Generac Holdings Inc (GNRC) 2024 Q4 法說會逐字稿

Hello, and welcome to Generac Holdings Inc. fourth quarter and full year 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Kris Rosemann. You may begin.

您好，歡迎參加 Generac Holdings Inc. 2024 年第四季和全年財報電話會議。（操作員指示）現在，我想將會議交給 Kris Rosemann。你可以開始了。

Good morning, and welcome to our fourth quarter and full year 2024 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 2024 年第四季和全年財報電話會議。我想感謝大家今天早上的參加。今天與我在一起的是總裁兼執行長 Aaron Jagdfeld；以及財務長 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.

今天的電話會議我們將首先對前瞻性陳述進行評論。本演示中所做的某些聲明以及 Generac 或其員工不時提供的其他資訊可能包含前瞻性聲明，並涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中的結果有重大差異。請參閱我們的收益報告或美國證券交易委員會 (SEC) 文件，以取得識別此類聲明和相關風險因素的單字或表達清單。

In addition, we will make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable US GAAP measures, is available in our earnings release and SEC filings.

此外，我們將在今天的電話會議中參考某些非公認會計準則指標。有關這些指標的更多資訊（包括與可比較美國公認會計準則 (GAAP) 指標的調節表）可在我們的收益報告和美國證券交易委員會 (SEC) 文件中找到。

I will now turn the call over to Aaron.

現在我將電話轉給 Aaron。

Thanks, Kris. Good morning, everyone. Thank you for joining us today. Our fourth quarter results highlight our ability to rapidly increase production and execute on the strong demand for home standby and portable generators, resulting from the elevated power outage environment in the second half of 2024.

謝謝，克里斯。大家早安。感謝您今天加入我們。我們的第四季業績凸顯了我們快速提高產量和滿足家用備用發電機和便攜式發電機強勁需求的能力，這是由於 2024 年下半年停電環境加劇所致。

The significant increase in demand for residential products led to fourth quarter records for net sales, adjusted EBITDA, and adjusted net income, while free cash flow generation during the quarter was an all-time quarterly record. Additionally, gross margins were very strong again during the quarter and drove adjusted EBITDA ahead of our prior expectations.

住宅產品需求的大幅成長，導致第四季度的淨銷售額、調整後 EBITDA 和調整後淨收入均創下歷史新高，同時本季的自由現金流產生量也創下了季度歷史新高。此外，本季毛利率再次強勁，調整後的 EBITDA 超出了我們先前的預期。

Year-over-year, overall net sales increased 16% to $1.23 billion for the quarter. Residential product sales grew 28% from the prior year, driven by strong growth in shipments of home standby and portable generators as well as an increase in shipments of residential energy technology products.

與去年同期相比，本季整體淨銷售額成長 16% 至 12.3 億美元。住宅產品銷售額較上年增長 28%，這得益於家用備用和便攜式發電機出貨量的強勁增長以及住宅能源技術產品的出貨量增加。

C&I product sales, while still strong, were approximately flat from the prior year as increases in domestic industrial distributors and telecom channels were offset by weakness in other C&I end markets. Favorable sales mix and lower input costs drove continued significant gross margin expansion in the fourth quarter helping further accelerate adjusted EBITDA margins to 21.5%.

C&I 產品銷售雖然依然強勁，但與上年基本持平，因為國內工業分銷商和電信通路的成長被其他 C&I 終端市場的疲軟所抵消。良好的銷售組合和較低的投入成本推動第四季毛利率繼續大幅擴大，幫助調整後的 EBITDA 利潤率進一步提高至 21.5%。

Our full year 2025 guidance anticipates continued net sales growth primarily driven by higher shipments of residential products. We project further gross margin improvement during the year on top of the very strong 2024 performance and expect to maintain strong adjusted EBITDA margins as compared to the prior year. Our current outlook does not contemplate the effect of any new tariff-related actions as we're currently evaluating the potential impacts, but we expect that will offset any newly imposed tariffs through the combination of cost reductions and higher pricing.

我們對 2025 年全年的預期是預期淨銷售額將繼續成長，這主要得益於住宅產品出貨量的增加。我們預計，在 2024 年強勁業績的基礎上，今年的毛利率將進一步提高，並預計與前一年相比將保持強勁的調整後 EBITDA 利潤率。我們目前的展望並未考慮任何新的關稅相關措施的影響，因為我們目前正在評估其潛在影響，但我們預計，透過降低成本和提高價格，這將抵消任何新徵收的關稅。

Before discussing fourth quarter results in more detail, I want to provide some full year 2024 highlights. Consolidated net sales returned to growth in the year as strength in domestic residential product sales more than offset weakness in certain C&I and international end markets. The sales mix shift to higher-margin residential products and realization of favorable input costs helped drive full year gross margins to the highest level since 2010.

在更詳細地討論第四季度的業績之前，我想提供一些 2024 年全年的亮點。由於國內住宅產品銷售的強勁成長足以抵銷某些商業和工業和國際終端市場的疲軟，綜合淨銷售額於年內恢復成長。銷售組合轉向利潤率更高的住宅產品，以及優惠的投入成本的實現，推動全年毛利率達到2010年以來的最高水準。

The nearly 500 basis point year-over-year increase in gross margin to 38.8% supported a significant increase in adjusted EBITDA as compared to the prior year. Robust earnings growth and focused execution on a reduction in working capital contributed to an all-time high for free cash flow generation of $605 million, easily surpassing the previous record of $427 million that was set in 2020.

毛利率年增近500個基點至38.8%，支持調整後EBITDA較上年大幅增加。強勁的獲利成長和對減少營運資本的重點執行，推動自由現金流創下 6.05 億美元的歷史新高，輕鬆超越 2020 年創下的 4.27 億美元的紀錄。

2024 also provided significant evidence of the mega trends that support our enterprise strategy and long-term growth expectations. It was the most active year for power outages since we began tracking this data in 2010 with nearly 1.5 billion hours lost outages in the US, largely driven by three major landed hurricanes in the second half of the year.

2024年也提供了支持我們的企業策略和長期成長預期的大趨勢的重要證據。自 2010 年我們開始追蹤這項數據以來，這是停電最頻繁的一年，美國停電時間長達近 15 億小時，主要原因是下半年登陸的三次大型颶風。

Severe and volatile weather patterns have become increasingly common, placing even greater stress on our aging power grid. The recent wildfires in California and associated public safety power shutoffs provide yet another example of the challenges grid operators will continue to face well into the future as more intense weather-related events are projected to further compromise the reliability of the power grid.

惡劣和多變的天氣模式變得越來越常見，給我們老化的電網帶來了更大的壓力。加州最近發生的山林火災和相關的公共安全斷電再次表明，電網營運商在未來仍將面臨挑戰，因為預計更嚴重的天氣相關事件將進一步損害電網的可靠性。

We also saw grid operators and utilities aggressively raise their future expectations of power demand during the year. The rapid adoption of artificial intelligence and the resulting data center build-out is projected to drive significant incremental demand on top of the established trends of electrification and reindustrialization in North America.

我們也看到電網營運商和公用事業公司在今年大幅提高對未來電力需求的預期。人工智慧的快速應用和由此產生的數據中心的建設預計將在北美電氣化和再工業化既定趨勢的基礎上推動需求大幅增長。

At the same time, our nation's power supplies are transitioning to lower carbon sources, which are more intermittent in their operation thereby creating additional pressure on reliability as demand rapidly accelerates. This growing supply-demand imbalance is threatening our power quality with some areas of the country coming dangerously close to having insufficient power particularly during periods of intense hot or cold temperatures when demand is at its peak.

同時，我國的電力供應正在向低碳能源轉型，這些能源的運作更加間歇性，因此隨著需求的快速增長，對可靠性產生了額外的壓力。這種日益嚴重的供需失衡正在威脅我們的電力質量，特別是在電力需求達到高峰的極熱或極寒天氣期間，全國部分地區已經瀕臨電力不足的危險境地。

The North American Electricity Reliability Corporation recently warned that significant portions of the US and Canada are at risk of power outages due to supply shortfalls over the next five years. These trends are also impacting the forecasted cost of electricity for end users with prices anticipated to grow well beyond the 30% cumulative increase in average US electricity prices that we've already experienced since 2020.

北美電力可靠性公司最近警告稱，未來五年內，美國和加拿大大部分地區可能因電力供應短缺而面臨停電的風險。這些趨勢也影響最終用戶的電力預測成本，預計電價將遠超過自 2020 年以來美國平均電價累計漲幅 30%。

Massive investments are needed in new generating sources, including additional transmission and distribution infrastructure to support the growing demand for power, and these costs will be passed along to rate payers in the form of higher electricity prices. These rising power costs and the increasing risk of outages support our expectations for continued growth in energy management technologies as we believe homeowners and businesses will begin to invest more aggressively in solutions to help them reduce their electric bills and improve resiliency.

需要對新的發電源進行大量投資，包括增加輸電和配電基礎設施以支持日益增長的電力需求，這些成本將以提高電價的形式轉嫁給納稅人。不斷上漲的電力成本和越來越大的停電風險支持了我們對能源管理技術持續成長的預期，因為我們相信房主和企業將開始更積極地投資於幫助他們減少電費和提高彈性的解決方案。

As concerns grow about power quality and power costs, our powering a smarter world strategy is purposeful in the focus that it gives us as we develop energy ecosystems to help customers in the residential and C&I markets solve for these challenges. These ecosystems deploy a mix of assets and the software needed to optimize solar self-generation, battery storage, diesel and natural gas power generators, and load management devices with a focus on giving homeowners, businesses, and institutions much greater control over the cost and availability of their power.

隨著人們對電能品質和電力成本的擔憂日益加深，我們「供電更智慧的世界」策略有目的地集中精力開發能源生態系統，幫助住宅和商業與工業 (C&I) 市場的客戶解決這些挑戰。這些生態系統部署了多種資產和軟體，以優化太陽能自發電、電池儲存、柴油和天然氣發電機以及負載管理設備，重點是讓房主、企業和機構更好地控制電力成本和可用性。

Over the last several years, Generac has made a number of strategic acquisitions as well as significant investments organically in developing these energy ecosystems that we believe have dramatically expanded the total addressable market for the company and positions us well for future growth as the megatrends around lower power quality and higher power prices continue to intensify.

在過去幾年中，Generac 進行了多項策略性收購，並在開發這些能源生態系統方面進行了大量有機投資，我們相信這些收購大大拓展了公司的總潛在市場，並為我們未來的成長做好了準備，因為電能品質下降和電價上漲的大趨勢將繼續加劇。

Specifically for the home standby generator category, a significant penetration opportunity remains with only 6.5% of the addressable market of owner-occupied single-family unattached homes greater than $175,000 in value in the US having a home standby generator installed at the end of the year.

具體來說，對於家用備用發電機類別而言，仍然存在巨大的滲透機會，在美國價值超過 175,000 美元的自住獨棟住宅的目標市場中，只有 6.5% 的住宅在年底安裝了家用備用發電機。

Furthermore, every 1% of incremental penetration is worth approximately $4 billion in retail market value. And with a market share above 70%, we believe Generac is incredibly well positioned to continue to lead this important product category.

此外，每增加 1% 的滲透率就意味著零售市場價值約為 40 億美元。憑藉超過 70% 的市場份額，我們相信 Generac 完全有能力繼續引領這一重要產品類別。

Now discussing our results in more detail. Fourth quarter home standby shipments increased at a mid-20% rate from the prior year, following the elevated outage activity in the second half of the year. Home consultations during the quarter increased at a dramatic rate and reached record levels for our fourth quarter.

現在更詳細地討論我們的結果。由於下半年停電事件增多，第四季家用備用電池出貨量比去年同期增加了 20% 左右。本季的家庭諮詢量急劇增加，並達到了第四季度的歷史最高水準。

Building on the category awareness created by the major outage events in 2024, we remain focused on increasing and optimizing our marketing investments to grow and diversify our sales funnel while delivering high-quality leads to our dealer network. As expected, close rates continued to moderate during the fourth quarter, given the record-setting levels of home consultations we experienced in the second half of 2024.

基於 2024 年重大停電事件產生的類別意識，我們將繼續專注於增加和優化我們的行銷投資，以擴大和多樣化我們的銷售管道，同時為我們的經銷商網路提供高品質的潛在客戶。正如預期的那樣，考慮到我們在 2024 年下半年經歷的創紀錄水平的房屋諮詢量，第四季度的成交率繼續放緩。

Historically, the compression of close rates occurs temporarily as our dealer network absorbs the rapid increase in demand in select markets that suffered from significant outage activity. We anticipate close rates will recover throughout 2025, resulting from ongoing investments in lead optimization, dealer development and expansion, consumer engagement, and further penetration of financing offerings for homeowners.

從歷史上看，當我們的經銷商網路吸收了遭受嚴重中斷活動的特定市場中快速增長的需求時，收盤價的壓縮會暫時發生。我們預計，成交率將在 2025 年全年恢復，這得益於對潛在客戶優化、經銷商開發和擴張、消費者參與以及房主融資產品的進一步滲透的持續投資。

Our residential dealer network continued to grow in the fourth quarter and ended the year at an all-time high of approximately 9,200 dealers, an increase of 500 from the prior year and 100 dealers ahead of the prior quarter. The significant growth in dealer count during 2024 not only increases overall category awareness, but also provides support for a new and higher baseline level of demand for the home standby category going forward by adding more sales, installation, and service capacity.

我們的住宅經銷商網路在第四季度持續成長，年底經銷商數量達到歷史新高，約 9,200 家，比上年增加 500 家，比上一季增加 100 家。2024 年經銷商數量的大幅成長不僅提高了整體類別知名度，而且還透過增加銷售、安裝和服務能力為未來家庭待機類別新的更高基線需求水準提供支援。

We also continue to see strong momentum in our Aligned Contractor Program, which targets electrical contractors that purchase our products through wholesale distribution. We believe this highly aligned network of dealers and contractors is an important competitive advantage for Generac. And we continue to invest heavily to provide these partners with the best tools and capabilities to drive additional sales, installation, and service bandwidth.

我們也繼續看到我們的一致承包商計劃的強勁發展勢頭，該計劃針對透過批發分銷購買我們產品的電氣承包商。我們相信，這個高度協調的經銷商和承包商網路是 Generac 的重要競爭優勢。我們將繼續投入大量資金，為這些合作夥伴提供最好的工具和能力，以推動額外的銷售、安裝和服務頻寬。

Activations or installations of home standby generators were nearly flat in the fourth quarter as compared to the prior year. Strength in the South and West was offset by other regions that saw less significant power outage activity in the quarter. Additionally, the later timing of Hurricane Helen and Milton and longer dealer project lead times in the impacted regions have led to stronger growth in activations thus far in the first quarter of 2025 with January marking a record high for the first month of the year.

與去年同期相比，第四季家用備用發電機的啟動或安裝量幾乎持平。本季度，南部和西部地區的停電情況較輕，但其他地區停電情況較輕，抵消了這一增幅。此外，颶風海倫和米爾頓來襲時間較晚，受影響地區經銷商專案交付週期較長，導致 2025 年第一季迄今的激活量增長更強勁，1 月份創下了今年第一個月的歷史新高。

We continue to focus on innovation and leadership in the home standby generator category, and we recently introduced our newest lineup of home standby generators at our annual customer conference in Nashville last month. The next-generation product is our most comprehensive platform update in more than a decade and represents the most advanced home standby generator in the market, providing homeowners with unparalleled peace of mind.

我們繼續專注於家用備用發電機類別的創新和領導地位，上個月我們在納許維爾舉行的年度客戶會議上推出了最新系列家用備用發電機。下一代產品是我們十多年來最全面的平台更新，代表了市場上最先進的家用備用發電機，為房主提供無與倫比的安心。

With this new product line, we introduced the industry's largest air cooled generator, producing 28 kilowatts of output, providing homeowners that have higher power needs from electrical vehicle charging, heat pumps, and other large electric loads, the lowest total cost solution for backup power.

透過這條新的產品線，我們推出了業界最大的風冷發電機，輸出功率為 28 千瓦，為對電動車充電、熱泵和其他大型電力負載有更高電力需求的房主提供總成本最低的備用電源解決方案。

Our next-generation product line further secures our position in this very important market segment with the broadest, most powerful, most cost-effective home standby generators in the industry. We believe that both our end customers and installer partners will appreciate the significant value-added and innovative features of these new products, which are expected to begin shipping in the second half of 2025.

我們的下一代產品線憑藉著業界最廣泛、最強大、最具成本效益的家用備用發電機，進一步鞏固了我們在這個非常重要的細分市場中的地位。我們相信，我們的最終客戶和安裝合作夥伴都會欣賞這些新產品的顯著增值和創新功能，預計這些產品將於 2025 年下半年開始出貨。

With this next-generation platform, we are introducing automotive technologies like fuel injection and spark ignition to the market, allowing for better fuel efficiency and lower emissions. We have also developed a new advanced controller with integrated cellular, Wi-Fi, and bluetooth connectivity protocols as standard features, providing significant upgrades to connection quality, together with advanced remote diagnostics supporting the lowest total cost of ownership on the market.

透過這個下一代平台，我們將燃油噴射和火花點火等汽車技術引入市場，從而提高燃油效率並降低排放。我們還開發了一種新的先進控制器，整合蜂窩、Wi-Fi 和藍牙連接協議作為標準功能，顯著提升了連接質量，同時提供先進的遠端診斷功能，支援市場上最低的總擁有成本。

These numerous benefits for our partners in the field are expected to improve efficiency and quality control in the installation and service processes, including a simplified and automated commissioning process, streamlined wiring designs, and an enclosure designed with technicians in mind. In addition to our continued track record of innovation in the home standby generator market, we have also made significant investments over the last several years in our manufacturing capacity for these products.

我們在該領域的合作夥伴將獲得眾多好處，有望提高安裝和服務流程中的效率和品質控制，包括簡化和自動化的調試過程、精簡的佈線設計以及專為技術人員設計的外殼。除了我們在家庭備用發電機市場持續創新的記錄之外，過去幾年我們還對這些產品的生產能力進行了大量投資。

The addition of the Trenton, South Carolina facility as well as increased automation around engine and alternative production has dramatically increased our ability to meet the growing demand for these products, particularly during periods when demand surges.

南卡羅來納州特倫頓工廠的增設以及發動機和替代生產自動化程度的提高，極大地提高了我們滿足這些產品日益增長的需求的能力，特別是在需求激增的時期。

As a result of these investments, we were able to aggressively ramp our home standby production output to meet the increased demand following the active outage environment in the second half of 2024. Given our ability to rapidly ramp production, home standby generator lead times did not increase significantly and were at normalized levels as we entered 2025.

由於這些投資，我們能夠積極提高家庭備用生產產量，以滿足 2024 年下半年主動停電環境後不斷增長的需求。鑑於我們快速提高產量的能力，家用備用發電機的交貨時間並沒有大幅增加，並且在進入 2025 年時處於正常水平。

For the full year 2025, we expect home standby sales to increase for the full year due to a combination of the new and higher baseline of awareness for the category, new product introductions, and our initiatives to drive close rate improvements, [dealer activity], and marketing optimization.

就 2025 年全年而言，我們預計全年家庭待機銷售額將實現成長，這得益於該類別新的和更高的認知基線、新產品的推出，以及我們推動成交率改善、[經銷商活動] 和營銷優化的舉措。

Longer term, given our competitive advantages and the significant penetration opportunity, we believe that Generac is uniquely positioned to deliver on the mega trends that support long-term growth for backup power. In addition to strong home standby shipments during the fourth quarter, sales of portable generators more than doubled from the prior year as demand for these products is more sensitive to power outages in a given period.

從長遠來看，鑑於我們的競爭優勢和巨大的滲透機會，我們相信 Generac 擁有獨特的優勢，能夠順應支援備用電源長期成長的大趨勢。除了第四季度家用備用電源出貨量強勁之外，便攜式發電機的銷售量也比去年增長了一倍多，因為這些產品的需求對特定時期的停電更為敏感。

Our team continues to drive increased shelf space with our key retail partners for portable generators. And while we expect these recent wins to support greater baseline demand for these products moving forward, the second half of 2025 will still face a challenging comparison to the prior year as our guidance does not assume any major outage events during the year.

我們的團隊將繼續與主要零售合作夥伴一起努力增加便攜式發電機的貨架空間。雖然我們預計這些最近的勝利將支持未來對這些產品的更大基線需求，但 2025 年下半年與前一年相比仍將面臨挑戰，因為我們的指導並不假設該年發生任何重大停電事件。

As expected, sales of our residential energy technology products during the fourth quarter increased at a significant year-over-year rate with growth coming from ecobee and energy storage systems in the period. The ecobee team delivered exceptional results during the fourth quarter achieving record sales and positive profitability.

如預期，第四季度我們的住宅能源技術產品的銷售額年增率大幅成長，成長主要來自於 ecobee 和能源儲存系統。ecobee 團隊在第四季度取得了出色的成績，實現了創紀錄的銷售額和正盈利。

In October, we introduced the smart thermostat light, specifically targeting the professional contractor channel. And later, the smart thermostat essential, two key additions to our lineup of energy monitoring and management devices that allow us to tap into the rapidly growing value segment of the smart thermostat market. We expect these new products to further support recent market share gains and continue to drive ecobee's installed base of connected homes which has grown to an impressive 4.25 million households as of the end of 2024.

10月份，我們推出了智慧恆溫燈，專門針對專業承包商通路。接下來是智慧恆溫器，這是我們能源監控和管理設備系列的兩個關鍵補充，使我們能夠進入智慧恆溫器市場快速成長的價值領域。我們預計這些新產品將進一步支援近期的市佔率成長，並繼續推動 ecobee 的連網家庭安裝基數，截至 2024 年底，該基數已成長到令人印象深刻的 425 萬戶家庭。

Our fourth quarter shipments of PWRcell energy storage systems benefited from the initial ramp of the Department of Energy program in Puerto Rico, increasing at a very significant rate from the prior year. While the policy backdrop for the clean energy market is uncertain, we view the long-term fundamentals as intact given the mega trends of lower power quality and rising power prices, which we believe will only further incentivize homeowners to generate, store, and manage electricity on site.

第四季度，PWRcell 儲能係統的出貨量受益於波多黎各能源部專案的初期成長，與去年相比實現了非常顯著的成長。雖然清潔能源市場的政策背景尚不確定，但考慮到電能品質下降和電價上漲的大趨勢，我們認為長期基本面仍然完好無損，我們相信這只會進一步激勵房主在現場發電、儲存和管理電力。

Importantly, our recent new product announcements with PWRcell 2, PWRcell 2 MAX, and our next-generation home standby generators are evidence of significant progress towards building out our residential energy ecosystem. PWRcell's market-leading single cabinet storage capacity, together with our industry-leading home standby generator line, gives Generac the unique capability to offer a bottomless battery at a lower cost relative to a storage-only system that attempts to achieve a similar level of resilience by using multiple high-cost battery cabinets.

重要的是，我們最近發布的 PWRcell 2、PWRcell 2 MAX 和下一代家用備用發電機新產品證明了我們在建造住宅能源生態系統方面取得了重大進展。PWRcell 市場領先的單櫃儲存容量，加上我們業界領先的家用備用發電機系列，使 Generac 具有獨特的能力，可以以較低的成本提供無底電池，而僅儲存系統則試圖透過使用多個高成本電池櫃來實現類似的彈性水平。

This resilience, coupled with ecobee's intelligent energy management capabilities and intuitive user interface results in a differentiated solution that can make home energy more resilient, efficient, and cost effective.

這種彈性，加上 ecobee 的智慧能源管理功能和直覺的使用者介面，產生了差異化的解決方案，可以使家庭能源更具彈性、更有效率、更具成本效益。

For the full year 2025, we anticipate strong double-digit sales growth for our Residential Energy Technology Solutions resulting in net sales of approximately $300 million to $400 million for the year. This growth is expected to be driven by accelerated deployments of our PWRcell energy storage systems in Puerto Rico, the new PWRcell 2 product launch expected late in the first half of 2025 as well as continued strength in ecobee sales.

到 2025 年全年，我們預計住宅能源技術解決方案的銷售額將實現強勁的兩位數成長，全年淨銷售額將達到約 3 億至 4 億美元。預計這一成長將得益於我們在波多黎各的 PWRcell 儲能係統的加速部署、預計於 2025 年上半年末推出的新型 PWRcell 2 產品以及 ecobee 銷售的持續強勁增長。

Additionally, we anticipate ecobee will achieve a major milestone in our journey to build a differentiated residential energy ecosystem by delivering positive profitability for the full year.

此外，我們預計，ecobee 將在全年實現正盈利，實現我們建造差異化住宅能源生態系統過程中的一個重要里程碑。

I would now like to provide some commentary on our commercial and industrial products. Global C&I product sales increased slightly on a year-over-year basis as growth domestically was driven by strong execution in our manufacturing facilities which was somewhat offset by softer international end market conditions. Domestic C&I product sales increased modestly during the fourth quarter as strong growth in shipments to our industrial distributors and telecom customers was partially offset by expected weakness in the rental and beyond standby end markets.

現在我想對我們的商業和工業產品發表一些評論。全球商業與工業 (C&I) 產品銷售額同比略有增長，因為國內增長是由我們製造工廠的強勁執行力推動的，但國際終端市場狀況較弱則在一定程度上抵消了這一增長。第四季度，國內 C&I 產品銷售額小幅增長，原因是我們對工業分銷商和電信客戶的出貨量強勁增長，但被租賃和待機終端市場預期的疲軟所部分抵消。

Shipments to our North American industrial distributor channel grew again at a robust rate in the fourth quarter as we continue to reduce lead times and invest in strengthening our distribution capabilities. Given our increased manufacturing throughput and extended end customer project lead times, growth in shipments outpaced the increase in orders from this channel during the year.

由於我們持續縮短交貨時間並投資加強分銷能力，我們北美工業分銷商通路的出貨量在第四季再次強勁成長。鑑於我們製造產量的提高和最終客戶專案交付週期的延長，年內出貨量的成長超過了該通路訂單的成長。

As a result, we entered 2025 with a lower backlog as compared to the prior year, presenting a headwind to growth for the industrial distributor channel. Sales to our national telecom customers also increased at a strong rate on both a year-over-year and sequential basis during the fourth quarter. We expect to deliver strong year-over-year growth throughout 2025 as we believe this signals the start of the next growth cycle in this end market, given the long-term secular trend of increasing global tower and network hub counts that require backup power.

因此，與前一年相比，我們進入 2025 年時的積壓訂單量較低，這對工業分銷商通路的成長構成了阻力。第四季度，我們面向全國電信客戶的銷售額年比及季均實現強勁成長。我們預計 2025 年將實現強勁的同比增長，因為我們相信，考慮到全球需要備用電源的塔和網路樞紐數量不斷增加的長期趨勢，這標誌著該終端市場下一個成長週期的開始。

As expected, shipments to our national and independent rental equipment customers in the fourth quarter continued to decline from the prior year as these accounts pulled back on capital spending in our categories during the year. Given our current visibility, these trends are expected to continue throughout 2025, although moderating relative to 2024.

正如預期的那樣，第四季度我們對全國和獨立租賃設備客戶的出貨量較上年繼續下降，因為這些客戶在年內削減了我們類別的資本支出。鑑於我們目前的預測，這些趨勢預計將持續到 2025 年，儘管相對於 2024 年將有所緩和。

However, we continue to believe that this end market has further runway for growth as the cycle recovers, given the critical need for future infrastructure-related projects that leverage our products sold into the rental equipment channel. End market activity for our C&I generators used and beyond standby applications also remained softer during the fourth quarter as elevated interest rates continued to slow project activity in this segment of the market.

然而，我們仍然相信，隨著週期的復甦，這個終端市場還有進一步的成長空間，因為未來的基礎設施相關項目迫切需要利用我們銷售到租賃設備通路的產品。由於利率上升持續減緩了該細分市場的專案活動，我們的商業和工業用二手發電機及備用發電機的終端市場活動在第四季度也保持疲軟。

However, we continue to see strong pipeline activity for our C&I battery energy storage systems or BESS, and other solutions used in multi-asset microgrids. We believe we are well positioned to lead the C&I microgrid market given our strength in natural gas generators, distribution, and investments in technologies and expertise. In 2024, we completed two small but strategic acquisitions, adding C&I BESS and microgrid controller capabilities and positioning our teams to help end customers solve for the challenges of lower power quality and higher power prices.

然而，我們繼續看到我們的 C&I 電池儲能係統或 BESS 以及用於多資產微電網的其他解決方案的強勁管道活動。我們相信，憑藉我們在天然氣發電機、配電以及技術和專業知識投資方面的優勢，我們有能力引領 C&I 微電網市場。2024 年，我們完成了兩項規模雖小但具有戰略意義的收購，增加了 C&I BESS 和微電網控制器功能，並讓我們的團隊能夠幫助最終客戶解決電能品質下降和電價上漲的挑戰。

Importantly, as our C&I energy ecosystem matures, we believe that our efforts to produce turnkey solutions for multi-asset microgrid projects will help to reduce the cost and complexity challenges that have hindered adoption to this point. In addition to our latest development efforts around C&I BESS products and microgrids, at our Annual Customer Conference, we recently introduced a larger diesel generator product lineup with single genset power output up to 3.25 megawatts certified for the US market.

重要的是，隨著我們的 C&I 能源生態系統日趨成熟，我們相信，我們為多資產微電網專案提供交鑰匙解決方案的努力將有助於降低迄今為止阻礙採用的成本和複雜性挑戰。除了我們在 C&I BESS 產品和微型電網方面的最新開發成果外，在我們的年度客戶大會上，我們最近推出了更大規模的柴油發電機產品系列，單台發電機組輸出功率高達 3.25 兆瓦，已獲得美國市場認證。

These products are specifically designed for large load, mission-critical backup power applications, including data centers. We believe that the mega trend of accelerating adoption of artificial intelligence and the associated build-out of data centers, presents a significant long-term opportunity for Generac, both directly through these new products and indirectly via increased power demand, leading to overall grid instability issues.

這些產品專為大負載、關鍵任務備用電源應用（包括資料中心）而設計。我們相信，加速採用人工智慧和相關資料中心建設的大趨勢為 Generac 帶來了重大的長期機遇，既直接透過這些新產品帶來機遇，也間接透過增加電力需求帶來機遇，從而導致整體電網不穩定問題。

Initial quoting of these larger diesel generators are expected to begin in the second quarter with the first shipments anticipated to occur later in the year, resulting in a minimal contribution to 2025 sales from this new initiative. Internationally, core total sales, which excludes the negative impact of foreign currency, increased modestly during the fourth quarter from the prior year as strength in Latin America was offset by continued softness in Europe.

這些大型柴油發電機的初步報價預計將於第二季開始，首批貨物預計將於今年稍後發貨，因此這項新舉措對 2025 年銷售額的貢獻將微乎其微。從國際來看，由於歐洲持續疲軟抵銷了拉丁美洲的強勁成長，第四季核心總銷售額（不包括外匯的負面影響）較上年同期小幅成長。

Importantly, however, international order activity regained momentum and outpaced shipments during the quarter. Adjusted EBITDA margins for the segment expanded during the quarter due to favorable sales mix and lower input costs. For full year 2025, we expect mixed end market and regional performance to continue in our International segment. Our C&I BESS, microgrid, and data center initiatives for domestic markets also extend international markets as part of our focused international growth strategy.

然而，重要的是，本季國際訂單活動恢復動能並超過了出貨量。由於銷售組合良好且投入成本降低，該部門調整後 EBITDA 利潤率在本季有所擴大。對於 2025 年全年而言，我們預期國際部門的終端市場和區域表現將持續呈現好壞參半的局面。作為我們重點國際成長策略的一部分，我們針對國內市場的 C&I BESS、微電網和資料中心計畫也拓展了國際市場。

We continue to focus on bringing new solutions to the market to improve our positioning in established markets, while also driving an expanded presence and increased penetration in certain new regions that align with the megatrends supporting our enterprise strategy.

我們將繼續致力於向市場推出新的解決方案，以提升我們在成熟市場的定位，同時推動在某些新地區的業務擴大和滲透率提高，以符合支持我們企業策略的大趨勢。

In closing this morning, our record fourth quarter results reflect our significant leadership in the residential backup power market and unmatched ability to respond to the elevated demand created by power outage activity in the second half of the year. Our recent new product announcements underscore the commitment to innovation and engineering capabilities that have been at our core since we began pioneering backup power markets more than 65 years ago, and we will continue to invest in the capabilities and solutions that we believe are necessary for the future.

今天上午結束時，我們創紀錄的第四季度業績反映了我們在住宅備用電源市場的重要領導地位，以及無與倫比的應對下半年停電活動造成的需求增加的能力。我們最近發布的新產品強調了我們對創新和工程能力的承諾，自 65 多年前我們開始開拓備用電源市場以來，這一直是我們的核心，我們將繼續投資於我們認為未來必需的能力和解決方案。

As previously discussed, the mega trends that support our future growth expectations have never been more evident and we remain confident in our Powering a Smarter World enterprise strategy.

正如前面所討論的，支持我們未來成長預期的大趨勢從未如此明顯，我們對我們的「驅動智慧世界」企業策略仍然充滿信心。

I'll now turn the call over to York to provide further details on our fourth quarter and full year 2024 results as well as our outlook for 2025. York?

現在，我將把電話轉給約克，以提供有關我們 2024 年第四季和全年業績以及 2025 年展望的更多詳細資訊。約克？

Thanks, Aaron. Looking at fourth quarter 2024 results in more detail. Total net sales during the quarter increased 16% to a fourth quarter record $1.23 billion as compared to $1.06 billion in the prior year fourth quarter. The net effect of acquisitions in foreign currency had a slight favorable impact on revenue growth during the quarter.

謝謝，亞倫。更詳細地了解 2024 年第四季的結果。本季總淨銷售額較去年同期的 10.6 億美元成長 16%，達到創紀錄的 12.3 億美元。外幣收購的淨效應對本季營收成長產生了輕微的有利影響。

Briefly looking at consolidated net sales for the fourth quarter by product class, residential product sales increased 28% to a fourth quarter record $743 million as compared to $580 million in the prior year. As discussed, growth in residential product sales was driven by a strong increase in shipments of home standby and portable generators on the back of an active power outage season.

簡單看一下按產品類別劃分的第四季綜合淨銷售額，住宅產品銷售額與去年同期的 5.8 億美元相比成長 28%，達到第四季創紀錄的 7.43 億美元。如上所述，住宅產品銷售的成長是由於在停電季節，家用備用發電機和便攜式發電機的出貨量強勁增長所致。

In addition, growth in shipments of both power cell energy storage systems and ecobee products also contributed to the strong year-over-year growth. Commercial and industrial product sales for the fourth quarter of 2024 were approximately flat from the prior year but still strong at $363 million.

此外，動力電池儲能係統和 Ecobee 產品的出貨量成長也推動了強勁的年成長。2024 年第四季的商業和工業產品銷售額與去年基本持平，但仍強勁達到 3.63 億美元。

The combination of contributions from acquisitions and the impact of foreign currency had a slight favorable impact on sales growth during the quarter. This core sales performance was a result of strong growth in shipments of domestic industrial distributors and telecom customers being offset by a decrease in sales to national rental equipment accounts and other direct customers for beyond standby applications, as well as a modest decline in international C&I product sales.

收購貢獻和外匯影響共同對本季的銷售成長產生了輕微的有利影響。這項核心銷售業績得益於國內工業分銷商和電信客戶出貨量的強勁增長，但被全國租賃設備帳戶和其他直接客戶超待機應用銷售額的下降以及國際 C&I 產品銷售額的小幅下滑所抵消。

Net sales for other products and services increased approximately 6% to $128 million as compared to $120 million in the fourth quarter of 2023. Core sales growth of 4% was primarily due to growth in aftermarket service parts, connectivity subscription sales, ecobee services, and other international services revenue.

其他產品和服務的淨銷售額較 2023 年第四季的 1.2 億美元成長約 6% 至 1.28 億美元。核心銷售成長 4% 主要歸因於售後服務零件、連接訂閱銷售、ecobee 服務和其他國際服務收入的成長。

Gross profit margin was 40.6% compared to 36.5% in the prior year fourth quarter as a result of favorable sales mix, the realization of lower input costs, and production efficiencies. Operating expenses increased $66 million or 28% as compared to the fourth quarter of 2023. This increase was primarily driven by increased employee costs to support future growth across the business, additional marketing spend to drive incremental awareness for our products, and increased incentive compensation and variable expenses on the higher shipment volumes and profitability compared to the prior year.

由於銷售組合良好、投入成本降低以及生產效率提高，毛利率為 40.6%，而去年同期為 36.5%。與 2023 年第四季相比，營運費用增加了 6,600 萬美元，即 28%。這一增長主要是由於為支持整個業務的未來增長而增加的員工成本、為提高產品知名度而增加的營銷支出，以及與上年相比更高的出貨量和盈利能力而增加的激勵性薪酬和變動費用。

Adjusted EBITDA before deducting for noncontrolling interest, as defined in our earnings release, was a fourth quarter record $265 million or 21.5% of net sales in the current year quarter as compared to $213 million or 20% of net sales in the prior year. For the full year 2024, adjusted EBITDA before deducting for noncontrolling interest was $789 million or 18.4% of net sales as compared to $638 million or 15.9% of sales in the prior year.

扣除收益報告中定義的非控股權益前的調整後 EBITDA 在第四季度創下了歷史新高，為 2.65 億美元，佔當年淨銷售額的 21.5%，而去年同期為 2.13 億美元，佔淨銷售額的 20%。2024 年全年，扣除非控制權益前的調整後 EBITDA 為 7.89 億美元，佔淨銷售額的 18.4%，而前一年為 6.38 億美元，佔銷售額的 15.9%。

I will now briefly discuss financial results for our two reporting segments. Domestic segment total sales, including intersegment sales increased 20% and to $1.07 billion in the quarter as compared to $891 million in the prior year, including approximately 1% sales growth contribution from acquisitions.

現在我將簡要討論我們兩個報告部門的財務結果。國內分部總銷售額（包括分部間銷售額）本季成長 20%，達到 10.7 億美元，而去年同期為 8.91 億美元，其中收購貢獻了約 1% 的銷售成長。

Adjusted EBITDA for the segment was an all-time record $243 million representing 22.7% of total sales as compared to $192 million in the prior year or 21.6%. For the full year 2024, domestic segment total sales increased 9% over the prior year to $3.64 billion, and adjusted EBITDA margins for the segment were 19.1% compared to 15.8% in the prior year.

該部門的調整後 EBITDA 創下歷史新高，達到 2.43 億美元，佔總銷售額的 22.7%，而去年同期為 1.92 億美元，佔 21.6%。2024 年全年，國內分部總銷售額較上年增長 9% 至 36.4 億美元，該分部的調整後 EBITDA 利潤率為 19.1%，而上年為 15.8%。

International segment total sales, including intersegment sales, decreased 1% to $187 million in the quarter as compared to $190 million in the prior year quarter, including an approximate 2% sales growth headwind from foreign currency, resulting in an approximately 1% core total sales growth. Adjusted EBITDA for the segment before deducting for noncontrolling interest was $22.5 million or 12% of total sales as compared to $20.4 million or 10.7% in the prior year.

本季國際部門總銷售額（包括部門間銷售額）較去年同期的 1.9 億美元下降 1% 至 1.87 億美元，其中包括外匯導致的約 2% 的銷售成長阻力，導致核心總銷售額成長約 1%。該部門扣除非控股權益前的調整後 EBITDA 為 2,250 萬美元，佔總銷售額的 12%，而去年同期為 2,040 萬美元，佔 10.7%。

For the full year 2024, International segment total sales decreased 13% compared to the prior year to $725 million. Adjusted EBITDA margins for the segment before deducting for noncontrolling interests were 13.2% of total sales during 2024 as compared to 13.7% in the prior year.

2024 年全年，國際部門總銷售額較前一年下降 13% 至 7.25 億美元。2024 年，扣除非控制權益前的該部門調整後 EBITDA 利潤率佔總銷售額的 13.2%，而上年度為 13.7%。

Now switching back to our financial performance for the fourth quarter of 2024 on a consolidated basis. As disclosed in our earnings release, GAAP net income for the company in the quarter was $117 million as compared to $97 million for the fourth quarter of 2023. The current year net income includes a change in fair value adjustment of approximately $35 million related to our investment in Wallbox, warrants, and equity securities.

現在回到我們 2024 年第四季的合併財務表現。正如我們的收益報告中所揭露的那樣，本季該公司的 GAAP 淨收入為 1.17 億美元，而 2023 年第四季為 9,700 萬美元。本年度淨收入包括與我們對 Wallbox、認股權證和股權證券的投資相關的約 3,500 萬美元的公允價值調整變動。

GAAP income taxes during the current year fourth quarter were $27.3 million or an effective tax rate of 18.9% as compared to $30 million or an effective tax rate of 23.7% for the prior year. The decrease in effective tax rate was primarily driven by the positive impact from earnings mix with higher earnings in lower tax jurisdictions as well as certain unfavorable discrete tax items in the prior year, which did not repeat in the current year.

本年度第四季的 GAAP 所得稅為 2,730 萬美元，有效稅率為 18.9%，去年同期的 GAAP 所得稅為 3,000 萬美元，有效稅率為 23.7%。有效稅率的下降主要歸因於收益組合的正面影響，即低稅率管轄區的收益較高以及上一年某些不利的單獨稅項，而本年度並未重複出現。

Diluted net income per share for the company on a GAAP basis was $2.15 in the fourth quarter of '24 compared to [$1.50] in the prior year. The strong year-over-year increase in GAAP earnings per share relative to growth in net income was primarily driven by a favorable $11.6 million redemption value adjustment that was reflected in the current year period EPS calculation as well as a lower share count as compared to the prior year.

根據 GAAP 計算，該公司 24 年第四季每股攤薄淨利潤為 2.15 美元，去年同期為 1.50 美元。相對於淨收入的成長，GAAP 每股盈餘同比強勁成長主要得益於有利的 1,160 萬美元贖回價值調整，該調整反映在當年每股收益計算中，以及與上年相比股票數量有所減少。

Adjusted net income for the company, as defined in our earnings release, was $168 million in the current year quarter or $2.80 per share. This compares to adjusted net income of $126 million in the prior year or $2.07 per share. Cash flow from operations was $339 million as compared to $317 million in the prior year fourth quarter. And free cash flow, as defined in our earnings release, was an all-time quarterly record of $286 million as compared to $266 million in the same quarter last year.

根據我們的收益報告定義，公司本季的調整後淨收入為 1.68 億美元，即每股 2.80 美元。相比之下，去年調整後的淨收入為 1.26 億美元，即每股 2.07 美元。經營活動現金流為 3.39 億美元，去年同期第四季為 3.17 億美元。根據我們的收益報告所定義，自由現金流創下了季度新高，達到 2.86 億美元，而去年同期為 2.66 億美元。

This strong free cash flow performance was driven by the record fourth quarter operating earnings, together with a $170 million source of cash due to working capital reduction during the current year quarter.

強勁的自由現金流表現得益於創紀錄的第四季度營業利潤，以及本季營運資本減少帶來的 1.7 億美元現金來源。

Total debt outstanding at the end of the quarter was $1.33 billion, resulting in a gross debt leverage ratio at the end of the fourth quarter of 1.7 times on an as-reported basis, which is within our target gross debt leverage range of 1 to 2 times adjusted EBITDA.

本季末未償還債務總額為 13.3 億美元，導致第四季度末的總債務槓桿率為 1.7 倍（按報告計算），這在我們目標總債務槓桿率範圍內，即調整後 EBITDA 的 1 至 2 倍。

For the full year 2024, cash flow from operations was an all-time record $741 million as compared to $522 million in the prior year. Free cash flow, as defined in our earnings release, was also an all-time high, $605 million as compared to $396 million in 2023. This record free cash flow performance was aided by an over $200 million source of cash from working capital reduction during the year.

2024 年全年，經營現金流創下 7.41 億美元的歷史新高，而前一年為 5.22 億美元。根據我們的收益報告所定義，自由現金流也創下了歷史新高，為 6.05 億美元，而 2023 年為 3.96 億美元。這項創紀錄的自由現金流表現得益於年內營運資本減少帶來的超過2億美元現金來源。

Capital expenditures during the full year totaled $137 million as we prioritize organic investments for additional production capacity and other capabilities to support future growth. We also strategically deployed approximately $35 million of capital in 2024 for acquisitions, to accelerate our Powering the Smarter World enterprise strategy and bolster our technology and distribution capabilities for our C&I products.

全年資本支出總計 1.37 億美元，因為我們優先進行有機投資，以增加生產能力和其他能力，以支持未來成長。我們還在 2024 年策略性地部署了約 3500 萬美元的資本用於收購，以加速我們的「驅動智慧世界」企業策略並增強我們的 C&I 產品的技術和分銷能力。

Additionally, we opportunistically repurchased approximately 1.05 million shares of our common stock during the full year for $153 million. And there is a $347 million remaining on our current share repurchase authorization as of the end of 2024. We also repaid approximately $278 million of debt and extended the maturity of our Term Loan B credit facility during the year. Moving forward, we will continue to operate within our disciplined and balanced capital allocation framework as we evaluate future shareholder value-enhancing opportunities.

此外，我們還在全年適時回購了約 105 萬股普通股，回購金額為 1.53 億美元。截至 2024 年底，我們目前的股票回購授權剩餘 3.47 億美元。我們還在年內償還了約 2.78 億美元的債務，並延長了 B 類定期貸款信貸額度的到期日。展望未來，我們將繼續在嚴謹、均衡的資本配置架構中運作，同時評估未來股東價值提升的機會。

With that, I will now provide further comments on our new outlook for 2025. As disclosed in our press release this morning, we are initiating 2025 net sales guidance that anticipates continued solid year-over-year growth for the full year period. We expect consolidated net sales for the full year to increase between 3% to 7% as compared to the prior year which includes a slight unfavorable impact from the net combination of foreign currency and acquisitions.

因此，我現在將對我們對 2025 年的新展望提供進一步的評論。正如我們今天早上的新聞稿中所揭露的那樣，我們正在製定 2025 年淨銷售額指引，預計全年將繼續實現穩步的同比增長。我們預計全年綜合淨銷售額將比上年增長 3% 至 7%，其中包括外匯和收購淨合併帶來的輕微不利影響。

Importantly, this guidance assumes a level of power outage activity during the year in line with the longer-term baseline average. Consistent with our historical approach, this outlook does not assume the benefit of a major power outage event during the year, such as a major related hurricane or major winter storm.

重要的是，該指南假設全年停電活動水準與長期基線平均值一致。與我們的歷史方法一致，這種展望並不考慮一年中發生重大停電事件（例如重大颶風或重大冬季風暴）的好處。

Breaking this down by product class, we expect overall residential net sales to increase at a mid- to high single-digit rate from the prior year. We expect this growth to be led by shipments of home standby generators as the elevated power outage activity in 2024 results in a new and higher baseline level of demand for the category.

按產品類別細分，我們預期整體住宅淨銷售額將比上一年以中高個位數成長。我們預計這一增長將由家用備用發電機的出貨量推動，因為 2024 年停電活動的增加將導致該類別的需求達到新的更高基線水平。

In addition, we expect strong year-over-year growth for our residential energy technology products as we execute on previously announced project wins in Puerto Rico, and launch new products into the market. This growth is expected to be partially offset by lower portable generator shipments in 2025, given the assumption of no major outage events included in our guidance.

此外，隨著我們執行先前宣布的波多黎各專案勝利，並向市場推出新產品，我們預計我們的住宅能源技術產品將實現強勁的同比增長。如果我們的指導假設中沒有包括重大停電事件，預計這一增長將被 2025 年便攜式發電機出貨量的下降部分抵消。

As Aaron discussed in detail, we anticipate mixed performance across our C&I end markets, both domestically and internationally in 2025. We expect growth from telecom, C&I BESS, and data center opportunities to be mostly offset by declines in rental beyond standby and domestic industrial distributor shipments. In addition, we expect the effect of foreign currency to have a modestly unfavorable impact on year-over-year growth for C&I products.

正如 Aaron 詳細討論的那樣，我們預計 2025 年國內和國際 C&I 終端市場的表現將有好有壞。我們預計，電信、商業與工業 BESS 和資料中心機會的成長將被備用租賃和國內工業分銷商出貨量的下降所抵消。此外，我們預期外匯效應將對工商業產品的年成長產生輕微不利影響。

Considering these factors, overall global C&I product sales are expected to be approximately flat on a year-over-year basis during the year. From a seasonality perspective, given lead times and backlog for our home standby products have normalized coming into 2025, we expect 2025 consolidated net sales to follow normal historical seasonality resulting in overall net sales in the first half being between 44% to 45% weighted and sales in the second half being 55% to 56% weighted.

考慮到這些因素，預計今年全球商業和工業產品整體銷售額將與去年同期基本持平。從季節性角度來看，考慮到我們的家用備用產品的交貨時間和積壓訂單在 2025 年已經正常化，我們預計 2025 年合併淨銷售額將遵循正常的歷史季節性，導致上半年的整體淨銷售額在 44% 到 45% 的權重之間，下半年的銷售額在 55% 到 56% 的權重之間。

Specifically for the first quarter, we expect overall net sales to increase at a low single-digit rate from the prior year, with strong growth for residential product sales, partially offset by a high single-digit decline in C&I product sales.

具體到第一季度，我們預計整體淨銷售額將比去年同期以低個位數增長，其中住宅產品銷售額將強勁增長，但商業和工業產品銷售額將以高個位數下降的部分抵消增長。

Looking at our gross margin expectations for the full year 2025, we expect the full year impact of lower input costs will drive continued year-over-year margin improvement, resulting in an approximately 100 basis point increase for the full year as compared to 2024, approaching 40%. Importantly, the recently announced tariff actions are not directly reflected in this guidance. As we continue to evaluate the potential impact from these tariffs, we expect that any increase will be offset by a combination of cost reductions and price increases resulting in an EBITDA margin percent neutral impact for the year.

綜觀我們對 2025 年全年的毛利率預期，我們預計較低的投入成本將對全年產生影響，推動利潤率持續同比改善，使全年與 2024 年相比增加約 100 個基點，接近 40%。重要的是，最近宣布的關稅行動並未直接反映在該指南中。隨著我們繼續評估這些關稅的潛在影響，我們預計任何增加的影響都將被成本降低和價格上漲的結合所抵消，從而對當年的 EBITDA 利潤率百分比產生中性影響。

From a seasonality perspective, we expect gross margins to increase throughout the year from approximately 38% to 39% in the first half of 2025 to approximately 40% to 41% in the second half of 2025, primarily as a result of favorable sales mix and improving input costs.

從季節性角度來看，我們預計全年毛利率將從 2025 年上半年的約 38% 至 39% 增加到 2025 年下半年的約 40% 至 41%，這主要歸因於有利的銷售組合和投入成本的改善。

Looking at our adjusted EBITDA margin expectations for the full year 2025. Adjusted EBITDA margins before deducting for noncontrolling interests are expected to be approximately 18% to 19% for the full year 2025 compared to 18.4% in 2024 as the full year impact of rising operating expenses will offset the aforementioned gross margin improvement. We expect adjusted EBITDA margins to follow normal seasonality and improved significantly as we move throughout the year.

查看我們對 2025 年全年調整後的 EBITDA 利潤率的預期。扣除非控制權益前的調整後 EBITDA 利潤率預計在 2025 年全年約為 18% 至 19%，而 2024 年為 18.4%，因為全年營業費用上升的影響將抵消上述毛利率的提高。我們預計調整後的 EBITDA 利潤率將遵循正常的季節性，並隨著全年的發展而顯著提高。

Specifically, regarding the first quarter, adjusted EBITDA margins are expected to be approximately flat compared to the prior year at approximately [14%] and then improved sequentially throughout the year, reaching approximately 21% in the fourth quarter. Significant operating expense leverage on the seasonally higher sales volumes together with the previously mentioned favorable sales mix and cost improvement are the main drivers of this EBITDA margin sequential improvement throughout the year, which is expected to result in a second half adjusted EBITDA margins to be more than 500 basis points higher than first half margins.

具體而言，就第一季而言，調整後的 EBITDA 利潤率預計與上年基本持平，約為 [14%]，然後在全年逐步改善，在第四季度達到約 21%。季節性銷售量上升帶來的顯著營業費用槓桿作用，加上前面提到的有利的銷售組合和成本改善，是全年 EBITDA 利潤率連續改善的主要驅動力，預計下半年調整後的 EBITDA 利潤率將比上半年高出 500 個基點以上。

As is our normal practice, we are also providing additional guidance details to assist with modeling adjusted earnings per share and free cash flow for the full year 2025. Importantly, to arrive at appropriate estimates for adjusted net income and adjusted earnings per share, add-back items should be reflected net of tax using our expected effective tax rate.

按照我們的正常做法，我們還將提供額外的指導細節，以協助模擬 2025 年全年調整後每股盈餘和自由現金流。重要的是，為了對調整後的淨收入和調整後的每股盈餘做出適當的估計，加回項目應使用我們預期的有效稅率來反映稅後淨額。

For 2025, our GAAP effective tax rate is expected to be between 24% to 24.5% as compared to the 22.6% full year GAAP rate for 2024. We expect interest expense to be approximately $74 million to $78 million for the full year '25, assuming no additional term loan principal prepayments during the year. This is a significant decline from 2024 levels due to a decrease in outstanding borrowings coming into 2025 and the full year impact of lower [SOFR] interest rates.

到 2025 年，我們的 GAAP 有效稅率預計在 24% 至 24.5% 之間，而 2024 年全年 GAAP 稅率為 22.6%。我們預計，25年全年利息支出約為7,400萬至7,800萬美元，假設年內沒有額外的定期貸款本金預付。由於 2025 年未償還借款減少以及 [SOFR] 利率下降對全年的影響，這與 2024 年的水平相比大幅下降。

Our capital expenditures are projected to be approximately 3% of our forecasted net sales for the year in line with historical levels as we continue to invest in incremental capacity and execute other projects to support future growth expectations. Depreciation expense is forecast to be approximately $83 million to $87 million in 2025 given our assumed CapEx guidance.

由於我們將繼續投資增量產能並執行其他項目以支持未來的成長預期，我們的資本支出預計約佔今年預測淨銷售額的 3%，與歷史水準一致。根據我們假設的資本支出指導，預計 2025 年的折舊費用約為 8,300 萬至 8,700 萬美元。

GAAP intangible amortization expense in '25 is expected to be approximately $92 million to $96 million during the year. Stock compensation expense is expected to be between $53 million to $57 million for the year. In line with normal seasonality, operating and free cash flow generation is expected to be disproportionately weighted toward the second half of the year in '25 and as we expect to replenish home standby and portable finished good inventory levels during the first half of 2025.

預計 25 年 GAAP 無形資產攤銷費用約為 9,200 萬美元至 9,600 萬美元。預計全年股票薪資支出在 5,300 萬美元至 5,700 萬美元之間。根據正常的季節性，預計營業現金流和自由現金流的產生將主要集中在2025年下半年，而我們預計將在2025年上半年補充家用備用和便攜式成品庫存水準。

As a result, for the full year, we expect free cash flow conversion from adjusted net income to be between 80% to 90%. Our full year weighted average diluted share count is expected to increase modestly to approximately 60.5 million shares as compared to 60.3 million shares in 2024. And finally, this 2025 outlook does not reflect potential additional acquisitions or share repurchases that could drive incremental shareholder value during the year.

因此，我們預計全年調整後淨收入的自由現金流轉換率將在 80% 至 90% 之間。預計全年加權平均攤薄股數將從 2024 年的 6,030 萬股小幅增加至約 6,050 萬股。最後，2025 年的展望並未反映出可能在年內推動股東價值增量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.

我們的準備好的演講到此結束。現在，我們想開始回答問題。

(Operator Instructions)

（操作員指令）

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning and thank you for taking my questions. Aaron, I wanted to ask about your comments regarding some of the new and larger C&I products that you plan to introduce where the data center market aperture, I think, is a little wider now. Can you just give us a little more context how much of the TAM does this unlock for you? And what's the strategy to penetrate that? Thank you.

早上好，感謝您回答我的問題。亞倫，我想問您對您計劃推出的一些新的、更大的 C&I 產品的看法，我認為這些產品的資料中心市場份額現在更廣闊了。您能否向我們提供更多背景信息，說明這為您解鎖了多少 TAM？那麼滲透這目標的策略是什麼？謝謝。

Yes. Thanks, Tommy. Yes, we're very excited about the announcement here. And honestly, our distributor customers and other customers are also very excited. We've actually been on this journey internationally. Our international team started working on a larger product offering and actually engaging with data center partners.

是的。謝謝，湯米。是的，我們對這個公告感到非常興奮。說實話，我們的經銷商客戶和其他客戶也非常興奮。事實上，我們已在國際上進行了這趟旅程。我們的國際團隊開始致力於提供更大的產品，並與資料中心合作夥伴進行實際合作。

They've been doing that actively over all of 2024, and they'll begin actually shipping products into the market here this year. And we're just starting to get the flywheel spinning there. And now we've got a US certified version of the product, and that's what we introduced at our customer conference in Nashville.

他們在 2024 年全年都在積極地進行這項工作，並且今年他們將開始真正向市場運送產品。我們才剛開始讓飛輪在那裡轉動。現在我們已經有了該產品的美國認證版本，這就是我們在納許維爾的客戶會議上介紹的。

As far as the total addressable market, I think there's a lot of numbers that are out there available to people in terms of how big the market really is. And a lot of that is based on your views on how quickly data centers can be built out. And so I think I'd hesitate to probably provide a discrete number along those lines, but just to say that some of the data points that are available in the marketplace, you would look at the current lead times of these types of products from the existing suppliers and they are very long.

就整體潛在市場而言，我認為有許多數字可供人們用來判斷市場的實際規模。這很大程度取決於您對資料中心建置速度的看法。因此，我想我可能會猶豫是否提供一個離散的數字，但只是說，市場上的一些數據點，你會看到現有供應商提供的這些類型產品的當前交貨時間，它們非常長。

In many cases, most cases, they're well in advance of a full year, some even longer than that, depending on the product nodes. The entire supply chain for these products is very tight today as a result of all the increased demand. So we believe there's ample room for us to participate. We think there's ample room for us to be successful given our brand, given our ability to serve these types of customers on a national basis.

在許多情況下，大多數情況下，它們的完成時間都遠遠超過一年，有的甚至更長，這取決於產品節點。由於需求增加，這些產品的整個供應鏈目前都非常緊張。因此我們相信我們有足夠的參與空間。我們認為，鑑於我們的品牌以及我們在全國範圍內服務這類客戶的能力，我們有足夠的成功空間。

A lot of these data center developers are developing in markets all over the country or the world. And so having a global footprint as well as a coast-to-coast US footprint is valuable in terms of making sure that we have the ability to provide kind of aftermarket support that's needed to ensure the kind of uptime that's required by the data center operators themselves.

許多資料中心開發商正在全國乃至世界各地的市場進行開發。因此，擁有全球影響力以及覆蓋美國東西海岸的影響力非常有價值，可以確保我們有能力提供所需的售後支持，以確保資料中心營運商所需的正常運作時間。

So very excited about this. As I said in the prepared remarks, it's not going to be much of a contribution for our domestic results this year because the certified US certified versions of these products, we really won't begin shipping until late in the fourth quarter. And we're going to open the order book in the second quarter, so that will give us some insight into demand we're already having.

我對此感到非常興奮。正如我在準備好的發言中所說的那樣，這不會對我們今年的國內業績產生太大貢獻，因為這些產品的美國認證版本我們實際上要到第四季度末才會開始發貨。我們將在第二季開放訂單，這將讓我們了解現有的需求。

I would -- what I would call or characterize as encouraging dialogue with a lot of data center customers, owner-operators, the developers -- and so we're encouraged by that. So more to come in the future, but an exciting development for us.

我會 - 我會稱之為或描述為鼓勵與許多數據中心客戶、業主運營商、開發商進行對話 - 因此我們對此感到鼓舞。未來還會有更多，但對我們來說這是一個令人興奮的發展。

George Gianarikas, Canaccord.

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

Hey, good morning, everyone. Thank you for taking my questions.

嘿，大家早安。感謝您回答我的問題。

Morning, George.

早上好，喬治。

So just very quickly, I noticed you mentioned that ecobee would turn to profitability in 2025. Can you just sort of illuminate us as to how much margin dilution the total energy tech business will have overall on Generac and whether you still expect that to get to breakeven potentially in 2026? Thank you.

所以我很快就注意到您提到 ecobee 將在 2025 年實現盈利。您能否向我們簡單介紹一下整個能源技術業務對 Generac 的利潤率整體影響有多大，以及您是否仍預計其將在 2026 年實現收支平衡？謝謝。

Hey George, this is York. I know -- yes, so we're -- actually ecobee delivered above breakeven quarter for Q4. So we were encouraged by that and looking out at the growth opportunities that they have for 2025. They were projecting that, that profitability will continue for the full year 2025.

嘿喬治，這是約克。我知道 - 是的，所以我們 - 實際上 Ecobee 第四季度的交付量超過了盈虧平衡點。因此，我們對此感到鼓舞，並展望他們在 2025 年的成長機會。他們預計，這種獲利狀態將持續到 2025 年全年。

And in terms of the overall energy technology business, which I think was your question, while in 2024, that dilution of that business overall for the total company was called 3.5%, 4% of our EBITDA margins, the dilution on overall company. That's going to improve to somewhere maybe 3%, 3.5% here in 2025. So there will be improvement and that will continue to improve over the next couple of years as we continue to --

就整體能源技術業務而言，我認為這是您的問題，而在 2024 年，整個公司該業務的稀釋度為 3.5%，即 EBITDA 利潤率的 4%，即整個公司的稀釋度。到 2025 年，這一比例可能會提高到 3% 或 3.5%。因此，情況會有所改善，而且在未來幾年裡，隨著我們繼續--

Yeah. And George, I think that -- clearly, the important milestones here in that business are getting these new products to market, right? So we've got PWRcell 2 for introducing midyear here. And then our Power Micro, which we've also talked about, that's -- we've got kind of our eyes on the second half here for that product to get into market as well, but we are making very good progress on both of those product lines.

是的。喬治，我認為——顯然，這項業務的重要里程碑是將這些新產品推向市場，對嗎？因此我們在年中推出了 PWRcell 2。然後是我們的 Power Micro，我們也討論過，我們將目光投向了下半年，希望該產品也能進入市場，但我們在這兩個產品線上都取得了非常好的進展。

I think the one change referring to the commentary about getting to profitability overall by the end of the year -- by the end of 2026, even if we did that, by the way, there'd still be some dilution overall from EBITDA -- on EBITDA margins from this effort, at least for the next several years. But I think that obviously, the policy landscape is shifting and we're watching that very closely.

我認為，一個變化是指關於在年底前（即 2026 年底）實現全面盈利的評論，順便說一句，即使我們做到了這一點，EBITDA 利潤率總體上仍會受到一定程度的稀釋，至少在未來幾年是如此。但我認為，政策格局顯然正在發生變化，我們正在密切關注這項變化。

That is an end market which 2024 was very weak mainly due to the high interest rates. I think that was the sticky point in 2024 in terms of growth in energy technology, even though we found our footing there, delivered a nice Q4, and we won some nice projects. But we'll see where the policy landscape goes here.

這是一個終端市場，主要由於高利率，2024 年市場非常疲軟。我認為，就 2024 年能源技術的成長而言，這是一個難點，儘管我們在那裡站穩了腳跟，取得了不錯的第四季度業績，並贏得了一些不錯的項目。但我們將拭目以待政策情勢將如何發展。

I think longer term, these are technologies, whether you're talking about solar or you're talking about battery storage or you're talking about electric vehicles or you're talking about energy management. These are technologies that are going to be critical to helping homeowners and businesses. As I said in my prepared remarks, to help them gain much greater control over the resiliency of their power as well as the cost of that power.

我認為從長遠來看，這些都是技術，無論您談論的是太陽能、電池儲存、電動車還是能源管理。這些技術對於幫助房主和企業至關重要。正如我在準備好的演講中所說的那樣，幫助他們更好地控制電力的彈性以及電力成本。

I think the one kind of thing that's been going on here --. Look, we know power quality is a problem. Everybody knows that. There's a lot of data around that. There's no secret that that's been why Generac, I think, done so well over the last several decades. But the reality of it is, one of the other kind of things that's coming up quickly here is power costs are increasing. And I don't think we're talking about that enough. As a society, we are seeing evidence. Just the US national average is up 30% in the last four or five years.

我認為這裡發生的事情--.看，我們知道電力品質是一個問題。大家都知道這一點。關於這一點有很多數據。我認為，這正是 Generac 在過去幾十年中取得如此成功的原因，這一點眾所周知。但現實情況是，另一個正在快速出現的問題就是電力成本正在上漲。但我認為我們對此討論得還不夠。作為一個社會，我們正在看到證據。光是美國全國平均在過去四、五年就上漲了30%。

It's projected to double by 2035. There are parts of the country today where the power bill, the electric bill is second only to the rent or your mortgage in terms of your highest cost expense for a homeowner or a business. So these are things that -- these are trends, like I said, we call them mega trends, lower power quality, higher power prices.

預計到 2035 年，這一數字將會翻倍。如今，在我國某些地區，對於房主或企業而言，電費是僅次於房租或抵押貸款的最高成本支出。所以這些都是趨勢，就像我說的，我們稱之為大趨勢，電能品質下降，電價上漲。

These are the two things that are front and center for us in what we're doing in all the investments we're making here in the future, not only in our legacy products like generators, but also in the energy ecosystem that we're building for homes and businesses.

這是我們未來所有投資的重中之重，我們不僅投資於發電機等傳統產品，還投資我們為家庭和企業建造的能源生態系統。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Hey, good morning guys. So just a couple of parts to this, but all related. So could you just -- I think I missed it. Could you repeat what the residential growth expectations are for the first quarter.

嘿，大家早安。這只是幾個部分，但都是相關的。所以你能不能——我想我錯過了。您能否重複一下第一季的住宅成長預期。

But more broadly, maybe talk about how you're looking at the performance in this outage environment with the new facility in the Southeast that manage your lead times and then how you're looking at the back part of last year, front part of this year, just from a cadencing versus history and just kind of put all that in context to help understand how the guide rolled through this year and how instructive this maybe is for future outages because obviously, the lead time variances versus history were much better.

但更廣泛地說，也許可以談談您如何看待這種停機環境下東南部新設施的表現，這些新設施可以管理您的交付週期，然後您如何看待去年後半段和今年前半段的表現，只是從節奏與歷史的角度，將所有這些放在上下文中，以幫助理解指南在今年後半段和今年前半段的表現，只是從節奏與歷史的角度，將所有這些放在上下文中，以幫助理解指南在今年後半段和今年前半段的表現，以及這對未來的停機意義有多大意義，顯然要如何進行的，以及這對未來的停機差異，顯然有多大差異，顯然要如何進行交付週期。

Yeah. Just quickly on the first part of that, you're asked about resi growth in Q1, yes. In the prepared accounts, we said strong growth again, partially offset by the high single-digit decline in C&I products. So strong double-digit growth for resi in Q1.

是的。關於第一部分，您被問及第一季的房地產成長情況，是的。在準備好的帳目中，我們再次表示實現了強勁成長，但部分被工商業產品的高個位數下降所抵消。因此，第一季房地產呈現強勁的兩位數成長。

And then Mike, I think the balance of your question kind of the pacing or the way the business is, I'll say, trading, that part of the business, back half of last year into this year. I think what's really interesting, so if you go back historically, right, as the category has been growing and as every kind of active period of outages driving demand rapidly. And then we've responded by trying to play catch-up, frankly, in terms of capacity. And we were running behind over the last four or five years, as we said, resulting in kind of where we got to as we exited 2021 and into '22, where we were getting these lead times in the category that we're just super extended.

然後麥克，我認為你問題的平衡性有點像業務的節奏或方式，我會說，交易，那部分業務，從去年半年延續到今年。我認為真正有趣的是，如果你回顧歷史，你會發現這個類別一直在成長，而且各種活躍的停電期都會迅速推動需求。坦白說，然後我們試圖在容量方面迎頭趕上。正如我們所說，在過去的四五年裡，我們一直落後，導致我們在 2021 年結束進入 2022 年時，我們在該類別中的交貨時間被大大延長。

So we took the necessary moves to stop playing catch up and made some significant investments in capacity for home standby generators. We brought the Trenton plant online midyear 2022. We added a lot of automation and we probably haven't talked as much about the automation we've added as much as we've talked about the Trenton facility. But in our existing facilities in White Water and additional automation even in Trenton over the last couple of years that has significantly changed our overall theoretical capacity for the category.

因此，我們採取了必要的措施，不再追趕，並對家用備用發電機的容量進行了大量投資。我們將於 2022 年中期讓特倫頓工廠上線。我們增加了很多自動化設備，但我們對增加的自動化設備的談論可能不如對特倫頓工廠的談論那麼多。但在我們位於白水的現有設施以及過去幾年位於特倫頓的額外自動化設施中，這顯著改變了我們該類別的整體理論產能。

And what that's allowed us to do is rapidly respond -- much more rapidly respond to the surges in demand as an example, in the back half of last year. What we saw to have that kind of environment, we would have typically had this been kind of pre those investments. You would have seen us enter 2025 with probably a large backlog as a result of two things. One, our inability to produce enough product to satisfy demand in the back half of the year; and two, what that creates. I think there's a really important kind of emotional element.

這使我們能夠快速應對——例如，更快地應對去年下半年的需求激增。我們看到的這種環境，我們通常會在這些投資之前就看到。由於兩件事，你會看到我們進入 2025 年時可能會有大量積壓。一是，我們無法生產足夠的產品來滿足下半年的需求；二、這會帶來什麼後果。我認為其中有一種情感因素非常重要。

I just want to talk about a second here. When there is scarcity in the market, and we all saw this during COVID, but we've seen it in our business, notably over the years, every time there's a major event, we get a scarcity mentality amongst our distribution partners. And when lead times start to extend, they start to place more orders to guarantee supply further out, the further out the lead times go, the further out they place orders, the more orders they place.

我只想在這裡談一下。當市場出現稀缺時，我們都在疫情期間看到了這種情況，但我們在我們的業務中也看到了這種情況，尤其是多年來，每次發生重大事件，我們的分銷合作夥伴就會出現一種稀缺心態。當交貨期開始延長時，他們就開始下更多訂單，以確保進一步的供應，交貨期越長，他們下訂單的時間越長，下訂單就越多。

And you get this emotional buying that comes from that scarcity. We did two important things. We added all this capacity and then we also changed the number of our order policies. We think that the effect of doing those two things basically took the emotion out of that ordering and certainly kept lead times from getting along, and it kept dealers from placing orders for products that they hadn't sold yet.

你會產生一種因稀缺性而產生的情感性購買。我們做了兩件重要的事情。我們增加了所有這些容量，然後我們也改變了訂單政策的數量。我們認為，採取這兩件事的效果基本上消除了訂購中的情感因素，並且肯定阻止了交貨時間，並且阻止了經銷商訂購尚未售出的產品。

And I think that was the significant change here and should be a significant change going forward, right? I think that when we think about it, we think that this is a healthier way to run the business. We think also, I think it's important to note, Mike, that when we put this in context, it's a much bigger business. If you just look at home standby, the base business of what's going on there every single day in the absence of outages, major outages, it's pretty remarkable, and that continues to grow.

我認為這是現在的重大變化，並且應該成為未來的重大變化，對嗎？我認為，當我們思考這個問題時，我們會認為這是一種更健康的經營方式。我們還認為，我認為值得注意的是，麥克，當我們把這個放在上下文中時，這是一個更大的生意。如果你只看家庭待命，在沒有停電或重大停電的情況下，那裡每天發生的基本業務是相當了不起的，而且還在持續增長。

And the pen rate still being at only 6.5% at the end of the year, it's amazing just how big the penetration opportunity remains for us. So it's one of the major reasons why we've been so confident to invest heavily in the capacity and invest heavily in automation, invest heavily in new products like our next-generation product line that we just announced here.

而截至年底的滲透率仍只有 6.5%，對我們來說剩餘的滲透機會之大令人驚嘆。因此，這是我們如此有信心在產能、自動化方面投入大量資金、在新產品（例如我們剛剛宣布的下一代產品線）方面投入大量資金的主要原因之一。

So again, I think these are things a great setup for us to continue to lead that market. But I think it's a different kind of pacing as it goes forward, which I think is the core of your question.

因此，我再次認為，這些對於我們繼續引領市場來說是一個很好的基礎。但我認為，隨著事情的進展，它的節奏會有所不同，我認為這就是你問題的核心。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Hey, good morning guys. Good color there. Maybe just a follow-on because I appreciate the investments and maybe the change in the order patterns. But maybe just feedback you're getting from your contractors on the three big storms and kind of the uptake in IHCs relative to expectations? And then kind of the afterglow effect that you're seeing versus kind of past similar storms, that would be great.

嘿，大家早安。那裡的顏色很好。也許只是一個後續，因為我欣賞投資，也許還欣賞訂單模式的改變。但也許您只是從承包商那裡得到的有關這三場大風暴的反饋，以及相對於預期的 IHC 的吸收情況？然後，與過去類似的風暴相比，您所看到的餘輝效果會很棒。

Yeah. Thanks, Jeff. So I do think notable with these storms as they were fairly concentrated regionally, right? So -- and you could argue, I mean, Barry was Texas and that happened in July. And while a powerful event, it was fairly localized to the Texas market, which is a good market for us. And when you look at really Houston.

是的。謝謝，傑夫。所以我確實認為這些風暴值得注意，因為它們在區域上相當集中，對嗎？所以 — — 你可能會爭辯說，我的意思是，巴里是德克薩斯州，而那件事發生在七月。雖然這是一個影響力巨大的活動，但它主要局限於德州市場，這對我們來說是個好市場。當你真正看到休斯頓的時候。

And when you look at Texas, in fact, now that states pen rate is actually closing in on the national average, which is really interesting. So I mean, I think that -- from where we were at 2% to 3%, we're all the way up to 6% now. So it's grown a lot over the last several years since the freeze of 2021.

事實上，當你看看德克薩斯州時，該州的筆率實際上已經接近全國平均水平，這真的很有趣。所以我的意思是，我認為——從之前的 2% 到 3%，現在已經一路上漲到 6%。因此，自 2021 年凍結以來，過去幾年它增長了很多。

But then you think about Helen and Milton. Obviously, Helene was more widespread, right? That was the biggest event that we had seen in a long time, impacting largely Florida and then the Carolinas. Then you got Milton on the back of it. Milton was a smaller storm and kind of impacted the same Florida markets for the most part, and it was two weeks later. So you could almost argue that, that was an extension. Like when we look at our -- like all the stats that we track, and almost when you look at the Milton stats, almost looks like an extension, they just elongated the Helen impact for us.

但然後你就會想到海倫和彌爾頓。顯然，Helene 的傳播範圍更廣，對嗎？這是我們很長時間以來見過的最大事件，影響很大，其次是卡羅來納州。然後你就得到了米爾頓 (Milton) 的支持。米爾頓是一場規模較小的風暴，對佛羅裡達州的大部分市場造成了影響，而且是在兩週後。因此你幾乎可以說，這是一種延伸。就像當我們查看——就像我們追蹤的所有統計數據一樣，幾乎當你查看米爾頓的統計數據時，幾乎看起來像是一個延伸，它們只是延長了海倫對我們的影響。

So my point here is that we have these concentrated events. We have good dealer bases in those areas, but they were inundated with IHCs. I mentioned in the prepared remarks, the compression of the close rates. So the commentary coming back is that there was -- we need more bandwidth for sales.

所以我的觀點是我們有這些集中的事件。我們在這些地區擁有良好的經銷商基礎，但他們被 IHC 淹沒了。我在準備好的發言中提到了收盤價的壓縮。因此，回來的評論是——我們需要更多的銷售頻寬。

And now that's getting into installs as well. We're seeing activations now. The major storms, if you look at Helene and Milton hit really kind of end of Q3, beginning of Q4. Our normal project timeline from quote doing that IHC to doing the actual install, call it, 100 days, 110 days, 120 days, depending on the market, Florida tends to be longer because of the permitting cycles there. So we're just now starting to see the impact of the installs occurring in those markets. It takes time to mature.

現在這也開始進入安裝階段。我們現在看到了激活。如果你看看海倫和米爾頓，你就會知道，重大風暴確實發生在第三季末和第四季初。我們的正常專案時間表是從報價進行 IHC 到實際安裝，大概是 100 天、110 天或 120 天，具體取決於市場，佛羅裡達州的時間表往往會更長，因為那裡的許可週期較長。因此，我們現在才開始看到安裝在這些市場的影響。它需要時間來成熟。

So we think that those markets are going to be active. Texas Florida, the Carolinas as a result here going into 2025. The flip side of that coin is we had other markets around the US that were frankly not as active last year as they had been, right? So places in the Midwest, Michigan, Ohio, those in particular notable areas, parts of Canada, where we've actually done quite well in Ontario over the years. We're much quieter last year. So we saw growth -- we saw the activation rate slow or the install rates slow, IHC slow in those markets year-over-year.

因此我們認為這些市場將會活躍起來。因此，德克薩斯州、佛羅裡達州和卡羅來納州將於 2025 年加入該聯盟。另一方面，我們在美國的其他市場去年確實不像以前那麼活躍，對嗎？因此，在中西部、密西根州、俄亥俄州，以及那些特別值得注意的地區、加拿大的部分地區，多年來我們在安大略省的表現實際上相當不錯。去年我們的氣氛安靜多了。因此，我們看到了成長 - 我們看到啟動率或安裝率放緩，這些市場的 IHC 同比放緩。

It was kind of, I'll say, covered up, if you will, by the large influx of IHCs from those events. But again, this is -- I think it's one of the interesting things about how this business trades, if you will, I'll use that term. But outages are -- they're localized, but they happen every day all over the place. We're seeing IHCs in California that are notably higher in January versus last year because of the power safety shutoffs.

如果你願意的話，我會說，它被這些事件中大量湧入的 IHC 所掩蓋了。但同樣，這是——我認為這是這個行業交易方式的有趣之處之一，如果你願意，我會使用這個術語。但停電雖然只是局部現象，但每天都會在各地發生。我們發現，由於電力安全斷電，加州 1 月的 IHC 價格與去年相比明顯上漲。

And that -- so it moves around. And that's why having a huge dealer base like we have 9,200 we need more is such a huge focus for us because having those dealers in those markets where an outage could occur and then helping propel those markets forward, even as the initial demand surge wanes, you want those dealers in market, marketing selling, and promoting the category and the products. I think that's really critical, and it's a big part of that new and higher baseline demand concept that we continually talked about and that I think we've demonstrated continues to play out.

然後它就會四處移動。這就是為什麼擁有像我們現在擁有的 9,200 家經銷商這樣的龐大經銷商基礎（我們需要更多）是我們關注的重點，因為在可能發生停電的市場中擁有這些經銷商並幫助推動這些市場向前發展，即使在最初的需求激增減弱時，您也希望這些經銷商在市場上進行營銷銷售並推廣類別和產品。我認為這真的很關鍵，這是我們不斷談論的新的、更高的基準需求概念的重要組成部分，我認為我們已經證明這一點正在繼續發揮作用。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hi, thanks for taking my question. I guess there's a lot of focus on home standby. So maybe ask you to talk a little bit more about C&I. I know you said telecom is getting better. I was wondering if you could add a little more color what's driving that improvement. We're hearing that from some other companies.

你好，謝謝你回答我的問題。我想人們非常關注家庭待機。所以也許可以請你多談談 C&I。我知道您說過電信正在變得越來越好。我想知道您是否可以添加一些色彩來說明推動這種改進的因素。我們從其他一些公司也聽說了這一點。

And what can get this rental market going again for you guys? And we're expecting in some areas like highway activity, construction, oil and gas with some of the new policies and new administration, maybe some pickup there. Is there any hope that maybe that gets going in the back half of the year?

那麼，什麼可以讓租賃市場再次活躍呢？我們預計，隨著一些新政策和新管理的出台，公路活動、建築、石油和天然氣等領域可能會出現一些回溫。這項計劃是否有希望在今年下半年實現？

Yeah. Thanks, Brian. I appreciate the shift over the C&I business, which we never end up talking enough about it, and it's a really great business for us. It's a great kind of steady counterweight to some of the some of the volatility we sometimes see in the res business.

是的。謝謝，布萊恩。我很欣賞 C&I 業務的轉變，我們對此討論得還不夠，這對我們來說確實是一項偉大的業務。這對於我們有時在房地產行業看到的一些波動來說，是一種很好的穩定平衡。

But yes, the telecom market, as we said, kind of bottomed Q2, Q3, and we were seeing green shoots in our discussions with customers, and that actually played out in better sell-through and sell-in and sell-through in Q4.

但是，正如我們所說，電信市場在第二季和第三季已經觸底，我們在與客戶的討論中看到了復甦的跡象，這實際上在第四季度的銷售量、入庫量和銷售轉換率方面都有所提高。

Again, I think probably just to answer your question directly about what's at the root of that. In our market, we can point to very easily, the high-profile outage events, every single carrier had challenges with network uptime as a result of those events. And that always tends to, I would say, help them [reevaluate] or reevaluate just kind of where the level of investments going to be needed going forward to harden the network.

再一次，我想可能只是直接回答你的問題，關於這件事的根源是什麼。在我們的市場中，我們可以很容易地指出，備受矚目的停電事件，每個運營商都因這些事件而面臨網路正常運行時間的挑戰。我想說，這總是傾向於幫助他們[重新評估]或重新評估未來需要多少投資水準來加強網絡。

And so today, we think tower counts continue to grow, hub counts continue to grow. That market is probably about 50% penetrated with backup power. So there's a huge market there. It's more than 400,000 overall site opportunities for us. And we just -- we see that as a -- and we're the leader there by far in terms of our customer base and our installed footprint.

所以今天，我們認為塔的數量會持續成長，樞紐的數量會持續成長。該市場的備用電源滲透率大概為50%。那裡有巨大的市場。對我們來說，總體而言有超過 40 萬個站點機會。我們只是 - 我們將此視為 - 就客戶群和安裝足跡而言，我們目前是該領域的領導者。

So we're encouraged by that. We think that the investment cycle is going to be positive for that business as we go forward here into 2025. And the flip side of that coin, rental. You mentioned it, what can we do to get that going again? It's our product categories, light towers, mobile generators, mobile heaters in particularly, maybe somewhat disproportionately impacted by CapEx spending for these customers of ours because they had gone through -- if you recall, we had some pretty robust years there where they were re-fleeting.

因此我們對此感到鼓舞。我們認為，隨著 2025 年的到來，投資週期將對該業務產生正面影響。而這枚硬幣的另一面就是租賃。您提到了這一點，我們該怎麼做才能讓它再次運行？這是我們的產品類別，尤其是燈塔、移動發電機、移動加熱器，可能在某種程度上受到這些客戶的資本支出的不成比例的影響，因為他們經歷了——如果你還記得的話，我們在那裡度過了一些非常強勁的年份，他們正在重新組合。

And those fleets are aging. There's no question they're aging. And I think when we put this guidance together, obviously, the political environment and the policy environment continues to shift here. And so could domestic oil and gas production create potential tailwinds there for us, could additional infrastructure investment that might be being contemplated by the new administration, could that prevent -- could that create tailwinds for us that might accelerate that? Possibly.

而且這些船隊正在老化。毫無疑問他們正在衰老。我認為，當我們將這些指導方針放在一起時，顯然，政治環境和政策環境會繼續改變。那麼，國內的石油和天然氣生產是否能為我們創造潛在的順風，新政府可能正在考慮的額外基礎設施投資是否能阻止——是否能為我們創造可能加速這一進程的順風？有可能。

The way we've built our guidance is we're not contemplating that. We're basically contemplating that, that market is going to be down. Again, although not nearly at the rate it was down last year. It's moderating the decline. But we still think that, in particular, Q1, there's a little bit more to come off. That's part of what the C&I down that York talked about in Q1, in particular, is just kind of comping last year's rental.

我們制定指導的方式是，我們並沒有考慮到這一點。我們基本上認為市場將會下滑。儘管下降速度沒有達到去年的水平，但仍低於去年。它正在減緩衰退。但我們仍然認為，特別是在第一季度，還有更多的事情要做。這就是約克在第一季談到的 C&I 下降的一部分，特別是與去年的租金相比。

That was when things really kind of started to come off. But we've seen this movie before. It's a very cyclical market, and we don't believe we've lost any share. And we believe the need is still there and the fleet is aging. So it's just a question of when the trigger gets pulled from a capital spending standpoint on refleeting.

從那時起，事情才真正開始好轉。但我們以前看過這部電影。這是一個週期性很強的市場，我們認為我們並沒有失去任何份額。我們相信需求仍然存在並且船隊正在老化。因此，從資本支出角度來看，這只是一個何時啟動車隊重建計畫的問題。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇（Jerry Revich）。

Yes, hi, good morning, everyone. Aaron, can we just expand on the cadence of the standby business over the course of '25 and just how much visibility do you have on the ramp over the year based on the planned installations. So typically, given the ramp in home consultations, we typically see a pig through the python effect with a much sharper 1Q. It doesn't sound like that's happening this year. And I'm wondering if you could just expand on the visibility that you folks have on the sand by business ramping up over the course of the year as these leads translate into installations?

是的，大家早安。Aaron，我們能否在 25 年內擴展備用業務的節奏，以及根據計劃的安裝，您對全年的成長有多少了解。因此，通常情況下，考慮到家庭諮詢量的增加，我們通常會透過蟒蛇效應看到豬的出現，並且 1Q 會更加明顯。聽起來今年不會發生這種事。我想知道，隨著這些線索轉化為安裝，您是否可以透過一年內業務的提升來擴大您在沙灘上的知名度？

Yeah. No, I think Jerry, I think as I -- in the prepared comments, we said that our guidance basically assumes the long-term baseline outage -- we basically look at long-term baseline outages. We take all major events out of the out of the mix and we look at what outage activity is on a baseline basis over the last five years. And we use that as our basis for putting together our guidance.

是的。不，我認為傑瑞，我認為正如我在準備好的評論中所說，我們的指導基本上假設了長期基線中斷——我們基本上關注長期基線中斷。我們將所有重大事件剔除，並查看過去五年內的停電活動基準情況。我們以此為基礎制定指導意見。

And we also look at the seasonality of those outages as well. It tends to have more out objective in the second half of the year. So -- and then you couple that with the comments we made that coming into 2025, we're at normal lead times, so we have inventory of these products. So basically, we believe that the guide for home standby for 2025, then is going to look more just like sort of normal seasonality in terms of how we pace that with nice growth for the full year.

我們也會考慮這些停電的季節性。下半年它往往會有更多目標。所以 — — 然後你把它與我們所說的進入 2025 年的評論結合起來，我們處於正常的交貨時間，所以我們有這些產品的庫存。因此，基本上，我們相信 2025 年家庭待機指南將更像正常的季節性，就我們如何實現全年的良好成長而言。

Absolutely. And that's been a historical kind of trend and that's largely driven by just the larger patterns around seasonality. With Q1, in particular, in the winter areas, the impact the areas of the US impacted by winter weather, it's harder to install products. So the snow that is covering the ground in a lot of areas in the cold weather just prevents installations from being affected. So that's why Q1 is almost always a lower quarter.

絕對地。這是一種歷史趨勢，很大程度上是由季節性的更大模式所驅動。特別是在第一季度，在冬季地區，美國受冬季天氣影響的地區，安裝產品變得更加困難。因此，寒冷天氣下許多地區地面覆蓋的積雪可以防止設施受到影響。這就是為什麼第一季的業績幾乎總是較低的原因。

Again, this kind of goes back to my expanded description of the change in the pacing of the business here. Normally, if we had come in with a large backlog, we would be satisfying that and Q1 is shipping against that. That doesn't necessarily mean they would have been installed until things got things got warmer, we would just been satisfying backlog. We didn't have that this year because we basically satisfied all that in Q4 and took the emotional ordering off the table with that approach. So I think the pacing is going to return to a more normal pacing growing from Q1 throughout the year, as York said.

再次，這又回到了我對此處業務節奏變化的擴展描述。通常情況下，如果我們有大量積壓訂單，我們就會滿足這項要求，而第一季的出貨量就是針對這項要求的。這並不一定意味著他們會一直安裝直到情況變得更好，我們只是在滿足積壓需求。今年我們沒有做到這一點，因為我們基本上在第四季度就滿足了所有要求，並且透過這種方法消除了情感因素的影響。因此我認為從第一季開始全年的成長節奏將恢復到更正常的水平，正如約克所說的。

Kashy Harrison, Piper Sandler.

卡西·哈里森，派珀·桑德勒。

Good morning and thanks for taking the questions. Just two quick ones or two quick sets of questions for me. The first one is on the data center opportunities. Are these edge data centers or larger data centers?

早上好，感謝您回答問題。我只需要問兩個簡短的問題或兩組簡短的問題。第一個是關於資料中心的機會。這些是邊緣資料中心還是更大的資料中心？

And then are these backup or prime power generators -- and then my -- and then just on the OpEx side, if we look at 2025, I think on a dollar basis, you're more or less in line with where 2026 was going to be at the Investor Day on a dollar basis, but we're obviously pretty far away from those revenue targets.

然後是這些備用或主要發電機 - 然後我的 - 然後僅在營運支出方面，如果我們看一下 2025 年，我認為以美元為基礎，你或多或少與 2026 年投資者日的美元基礎一致，但我們顯然距離這些收入目標還很遠。

And so how do you -- does that mean that getting to 20% EBITDA margin is no longer a focus? I'm just trying to understand how you're currently philosophically thinking about the appropriate level of bottom line margins and OpEx investments on a multiyear basis? Thank you.

那麼您如何看待這項結果呢？我只是想知道您目前如何從哲學角度思考多年期適當的底線利潤率和營運支出投資水準？謝謝。

Yeah, Kashy, I'll take the first half of the question and maybe let York add some commentary around the OpEx EBITDA margin kind of target long term. So with the data center product, that product is aimed at both edge data centers as well as hyperscale today. We have products free data centers. It's a market we've dabbled in -- we probably haven't focused on it as much.

是的，Kashy，我將回答問題的前半部分，也許讓 York 就長期的 OpEx EBITDA 利潤率目標發表一些評論。因此，對於資料中心產品來說，該產品既針對邊緣資料中心，也針對當今的超大規模資料中心。我們擁有免費產品資料中心。這是我們涉足的一個市場——我們可能還沒有太多關注它。

But the new products are diesel backup only generator. So their emergency backup there not for prime power. They are US certified and they will be -- we'll be targeting both the hyperscale market as well as the edge data centers. And York, I think on the OpEx kind of questioning.

但新產品僅為柴油備用發電機。所以他們的緊急備用電源不是用於主要電源。他們已獲得美國認證，我們將同時瞄準超大規模市場和邊緣資料中心。而約克，我認為是關於 OpEx 方面的質疑。

Yes. And then OpEx, I think longer term, our projections of EBITDA margins are still in that low 20% range, 21%, 22%, which is what we guided to back in our Investor Day, way back when in 2023, that those expectations still hold as we -- I think, as Aaron said, I guess, a couple of them are C&I, the down cycle probably happened a little bit, I guess, deeper and sooner than we were projecting in that -- in those Investor Day targets, and then the clean energy business is that market has been a bit soft here for the reasons Aaron talked about.

是的。然後是營運支出，我認為從長期來看，我們對 EBITDA 利潤率的預測仍然在 20%、21% 和 22% 的低位範圍內，這正是我們在 2023 年投資者日所預測的，這些預期仍然成立，正如 Aaron 所說，其中有幾個是 C&I，我想，下行軟。

So I would say that pushing that out, call it, 12 to 18 months, then you start really leveraging that OpEx load, and you get closer to those low 20% EBITDA margins that we were expecting back in the original Investor Day materials. And gross margins are very attractive as well. They're actually better. They're actually coming in [better] than we're --

因此，我想說，將其推遲 12 至 18 個月，然後您就開始真正利用 OpEx 負載，並且更接近我們在最初的投資者日材料中預期的 20% 的低 EBITDA 利潤率。而且毛利率也非常有吸引力。它們確實更好。他們實際上比我們表現更好--

And that's kind of the offset, I think that --

我認為這算是抵消了--

That's the offset. Yes.

這就是偏移量。是的。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Good morning. I wanted to go back to the tariff conversation. I appreciate what you're saying about 2025 and the ability to have a neutral impact from pricing and cost cuts, kind of medium term, though? I mean as what you've seen over the last three or four weeks, been enough to kind of change how you're thinking about medium term and maybe increasing the amount of domestic supply for your raw materials?

早安.我想回到關稅話題上。我很欣賞您所說的 2025 年以及定價和成本削減能夠產生中性影響的能力，但是從中期來看，是嗎？我的意思是，正如您在過去三四周內看到的那樣，這是否足以改變您對中期想法的看法，並可能增加國內原材料的供應量？

And then kind of a follow-up question to that is, can you maybe compare and contrast Generac to your competitors? Do you see that as potentially an advantage or a disadvantage if the tariffs really do start ramping up here? Thank you.

那麼接下來的問題是，您能否將 Generac 與您的競爭對手進行比較和對比？如果關稅真的開始上調，您認為這可能是優勢還是劣勢？謝謝。

Mark, thanks. I can't speak to our competitors because I'm not exactly sure their cost structures and how they're thinking about the tariffs. I can speak to what we know, obviously, the 10% impact on China, the 25% threatened impacts to Mexico and Canada that has been deferred for at least 30 days.

馬克，謝謝。我無法與我們的競爭對手交談，因為我不太清楚他們的成本結構以及他們如何考慮關稅。我可以就我們所知說一下，顯然，10%的影響將發生在中國，25%的影響將發生在墨西哥和加拿大，而且這一影響至少已經推遲了 30 天。

We've obviously done -- we've had more time to react to that. Monday's news or Sunday night news about the 25% tariff on metals on steel and aluminum, we're evaluating -- but we already have a pretty robust domestic supply chain around -- certainly around sheet metal, around metal. So we're not as concerned about that, to be honest. We have to evaluate aluminum to understand that.

我們顯然已經做到了——我們有更多的時間來對此做出反應。我們正在評估週一或週日晚間有關對鋼鐵和鋁徵收 25% 關稅的新聞，但我們已經擁有相當強大的國內供應鏈，當然包括金屬板和金屬。所以說實話，我們不太擔心這個。我們必須對鋁進行評估才能理解這一點。

But on the tariffs that the 10% on China, I think one of the benefits of having gone through the -- calling through the broken glass that we all called through back in COVID in terms of supply chain disruptions and needing to deal with that is that we got a lot smarter about not being sole-sourced on a lot of components, in particular, everything with our home standby. It's our goal to have at least two sources, if not three.

但關於對中國徵收 10% 的關稅，我認為，在經歷新冠疫情期間供應鏈中斷和需要處理的問題後，我們意識到的一個好處是，我們變得更加聰明，不再從單一來源採購很多零件，特別是我們家用備用電源的所有零件。我們的目標是至少擁有兩個來源，甚至三個。

Now that's not only both for resiliency in the supply chain but also for additional capacity just because we've grown the overall output. We just -- we need to add more confident suppliers. But we've done that to -- also with a focus to not have concentrations of supply base in certain regions of the world. And that has helped us then to -- it's given us flexibility to shift supply to areas of the country or areas of the world, excuse me, that are perhaps not being as targeted with tariffs.

現在，這不僅是為了提高供應鏈的彈性，也是為了增加產能，因為我們增加了整體產量。我們只是—我們需要增加更多有信心的供應商。但我們這樣做也是為了避免將供應基地集中在世界某些地區。這對我們有幫助——使我們能夠靈活地將供應轉移到國內或世界某些地區，對不起，這些地區可能沒有受到關稅的針對。

That said, I don't think there's any avoiding some kind of cost increase that's going to come through, whether it be additional logistics or those secondary sources, perhaps being higher cost than maybe a primary source. All of that, we're working through. But we see the impacts of that as something that, one, we're going to go back to supply chain, and we're going to say, okay, if we've got a supplier in China, let's say. We're going to go back and we're going to ask that supplier to evaluate their cost -- their price to us. to reduce that to absorb the tariff.

話雖如此，我認為無法避免某種成本增加，無論是額外的物流還是那些次要來源，其成本可能都高於主要來源。我們正在努力解決所有這些問題。但我們認為其影響是，首先，我們要回到供應鏈，我們會說，好吧，假設我們在中國有一個供應商。我們會回去並要求供應商評估他們的成本——他們給我們的價格。減少這筆金額來吸收關稅。

After all, that's what leadership in this country has been telling us is it's not us who pay for it. It's the other countries. So let's make sure that happens. So we're going through and we're working through that. But that probably is not realistic to assume that all suppliers are willing to absorb the added cost of tariffs or especially when you're talking about 25% in Mexico or Canada, that we've got to continue to evaluate that.

畢竟，這個國家的領導階層一直告訴我們，這不是我們該付出的代價。這是其他國家。所以讓我們確保這一點發生。所以我們正在經歷並努力解決這個問題。但假設所有供應商都願意承擔增加的關稅成本可能並不現實，尤其是當你談論墨西哥或加拿大的25%關稅時，我們必須繼續評估這一點。

But I think long term, if you look at the rest of the year here, there's going to be some pricing actions. There's going to be more cost out that we're going to focus on. We're going to try and minimize the pricing actions -- the best of our ability. We know that price is important to customers, and we want to remain competitive. Today, we lead the market in price. We believe that this won't change that.

但我認為，從長期來看，如果你看今年剩餘的時間，你會發現會有一些定價行動。我們將重點放在更多的成本。我們將盡最大努力，盡量減少定價行動。我們知道價格對客戶很重要，我們希望保持競爭力。今天，我們在價格上領先市場。我們相信這不會改變這一點。

Again, I can't speak specifically to our competitors other than to say we have tremendous scale in some of these markets like home standby that is unmatched. And that is probably a bigger benefit, to be honest both within the supply chain as well as of our operating environment, then anything our competitors could bring forth.

再次強調，我無法具體談論我們的競爭對手，只能說我們在某些​​市場（例如家庭待機市場）擁有無與倫比的規模。說實話，無論是在供應鏈中還是在我們的營運環境中，這都比我們的競爭對手所能帶來的任何好處都要大。

Jordan Levy, Troy Securities.

特洛伊證券的喬丹·利維 (Jordan Levy)。

Morning, Allen. Thanks for all the details. I just wanted to touch on the next-gen home standby rollout later this year. Can you just talk about how we should think about pricing and cost structure there on that line relative to the current fleet? And what's sort of baked into your guidance on that front as you roll out in the back half of the year?

早安，艾倫。感謝您提供的所有詳細資訊。我只是想談談今年稍後推出的下一代家庭待機系統。您能否談談我們應該如何考慮相對於現有船隊的該航線的定價和成本結構？當您在今年下半年推出這些產品時，您在這方面的指導想法是如何的？

Yeah. There's certainly -- the feature set we talked about, Jordan there, there's some additional costs in that product. We think it's fairly nominal in relation to the overall cost of the product, but there's going to be some additional cost. And then as a result, the pricing will be higher when the new line hits the market in the second half of the year.

是的。當然有 - 我們談論的功能集，喬丹在那裡，該產品有一些額外的成本。我們認為，相對於產品的總成本來說，這個成本是相當小的，但還是會有一些額外的成本。因此，當下半年新產品上市時，定價將會更高。

So we have put some pricing in, we've made some assumptions around pricing impacts. We haven't formally initiated that pricing to the market at this point, largely because of the tariff noise that's going on. We want to kind of see where things land. I mean the last thing we'd want to do is put pricing out on a new product line and then have to adjust it before we even start shipping.

因此，我們已經考慮了一些定價因素，並對定價影響做出了一些假設。目前，我們尚未正式向市場推出該定價，主要是因為正在發生的關稅噪音。我們想看看事情的進展。我的意思是，我們最不想做的事情就是為新的產品線定價，然後在開始出貨之前進行調整。

So we want to understand supply chain impacts from the tariffs and some other things as we -- and we'll finalize that here shortly. I mean we do have to get pricing out to the market. And we had to make an assumption into our guidance, but it's pretty nominal. I think it's small on balance for -- it's pretty modest, but there is some pricing there in the second half of the year as a result of that.

因此，我們希望了解關稅和其他一些因素對供應鏈的影響——我們很快就會完成這一目標。我的意思是我們確實必須將價格推向市場。我們必須在我們的指導中做出假設，但這只是名義上的。我認為總體而言影響很小 - 相當溫和，但由於這個原因，今年下半年的定價會有一些變化。

Keith Howson, North Coast Research.

基斯‧豪森 (Keith Howson)，北海岸研究公司。

Good morning guys. I'll try to make it quick here. York, I thought I heard you guys say that for 2025, you expect energy technology sales of $300 million to $400 million. I guess first, can you compare that to what you have for 2024.

大家早安。我會盡量加快速度。約克，我以為我聽到你們說過，到 2025 年，你們預計能源技術銷售額將達到 3 億至 4 億美元。首先，您能將其與 2024 年的情況進行比較嗎？

And then second, there to by the administration to withhold funding for some of the agencies that are out there, I would assume the Department of Energy in the agencies perhaps at risk. Could that perhaps low some of your expectations of 2025?

其次，如果政府停止向一些機構提供資金，我認為能源部等機構可能面臨風險。這是否可能會降低您對 2025 年的一些期望？

Yes. Keith, the comparative number, we ended up the year at $280 million in '24. So the midpoint of the $300 million to $400 million of like 25% increase on net sales.

是的。基思，比較一下，24 年我們的收入達到了 2.8 億美元。因此，3 億美元到 4 億美元的中間值代表淨銷售額成長了 25%。

Right. And so like -- and Keith, to your question about the DOE, I mean, clearly, there's a lot going on in the policy world. We have not received a formal notice that this program, and I'll speak specifically about the Puerto Rican DOE program. We've not received notice that, that program has been canceled formally. And I think it's important to note that it's not tied directly to IRA funding or to any of the infrastructure funding that was the bipartisan infrastructure law that that was out there from 2023, actually, I think is -- or '22, even maybe I don't know where that funding came from.

正確的。所以就像——和 Keith，對於你關於能源部的問題，我的意思是，顯然，政策世界裡發生了很多事情。我們尚未收到有關該計劃的正式通知，我將具體談談波多黎各能源部計劃。我們還沒有收到該計劃正式取消的通知。我認為值得注意的是，它並沒有直接與 IRA 資金或任何基礎設施資金掛鉤，這些資金是 2023 年或 2022 年出台的兩黨基礎設施法，實際上，我認為是——甚至可能我不知道這些資金來自哪裡。

But IRA and BIL, they're not -- this Puerto Rican DOE grant is not tied to that. It's separate. I don't know if that gives it any better standing or worse. I would also note that one of our major competitors in residential batteries, Tesla has a -- they're the largest residential battery provider in the DOE program for Puerto Rico. So I think -- does that mean anything? I don't know. I'm just saying, I think it's an important, interesting point of context, I think, around whether or not this program is targeted.

但是 IRA 和 BIL，他們不是——波多黎各 DOE 撥款與此無關。這是分開的。我不知道這是否會讓它的地位變得更好或更糟。我還要指出的是，我們在家用電池領域的主要競爭對手之一特斯拉是波多黎各能源部專案中最大的家用電池供應商。所以我想──這有什麼意義嗎？我不知道。我只是說，我認為這是一個重要的、有趣的背景點，關於這個項目是否具有針對性。

But again, we've not received any official notification. And I would say that it's why we're putting a wider range on the sales for this year, $300 million to $400 million. There's more risk there. Obviously, with the current policy environment. We'll see where it goes. We're still pretty excited about the opportunity when we bring new products into market.

但我們還沒有收到任何官方通知。我想說這就是為什麼我們將今年的銷售範圍定得更大，達到 3 億至 4 億美元。那裡的風險更大。顯然，在目前的政策環境下。我們將拭目以待。當我們將新產品推向市場時，我們仍然對這個機會感到非常興奮。

That entire business was not built on big projects like the Puerto Rico DOE business. That's a nice opportunity for us this year, but long term, we believe that self-generation, storage, resiliency, controlling power costs, these are all important things and considerations for homeowners and why these technologies over time, we believe, are going to be needed and why they're important to our Powering a Smarter World strategy.

整個業務並不是建立在像波多黎各能源部業務這樣的大型專案之上的。這對我們來說是今年的一個好機會，但從長遠來看，我們相信自我發電、儲存、彈性、控制電力成本，這些都是房主需要考慮的重要事項，也是我們認為隨著時間的推移這些技術將會被需要的原因，以及為什麼它們對我們的「驅動智慧世界」策略如此重要。

Vikram Bagri, Citi.

花旗銀行的維克拉姆‧巴格里 (Vikram Bagri)

Good morning everyone. I wanted to ask about some of the assumptions underpinning the guidance. I think, Aaron, you talked about surge and pulled back in demand last quarter. I was wondering how much is the anticipated pullback based into the guidance after the strong surge you've witnessed last year.

大家早安。我想詢問一下該指導意見所依據的一些假設。亞倫，我想你談到了上個季度需求的激增和回落。我想知道，在去年經歷的強勁成長之後，預期的回檔幅度有多少是基於指導的。

And on a relative note, York, you talked about probably looking at pricing on new products and maybe more due to tariffs, I mean, you rightly said it's a price-sensitive market. So how do you reconcile increasing pricing versus the strategy to push close rates higher? And what would be the strategy to test the market for pricing would you run pilots? How do you understand how much to raise the pricing bar? Would you slowly raise pricing and see what the impact on close rates will be? Thank you.

相對而言，約克，您談到可能關注新產品的定價，也許更多地考慮關稅，我的意思是，您正確地說這是一個對價格敏感的市場。那麼，您該如何協調提高價格與提高成交率的策略呢？你們試行定價市場測試策略是什麼？怎麼理解要把定價標準提高多少呢？您會慢慢提高價格並觀察對收盤價有何影響嗎？謝謝。

Yeah. I think I can talk a little bit. I think your question, on the surge. We're not anticipating a pullback per se, here in 2025. I mean normalization of a new and higher baseline is the assumption. So -- and again, I would say there's not a pullback because we satisfied the surge in demand in to Q4, that was the surge, right? So that was the peak. And then I guess, if you want to say there's a pullback, it's the new and higher baseline assumptions in 2025.

是的。我想我可以講一點。我認為你的問題與激增有關。我們並不預期 2025 年會出現回檔。我的意思是，假設一個新的、更高的基準正常化。所以 — — 我再說一次，我想說的是，沒有回調，因為我們滿足了第四季度的需求激增，這就是激增，對吧？這就是巔峰。然後我想，如果您想說有一個回調，那就是 2025 年新的和更高的基準假設。

I think maybe the one notable point with that -- that's not necessarily a home standby point to make, but a portable generator point to make, which is we sold a lot of portable generators in Q4. Our guidance does not assume major events. So therefore, we have a tough comp in won't repeat. So that has the effect of kind of dampening residential growth rates for the full year and that is in the guidance. So just to be clear on that, I just wanted to level set.

我認為也許其中值得注意的一點——這不一定是家庭備用電源的要點，而是便攜式發電機的要點，即我們在第四季度銷售了很多便攜式發電機。我們的指導不假設重大事件。因此，我們面臨著一場不會重演的艱難比賽。因此，這會在一定程度上抑制全年住宅成長率，這也是預期之內的。因此，為了更清楚地了解這一點，我只是想進行水平設定。

And then I think your question on close rates. Again, we've seen close rates compress, as I said in my prepared remarks, historically, when we get these large surges in demand for consultations or quotations for the products, projects, they tend to take a little longer to close, and they don't close at quite the rate because the markets are inundated with those. So it just takes time for those quotes to mature.

然後我想你的問題是關於收盤價。再次，我們已經看到成交率在壓縮，正如我在準備好的發言中所說的那樣，從歷史上看，當我們對產品、項目的諮詢或報價的需求大幅增加時，它們往往需要更長的時間才能成交，而且成交率不會很快，因為市場已經被這些需求淹沒了。所以這些引言的成熟需要時間。

And so we think that the close rates will start to rebound here in 2025. Your commentary around testing and pricing, I mean, we are doing a lot of things behind the scenes under the covers to see what we can do to find an inflection point and close rates, either to get close rates to improve faster or just to have them improve overall.

因此我們認為收盤價將在 2025 年開始反彈。您關於測試和定價的評論，我的意思是，我們在幕後做了很多事情，以了解我們可以做些什麼來找到拐點和成交率，要么讓成交率更快地提高，要么只是讓成交率整體提高。

One of the things that we think is a needle mover in close rates is consumer financing. We've seen continued uptake in consumer financing as a percentage of all deals. We think that there's more room to do more there. And we are working with our partner, Synchrony, on different programs. We're looking at other options that are there on how we can be more creative and more aggressive with consumer financing because we have seen a high correlation between projects that have consumer financing as a component and better close rate. So we think that, that's something that is going to be a continued area of focus for us in '25.

我們認為影響收盤利率的因素之一是消費融資。我們看到消費融資在所有交易中所佔的比例持續上升。我們認為那裡還有更多的發展空間。我們正在與合作夥伴 Synchrony 合作不同的專案。我們正在尋找其他選擇，以便在消費者融資方面更具創造力和更積極性，因為我們發現包含消費者融資的項目與更好的成交率之間存在高度相關性。因此我們認為，這將是我們在25年持續關注的領域。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Kris for closing remarks.

謝謝。女士們、先生們，我表示隊列中沒有其他問題。現在我想將電話轉回給克里斯，請他作最後發言。

We want to thank everyone for joining us this morning. We look forward to discussing our first quarter 2025 earnings results with you in late April. Thank you again, and goodbye.

我們要感謝今天早上與我們一起的所有人。我們期待在四月下旬與您討論我們的 2025 年第一季獲利結果。再次感謝您，再見。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。