Generac Holdings Inc (GNRC) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the second quarter 2024 Generac Holdings Inc. conference call.

歡迎參加 Generac Holdings Inc. 2024 年第二季電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Kris Rosemann.

現在我想將會議交給今天的第一位發言人克里斯·羅斯曼 (Kris Rosemann)。

Please go ahead.

請繼續。

Good morning, and welcome to our second quarter 2024 earnings call.

早上好，歡迎參加我們的 2024 年第二季財報電話會議。

I'd like to thank everyone for joining us this morning.

我要感謝大家今天早上加入我們。

With me today is Aaron Jagdfeld, President and Chief Executive Officer; and York Ragen, Chief Financial Officer.

今天與我在一起的是總裁兼執行長 Aaron Jagdfeld；和財務長約克·雷根。

We will begin our call today by commenting on forward-looking statements.

我們今天將首先對前瞻性陳述發表評論。

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.

本簡報中所做的某些陳述以及 Generac 或其員工不時提供的其他資訊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有重大差異的風險和不確定性。

Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors.

請參閱我們的收益報告或 SEC 文件，以了解識別此類聲明和相關風險因素的單字或表達方式清單。

In addition, we will make reference to certain non-GAAP measures during today's call.

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措施。

Additional information regarding these measures, including reconciliation to comparable US GAAP measures is available in our earnings release and SEC filings.

有關這些措施的更多信息，包括與可比較美國公認會計準則措施的調節，請參閱我們的收益發布和 SEC 文件。

I will now turn the call over to Aaron.

我現在將把電話轉給亞倫。

Thanks, Kris.

謝謝，克里斯。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

Our second quarter results were ahead of previous expectations for adjusted EBITDA and adjusted EPS driven by lower input costs and operating expenses relative to our prior forecast, we are raising our 2024 full year outlook this morning as a result of the recent increase in power outage activity, including the impact of Hurricane Beryl.

我們的第二季業績超出了先前對調整後EBITDA 和調整後每股收益的預期，原因是投入成本和營運費用相對於我們先前的預測較低，由於最近停電活動增加，我們今天上午上調了2024年全年展望，包括颶風貝麗爾的影響。

Year over year overall, net sales in the second quarter were nearly flat compared to the prior year at $998 million.

總體而言，第二季淨銷售額為 9.98 億美元，與去年同期幾乎持平。

Residential product sales increased 8% from the prior year due to strong growth in home standby generator shipments.

由於家用備用發電機出貨量強勁成長，住宅產品銷售額較上年成長 8%。

Global C&I product sales decreased 10% from a strong prior-year second quarter as softness in the telecom and rental markets was partially offset by an increase in shipments to our industrial distributor customers.

全球工商業產品銷售額較去年第二季的強勁表現下降了 10%，因為電信和租賃市場的疲軟被我們的工業分銷商客戶的出貨量增加部分抵消。

Additionally, gross and adjusted EBITDA margins expanded significantly from the second quarter of 2023 as a result of favorable sales mix and the realization of lower input costs.

此外，由於有利的銷售組合和較低的投入成本，毛利率和調整後 EBITDA 利潤率較 2023 年第二季大幅增加。

Home standby shipments were in line with our prior expectations during the quarter, increasing at a mid-teens rate from the softer prior-year period that included a meaningful headwind from excess field inventory levels.

本季家庭備用出貨量符合我們先前的預期，與去年同期相比以十幾歲左右的速度成長，其中包括現場庫存水準過剩帶來的巨大阻力。

Power outage activity during the second quarter was above the long-term baseline average primarily due to strong storms in May that impacted multiple markets in Texas.

第二季的停電活動高於長期基線平均水平，主要是由於 5 月的強風暴影響了德州的多個市場。

Early in the third quarter, Hurricane Beryl made landfall in the Houston area, driving year-to-date power outage activity well above the long-term baseline average and increasing demand for home standby and portable generators.

第三季初，颶風貝裡爾在休士頓地區登陸，導致今年迄今的停電活動遠高於長期基線平均水平，並增加了對家庭備用和便攜式發電機的需求。

After a slow start to the year, home consultations in the second quarter increased modestly over the prior year and grew at a strong rate on a sequential basis.

在經歷了年初的緩慢增長之後，第二季度的家庭諮詢量比去年同期略有增長，並且環比增長強勁。

More importantly, home consultation activity increased significantly during the month of July due to Hurricane Beryl.

更重要的是，由於颶風貝裡爾，七月的家庭諮商活動大幅增加。

Additionally, close rates have improved during the first-half of 2024 as we continue to execute initiatives to improve sales lead conversion, including data-driven lead optimization practices, sales tool enhancements, and improved lead nurturing practices.

此外，隨著我們繼續執行提高銷售線索轉換的舉措，包括數據驅動的線索優化實踐、銷售工具增強和改進的線索培育實踐，2024 年上半年成交率有所提高。

Although we expect close rates to improve over time, they have historically moderated immediately following a major outage event in the affected region.

儘管我們預計關閉率會隨著時間的推移而改善，但從歷史上看，在受影響地區發生重大停電事件後，關閉率會立即放緩。

We remain focused on making further investments to bring new and broader demographic categories into the home standby generator market and increase engagement with our end customers, particularly in regions that have not experienced material outage activity in recent periods.

我們仍然專注於進行進一步投資，將新的和更廣泛的人口類別引入家用備用發電機市場，並增加與最終客戶的接觸，特別是在最近一段時間沒有經歷過重大停電活動的地區。

We ended the second quarter with our residential dealer count at approximately 8900, an increase of 200 dealers from the end of 2023.

截至第二季末，我們的住宅經銷商數量約為 8,900 家，比 2023 年底增加了 200 家。

We also continue to strengthen our relationships with non-dealer contractors as we further grew our Aligned Contractor Program, an effort that helps us expand our installation bandwidth while allowing contractors to purchase product through their preferred channel.

隨著我們進一步發展我們的聯合承包商計劃，我們也繼續加強與非經銷商承包商的關係，該計劃有助於我們擴大安裝頻寬，同時允許承包商透過他們的首選管道購買產品。

We view our dealer and aligned contractor networks as an important competitive advantage for our business.

我們將經銷商和聯合承包商網路視為我們業務的重要競爭優勢。

And we continue to invest heavily in these relationships with a focus on further developing tools and resources to optimize the selling, service, and installation capabilities of our distribution partners.

我們繼續對這些關係進行大量投資，重點是進一步開發工具和資源，以優化我們的分銷合作夥伴的銷售、服務和安裝能力。

Activations or installations of home standby generators were down modestly during the first-half of 2024, reflecting the lower power outage environment from late 2023 through the first quarter of 2024.

2024 年上半年，家庭備用發電機的啟動或安裝量略有下降，反映出 2023 年末至 2024 年第一季停電環境較低。

However, activations have returned to strong year-over-year growth in the month of July, and we expect continued growth in installations as we move through the seasonally stronger second-half and impacted by the recent increase in outage activity.

然而，7 月的啟動量已恢復強勁的同比增長，我們預計，隨著下半年季節性強勁，並受到近期停電活動增加的影響，安裝量將繼續增長。

As the clear leader in residential backup power, we are uniquely positioned to respond to major outage events such as Hurricane Beryl.

作為住宅備用電源領域的明顯領導者，我們在應對颶風貝裡爾等重大停電事件方面具有獨特的優勢。

Our ability to leverage our strong financial position to invest inventory for storm response combined with our logistics capabilities allow us to rapidly deploy product into outage-impacted areas.

我們有能力利用強大的財務狀況投資庫存以應對風暴，再加上我們的物流能力，使我們能夠將產品快速部署到受停電影響的地區。

Our industry-leading distribution network and our scalable call centers provide 24/7 consumer support and service in our customers time of need.

我們業界領先的分銷網絡和可擴展的呼叫中心可在客戶需要時提供 24/7 的消費者支援和服務。

We are also increasing our advertising spend in the aftermath of the storm to leverage our expertise in marketing to drive awareness for our products and generate sales leads for our distribution partners, not only in the impacted region but also more broadly across the nation.

風暴過後，我們還增加了廣告支出，以利用我們在行銷方面的專業知識來提高我們產品的知名度，並為我們的分銷合作夥伴創造銷售線索，不僅在受影響的地區，而且在全國範圍內。

Simultaneously, we are ramping up our efforts to increase sales and installation bandwidth by adding more dealers and aligned contractors to our distribution network.

同時，我們正在加大努力，透過在我們的分銷網路中添加更多經銷商和合作承包商來增加銷售和安裝頻寬。

Finally, we are increasing our production rates for home standby generators to respond to increases in demand for these products as we have built our supply chain and operating footprint capacities to allow for the rapid expansion of output to respond quickly to market changes.

最後，我們正在提高家用備用發電機的生產率，以應對這些產品需求的成長，因為我們已經建立了供應鏈和營運足跡能力，以允許快速擴大產量以快速響應市場變化。

As a result, we are raising our overall 2024 outlook due to anticipated higher demand for home standby and portable generators following the recent increase in power outage activity.

因此，由於近期停電活動增加，預計對家庭備用和便攜式發電機的需求將會增加，因此我們上調了 2024 年的整體前景。

The effect of Hurricane Beryl is also expected to drive higher levels of awareness for backup power longer term as home and business owners seek protection from future power outages.

隨著家庭和企業主尋求未來停電的保護，颶風貝裡爾的影響預計也將提高人們對長期備用電源的認識。

With only approximately 6% penetration of the addressable market of homes in the US, we believe there are significant opportunities to further grow the residential standby generator market.

由於美國住宅潛在市場的滲透率僅約 6%，我們相信住宅備用發電機市場有進一步成長的重大機會。

Now moving to our residential energy technology products and solutions, the overall market for residential solar and storage continues to be negatively impacted from structural changes to California's net metering program as well as higher borrowing costs which will continue to weigh on 2024's results for these products.

現在轉向我們的住宅能源技術產品和解決方案，住宅太陽能和儲存的整體市場繼續受到加州淨計量計劃結構性變化以及借貸成本上升的負面影響，這將繼續影響這些產品 2024 年的業績。

Although market conditions are challenging in the near-term, we recently announced the execution of the previously awarded grant from the US Department of Energy to provide energy storage systems to Puerto Rico with funding from the Puerto Rico Energy Resiliency Fund.

儘管近期市場狀況充滿挑戰，但我們最近宣布執行美國能源部先前授予的贈款，在波多黎各能源彈性基金的資助下，向波多黎各提供儲能係統。

The grant provides for up to $200 million in project funding over a year term, which is an increase from the $100 million initially awarded.

該贈款在一年內提供高達 2 億美元的專案資金，這比最初授予的 1 億美元有所增加。

We had when we announced our participation in the program in the fourth quarter of last year.

當我們在去年第四季宣布參與該計劃時，我們就做到了這一點。

The first, shipments of energy storage systems for this program are expected to begin later this year with the bulk of program installations occurring in 2025 and 2026.

該項目的第一批儲能係統預計將於今年稍後開始發貨，大部分項目安裝將於 2025 年和 2026 年進行。

Ecobee continues to execute well, gaining market share and driving robust margin improvement over the prior year.

Ecobee 繼續表現良好，贏得了市場份額，並推動利潤率比上一年大幅提高。

Ecobee's connected homes count is now approaching 4 million and services attach rates continue to increase with strong growth in both energy services and home monitoring services.

Ecobee 的連網家庭數量現已接近 400 萬戶，隨著能源服務和家庭監控服務的強勁成長，服務附加率持續增加。

Importantly, we are leveraging Ecobee's expertise in developing hardware and software experiences that are intelligent and intuitive as their development teams are leading our efforts around building the common platform that will serve as the heart of the Generac residential energy ecosystem.

重要的是，我們正在利用 Ecobee 在開發智慧和直覺的硬體和軟體體驗方面的專業知識，因為他們的開發團隊正在帶領我們努力建立通用平台，該平台將作為 Generac 住宅能源生態系統的核心。

As disclosed in our press release this morning, we also agreed to make an incremental $35 million minority investment in Wallbox, allowing for the expansion of our commercial agreement globally to include both residential and commercial EV charging solutions across our distribution networks.

正如我們今天早上的新聞稿中所披露的，我們還同意對Wallbox 進行3500 萬美元的增量少數股權投資，以便將我們的商業協議擴展到全球範圍，以涵蓋我們分銷網絡中的住宅和商業電動汽車充電解決方案。

Additionally, we have aligned on a software development approach that will deepen the integration of Wallbox EV chargers with our dealer and customer platforms.

此外，我們還採用了一種軟體開發方法，該方法將加深 Wallbox EV 充電器與我們的經銷商和客戶平台的整合。

We believe that the ability to manage EV charging as part of our residential and C&I energy technology ecosystems will become increasingly important as growing electric vehicle penetration and the resulting increased demand for electricity have a rising impact on home and business owners as well as grid operators around the world.

我們相信，隨著電動車普及率的不斷提高以及由此產生的電力需求的增加，對家庭和企業主以及周圍電網營運商的影響越來越大，作為我們住宅和工商業能源技術生態系統一部分的管理電動車充電的能力將變得越來越重要。

As we continue to build out our energy technology solutions, we believe that the combination of our internal initiatives, strategic investments and core competencies will allow us to effectively compete in these large and growing market.

隨著我們繼續建立能源技術解決方案，我們相信，我們的內部舉措、策略投資和核心能力的結合將使我們能夠在這些龐大且不斷增長的市場中有效競爭。

As we bring increasingly competitive solutions to market over the coming quarters.

隨著我們在未來幾季向市場推出越來越有競爭力的解決方案。

Starting with our next-generation energy storage system, later this year, we will accelerate our efforts in expanding and engaging our distribution network.

從我們的下一代儲能係統開始，今年晚些時候，我們將加快努力擴大和參與我們的分銷網絡。

This will allow us to gain market share by further leveraging our expertise in providing superior channel and customer support, as well as our proficiency in delivering qualified sales leads to distribution partners and our brand strength.

這將使我們能夠透過進一步利用我們在提供優質管道和客戶支援方面的專業知識，以及我們向分銷合作夥伴提供合格銷售線索的能力和我們的品牌實力來獲得市場份額。

We believe our unique and comprehensive approach to residential energy management will provide further differentiation as we develop the smart energy home of the future.

我們相信，隨著我們開發未來的智慧能源家居，我們獨特而全面的住宅能源管理方法將提供進一步的差異化。

Switching now to our C&I product category.

現在切換到我們的 C&I 產品類別。

As previously expected, global C&I product sales declined 10% from the prior year, driven by a decrease in shipments to both domestic telecom and rental customers.

如先前預期，由於國內電信和租賃客戶的出貨量減少，全球工商業產品銷售額較前一年下降 10%。

This decline was partially offset by continued growth with our North American industrial distributors as shipments to this channel again grew at a robust rate in the second quarter and quoting activity remained resilient.

這一下降被我們的北美工業分銷商的持續成長所部分抵消，因為第二季度該通路的出貨量再次強勁增長，並且報價活動保持彈性。

We continue to expand our market share, primarily due to our ongoing focus on operational execution, leading to reduced product lead times and further optimization of our domestic distributor channel.

我們不斷擴大市場份額，主要是由於我們持續專注於營運執行，從而縮短了產品交貨時間並進一步優化了我們的國內經銷商通路。

This includes additional investment in certain territories where we believe we have a potential to improve our share regionally through M&A or further development of our independent distribution partners.

這包括在某些地區進行額外投資，我們相信我們有潛力透過併購或進一步發展我們的獨立分銷合作夥伴來提高我們的地區份額。

As expected, shipments to National Telecom and rental equipment customers declined in the quarter from the strong prior year period and we continue to believe these end markets will remain soft for the balance of the year.

正如預期的那樣，本季對國家電信和租賃設備客戶的出貨量較上年同期的強勁水平有所下降，我們仍然認為這些終端市場在今年餘下時間將保持疲軟。

However, we see long-term growth opportunities in both markets despite the near term cyclical weakness.

然而，儘管近期週期性疲軟，我們仍看到這兩個市場的長期成長機會。

We believe the critical need for future infrastructure projects provide substantial runway for growth in the resident in the rental channel.

我們相信，未來基礎設施項目的迫切需求為租賃管道中的居民成長提供了巨大的跑道。

In the market for backup power for telecom applications, our long-term growth expectations are supported by the secular trend of growing global tower network hub counts and the increasingly critical nature of wireless communications and services that require significantly greater power reliability.

在電信應用的備用電源市場中，全球塔網路中心數量不斷增長的長期趨勢以及需要顯著提高電源可靠性的無線通訊和服務日益重要的性質支持了我們的長期成長預期。

As previously announced in late June, we acquired the C&I Battery Energy Storage System product offering from SunGrid Solutions located in Cambridge, Canada.

正如先前在 6 月下旬宣布的那樣，我們從位於加拿大劍橋的 SunGrid Solutions 收購了 C&I 電池儲能係統產品。

This small, but strategic acquisition brings us engineering and manufacturing expertise to better serve the growing market for behind the meter energy storage solutions for commercial and industrial applications, including where it is deployed as a critical component in multi asset micro grids.

這項規模雖小但具有戰略意義的收購為我們帶來了工程和製造專業知識，可以更好地服務於不斷增長的商業和工業應用表後儲能解決方案市場，包括將其部署為多資產微電網的關鍵組件。

We have an expanding pipeline of commercial projects in which we expect to provide stationary battery storage alongside our traditional generator product offerings.

我們擁有不斷擴大的商業項目，我們希望在這些項目中除了提供傳統的發電機產品外，還提供固定電池儲存。

And additionally, we're seeing a number of projects in which EV charging equipment is also included.

此外，我們還看到許多項目也包含電動車充電設備。

We believe our commercial agreement with Wallbox is important to helping expand our opportunity to win these and other similar projects.

我們相信，我們與 Wallbox 的商業協議對於幫助我們擴大贏得這些項目和其他類似項目的機會非常重要。

As we leverage our leading position in natural gas generators and our newly acquired capabilities in energy storage with the SunGard acquisition, we believe we are uniquely positioned to deliver comprehensive solutions for the developing microgrid market, which is focused on providing C&I customers with important energy resiliency as well as lower overall energy costs.

由於我們利用我們在天然氣發電機領域的領先地位以及透過收購SunGard 新獲得的能源儲存能力，我們相信我們具有獨特的優勢，可以為發展中的微電網市場提供全面的解決方案，該市場專注於為工商業客戶提供重要的能源彈性以及降低整體能源成本。

Internationally, total sales were lower year over year, primarily related to declines in intercompany shipments from our Mexican operations to the telecom market in the US as well as lower shipments in Europe, most notably for portable generators.

在國際上，總銷售額年減，主要與墨西哥業務至美國電信市場的公司間出貨量下降以及歐洲出貨量下降（尤其是便攜式發電機）有關。

Increases in shipments to other key regions such as Latin America and India, partially offset the softness.

拉丁美洲和印度等其他主要地區的出貨量增加部分抵消了疲軟的影響。

As previously discussed, our expanded agreement with Wallbox also includes incremental collaboration in international end markets.

如前所述，我們與 Wallbox 的擴展協議還包括在國際終端市場的增量合作。

This is another example of our longer-term international growth strategy as we bring a broad portfolio of solutions to more markets around the world, building on the strong track record of growth and margin expansion in our international segment over the past several years.

這是我們長期國際成長策略的另一個例子，我們在過去幾年國際業務成長和利潤擴張的良好記錄的基礎上，為全球更多市場帶來了廣泛的解決方案組合。

In closing, this morning, our second quarter margin outperformance and increased 2024 outlook highlights the fundamental momentum occurring within our business.

最後，今天早上，我們第二季的利潤率表現出色，並且 2024 年的前景提高，凸顯了我們業務中出現的基本動能。

Significant year-over-year margin expansion and robust free cash flow generation in the first half of 2024 have supported our continued investments in accelerating our Powering a Smarter World Enterprise strategy, while also enhancing shareholder value through continued share repurchases.

2024 年上半年，利潤率大幅同比增長和強勁的自由現金流產生支持了我們繼續投資，加速推動智慧世界企業策略，同時透過持續股票回購提高股東價值。

Once again, Hurricane Beryl highlighted the vulnerability of electrical of the electrical grid and the need for resiliency.

颶風貝裡爾再次凸顯了電網電力的脆弱性和彈性的必要性。

Beryl became the earliest Category five hurricane to form in the Atlantic on record, providing further evidence that the changing weather patterns continue to threaten the continuity of power that we are increasingly dependent on.

綠柱石成為有史以來在大西洋形成的最早的五級颶風，進一步證明不斷變化的天氣模式繼續威脅著我們日益依賴的電力連續性。

Additionally, the rapid adoption of intermittent generation sources and growing demand from electrification trends as well as the adoption of artificial intelligence are providing additional stresses on our nation's aging power grid.

此外，間歇性發電源的快速採用、電氣化趨勢不斷增長的需求以及人工智慧的採用給我國老化的電網帶來了額外的壓力。

These secular trends will continue to manifest in lower power quality and higher power prices for all ratepayers in the decades to come.

這些長期趨勢將在未來幾十年繼續表現為所有納稅人的電能品質下降和電價上漲。

By expanding on Generac's core resiliency value proposition and helping optimize for efficiency, consumption, cost and comfort, we remain confident that our products and solutions are uniquely capable of helping home and business owner solve the challenges around resiliency and rising utility costs.

透過擴展Generac 的核心彈性價值主張並幫助優化效率、消耗、成本和舒適度，我們仍然相信我們的產品和解決方案能夠獨特地幫助家庭和企業主解決彈性和不斷上升的公用事業成本方面的挑戰。

I'll now turn the call over to York to provide additional details on our second quarter results and our increased outlook for 2024.

我現在將把電話轉給約克，提供有關我們第二季業績的更多詳細資訊以及我們對 2024 年成長的展望。

York?

約克？

Thanks, Aaron.

謝謝，亞倫。

Looking at second quarter 2024 results in more detail.

更詳細地了解 2024 年第二季的業績。

Net sales were $998 million during the second quarter of 2024 as compared to $1 billion in the prior year second quarter.

2024 年第二季的淨銷售額為 9.98 億美元，而去年第二季的淨銷售額為 10 億美元。

The combination of contributions from acquisitions and the favorable impact from foreign currency had a slight positive impact on revenue during the quarter.

收購的貢獻和外匯的有利影響相結合，對本季的收入產生了輕微的正面影響。

Briefly, looking at consolidated net sales for the second quarter by product class, residential product sales increased 8% to $538 million as compared to $499 million in the prior year.

簡而言之，從第二季按產品類別劃分的綜合淨銷售額來看，住宅產品銷售額成長了 8%，達到 5.38 億美元，而去年同期為 4.99 億美元。

Growth in residential product sales was primarily driven by a mid-teens increase in shipments of home standby generators and strong growth for portable generators domestically.

住宅產品銷售的成長主要是由家用備用發電機出貨量的十幾歲左右的成長以及國內便攜式發電機的強勁成長所推動的。

This was partially offset by a decrease in portable generator shipments in Europe given a strong prior year comparison, ongoing softness in the domestic clean energy market and lower shore product sales.

由於去年的強勁對比、國內清潔能源市場的持續疲軟以及下游產品銷售，歐洲便攜式發電機出貨量的下降部分抵消了這一影響。

Commercial and industrial product sales for the second quarter of 2024 decreased 10% to $344 million as compared to $384 million in the prior year quarter.

2024 年第二季商業和工業產品銷售額下降 10%，至 3.44 億美元，而去年同期為 3.84 億美元。

Foreign currency and acquisitions contributed approximately 1% growth in the quarter.

外匯和收購為本季度貢獻了約 1% 的成長。

The core sales decline was primarily due to the expected weakness in sales to our domestic telecom and national equipment road rental customers.

核心銷售下降主要是由於對國內電信和國家設備道路租賃客戶的銷售預期疲軟。

This was partially offset by a robust increase in C&I product shipments through our domestic industrial distributor channel and growth in certain other key international markets.

這被我們國內工業經銷商通路的工商業產品出貨量的強勁成長以及其他某些主要國際市場的成長所部分抵銷。

Net sales for other products and services decreased slightly to $116 million as compared to $117 million in the prior year quarter.

其他產品和服務的淨銷售額略有下降，降至 1.16 億美元，而去年同期為 1.17 億美元。

Gross profit margin was 37.6% compared to 32.8% in the prior year second quarter, primarily due to favorable sales mix given stronger home standby shipments and the realization of lower input costs, including lower freight and steel costs as well as improved production efficiencies.

毛利率為 37.6%，而去年第二季為 32.8%，這主要是由於家庭備用出貨量增加以及投入成本降低（包括運費和鋼鐵成本降低以及生產效率提高）帶來的有利銷售組合。

Second quarter gross margins exceeded our expectations as we were able to deliver the implied gross margin ramp in the second half of the year, our sooner than expected, given improving input costs.

第二季的毛利率超出了我們的預期，因為考慮到投入成本的改善，我們能夠在下半年實現隱含的毛利率成長，這比我們的預期要早。

Operating expenses increased [$30 million] or 12% as compared to the second quarter of 2023.

與 2023 年第二季相比，營運支出增加了 [3,000 萬美元]，即 12%。

This increase was primarily due to ongoing investment in resources to drive future growth across the business, including salaries, benefits, stock compensation and bonus, and higher marketing and promotional spend to create incremental awareness for our product.

這一成長主要是由於對資源的持續投資，以推動整個業務的未來成長，包括薪資、福利、股票薪酬和獎金，以及更高的行銷和促銷支出，以提高我們產品的知名度。

As a result of these factors, adjusted EBITDA before deducting for noncontrolling interests as defined in our earnings release was $165 million or 16.5% of net sales in the second quarter as compared to $137 million or 13.6% of net sales in the prior year.

由於這些因素，第二季調整後的扣除非控制權益（如我們的財報中定義的非控股權益）的EBITDA 為1.65 億美元，佔淨銷售額的16.5%，而上一年為1.37 億美元，佔淨銷售額的13.6%。

Adjusted EBITDA margins came in ahead of our expectations during the quarter as a result of the gross margin outperformance as well as lower operating expenses compared to prior forecasts.

由於毛利率表現出色以及營運費用低於先前的預測，本季調整後的 EBITDA 利潤率超出了我們的預期。

I will now briefly discuss financial results for our two reporting segments.

我現在將簡要討論我們兩個報告分部的財務表現。

Domestic segment total sales, including inter-segment sales, increased 1% to $827 million in the quarter as compared to $815 million in the prior quarter as strong growth in the residential product category was mostly offset by expected weakness in C&I product shipments.

本季國內部門總銷售額（包括部門間銷售額）成長1%，達到8.27 億美元，而上一季為8.15 億美元，這是因為住宅產品類別的強勁增長大部分被工商業產品出貨量的預期疲軟所抵消。

Adjusted EBITDA for the segment was [$140 million], representing a 16.9% margin as compared to [$103 million] in the prior year or 12.7% of total sales.

該部門調整後的 EBITDA 為 [1.4 億美元]，與前一年的 [1.03 億美元] 相比，利潤率為 16.9%，佔總銷售額的 12.7%。

This margin improvement was primarily driven by favorable sales mix and the realization of lower input costs, partially offset by higher operating expense investments to support future growth initiatives.

利潤率的提高主要是由於有利的銷售組合和較低的投入成本的實現，部分被為支持未來成長計劃而增加的營運費用投資所抵消。

International segment, total sales, including intersegment sales, decreased 18% to $185 million in the quarter as compared to $224 million in the prior year quarter.

國際部門的總銷售額（包括部門間銷售額）本季下降 18%，至 1.85 億美元，去年同期為 2.24 億美元。

The approximate 18% core total sales decline for the segment was primarily driven by a decrease in intercompany shipments from our Mexican operations to the domestic telecom market as well as lower shipments in most European markets, most notably for portable generators.

該部門核心總銷售額下降約 18%，主要是由於我們墨西哥業務向國內電信市場的公司間發貨量減少以及大多數歐洲市場（尤其是便攜式發電機）的發貨量下降所致。

This softness was partially offset by increased sales in other key regions such as Latin America and India.

這種疲軟被拉丁美洲和印度等其他主要地區的銷售成長部分抵消。

Adjusted EBITDA for the segment before deducting for noncontrolling interest was $25 million or 13.6% of total sales as compared to $33 million or 14.9% of total sales in the prior year.

在扣除非控股權益前，該部門調整後的 EBITDA 為 2,500 萬美元，佔總銷售額的 13.6%，而前一年為 3,300 萬美元，佔總銷售額的 14.9%。

As margin decline was primarily due to reduced operating leverage on lower shipments during the quarter.

利潤率下降的主要原因是本季出貨量下降導致營運槓桿減少。

Now switching back to our financial performance for the second quarter of 2024 on a consolidated basis.

現在轉回我們 2024 年第二季的合併財務表現。

As disclosed in our earnings release, GAAP net income for the company in the quarter was $59 million as compared to $45 million for the second quarter of 2023.

正如我們在財報中所揭露的，該公司本季 GAAP 淨利為 5,900 萬美元，而 2023 年第二季為 4,500 萬美元。

GAAP income taxes during the current year second quarter were $20 million or an effective tax rate of 25% as compared to $16 million or an effective tax rate of 25.9% for the prior year.

本年度第二季的 GAAP 所得稅為 2,000 萬美元，有效稅率為 25%，而前一年的 GAAP 所得稅為 1,600 萬美元，有效稅率為 25.9%。

The decrease in effective tax rate was primarily driven by certain unfavorable discrete tax items in the prior year period, which did not repeat in the current year.

有效稅率下降主要是由於上年度某些不利的離散稅項導致本年度沒有重複。

Diluted net income per share for the company on a GAAP basis was $0.97 in the second quarter of '24 compared to $0.7 in the prior year.

2024 年第二季度，以 GAAP 計算，公司稀釋後每股淨利為 0.97 美元，而前一年為 0.7 美元。

Adjusted net income for the company as defined in our earnings release was $82 million in the current year quarter or $1.35 per share.

我們的財報中定義的公司本季調整後淨利潤為 8,200 萬美元，即每股 1.35 美元。

This compares to adjusted net income of $68 million in the prior year $1.08 per share.

相比之下，上一年調整後淨利潤為每股 1.08 美元，為 6,800 萬美元。

Cash flow from operations in the current year second quarter was $78 million as compared to $83 million in the prior year.

今年第二季的營運現金流為 7,800 萬美元，而去年同期為 8,300 萬美元。

Second quarter.

第二季。

And free cash flow as defined in our earnings release was $50 million as compared to $54 million in the same quarter last year.

我們的財報中定義的自由現金流為 5,000 萬美元，而去年同期為 5,400 萬美元。

This change in free cash flow was primarily driven by higher cash income tax payments in the current year quarter, partially offset by higher operating earnings.

自由現金流的變動主要是因為本季現金所得稅支付增加，部分被營業收入增加所抵銷。

Additionally, during the second quarter, we repurchased 355,640 shares of our common stock for approximately $51 million.

此外，在第二季度，我們以約 5,100 萬美元的價格回購了 355,640 股普通股。

There is an approximately $449 million remaining under our current repurchase authorization as of June 30.

截至 6 月 30 日，我們目前的回購授權剩餘約 4.49 億美元。

In early July, we amended and replaced our existing $530 million term loan B credit facility, which was set to mature in December 2026 with a new credit facility that has an aggregate principal amount of $500 million after we made a $30 million cash prepayment in connection with the term loan amendment.

7 月初，我們修改並替換了現有的5.3 億美元定期貸款B 信貸額度（原定於2026 年12 月到期），在我們預付了3,000 萬美元現金後，新的信貸額度本金總額為5億美元。

This new credit facility has a maturity date of July 3, 2031.

這項新信貸安排的到期日為 2031 年 7 月 3 日。

The new credit facility maintains the existing low rate of SOFR plus 175 basis points, while also eliminating a 10 basis point credit spread adjustment that was included in the previous term loan B credit facility.

新的信貸安排維持現有的低SOFR利率加175個基點，同時也取消了上一期貸款B信貸安排中包含的10個基點的信貸利差調整。

Quarterly principal payments equal to [$1.25 million] will begin in October 2024 with a lump sum due at maturity in July 2031.

等於[125萬美元]的季度本金支付將於2024年10月開始，並於2031年7月到期時一次性支付。

Total debt outstanding at the end of the quarter was $1.56 billion, resulting in a gross debt leverage ratio at the end of the second quarter of 2.25 times on an as-reported basis, a continued reduction from 2.5 times at the end of 2023.

本季末未償債務總額為 15.6 億美元，導致第二季末的總債務槓桿率為報告的 2.25 倍，較 2023 年底的 2.5 倍持續下降。

As we expect to generate strong free cash flow in the second half of '24, we will continue to execute a disciplined and balanced capital allocation strategy.

由於我們預計將在 24 年下半年產生強勁的自由現金流，因此我們將繼續執行嚴格且平衡的資本配置策略。

With that, I will now provide further comments on our updated outlook for 2024.

現在，我將就我們更新的 2024 年展望提供進一步的評論。

As disclosed in our press release this morning, we are increasing our overall outlook for full year 2024, given the elevated demand for backup power in the state of Texas due to the recent power outages, including Hurricane Beryl that made landfall in early July.

正如我們今天早上的新聞稿中所披露的，鑑於最近的停電（包括7 月初登陸的颶風貝裡爾）導致德克薩斯州對備用電力的需求增加，我們正在上調對2024 年全年的總體展望。

We now expect overall 2024 net sales growth to be approximately 4% to 8% as compared to the prior year.

我們目前預計 2024 年整體淨銷售額將較上一年成長約 4% 至 8%。

This is an increase from the previously expected range of 3% to 7%.

這比之前預計的 3% 至 7% 的增幅有所增加。

Again, as a result of the recent outage activity in Texas, we are increasing our expectations for 2024 home standby generator sales growth to be in the high-teens range and portable generator sales are also now expected to be well above our prior forecast.

同樣，由於德州最近發生的停電活動，我們將 2024 年家用備用發電機銷售成長的預期提高到了十位數左右，目前預計便攜式發電機的銷售也將遠高於我們先前的預測。

Partially offsetting the strong trends in Texas, we are seeing continued softness in residential, clean energy and shore markets, resulting in only a modest reduction in our outlook for those products.

我們看到住宅、清潔能源和岸電市場持續疲軟，部分抵消了德州的強勁趨勢，導致我們對這些產品的前景僅小幅下調。

As a result, overall residential product sales for the full year are now expected to grow at a mid-teens rate as compared to our prior forecast for low double digit growth.

因此，與我們先前預測的低兩位數成長相比，全年住宅產品整體銷售預計將以中位數的速度成長。

Our full year 2024 sales growth outlook for the remaining product categories is unchanged from our prior forecast.

我們對其餘產品類別的 2024 年全年銷售成長前景與先前的預測沒有改變。

From a pacing perspective, we anticipate year-over-year net sales growth will accelerate as we move through the second half of the year with third quarter net sales growth in the high single digit range and fourth quarter net sales growth in the low to mid-teens range.

從節奏的角度來看，我們預計，隨著下半年的到來，淨銷售額年增率將加速，第三季淨銷售額成長將達到高個位數範圍，第四季淨銷售額成長將達到中低水平。

This guidance assumes power outage activity that is in line with the longer-term baseline average for the remainder of the year and does not assume the benefit of an additional major power outage event for the rest of the year.

本指南假設停電活動與今年剩餘時間的長期基準平均值一致，並且不假設今年剩餘時間發生額外的重大停電事件的好處。

Our gross margin expectations for the full year 2024 have also increased relative to our previous guidance, given the second quarter outperformance and higher sales mix from home standby generator sales in the second half of the year.

鑑於第二季的優異表現以及下半年家用備用發電機銷售的更高銷售組合，我們對 2024 年全年毛利率的預期也較之前的指導有所增加。

We now expect gross margins to improve by approximately 350 basis points to 400 basis points over the full year 2023.

我們現在預計 2023 年全年毛利率將提高約 350 個基點至 400 個基點。

This is an increase from the 300 basis points to 350 basis points improvement previously expected.

這比之前預期的 300 個基點提高了 350 個基點。

Gross margins are projected to grow sequentially through the remainder of the year due to continued favorable mix, price and cost with quarter gross margin improving over third quarter gross margins by approximately 50 basis points.

由於持續有利的產品組合、價格和成本，預計今年剩餘時間毛利率將持續成長，季毛利率將比第三季毛利率提高約 50 個基點。

As a result of this increase outlook for gross margins, adjusted EBITDA margins before deducting for noncontrolling interests are now expected to be approximately 17% to 18% for the full year 2024.

由於毛利率前景的提高，扣除非控制權益之前的調整後 EBITDA 利潤率目前預計 2024 年全年約為 17% 至 18%。

Additionally, we also expect adjusted EBITDA margins to grow sequentially through the remainder of the year, driven by the above-mentioned gross margin improvement and additional operating leverage on higher shipments as we move throughout the second half of the year.

此外，我們也預計，在上述毛利率改善以及下半年出貨量增加所帶來的額外營運槓桿的推動下，調整後的 EBITDA 利潤率將在今年剩餘時間內持續成長。

This will result in fourth quarter adjusted EBITDA margins improving over third quarter adjusted EBITDA margins by approximately 200 basis points, resulting in fourth quarter adjusted EBITDA margins of approximately 20%.

這將導致第四季度調整後 EBITDA 利潤率比第三季調整後 EBITDA 利潤率提高約 200 個基點，從而使第四季度調整後 EBITDA 利潤率提高約 20%。

As is our normal practice, we will also provide additional guidance details to assist with modeling adjusted earnings per share and free cash flow for the full year 2024.

按照我們的慣例，我們還將提供額外的指導細節，以幫助對 2024 年全年的調整後每股收益和自由現金流進行建模。

For the full year, our GAAP effective tax rate is still expected to be approximately 25% to 26%.

全年，我們的 GAAP 有效稅率預計仍約為 25% 至 26%。

This is expected to result in a GAAP effective tax rate of approximately 25% for each of the remaining two quarters of the year.

預計今年剩餘兩季的 GAAP 有效稅率約為 25%。

Importantly, to arrive at appropriate estimates for adjusted net income and adjusted earnings per share add-back items should be reflective net of tax using the 25% expected effective tax rate.

重要的是，為了對調整後淨利潤和調整後每股收益做出適當的估計，加回項目應反映使用 25% 預期有效稅率的稅後淨額。

Gross interest expense is now expected to be approximately $92 million to $94 million as compared to the prior guidance of $90 million to $93 million.

目前，總利息支出預計約為 9,200 萬美元至 9,400 萬美元，而先前的指引為 9,000 萬美元至 9,300 萬美元。

This guidance assumes no additional term loan or revolver principal prepayments during the year.

本指南假設年內沒有額外的定期貸款或循環本金預付款。

Stock-compensation expense is now expected to be between $52 million to $54 million for the year as compared to prior guidance of $55 million to 60 million.

目前預計今年的股票補償費用為 5,200 萬美元至 5,400 萬美元，而先前的指引為 5,500 萬美元至 6,000 萬美元。

We're also increasing our free cash flow conversion guidance for the full year to be well above 100% as we anticipate an incremental benefit from working capital reduction in the second half of the year.

我們也將全年自由現金流轉換指引提高至遠高於 100%，因為我們預計下半年營運資本減少將帶來增加效益。

This compares to our prior guidance of approximately 100%.

與我們之前大約 100% 的指導相比。

Our full year weighted average diluted share count is now expected to decrease to approximately 60.5 to 61 million shares as compared to prior guidance of 61 million shares.

我們的全年加權平均稀釋股份數量目前預計將減少至約 60.5 至 6,100 萬股，而先前的指導為 6,100 萬股。

This updated guidance reflects the share repurchases that were completed in the second quarter this year.

這項更新的指引反映了今年第二季完成的股票回購。

Our guidance for capital expenditures as a percentage of sales remains consistent at approximately 3% of sales.

我們對資本支出佔銷售額百分比的指導維持在銷售額的 3% 左右。

Depreciation expense and GAAP intangible amortization expense also remain consistent with last year's GAAP last quarter's guidance.

折舊費用和 GAAP 無形攤銷費用也與去年 GAAP 上季度的指引一致。

And finally, this 2024 outlook does not reflect potential additional acquisitions or share repurchases that could drive incremental shareholder value.

最後，2024 年的展望並未反映出可能增加股東價值的潛在額外收購或股票回購。

This concludes our prepared remarks.

我們準備好的演講到此結束。

At this time, we'd like to open up the call for questions.

此時，我們想開放提問。

Thank you.

謝謝。

At this time we will conduct a question-and-answer session.

這時我們將進行問答環節。

(Operator Instructions)

（操作員說明）

Tommy Moll, Stephens, Inc.

湯米·莫爾，史蒂芬斯公司

Good morning and thank you for taking my questions.

早上好，感謝您回答我的問題。

Good morning, Tommy.

早安，湯米。

Aaron, I wanted to start on home standby.

亞倫，我想開始在家待命。

It sounds like the outlook for the year went from mid-teens to high-teens.

聽起來今年的前景從十幾歲左右變成了十幾歲左右。

It's a two part question.

這是一個由兩部分組成的問題。

First part is, can you characterize how much of that growth is just lapping over the destock versus incremental underlying demand?

第一部分是，您能否描述一下這種成長有多少是來自於去庫存與增量的潛在需求？

And then, second part on the demand, can you characterize activations versus shipments in Q2, and maybe even through July after the storm?

然後，關於需求的第二部分，您能否描述第二季甚至風暴後 7 月的啟動與出貨情況？

Thanks.

謝謝。

Yeah.

是的。

So, maybe, Tommy, I'll take the second part of that question first.

所以，湯米，也許我會先回答這個問題的第二部分。

Yeah, on the first part of the question, obviously, we have been talking about a $300 million impact from the field inventory situation last year.

是的，關於問題的第一部分，顯然，我們一直在談論去年現場庫存情況造成的 3 億美元的影響。

And so, obviously, part of the increased guide here I would say this.

因此，顯然，我要說的是這裡增加的指南的一部分。

The guidance we had originally proposed considered the destocking, so the increase in guidance from the mid-teens to the higher number would be really the delta that's storm related.

我們最初提出的指導意見考慮了去庫存，因此指導意見從十幾歲左右增加到更高的數字實際上是與風暴相關的三角洲。

That's all incremental.

這都是增量的。

So that's all incremental.

所以這都是增量的。

I'd have to do the math to give you a more precise answer than that.

我必須計算一下才能給你一個比這更精確的答案。

But that's how I would answer it, is that the original guidance did contemplate that.

但這就是我的回答，最初的指導確實考慮到了這一點。

The destocking occurred in Q1 and we don't that hasn't been a problem as we'd expect it, here in Q2, and it won't be a problem in the balance of the year.

去庫存發生在第一季度，但我們認為這並沒有像我們預期的那樣成為問題，在第二季度，這在今年的剩餘時間裡也不會成為問題。

As far as the activation and shipment trends from Q2, as we said, activations in the first-half of the year were modestly down.

就第二季的活化量和出貨量趨勢而言，正如我們所說，今年上半年的活化量略有下降。

That really is related to the lower power outage activity that we saw last year.

這確實與我們去年看到的停電活動減少有關。

And in the beginning we kind of started off the year a little bit slow.

一開始，我們今年的開局有點慢。

Here in 2024, Q1's outage hours were below the baseline average, but they've obviously picked here in Q2.

2024 年，第一季的停電時間低於基準平均水平，但他們顯然在第二季選擇了這裡。

And we anticipate those activation rates to grow through the balance of the year here.

我們預計這些激活率將在今年餘下時間繼續增長。

And in fact, as we noted in the prepared remarks this morning, July, we're already seeing from a trend standpoint we're seeing that pick up.

事實上，正如我們在 7 月今天早上準備好的演講中指出的那樣，從趨勢的角度來看，我們已經看到這種回升。

So, shipments were, I would say, ahead of activations if you're look just at Q2, but that's seasonally to be expected.

因此，如果你只看第二季度，我想說的是，出貨量是在啟動之前的，但這是季節性的預期。

That's how -- yeah, and it was only slightly, it wasn't a big number.

就是這樣——是的，只是一點點，並不是一個大數字。

But that's how the business paces in terms of preparing for the season.

但這就是企業為季節做準備的節奏。

We want our channel partners to have that product ready to go.

我們希望我們的通路合作夥伴能夠準備好該產品。

But again as we've said previously as we exited Q1, we feel like those field inventory levels are at normal, right?

但正如我們之前在退出第一季時所說的那樣，我們覺得這些現場庫存水平處於正常水平，對吧？

So, this is all part of the normal seasonal trend at this point.

因此，這都是目前正常季節性趨勢的一部分。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Hi, good morning, everyone, and thank you for taking my questions.

大家早安，感謝您回答我的問題。

Hi, George.

嗨，喬治。

I'd like to focus on what you've seen or what you say in July that led to the guidance increase.

我想重點關注您在 7 月所看到或所說的導致指導意見增加的內容。

Clearly there has been an impact from the hurricane, but can you just isolate the pockets of increased interest and in home consultation and activations?

顯然，颶風產生了影響，但您能否將增加的興趣以及家庭諮詢和激活中的部分隔離出來？

Was it strictly in the areas that were impacted by the hurricane or were there reverberations throughout Texas where you saw increased activity and interest outside of those regions?

是嚴格在受颶風影響的地區，還是在整個德克薩斯州產生了影響，您發現這些地區以外的活動和興趣增加？

And to the extent you could share this data, to the extent you have it, what are the high penetration rates -- the highest penetration rates that you're seeing in parts of Texas, and how much further can we go in penetration in your opinion over the long-term?

在您可以分享這些數據的範圍內，在您擁有的範圍內，高滲透率是多少——您在德克薩斯州部分地區看到的最高滲透率，以及我們在您的滲透率方面還能走多遠？

Thank you.

謝謝。

Yes, thanks, George.

是的，謝謝，喬治。

So, what we saw in July, obviously, was that the Hurricane Beryl impact was significant.

因此，我們在 7 月看到的顯然是颶風貝裡爾的影響是巨大的。

And in a market, in Houston, that had been also impacted earlier in May by -- I think some people referred to it as a derecho, kind of a straight-line wind event that created outages.

在休士頓的一個市場中，五月初也受到了影響——我想有些人稱之為“derecho”，一種造成停電的直線風事件。

And I think really the impact Beryl even though it was a Cat1 storm and not really that strong meteorologically, the way they're scored, the ground was very saturated and there was high enough winds that that led to just a lot of infrastructure damage, physical damage with trees and other things taking out components of the grid.

我認為綠柱石的影響確實很大，儘管這是一場 Cat1 風暴，而且從氣象角度看，它們的評分方式並不是那麼強烈，地面非常飽和，風力足夠大，導致了很多基礎設施損壞，樹木和其他物體對電網造成物理損壞。

And so, it took a long time to repair.

於是，修復起來就花了很長時間。

And what we've in our experience with outages, it's really frankly more the length of the outage.

根據我們在停電方面的經驗，坦白說，更多的是停電的時間長度。

So, the duration is it plays a huge role in getting people to a point of high interest in finding solutions, right?

那麼，它的持續時間在讓人們對尋找解決方案產生高度興趣方面發揮著巨大作用，對嗎？

And so our increased guidance is really reflective of two things.

因此，我們增加的指導實際上反映了兩件事。

One, we sold a lot of portable generators in July.

第一，我們在 7 月銷售了大量便攜式發電機。

As you would expect as one of the leaders in the industry, we carry a fair amount of inventory in preparation for these types of events, and that inventory was deployed very quickly down in that market.

正如您所期望的，作為該行業的領導者之一，我們擁有相當數量的庫存，為此類活動做準備，並且這些庫存很快就部署到了該市場。

Maybe not as much as we would normally see strictly because that storm, you would normally have time ahead of the storm to prepare, this storm kind of caught people off guard.

嚴格來說，也許沒有我們通常看到的那麼多，因為那場風暴，你通常在風暴來臨之前有時間做好準備，這場風暴有點讓人措手不及。

It was supposed to hit the Mexico-Texas border, and then it took a severe right-hand turn and went north kind of at the wrong time, and impacted, obviously, the Houston market instead.

它本來應該襲擊墨西哥和德克薩斯州邊境，然後發生了嚴重的右轉，並在錯誤的時間向北行駛，顯然，反而影響了休士頓市場。

So, not a ton of time to prepare and get more inventory positioned ahead of the storm, but in the aftermath we certainly were able to deploy that.

因此，在風暴來臨之前，我們並沒有太多的時間來準備和儲備更多的庫存，但在風暴過後，我們當然能夠部署這些庫存。

But then obviously the increase in [IHCs], inhome consultations, has been dramatic in the month of July, I would say.

但我想說，顯然 7 月 [IHC]（家庭諮商）的增加非常顯著。

We have continued to see in our history here since we've been tracking IHCs, and remember that really goes back to kind of around the post-Sandy era, so in that 2012 to 2013 timeframe, so about a decade that we've been doing this.

自從我們一直在追蹤 IHC 以來，我們一直在這裡觀察我們的歷史，並記住，這實際上可以追溯到後桑迪時代，所以在 2012 年到 2013 年的時間範圍內，大約十年來我們一直在做這個。

We continue to see with every hour of outage activity a higher level of intensity of the number of IHCs or sales leads we get per hour.

我們繼續看到，隨著每小時的停電活動，我們每小時獲得的 IHC 或銷售線索數量的強度更高。

And that definitely fit the bill in this storm.

這絕對符合這場風暴的要求。

And some of that again is related to the fact that that market was also impacted earlier in the year by the previous event, so the combination of those things.

其中一些又與該市場在今年稍早受到前一事件的影響有關，因此這些因素的結合。

And we have about 800 dealers in Texas, so we think we're in pretty good shape to respond to the event.

我們在德克薩斯州有大約 800 家經銷商，因此我們認為我們有能力應對這一事件。

We don't have 800 in Houston.

我們休士頓沒有 800 個。

We have a lot in Houston, but not 800, but 800 across the Texas market.

我們在休士頓有很多，但不是 800 個，而是整個德州市場有 800 個。

And there is a bit of an echo effect that happens when you see an event like that hit a market, like Texas, you generally see an uplift in other markets with IHCs.

當你看到像德州這樣的市場發生類似的事件時，就會產生一些迴聲效應，你通常會看到其他有 IHC 的市場出現上漲。

I would say with this event, and that generally comes because of media coverage of an event.

我想說的是，對於這個事件，這通常是因為媒體對事件的報導。

I do think that for whatever reason the media coverage of Hurricane Beryl was maybe a little more muted than you might expect on a national stage.

我確實認為，無論出於何種原因，媒體對颶風貝裡爾的報道可能比您在國家舞台上預期的要低調一些。

Certainly, if something would have happened on the East Coast or the West Coast that tends to get the media's attention a little bit greater.

當然，如果東岸或西岸發生什麼事情，往往會引起媒體更多的關注。

Something happens down in Texas, maybe not as much.

德克薩斯州發生了一些事情，但可能沒有那麼多。

But nonetheless, I think the increase that we've seen in IHCs we believe underpins the increase that we've given in terms of the guidance.

但儘管如此，我認為我們在 IHC 中看到的成長支撐了我們在指導方面給予的成長。

And today, Texas is still under-penetrated in our view, so we're roughly 6% penetrated nationally on the average.

如今，我們認為德州的滲透率仍然較低，因此全國平均滲透率約為 6%。

In the state, we're less than 5% penetrated today.

在該州，我們今天的滲透率不到 5%。

So, we think there's room, and obviously it's a huge housing market.

因此，我們認為還有空間，而且顯然這是一個巨大的房地產市場。

And a lot of people went through those multiple outages here, and we do think that pen rate is going to increase in the years ahead.

很多人都經歷過多次中斷，我們確實認為未來幾年筆費將會增加。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Hey, morning, everyone.

嘿，大家早安。

Hey, Mike.

嘿，麥克。

So, a question then on the clean energy side of things and the margin trajectory for the common in the prepared remarks, that Ecobee's margins started to tranche better, maybe what's the driver behind that?

那麼，關於清潔能源方面的問題以及準備好的評論中常見的利潤軌跡，Ecobee 的利潤開始更好地分配，也許這背後的驅動因素是什麼？

And when you think more broadly about the current headwind associated with all the investments and then the timing of the new product launched and when you could really start getting revenue associated with that, has the timeline changed at all from your perspective as far as that profitability improvement curve might look like in those businesses?

當您更廣泛地考慮當前與所有投資相關的逆風，然後是新產品推出的時間，以及您何時可以真正開始獲得與之相關的收入時，從您的角度來看，就盈利能力而言，時間表是否發生了根本變化這些企業的改進曲線可能會是什麼樣子？

Hey, Mike, York here.

嘿，麥克，約克在這裡。

I'll jump in on the gross margin commentary.

我將介入毛利率評論。

Ecobee has -- the team up at Ecobee has spent there's been a tremendous amount of focus on gross margin improvement really just working on the cost of the bill material of the TSTAT itself, and significant effort in terms of supply chain cost reductions, and whatnot.

Ecobee - Ecobee 團隊在毛利率改善上投入了大量精力，實際上只是在研究 TSTAT 本身的帳單材料成本，並在降低供應鏈成本等方面付出了巨大努力。

So, I would say the execution of those initiatives are reading through now.

所以，我想說這些措施的執行現在正在仔細閱讀。

And there's a pretty significant impact in terms of the improvement of the gross margin.

而且對於毛利率的增加也有相當顯著的影響。

They were good before, and now they're even better.

他們以前很好，現在更好。

And I think some of that, too, is the fact that when we acquired Ecobee at the depths of the pandemic.

我認為其中一部分原因是我們在疫情最嚴重的時候收購了 Ecobee。

So you have that, I think the cost curves there were inflated or maybe even artificially surcharging especially around electronic components, and that has obviously relaxed as well.

因此，我認為那裡的成本曲線膨脹了，甚至可能人為地附加費用，特別是在電子元件方面，而且這種情況顯然也已經放鬆了。

So that's part of it, not to discredit or take away anything from the teams in terms of there in terms of their efforts, which have been great, but it's some of that is market forces.

所以這就是其中的一部分，不是要抹黑或剝奪團隊的任何努力，他們的努力是偉大的，但其中一些是市場力量。

And then I think, Mike, to answer the question on timing, I would say this on timing.

然後我想，麥克，要回答有關時機的問題，我會說有關時機的問題。

That nothing has really changed in the timing of our new product introductions, right?

我們推出新產品的時間並沒有真正改變，對吧？

So, we're still targeting the end of this year for our next-generation storage device, first-half of next year for our micro inverter products, those are all still intact.

所以，我們的下一代儲存設備的目標仍然是今年年底，我們的微型逆變器產品的目標是明年上半年，這些都還完好無損。

I think what we may have mentioned this on the call, what may have changed is just the sour mood around solar plus storage, that market, right?

我認為我們可能在電話會議上提到過這一點，可能發生變化的是圍繞太陽能加儲存市場的不良情緒，對吧？

The market trends there have been muted, have been relatively negative this year and have kind of persisted through this year with higher rate environment and still kind of absorbing the impact of net metering 3.0 in California.

那裡的市場趨勢一直很平靜，今年相對消極，並且在較高的利率環境下一直持續到今年，並且仍在吸收加州淨計量 3.0 的影響。

But that, I would say, for us, again, it's not much of an impact this year, but I think some of that might get offset if the market remains a little bit weak.

但我想說，對我們來說，今年的影響並不大，但我認為，如果市場仍然有點疲軟，其中一些影響可能會被抵消。

We talked about this Department of Energy grant that we were awarded.

我們討論了我們獲得的能源部撥款。

That grant we generally thought that, that would impact us to the tune of about $100 million when we announced it last -- late last year, and that was going to be it's a five-year term.

我們普遍認為，當我們在去年年底宣布這項撥款時，這將對我們產生約 1 億美元的影響，而且任期為五年。

That was upsized significantly here through our discussions and negotiations with the DOE and the other partners on the island, and now we think that impact is $200 million, and the bulk of those installs are going to happen in 2025 and 2026.

透過我們與能源部和島上其他合作夥伴的討論和談判，這一金額大幅增加，現在我們認為影響為 2 億美元，其中大部分安裝將在 2025 年和 2026 年進行。

So, that's an element that we didn't have necessarily in our project win of that magnitude.

所以，這是我們在專案成功中不一定具備的因素。

We didn't have that in our original kind of pacing, so I think that helps to offset any market weakness that may persist into 2025.

我們最初的節奏中沒有這種情況，所以我認為這有助於抵消可能持續到 2025 年的任何市場疲軟。

So, I guess, a long-winded way, as I generally do, of saying, we're really not changing the timing on this.

所以，我想，就像我通常做的那樣，以一種冗長的方式說，我們真的不會改變這件事的時機。

I think it's the puts and takes there might be a little bit different than what we had originally contemplated, but I think the timing is intact.

我認為看跌期權和看跌期權可能與我們最初設想的略有不同，但我認為時機完好無損。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc 資本市場。

Hey, good morning, guys.

嘿，早上好，夥計們。

Hey, Jeff.

嘿，傑夫。

Hey, two-part question one, I guess one, input cost tailwinds, do you think they'll continue into the second-half?

嘿，由兩部分組成的問題一，我猜是一，輸入成本順風，你認為它們會持續到下半年嗎？

And then just I guess we're in a unique period where we've had kind of these elevated IHCs and maybe more tire kickers around grid instability, and I'm wondering with this storm activity, if maybe and this nurturing initiative, if maybe the uptake from some of those warm leads can drive some incremental uptake versus normal?

然後我想我們正處於一個獨特的時期，我們有一些升高的IHC，也許還有更多圍繞電網不穩定的輪胎踢球器，我想知道這次風暴活動（如果可能）和這個培育計劃（如果可能）與正常情況相比，一些熱銷線索的吸收可以推動一些增量吸收嗎？

Yeah.

是的。

On the input cost side, looking like first-half to second-half, Jeff, if there's, let's say, a couple percent improvement from first-half to second-half on gross margins, I'd say the vast majority of that is just going to be with the higher mix of home standby come reading through in the second-half, well over 50% of that gross margin increase will be just that mix improvement, but we are expecting some further price cost improvements for first-half, second half to continue to read through, but it will be smaller piece of the puzzle.

在投入成本方面，傑夫，從上半年到下半年來看，如果毛利率從上半年到下半年有幾個百分點的提高，我想說其中絕大多數是只是隨著家庭待機的更高組合在下半年通讀，超過50% 的毛利率成長將只是組合的改善，但我們預計上半年的價格成本會進一步改善，後半部分繼續讀下去，但拼圖會變小。

Yeah.

是的。

And then, Jeff, I think, with the IHCs and kind of the tire kickers we have seen an increase in, I'll call it the broadening of the top end of our funnel.

然後，傑夫，我認為，隨著 IHC 和我們看到的輪胎踢球器的增加，我將其稱為漏斗頂端的拓寬。

We've talked about our efforts in outreach to engage new demographics and trying to broaden the consumer appeal for these products more broadly, and that has produced, I think, the effect it's had is we've got a lot more people shopping the category.

我們已經討論了我們在吸引新人群方面所做的努力，並試圖更廣泛地擴大消費者對這些產品的吸引力，我認為，這產生的效果是我們有更多的人購買該類別。

There's obviously -- I would also talk about, the broader mentions of potential power outages from some of the structural things that are going on with the grid.

顯然，我還要談論的是，由於電網正在發生的一些結構性問題，更廣泛地提到了潛在的停電。

We talk about the electrification trends.

我們談論電氣化趨勢。

We talk about the decarbonization trends.

我們談論脫碳趨勢。

We talk about power quality, being impacted negatively in the future here, today and in the future, and also power prices are expected to continue to rise, and that the media I think mainstream media has picked up these narratives, and, I think that also is leading to people coming into the funnel and exploring their options around resiliency and trying to manage their own power and independence and efficiency.

我們談論電能質量，在未來在這裡、今天和未來受到負面影響，而且電價預計將繼續上漲，我認為主流媒體已經接受了這些敘述，而且，我認為這也導致人們進入漏斗，探索他們關於彈性的選擇，並試著管理自己的權力、獨立性和效率。

That said, when you get an event like Beryl and you get the increased outage activity that we have, it's obviously an opportunity for us to engage clearly on the resiliency story with those people who may have received an IHC and for whatever reason we didn't get to closure on a project.

也就是說，當您遇到像Beryl 這樣的事件並且我們遇到的中斷活動增加時，這顯然是我們與那些可能已經接受過IHC 且無論出於何種原因沒有接受過IHC 的人明確討論彈性故事的機會。

I think it's important to note, close rates have improved throughout this year, and they're up nicely from the end of last year, but what typically happens historically what we see is when you get a large-scale event like Beryl, you'll see a weakening in the close rate kind of temporarily in the affected markets because you get such an influx of leads.

我認為值得注意的是，今年的成交率有所改善，並且比去年年底有了很大的提高，但從歷史上看，我們看到的通常情況是，當你遇到像Beryl 這樣的大型活動時，你會在受影響的市場中，由於大量的潛在客戶湧入，收盤價會暫時減弱。

You get a lot of people into the funnel at once.

您會立即吸引很多人進入頻道。

Now, that could be somewhat offset by some of these warm leads if we're able to nurture those to closure as a result of the event.

現在，如果我們能夠因該事件而將這些溫暖的線索培養到關閉，那麼這可能會在一定程度上被一些溫暖的線索所抵消。

So, I think that'll all kind of work out, in the future here as we look at what the close rate does, but we do expect the close rate to kind of step back here temporarily, but we have a lot more leads.

因此，我認為將來一切都會解決，因為我們會觀察成交率的變化，但我們確實預計成交率會暫時回落，但我們有更多的線索。

So, and that's, again, a combination of all those elements is what goes into our calculus around raising guidance today.

所以，這又是所有這些元素的組合，這就是我們今天圍繞著提高指導進行計算的內容。

So, and once those leads are in our system, we can nurture them later too even if they don't get to closure today.

因此，一旦這些潛在客戶進入我們的系統，我們也可以在以後培養牠們，即使它們今天還沒有結束。

We have, I think, much better nurturing techniques and capabilities today than we've ever had, and so the opportunity to work those leads in the future either on the back of future outage events or, certain promotions or new financing opportunities, things like that, we've been pretty bullish about the opportunities that as our growing house file, if you will, of sales leads, the ability to mine that file to the benefit of driving more sales.

我認為，我們今天擁有比以往任何時候都更好的培養技術和能力，因此，未來有機會在未來的停電事件或某些促銷或新的融資機會的支持下，利用這些線索，例如我們一直非常看好隨著我們的銷售線索不斷增長的內部文件（如果你願意的話）的機會，挖掘該文件以推動更多銷售的能力。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Hey, Brian.

嘿，布萊恩。

Good morning.

早安.

I'd just like to see if I could ask you to put a finer point on the revenue guidance update.

我只是想看看是否可以請您對收入指導更新提出更詳細的觀點。

So, if we're increasing revenue growth by 1%, that's about $40 million, obviously, in incremental revenue.

因此，如果我們將營收成長提高 1%，顯然增量收入約為 4,000 萬美元。

You had storm activity that we've talked about in May and then the Hurricane Beryl, and that's driven some portables.

我們在五月討論過風暴活動，然後是颶風貝裡爾，這推動了一些便攜式設備的發展。

You gave -- you said we're going from mid-teens to high-teens and home standby, and that's $50 million, like 5-plus or minus 5 maybe, in that move from mid-teens to high teens.

你說我們要從十幾歲到十幾歲，然後在家待命，這就是 5000 萬美元，大概是 5+或負 5，從十幾歲到十幾歲的轉變。

I'm just wondering if you could put a finer point on this so I can understand why we're not being conservative, especially given the outage hours related to this Hurricane Beryl were very close to the outage hours associated with the ice storm of '21, which at the time categorizes the top five all-time weather outage events.

我只是想知道您是否可以對此提出更詳細的觀點，以便我可以理解為什麼我們不保守，特別是考慮到與本次颶風貝裡爾相關的停電時間非常接近與“冰風暴”相關的停電時間21 號，當時對歷史上排名前五的天氣中斷事件進行了分類。

Yeah.

是的。

Brian, this is York.

布萊恩，這是約克。

I think your numbers are close in terms of directly close in terms of how you're quantifying the impact that we've included, at least in this in the implied guidance.

我認為你們的數字在量化我們所包含的影響方面是非常接近的，至少在隱含的指導中是如此。

You've got that home standby growth that you just referred to.

您已經看到了剛才提到的家庭待機成長。

You get a little bit of a portable improvement.

你會得到一點點便攜性的改進。

You get a little small offsets with clean energy on some of the comments we made on that outlook.

根據我們對這一前景的一些評論，你會得到清潔能源的一些小補償。

Chore products, some slight declines there that are offsetting, so when you put it all together, we've always said that the impact of a major power outage event would be in that year would be roughly somewhere between $50 million to $100 million.

家務產品方面，有一些輕微的下降被抵消了，所以當你把所有這些放在一起時，我們總是說那一年重大停電事件的影響大約在 5000 萬到 1 億美元之間。

Like, we've said that for a number of years.

就像，我們已經說過很多年了。

So, I would say what we've included in our guidance, partly because it's early, we've included our guidance maybe towards the lower end of that $50 million to $100 million in terms of our impact from Hurricane Beryl, it's early.

所以，我想說的是，我們在指導中所包含的內容，部分是因為現在還為時過早，就颶風貝裡爾的影響而言，我們的指導可能是5000 萬至1 億美元的下限，現在還為時過早。

Well, the portable I think Aaron's comments about how the hurricane sort of took a sharp turn sort of unexpectedly in our we weren't able to deploy portables maybe before the storm.

好吧，便攜式設備，我認為亞倫關於颶風如何急劇轉變的評論有點出乎我們的意料，我們可能無法在風暴之前部署便攜式設備。

So, maybe the portable uptake wasn't as significant maybe in this storm as it would have been in maybe some other hurricanes where you can plan ahead a little bit better.

因此，在這場風暴中，便攜式吸收可能不如在其他一些颶風中那麼重要，在這些颶風中，您可以更好地提前規劃。

That might be some of the impact that on the portable side.

這可能是對便攜式方面的一些影響。

But I think on the home standby side, it's early.

但我認為在家庭待機方面，現在還為時過早。

We've got a lot of IHCs have come in as a result of these.

因此，我們開展了很多 IHC。

We'll see how the close rates play out on that, and we'll be able to update throughout the next quarter here.

我們將看看收盤價如何發揮作用，並且我們將能夠在下個季度在這裡進行更新。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi, good morning, everyone.

是的，嗨，大家早安。

Hi, Jerry.

嗨，傑瑞。

I'm wondering if we could just talk about the gross margin performance last quarter, we spoke about better material costs.

我想知道我們是否可以只討論上季的毛利率表現，我們討論了更好的材料成本。

In the first quarter looks like that continued versus plan in the second.

與第二季的計劃相比，第一季的情況似乎仍在繼續。

And I'm wondering as we think about the implied guidance in the back half of the year.

當我們思考今年下半年的隱含指導時，我想知道。

Is there an opportunity for normalizing material logistics costs to drive a tailwind relative to guidance given the continued strong performance in each quarter so far?

鑑於迄今為止每季的持續強勁表現，是否有機會使材料物流成本正常化以推動相對於指引的順風車？

Yes, Jerry, now that gross margins were up almost 5% year over year.

是的，傑瑞，現在毛利率比去年同期成長了近 5%。

We've been seeing that for a number of quarters here as price cost improvements have been reading through.

我們已經在幾個季度中看到這種情況，因為價格成本的改善一直在發生。

And then now we're starting to see as home standby field inventory becomes normalized.

現在我們開始看到家庭備用現場庫存變得正常化。

And we're seeing that that year-over-year growth in our home standby shipments, we were definitely getting the mix improvement there.

我們看到我們的家庭備用出貨量年增，我們肯定在那裡得到了組合的改善。

So in the second quarter, I would say that roughly 5% improvement in gross margins, I'd say maybe 3% of that 5% was mix related.

因此，在第二季度，我想說毛利率大約提高了 5%，我想說這 5% 中可能有 3% 與混合相關。

The other 2% was price cost again, we've been seeing that for a number of quarters.

另外 2% 又是價格成本，我們已經在幾個季度中看到這種情況了。

And I as I mentioned, I think when Jeff Hammond asked the question, as we as we jump from first half to second half, we do expect sequential improvement.

正如我所提到的，我認為當傑夫·哈蒙德提出這個問題時，當我們從上半場跳到下半場時，我們確實期望連續改進。

In gross margins again, some further mostly due to the just continued mix improvements with a higher mix of home standby in the second half of the year relative to the first half.

再次在毛利率方面，部分原因主要是由於下半年家庭待機的組合比上半年更高，組合不斷改善。

But we do expect some price cost improvements and as a result, some you would consider you would continue to see year over year price cost improvements as a result of all that.

但我們確實預期價格成本會有所改善，因此，有些人會認為，由於這一切，您將繼續看到價格成本逐年改善。

So at least in the second half of the year so yeah -- well again, gross margins are getting healthy as the mix of home standby normalizes and price cost normalizes and improves.

因此，至少在今年下半年，隨著家庭待機的組合正常化以及價格成本的正常化和改善，毛利率正在變得健康。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good morning and thanks for taking the questions.

早上好，感謝您提出問題。

So just a few for me, how much does Texas contribute annually to the demand in a normal year on the revenue side?

那麼，對我來說，德州每年在收入方面對正常年份的需求貢獻多少？

And then on the C&I side, I was just curious if have you had any updates from your telecom rental customers on how they are thinking about the duration of the downturn?

然後在工商業方面，我很好奇你們的電信租賃客戶是否有任何關於他們如何看待經濟低迷持續時間的最新消息？

And then also, I was wondering if you could just speak to the sustainability of some of the strength you're seeing in the industrial distribution business in light of some of the weaker macro, what we saw in 2Q?

另外，我想知道您是否可以談談您在工業分銷業務中看到的一些實力的可持續性，因為宏觀經濟疲軟，我們在第二季度看到了什麼？

Thank you.

謝謝。

Got it.

知道了。

Thanks, Kashy.

謝謝，卡什。

So yeah, I mean, Texas is obviously some it's a big market.

所以，是的，我的意思是，德克薩斯州顯然是一個很大的市場。

We don't break out each kind of state that way, but we have grown, if you recall back on with the Texas freeze that event in February of 2021, we said our penetration rates were sub 3%, and today they're sub 5%.

我們不會以這種方式細分每種州，但我們已經成長，如果您回想起2021 年2 月德克薩斯州凍結那次事件，我們說我們的滲透率低於3%，而今天則低於3%。

So in Texas opening at 200 basis points roughly of penetration growth in Texas in a pretty brief period of time and have a little like from the three years' worth of time.

因此，在德州，在相當短的時間內，德州的滲透率成長約為 200 個基點，與過去三年的時間價值大致相同。

So yes, it's been an important part of growth here.

所以，是的，它是這裡成長的重要組成部分。

And obviously, these events both during April and May and then the from the Hurricane Beryl event are going to continue to drive that market forward.

顯然，四月和五月發生的這些事件以及颶風 Beryl 事件將繼續推動該市場向前發展。

But again, still sub 6% at 5%.

但同樣，仍低於 6%，為 5%。

I mean there's a lot of houses that said, another way as we'd like to tell our teams here, 95% of the homes in Texas don't have the product cycle.

我的意思是，有很多房子都說，換句話說，我們想告訴我們的團隊，德州 95% 的房屋沒有產品週期。

So, they are all kind of potential targets four for a generator.

因此，它們都是發電機的潛在目標四。

And it's a huge market.

這是一個巨大的市場。

And so we're really bullish on that.

所以我們非常看好這一點。

In terms of the kind of the question on telecom specifically, we kind of think this is the bottom here for telecom for us, especially relative to the comparisons last year.

具體就電信問題而言，我們認為這對我們來說是電信業的底部，特別是相對於去年的比較。

The current pacing, though the current run rate feels like it's at the bottom.

目前的節奏，儘管當前的運行率感覺處於底部。

In fact, the back half contemplates a little bit of increase, especially as we get into Q4.

事實上，後半部分考慮了一點增長，特別是當我們進入第四季度時。

So kind of Q2, Q3, here's kind of the bottom for the telecom cycle as we see it and starting to maybe show some green shoots there.

正如我們所看到的，第二季度、第三季度，這是電信週期的底部，並且可能開始出現一些萌芽。

We're hopeful about 2025.

我們對 2025 年充滿希望。

But the reality of it is we don't have any solid forecasts or information from our telecom partners at this point that would say that '25 is going to be better than '24.They haven't shared anything with us yet.

但現實情況是，我們目前還沒有從我們的電信合作夥伴那裡得到任何可靠的預測或訊息，表明「25 年」會比「24 年」更好。

But once they get to that, that stage of planning for next year, hopefully we'll be able to relay some of that information as we as we get into the 2025 guidance next year.

但一旦他們進入明年的規劃階段，希望我們能夠在明年進入 2025 年指導時傳遞一些訊息。

But it's an important market.

但這是一個重要的市場。

We have an outsized share there.

我們在那裡擁有巨大的份額。

So, that's why it's kind of impacted us negatively this year with the pullback.

因此，這就是為什麼今年的回檔對我們產生了負面影響。

But that's we're bullish about that long term, as I said before, tower counts, hub counts, all those important elements of the infrastructure for wireless communications, and then the critical nature of those comms, and the need for reliable power infrastructure, especially, again, when we have outage, large outage events like Beryl, it really does highlight the need for hardening of those networks.

但正如我之前所說，我們對長期持樂觀態度，包括塔數、集線器數、無線通訊基礎設施的所有這些重要元素，以及這些通訊的關鍵性質，以及對可靠電力基礎設施的需求，特別是，當我們發生像Beryl 這樣的大型斷電事件時，它確實凸顯了強化這些網路的必要性。

So, that we expect to be important long term.

因此，從長遠來看，我們預計這一點很重要。

And then your last question on the industrial distributors.

然後是關於工業分銷商的最後一個問題。

Yes, we've done a lot.

是的，我們已經做了很多。

The current team here, the leadership there, Eric Wilde and his team have done an awesome job, really working through our distributors here in the US, and putting the other plans to make the right investments in whether it be sales, whether it's service, whether it's our ability to support, where we're selling direct, either through telecom or other, other opportunities, we have to make sure we have that kind of coast to coast support.

目前的團隊，那裡的領導層，埃里克·王爾德（Eric Wilde）和他的團隊做得非常出色，他們與我們在美國的經銷商進行了真正的合作，並在其他方面進行了正確的投資，無論是銷售、服務、無論是我們的支援能力，無論是透過電信還是其他機會直接銷售，我們都必須確保我們擁有這種從東海岸到西海岸的支援。

But also, we've done some acquisitions there, we've acquired a couple of distributors where we were underperforming in certain markets, and we felt that we could do better.

而且，我們在那裡進行了一些收購，我們收購了一些在某些市場表現不佳的經銷商，我們認為我們可以做得更好。

And that actually has paid off quite well.

這實際上得到了很好的回報。

In the markets where we've done acquisitions, we've seen our share improved dramatically.

在我們進行收購的市場中，我們的份額得到了顯著提高。

Again, we were underneath our share nationally in those markets.

同樣，我們在這些市場上的全國份額也低於我們的份額。

So, just getting to the share position would be an increase, but we've actually gone beyond that.

因此，僅僅達到份額位置就會有所增加，但我們實際上已經超出了這個範圍。

So, we've seen some, some really nice results there, alongside kind of our organic efforts with development of the distribution partners.

因此，我們在那裡看到了一些非常好的結果，以及我們在發展分銷合作夥伴方面的有機努力。

So, those are all paying off, we're gaining share.

所以，這些都得到了回報，我們正在獲得份額。

And we really like where we're going with that channel.

我們真的很喜歡這個頻道的發展方向。

It's helped, kind of be a bellwether here as we weather the downturn in telecom and rental in 2024 here, that channel has performed quite well.

當我們度過 2024 年電信和租賃業的低迷時期時，它起到了幫助作用，在某種程度上成為了這裡的領頭羊，該通路表現相當出色。

And we expect it to continue to remain strong here through the next several years.

我們預計它在未來幾年將繼續保持強勁。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Good morning.

早安.

Just a quick one for me.

對我來說只是一個快速的。

You talked earlier about sort of the impact of storms kind of reverberating kind of across all the markets.

您之前談到了風暴對所有市場的影響。

And I'm just curious, A., have you seen that at all in IHCs and maybe even B, is there a historical precedent where you've actually seen a meaningful uptick in in adjacent markets are not, or am I sort of reading a little too much into this?

我只是好奇，A.，你是否在 IHC 中看到過，甚至可能 B，是否有一個歷史先例，你實際上看到相鄰市場沒有出現有意義的上升，或者我是在讀有點太多了？

Yes, Stephen, that's a it's a great question.

是的，史蒂芬，這是一個很好的問題。

I can tell you historically, whenever you get a widespread outage, it makes people think, right?

我可以告訴你，從歷史上看，每當出現大規模停電時，人們都會思考，對嗎？

So as an example, in Texas you get it, you get a hurricane hitting Texas to be at early in the season, first, cat five ever on record in the Atlantic that early.

舉個例子，在德克薩斯州，你會得到它，你會在賽季初期遭遇颶風襲擊德克薩斯州，首先是大西洋有記錄的五級颶風。

And people in Florida are watching.

佛羅裡達州的人們正在觀看。

And so Florida IHCs there is a reverberation there that's positive that gets people to action quicker.

因此，佛羅裡達州的 IHC 產生了積極的影響，可以讓人們更快採取行動。

We advertise on a national basis so that advertising resonates better win in the background, you have outages taking place.

我們在全國各地做廣告，以便在發生停電時，廣告能夠在後台產生更好的共鳴。

So we have historical reference points for that and we certainly have seen some of that here as well.

所以我們有這方面的歷史參考點，我們當然也在這裡看到了其中的一些參考點。

Again, the only cautionary point I would put on that is that for whatever reason, the Hurricane Beryl Texas event was maybe less covered nationally.

再次強調，我要提出的唯一警告點是，無論出於何種原因，德州貝麗爾颶風事件在全國範圍內的報道可能較少。

It was really quite a significant event relative to just the raw hours and the duration of the outages.

相對於原始時間和停電持續時間而言，這確實是一個非常重要的事件。

And yet, nationally, the media just, I don't think covered it quite as well maybe as they might have if that had happened perhaps somewhere on the East Coast or somewhere on the West Coast.

然而，在全國範圍內，我認為媒體對此事的報導可能不如東海岸或西海岸的某個地方。

And that happens.

這確實發生了。

But nonetheless, that's a reality of some of the way those cycles work.

但儘管如此，這就是這些週期的某些運作方式的現實。

But we are seeing definitely, especially the Gulf Coast states, when you get into hurricane season and somebody sees, when people see a storm of that magnitude, something that gets to that magnitude that quickly this early in the season, and in particular where we've got a very strong season still predicted.

但我們肯定會看到，特別是墨西哥灣沿岸各州，當你進入颶風季節時，有人會看到，當人們看到如此規模的風暴時，在颶風季節初期很快就會達到如此規模，特別是在我們的地方預計會有一個非常強勁的賽季。

So, I think that's another important element here is that that hasn't gone away, right?

所以，我認為這裡的另一個重要因素是它並沒有消失，對嗎？

Nothing's changed there.

那裡什麼都沒有改變。

Yeah, it's gone quiet here for a little bit, but normally it would be in July and August or July in particular is usually a quiet month for events.

是的，這裡有點安靜，但通常是在七月和八月，或者特別是七月通常是一個安靜的月份。

But we'll see how it turns out the rest of the year.

但我們將看看今年剩餘時間的情況如何。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Appreciate you all squeezing me in here.

感謝大家把我擠在這裡。

Just wanted to get your thoughts quickly on standby.

只是想讓你的想法快速處於待命狀態。

I don't think I heard you brought it up unless I missed it.

我想我沒有聽到你提起這件事，除非我錯過了。

I know it's kind of a quiet period for that, but just any thoughts on any traction in that segment?

我知道這是一個安靜的時期，但對於該領域的吸引力有什麼想法嗎？

Yeah.

是的。

Thanks, Jordan.

謝謝，喬丹。

We're still bullish on that segment.

我們仍然看好該領域。

It's just gone.

它就這樣消失了。

It's gone as you said it's been a little bit quieter here.

正如你所說，這裡已經安靜了一些。

The higher rate environment has made some of those projects a little more difficult to pencil out.

較高的利率環境使得其中一些項目的實施變得更加困難。

Kind of what's interesting is it kind of falls along the lines of a lot of the other, I'll call it kind of clean energy related efforts in terms of the impact of high rates, as you know, and that's something that's created a situation where the projects haven't gone away, they just haven't gotten to closure.

有趣的是，它與許多其他方面的做法類似，我將其稱為與清潔能源相關的努力，就高費率的影響而言，正如你所知，這創造了一種情況如果項目還沒有消失，它們只是還沒結束。

So, I think, what's happening there is those projects are kind of idling in the background waiting for a more constructive rate environment.

因此，我認為，正在發生的事情是，這些項目在後台閒置，等待更具建設性的利率環境。

And then, we would expect that that's a segment that's still going to grow where a liter of natural gas (inaudible) which are used in those types of applications.

然後，我們預計這一領域仍將成長，其中一公升天然氣（聽不清楚）用於這些類型的應用。

I think one extension of that, that is becoming a little clearer, we're finding that the whole beyond standby category, which we had, I think, largely defined as just using a generator for purposes other than just emergency backup, using it to also supplement a grid that's under heavy stress.

我認為這一點的一個延伸，變得更加清晰，我們發現整個超越備用類別，我認為，我們很大程度上將其定義為僅將發電機用於緊急備用以外的目的，用它來還可以補充承受重壓的電網。

I think what we're finding is that maybe we have to expand our definition of that to include some of these microgrid projects as well, because in effect, what's happening is many of the microgrid projects have natural gas generators as an important component, but they also contain other pieces.

我認為我們發現，也許我們必須擴大對此的定義，以包括其中一些微電網項目，因為實際上，正在發生的情況是許多微電網項目都將天然氣發電機作為重要組成部分，但是它們還包含其他部分。

They contain storage.

它們包含儲存空間。

So, the SunGrid acquisition that we announced this quarter, and that we talked a little bit about in the prepared remarks, gets us closer to another critical component of microgrids, which is the behind the meter storage element of that.

因此，我們本季宣布的 SunGrid 收購，以及我們在準備好的發言中談到的一點，讓我們更接近微電網的另一個關鍵組件，即背後的電錶儲存元件。

And then, we also called out that we're seeing EV charging be part of some of these projects as well.

然後，我們還指出，我們看到電動車充電也成為其中一些項目的一部分。

So, commercial grade EV charging, so our partnership with Wallbox, I think, helps us be a little bit more of an important supplier to a microgrid project.

因此，我認為商業級電動車充電以及我們與 Wallbox 的合作有助於我們成為微電網專案的重要供應商。

And we continue to build out our competencies there in not only the assets, but the ecosystem, if you will, as we call it, similar to the residential ecosystem.

我們不僅在資產方面繼續增強我們的能力，而且在生態系統方面也不斷增強我們的能力，如果你願意的話，我們稱之為類似於住宅生態系統。

We think there's an ecosystem developing on the C&I side.

我們認為 C&I 方面正在形成一個生態系統。

And we think that kind of that beyond standby moniker kind of would likely going to grow to include some of the activity we're seeing around these microgrid projects.

我們認為這種超越待機的綽號可能會發展到包括我們在這些微電網專案周圍看到的一些活動。

So, still bullish on it, but I think in a challenging rate environment just I think it's softer than it will be longer term.

因此，仍然看好它，但我認為在充滿挑戰的利率環境中，我認為它比長期情況要軟。

Donovan Shafer, Northland Capital Markets.

多諾萬‧謝弗 (Donovan Shafer)，北國資本市場。

Hey, guys, thanks for taking the questions.

嘿，夥計們，感謝您提出問題。

I just wanted to see if we can get any more color on your prepared remarks.

我只是想看看我們是否能對您準備好的言論有更多的了解。

You said on C&I, I think I believe it was on the C&I side, but some of the weakness there was being offset by strength in India.

你說關於 C&I，我想我相信這是 C&I 方面的問題，但印度的一些弱點正在被印度的實力所抵消。

And that's always been a market that is kind of interesting to talk about.

這一直是一個值得談論的有趣市場。

So what have you been seeing recently on the ground?

那麼您最近在實地看到了什麼？

Anything impacted by election politics or anything like that?

有沒有受到選舉政治或類似因素的影響？

And just generally, any more color on the Indian market would be great.

總的來說，印度市場上再多一些顏色就太好了。

Thank you.

謝謝。

Yes.

是的。

Thanks, Donovan.

謝謝，多諾萬。

And no, India is a growing market for us.

不，印度對我們來說是一個不斷成長的市場。

We through our Pramac subsidiary in Europe, we acquired an Indian manufacturer a number of years ago and expanded that relationship through our ownership of that in its entirety, built a new factory there for that market.

幾年前，我們透過 Pramac 在歐洲的子公司收購了一家印度製造商，並透過我們對該製造商的全部所有權擴大了這種關係，並在那裡為該市場建立了一家新工廠。

And that our positioning there is different than other Indian genset manufacturers in that, and again, it's a little bit like a page out of the domestic playbook here.

我們在那裡的定位與其他印度發電機組製造商的不同之處在於，這有點像國內劇本中的一頁。

We're really focused on natural gas, and most traditional solutions for backup power in the C&I markets globally are diesel solutions.

我們真正專注於天然氣，全球工商業市場中最傳統的備用電源解決方案是柴油解決方案。

And we do offer a diesel product line, but where we're getting the most traction is actually with our gas products.

我們確實提供柴油產品線，但我們最受關注的實際上是我們的天然氣產品。

So, those are products that are actually designed here in the US built in India with our engines and our fuel systems and ignition systems, and then they're deployed in the Indian market.

因此，這些產品實際上是在美國設計的，在印度製造的，配備我們的引擎、燃油系統和點火系統，然後部署在印度市場。

We're bullish on that because the Indian market is converting the natural gas.

我們看好這一點，因為印度市場正在轉換天然氣。

We see a lot of pipeline projects on the drawing board as part of the burgeoning infrastructure build out in India.

作為印度新興基礎設施建設的一部分，我們看到許多管道項目正在醞釀中。

I think if you just step back, India is poised very well to be the, I think, the chief beneficiary of some of the geopolitical tensions that have been rising between the US and China.

我認為，如果退一步看，印度很可能成為中美之間不斷加劇的地緣政治緊張局勢的主要受益者。

India is in a very good position to see the growth in their economy come at, probably at the detriment to China as a lot of manufacturers shift production away from China and move to places like India and other markets.

印度處於非常有利的位置，可以看到其經濟的成長，但這可能會對中國造成損害，因為許多製造商將生產從中國轉移到印度和其他市場等地。

And India, for all that there's still a lot of opportunity there.

而印度，儘管如此，那裡仍然有很多機會。

It hasn't grown as fast as China historically.

從歷史上看，它的成長速度沒有中國那麼快。

A lot of that is just based on the infrastructure within the country is still not mature, has a ways to go, but there has been progress.

其中許多只是基於國內的基礎設施還不成熟，還有很長的路要走，但已經取得了進展。

I think the political environment in India has been more receptive to business here as of late, the last several years, which is also a positive.

我認為最近幾年印度的政治環境更容易接受這裡的商業，這也是一個正面的因素。

And again, I think we're bullish on India longer term.

再說一次，我認為我們長期看好印度。

It's not a small business for us and you can just we put it altogether.

這對我們來說不是一個小生意，你可以把它放在一起。

But, it's a growing business, got nice growth rates.

但是，這是一項不斷成長的業務，成長率很高。

And again, we separate ourselves by focusing on gas where other manufactures are still focused on diesel.

再次，我們透過專注於天然氣而將自己區分開來，而其他製造商仍然專注於柴油。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究中心。

Great.

偉大的。

Thanks.

謝謝。

I appreciate that opportunity.

我很感激這個機會。

Just focusing more back on Texas, just real quick in terms of historically wins we've made historically when major storms have gone through how long had that tailwind been towards sales or has it been just a quarter or two has been no lasting longer?

只是更關注德克薩斯州，就我們歷史上取得的歷史勝利而言，當重大風暴經歷過之後，銷售順風有多久了，或者只是一兩個季度就不再持續了？

Yeah.

是的。

Thanks, Keith.

謝謝，基斯。

It usually goes two to four quarters.

通常會持續兩到四個季度。

Of course, the bigger the event, sometimes you will get an echo that's even bigger than that.

當然，事件越大，有時你會得到比這更大的迴響。

In fact, I would say Taxes freeze of 2021, that echo has only recently been quieter.

事實上，我想說的是 2021 年凍結稅收，這種迴聲直到最近才變得更加平靜。

And some of that was exacerbated by the pandemic and just the impact that that created for people being concerned about outages.

其中一些問題因流感大流行及其對人們擔心停電的影響而加劇。

But something even like a Hurricane Sandy back in 2012 definitely went beyond the two to four quarters, remains to be seen whether this event will rise to that.

但即使是 2012 年的桑迪颶風，也肯定會超出兩到四個季度的範圍，這次事件是否會達到這個水平還有待觀察。

I think we are kind of sizing it on the smaller end of a major event at this point.

我認為我們目前正在對重大事件的較小端進行調整。

But again that may change our views and that may change as time grows.

但這可能會改變我們的觀點，而且隨著時間的推移，這種觀點可能會改變。

But I would say that at a minimum, this will take us through this year and into the first-half of next year.

但我想說，至少，這將帶領我們度過今年並進入明年上半年。

Especially when you hit the anniversary of the event, right, like that's when media picks up.

尤其是當你迎來該活動的周年紀念日時，就像媒體報導的時候一樣。

Hey, remember a year ago at start of hurricane season, remember we had Hurricane Beryl in July kind of early in the season.

嘿，記得一年前颶風季開始時，記得我們在 7 月份颶風季節初期就發生了貝裡爾颶風。

So, those things get picked up.

所以，這些東西都會被撿起來。

Again, the media drives a lot of that kind of echo effect.

同樣，媒體推動了許多這種迴聲效應。

And then to clarify, like these events, the way it works is that, while you'll get a surge in demand and then that after glow lasts for a while for a number of quarters.

然後澄清一下，就像這些事件一樣，它的運作方式是，雖然你的需求會激增，但之後的光芒會持續一段時間，持續幾個季度。

Then levels off at a new and higher baseline than where it was previously.

然後穩定在比之前更高的新基線上。

So that's why these major events and the broad awareness created by them, you tend to increase distribution that props up there actively in market now ongoing on an ongoing basis to continue to and satisfy demand and you hold up that new crop of that new and higher baseline going forward.

因此，這就是為什麼這些重大事件以及它們所產生的廣泛意識，您傾向於增加在市場上積極支撐的分銷，現在正在持續不斷地繼續滿足需求，並且您會持有新的和更高的新作物前進的基線。

Great.

偉大的。

Thanks.

謝謝。

I'll leave it there.

我會把它留在那裡。

Chip Moore, ROTH.

奇普摩爾，羅斯。

Yes, hey, thanks for taking the question.

是的，嘿，謝謝你提出問題。

Just wondering if you could expand a bit on how you're thinking about back half of the year swing factors for that 4% to 8% revenue range?

只是想知道您是否可以詳細說明您如何看待下半年 4% 至 8% 收入範圍的波動因素？

And obviously, it sounds like Beryl activations will play a large role, but just other key puts and takes.

顯然，聽起來綠柱石活化將發揮重要作用，但只是其他關鍵的放置和取出。

What are you baking in on consumer?

您對消費者有何期待？

Any softening there on the low end?

低端有軟化嗎？

No.

不。

I mean, we're not necessarily seeing that in terms of

我的意思是，我們不一定會看到這一點

--

--

Anything beyond what we already

任何超出我們現有範圍的事情

--

--

Exactly in terms of change from our prior guidance, say for the most part, the guidance increase is the impact of Beryl, particularly in Texas, but maybe some edges, broader awareness around the nation.

確切地說，就我們先前的指導意見的變化而言，在很大程度上，指導意見的增加是Beryl的影響，特別是在德克薩斯州，但也許有一些優勢，全國範圍內更廣泛的認識。

And but we're not seeing a softening of the consumer that's offsetting that.

但我們並沒有看到消費者疲軟的情況來抵銷這種影響。

Beyond where we are (multiple speakers) guidance did contemplate.

超越我們現在的位置（多位發言者），指導確實考慮過。

For instance, close rates are hanging in there.

例如，收盤價一直保持不變。

Now maybe we'll with the large increase in IHCs from Texas, maybe those won't all close at the same rate.

現在，也許我們會隨著德克薩斯州 IHC 的大幅增加，也許這些不會以相同的速度關閉。

So maybe you'll see a temporary moderation in close rates.

因此，也許您會看到收盤價暫時放緩。

But for the most part, close rates are hanging in there around the nation.

但在大多數情況下，全國各地的收盤價都保持不變。

This concludes the question-and-answer session, and I would now like to turn it back to Kris Rossmann for closing remarks.

問答環節到此結束，我現在想請克里斯·羅斯曼做結束語。

We want to thank everyone for joining us this morning.

我們要感謝大家今天早上加入我們。

We look forward to discussing our third quarter 2024 earnings results with you in late October.

我們期待在 10 月下旬與您討論 2024 年第三季的獲利結果。

Thank you again and goodbye.

再次感謝您，再見。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。