的家庭諮詢量比 2019 年第二季度的 COVID 前水平高出 4 倍以上。重要的是，這一領先市場指標的強勁勢頭在這裡持續在七月份。此外，在中南部和中西部地區的帶動下，作為安裝代理的激活在第二季度繼續以穩定的速度增長，因為我們在結束季度擁有約 8,200 家經銷商合作夥伴。

We continue to make excellent progress increasing our production levels for home standby generators, with daily build rates dramatically higher as compared to prior year levels and ramping sequentially as our Trenton, South Carolina facility continues to expand capacity. As we have increased build rates, lead times have continued to improve, and we are getting product in the hands of our customers and channel partners in a more consistent and a more timely basis.

我們繼續在提高家用備用發電機的生產水平方面取得重大進展，與去年的水平相比，每日建造率顯著提高，並且隨著我們南卡羅來納州特倫頓工廠的產能不斷擴大，我們的產能將逐年增加。隨著我們提高構建速度，交貨時間不斷改善，我們正在以更一致和更及時的方式將產品交付給我們的客戶和渠道合作夥伴。

As a result of this progress, close rates on our sales leads have begun to improve, supporting our belief that reducing our lead times will improve our ability to capture more of the new and higher baseline of home consultations or sales leads within our sales pipeline. Our build rates and supply chain challenges have been the main growth constraint for the home standby category over the last few years. We have now ramped production capacity to the point that our lead times for the product category have materially improved.

由於這一進展，我們的銷售線索的成交率已開始提高，這支持了我們的信念，即縮短交貨時間將提高我們在銷售渠道中捕獲更多新的和更高的家庭諮詢或銷售線索的能力。在過去的幾年裡，我們的建造速度和供應鏈挑戰一直是家庭待機類別的主要增長限制。我們現在已經提高了生產能力，以至於我們的產品類別的交貨時間有了實質性的改善。

However, the constraint has now shifted to the installation capacity of our dealer base, driven primarily by contractor labor availability, permitting and utility-related delays and shortages in certain materials needed to complete an installation. As a result, project lead times for homeowners, as measured by the time between the signed contract and the installation date, have not come down in proportion with our production lead times.

然而，限制現在已經轉移到我們經銷商群的安裝能力上，這主要是由於承包商勞動力的可用性、許可和公用事業相關的延誤以及完成安裝所需的某些材料的短缺。因此，房主的項目交付週期（以簽訂合同和安裝日期之間的時間衡量）並未與我們的生產交付週期成比例下降。

We have a number of initiatives focused on increasing installation bandwidth in the market, including aggressive campaigns to add new dealers to our network, cultivate and train non-dealer contractors on home standby installations and decrease the overall time associated with the project. Additionally, as housing construction activity begins to slow, we believe we have a greater ability to focus installing contractors on improving the pace of home standby installations.

我們有許多舉措專注於增加市場上的安裝帶寬，包括積極的活動，以在我們的網絡中增加新的經銷商，培養和培訓非經銷商承包商進行家庭備用安裝，並減少與項目相關的總時間。此外，隨著住房建設活動開始放緩，我們相信我們有更大的能力將安裝承包商的重點放在提高家庭備用安裝的速度上。

I'd now like to discuss our increasingly diverse suite of clean energy products and solutions. With the closing and integration of the ecobee acquisition, and given the growing commercial sales synergies and cross-functional initiatives between residential energy storage and microinverters, monitoring and management devices and grid services solutions, we now have one of the broadest portfolios of clean energy products and solutions in the industry.

我現在想討論我們日益多樣化的清潔能源產品和解決方案套件。隨著 ecobee 收購的完成和整合，以及住宅儲能和微型逆變器、監控和管理設備以及電網服務解決方案之間不斷增長的商業銷售協同效應和跨職能舉措，我們現在擁有最廣泛的清潔能源產品組合之一和行業解決方案。

Net sales from these combined clean energy products grew well over 50% on an as-reported basis in the second quarter over the prior year. Macroeconomic uncertainty, input cost pressures, industry-wide supply chain and logistics challenges and lack of clarity around regulatory policy have impacted residential clean energy markets as of late. But rising prices for traditional energy sources and a growing focus on energy independence and security have the potential to more than offset these concerns and continue to drive adoption of alternative and emerging solutions over time.

這些組合清潔能源產品的淨銷售額在第二季度比去年同期增長了 50% 以上。宏觀經濟的不確定性、投入成本壓力、全行業的供應鍊和物流挑戰以及監管政策的不明確性最近影響了住宅清潔能源市場。但是，傳統能源價格上漲以及對能源獨立性和安全性的日益關注有可能抵消這些擔憂，並隨著時間的推移繼續推動替代和新興解決方案的採用。

Additionally, we're very encouraged by last week's announcement of the Inflation Reduction Act as a potential positive catalyst for demand, although it's still not fully through the legislative process. As we work to capture this demand, our residential clean energy installer network continues to grow as we ended the second quarter with approximately 2,800 trained and certified technicians, with approximately 1,150 registered dealers on our PowerPlay sales platform.

此外，我們對上周宣布的《降低通脹法案》作為需求的潛在積極催化劑感到非常鼓舞，儘管它仍未完全通過立法程序。隨著我們努力滿足這一需求，我們的住宅清潔能源安裝網絡在第二季度結束時繼續增長，擁有約 2,800 名經過培訓和認證的技術人員，在我們的 PowerPlay 銷售平台上擁有約 1,150 名註冊經銷商。

We remain excited about the new and innovative products we're bringing to market in 2022, including the recent product launch of PWRmanager and the pending launches of our PWRgenerator, which is the industry's only engine-driven battery charger, an AC coupling solution for our PWRcell storage product for use in retrofit applications and our new PV microinverter product called the PWRmicro. As expected, we began shipping PWRmicros for beta testing in June and are now working to expand beta testing with full commercial launch expected in the fourth quarter.

我們仍然對我們在 2022 年推向市場的新產品和創新產品感到興奮，包括最近推出的 PWRmanager 產品和即將推出的 PWRgenerator，這是業界唯一的發動機驅動電池充電器，是我們的交流耦合解決方案用於改造應用的 PWRcell 存儲產品和我們稱為 PWRmicro 的新型光伏微型逆變器產品。正如預期的那樣，我們於 6 月開始交付 PWRmicros 進行 Beta 測試，現在正在努力擴大 Beta 測試，預計將在第四季度進行全面商業發布。

I'd now like to provide a quick update on ecobee. Integration is proceeding as planned, and we continue to make good progress in developing cross-selling opportunities for ecobee's hardware solutions through Generac's distribution partners. The ecobee team successfully launched 2 new thermostats with industry-leading features during the quarter. And high temperatures and rising energy costs across North America are driving increased interest in the smart thermostat category. Early reception on these new products has been encouraging, reinforcing ecobee's differentiated competitive position ,focused on intelligent, intuitive, feature-rich devices that maintain comfort while unlocking significant value creation and energy conservation for homeowners and grid operators.

我現在想提供關於 ecobee 的快速更新。整合正在按計劃進行，我們繼續在通過 Generac 的分銷合作夥伴為 ecobee 的硬件解決方案開發交叉銷售機會方面取得良好進展。 ecobee 團隊在本季度成功推出了 2 款具有行業領先功能的新型恆溫器。北美的高溫和不斷上漲的能源成本正在推動人們對智能恆溫器類別的興趣增加。這些新產品的早期反應令人鼓舞，鞏固了 ecobee 的差異化競爭地位，專注於智能、直觀、功能豐富的設備，這些設備在保持舒適的同時為房主和電網運營商解鎖顯著的價值創造和節能。

This differentiation also drives significant market opportunity for ecobee's energy services offering, which has been further enhanced by synergies with Generac's grid services efforts. ecobee's installed base of more than 2 million connected homes is particularly valuable to grid operators seeking load flexibility and resilience. Consumer awareness of elevated energy market volatility is also driving potential growth for recurring services revenue as ecobee enables consumers to take advantage of variable rate pricing structures.

這種差異化也為 ecobee 的能源服務產品帶來了巨大的市場機會，與 Generac 的電網服務工作的協同效應進一步增強了這一優勢。 ecobee 擁有超過 200 萬個聯網家庭的安裝基礎對於尋求負載靈活性和彈性的電網運營商特別有價值。消費者對能源市場波動加劇的認識也推動了經常性服務收入的潛在增長，因為 ecobee 使消費者能夠利用可變利率定價結構。

Additionally, we are beginning to leverage the amazing talent within the ecobee team to help accelerate the development of our residential energy ecosystem, a key element of our connected devices strategy.

此外，我們開始利用 ecobee 團隊中的優秀人才來幫助加速我們的住宅能源生態系統的發展，這是我們連接設備戰略的關鍵要素。

Now expanding a bit more on Generac Grid Services, the team continues to drive momentum in its increasingly impressive and diverse sales pipeline, building on the recent success across software-as-a-service, turnkey and performance contracts as well as experiencing an increasing mix of hardware sales, which are proving to be a competitive differentiator for our Grid Services business.

現在，在 Generac Grid Services 上進行了更多擴展，該團隊繼續推動其日益令人印象深刻和多樣化的銷售渠道的勢頭，在最近在軟件即服務、交鑰匙和績效合同方面取得成功的基礎上，以及經歷了越來越多的組合硬件銷售，這被證明是我們網格服務業務的競爭優勢。

From distributed generation and storage to load flexibility assets, our grid services suite of solutions is unmatched in the market. We announced a number of recent contract wins since our first quarter call that highlighted our expanding capabilities, including EV charging, monitoring and optimization, a turnkey program for low- and moderate-income households utilizing PWRcell energy storage systems and a unique solution for the German power market.

從分佈式發電和存儲到負載靈活性資產，我們的電網服務解決方案套件在市場上是無與倫比的。自第一季度電話會議以來，我們宣布了最近贏得的一些合同，這些合同突出了我們不斷擴大的能力，包括電動汽車充電、監控和優化、使用 PWRcell 儲能係統的中低收入家庭的交鑰匙計劃以及為德國提供的獨特解決方案電力市場。

Utilities and grid operators continue to warn of potentially significant disruptions to the power grid as a result of supply/demand imbalances, underscoring the need for new technologies to decentralize and digitize the power grid through the development of virtual power plants or VPPs. As an example, this need was on full display during the recent heatwave in Texas, as a number of home standby generators enrolled in the VPP program were autonomously controlled by our Concerto software platform to take demand off the grid and help keep critical community resources online.

公用事業和電網運營商繼續警告稱，由於供需失衡，電網可能會出現重大中斷，強調需要新技術通過開發虛擬發電廠或 VPP 來分散和數字化電網。例如，這種需求在德克薩斯州最近的熱浪中得到了充分體現，因為參加 VPP 計劃的許多家庭備用發電機由我們的 Concerto 軟件平台自主控制，以消除電網需求並幫助保持關鍵社區資源在線.

The market opportunity for residential energy storage and microinverters, monitoring and management devices and grid services solutions remains extremely compelling and we believe will prove to be a key long-term future growth driver for Generac. For the full year 2022, we expect net sales of these clean energy products and solutions to approximately double from the prior year to more than $500 million in sales, with strong core and inorganic growth contributions and an even larger opportunity in the years ahead.

住宅儲能和微型逆變器、監控和管理設備以及電網服務解決方案的市場機會仍然極具吸引力，我們相信這將成為 Generac 未來長期增長的關鍵驅動力。對於 2022 年全年，我們預計這些清潔能源產品和解決方案的淨銷售額將比上一年翻一番，達到 5 億美元以上，在核心和無機增長方面做出強勁的貢獻，並在未來幾年擁有更大的機會。

Now let me make some comments on our C&I products, which also grew at a strong rate in the second quarter across nearly all end markets and geographies. Specifically, global C&I net sales increased 22% on an as-reported basis and 16% on a core basis as compared to the prior year. Strong growth in net sales for domestic C&I products in the second quarter was led by national rental equipment and telecom customers as well as our North American distributor channel.

現在讓我對我們的 C&I 產品發表一些評論，該產品在第二季度幾乎在所有終端市場和地區都以強勁的速度增長。具體而言，與去年相比，全球 C&I 淨銷售額在報告的基礎上增長了 22%，在核心基礎上增長了 16%。第二季度國內 C&I 產品淨銷售額的強勁增長是由全國租賃設備和電信客戶以及我們的北美分銷商渠道帶動的。

We saw continued strength in demand during the quarter, which contributed to a further increase in our backlog for C&I products and supports our expectations for solid growth to continue in the category. Shipments of C&I stationary generators through our North American distributor channel also grew significantly in the second quarter, and improving close rates helped drive growth in orders and backlog in this channel. Strong momentum in quoting activity has continued as of late, highlighting the sustainability of demand trends for backup power for C&I applications.

我們看到本季度的需求持續強勁，這導致我們對 C&I 產品的積壓進一步增加，並支持我們對該類別繼續穩健增長的預期。通過我們的北美分銷商渠道的 C&I 固定式發電機的出貨量在第二季度也顯著增長，提高成交率有助於推動該渠道的訂單和積壓訂單的增長。近來報價活動的強勁勢頭仍在繼續，突顯了 C&I 應用備用電源需求趨勢的可持續性。

Shipments to national telecom customers increased again during the second quarter as compared to the prior year as several of our larger telecom customers further invest in hardening their existing LTE sites and begin to build out their fifth generation or 5G networks. Telecom infrastructure upgrades remain one of the key megatrends we expect to drive growth for our business in the coming years.

由於我們的幾個較大的電信客戶進一步投資加強他們現有的 LTE 站點並開始建設他們的第五代或 5G 網絡，第二季度對全國電信客戶的出貨量與去年相比再次增加。電信基礎設施升級仍然是我們預計在未來幾年推動我們業務增長的主要大趨勢之一。

We also experienced substantial growth with our national and independent rental equipment customers during the quarter. These customers have been investing heavily in equipment to refresh and expand their fleets, to serve increased commercial construction activity as well as other infrastructure projects, supporting a resilient demand environment for mobile products and the megatrend of the critical need for infrastructure improvements.

在本季度，我們的國家和獨立租賃設備客戶也經歷了大幅增長。這些客戶一直在大力投資設備以更新和擴大他們的機隊，以服務於增加的商業建設活動以及其他基礎設施項目，支持移動產品的彈性需求環境和對基礎設施改進的迫切需求的大趨勢。

We also continue to see material traction in orders for Off Grid Energy's mobile energy storage systems from our key North American rental channel partners as they work to reduce the carbon footprint of their equipment fleets. Momentum remains strong across our domestic C&I channels and is being supplemented by emerging capabilities that support the long-term growth profile of the category. Specifically, we're establishing a strong reputation and applications beyond traditional emergency standby projects, driven by our ability to deliver customized turnkey solutions to serve this market.

我們還繼續看到我們主要的北美租賃渠道合作夥伴對 Off Grid Energy 的移動儲能係統的訂單具有重大吸引力，因為他們致力於減少其設備車隊的碳足跡。我們國內 C&I 渠道的勢頭依然強勁，並且正在得到支持該類別長期增長的新興能力的補充。具體來說，我們正在建立超越傳統應急備用項目的良好聲譽和應用，這得益於我們為該市場提供定制的交鑰匙解決方案的能力。

Our unique hardware and software portfolio in this vertical is highlighted by expanding smart grid-ready features that allow connection to grid services programs. Large C&I generators can provide enhanced resiliency and stability for grid operators while simultaneously providing a tangible and meaningfully improved return on investment for the asset owners, which is driving demand for these solutions across a diverse range of customers.

我們在這一垂直領域獨特的硬件和軟件產品組合通過擴展智能電網就緒功能來突出顯示，這些功能允許連接到電網服務程序。大型 C&I 發電機可以為電網運營商提供增強的彈性和穩定性，同時為資產所有者提供切實且有意義的投資回報，這推動了各種客戶對這些解決方案的需求。

Strong momentum also continued in our international segment, with total sales increasing 43% year-over-year during the second quarter, with 34% core sales growth when excluding the benefit of the Deep Sea and Off Grid Energy acquisitions and the unfavorable impact of foreign currency. The core sales growth was driven by strength across all regions, most notably in Europe and Latin America. The European region has seen strong demand across product lines as the heightened focus on energy independence and security that emerged following Russia's invasion of Ukraine has continued. But longer-term implications are uncertain as geopolitical and macroeconomic conditions in the region remain volatile.

我們的國際業務也繼續保持強勁勢頭，第二季度總銷售額同比增長 43%，扣除深海和離網能源收購的好處以及外國企業的不利影響，核心銷售額增長 34%貨幣。核心銷售增長是由所有地區的實力推動的，尤其是在歐洲和拉丁美洲。隨著俄羅斯入侵烏克蘭後出現的對能源獨立和安全的高度關注，歐洲地區的產品線需求強勁。但由於該地區的地緣政治和宏觀經濟狀況仍然不穩定，長期影響尚不確定。

International energy security concerns are not unique to Europe, and we are evaluating additional opportunities for home standby generators across multiple regions as a result. External sales in the Latin American region continued to grow at a solid rate, while intersegment sales grew substantially as our Generac Mexico operations continue to ramp production of telecom products for the North American market.

國際能源安全問題並非歐洲獨有，因此我們正在評估跨多個地區的家用備用發電機的更多機會。拉丁美洲地區的對外銷售繼續以穩健的速度增長，而由於我們的 Generac 墨西哥業務繼續為北美市場增加電信產品的生產，跨部門銷售大幅增長。

In addition to strong core growth, our recent international acquisitions, Deep Sea Electronics and Off Grid Energy reported impressive results in the second quarter. Demand for Off Grid Energy's mobile storage systems continues to grow across our global distribution footprint as we integrate the product offering through our commercial sales branches and channels. In addition, we have several product development projects underway within the C&I energy storage category, including expansion of the power capacity range of the mobile product lineup as well as potential stationary applications.

除了強勁的核心增長之外，我們最近的國際收購、深海電子和離網能源在第二季度都報告了令人印象深刻的結果。隨著我們通過商業銷售分支機構和渠道整合產品，對 Off Grid Energy 的移動存儲系統的需求在我們的全球分銷範圍內持續增長。此外，我們還在 C&I 儲能類別中進行了多個產品開發項目，包括擴大移動產品陣容的功率容量範圍以及潛在的固定應用。

Concerns around power security and energy prices in key international markets underpin the opportunity for an increasingly broad storage product portfolio for C&I applications. Deep Sea also benefited from healthy global demand for advanced generator controls during the quarter. And we remain very excited about the additional engineering capabilities Deep Sea brings as we leverage the team's electronics controls expertise to advance product road maps across our enterprise.

對主要國際市場的電力安全和能源價格的擔憂為 C&I 應用的日益廣泛的存儲產品組合提供了機會。 Deep Sea 還受益於本季度全球對先進發電機控制的健康需求。我們仍然對 Deep Sea 帶來的額外工程能力感到非常興奮，因為我們利用團隊的電子控制專業知識來推進整個企業的產品路線圖。

Our international segment has also experienced much stronger profitability despite inflationary headwinds and supply chain challenges. Second quarter adjusted EBITDA margins expanded to 14.5% from 9.7% in the prior year period due to the accretive margin profiles of the Deep Sea and Off Grid acquisitions, improved overhead absorption and better operating leverage on significantly higher volumes.

儘管存在通脹逆風和供應鏈挑戰，我們的國際部門也經歷了更強勁的盈利能力。第二季度調整後的 EBITDA 利潤率從去年同期的 9.7% 擴大至 14.5%，原因是深海和離網收購的利潤率增加、間接費用吸收的改善以及對顯著增加的銷量的更好的運營槓桿。

In closing this morning, I'm extremely proud of our team's continued ability to deliver record results and maintain our 2022 outlook despite the developing uncertain economic environment. Our strong sequential margin improvement reinforces our expectation that margins bottomed in the first quarter of 2022 and will continue to improve throughout this year. Additionally, our recent refinancing has provided further liquidity to accelerate our evolution into an energy technology solutions company.

在今天上午結束時，我為我們的團隊繼續有能力創造創紀錄的業績並保持我們 2022 年的前景感到非常自豪，儘管經濟環境不確定。我們強勁的連續利潤率改善強化了我們的預期，即利潤率在 2022 年第一季度觸底，並將在今年繼續改善。此外，我們最近的再融資提供了進一步的流動性，以加速我們向能源技術解決方案公司的發展。

We remain focused on executing against our Powering a Smarter World enterprise strategy, and the megatrends supporting this strategy are as compelling as ever, many of which have the potential to decouple from the broader macroeconomic environment. Structural supply-demand imbalances facing the grid are not impacted by inflation, and increasingly severe and volatile weather cannot be slowed by higher interest rates.

我們仍然專注於執行我們的 Powering a Smarter World 企業戰略，支持該戰略的大趨勢一如既往地引人注目，其中許多有可能與更廣泛的宏觀經濟環境脫鉤。電網面臨的結構性供需失衡不受通貨膨脹的影響，日益嚴峻和動蕩的天氣也無法因利率上升而放緩。

The energy ecosystems that we are building for the future will give our end customers the ability to take control of their power security, lower their energy bills and reduce energy consumption while also helping utilities and grid operators to balance supply and demand. With our broad portfolio of products and solutions, combined with our services, our distribution, our brand and importantly, our expertise, Generac is uniquely positioned to lead the evolution to a more resilient, efficient and sustainable energy future.

我們為未來構建的能源生態系統將使我們的最終客戶能夠控制他們的電力安全，降低他們的能源費用並減少能源消耗，同時也幫助公用事業和電網運營商平衡供需。憑藉我們廣泛的產品和解決方案組合，再加上我們的服務、我們的分銷、我們的品牌以及重要的是我們的專業知識，Generac 具有獨特的優勢，可以引領向更具彈性、高效和可持續的能源未來發展。

I now want to turn the call over to York to provide further details on our second quarter 2022 results and our outlook for the year. York?

我現在想將電話轉給約克，以提供有關我們 2022 年第二季度業績和今年展望的更多詳細信息。約克？

Thanks, Aaron. Looking at second quarter 2022 results in more detail, net sales increased 40% to $1.29 billion during the second quarter of 2022, another all-time record, as compared to $920 million in the prior year's second quarter. The combination of contributions from acquisitions and the unfavorable impact from foreign currency had an approximate 7% impact on revenue growth during the quarter.

謝謝，亞倫。更詳細地看一下 2022 年第二季度的業績，與去年第二季度的 9.2 億美元相比，2022 年第二季度的淨銷售額增長了 40%，達到 12.9 億美元，再創歷史新高。收購的貢獻和外彙的不利影響相結合，對本季度的收入增長產生了約 7% 的影響。

Briefly looking at consolidated net sales for the second quarter by product class, residential product sales grew to $896 million as compared to $600 million in the prior year, representing a 49% increase despite a strong prior year comparable. Contributions from our clean energy acquisitions and the unfavorable impact of foreign currency contributed approximately 7% of revenue growth for the quarter. Home standby generator sales made up the vast majority of the residential product core sales growth, increasing by more than 50% over the prior year as we continue to expand production capacity for these products.

簡述第二季度按產品類別劃分的綜合淨銷售額，住宅產品銷售額增長至 8.96 億美元，而去年同期為 6 億美元，儘管去年同期表現強勁，但仍增長了 49%。我們收購清潔能源的貢獻和外彙的不利影響為本季度的收入增長貢獻了約 7%。家用備用發電機銷售佔住宅產品核心銷售增長的絕大部分，隨著我們繼續擴大這些產品的產能，同比增長超過 50%。

Commercial and industrial product net sales for the second quarter of 2022 increased 22% to $309 million as compared to $254 million in the prior-year quarter. Contributions from the Deep Sea and Off Grid acquisitions and the unfavorable impact of foreign currency had a net impact of approximately 6% on net sales growth during the quarter. The strong core revenue growth was broad-based, driven by growth across all regions globally and all channels domestically.

與去年同期的 2.54 億美元相比，2022 年第二季度的工商業產品淨銷售額增長 22% 至 3.09 億美元。來自深海和離網收購的貢獻以及外彙的不利影響對本季度的淨銷售額增長產生了約 6% 的淨影響。在全球所有地區和國內所有渠道的增長推動下，強勁的核心收入增長基礎廣泛。

Net sales for other products and services increased 31% to $86 million as compared to $66 million in the second quarter of 2021. Contributions from acquisitions and the impact of foreign currency contributed approximately 13% of this revenue growth during the quarter. Strength in aftermarket service parts continues to be a key driver of the core sales growth in this category due to a larger and growing installed base of our products in the field, which is also leading to higher levels of extended warranty revenue. Also contributing to the increase was continued growth in our services offering in certain parts of our business.

與 2021 年第二季度的 6,600 萬美元相比，其他產品和服務的淨銷售額增長了 31%，達到 8,600 萬美元。收購貢獻和外匯影響為本季度的收入增長貢獻了約 13%。由於我們在該領域的產品安裝基數更大且不斷增長，售後服務零件的實力仍然是該類別核心銷售增長的關鍵驅動力，這也導致更高水平的延長保修收入。我們在業務的某些部分提供的服務持續增長，也促成了這一增長。

Gross profit margin was 35.4% compared to 36.9% in the prior-year second quarter as the challenging supply chain and overall inflationary environment drove higher input costs during the quarter. Specifically, the lagging impact of elevated commodity prices and other surcharges, higher inbound logistics and expediting costs, increased labor rates, and continued plant ramp-up costs all pressured margins relative to the prior-year quarter.

毛利率為 35.4%，而去年第二季度為 36.9%，原因是充滿挑戰的供應鍊和整體通脹環境在本季度推高了投入成本。具體而言，商品價格和其他附加費上漲、入境物流和加急成本增加、勞動力成本增加以及工廠持續增產成本的滯後影響都對去年同期的利潤率造成了壓力。

The increasing realization of multiple pricing actions previously implemented and favorable sales mix partially offset these higher input costs. We're very encouraged that gross margins expanded 360 basis points on a sequential basis as pricing benefits increased and input costs began to ease during the second quarter, reinforcing our expectation that margins have bottomed in the first quarter.

先前實施的多項定價行動的日益實現和有利的銷售組合部分抵消了這些較高的投入成本。我們感到非常鼓舞的是，隨著第二季度定價收益的增加和投入成本開始下降，毛利率連續增長 360 個基點，這加強了我們對第一季度利潤率已經觸底的預期。

Operating expenses increased $83 million or 53% as compared to the second quarter of 2021. This increase was primarily driven by higher recurring operating expenses from recent acquisitions and an increase in intangible amortization expense. Higher employee costs and additional variable expenses from the significant increase in sales volumes also contributed to the increase. Operating expenses, excluding intangible amortization as a percentage of revenue, increased approximately 75 basis points as compared to the prior year period due to the impact of recent acquisitions that have a higher operating expense load relative to sales as those businesses scale for future growth.

與 2021 年第二季度相比，運營費用增加了 8300 萬美元或 53%。這一增長主要是由於近期收購產生的經常性運營費用增加和無形攤銷費用增加所致。銷量大幅增長導致的員工成本增加和額外可變費用也促成了這一增長。營業費用（不包括佔收入百分比的無形攤銷）與去年同期相比增加了約 75 個基點，這是由於近期收購的影響，這些收購相對於銷售額而言具有更高的營業費用負荷，因為這些業務為未來增長而擴展。

Adjusted EBITDA before deducting for noncontrolling interest as defined in our earnings release was an all-time record $271 million or 21% of net sales in the second quarter as compared to $218 million or 23.7% of net sales in the prior year. The decline in EBITDA margin versus prior year was driven by the previously discussed decline in gross margins and higher operating expenses. But again, we're very pleased with the 370 basis point sequential improvement in EBITDA margins relative to Q1 2022.

扣除我們收益發布中定義的非控制性權益之前的調整後 EBITDA 為創紀錄的 2.71 億美元，佔第二季度淨銷售額的 21%，而去年同期為 2.18 億美元，占淨銷售額的 23.7%。 EBITDA 利潤率較上年下降的原因是先前討論的毛利率下降和運營費用增加。但同樣，我們對相對於 2022 年第一季度的 EBITDA 利潤率連續提高 370 個基點感到非常滿意。

I will now briefly discuss financial results for our 2 reporting segments. Domestic segment total sales, including intersegment sales, increased 42% to $1.13 billion in the quarter as compared to $793 million in the prior year, with the impact of acquisitions contributing approximately 6% of the revenue growth for the quarter. Adjusted EBITDA for the segment was $242 million, representing a 21.5% margin as compared to $204 million in the prior year or 25.7% of net sales. The lower domestic EBITDA margin in the quarter was primarily due to higher input costs and the impact of acquisitions, partially offset by the increasing realization of previously implemented pricing actions and favorable sales mix.

我現在將簡要討論我們兩個報告部門的財務結果。本季度國內部門總銷售額（包括部門間銷售額）增長 42% 至 11.3 億美元，而去年同期為 7.93 億美元，收購的影響約佔本季度收入增長的 6%。該部門的調整後 EBITDA 為 2.42 億美元，利潤率為 21.5%，而去年同期為 2.04 億美元，占淨銷售額的 25.7%。本季度較低的國內 EBITDA 利潤率主要是由於較高的投入成本和收購的影響，部分被先前實施的定價行動和有利的銷售組合的日益實現所抵消。

International segment total sales, including intersegment sales, increased 43% to $203 million in the quarter as compared to $142 million in the prior-year quarter. Core sales, which excludes the impact of acquisitions and currency, increased approximately 34% compared to the prior year. Adjusted EBITDA for the segment before deducting for non-controlling interests was $29.5 million or 14.5% of net sales as compared to $13.7 million or 9.7% of net sales in the prior year. The significant expansion in international EBITDA margins was primarily due to strong margin contributions from the Deep Sea and Off Grid Energy acquisitions and improved overhead absorption and operating leverage on significantly higher sales volumes.

本季度國際部門總銷售額（包括部門間銷售額）增長 43% 至 2.03 億美元，而去年同期為 1.42 億美元。不包括收購和貨幣影響的核心銷售額與去年相比增長了約 34%。在扣除非控股權益之前，該部門的調整後 EBITDA 為 2,950 萬美元或淨銷售額的 14.5%，而上一年為 1,370 萬美元或淨銷售額的 9.7%。國際 EBITDA 利潤率的顯著增長主要是由於深海和離網能源收購對利潤率的強勁貢獻，以及由於銷量顯著增加而改善了間接費用吸收和運營槓桿。

Now switching back to our financial performance for the second quarter of 2022 on a consolidated basis. As disclosed in our earnings release, GAAP net income for the company in the quarter was $156 million as compared to $127 million for the second quarter of 2021. GAAP income taxes during the current year quarter were $45.8 million or an effective tax rate of 22.5% as compared to $46.4 million or an effective tax rate of 26.6% for the prior year. The decrease in effective tax rate was primarily due to a discrete tax item in the prior-year quarter, resulting from a legislative tax rate change in a foreign jurisdiction that unfavorably revalue deferred tax liabilities by $7 million, which had an approximate 4% tax rate impact to the prior-year quarter.

現在切換回我們 2022 年第二季度的綜合財務業績。正如我們在財報中披露的那樣，該公司本季度的 GAAP 淨收入為 1.56 億美元，而 2021 年第二季度為 1.27 億美元。本年度季度的 GAAP 所得稅為 4580 萬美元，有效稅率為 22.5%相比之下，上一年的有效稅率為 4640 萬美元或 26.6%。有效稅率的下降主要是由於上一季度的一個離散稅項，這是由於外國司法管轄區的立法稅率變化導致遞延所得稅負債重估了 700 萬美元，其稅率約為 4%對上一季度的影響。

Diluted net income per share for the company on a GAAP basis was $2.21 in the second quarter of 2022 compared to $2.01 in the prior year. Adjusted net income for the company, as defined in our earnings release, was $194 million in the current year quarter or $2.99 per share. This compares to adjusted net income of $153 million in the prior year or $2.39 per share. Recall from last quarter, and as disclosed in our reconciliation schedules in our earnings release, our adjusted net income and EPS for the current year no longer adjust for cash taxes due to the expiration of our significant tax shield that originated from our LBO transaction in 2006.

該公司在 2022 年第二季度按公認會計原則計算的每股攤薄淨收益為 2.21 美元，而去年同期為 2.01 美元。根據我們的收益發布定義，公司調整後的淨收入在本年度季度為 1.94 億美元或每股 2.99 美元。相比之下，上一年調整後的淨收入為 1.53 億美元或每股 2.39 美元。回顧上一季度，正如我們在收益發布中的對賬時間表中所披露的那樣，由於我們在 2006 年的槓桿收購交易產生的重要稅盾到期，我們本年度的調整後淨收入和每股收益不再針對現金稅進行調整.

Cash flow from operations was $24 million as compared to $123 million in the prior-year second quarter. And free cash flow, as defined in our earnings release, was $6 million as compared to $96 million in the same quarter last year. The decline in free cash flow was primarily due to a much higher working capital investment in the current year quarter, partially offset by higher operating earnings. Inventory levels stabilized in the second quarter, so the higher working capital investment during the current year quarter was primarily driven by an increase in accounts receivable, given sequential sales growth and a reduction in accounts payable as we optimize inventory levels and purchasing patterns. We expect free cash flow conversion to return to the historical long-term average in the second half of 2022, resulting in approximately 90% conversion of adjusted net income to free cash flow.

運營現金流為 2400 萬美元，而去年第二季度為 1.23 億美元。根據我們的收益發布定義，自由現金流為 600 萬美元，而去年同期為 9600 萬美元。自由現金流的下降主要是由於本季度的營運資本投資大幅增加，部分被較高的營業收入所抵消。庫存水平在第二季度趨於穩定，因此本年度季度營運資金投資增加的主要原因是應收賬款增加，因為我們優化庫存水平和採購模式，導致連續銷售增長和應付賬款減少。我們預計自由現金流轉換將在 2022 年下半年恢復到歷史長期平均水平，從而使調整後的淨收入轉換為自由現金流的比例約為 90%。

We significantly enhanced our liquidity profile in the second quarter with the amendment of our existing credit facilities. This included establishing a new term loan facility in an aggregate principal amount of $750 million and a new revolving credit facility in an aggregate principal amount of $1.25 billion, which was unfunded at closing. Proceeds from the $750 million new term loan were used to prepay $250 million of the existing term loan B facility and to fully pay off the existing ABL revolving credit facility, which had $285 million outstanding at closing, with the remaining funds added to the balance sheet to be used for general corporate purposes.

通過修改我們現有的信貸額度，我們在第二季度顯著增強了我們的流動性狀況。這包括建立一個本金總額為 7.5 億美元的新定期貸款工具和一個本金總額為 12.5 億美元的新循環信貸工具，但在交易結束時沒有資金。 7.5 億美元新定期貸款的收益用於預付 2.5 億美元的現有定期貸款 B 設施，並全額償還現有的 ABL 循環信貸設施，該設施在結束時有 2.85 億美元未償還，剩餘資金添加到資產負債表中用於一般公司用途。

Our new term loan A and revolving credit facility mature in June 2027. These new debt facilities will initially bear interest at SOFR plus 150 basis points through the end of 2022. And beginning on January 1, 2023, the applicable spread will range from 125 to 175 basis points, based on the company's total leverage ratio. Additionally, our existing term loan B does not mature until December 2026. We do not have any required principal payments on this facility until the maturity date, and it has a low cost of SOFR plus 175 basis points.

我們的新定期貸款 A 和循環信貸工具將於 2027 年 6 月到期。這些新的債務工具最初將按 SOFR 加 150 個基點的利率計息，直至 2022 年底。從 2023 年 1 月 1 日開始，適用的利差範圍為 125 至175個基點，基於公司的總槓桿率。此外，我們現有的定期貸款 B 直到 2026 年 12 月才到期。在到期日之前，我們沒有任何必要的本金支付，而且它的 SOFR 成本低，加 175 個基點。

We also maintained our interest rate swap arrangements that fix our interest rate exposure on approximately $500 million of this debt through the maturity date of December 2026. As of June 30, 2022, we had approximately $1.72 billion of liquidity, comprised of $467 million of cash on hand and $1.25 billion of availability on our revolving credit facility. Also, total debt outstanding at the end of the quarter was $1.37 billion, resulting in a gross debt leverage ratio at the end of the second quarter of only 1.5x on an as-reported basis.

我們還維持利率互換安排，在 2026 年 12 月到期日之前固定我們對大約 5 億美元債務的利率敞口。截至 2022 年 6 月 30 日，我們擁有約 17.2 億美元的流動資金，其中包括 4.67 億美元的現金手頭和我們循環信貸額度的 12.5 億美元可用。此外，本季度末未償債務總額為 13.7 億美元，導致二季度末總債務槓桿率僅為報告的 1.5 倍。

Before discussing outlook, I want to highlight that we've been repurchasing our shares opportunistically thus far in the third quarter. In fact, we have exhausted the remaining $124 million of share repurchase authorization that existed as of the end of the second quarter. As a result, on July 29, 2022, the company's Board of Directors approved a new stock repurchase program that allows for the repurchase of up to $500 million of our common stock over a 24-month period.

在討論前景之前，我想強調一下，到目前為止，我們在第三季度一直在機會性地回購我們的股票。事實上，我們已經用盡了截至第二季度末存在的剩餘 1.24 億美元的股票回購授權。因此，公司董事會於 2022 年 7 月 29 日批准了一項新的股票回購計劃，允許在 24 個月內回購最多 5 億美元的普通股。

With that, I will now provide further comments on our outlook for 2022. As Aaron previously discussed, we are maintaining our sales growth and adjusted EBITDA margin guidance for the full year 2022. We continue to expect net sales to increase between 36% to 40% as compared to the prior year on an as-reported basis, which includes an approximate 4% to 7% net impact from acquisitions and foreign currency. This revenue outlook still assumes shipments of residential products increase at a mid- to high 40% rate during 2022. And revenue for C&I products is still expected to grow at a high teens rate compared to the prior year.

有了這個，我現在將對我們的 2022 年展望提供進一步的評論。正如 Aaron 之前所討論的，我們將維持我們的銷售增長並調整 2022 年全年的 EBITDA 利潤率指導。我們繼續預計淨銷售額將增長 36% 至 40% % 與上一年度相比，按報告基礎計算，其中包括來自收購和外幣的約 4% 至 7% 的淨影響。這一收入前景仍假設住宅產品的出貨量在 2022 年以 40% 的中高速度增長。與去年相比，C&I 產品的收入預計仍將以十幾倍的速度增長。

Looking at seasonality for the second half of the year. Revenue is expected to increase sequentially in both the third and fourth quarters, continuing the strong double-digit year-over-year growth trends, with fourth quarter sales levels up more modestly above the third quarter. Looking at our gross margin profile. As discussed, we expect that margins have bottomed in the first quarter. We continue to expect fourth quarter gross margins to recover back to first quarter 2021 levels in the 40% range, driven by increasing price realization, continued easing of inflationary pressures through the remainder of the year and further materialization of cost reduction benefits. This would result in gross margin percent for the full year 2022, to be approximately in line with 2021 levels, which is consistent with our previous expectations.

看下半年的季節性。預計第三季度和第四季度的收入將連續增長，繼續強勁的兩位數同比增長趨勢，第四季度的銷售水平較第三季度溫和增長。查看我們的毛利率概況。如前所述，我們預計第一季度利潤率已經觸底。我們繼續預計第四季度毛利率將恢復到 2021 年第一季度 40% 的水平，這主要得益於價格實現的提高、今年剩餘時間通脹壓力的持續緩解以及成本降低收益的進一步實現。這將導致 2022 年全年的毛利率百分比大致與 2021 年的水平一致，這與我們之前的預期一致。

Operating expenses as a percent of sales, excluding amortization expense, for the full year 2022 are still expected to increase approximately 100 basis points compared to full year 2021, primarily due to the impact of recent acquisitions that have a higher operating expense load relative to sales as they continue to invest for future growth.

與 2021 年全年相比，預計 2022 年全年的營業費用佔銷售額的百分比（不包括攤銷費用）仍將增加約 100 個基點，這主要是由於近期收購的影響，這些收購的營業費用負荷相對於銷售額較高因為他們繼續投資於未來的增長。

Adjusted EBITDA margins before deducting for non-controlling interests are still expected to be approximately 21.5% to 22.5% for the full year. From a seasonality perspective, adjusted EBITDA margins are projected to improve sequentially in the second half, primarily driven by improving gross margins as previously discussed, with fourth quarter 2022 adjusted EBITDA margins approaching 26%.

扣除非控股權益前的調整後 EBITDA 利潤率預計全年仍約為 21.5% 至 22.5%。從季節性的角度來看，預計調整後的 EBITDA 利潤率將在下半年連續提高，主要是由於如前所述的毛利率提高，2022 年第四季度調整後的 EBITDA 利潤率接近 26%。

Several additional guidance -- themes that we provide to assist with modeling adjusted earnings per share and free cash flow require updating for the full year 2022. Our GAAP effective tax rate is now expected to be approximately 24% for the remaining quarters of the year, resulting in a full year 2022 GAAP effective tax rate of approximately 23%.

一些額外的指導——我們為幫助對調整後的每股收益和自由現金流建模而提供的主題需要在 2022 年全年更新。我們的 GAAP 有效稅率現在預計在今年剩餘的幾個季度約為 24%，導致 2022 年全年 GAAP 有效稅率約為 23%。

For full year 2022, we now expect interest expense to be approximately $52 million to $54 million, an increase from the previous guidance of $42 million to $44 million, reflecting our updated capital structure due to the refinancing of our credit facilities in June 2022. In addition, we have updated our interest rate assumptions to reflect the latest market expectations for SOFR in the second half of 2022. This assumes no additional changes in outstanding debt for the remainder of the year.

對於 2022 年全年，我們現在預計利息支出約為 5,200 萬美元至 5,400 萬美元，高於之前的 4,200 萬美元至 4,400 萬美元的指引，這反映了由於我們在 2022 年 6 月對信貸額度進行再融資而更新的資本結構。此外，我們更新了利率假設，以反映 2022 年下半年 SOFR 的最新市場預期。這假設今年剩餘時間未償債務沒有額外變化。

Depreciation expense is still expected to be approximately $54 million to $56 million in 2022, given our assumed CapEx guidance. GAAP intangible amortization expense in 2022 is now expected to be approximately $100 million to $105 million as compared to our previous guidance of the high end of the $95 million to $100 million range. Stock comp expense is still expected to be between $32 million to $34 million for the year.

鑑於我們假設的資本支出指導，預計 2022 年的折舊費用仍約為 5400 萬美元至 5600 萬美元。現在預計 2022 年 GAAP 無形攤銷費用約為 1 億至 1.05 億美元，而我們之前對 9,500 萬美元至 1 億美元範圍的高端指引相比。今年的股票補償費用預計仍將在 3200 萬美元至 3400 萬美元之間。

Our full-year weighted average diluted share count is now expected to be in the low -- at the low end of the previous guidance range of approximately 65 million to 65.5 million shares, given our share repurchase activity in July 2022. Our capital expenditures are still projected to be approximately 2.5% to 3% of our forecasted net sales for the year. And as previously mentioned, free cash flow conversion is expected to return to historical norms of approximately 90% in the second half of the year. Finally, this 2022 outlook does not reflect potential additional acquisitions or share repurchases that could drive incremental shareholder value.

鑑於我們在 2022 年 7 月進行的股票回購活動，我們的全年加權平均攤薄股數現在預計將處於低位——處於先前指導範圍約 6500 萬股至 6550 萬股的低端。我們的資本支出為仍預計占我們本年度預測淨銷售額的 2.5% 至 3%。如前所述，自由現金流轉換預計將在下半年恢復到約 90% 的歷史標準。最後，這一 2022 年展望並未反映可能推動股東價值增加的潛在額外收購或股票回購。

This concludes our prepared remarks. At this time, we'd like to open up the call for questions.

我們準備好的評論到此結束。在這個時候，我們想打開提問的電話。

(Operator Instructions) And your first question comes from Michael Halloran of Baird.

（操作員說明）您的第一個問題來自 Baird 的 Michael Halloran。

So there's a lot of great content in there. Could you just help me triangulate with something? You're talking about backlogs that are starting to be filled, lead times coming down, at the same time, really good IHC consultations and you feel pretty good about the underlying demand environment. So could you maybe give some context to what that backlog bleed has looked like or what the inventory lead times look like? And maybe put that in context for the visibility that you have, how far out that tracks relative to a typical time line?

所以里面有很多很棒的內容。你能幫我做點三角測量嗎？你說的是開始填補的積壓，交貨時間下降，同時，非常好的 IHC 諮詢，你對潛在的需求環境感覺很好。那麼，您能否就積壓流血的情況或庫存提前期的情況提供一些背景信息？也許把它放在你所擁有的可見性的背景下，相對於典型的時間線，這條軌蹟有多遠？

Yes, Mike, this is Aaron. Yes, the lead times have come down now, on average, we're talking home standby category here, 8 to 10 weeks, which, again, is, I think, directly the result of our actions in increasing production and was always part of the plan, as we've talked.

是的，邁克，這是亞倫。是的，交貨時間現在已經下降了，平均而言，我們在這裡談論的是家庭待機類別，8 到 10 週，我認為這也是我們增加產量行動的直接結果，並且始終是其中的一部分計劃，正如我們所說的。

What we're really encouraged by and what continues to pace ahead of kind of expectations here is the front-end kind of lead generation, the end market. I think there are a couple of catalysts there that we can point to that, I think, are probably at work.

我們真正受到鼓舞並且繼續領先於預期的是前端的潛在客戶生成，終端市場。我認為有幾個催化劑可以指出，我認為可能正在發揮作用。

The first would be the summer season here has come with it a number of high-profile kind of warnings, if you will, from utilities and grid operators about the potential for outages on shortfalls in supply, I mean, just raw supply not being enough to meet demand. So that's kind of 1 catalyst that's new this year.

第一個是這裡的夏季，如果你願意的話，公用事業和電網運營商會發出一些引人注目的警告，關於供應短缺可能導致停電，我的意思是，僅僅原材料供應是不夠的以滿足需求。所以這是一種今年新的催化劑。

A second one, obviously, we got a very aggressive forecast again here for hurricane season. It's been quiet so far but the season forecast was well above average. And then the third thing I would point to as a catalyst for why we think the end market is still very active in the category is really around this outage that happened in Canada. We don't talk about Canada as much as we probably should. It's a great market for us. It always has been. We have over 500 dealers up there.

第二個，顯然，我們在這裡再次對颶風季節進行了非常激進的預測。到目前為止一直很安靜，但季節預測遠高於平均水平。然後我要指出的第三件事是我們認為終端市場在該類別中仍然非常活躍的催化劑，這實際上是圍繞加拿大發生的這次停電。我們沒有盡可能多地談論加拿大。這對我們來說是一個很好的市場。一直都是。我們在那裡有超過 500 家經銷商。

It's actually -- it's a great market because from a demographic standpoint, fits quite well with the buyers of the category. But they suffered a pretty high-profile outage of 1 million utility customers in Ontario and Quebec about 1.5 months ago, it was. And that really has -- jumps off the page when you look at it in our statistics when we track by region.

實際上，這是一個很棒的市場，因為從人口統計的角度來看，它非常適合該類別的買家。但是大約 1.5 個月前，他們在安大略省和魁北克省遭受了 100 萬公用事業客戶的高調停電。當我們按地區進行跟踪時，當您在我們的統計數據中查看它時，這確實會跳出頁面。

We actually track some -- just a lot of data really down to the zip code level in areas. But it's interesting to see how much of an impact that had for us in that part of the world. So I would point to those things, again, end market demand very strong, but we continue to ramp production to bring that -- the lead times on the category down.

我們實際上跟踪了一些 - 只是很多數據，實際上一直到地區的郵政編碼級別。但有趣的是，看看這對我們在世界的那個地區產生了多大的影響。所以我要再次指出這些事情，終端市場需求非常強勁，但我們繼續提高產量以降低該類別的交貨時間。

The backlog part of that question then, Aaron? Where is the backlog rough and tough? And then maybe some thoughts on how far that visibility stretches out for you at this point?

那麼這個問題的積壓部分，亞倫？積壓的粗糙和艱難在哪裡？然後也許有一些想法，在這一點上，能見度對你來說有多遠？

Yes. We've always said home standby visibility, usually, it's not very good, right, because we typically don't have a backlog. We've been in a backlog situation now for close to 2 years as we've been working to ramp production and tackle these supply chain challenges, which we've been doing. That backlog is still significant.

是的。我們總是說家庭待機可見性通常不是很好，對，因為我們通常沒有積壓。由於我們一直在努力提高產量並應對這些供應鏈挑戰，我們一直處於積壓狀態近 2 年。積壓的工作仍然很重要。

And in fact, we -- as we have said previously, we still expect to have a backlog by the time we exit this year. So even though we've got our ramp ongoing in production output, we're still not going to catch that by the end of the year. And we'll continue to bring the lead times down, but the backlog is still significant for home standby.

事實上，我們 - 正如我們之前所說，我們仍然希望在今年退出時會有積壓。因此，即使我們的產量持續增長，我們仍然無法在年底前趕上。我們將繼續縮短交貨時間，但對於家庭待命來說，積壓仍然很重要。

And your next question is from Julien Dumoulin-Smith, Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

So let me just come back to the gross margin question. Obviously, you guys reaffirming here the outlook and troughing off 1Q. Can you comment a little bit about some of the input cost reductions flowing through? How much latitude should that provide you as you look forward going into your longer-term outlook, '23-'24, et cetera? How much is that going to cascade? And also, can you speak a little bit more about repricing the backlog, the success and perhaps pricing trajectory given some of the moderation in the cost input here?

所以讓我回到毛利率問題。顯然，你們在這裡重申了前景並在第一季度跌入谷底。你能評論一下一些投入成本的降低嗎？當你展望你的長期前景時，這應該為你提供多大的自由度，'23-'24，等等？那要級聯多少？此外，考慮到這裡的成本投入有所緩和，您能否多談談重新定價積壓、成功以及定價軌跡？

Yes, Julien, this is York. So we posted 35.4% gross margins in the second quarter. Very pleased with the sequential improvement off of Q1. And we are starting to see pricing read through. You mentioned repricing of the backlog. We did announce a price increase in April that repriced the backlog as of June 1. We still have some additional pricing that launched late last year that will flow through backlog into Q3.

是的，朱利安，這是約克。因此，我們在第二季度公佈了 35.4% 的毛利率。對第一季度的連續改進感到非常滿意。我們開始看到定價被通讀。您提到了對積壓工作的重新定價。我們確實在 4 月份宣布了價格上漲，對截至 6 月 1 日的積壓訂單重新定價。我們仍然有一些去年年底推出的額外定價將通過積壓訂單流入第三季度。

But as our prepared comments said, if -- we posted 35.4% gross margin in Q2. Expect then to get closer to 40% by the end of the year. As we ramp that, what is that, 4% to 5% increase, about half of that sequential increase will be about -- half of that will be pricing, price realization continuing to come through, the other half being moderation of input costs.

但正如我們準備好的評論所說，如果 - 我們在第二季度公佈了 35.4% 的毛利率。預計到今年年底將接近 40%。隨著我們增加，4% 到 5% 的增長，大約一半的連續增長將是 - 其中一半將是定價，價格實現繼續實現，另一半是投入成本的緩和。

When you look at commodities starting to roll over, we'll start -- we'll see the lagging impact of that. There's always a lag in our realization. As commodities move, there's always a lag. We'll start seeing some of that here in the latter part of the year. We're seeing inbound freight costs come down. Some of our expediting costs are coming down. Just getting our plants' absorption improve. We do have a number of just cost-out projects. We're working on our build and material of our products that will materialize in the second half. So all that supports and gets us comfortable with that progression of sequential margin improvement to the point where when we exit 2022 here, we'll feel very comfortable with our margin profiles, again back to where they were early part of 2021 before all this inflationary pressures happened.

當你看到商品開始滾動時，我們會開始——我們會看到它的滯後影響。我們的實現總是有滯後的。隨著大宗商品的移動，總會有滯後。我們將在今年下半年開始在這裡看到其中的一些。我們看到入境貨運成本下降。我們的一些加急成本正在下降。只是提高我們植物的吸收能力。我們確實有一些只是成本支出的項目。我們正在研究我們將在下半年實現的產品的構建和材料。因此，所有這些都支持並讓我們對連續利潤率改善的進展感到滿意，當我們在這裡退出 2022 年時，我們會對我們的利潤率狀況感到非常滿意，再次回到 2021 年初在所有通脹之前的水平壓力發生了。

Got it, yes. It sounds like maybe there's even more latitude there as you continue to compound with some of these benefits. But maybe just if I can pivot quickly, I know you said high teens for C&I. Just with respect to that business and obviously, there's a litany of reasons why you should continue to see some of that input. How is that trajectory going today? And how much is that helping some of the backlog commentary here to just continue to keep that at a robust level? I know that, obviously, the backlog here is normalizing for some of the factors from last year. But can you comment a little bit on C&I here and how that could complement the backlog?

明白了，是的。聽起來，隨著您繼續享受其中的一些好處，那裡可能還有更大的自由度。但也許只是如果我能快速調整，我知道你說 C&I 的青少年。就該業務而言，顯然，您應該繼續看到其中一些投入的原因有很多。今天的發展軌跡如何？這在多大程度上幫助這裡的一些積壓評論繼續保持在一個穩健的水平？我知道，顯然，從去年開始，這裡的積壓工作正在正常化一些因素。但是你能在這裡評論一下 C&I 以及如何補充積壓的工作嗎？

Yes. Julien, this is Aaron. The C&I business is -- we don't spend enough time talking about that business. It's a really great solid business that has been growing quite nicely and is really the benefactor of many of these megatrends we've been talking about. C&I products in particular, in a couple of areas, and I'll point them out.

是的。朱利安，這是亞倫。 C&I 業務是——我們沒有花足夠的時間談論該業務。這是一項非常穩健的業務，發展非常好，並且確實是我們一直在談論的許多大趨勢的恩人。特別是 C&I 產品，在幾個領域，我會指出它們。

Telecom, the telecom market for us, we are a significant share player in that telecom market. We supply all the major Tier 1 carriers here in the U.S. and many of the secondary and tertiary players as well. We have a diverse offering of product. We engineer and design specific solutions for specific network applications. So a lot of these gen-sets, you would think they're standard products and they are, but they're specific to a particular customer's network. So we'll customize around the needs of each network, which are different.

電信，對我們來說是電信市場，我們是該電信市場的重要參與者。我們為美國所有主要的一級運營商以及許多二級和三級運營商提供服務。我們提供多樣化的產品。我們為特定的網絡應用設計和設計特定的解決方案。所以很多這樣的發電機組，你會認為它們是標準產品，它們確實是，但它們特定於特定客戶的網絡。因此，我們將圍繞每個網絡的不同需求進行定制。

So that's 1 trend. And obviously, as the telecom companies are spending a lot of CapEx to harden their networks and build out the fifth generation networks, that -- we're benefiting from that trend and we think that, that will continue for the next several years at the very least.

所以這是1個趨勢。顯然，隨著電信公司花費大量資本支出來強化他們的網絡並建設第五代網絡，我們正在從這一趨勢中受益，我們認為，這將在未來幾年持續非常少。

The other 1 is in the rental space, the rental channel partners that we have, they're all re-fleeting. So they kind of went through a process after -- through the COVID cycle down where they reduced their purchases, obviously, with the uncertainty on what might happen. And then as the economy began to really come to life, as a result of a lot of the stimulus spending, they found themselves with fleets that were aged or undersized for the market requirements.

另一個是在租賃空間，我們擁有的租賃渠道合作夥伴，他們都在轉機。因此，他們在經歷了一個過程之後——通過 COVID 週期，他們減少了購買，顯然，不確定會發生什麼。然後，隨著經濟開始真正復甦，由於大量的刺激支出，他們發現自己的機隊已經老化或規模過小，無法滿足市場需求。

So we're a leader in -- when it comes to power generation, temporary lighting, temporary dewatering, heating, those types of applications. We've got a great product assortment that we sell to, again, all the major rental accounts. And that has been a -- that's proven to be a really great business.

因此，在發電、臨時照明、臨時脫水、加熱等這些類型的應用方面，我們處於領先地位。我們有一個很好的產品分類，我們再次出售給所有主要的租賃賬戶。這已經被證明是一項非常棒的業務。

And then just 1 other point I'll make, the International side of C&I. Most of our International business is C&I. We do have a nice growing residential business in there and we don't talk a lot about that, but we're seeing home standby activations around the globe, which is, I think, an indication of some of the power security issues that exist not only here in the U.S. but certainly everywhere.

然後我還要說一點，C&I 的國際方面。我們的大部分國際業務是 C&I。我們那裡的住宅業務確實發展良好，我們對此並沒有太多討論，但我們看到全球各地的家庭待機激活，我認為這表明存在一些電力安全問題不僅在美國這裡，而且肯定在任何地方。

But internationally, that business has done just incredibly well, and they've been doing well for several quarters now. And that's on the back of some of the energy security issues in Europe. But just, again, power security in general, whether you're talking about the conflict, the Russia-Ukraine conflict or whether you're talking about challenges in other parts of the world, we need power. We need a continuous source of power, and backup generation is going to be in demand for a long time. So that C&I business is great. Book-to-bill was positive in the quarter and backlog grew again.

但在國際上，這項業務做得非常好，而且他們已經好幾個季度了。這是基於歐洲的一些能源安全問題。但是，再一次，一般的電力安全，無論你是在談論衝突、俄羅斯-烏克蘭衝突，還是在談論世界其他地區的挑戰，我們都需要電力。我們需要持續的電力來源，而備用發電將在很長一段時間內供不應求。所以C&I業務很棒。本季度訂單出貨量為正，積壓訂單再次增長。

And your next question is from Philip Shen of ROTH Capital Partners.

您的下一個問題來自 ROTH Capital Partners 的 Philip Shen。

So some of our checks suggest that lead flow has dropped in -- certainly in some regions. I think some regions have a healthy lead flow but others are a little bit down, some of the lead flow might be down 25%, 40% from maybe 4 or 5 months ago. Can you talk about how that might serve as a leading indicator at all? I know you were talking about healthy IHCs, but lead flow at some level is -- precede that.

因此，我們的一些檢查表明，鉛流量已經下降——當然在某些地區。我認為某些地區的潛在客戶流量健康，但其他地區的潛在客戶流量有所下降，一些潛在客戶流量可能比 4 或 5 個月前下降 25% 或 40%。你能談談這如何作為一個領先指標嗎？我知道你在談論健康的 IHC，但在某種程度上鉛流動是 - 在此之前。

And then if you can touch on lead flow for the solar business as well. To what extent are -- when you kick -- when you started the solar business or when you're early into it, generating lead flow was a key point of differentiation. Where does that stand with your ability to create value for your dealers and so forth?

然後，如果您也可以觸及太陽能業務的潛在客戶流。在多大程度上——當你開始——當你開始太陽能業務或早期進入它時，產生潛在客戶流是差異化的關鍵點。這與您為經銷商等創造價值的能力有何關係？

Yes. Thanks, Phil. I'll unpack that here with a lot of it around -- or all of it around leads. Let's talk a little bit about home standby leads. Four out of 5 regions, they were up quarter-over-quarter and up big in some regions. The only region we saw a pullback was in the South Central region and that's Texas. Texas is the -- you take that February 2021 winter event out there.

是的。謝謝，菲爾。我將在這裡解開它，其中有很多 - 或者所有這些都圍繞著線索。讓我們談談家庭備用線索。 5 個地區中有 4 個地區環比增長，並且在某些地區增長幅度很大。我們唯一看到回調的地區是中南部地區，那就是德克薩斯州。得克薩斯州就是——你參加了 2021 年 2 月的冬季活動。

And that's where if you are doing channel checks, you may find in Texas, I mean, they were so high a year ago. In fact, I would just point out that when we look at all of our states, just individual states, Texas was still the top state on just an absolute basis for us in the quarter. So even though the South Central region was off as a region and Texas off big within that region, actually, on an absolute basis, the number of leads we generated in Texas was the highest of any of the 50 states.

這就是如果你進行渠道檢查的地方，你可能會在德克薩斯州找到，我的意思是，一年前它們是如此之高。事實上，我只想指出，當我們查看我們所有的州時，只是個別州，德克薩斯州仍然是本季度我們絕對基礎上的頂級州。因此，即使中南部地區作為一個地區而存在，而德克薩斯州在該地區內的規模很大，但實際上，在絕對基礎上，我們在德克薩斯州產生的潛在客戶數量是 50 個州中最高的。

So I would think that if you're doing channel checks, that's the only region, at least based on our data. I think as we said before, we're really pleased to see the kind of the lead activity because it's just -- it's such a great barometer of the market activity that is to come. We've proven this out. We've been tracking sales leads for almost 10 years now, and it's a pretty solid, reliable predictor of volumes in the future. So it's a great leading indicator.

所以我認為，如果你在做頻道檢查，那是唯一的區域，至少根據我們的數據。我認為正如我們之前所說，我們真的很高興看到這種領先活動，因為它只是 - 它是即將到來的市場活動的一個很好的晴雨表。我們已經證明了這一點。近 10 年來，我們一直在跟踪銷售線索，這是一個非常可靠、可靠的未來銷量預測指標。所以這是一個很好的領先指標。

Specifically to the clean energy business with leads, yes, as you indicated, that is and has been a differentiator for us vis-à-vis others in the marketplace. And it's really been helpful for us to help court new channel partners and new dealers. Giving those leads to customers in a market like the solar market, as a for instance, they historically has had very high customer acquisition costs, I think, is -- I think, again, it's an area that we excel at based on our experiences with it, and our channel partners are coming to find the real value in that.

特別是對於有潛在客戶的清潔能源業務，是的，正如您所指出的，這一直是我們與市場上其他人的差異化因素。幫助我們吸引新的渠道合作夥伴和新經銷商真的很有幫助。例如，在太陽能市場等市場向客戶提供這些潛在客戶，我認為他們歷來擁有非常高的客戶獲取成本——我認為，根據我們的經驗，這是我們擅長的領域有了它，我們的渠道合作夥伴就會發現其中的真正價值。

That said, I think there's even more that we can do there as we dial in kind of how we go to market with our messaging. And that's everything from the type of media that we buy to the regions and particular markets that we target. But we've enjoyed some pretty good success out of that early on here in terms of the clean energy business.

話雖如此，我認為當我們通過消息傳遞進入市場時，我們可以做更多的事情。這就是從我們購買的媒體類型到我們所針對的地區和特定市場的所有內容。但就清潔能源業務而言，我們在早期取得了一些相當不錯的成功。

Great. As it relates to backlog, we've talked about it a bit already, but some of our conversations with dealers suggest the 22- and 24-kilowatt are basically caught up. Basically, it's like a 1- to 2-week lead time. And so you can kind of get it when you need it. It seems like the long lead time generators are the liquid-cooled ones. And so I was wondering if that's true.

偉大的。由於它與積壓有關，我們已經談了一點，但我們與經銷商的一些對話表明，22 千瓦和 24 千瓦基本上已經趕上了。基本上，這就像 1 到 2 週的交貨時間。因此，您可以在需要時獲得它。看起來長交貨時間的發電機是液冷的。所以我想知道這是不是真的。

And then also in your backlog, to what degree have you received cancellations in your backlog? Were there -- because some of the people we've talked to, they are full in terms of inventory and they just don't need as much, given the situation. So just wondering if you're seeing any of that.

然後在你的積壓中，你在多大程度上收到了你的積壓中的取消？在那裡 - 因為我們採訪過的一些人，他們的庫存已經滿了，他們只是不需要那麼多，鑑於這種情況。所以只是想知道你是否看到了這些。

Yes. On the backlog -- on the lead time question, I'll hit that here first. The category, it's about 8 to 10 weeks and that's air-cooled and liquid-cooled products. That's obviously average for the weighting of each of those products within there. We have certain SKUs where we're obviously -- we're performing better than that average and certain SKUs where we're longer. It depends on sometimes component supply challenges.

是的。關於積壓問題——關於交貨時間問題，我將首先在這裡討論。類別，大約是 8 到 10 週，即風冷和液冷產品。這顯然是其中每個產品的權重的平均值。我們顯然有某些 SKU - 我們的表現優於平均水平和某些我們更長的 SKU。這有時取決於組件供應挑戰。

We have, as an example, we're launching the 26-kilowatt product here this month. And so that's been sitting in backlog. So those lead times look particularly long. And we have some other products within the air-cooled family, where either we have component shortages or other constraints that have manifested. And in the liquid-cooled side, that demand has been incredibly robust with liquid-cooled. And our ability to increase production output there has been a bit hampered by supply chain. So working to bring all of those lead times down.

例如，我們本月將在這裡推出 26 千瓦的產品。所以這一直在積壓。所以這些交貨時間看起來特別長。我們在風冷系列中還有一些其他產品，我們要么存在組件短缺，要么存在其他限制。在液冷方面，液冷的需求非常強勁。我們在那裡增加產量的能力受到了供應鏈的阻礙。因此，努力縮短所有這些交貨時間。

And again, we've been speaking -- when we talk about lead times, we've been talking about the averages, and that's the average number of weeks of orders in backlog. And I think that's an important distinction, because when you talk to dealers, you're going to find different dealers are in different places, right? Some dealers are -- they can't get enough product, right? They'll take more product if we can get it to them. They either have the space or the financial capacity to do that.

再一次，我們一直在談論 - 當我們談論交貨時間時，我們一直在談論平均值，這是積壓訂單的平均週數。我認為這是一個重要的區別，因為當你與經銷商交談時，你會發現不同的經銷商在不同的地方，對吧？一些經銷商是——他們無法獲得足夠的產品，對吧？如果我們能把產品交給他們，他們會拿走更多的產品。他們要么有空間，要么有能力做到這一點。

You have other dealers, maybe don't, right? In particular, as you get into smaller dealerships. They don't typically have a warehouse so they run out of space more quickly. They don't typically have the financial capacity, right? A lot of times, they're paying with a credit card even in some cases.

你有其他經銷商，也許沒有，對吧？特別是，當您進入較小的經銷商時。他們通常沒有倉庫，因此他們會更快地用完空間。他們通常沒有經濟能力，對吧？很多時候，即使在某些情況下，他們也會使用信用卡付款。

And in the prepared remarks, I spoke to the fact that installation bandwidth, in particular, when you look at the smaller end of the dealer spectrum, they're struggling to find labor. They're struggling with some components that they need, things like propane tanks and other things. They're struggling with permitting delays or getting a utility to come out, to pull a meter or upgrade a meter. Those things are all starting to manifest themselves.

在準備好的評論中，我談到了安裝帶寬的事實，特別是當您查看經銷商範圍的較小端時，他們正在努力尋找勞動力。他們正在為他們需要的一些組件而苦苦掙扎，比如丙烷罐和其他東西。他們正在努力允許延誤或讓公用事業公司出來，拉電錶或升級電錶。這些東西都開始表現出來了。

As we've kind of brought our output levels up to a significantly higher level year-over-year, now you're starting to see the constraints kind of move kind of downstream, if you will. And that's exactly what -- we're working with the channel partners to alleviate that, whether it's talking to individual AHJs about permitting issues or delays there or it's looking to -- we've even stood up. We've got HR efforts here to help hire contractors for our dealers or noncontractor labor for our dealers, depending on what their needs are. So kind of we're recruiting for our dealers.

由於我們已經將我們的產出水平逐年提高到一個顯著更高的水平，現在你開始看到限制因素向下游移動，如果你願意的話。這正是我們正在與渠道合作夥伴合作以緩解這種情況，無論是與個別 AHJ 討論允許問題或延遲，還是它正在尋求 - 我們甚至站了起來。我們在這裡進行人力資源工作，以幫助我們的經銷商僱用承包商或為我們的經銷商僱用非承包商勞動力，具體取決於他們的需求。所以我們正在為我們的經銷商招聘。

And of course, we're bringing new dealers in all the time. We added another 100 dealers here this past quarter. We're now at 8,200 and we need more. That's something that we're working hard on. As far as cancellations, of course, we have -- our policy around orders has always been a pretty, I'll call it, a liberal policy that way. So the ability to cancel or defer an order is -- you'll see that in those smaller dealers that are coming up against some of those constraints as you point out.

當然，我們一直在引進新的經銷商。上個季度，我們在這裡又增加了 100 家經銷商。我們現在有 8,200 個，我們需要更多。這是我們正在努力的事情。至於取消，當然，我們有——我們關於訂單的政策一直很漂亮，我稱之為自由主義政策。因此，取消或推遲訂單的能力是——你會在那些遇到你指出的一些限制的小型經銷商中看到這一點。

I would say on balance, it's not a material number when you look at the total. But we work through that and it's kind of dealer by dealer. It's really kind of hand-to-hand combat down in the trenches in terms of working with the dealers on -- and again, this is where other programs are really, really helpful with -- our Wells Fargo program is a great program for dealers to stock product.

總的來說，我會說，當您查看總數時，這不是一個材料數量。但我們會努力解決這個問題，這是一個經銷商一個經銷商。在與經銷商合作方面，這確實是一種在戰壕中的肉搏戰——再說一次，這是其他項目真正非常有用的地方——我們的富國銀行項目對經銷商來說是一個很棒的項目庫存產品。

And so we encourage dealers if they're not already signed up on that platform, to get on that platform. That's a great way for them to be ready for the season. The last thing we want dealers to do is to not be ready for the season. And so that's the messaging that's going out in the field.

因此，如果經銷商尚未在該平台上註冊，我們鼓勵他們進入該平台。這是他們為賽季做好準備的好方法。我們希望經銷商做的最後一件事是沒有為這個季節做好準備。這就是現場傳遞的信息。

And your next question is from Jeff Hammond of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

Okay. If we could just get into battery storage. I think you said there's some noise and I know there's a lot of supply chain issues. So just talk about what's going on in that business and what kind of your growth expectation or updated growth expectation is on that.

好的。如果我們可以進入電池存儲。我想你說有一些噪音，我知道有很多供應鏈問題。因此，只需談談該業務正在發生的事情以及您對此的增長預期或更新的增長預期是什麼樣的。

Yes. That's great. Thanks, Jeff. Appreciate it. Yes, on storage particularly, yes, supply chain challenges have been numerous. In fact, I would say we hit our most challenging quarter with that here in Q2. And it was not really about cell supply. It was actually challenges in all the electronics components that go into this gear from microprocessors to FETs to everything that we use in the inverter, in the storage cabinet and the storage devices themselves. So that was challenging in the quarter and we're hoping here for the second half to be better in supply of those components.

是的。那太棒了。謝謝，傑夫。欣賞它。是的，尤其是在存儲方面，是的，供應鏈挑戰很多。事實上，我想說我們在第二季度遇到了最具挑戰性的季度。這與電池供應無關。實際上，從微處理器到 FET 再到我們在逆變器、存儲櫃和存儲設備本身中使用的所有東西，所有電子元件都面臨著挑戰。因此，這在本季度具有挑戰性，我們希望下半年能夠更好地供應這些組件。

Demand has remained strong. Again, when you look at IHCs, again, sales leads, we're seeing good strength in lead volume in clean energy. So -- and obviously, there's been a lot of noise around the regulatory environment. Are we going to have "Build Back Better?" Are we not? Now you've got the Inflation Reduction Act, which still has hurdles to clear legislatively, but that could be, obviously, a catalyst for additional demand, as we said in our prepared remarks.

需求依然強勁。再次，當您再次查看 IHC 時，再次查看銷售線索，我們看到清潔能源的領先數量強勁。所以 - 顯然，監管環境存在很多噪音。我們會“重建得更好”嗎？我們不是嗎？現在你已經有了《降低通脹法案》，它仍然有立法上的障礙需要清除，但這顯然可能是額外需求的催化劑，正如我們在準備好的評論中所說的那樣。

Our position in storage, we still feel very good about our position there. But the supply chain has been a burden here in Q2. And so more to come on that. We've got, I think, a nice forecast here for the balance of the year. Our guidance -- I think when you think about just -- we've talked about this in the past.

我們在存儲方面的位置，我們仍然對我們在那裡的位置感到非常滿意。但供應鏈在第二季度一直是一個負擔。還有更多的事情要做。我認為，我們對今年的剩餘時間做出了不錯的預測。我們的指導——我想當你想到的時候——我們過去已經討論過這個問題。

We have -- we've gone away from like trying to talk about discrete numbers of megawatts and everything else. I mean, that business is so much more diverse for us in terms of clean energy and all the things that kind of work together there from the energy monitoring and management to the grid services elements to -- we've got our power generators. We've got our power managers, our load management controls. There's just a lot of stuff there. So we didn't feel it was appropriate to just talk about a single metric.

我們已經 - 我們已經不再像試圖談論離散的兆瓦數和其他一切了。我的意思是，在清潔能源方面，我們的業務更加多樣化，從能源監控和管理到電網服務元素，我們擁有發電機。我們有我們的電源管理器，我們的負載管理控制。那裡只有很多東西。所以我們覺得只討論一個指標是不合適的。

So what we've said here and what our prepared remarks said is that we're anticipating that entire kind of complex of products and services that we refer to as clean energy, smart thermostats, everything and go into that now, to be in excess of $500 million for the full year, which is basically double what it was last year. So feeling really good about that business and where it's going in the future.

因此，我們在這裡所說的以及我們準備好的評論所說的是，我們預計我們稱之為清潔能源、智能恆溫器的整個產品和服務的複雜性，以及現在進入的一切，都會過剩全年5億美元，基本上是去年的兩倍。所以對這項業務以及未來的發展方向感覺非常好。

Okay, great. And then a lot of my companies have kind of built a lot of working capital into the first half. And with all the supply chain and demand, et cetera, just -- I don't know if you updated the free cash flow guide and how you think working capital is -- how big of a source it can be in the back half?

好，太棒了。然後我的很多公司在上半年都建立了很多營運資金。考慮到所有的供應鍊和需求等等，我不知道你是否更新了自由現金流指南以及你認為營運資金的來源——它在後半部分的來源有多大？

Yes. No, Jeff. This is York. We did say that looking at -- basically, our performance to date, where we're coming into the second half from a working capital standpoint, we like that. We saw inventories stabilize in the second quarter. With that, we should get back to a more normalized free cash flow conversion in the entirety of the second half of the year.

是的。不，傑夫。這是約克。我們確實說過，從營運資金的角度來看，基本上，我們迄今為止的表現，我們將進入下半年，我們喜歡這樣。我們看到第二季度庫存趨於穩定。有了這個，我們應該在整個下半年恢復更正常的自由現金流轉換。

Recall, normal cash flow conversion for this business is around 90%. So it'll probably be more weighted towards into Q4. But when you look at the second half in totality, free cash flow conversion should improve and return back to normal free cash flow levels for this business.

回想一下，該業務的正常現金流轉換率約為 90%。因此，它可能會更側重於第四季度。但是，當您總體看下半年時，自由現金流轉換應該會有所改善並恢復到該業務的正常自由現金流水平。

And your next question is from Brian Drab of William Blair.

您的下一個問題來自 William Blair 的 Brian Drab。

On home standby, field rates, you mentioned are up significantly year-over-year, obviously. Can you quantify how much we're up year-over-year for second quarter build rates? And where is your capacity now relative to what you feel you need in that business?

你提到的在家待命，現場率明顯同比顯著上升。您能否量化我們第二季度的建造率同比增長多少？相對於您在該業務中的需求，您現在的能力在哪裡？

Well, we did mention shipments were up over 50% for home standby, which is indicative of our build rates for this category.

好吧，我們確實提到了家庭待機的出貨量增長了 50% 以上，這表明了我們在這一類別的建造率。

Of our build rates. Yes, being free there. That's a good proxy for that.

我們的建造率。是的，在那裡自由。這是一個很好的代理。

Yes. No, I think our theoretical capacity, as we get Trenton up and running, and particularly another set of machine tooling here in the second quarter, that should -- basically, that gets us to what our projected capacity increases were expected to be. So it would -- and that actually even gives us room here from where we're at today to even surge, should we get a major event. So there's -- we're good from a capacity standpoint in terms of our expectations now.

是的。不，我認為我們的理論能力，當我們讓特倫頓啟動並運行時，特別是第二季度這裡的另一套機床，這應該 - 基本上，這將使我們達到預期的產能增長預期。所以它會 - 如果我們遇到重大事件，這實際上甚至為我們提供了從我們今天所處的位置甚至激增的空間。因此，就我們現在的期望而言，從容量的角度來看，我們做得很好。

Okay. And is there anything you can tell us about the capacity expansion plans for the medium term? Are you -- I mean, are there -- is there another phase to capacity expansion coming over the next couple of years? Do you feel like you're going to need that?

好的。關於中期產能擴張計劃，您有什麼可以告訴我們的嗎？您是否——我的意思是，是否存在——未來幾年是否有另一個產能擴張階段？你覺得你需要那個嗎？

Well, there could be, Brian. We took the action last year of getting an additional machine, filling an order, even though we don't even have an address to deliver it to at this point. We'll kind of watch how the season plays out here. And if we do get the aggressive hurricane forecast that's been projected, none of that's in our guidance, obviously. So if that comes to fruition, we probably would need to find a home for that tooling.

嗯，可能有，布賴恩。去年我們採取了行動，增加了一台機器，填寫訂單，儘管我們現在甚至沒有地址可以將其交付。我們會看看這個賽季在這裡的表現。如果我們確實得到了預測的激進颶風預報，那麼顯然，這些都不在我們的指導範圍內。因此，如果實現這一目標，我們可能需要為該工具找到一個歸宿。

Now it could be an expansion of our Trenton facility, which is expandable. We've talked about that. It could be another greenfield site. But we're kind of -- it's a little bit of a wait-and-see approach here to the market. But at some point, our belief in the category continuing to grow, there will be capacity adds that are needed at some point in the future.

現在它可能是我們特倫頓設施的擴展，它是可擴展的。我們已經談過了。它可能是另一個新建站點。但我們有點——這是對市場的一種觀望態度。但在某些時候，我們對該類別的信念會繼續增長，未來某個時候將需要增加容量。

Okay. And then just lastly, you mentioned -- I mean, there's a lot of discussion on IHCs, obviously. Did you say specifically whether IHCs were up sequentially from first quarter to second quarter?

好的。最後，你提到了——我的意思是，顯然有很多關於 IHC 的討論。你有沒有具體說 IHC 是否從第一季度到第二季度連續上升？

I don't have that in front of me but we did not -- they were up, yes. Mike's pointing up. So yes, they were up sequentially. They've been on a tear here in Q2, specifically to the catalyst that I mentioned. But it's been -- we've been surprised by the robustness of the end market demand, to be very frank. I mean, it's something that has -- I think it speaks to how the category continues to move into more of a mainstream -- as more of a mainstream appliance, if you will, for homeowners.

我面前沒有那個，但我們沒有——他們起來了，是的。邁克指向上方。所以是的，它們是按順序上升的。他們在第二季度一直在流淚，特別是我提到的催化劑。但坦率地說，我們對終端市場需求的強勁感到驚訝。我的意思是，它已經 - 我認為它說明了該類別如何繼續進入更多的主流 - 如果你願意的話，對於房主來說，它更像是一種主流設備。

In fact, they were up very nicely sequentially.

事實上，它們的順序非常好。

Sequentially, yes.

依次，是的。

Very nice.

非常好。

And our next question is from Mark Strouse of JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

I might be splitting hairs here a little bit, but I wanted to come back to the installation constraints with -- you mentioned dealer labor and permitting and other components. Is it a function of the -- those conditions deteriorating since your last call? Or is it more so they're just not keeping up with your increased manufacturing output?

我可能會在這裡有點分裂，但我想回到安裝限制 - 你提到了經銷商的勞動力和許可以及其他組件。它是否與自您上次通話後情況惡化有關？或者更多的是他們只是跟不上您增加的製造產量？

No, they are increasing. We said that activations increased actually year-over-year, so we are seeing installs increase. They're just not increasing at the same pace. So it's not a deterioration. It's more of a -- it's the pace is not increasing at the same rate proportionate to our output.

不，它們正在增加。我們說激活量實際上是逐年增加的，所以我們看到安裝量在增加。它們只是沒有以同樣的速度增長。所以這不是惡化。這更像是——它的步伐沒有以與我們的產出成比例的速度增加。

Okay, okay. That helps. And then just curious, within the home standby business for new construction, new homes, just curious what you're hearing from your partners within that channel.

好吧好吧。這有幫助。然後只是好奇，在新建築，新房屋的家庭備用業務中，只是好奇您從該渠道中的合作夥伴那裡聽到了什麼。

Well, new home construction is slowing, but again, our IHCs are up. So we've always been only marginally exposed to new construction. That's -- I think it was something 10% to 15% of our total volume goes into that. So it's not a huge thing. It never really has been. In fact, we've always said that could be a nice opportunity area if we could get it to grow. And it has grown from kind of that 10% range to more like 15% now.

好吧，新房建設正在放緩，但我們的 IHC 再次上升。所以我們一直只是勉強接觸到新建築。那是 - 我認為這是我們總交易量的 10% 到 15% 的東西。所以這不是一件大事。它從來沒有真正發生過。事實上，我們一直說，如果我們能讓它成長，那將是一個很好的機會領域。它已經從 10% 的範圍增長到現在的 15% 左右。

But it's still -- it's kind of relative. I think it's mainly a retrofit category, kind of always has been. There's just a lot of housing stock out there in a lot of areas of the country that are struggling with power quality. So we don't really see -- and we're not hearing anything directly from channel partners about that. The only thing we do hear from them is that more home-builders want to offer the product as a feature, the potential -- not necessarily a standard feature but certainly as a feature to the people who are looking to build a home.

但它仍然——它是一種相對的。我認為這主要是一個改造類別，一直都是。在該國許多地區，只有大量的住房存量在與電力質量作鬥爭。所以我們並沒有真正看到——我們也沒有直接從渠道合作夥伴那裡聽到任何關於這一點的消息。我們從他們那裡聽到的唯一一件事是，更多的房屋建築商希望將產品作為一項功能、潛力提供——不一定是標準功能，但肯定是希望建造房屋的人的一項功能。

And your next question is from Jerry Revich of Goldman Sachs.

您的下一個問題來自高盛的 Jerry Revich。

Aaron, I wonder if we could just put a finer point around the order trends in standby. It sounds like based on your backlog comments, that net orders were about $200 million in the quarter compared to $500 million last quarter. Can you just comment on that? Because I know you look at it on a forward production basis when you quote lead times. And just put that into context for us because, obviously, a sharp pickup in-home consultations year-over-year. So would just love to get your thoughts on that disconnect if those numbers are right.

Aaron，我想知道我們是否可以更詳細地說明待命的訂單趨勢。聽起來，根據您的積壓評論，本季度的淨訂單約為 2 億美元，而上一季度為 5 億美元。你能對此發表評論嗎？因為我知道當您引用交貨時間時，您會在前瞻生產的基礎上查看它。並將其放在我們的背景中，因為很明顯，家庭諮詢量逐年增加。因此，如果這些數字是正確的，那麼我很想知道您對這種脫節的看法。

Jerry, this is York. We haven't necessarily talked orders historically. We are running up against tough comps on the order standpoint, just given the Texas outage last year. So comparing that and as well as some of the installed bandwidth comments that Aaron talked about. But I mean, you really have to look at the IHCs to really understand what's going on with the end market demand and having those up nicely year-over-year here in the quarter and up, what we said, what, 4x from...

傑瑞，這是約克。歷史上我們不一定談論過訂單。就在去年德克薩斯州停電的情況下，我們在訂單方面遇到了艱難的競爭。因此，將其與 Aaron 談到的一些已安裝帶寬評論進行比較。但我的意思是，你真的必須查看 IHC 才能真正了解最終市場需求的情況，並在本季度及以上的情況下，這些需求同比增長良好，我們所說的，是什麼，是 4 倍…… .

Over 4x, yes.

超過 4 倍，是的。

Over 4x pre-pandemic levels. So the underlying demand for the category is still very, very strong. But comparing that order rate is -- versus priority is probably not the right metric.

超過大流行前水平的 4 倍。因此，對該類別的潛在需求仍然非常非常強勁。但是比較該訂單率是 - 與優先級可能不是正確的指標。

Okay. And what we've seen is higher baseline post major outages. We've seen generally a 30% peak-to-trough decline as the second adopters, if you will, wind up installing gensets a year after the peak installation rate. Can you just talk about, based on your IHCs, how you feel like that might play out this year? I know we touched on it on the last quarter's call, but I'm wondering if you could expand on that, given we've got 1 more quarter of information across the board here.

好的。我們所看到的是在重大停電後更高的基線。我們已經看到了 30% 的峰谷下降，因為第二個採用者，如果你願意的話，在安裝高峰後一年結束安裝發電機組。你能談談，根據你的 IHC，你覺得今年可能會怎樣嗎？我知道我們在上個季度的電話會議上談到了它，但我想知道您是否可以對此進行擴展，因為我們這裡還有 1 個季度的全面信息。

Yes, Jerry, this is Aaron. Again, I think when you think of the category, I don't know the historical context if the right place to look. I mean, the category has changed dramatically over the last several years. And I think all of the major kind of trends that underlie the demand in the category and the strength that we're seeing, in particular in IHCs, we believe, are going to remain intact here for the foreseeable future.

是的，傑瑞，這是亞倫。再說一次，我認為當你想到這個類別時，我不知道歷史背景是否合適。我的意思是，該類別在過去幾年中發生了巨大變化。我認為，構成該類別需求的所有主要趨勢以及我們所看到的實力，特別是在 IHC 方面，我們相信，在可預見的未來將保持不變。

So I think that -- frankly, I just think the world's changed, so to speak, whether it's work-from-home or whether it's -- so that's our Home as a Sanctuary trend or whether it's the power quality trends that continue to be front and center for homeowners. I mean, you have homeowners who -- they're buying the category today or at least shopping the category today because they're worried about a potential outage. The category used to be all about outages happening.

所以我認為 - 坦率地說，我只是認為世界已經改變，可以這麼說，無論是在家工作還是在家工作 - 所以這就是我們的家庭作為避難所的趨勢，或者它是否是繼續存在的電能質量趨勢房主的前台和中心。我的意思是，您的房主 - 他們今天購買該類別或至少今天購買該類別，因為他們擔心潛在的中斷。該類別曾經都是關於發生中斷的。

And it's still largely -- that's an important demand catalyst, but all the rhetoric and dialogue around utility companies struggling with raw supply, as we work to electrify everything, as we're decarbonizing the grid, all of this kind of rapid shift in how we produce energy and consume energy is exposing the -- just massive vulnerabilities in supply and demand balancing. And that is something that is, obviously, a catalyst for not just home standby generators but also C&I products, our clean energy products, our grid services products.

而且它仍然在很大程度上 - 這是一個重要的需求催化劑，但是圍繞著與原材料供應苦苦掙扎的公用事業公司的所有言論和對話，當我們努力使一切電氣化時，當我們正在對電網進行脫碳時，所有這些方式的快速轉變我們生產能源和消費能源正暴露出供需平衡方面的巨大漏洞。顯然，這不僅是家庭備用發電機的催化劑，也是 C&I 產品、我們的清潔能源產品、我們的電網服務產品的催化劑。

Those are all directly in line to benefit from just the sheer chaos that the grid has become. It's a patchwork quilt, to begin with, but now it's a quilt with a lot of holes in it. And you're talking about massive concerns by people about just keeping their lights on, keeping their families safe, their home, their properties safe, their business, their livelihood safe, all of these things operating. So I think it's just -- I don't know that you can compare it to kind of what has happened historically in any of those categories.

這些都直接受益於電網已經成為的純粹混亂。一開始是拼布被子，但現在它是一個有很多洞的被子。你說的是人們對保持燈火通明、確保家人安全、家庭、財產安全、業務安全、生計安全，所有這些事情都在運作的巨大擔憂。所以我認為這只是 - 我不知道你可以將它與任何這些類別中歷史上發生的事情進行比較。

And your next question is from William Grippin of UBS.

您的下一個問題來自瑞銀的威廉·格里平。

Just a simple 1 here, but wondering if you could talk about some of the puts and takes on the sequential margin improvement in the Domestic segment. And specifically, to what extent any product discounting initiatives may have been an offset to that?

這裡只是一個簡單的 1，但想知道您是否可以談論一些看跌期權並承擔國內部分的連續利潤率改善。具體來說，任何產品折扣舉措可能在多大程度上抵消了這一點？

No. That -- I mean, pricing -- price realization is actually going up. There's, if anything, very limited promotion going on. I mean, there's always some just general underlying -- undercurrent of some minor promotions.

不，那——我的意思是，定價——價格實現實際上正在上升。如果有的話，促銷活動非常有限。我的意思是，總有一些只是一般性的潛在因素——一些小促銷活動的暗流。

We have planned promotions that are there but...

我們已經計劃了促銷活動，但是......

But I mean, normally when we're not in a backlog situation, there's an ordinary course of promotions. But even when you're in backlog, you have some minor promotions going on. So sequentially, there's nothing going on there. And in fact, we've, obviously, raised price, repriced the backlog June 1. And I think partly maybe where you're going with that is did that price increase stick in the marketplace? And it did.

但我的意思是，通常當我們沒有積壓時，會有一個普通的晉升過程。但即使你在積壓中，你也會有一些小的促銷活動。因此，按順序，那裡沒有任何事情發生。事實上，很明顯，我們已經提高了價格，並在 6 月 1 日重新定價了積壓的訂單。我認為部分原因可能是你的想法是，價格上漲是否在市場上持續存在？它確實做到了。

Got it. And just curious if you could quantify what the 8 to 10 weeks of backlog translates to in terms of value. I didn't hear you mention that on the call.

知道了。只是好奇你是否可以量化 8 到 10 週的積壓工作的價值。我沒有聽到你在電話中提到這一點。

Yes, we don't disclose that. That's why you didn't hear it.

是的，我們不會透露這一點。這就是為什麼你沒有聽到它。

And your next question is from Maheep Mandloi of Crédit Suisse.

您的下一個問題來自瑞士信貸的 Maheep Mandloi。

So Chris, yes, I think we'd probably go the next question.

所以克里斯，是的，我想我們可能會問下一個問題。

And that question is from Kashy Harrison of Piper Sandler.

這個問題來自 Piper Sandler 的 Kashy Harrison。

Aaron, just wanted to revisit lead times just 1 more time. You mentioned that now you're in the high singles versus 20 weeks last update. I know you had mentioned last time that because capacity is increasing, the relative dollar per week of lead times is different from what it was last time. So I was wondering if you could just give us maybe a sense of how to think about that rate of change dollar per week this time versus last time, even if it's just, like, a general percentage number.

亞倫，只是想再回顧一次交貨時間。你提到現在你處於高單曲狀態，而上次更新是 20 週。我知道你上次提到，由於產能在增加，每週交貨時間的相對美元與上次不同。所以我想知道你是否可以讓我們了解一下如何考慮這次與上次相比每週的美元變化率，即使它只是一個一般的百分比數字。

And then maybe part and parcel of that, maybe just some thoughts around the length of time before these bottlenecks between the dealers and installs begin to clear along with the risks if the bottlenecks persist.

然後也許是其中的一部分，也許只是關於經銷商和安裝之間的這些瓶頸開始清除之前的時間長度的一些想法，以及如果瓶頸持續存在的風險。

Yes, those are great questions. I think it's also a good point that the -- and we've said this in the past, that as we increase our production rate, that the backlog, as we stated, weeks of orders is -- that grows, right, as the output grows per week.

是的，這些都是很好的問題。我認為這也是一個很好的觀點 - 我們過去曾說過，隨著我們提高生產率，積壓的訂單，正如我們所說的，數週的訂單 - 增長，對，因為產量每週增長。

We want to catch it.

我們想抓住它。

And we want to catch it. I mean, yes, we think that -- as we said in our prepared remarks, 1 thing we are seeing is we're seeing improved close rates off of IHCs because we are bringing down lead times. So that's part of our overall strategy here is if you're a customer and you're shopping the category and even if you hear 8 to 10 weeks on a product, you might be -- you might kind of sit on the sidelines and see what happens, right?

我們想抓住它。我的意思是，是的，我們認為 - 正如我們在準備好的評論中所說，我們看到的一件事是我們看到 IHC 的關閉率有所提高，因為我們正在縮短交貨時間。因此，這是我們整體戰略的一部分，如果您是客戶並且您正在購買該類別，即使您聽說產品需要 8 到 10 週的時間，您也可能會——您可能會坐在場邊看會發生什麼，對吧？

And even worse, kind of getting to the second part of your question is if a channel partner or a dealer is quoting something longer because their bandwidth to install has got them kind of at a fixed rate that keeps the lead time longer. So that gap, as we pointed out, kind of grew in the second quarter because of the increase in our production output. And they increased activations or installs but not to the same level. So we're working with them to bring that inside. We're going to need more dealers. We're going to need more installing contractors.

更糟糕的是，進入問題的第二部分是，渠道合作夥伴或經銷商是否報價更長，因為他們的安裝帶寬使他們以固定的速度獲得了更長的交貨時間。因此，正如我們指出的那樣，由於我們的產量增加，這一差距在第二季度有所擴大。他們增加了激活或安裝，但沒有達到相同的水平。因此，我們正在與他們合作將其帶入內部。我們需要更多的經銷商。我們將需要更多的安裝承包商。

We have a lot of initiatives around trying to make installations easier and less time-consuming. Today, an installation, a typical installation still takes 2 individuals, about 8 hours a piece, so about 16 hours of labor in the installation. So if we could get that down, that obviously frees up some additional bandwidth.

我們採取了很多舉措，試圖讓安裝更容易、更省時。今天一個安裝，一個典型的安裝還是需要2個人，大概8個小時一個件，所以大概16個小時的人工安裝。所以如果我們能把它降下來，那顯然會釋放一些額外的帶寬。

So that's where our focus has been. And again, it's dealer by dealer so it's not widespread, but we are seeing dealers struggle with that. In particular, dealers that are in markets where either housing has been really hot in certain markets. That's where they're really struggling with labor for construction labor, contractor labor. So as, again, part of our prepared remarks, as the housing market cools, we actually think that will help us refocus installing contractors' attention towards the category and will hopefully improve lead times to the end market.

這就是我們的重點所在。再一次，它是一個經銷商一個經銷商，所以它並不普遍，但我們看到經銷商正在為此苦苦掙扎。尤其是在某些市場中任何一種房屋都非常火爆的市場中的經銷商。這就是他們真正為建築工人、承包商勞動力而苦苦掙扎的地方。因此，作為我們準備好的評論的一部分，隨著房地產市場的降溫，我們實際上認為這將有助於我們將安裝承包商的注意力重新集中在該類別上，並有望改善終端市場的交貨時間。

And just a quick follow-up there. So the high singles, would that be 50% more than last time on a per week basis? 75%? Double? Just any rough sense of how to think about it on a relative basis would be great.

並在那裡進行快速跟進。那麼高單打，每週會比上次多 50% 嗎？ 75%？雙倍的？只是粗略地了解如何在相對的基礎上考慮它會很棒。

No. I mean, again, it's -- we have to do the math. I don't have it in front of me.

不，我的意思是，再次，這是 - 我們必須做數學。我面前沒有它。

We don't have a ratio.

我們沒有比例。

I don't have a ratio like that put together. But I think lead times, we quoted last time were in the 20-week range. They're roughly half of that now, 8 to 10. But again, that 8 to 10 represents a greater amount. So in terms of our production output, so it's not half of what it was before. So to your point, I think that's the point you're trying to get to, I just don't have the math in front of me on that.

我沒有這樣的比例。但我認為我們上次引用的交貨時間在 20 週範圍內。它們現在大約是一半，8 到 10。但同樣，8 到 10 代表更大的數量。所以就我們的產量而言，它不是以前的一半。所以就你的觀點而言，我認為這就是你想要達到的觀點，我只是沒有擺在我面前的數學。

And your next question is from Praneeth Satish of Wells Fargo.

您的下一個問題來自富國銀行的 Praneeth Satish。

I'm just trying to understand here with the constraints on the installer side. I mean, if there was some kind of major weather event in the second half of this year, what would be -- would you be in a position to benefit from that? Or would that be basically kind of adding to the '23 sales at this point?

我只是想在這裡了解安裝程序方面的限制。我的意思是，如果今年下半年發生某種重大天氣事件，你會從中受益嗎？或者這基本上會增加 23 年的銷售額？

Yes. I mean, as we've said before, if we -- today, the plan is we're going to probably exit the year with some backlog remaining. So that -- because of that, there's not a lot of room for upside for the storm. There hasn't been all year for HSB. We've got some room on portable generators. We're in a good inventory position there, ready to serve the market if there is an active storm season.

是的。我的意思是，正如我們之前所說，如果我們 - 今天，我們的計劃是我們可能會在今年結束時留下一些積壓。所以——正因為如此，風暴的上行空間不大。 HSB 沒有一整年。我們在便攜式發電機上有一些空間。我們在那裡的庫存狀況良好，準備好在風暴季節活躍時為市場服務。

But on HSBs, and this is, again, why we're working with the channel to increase their installed capacity because we've got to get that to a higher level longer term. We've got to -- we have seen opportunities for that to expand. But the backdrop right now, what we're hearing from these contractors that are struggling is primarily labor, some components and then some permitting and utility-related delays.

但在 HSB 上，這也是我們與渠道合作以增加其裝機容量的原因，因為我們必須長期將其提升到更高水平。我們必須——我們已經看到了擴展的機會。但是現在的背景是，我們從這些苦苦掙扎的承包商那裡聽到的主要是勞動力、一些組件，然後是一些許可和與公用事業相關的延誤。

So we're attacking all of those things. We've got a broad slate of initiatives to get after those things and have been here for the balance of this year because we kind of -- we could see this coming. We needed to see the installation rate pick up. And while it has increased, it just hasn't increased enough at this point.

所以我們正在攻擊所有這些東西。我們有一系列廣泛的舉措來解決這些問題，並且在今年餘下的時間裡一直在這裡，因為我們有點——我們可以預見到這一點。我們需要看到安裝率上升。雖然它增加了，但在這一點上還沒有增加足夠多。

And you'd have to ramp your supply chain up further as well.

而且你還必須進一步提升你的供應鏈。

That's a good point.

那是個很好的觀點。

This challenging environment could limit that but definitely would help out 2023.

這種充滿挑戰的環境可能會限制這一點，但肯定會對 2023 年有所幫助。

It's a good point.

這是一個很好的觀點。

Got it. And then just switching gears, can you give us an update on the Grid Services business? How many deals did you win in Q2? And are you seeing an acceleration in that side of the business with utility rates going up and utilities kind of looking for any way to lower their costs?

知道了。然後只是換個檔次，您能給我們介紹一下網格服務業務的最新情況嗎？您在第二季度贏得了多少筆交易？您是否看到隨著公用事業費率上漲以及公用事業公司正在尋找降低成本的任何方法，這方面的業務正在加速發展？

Yes. That has been a really active space for us. Really pleased with the sales pipeline that's building there. The challenge, of course, in that business, and as we've said before, is just the time it takes to get these programs through, not only the utilities themselves in terms of developing the programs, but also then the regulators for approval.

是的。這對我們來說是一個非常活躍的空間。對那裡正在建設的銷售渠道非常滿意。當然，正如我們之前所說，在該業務中面臨的挑戰只是讓這些計劃通過所需的時間，不僅是公用事業本身在開發計劃方面，而且還包括監管機構的批准。

So we have a couple of really nice wins that we will -- you'll see some announcements here in the weeks ahead on that are, I think, really are a good example, both of the wins that you'll see are really good examples of the power of the hardware plus software approach that we've taken here. And I think that, as I mentioned in the prepared remarks, we're definitely beginning to see that there's a differentiator for us as a company, because we bring so much more to these potential programs by offering solutions that span everything from a smart thermostat program to a generator program to a battery program to a C&I generator program.

因此，我們將獲得一些非常好的勝利——你會在接下來的幾週內看到一些公告，我認為這確實是一個很好的例子，你將看到的兩次勝利都非常好我們在這裡採用的硬件加軟件方法的強大示例。而且我認為，正如我在準備好的評論中提到的那樣，我們肯定開始看到我們作為一家公司有一個差異化因素，因為我們通過提供涵蓋智能恆溫器等所有方面的解決方案，為這些潛在項目帶來了更多程序到發電機程序到電池程序到 C&I 發電機程序。

I mean, there's big chunks of load that come from C&I generators. And we can bring all of that hardware to bear alongside this really advanced software platform called Concerto that our team has developed. It's just -- it's a really interesting space going forward.

我的意思是，有很大一部分負載來自 C&I 生成器。我們可以將所有這些硬件與我們團隊開發的名為 Concerto 的真正先進的軟件平台一起使用。這只是 - 這是一個非常有趣的未來空間。

And to the point about utilities, we have seen a change in their attitudes over the last several months, several quarters really, in terms of the sense of urgency in which -- and they're asking questions and engaging with us. We were down in DISTRIBUTECH, which is kind of the utility markets trade show, if you will, down in Dallas a while ago, a couple of months ago. And I was struck by just the quality of the conversations, the quantity of the conversations we had with utilities and grid operators.

關於公用事業，我們已經看到他們在過去幾個月（實際上是幾個季度）的態度發生了變化，就緊迫感而言 - 他們正在提出問題並與我們互動。如果你願意的話，我們在 DISTRIBUTECH 上失敗了，這是一種公用事業市場貿易展，如果你願意的話，幾個月前在達拉斯舉行。我對對話的質量、與公用事業和電網運營商的對話數量感到震驚。

And they just feel like their back is against the wall. They can't solve their problems with traditional means, right? Like a traditional mean being if demand is going up because of more EV adoption in a particular market, a grid operator utility would simply have outlined a plan to add a gas peaker plant to cover those points in the curve where they need additional supply.

他們只是覺得他們的背靠在牆上。他們不能用傳統的方法解決他們的問題，對吧？就像傳統的意思一樣，如果由於特定市場中更多的電動汽車採用而導致需求上升，電網運營商公用事業公司會簡單地概述一個計劃，增加一個天然氣峰值工廠，以覆蓋曲線中需要額外供應的那些點。

And so that's something that they can't do anymore. The regulators are saying, "Look, we're not going to allow you to add another thermal asset to your fleet for supply." And so they're finding themselves in the uncomfortable situation of having to -- it's kind of like a dual mandate. They have to decarbonize their grids because of that mandate, but the other mandate is they have to continue to provide resiliency. And so they're really struggling with ways to do that. So they have to have new tools in the toolkit.

所以這是他們不能再做的事情了。監管機構說，“聽著，我們不會允許你在你的機隊中添加另一個熱資產以供供應。”所以他們發現自己處於不得不這樣做的不舒服的境地——這有點像雙重任務。由於這項任務，他們必須對電網進行脫碳，但另一個任務是他們必須繼續提供彈性。所以他們真的在想辦法做到這一點。所以他們必須在工具包中擁有新的工具。

And they see these virtual power plants and these distributed energy resources, like generators and batteries and load management and thermostats as ways to -- as really valuable ways to help them build out the additional supply or the reduction in demand that they need to provide the resiliency that they're charged with providing.

他們認為這些虛擬發電廠和這些分佈式能源，如發電機、電池、負載管理和恆溫器，是幫助他們增加額外供應或減少需求的真正有價值的方法，以提供他們負責提供的彈性。

And your next question is from Donovan Schafer, Northland Capital Markets.

您的下一個問題來自 Northland Capital Markets 的 Donovan Schafer。

This is Donovan Schafer. So it seems like there has been so much changing all over the world in the last few months. So I'm just wondering if we can step back and talk about some of this in terms of what it means for the megatrends you guys like to talk about.

這是多諾萬·謝弗。所以在過去的幾個月裡，世界各地似乎發生了很大的變化。所以我只是想知道我們是否可以退後一步，談談這對你們喜歡談論的大趨勢意味著什麼。

So first, there's grid instability. But I do -- it does seem, on some, level, that in the United States, there are at least some bonafide grid investments with the Infrastructure Bill that was passed last year, plans to make it easier to permit transmission lines. It does seem like there's a bit of traction there. So on that front, I'm wondering if there are any risks or if there is any chance we could get kind of a reduced trend in outages, not near term but maybe say, 3 to 5 years out. I know MISO has been just recently approved, 18 high-voltage transmission lines to handle 53 gigawatts of capacity or something.

首先，電網不穩定。但我確實——在某種程度上，在美國，至少有一些真正的電網投資，去年通過了基礎設施法案，計劃讓輸電線路更容易獲得許可。那裡似乎有一點牽引力。因此，在這方面，我想知道是否存在任何風險，或者是否有可能我們可以減少停電的趨勢，不是短期的，但可能會說，3 到 5 年後。我知道 MISO 最近剛剛獲得批准，18 條高壓輸電線路可處理 53 吉瓦的容量之類的。

And then I also want to talk on the Russian situation. That does make the diesel to natural gas megatrends, certainly in Europe, to some people, look like a bad idea. I know you also sell diesel generators, so maybe you can kind of be agnostic there. But historically, the megatrend you've talked about has been the shift to natural gas.

然後我還想談談俄羅斯的情況。這確實使柴油到天然氣的大趨勢，當然在歐洲，對某些人來說，看起來是個壞主意。我知道你也賣柴油發電機，所以也許你可以在那裡不可知論。但從歷史上看，你談到的大趨勢是轉向天然氣。

And then kind of on the flip side, you've got growth in the LNG markets. Maybe that allows more HSB and natural gas generation elsewhere, increasing energy security concerns generally. I mean, nations like Japan, Taiwan, the Philippines really struggle with electricity generation, limited resources, having to import everything and they probably don't feel great about China right now. So those could be positive drivers.

另一方面，液化天然氣市場也在增長。也許這允許在其他地方產生更多的 HSB 和天然氣，從而普遍增加能源安全問題。我的意思是，像日本、台灣、菲律賓這樣的國家確實在發電、資源有限、必須進口所有東西的問題上苦苦掙扎，他們現在可能對中國感覺不太好。所以這些可能是積極的驅動因素。

So just I'm curious kind of, again, stepping back and looking at megatrends from these kind of big movements globally, we've been saying. Which ones are you watching? Which ones do you think -- which things do you think could really be material over a couple of years? Yes, any clarification on that would be very helpful.

所以我只是好奇，再一次，退後一步，看看全球這些大趨勢的大趨勢，我們一直在說。你在看哪些？你認為哪些——你認為哪些事情在幾年內可能真的很重要？是的，對此的任何澄清都會非常有幫助。

Yes. Donovan, from a megatrend standpoint, the grid's a mess. And I don't -- there's nothing in the next 3 to 5 years. I mean, you can talk to any utility company, any utility executive or -- and while they'll get some transmission lines approved and a couple of other things going in the right direction, maybe that will light a fire under regulators.

是的。多諾萬，從大趨勢的角度來看，電網是一團糟。我沒有——在接下來的 3 到 5 年內甚麼都沒有。我的意思是，您可以與任何公用事業公司、任何公用事業主管或 - 雖然他們將獲得一些輸電線路的批准以及其他一些朝著正確方向發展的事情，但也許這會在監管機構下引發火災。

But there's so much deferred -- if you just -- if you didn't have the Electrify Everything trend, if you just took that away for a second, and you dealt with the more severe climate experiences that we're having and just the decarbonization of the grid in general and that kind of generating fleet, those sources being -- they're moving to a more intermittent nature, and because the technologies have not kept up, like battery technology is just not there yet commercially to be a viable storage technique.

但是有很多延遲 - 如果你只是 - 如果你沒有 Electrify Everything 趨勢，如果你只是把它拿走一秒鐘，你處理了我們正在經歷的更嚴重的氣候經歷，只是整個電網和那種發電車隊的脫碳，這些來源正在轉向更加間歇性的性質，並且由於技術沒有跟上，比如電池技術還沒有在商業上可行存儲技術。

And that's really what we need. We need storage if we're going to move to 100% of our power being generated from renewable sources. You've got to have the ability to store that power at times when those renewables are not able to perform. This is a massive challenge that grid operators and utility executives are trying to solve for. There's no silver bullet there. There's no easy way to do it. There's no technologies that have -- that are presented that allow for that in a commercial way, in a cost-effective way, certainly. And there's nothing in the next 3 to 5 years.

這正是我們所需要的。如果我們要實現 100% 的電力來自可再生能源，我們就需要存儲。當這些可再生能源無法發揮作用時，你必須有能力儲存這種電力。這是電網運營商和公用事業高管正在努力解決的巨大挑戰。那裡沒有靈丹妙藥。沒有簡單的方法可以做到這一點。當然，沒有任何技術能夠以商業方式、以具有成本效益的方式實現這一點。在接下來的 3 到 5 年內，什麼都沒有。

And they would tell you that even if they had an approved plan, all the resources necessary to execute that approved plan, it would be decades just to execute against it. The buildout of the transmission lines, the upgrade of all the equipment that needs to happen to modernize the grid. It's -- there's trillions and trillions of dollars behind in deferred spending and just the raw effort to do that is decades in the making. So we don't see anything on that front.

他們會告訴你，即使他們有一個批准的計劃，以及執行該批准計劃所需的所有資源，僅僅執行它就需要幾十年的時間。輸電線路的擴建，電網現代化所需的所有設備的升級。這是 - 遞延支出背後有數万億美元，而這只是數十年的原始努力。所以我們在這方面看不到任何東西。

On your question on natural gas versus diesel, I mean, our -- almost 100% of our business C&I-wise outside of the U.S. is diesel. There's a little bit of natural gas, as we've said. And we think that, that's a trend longer term that'll improve. Where the gas to debt -- the diesel and natural gas trends have been more -- much more prevalent is here in the U.S. and where we have a lot of gas available and that's not an issue.

關於你關於天然氣與柴油的問題，我的意思是，我們在美國以外的 C&I 業務幾乎 100% 是柴油。正如我們所說，有一點天然氣。我們認為，從長遠來看，這是一個會改善的趨勢。天然氣負債的地方——柴油和天然氣的趨勢更多——在美國更為普遍，我們有很多可用的天然氣，這不是問題。

And I do think even in Europe, they need gas. So whether it comes from Russia or whether it gets imported from other areas, they're not going to move away from pipelines. That -- they've got the infrastructure. They're going to get gas.

而且我確實認為即使在歐洲，他們也需要天然氣。因此，無論是來自俄羅斯還是從其他地區進口，他們都不會離開管道。那——他們有基礎設施。他們會得到汽油。

Still be an important part of...

仍然是...的重要組成部分

They're not going to change how they heat. They're not going to change how they use gas for process. I mean, they need gas. So they'll get it from somewhere. It's probably going to be imported LNG coming into the countries. They need it.

他們不會改變他們的加熱方式。他們不會改變使用氣體進行工藝的方式。我的意思是，他們需要汽油。所以他們會從某個地方得到它。可能是進口液化天然氣進入這些國家。他們需要它。

And they may name natural gas as a clean...

他們可能將天然氣命名為清潔...

And natural gas will be redesignated in Europe as a clean -- as a clean fuel, which is great. So I think longer term, we feel really confident in those trends. Maybe shorter term, there'll be some noise around that. But again, that business today is mostly diesel. So it's really not a today impact.

天然氣將在歐洲被重新指定為清潔燃料——清潔燃料，這很棒。所以我認為從長遠來看，我們對這些趨勢非常有信心。也許短期內，會有一些噪音。但同樣，今天的業務主要是柴油。所以這真的不是今天的影響。

And then you're right, you've got other countries where there's opportunities for us. You mentioned a couple of countries in Asia that have -- they're islands, right? So they import, whether it's Japan or whether it's Taiwan, those are all areas where they import. And we do see LNG becoming an important fuel. And this is where I think the United States is in a really good spot here to be able to provide a path for countries that need that important fuel source, whether it's baseload power generation or process or for energy security. That's going to be something that I think is going to be a -- that's a trend that's going to continue long into the future. Natural gas is a fantastic energy resource. It's going to be part of our baseload power structure here as a global populous for a long time to come.

然後你是對的，你有其他國家對我們來說有機會。你提到了亞洲的幾個國家——它們是島嶼，對吧？所以他們進口，不管是日本還是台灣，都是他們進口的地區。我們確實看到液化天然氣成為一種重要的燃料。這就是我認為美國在這方面的真正優勢所在，它能夠為需要這種重要燃料來源的國家提供一條道路，無論是基荷發電、工藝還是能源安全。這將是我認為將成為一種趨勢，這種趨勢將持續很長時間。天然氣是一種奇妙的能源。在很長一段時間內，作為全球人口眾多，它將成為我們基荷電力結構的一部分。

And our final question is from Maheep Mandloi of Crédit Suisse.

我們的最後一個問題來自瑞士信貸的 Maheep Mandloi。

I hope you guys can year me?

我希望你們能年我嗎？

Yes.

是的。

So that -- 2 or 3 answers. Just 2 quick ones. One, just on the backlog. It said more than $1 billion the last quarter. Is it somewhere in line with that range or different? And I had a separate follow-up.

所以 - 2或3個答案。只有2個快速的。一，只是在積壓。它說上個季度超過 10 億美元。它與該範圍一致還是不同？我有一個單獨的後續行動。

Yes. Again, we've talked about 8 to 10 weeks of orders in the backlog and it's sizable. It's a big backlog. And we expect to still have backlog as we exit the year, even that's in spite of the increased production rate. So it's a sizable number. And we want to get that down because that's how -- we think that serving the market with shorter back -- with shorter lead times is really important to winning in the market, in particular, on those sales leads that we've talked about.

是的。再一次，我們談到了 8 到 10 週的積壓訂單，而且數量相當可觀。這是一個很大的積壓。我們預計在今年結束時仍有積壓，即使生產率提高了。所以這是一個相當大的數字。我們希望降低這一點，因為這就是我們認為以更短的時間為市場服務的方式對於贏得市場非常重要，特別是在我們討論過的那些銷售線索上。

So that's a really important focus for us, Maheep, and we're going to continue to lean into that. And again, working on that installation bandwidth as well. But that 8 to 10 weeks is really how we would speak to the backlog.

所以這對我們來說是一個非常重要的焦點，Maheep，我們將繼續關注這一點。同樣，還要處理該安裝帶寬。但那 8 到 10 週確實是我們應對積壓工作的方式。

And I would now like to turn the call back over to Mike Harris for any closing remarks.

現在，我想將電話轉回給 Mike Harris，以聽取任何結束語。

We want to thank everyone for joining us this morning. We look forward to discussing our third quarter 2022 earnings results with you in early November. Thank you again, and goodbye.

我們要感謝大家今天早上加入我們。我們期待在 11 月初與您討論我們 2022 年第三季度的收益結果。再次感謝，再見。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。