Generac Holdings Inc (GNRC) 2025 Q1 法說會逐字稿

Hello, and welcome to Generac Holdings Inc., first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) I will now turn the conference over to Kris Rosemann. You may begin.

您好，歡迎參加 Generac Holdings Inc. 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）現在我將會議交給 Kris Rosemann。你可以開始了。

Good morning, and welcome to our first-quarter 2025 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. We will begin our call today by commenting on forward-looking statements.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。我要感謝大家今天早上的參加。今天與我一起的有總裁兼執行長 Aaron Jagdfeld 和財務長 York Ragen。今天的電話會議我們將首先對前瞻性陳述進行評論。

Certain statements made during this presentation, as well as other information provided from time to time by Generac or its employees, may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.

本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。

Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors. 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. I will now turn the call over to Aaron.

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。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 GAAP 指標的對帳）可在我們的收益報告和 SEC 文件中找到。現在我將把電話轉給 Aaron。

Thanks, Kris. Good morning, everyone, and thank you for joining us today. Our first-quarter results exceeded our expectations, primarily driven by strong shipments of home standby generators during the period. Residential energy technology sales also outperformed as ecobee had another great quarter and shipments of energy storage shipments systems also exceeded our prior forecast. Additionally, continued strong gross margins were the primary driver of adjusted EBITDA coming in well ahead of our prior expectations for the quarter.

謝謝，克里斯。大家早安，感謝大家今天加入我們。我們的第一季業績超出了預期，主要得益於該期間家用備用發電機的強勁出貨量。住宅能源技術銷售也表現出色，因為 Ecobee 又度過了一個出色的季度，而且能源儲存系統的出貨量也超出了我們先前的預測。此外，持續強勁的毛利率是調整後 EBITDA 遠超我們先前對本季的預期的主要推動力。

On a year-over-year basis, overall, net sales increased 6% to $942 million for the quarter. Residential product sales were 15% higher than the prior year, driven by strong growth in shipments of home standby generators and energy technology solutions. C&I product sales declined 5% year over year with increases in the domestic telecom and industrial distributor channels more than offset by softness in other C&I end markets.

與去年同期相比，本季淨銷售額整體成長 6%，達到 9.42 億美元。住宅產品銷售額比上年增長了 15%，這得益於家用備用發電機和能源技術解決方案出貨量的強勁增長。C&I 產品銷售額較去年同期下降 5%，但國內電信和工業分銷管道的成長被其他 C&I 終端市場的疲軟所抵消。

Favorable sales mix and lower input costs resulted in continued gross margin expansion of nearly 400 basis points from the prior year to 39.5%, which is our highest first quarter gross margin level since 2021, resulting in adjusted EBITDA margins increasing to nearly 16% for the quarter. While the first quarter marked a strong start to the year, the dynamic and uncertain nature of tariffs and other federal policy actions has introduced a wider range of potential outcomes for our end markets in 2025.

良好的銷售組合和較低的投入成本使毛利率繼續擴大，較上年同期增長近 400 個基點，達到 39.5%，這是我們自 2021 年以來第一季度的最高毛利率水平，從而使本季度調整後的 EBITDA 利潤率增至近 16%。雖然第一季標誌著今年的一個強勁開局，但關稅和其他聯邦政策行動的動態和不確定性為我們的 2025 年終端市場帶來了更廣泛的潛在結果。

As York will discuss in more detail, we are widening our guidance ranges for the year to reflect the potential impact of more restrictive trade policy on consumer spending. As disclosed in our press release, our updated outlook assumes that current tariff levels hold for the remainder of the year, with tariffs on Chinese imports at 145%, steel and aluminum tariffs at 25% and all other reciprocal tariffs at 10%, including the assumption that these reciprocal tariffs continue beyond the current 90-day pause.

正如約克將更詳細地討論的那樣，我們正在擴大今年的指導範圍，以反映更嚴格的貿易政策對消費者支出的潛在影響。正如我們在新聞稿中所揭露的那樣，我們最新的展望假設當前的關稅水準將在今年剩餘時間內保持不變，對中國進口產品的關稅為 145%，鋼鐵和鋁關稅為 25%，所有其他互惠關稅為 10%，並假設這些互惠關稅在目前的 90 天暫停期之後繼續有效。

While we anticipate a more cautious economic environment around the consumer, our updated guidance assumes the US economy will avoid a full recession during 2025. At today's tariff levels and reflecting our current global supply chain, we expect our product cost will increase in the second half of 2025 by approximately $125 million prior to any mitigation efforts.

雖然我們預期消費者周圍的經濟環境將更加謹慎，但我們的最新指導假設美國經濟將在 2025 年避免全面衰退。按照今天的關稅水準並反映我們目前的全球供應鏈，我們預計在採取任何緩解措施之前，我們的產品成本將在 2025 年下半年增加約 1.25 億美元。

In response to these anticipated higher costs, we have raised prices across a wide range of products, and we expect that our price actions will fully set the cost of tariffs on dollar terms. Additionally, we are executing on a number of supply chain and other cost reduction initiatives, it will help to further offset the impact of tariffs and other cost increases over the next several quarters.

為了應對這些預期的更高成本，我們提高了多種產品的價格，我們預計我們的價格行動將完全以美元計算關稅成本。此外，我們正在實施一系列供應鏈和其他成本削減舉措，這將有助於進一步抵消未來幾季關稅和其他成本增加的影響。

Now discussing our first-quarter results in more detail. Home standby shipments increased at a mid-teens rate from the prior year, as we continue to execute on the strong demand from the elevated power outage environment that occurred in the second half of 2024.

現在更詳細地討論我們的第一季業績。由於我們持續滿足 2024 年下半年停電頻繁環境帶來的強勁需求，家用備用電源的出貨量較上年同期以十五六倍的速度成長。

Power outage hours during the first quarter were above the long-term baseline average, primarily driven by the wildfires in Southern California, which is a growing, but underdeveloped market for home standby generators.

第一季停電時間高於長期基線平均水平，主要原因是南加州的野火，南加州是一個正在成長但尚未開發的家用備用發電機市場。

As a result, home consultations were lighter than expected relative to the overall outage hours in the quarter, as the IHC to outage hour ratio in California is below the ratio we have historically seen in other more mature regions.

因此，相對於本季的整體停電時間而言，家庭諮詢量低於預期，因為加州的 IHC 與停電時間比率低於我們歷史上在其他更成熟地區看到的比率。

Penetration rates for home standby generators in California are less than 2%, and our sales and marketing teams are focused on continuing to develop this important market through increased awareness for our products as well as further expanding our distribution in the state.

加州家用備用發電機的普及率不到 2%，我們的銷售和行銷團隊致力於透過提高我們產品的知名度以及進一步擴大我們在該州的分銷來繼續開發這個重要市場。

As expected, close rates remained under pressure in the quarter as a result of the elevated demand experienced in the second half of last year relative to our sales and installation capacity. In addition to increased focus on optimizing our marketing investments during 2025 to further drive end customer demand for our products, we will continue to invest in lead optimization, dealer development and expansion, consumer engagement and further penetration of home standby finance offerings to help support longer-term close rate improvements. We ended the first quarter with more than 9,200 residential dealers in our network, growing slightly from the prior quarter and representing an increase of more than 400 dealers over the prior year.

正如預期的那樣，由於去年下半年需求相對於我們的銷售和安裝能力有所增加，本季成交率仍面臨壓力。除了在 2025 年更加重視優化我們的行銷投資以進一步推動最終客戶對我們產品的需求之外，我們還將繼續投資於潛在客戶優化、經銷商開發和擴張、消費者參與以及家庭備用金融產品的進一步滲透，以幫助支持長期收盤率的提高。截至第一季度，我們的網路中住宅經銷商數量超過 9,200 家，較上一季度略有增長，比上年同期增加了 400 多家。

The significant growth in dealer count over the last 12 months is an important element of our ability to support a new and higher baseline level of consumer awareness for the home standby category, by adding more sales, installation and service capacity to our distribution network.

在過去 12 個月中，經銷商數量的顯著增長是我們透過增加分銷網絡的銷售、安裝和服務能力來支持消費者對家用待機類別的全新更高基線認知水平的重要因素。

Similarly, the continued success of our Aligned Contractor Program, targeting electrical contractors to purchase our products through wholesale distribution has provided an additional channel for us to further engage and align with a broader set of contractors that are selling and installing our products.

同樣，我們的「聯合承包商計畫」持續取得成功，該計畫旨在讓電氣承包商透過批發分銷購買我們的產品，這為我們提供了額外的管道，讓我們能夠進一步與銷售和安裝我們產品的更廣泛的承包商進行接觸和協調。

Activations or installations of home standby generators increased during the first quarter as compared to the prior year, with particular strength in regions that have recently been impacted by elevated power outage activity, including the Southeast, South Central and West regions.

與去年同期相比，第一季家用備用發電機的啟動或安裝量增加，尤其是近期受到停電活動頻繁影響的地區，包括東南部、中南部和西部地區。

Growth in activations continued early in the second quarter with similar regional trends experienced here in the month of April. Importantly, our next-generation home standby lineup is on track for the previously announced second-half 2025 launch, representing the most comprehensive platform update for the product category in more than a decade.

第二季初，活化量持續成長，四月該地區也出現了類似的趨勢。重要的是，我們的下一代家庭待機產品線預計在先前宣布的 2025 年下半年推出，這是十多年來該產品類別最全面的平台更新。

These new products will deliver numerous value-added benefits for homeowners and our channel partners relative to the current product line. For homeowners, this includes a lower total cost of ownership with improved fuel efficiency, quieter operation and lower overall installation and maintenance costs.

與現有產品線相比，這些新產品將為房主和我們的通路合作夥伴帶來許多增值利益。對於房主來說，這包括降低整體擁有成本、提高燃油效率、更安靜的運作以及降低整體安裝和維護成本。

The new product line also includes the industry's highest output air-cooled home standby generator at 28 kilowatts. Improving affordability on a per kilowatt basis, as backup power needs grow in response to increased residential electrification trends.

新產品線還包括業界輸出功率最高的 28 千瓦風冷家用備用發電機。隨著住宅電氣化趨勢的增強，備用電源需求也隨之增長，因此每千瓦的可負擔性也隨之提高。

For our channel partners, the new home standby lineup offers more efficient installation and service processes, including faster commissioning times and improved remote diagnostics, ultimately enabling their businesses to provide greater uptime for customers, while also saving time and money.

對於我們的通路合作夥伴，新的家用待機系列提供了更有效率的安裝和服務流程，包括更快的調試時間和改進的遠端診斷，最終使他們的企業能夠為客戶提供更長的正常運行時間，同時節省時間和金錢。

Additionally, the transition to our next-generation home standby generator platform has provided our operations and supply chain teams, with an opportunity to implement more automation in our manufacturing processes and further increase the resiliency and diversity of our supply chain.

此外，向下一代家用備用發電機平台的過渡為我們的營運和供應鏈團隊提供了在製造過程中實施更多自動化的機會，並進一步提高了供應鏈的彈性和多樣性。

Despite the projected impact of tariffs on the macroeconomic environment, we continue to anticipate growth in home standby generator sales for 2025, driven by an increase in activations during the first half of the year, and higher pricing beginning in the second quarter. We also expect the category to hold the new and higher baseline of demand that was achieved following the multiple major power outage events in the second half of 2024.

儘管預計關稅將對宏觀經濟環境產生影響，但我們仍然預計 2025 年家用備用發電機銷量將會成長，這得益於上半年啟動量的增加以及第二季開始的價格上漲。我們也預計，該類別將維持 2024 年下半年多次重大停電事件後實現的新的更高的需求基準。

Additionally, we will continue to execute on our initiatives to support close rates, dealer effectiveness and marketing optimization, while also working on various manufacturing and sourcing initiatives related to the new product launch as well as the mitigation efforts around tariffs.

此外，我們將繼續執行支持成交率、經銷商效率和行銷優化的舉措，同時致力於與新產品發布以及關稅緩解措施相關的各種製造和採購舉措。

Now moving to our residential energy technology solutions, which exceeded our expectations during the quarter as a result of continued strong momentum at ecobee and the further execution of the Department of Energy program in Puerto Rico for our energy storage solutions.

現在轉向我們的住宅能源技術解決方案，由於 ecobee 繼續保持強勁發展勢頭以及波多黎各能源部針對我們的能源儲存解決方案計劃的進一步執行，本季度我們的住宅能源技術解決方案超出了我們的預期。

The team at ecobee continues to perform very well, delivering robust sales growth during the quarter and exceptional gross margin improvement compared to the prior year with higher shipments across channels, most notably to our retail and pro channel partners.

ecobee 團隊持續表現出色，本季實現了強勁的銷售成長，與前一年相比，毛利率顯著提高，各通路出貨量增加，尤其是對零售和專業通路合作夥伴的出貨量。

We believe ecobee's recently introduced lower-cost smart thermostat offering will further drive market share gains by extending the product line into the faster-growing value segment of the market. Ecobee's connected homes count also continues to grow rapidly, having increased approximately 17% from the prior year, along with improving service attach rates and related recurring revenue.

我們相信，ecobee 最近推出的低成本智慧恆溫器產品將透過將產品線擴展到市場中成長更快的價值領域，進一步推動市場份額的成長。Ecobee 的連網家庭數量也持續快速成長，比前一年增加了約 17%，同時服務附加率和相關經常性收入也在提高。

Shipments of energy storage systems increased at a significant rate during the quarter, as we continue to execute on the DOE program in Puerto Rico. We also began taking our first orders earlier this month for PWRcell 2, our next-generation energy storage system, and we remain on track for our first shipments of these new systems later in the second quarter.

由於我們繼續在波多黎各執行能源部計劃，本季能源儲存系統的出貨量大幅成長。我們也於本月初開始接受下一代能源儲存系統 PWRcell 2 的首批訂單，並且我們仍有望在第二季稍後首次出貨這些新系統。

Our recent discussions with channel partners about the new platform have been very encouraging, and we have received positive feedback on our unique approach to creating a residential energy ecosystem providing unrivaled capabilities for homeowners to generate, store, monitor and manage their own power.

我們最近與通路合作夥伴就新平台進行的討論非常令人鼓舞，我們收到了關於我們創建住宅能源生態系統的獨特方法的積極反饋，該方法為房主提供了無與倫比的發電、儲存、監控和管理自己的電力的能力。

We believe our expertise in building and developing distribution, our capabilities in direct-to-consumer marketing, the strength of our brand and our financial stability, combined with our differentiated ecosystem of solutions, including ecobee smart thermostats, PWRcell 2 energy storage devices, electric vehicle chargers and home standby generators creates an incredibly unique value proposition for both installers and end customers.

我們相信，我們在建立和發展分銷方面的專業知識、我們在直接面向消費者營銷方面的能力、我們的品牌實力和財務穩定性，加上我們差異化的解決方案生態系統，包括 ecobee 智能恆溫器、PWRcell 2 儲能設備、電動汽車充電器和家用備用發電機，為安裝人員和最終客戶創造了極其獨特的價值主張。

Our prior expectation for residential energy technology sales in the range of $300 million to $400 million for the full year of 2025, is unchanged, given our current assumptions that the Department of Energy program in Puerto Rico continues as planned, and the relevant portions of the Inflation Reduction Act, including the investment tax credit for homeowners remain intact.

我們先前對 2025 年全年住宅能源技術銷售額在 3 億至 4 億美元之間的預期保持不變，因為我們目前的假設是，波多黎各能源部的計劃將繼續按計劃進行，並且《通貨膨脹削減法案》的相關部分（包括房主的投資稅收抵免）保持不變。

We also continue to anticipate ecobee will achieve profitability during the full-year period. Additionally, we believe that our residential energy storage systems will be minimally impacted by tariffs during 2025, given our current inventory levels.

我們也繼續預計 Ecobee 將在全年實現盈利。此外，考慮到我們目前的庫存水平，我們相信，到 2025 年，我們的住宅儲能係統將受到關稅的影響最小。

We remain committed to investing in the strategically important area of our business, and believe that the megatrends around lower higher quality and rising power prices will provide growing incentives for homeowners to seek out solutions to help to both protect and lower the cost of their electricity over a longer-term horizon.

我們將繼續致力於投資於具有戰略意義的業務領域，並相信降低品質和提高電價的大趨勢將為房主提供越來越大的激勵，以尋求有助於長期保護和降低電力成本的解決方案。

For our commercial and industrial products during the quarter, sales decreased by 5% on a year-over-year basis as growth in shipments to our domestic telecom and industrial distributor customers was more than offset by softness in domestic rental beyond standby and certain international end markets.

本季度，我們的商業和工業產品銷售額年減 5%，因為我們向國內電信和工業分銷商客戶的出貨量增長被國內租賃（超待機）和某些國際終端市場的疲軟所抵消。

Shipments to our domestic industrial distributors grew again during the quarter as we continue to reduce our lead times for C&I products, and the channel also experienced improved quoting activity and project win rates on a year-over-year basis.

由於我們持續縮短商業與工業 (C&I) 產品的交貨時間，本季我們國內工業分銷商的出貨量再次成長，且通路的報價活動和專案中標率也較去年同期有所提高。

Although, we are encouraged by the resilience of this end market, given recent trends in these leading indicators, we continue to expect that full-year sales for industrial distributors will be softer compared to the prior year as a result of entering 2025 with a lower backlog.

儘管我們對該終端市場的韌性感到鼓舞，但考慮到這些領先指標的近期趨勢，我們仍然預計，由於進入 2025 年積壓訂​​單較少，工業分銷商的全年銷售額將比前一年有所下降。

Sales to national telecom customers increased at a significant rate on a year-over-year basis during the first quarter, and we continue to expect a return to growth in this channel for the full year. The telecom market represents an important long-term growth opportunity for Generac, given the secular trend around expanding global tower network hub installations and the increasingly critical nature of wireless communications that require much higher power reliability.

第一季度，面向全國電信客戶的銷售額年增率大幅成長，我們預計該通路全年將恢復成長。鑑於全球塔式網路樞紐設施不斷擴大的長期趨勢以及對更高電力可靠性要求的無線通訊日益重要的性質，電信市場對 Generac 來說代表著重要的長期成長機會。

As expected, shipments to our national and independent rental equipment customers in the first quarter declined from the prior year, driven by reduced capital spending from these accounts in our product categories.

正如預期的那樣，第一季我們向全國和獨立租賃設備客戶的出貨量較上年同期有所下降，原因是我們產品類別中這些客戶的資本支出減少。

Although we continue to expect this channel to be softer throughout the year, we believe that this end market has further runway for growth longer term as infrastructure-related projects continue to build out over time.

儘管我們仍然預計該管道將全年表現疲軟，但我們相信，隨著基礎設施相關項目的持續建設，該終端市場將擁有更長遠的成長空間。

Additionally, our effort to expand our product line into larger megawatt diesel generators remains on track as we formally began taking orders for these products earlier this month and expect initial shipments to begin later in the year.

此外，我們將產品線擴展到更大兆瓦柴油發電機的努力仍在進行中，因為我們已於本月初正式開始接受這些產品的訂單，預計首批發貨將於今年稍後開始。

We have experienced strong early indications of interest from prospective customers in the data center market that are seeking a reliable partner with more competitive lead times for emergency backup power gen sets.

我們已經從資料中心市場的潛在客戶那裡獲得了強烈的早期興趣，他們正在尋找一個可靠的合作夥伴，並在應急備用發電機組方面提供更具競爭力的交貨時間。

We believe that we are well positioned to take share in this market over time given our unique focus, which allows us to provide customized sales, engineering and aftermarket experiences, while also providing data center customers with a nationwide service network to ensure greater uptime for these critical applications.

我們相信，憑藉我們獨特的關注點，我們有能力隨著時間的推移在這個市場中佔據一席之地，這使我們能夠提供定制的銷售、工程和售後市場體驗，同時還為數據中心客戶提供全國性的服務網絡，以確保這些關鍵應用程序的正常運行時間更長。

Internationally, core total sales increased approximately 5% on a year-over-year basis during the first quarter, driven by strength in residential product shipments in Latin America and higher intersegment sales to the US market.

在國際上，第一季核心總銷售額年增約 5%，這得益於拉丁美洲住宅產品出貨量的強勁增長以及美國市場分部間銷售額的增加。

Although international C&I product sales declined from the prior year, we experienced continued positive order momentum in the quarter, which we believe supports our expectation of improved top line performance in our International segment over the remainder of the year.

儘管國際商業與工業產品銷售額較上年有所下降，但本季我們的訂單動能依然積極，我們相信這支持了我們對今年剩餘時間內國際部門營收業績改善的預期。

We are also executing on a growing pipeline of data center opportunities internationally with initial shipments of our new large megawatt generators expected in the second half of this year. In closing this morning, our first-quarter results reflect strong performance in our residential product categories, given the benefit from elevated outage activity in 2024, and increasing momentum in our energy technology solutions.

我們也在國際上持續拓展資料中心機會，預計今年下半年將首次出貨新型大型兆瓦發電機。今天上午結束時，我們的第一季業績反映了我們住宅產品類別的強勁表現，這得益於 2024 年停電活動的增加以及我們能源技術解決方案的成長勢頭。

As economic uncertainty grows, we will continue to rely on our core corporate value of agility, as we react to the rapidly evolving trade policy situation. We have deep expertise across our engineering, supply chain and operations teams and they will be focused on the execution of impactful opportunities to optimize our cost structure and position our supply chain to mitigate the impact of higher tariffs.

隨著經濟不確定性的增加，我們將繼續依靠我們的核心企業價值——敏捷性，對快速變化的貿易政策情況做出反應。我們的工程、供應鏈和營運團隊擁有深厚的專業知識，他們將專注於抓住有影響力的機會，優化我們的成本結構，並調整我們的供應鏈，以減輕更高關稅的影響。

Importantly, the megatrends of lower power quality and higher power prices that support our longer-term growth expectations remain firmly intact, and we are confident that our Powering a Smarter World enterprise strategy is the correct approach for Generac to help homeowners, businesses and institutions solve these challenges.

重要的是，支持我們長期成長預期的電力品質下降和電價上漲的大趨勢依然牢固不變，我們相信，我們的「為更智慧的世界提供動力」企業策略是 Generac 幫助房主、企業和機構解決這些挑戰的正確方法。

I'll now turn the call over to York to provide further details on our first-quarter results and our updated outlook for 2025. York?

現在我將把電話轉給約克，以提供有關我們第一季業績和 2025 年最新展望的更多詳細資訊。約克？

Thanks, Aaron. Looking at first-quarter 2025 results in more detail. Net sales during the quarter increased 6% to $942 million as compared to $889 million in the prior year first quarter. The net effect of acquisitions in foreign currency had a slight favorable impact on revenue growth during the quarter. Briefly looking at consolidated net sales for the first quarter by product class, residential product sales increased 15% to $494 million as compared to $429 million in the prior year.

謝謝，亞倫。更詳細地了解 2025 年第一季的結果。本季淨銷售額較去年同期的 8.89 億美元成長 6%，達到 9.42 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。簡單看一下第一季按產品類別劃分的綜合淨銷售額，住宅產品銷售額較上年的 4.29 億美元成長 15%，達到 4.94 億美元。

As discussed, growth in residential product sales was driven by a strong increase in shipments of home standby generators as we executed on the continued higher demand created by above-average power outage activity in the second half of 2024.

如上所述，住宅產品銷售的成長是由家用備用發電機出貨量的強勁成長推動的，因為我們滿足了 2024 年下半年高於平均水平的停電活動造成的持續更高的需求。

In addition, growth in shipments of both PWRcell energy storage systems and ecobee products contributed to the strong year-over-year growth. Commercial and industrial product sales for the first quarter of 2025 declined 5% to $337 million as compared to $354 million in the prior year.

此外，PWRcell 儲能係統和 ecobee 產品的出貨量成長也推動了強勁的年成長。2025 年第一季商業和工業產品銷售額與去年的 3.54 億美元相比下降 5% 至 3.37 億美元。

Modest contributions from acquisitions were offset by an unfavorable impact from foreign currency, resulting in a net neutral impact on sales growth during the quarter. The core sales decline was driven by softness in certain international end markets as well as a decrease in sales to national rental accounts and other direct customers for beyond standby applications, partially offset by growth in shipments to domestic telecom and industrial distributor customers.

收購帶來的少量貢獻被外匯帶來的不利影響所抵消，導致對本季銷售成長產生淨中性影響。核心銷售額的下降是由於某些國際終端市場的疲軟，以及對國內租賃帳戶和其他直接客戶的超待機應用銷售額的下降，但對國內電信和工業分銷商客戶的出貨量增長部分抵消了這一下降。

Net sales to the other products and services category increased approximately 4% to $111 million, as compared to $106 million in the first quarter of 2024. Core sales increased approximately 1%, primarily due to growth in aftermarket service parts, connectivity subscription sales and international services revenue.

其他產品和服務類別的淨銷售額較 2024 年第一季的 1.06 億美元成長約 4%，達到 1.11 億美元。核心銷售成長約 1%，主要由於售後服務零件、連接訂閱銷售和國際服務收入的成長。

Gross profit margin was strong at 39.5% compared to 35.6% in the prior year first quarter, as a result of favorable sales mix given the relative strength of home standby sales and the realization of lower input costs.

毛利率強勁成長至 39.5%，而去年同期第一季為 35.6%，這得益於家庭備用產品銷售相對強勁以及投入成本降低帶來的良好銷售組合。

Operating expenses increased $39 million or 16% as compared to the first quarter of 2024. This increase was primarily driven by increased employee costs to support future growth across the business, additional marketing spend to drive incremental product awareness and ongoing operating expenses related to recent acquisitions.

與 2024 年第一季相比，營運費用增加了 3,900 萬美元，增幅為 16%。這一成長主要是由於為支持整個業務的未來成長而增加的員工成本、為提高產品知名度而增加的行銷支出以及與近期收購相關的持續營運費用。

Adjusted EBITDA before deducting for noncontrolling interest, as defined in our earnings release, was $150 million or 15.9% of net sales in the first quarter, as compared to $127 million or 14.3% of net sales in the prior year. I will now briefly discuss financial results for our two reporting segments.

扣除收益報告中定義的非控股權益前的調整後 EBITDA 為 1.5 億美元，佔第一季淨銷售額的 15.9%，而去年同期為 1.27 億美元，佔淨銷售額的 14.3%。我現在將簡要討論我們兩個報告部門的財務結果。

Domestic segment total sales including intersegment sales increased 9% to $782 million in the quarter, as compared to $720 million in the prior year, including approximately 2% sales growth contribution from acquisitions.

本季度，包括分部間銷售額在內的國內分部總銷售額成長 9%，達到 7.82 億美元，而去年同期為 7.2 億美元，其中收購貢獻了約 2% 的銷售成長。

Adjusted EBITDA for the segment was $123 million, representing 15.7% of total sales, as compared to $99 million in the prior year or 13.8%. International segment total sales, including intersegment sales, decreased slightly to $186 million in the quarter as compared to $187 million in the prior year quarter, including an approximate 5% sales growth headwind from foreign currency, resulting in approximately plus 5% core total sales growth.

該部門調整後的 EBITDA 為 1.23 億美元，佔總銷售額的 15.7%，而去年同期為 9,900 萬美元，佔 13.8%。本季國際部門總銷售額（包括部門間銷售額）略微下降至 1.86 億美元，而去年同期為 1.87 億美元，其中包括外匯導致的約 5% 的銷售成長阻力，導致核心總銷售額成長約 5%。

Adjusted EBITDA for the segment before deducting for noncontrolling interest was $27 million or 14.6% of total sales, as compared to $28 million or 15% in the prior year. Now switching back to our financial performance for the first quarter of 2025 on a consolidated basis.

該部門扣除非控股權益前的調整後 EBITDA 為 2,700 萬美元，佔總銷售額的 14.6%，而上年同期為 2,800 萬美元，佔 15%。現在回到我們 2025 年第一季的合併財務表現。

As disclosed in our earnings release, GAAP net income for the company in the quarter was $44 million as compared to $26 million for the first quarter of 2024. Our interest expense declined from $23.6 million in the first quarter of 2024 to $17.1 million in the current year period as a result of lower outstanding borrowings and lower interest rates relative to prior year. GAAP income taxes during the current year fourth quarter were $14.2 million, or an effective tax rate of 24.3%, as compared to $12 million or an effective tax rate of 31.2% for the prior year.

正如我們的收益報告中所揭露的，該公司本季的 GAAP 淨收入為 4,400 萬美元，而 2024 年第一季為 2,600 萬美元。由於未償還借款減少且利率與前一年相比下降，我們的利息支出從 2024 年第一季的 2,360 萬美元下降至本年度的 1,710 萬美元。本年度第四季的 GAAP 所得稅為 1,420 萬美元，有效稅率為 24.3%，去年同期的 GAAP 所得稅為 1,200 萬美元，有效稅率為 31.2%。

The decrease in effective tax rate was primarily driven by certain unfavorable discrete tax items in the prior year period that did not repeat in the current year. Diluted net income per share for the company on a GAAP basis was $0.73 in the first quarter of 2025 compared to $0.39 in the prior year.

有效稅率的下降主要是由於去年同期某些不利的單獨稅項在本年度沒有重複出現。2025 年第一季度，該公司以 GAAP 計算的每股攤薄淨收益為 0.73 美元，去年同期為 0.39 美元。

Adjusted net income for the company, as defined in our earnings release, was $75 million in the current year quarter or $1.26 per share. This compares to adjusted net income of $53 million in the prior year or $0.88 per share.

根據我們的收益報告定義，該公司本季的調整後淨收入為 7,500 萬美元，即每股 1.26 美元。相比之下，去年調整後的淨收入為 5,300 萬美元，即每股 0.88 美元。

Cash flow from operations was $58 million as compared to $112 million in the prior year first quarter, and free cash flow, as defined in our earnings release, was $27 million as compared to $85 million in the same quarter last year.

經營現金流為 5,800 萬美元，而去年同期第一季為 1.12 億美元；自由現金流（定義見收益報告）為 2,700 萬美元，去年同期為 8,500 萬美元。

The change in free cash flow was primarily driven by an increase in working capital during the current year quarter, which included the replenishment of home standby and portable generator finished goods inventories, partially offset by higher operating earnings.

自由現金流的變化主要由於本季營運資本的增加，包括家庭備用和便攜式發電機成品庫存的補充，但營業利潤的增加部分抵消了這一變化。

Total debt outstanding at the end of the quarter was $1.3 billion, resulting in a gross debt leverage ratio at the end of the first quarter of 1.6 times on an as-reported basis, which is within our targeted gross debt leverage range of 1 to 2 times adjusted EBITDA.

本季末未償還債務總額為 13 億美元，導致第一季末的總債務槓桿率為 1.6 倍（按報告計算），這在我們設定的目標總債務槓桿率範圍內，即調整後 EBITDA 的 1 至 2 倍。

Additionally, we opportunistically repurchased approximately 717,000 shares of our common stock during the quarter for $97 million. There is still $250 million remaining on our current share repurchase authorization as of the end of the first quarter.

此外，我們在本季趁機回購了約 71.7 萬股普通股，回購金額達 9,700 萬美元。截至第一季末，我們目前的股票回購授權仍剩餘 2.5 億美元。

Moving forward, we will continue to operate within our disciplined and balanced capital allocation framework as we evaluate future shareholder value-enhancing opportunities over the long-term. With that, I will now provide further comments on our updated outlook for 2025.

展望未來，我們將繼續在嚴謹、均衡的資本配置架構中運作，同時評估未來長期股東價值提升機會。因此，我現在將對我們更新後的 2025 年展望提供進一步的評論。

As disclosed in our press release this morning, we are updating our outlook to reflect a broader range of potential outcomes for our business, resulting from higher tariff levels, uncertain government policy actions and their related impact on the markets that we serve.

正如我們今天早上的新聞稿中所揭露的，我們正在更新我們的展望，以反映我們業務可能產生的更廣泛的結果，這些結果源於更高的關稅水平、不確定的政府政策行動及其對我們所服務市場的相關影響。

While we are maintaining the high end of our guidance ranges for net sales growth and adjusted EBITDA margin, we are reducing the lower end of these ranges to consider the potential impact of a softer economic environment. This guidance includes the following important assumptions.

雖然我們維持淨銷售額成長和調整後 EBITDA 利潤率的指導範圍的高端，但我們正在降低這些範圍的低端，以考慮疲軟經濟環境的潛在影響。本指南包括以下重要假設。

We are assuming that current tariff levels that are in effect today stay in place for the remainder of the year. This includes 145% tariff level for China, 10% reciprocal tariffs for all the countries and the USMCA still qualifies. In addition, we're assuming that government policy around clean energy remains materially intact during the year.

我們假設目前有效的關稅水準將在今年剩餘時間內保持不變。其中包括對中國徵收 145% 的關稅，對所有國家徵收 10% 的互惠關稅，並且 USMCA 仍然符合資格。此外，我們假設政府在清潔能源方面的政策在今年基本上保持不變。

This would include sustaining the investment tax credit as part of the Inflation Reduction Act as well as continued federal support of our Department of Energy program in Puerto Rico. We're also assuming interest rates continue to remain at elevated levels, resulting in more cautious consumer spending trends through the year, but not falling into recessionary conditions during 2025.

這將包括維持《通貨膨脹削減法案》中的投資稅收抵免，以及繼續由聯邦政府支持波多黎各的能源部計畫。我們也假設利率持續維持在高位，導致全年消費者支出趨勢更加謹慎，但在 2025 年不會陷入衰退。

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

最後，與我們的歷史方法一致，該展望假設一年中的停電活動水平與長期基線平均值一致，並且不假設一年中發生重大停電事件（例如登陸的大型颶風或大型冬季風暴）的好處。

Considering these factors, we now expect the consolidated net sales for the full year to increase between 0% to 7% compared to the prior year, which includes an approximate 1% favorable impact from the combination of foreign currency and acquisitions.

考慮到這些因素，我們現在預計全年綜合淨銷售額將比上年增長 0% 至 7%，其中包括外匯和收購帶來的約 1% 的有利影響。

This compares to our previous guidance of 3% to 7% net sales growth over the prior year, as we expect tariff-related price increases to potentially be more than offset by lower shipment volumes. Specifically for the second quarter, we project net sales growth in the low single-digit range, driven by modest year-over-year growth in residential product sales and approximately flat C&I product sales as compared to the prior year. This results in a second-half sales weighting of nearly 56% of full-year sales and is expected to be more level loaded throughout the third and fourth quarters.

相比之下，我們之前預計淨銷售額將比上年增長 3% 至 7%，因為我們預計與關稅相關的價格上漲可能會被出貨量下降所抵消。具體來說，對於第二季度，我們預計淨銷售額成長率將在低個位數範圍內，這得益於住宅產品銷售額同比溫和成長以及工商業產品銷售額與上年基本持平。這使得下半年的銷售額佔全年銷售額的近 56%，預計第三季和第四季的銷售額將更加均衡。

Looking at our updated gross margin expectations for the full-year 2025, we now expect gross margin percent to be approximately flat with full-year 2024 levels in the 39% range. This is only a slight decline from our prior expectation for gross margin percent to approach 40% for the full-year 2025.

根據我們對 2025 年全年毛利率的最新預期，我們現在預計毛利率百分比將與 2024 年全年水準大致持平，在 39% 左右。這與我們之前預期的 2025 年全年毛利率接近 40% 相比僅略有下降。

Given the incremental macroeconomic uncertainty, we are also proactively addressing potentially lower shipment volumes with targeted operating expense reductions relative to our prior forecast. These broad-based actions are expected to hold our full-year 2025 operating expenses as a percentage of net sales, approximately in line with previous expectations.

鑑於宏觀經濟不確定性的增加，我們也將積極應對潛在的出貨量下降問題，並有針對性地削減相對於我們先前預測的營運費用。這些廣泛的行動預計將使我們 2025 年全年的營運費用佔淨銷售額的百分比與先前的預期大致一致。

Turning to our adjusted EBITDA margin expectations for the full-year 2025, we have widened our guidance range to approximately 17% to 19% compared to our previous guidance range of 18% to 19%, primarily due to the unfavorable impact of reduced operating leverage on potentially lower shipment volumes.

談到我們對 2025 年全年調整後 EBITDA 利潤率的預期，我們已將指導範圍從先前的 18% 至 19% 擴大至約 17% 至 19%，這主要是由於經營槓桿降低對潛在的出貨量下降產生的不利影響。

Importantly, the estimated impact of higher tariffs is expected to be fully offset by pricing actions and supply chain initiatives. Specifically for the second quarter, we expect adjusted EBITDA margins to decline slightly compared to the first-quarter 2025 run rate, before sequentially improving to nearly 20% for the second half of the year, given the projected significant operating expense leverage on seasonally higher sales volumes.

重要的是，預計提高關稅的影響將被定價行動和供應鏈措施完全抵消。具體來說，對於第二季度，我們預計調整後的 EBITDA 利潤率將與 2025 年第一季的運行率相比略有下降，然後由於預計季節性銷售量增加將帶來顯著的營運費用槓桿作用，因此下半年的利潤率將環比提高至近 20%。

As is our normal practice, we're 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. For 2025, our GAAP effective tax rate is now expected to be between 24.5% to 25%, a slight increase from our prior guidance of 24% to 24.5%.

按照我們的慣例，我們還將提供額外的指導細節，以協助模擬 2025 年全年的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反映稅後淨額。到 2025 年，我們預計 GAAP 有效稅率將在 24.5% 至 25% 之間，略高於我們先前預測的 24% 至 24.5%。

We continue to expect interest expense to be approximately $74 million to $78 million for the full-year 2025, 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 and the full-year impact of lower SOFR interest rates.

假設 2025 年全年沒有額外的定期貸款本金預付，我們繼續預期全年利息支出約為 7,400 萬至 7,800 萬美元。由於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 still projected to be approximately 3% of our forecasted net sales for the year, in line with our historical levels as we continue to invest in incremental capacity and execute other projects to support future growth expectations.

我們的資本支出仍預計佔全年預測淨銷售額的約 3%，與我們的歷史水平一致，因為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。

Depreciation expense is now forecast to be approximately $90 million in 2025, and GAAP intangible amortization expense in 2025 is now expected to be approximately $100 million during the year. Stock compensation expense is still expected to be between $53 million to $57 million for the year.

目前預計 2025 年的折舊費用約為 9,000 萬美元，而 2025 年的 GAAP 無形資產攤銷費用預計約為 1 億美元。預計全年股票薪酬支出仍將在 5,300 萬美元至 5,700 萬美元之間。

Operating and free cash flow generation is expected to be disproportionately weighted toward the second half of the year in 2025. As we expect to replenish home standby and portable finished good inventory levels during the first half of 2025.

預計 2025 年下半年的營業現金流和自由現金流產生將佔比較大。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 70% to 90%. This is a wider range compared to our previous guidance of 80% to 90%, due to a projected larger use of cash for inventory as a result of higher tariffs 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 70% 至 90% 之間。與我們先前預測的 80% 至 90% 相比，這一範圍更為廣泛，因為預計今年關稅上調將導致庫存現金使用量增加。

As a result of our first-quarter share repurchases, our full-year weighted average diluted share count is now expected to decrease modestly to approximately 59.5 million shares as compared to 60.3 million shares in 2024. Finally, this 2025 outlook does not reflect potential additional acquisitions, or share repurchases that could drive incremental shareholder value during the year.

由於我們第一季的股票回購，我們預計全年加權平均稀釋股數將小幅下降至約 5,950 萬股，而 2024 年為 6,030 萬股。最後，2025 年的展望並未反映出可能在當年推動股東價值成長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，我們想開始提問。

(Operator Instructions) Tommy Moll, Stephens Inc.

（操作員指示）Tommy Moll，Stephens Inc.

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

Hi, Tommy.

你好，湯米。

Aaron, I wanted to ask about the new product launches in C&I for the data center end market. You put out a press release earlier this month with a lot of product details. So my question is really in two parts. One, just if there's anything on the product design, you want to make sure to highlight for us. And then relatedly, you mentioned the ability to service installed base one day with the nationwide service network.

Aaron，我想詢問一下針對資料中心終端市場的 C&I 新產品的發布情況。您本月早些時候發布了一份新聞稿，其中包含大量產品細節。所以我的問題其實分為兩部分。首先，如果產品設計方面有什麼問題，請務必向我們重點介紹。然後相關地，您提到了有一天利用全國服務網路為已安裝的基礎提供服務的能力。

I just want to make sure the go-to-market here is perhaps similar to your telco sales. So a direct sale, but then leveraging the service and aftermarket through your dealers, if that's an incorrect understanding, please let me know. Thank you.

我只是想確保這裡的市場進入可能與您的電信銷售類似。因此，直接銷售，然後透過經銷商利用服務和售後市場，如果這是錯誤的理解，請告訴我。謝謝。

Yeah. Thanks, Tommy. So yes, super excited about our data center product line, our large megawatt diesel lineup. Data centers, obviously, are prime target. Also though our existing customers, as we've talked before, kind of the existing end markets we serve from municipalities to manufacturing, distribution, health care they all require larger blocks of backup power as well.

是的。謝謝，湯米。所以是的，我對我們的資料中心產品線、大兆瓦柴油產品線感到非常興奮。顯然，資料中心是主要目標。另外，正如我們之前談到的，儘管我們現有的客戶，我們服務的現有終端市場從市政當局到製造業、分銷業、醫療保健業，他們都需要更大的備用電源。

So we feel like that's a part of the market that we haven't served historically. So we're going to be able to do that. As it relates to data centers to take the second question first, Tommy, with data centers, the comment about the nationwide service network, your assumption is exactly correct. We're going to ride on the back of what we've built for direct sales to our telecommunications customers primarily. That's a network we've built over the last 40 years.

因此，我們覺得這是我們歷史上尚未服務過的市場部分。所以我們將能夠做到這一點。因為它與資料中心有關，首先回答第二個問題，Tommy，關於資料中心，關於全國服務網路的評論，你的假設是完全正確的。我們將主要依靠我們已建立的直接面向電信客戶的銷售網路。這是我們在過去 40 年建立的網路。

It's a combination of technicians with our industrial distributor customers as well as our own IDCs, our owned company stores. And so with that asset, we're going to be able to leverage that to serve on a coast-to-coast basis, the direct sales of data center products.

它是技術人員與我們的工業分銷商客戶以及我們自己的 IDC（我們自己的公司商店）的結合。因此，憑藉這項資產，我們將能夠利用它在全國範圍內提供資料中心產品的直接銷售服務。

Now outside of that, for other applications outside of data centers for those larger products, we'll service those products in a similar fashion to the way we take care of products that we sell through those other applications, which is primarily through our industrial distributor channel. They generally do that. We will occasionally jump in if we need to.

除此之外，對於資料中心以外的大型產品的其他應用，我們將以類似於我們透過其他應用程式銷售的產品的方式為這些產品提供服務，這主要是透過我們的工業分銷商管道。他們通常都會這麼做。如果需要的話，我們偶爾也會介入。

It's not unusual for us to -- we've got great resources here even in Waukesha, Wisconsin. We can put somebody on a plane, and they can be anywhere in the US in less than four hours and be on the ground to get something up and running if there's a problem or to assist a customer or an end operator or a distributor with that.

這對我們來說並不罕見——即使在威斯康辛州沃基肖，我們也擁有豐富的資源。我們可以將人員派上飛機，他們可以在不到四個小時的時間內到達美國的任何地方，並在出現問題時在地面上啟動和運行設備，或者協助客戶或最終運營商或分銷商解決問題。

As far as the product itself is concerned, I think what I would call out, we made a little bit of a reference to it in our prepared remarks. But one of the hallmarks that we have as a company here in our C&I product space is our ability to customize.

就產品本身而言，我想說的是，我們在準備好的發言中對此做了一些提及。但我們公司在 C&I 產品領域的一個特點是我們具有客製化能力。

That is something that we brought to the market and really differentiates Generac. I think there's -- in our business, there's a couple of different models that are deployed. We are a true genset manufacturer here. Others might just be assemblers and even others might be building a base product and then sending it out to distribution partners or third parties to do that customization. We prefer to do a lot of that customization in-house, both to control the quality and the cost and to control the lead times that are associated with that.

這是我們帶入市場並真正使 Generac 與眾不同的產品。我認為——在我們的業務中，部署了幾種不同的模型。我們是這裡真正的發電機組製造商。其他人可能只是組裝工，甚至其他人可能正在建立基礎產品，然後將其發送給分銷合作夥伴或第三方進行客製化。我們更願意在內部進行大量定制，以控製品質和成本以及控制與此相關的交貨時間。

And that's one of the things we think is an important differentiator here is that we're going to take that business model as we've deployed it on our broad C&I product line, we're going to extend that into these new products and offer these customers customizations that are done at the factory.

我們認為其中一個重要的區別是，我們將採用已在廣泛的 C&I 產品線上部署的商業模式，並將其擴展到這些新產品中，並為這些客戶提供在工廠完成的客製​​化服務。

From an engineering perspective and from a manufacturing perspective, sourcing perspective. Obviously, there are still pieces of this that will have to be done by third parties. Sometimes that can be a specific type of canopy or enclosure that's on the unit, those could be still done by third parties, but we're going to try and capture much more of that than the market currently serves today. And we think that will help differentiate us, coupled with the lower lead times, the shorter lead times as we've talked in the past.

從工程角度、製造角度和採購角度來看。顯然，其中有些部分仍需由第三方完成。有時這可能是設備上的特定類型的頂篷或外殼，這些仍可以由第三方完成，但我們將嘗試捕獲比目前市場提供的更多產品。我們認為這將有助於我們脫穎而出，再加上更短的交貨時間，就像我們過去談到的那樣。

Thank you. George Gianarikas, Canaccord Genuity.

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

Hi, good morning, everyone. Thank you for taking my question. (technical difficulty) I can appreciate the widening of the range and guidance given the macro uncertainty you have, just curious if you can share any anecdotes, any data as to what you may be seeing on (inaudible) today that maybe (inaudible) will see a softening in the business? Thank you.

大家好，早安。感謝您回答我的問題。（技術難題）考慮到您所面臨的宏觀不確定性，我可以理解您擴大範圍和指導，只是好奇您是否可以分享一些軼事、任何數據，說明您今天可能看到的（聽不清楚）可能（聽不清楚）業務會疲軟嗎？謝謝。

Yeah. Thanks, George. Great question. There's a lot of different ways that different companies are approaching guidance, right? I mean I think you guys have all seen a wide range of outcomes here with people, some companies preferring not to give guidance, others maybe giving multiple scenarios.

是的。謝謝，喬治。好問題。不同的公司採用多種不同的指導方式，對嗎？我的意思是，我想你們都看到了人們的各種各樣的結果，有些公司不願意給出指導，而其他公司可能會給出多種方案。

Look, multiple scenarios were not that smart. So we just decided -- look, we have our guidance, we know our -- we know what our business does when the economy slows down, and we know the impacts that can occur from -- as an example, higher prices, right?

瞧，多種場景都不是那麼智能。所以我們只是決定——看，我們有我們的指導，我們知道我們的——我們知道當經濟放緩時我們的業務會怎樣，我們知道可能產生的影響——例如，價格上漲，對吧？

There are some elasticity of demand that we are aware of in different categories based on history. So we tried to apply all of that, put our best foot forward with guidance. We didn't think that pulling guidance was the right approach either.

根據歷史經驗，我們了解到不同類別的需求存在一定彈性。因此，我們嘗試運用所有這些，並在指導下盡最大努力。我們也不認為拉動指導是正確的方法。

So we felt like giving just basically sharing everything we know. And so to your question, George, what we know is that higher prices tend to dampen demand. Overcoming that, though, we also know that outages matter more than anything in our business. So as we've said historically here, I think we hesitate to use terms like decouple or we're countercyclical when it comes to the economy. But when the power goes out, people reprioritize their spending.

因此，我們想分享我們所知道的一切。喬治，對於你的問題，我們知道的是，更高的價格往往會抑制需求。儘管克服了這個問題，但我們也知道，停電對我們的業務來說比任何事情都更重要。因此，正如我們過去所說的那樣，我認為在談到經濟時，我們不願意使用「脫鉤」或「逆週期」這樣的術語。但當停電時，人們就會重新調整支出的優先順序。

And we tend to see generator sales be very resilient in the face of any economic condition, good or bad, frankly. And so our assumptions, I think the big assumption that we've made here and make every time we do guidance is that the outage environment is going to be in line with the long-term average. Should the outage environment be lighter than that, we could underperform.

坦白說，我們傾向於看到發電機銷售在任何經濟狀況下都具有很強的彈性，無論是好是壞。因此，我們的假設，我認為我們在這裡做出的以及每次做指導時做出的重大假設是，停電環境將與長期平均水平一致。如果停電環境較輕，我們的表現可能會不佳。

Should it be greater than that, we could outperform maybe that's at the low end of the range or the higher end of the range. I think we chose to take the low end of the range down because primarily where we do see pricing and have history with elasticity of demand impact is in the consumer market.

如果這個數字大於這個數字，我們的表現可能會優於該範圍的低端或高端。我認為我們選擇降低價格範圍的低端，主要是因為我們確實看到定價並且需求彈性的歷史影響是在消費市場中。

So even though -- even if we were to maintain outages or hit that outage number and the long-term average, there are going to be some buyers who may fall out of the funnel, if prices go up. And we just know that.

因此，即使——即使我們維持停電或達到停電次數和長期平均值，如果價格上漲，還是會有一些買家可能退出市場。我們就是知道這一點。

And we try to reflect that, I think, in our guidance to the best of our ability. But time will tell. I mean, there's a tremendous amount of uncertainty right now around the overall economic environment, the consumer in particular.

我認為，我們會盡力在指導中反映這一點。但時間會證明一切。我的意思是，目前整體經濟環境，特別是消費者經濟環境，存在著巨大的不確定性。

But I think what we've seen on the ground and what you're hearing from others is the consumer is kind of hanging in there. I think Visa reported this morning. I think you're seeing consumer flows in terms of spending habits and things haven't really changed dramatically yet.

但我認為，根據我們在實地看到的情況以及你從其他人那裡聽到的情況，消費者還是在堅持購買。我認為 Visa 是今天早上報告的。我認為從消費習慣來看，消費者正在發生流動，但情況還沒有太大的改變。

But again, this is -- there's a lot of uncertainty, and we have to see what the next kind of 60 to 90 days brings. I think that will tell us a lot both in kind of the statistics that we all watch, but also kind of what happens with the current administration with some of the current trade policy efforts and the negotiations that are ongoing.

但同樣，這存在著許多不確定性，我們必須看看接下來的 60 到 90 天會發生什麼。我認為這不僅能告訴我們很多我們關注的統計數據，還能告訴我們現任政府目前的一些貿易政策努力和正在進行的談判的情況。

So we're all waiting eagerly to hear what's going to happen next. I think the good news is we're used to having to pivot. We called out our core -- one of our core values here at the company, which is agility. We're very proud of that agility. I think it underpins what we do here and being able to react to external stimuli that happen in demand as well as that things can happen on the supply side, and that's what we're reacting to today.

因此，我們都熱切地等待著聽到接下來會發生什麼。我認為好消息是我們已經習慣了轉變。我們提出了我們的核心——我們公司的核心價值之一，那就是敏捷性。我們對這種敏捷性感到非常自豪。我認為這是我們在這裡所做工作的基礎，能夠對需求方面發生的外部刺激以及供應方面發生的事情做出反應，這就是我們今天所要應對的。

Thank you. Mike Halloran, Robert W. Baird.

謝謝。麥克哈洛倫、羅伯特W貝爾德。

Hey, good morning, everyone.

嘿，大家早安。

Good morning Mike.

早上好，麥克。

So just kind of a follow-up on that, Aaron. I certainly understand the logic behind the broadening out of the range. I just want to understand the moving pieces. At the lower end of the range, it sounds like that is driven almost exclusively by demand generation -- demand degradation, and you still feel relatively comfortable having on an EBITDA dollar basis neutral from all the tariff impacts. Is that true or false, am I interpreting that correctly?

所以這只是對此的一個後續問題，Aaron。我當然理解擴大範圍背後的邏輯。我只是想了解其中的動態。在範圍的低端，聽起來這幾乎完全是由需求產生 - 需求下降所驅動的，並且您仍然感到相對舒服，因為 EBITDA 美元基礎不受所有關稅影響。這是真的還是假的？我的解釋正確嗎？

And then secondarily, can you just give some sort of framework for how much of your COGS are exposed, and any kind of regional sourcing dynamics you might have? Thank you, guys.

其次，您能否給出某種框架來說明您的 COGS 暴露了多少，以及您可能擁有的任何區域採購動態？謝謝你們。

Yeah. Thanks, Mike. So yes, the low end of the range, I mean, what we want to do there, it's to reflect the potential impacts by the way, to the consumer, right? So I mean, obviously, if you look at the midpoint of the guide, it does come down 150 basis points from the previous guidance. And that is, to your point, reflective of -- in our assumption is reflective of a softer consumer environment.

是的。謝謝，麥克。所以是的，在這個範圍的低端，我的意思是，我們想要做的就是順便反映對消費者的潛在影響，對嗎？所以我的意思是，顯然，如果你看一下指南的中點，它確實比之前的指南下降了 150 個基點。正如您所說，這反映了—我們的假設反映了更為疲軟的消費環境。

That demand destruction, if you want to call it that, being offset by pricing as well, higher pricing. And all of that going to offset on a dollar-for-dollar basis, those pricing impacts to offset the tariff impacts. And to give you just -- I mean, a little bit of color, we called out $125 million of potential impact here in the second half given no mitigation efforts and the tariffs being exactly where they are today. That's what the second half would bring us to $125 million. From -- just from a supply chain standpoint, we source about -- so roughly 70% to 80% of our COGS is materials.

如果你願意這樣稱呼的話，這種需求破壞也會被定價（更高的定價）所抵銷。所有這些都將以一比一的方式抵消定價的影響，從而抵消關稅的影響。為了給您一些信息，我的意思是，考慮到沒有採取任何緩解措施並且關稅與現在的水平完全相同，我們預計下半年將產生 1.25 億美元的潛在影響。這意味著下半年我們的營收將達到 1.25 億美元。從供應鏈的角度來看，我們的 COGS 大約有 70% 到 80% 是材料。

We source about 50% of those materials are sourced in the US or in North America, the other 50% outside of North America. And outside -- when you look at kind of as a percentage of our total material purchases, this it's really spread out. I mean it was like an incredibly global supply chain. We buy a lot from Europe.

我們購買的材料中約有 50% 來自美國或北美，另外 50% 來自北美以外。而在外部——當您將其視為我們總材料採購量的百分比時，它確實分散了。我的意思是它就像一個令人難以置信的全球供應鏈。我們從歐洲購買了很多東西。

We buy a lot obviously from Asia as do a lot of other companies, the China exposure specifically is less than 10% of our material purchases on an annual basis. And frankly, that's been cut in half from where it was five years ago.

顯然，我們和許多其他公司一樣，從亞洲採購大量產品，但中國市場每年的採購量不到我們材料採購量的 10%。坦白說，與五年前相比，這一數字已經減少了一半。

When we went through COVID and the first round of tariffs, we've been working very hard to further diversify our supply chain. In fact, with our new product offering in home standby, we're kind of taking the next leg of diversification of the supply chain, moving away from some of those countries that have higher tariff. And really, we're on our road map to move away from anyway.

當我們經歷新冠疫情和第一輪關稅時，我們一直在努力進一步實現供應鏈多元化。事實上，隨著我們推出家用待機新產品，我們正在邁出供應鏈多樣化的下一步，遠離一些關稅較高的國家。事實上，無論如何，我們都在按照自己的路線圖走下去。

So they'll come down even further. We think that, that could be half again that less than 10% could be something even half again from that number in the next 12 to 18 months as we launch our new products, and we get the supply chain oriented around further diversification. So we feel like we're in a good position here. We just have to be very blunt, 145% is a big number for tariffs, right? And so absorbing that is really difficult, and we have to pass that along in price.

因此它們會進一步下降。我們認為，隨著我們推出新產品，並使供應鏈進一步多樣化，在未來 12 到 18 個月內，這個數字可能會再增加一半，即不到 10%，甚至可能再增加一半。所以我們覺得我們現在處於有利地位。我們必須直言不諱，145% 的關稅是一個很大的數字，對吧？因此吸收這些影響確實非常困難，我們必須透過價格來轉嫁這些影響。

Now if that doesn't persist here if something changes in the next 30 to 60 days, we can still react to that. Because we have a new product line coming, we're going to reset pricing anyway on that new product line in the second half of the year.

現在，如果這種情況不會持續下去，如果未來 30 到 60 天內情況發生變化，我們仍然可以對此做出反應。因為我們即將推出一條新的產品線，所以我們無論如何都會在今年下半年重新設定該新產品線的定價。

So we've got some time -- and if you look at our balance sheet right now, you see a little bit more inventory on our balance sheet at the end of Q1 because we're building ahead of that transition. So sometimes better to be lucky than smart, right? I mean, we were building because of this transition, but in effect, a lot of that inventory is not at these tariff levels.

所以我們還有一些時間——如果你現在看一下我們的資產負債表，你會發現第一季末我們的資產負債表上的庫存會稍微多一些，因為我們正在為這一轉變做準備。所以有時候運氣比聰明重要，對嗎？我的意思是，我們因為這種轉變而進行建設，但實際上，許多庫存並不在這些關稅水準上。

So -- and also, as we called out, just as another note to that, in our clean energy business with storage, we have a lot of inventory left over in that market as well. So we don't believe we're going to have any tariff impact to those products in 2025. It's really some on the consumer side and then on the C&I side, and that's what we're focused on mitigating that, and we're pedaling hard to do that.

所以 — — 而且，正如我們所提到的，在我們的清潔能源儲存業務中，我們在該市場也剩餘了大量庫存。因此，我們認為 2025 年這些產品不會受到任何關稅影響。這確實發生在消費者方面，然後是商業和工業方面，這就是我們致力於緩解這種情況的原因，我們正在努力做到這一點。

Thank you. Jeff Hammond, KeyBanc Capital Markets Inc.

謝謝。哈蒙德（Jeff Hammond），KeyBanc Capital Markets Inc.

Hey, good morning guys.

嘿，大家早安。

Hey, Jeff.

嘿，傑夫。

So your 1Q to 2Q cadence is a little bit different than normal. I'm just wondering what, if any, you saw of kind of pull forward sell-in versus sell-through kind of getting ahead of price increases with your channel partners? And then just in general, our IHCs afterglow trending in the markets where you saw storms kind of relative to history? Thanks.

因此，您的 1Q 到 2Q 節奏與正常情況略有不同。我只是想知道，您是否看到了某種形式的提前銷售與銷售，以便與通路合作夥伴一起領先於價格上漲？那麼，整體而言，我們的 IHC 在市場中呈現出相對於歷史而言的風暴餘輝趨勢嗎？謝謝。

Yeah, you want to take a pacing, and then I'll (multiple speakers)

是的，你想走走，然後我會（多位發言者）

Yeah. In terms of the pull-forward question, yes, we did have a good quarter lost in all of this Q1 was a very good quarter. I would say there was only a small amount, probably that was pulled forward to get ahead of the price increases that we're launching on home standby maybe $20 million roughly. So it's a relatively small number on the pull-forward side.

是的。就前瞻問題而言，是的，我們確實度過了一個不錯的季度，在這一切中，第一季是一個非常好的季度。我想說只有一小部分，可能是為了趕在家庭備用電源價格上漲之前提前籌集的，大約 2000 萬美元。因此，從前拉角度來看，這是一個相對較小的數字。

Yeah. And I would just say a commentary on the IHC kind of afterglow, Jeff, to your question, it's interesting. I mean, this is a business where you see outages or have seen outages. You'll see strength in a lot of the metrics and where outages haven't happened for a while, you won't. And so if you just kind of parse apart of our 1Q IHC numbers, what we -- outage IHCs remain very strong, like in the Southeast, coming out of the strong second half of last year with the outage environment.

是的。傑夫，我只想針對你的問題對 IHC 的餘輝做出評論，這很有趣。我的意思是，這是一個你會看到或曾經看到停電的行業。您將看到許多指標的強勁表現，如果一段時間內沒有發生中斷，您就不會再發生中斷。因此，如果您只是分析我們第一季的 IHC 數字，您會發現——停電 IHC 仍然非常強勁，例如在東南部，去年下半年停電環境強勁。

And then the Western regions with what we saw in California with the wildfires, even though in our prepared remarks, we talked about that, California represents still a pretty immature market for us relative to other markets. In terms of -- a lot of outage hours, but we didn't get a ton of IHCs, it grew dramatically, but it kind of underperformed where we would expect a mature market to perform with that many outage hours, but that's really because it's still developing, right?

然後是西部地區，我們看到加州發生了野火，儘管我們在準備好的演講中談到了這一點，但與其他市場相比，加州對我們來說仍然是一個相當不成熟的市場。就停電時間而言，雖然有很多小時，但我們沒有獲得大量的 IHC，它增長迅速，但表現不如我們預期的成熟市場在停電時間如此之多的情況下的表現，但這確實是因為它仍在發展中，對吧？

We're less than 2% penetrated there. We're growing, it's double where it was five years ago, but it still represents a great opportunity for us, but just not the same level of intensity, if you will, of IHCs per outage hour there, and we kind of called that out. But the trends are -- and then kind of on the off side of that equation.

我們的滲透率還不到2%。我們正在發展，是五年前的兩倍，但這對我們來說仍然是一個巨大的機遇，但只是強度水平不一樣，如果你願意的話，那裡每次停電小時的 IHC 強度是不一樣的，我們已經提到了這一點。但趨勢是——然後有點偏離了那個等式。

The Northeast, Canada, we didn't have a lot of outage events, winter outage events this year kind of in Q4 and Q1 and that -- we have lower IHC. So I think we're seeing good afterglow in those markets that struggled with outages last year, second half of last year as well as what we saw in Q1. And in the areas that didn't -- we kind of got what we would expect there, which is lower IHCs year over year.

加拿大東北部沒有發生太多停電事件，今年冬季停電事件主要發生在第四季度和第一季度，而且我們的 IHC 較低。因此，我認為，我們在去年、去年下半年以及第一季遭遇停電困擾的市場中看到了良好的餘輝。而在那些沒有出現這種情況的地區，我們得到了我們所預期的結果，即 IHC 數量逐年下降。

Brian Drab, William Blair & Co.

布萊恩·德拉布（Brian Drab），威廉·布萊爾公司

Hey, good morning. Thanks for taking my question. I was wondering if we could -- morning, talking about the impact, more specifically of the assumption that the China tariff remains at 145%. Can you give us any granularity on what percentage of COGS is currently materials so we can kind of -- I know you said material sales -- materials input from China is under 10%, but it still seems like there could be a really big number that I'm just trying to figure out what happens to your guidance if we reverse this situation with China or mitigated significantly?

嘿，早安。感謝您回答我的問題。我想知道我們是否可以——早上討論一下其影響，更具體地說，假設中國關稅保持在 145% 的影響。您能否詳細說明一下目前材料的銷售成本佔 COGS 的百分比，以便我們可以 - 我知道您說過材料銷售 - 來自中國的材料投入低於 10%，但似乎仍然可能是一個非常大的數字，我只是想弄清楚如果我們扭轉與中國的這種情況或顯著緩解，您的指導會發生什麼？

Yes, sure. I would say that the $125 million, about two-thirds of that is really China related. So I mean you can do the math on that, whatever -- I don't have a calculate in front of me, but whatever that is --

是的，當然。我想說，這 1.25 億美元中約有三分之二確實與中國有關。所以我的意思是你可以算一下，不管怎樣——我面前沒有計算，但不管那是什麼--

If it goes to 50 you can do the math --

如果達到 50，你可以算一下--

It's $80 million, $87 million, whatever that is. If it goes to 50%, then you can impute the impact that, that would have, not only in the second half of the year, but obviously, whatever 2026 models you might be looking at as well, Brian.

可能是 8000 萬美元，也可能是 8700 萬美元，不管是多少。如果這一比例上升到 50%，那麼你就可以推斷這不僅會對下半年產生影響，而且顯然也會對你可能正在考慮的 2026 年車型產生影響，布萊恩。

But -- but yes, I mean, look, again, China continues to be a smaller part of our supply chain overall and has -- that's been a trend we've been on for some time now and continue to work at. I think the decoupling of these two economies is clearly underway has been probably underway for some time. It's just being accelerated today with these current -- with the current set of trade policy things in force.

但是——但是是的，我的意思是，再說一次，中國在我們的整個供應鏈中所佔的比例仍然較小，而且——這種趨勢我們已經持續了一段時間，並且我們會繼續努力。我認為這兩個經濟體的脫鉤顯然正在進行中，而且可能已經持續了一段時間。如今，隨著現行貿易政策的實施，這一進程正在加速。

And if those change, if there's some kind of grand bargain that's struck here between the two countries, we'll watch that closely because obviously, what we don't want to do, and I think what other companies probably are trying to avoid as well is you don't want to -- we're trying to avoid passing along the full impact of that to the market if we don't need to, right?

如果這些發生變化，如果兩國之間達成了某種重大協議，我們將密切關注，因為顯然，我們不想這樣做，而且我認為其他公司可能也在試圖避免這樣做——我們不想——如果沒有必要，我們會試圖避免將這一切的影響全部轉嫁給市場，對嗎？

If there's going to be some change or certainly trying to reflect the future changes are going to continue to happen in the supply chain. We want to reflect that and how we think about -- we want to be thoughtful in how we think about pricing to the market, right?

如果要發生一些變化或肯定試圖反映未來的變化將會繼續發生在供應鏈中。我們希望反映這一點以及我們如何思考——我們希望深思熟慮地考慮如何根據市場定價，對嗎？

We don't want to just -- because again, increasing the prices is going to put pressure on demand. Even though outages ultimately are the biggest things that matter, you're still going to see people fall out of the funnel around the edges with higher price. That's just part of what the math is when you look at elasticity demand around this category.

我們不想只是——因為再次提高價格將對需求造成壓力。儘管停電最終是最重要的事情，但你仍然會看到人們因為價格上漲而從邊緣掉落。當您查看此類別的彈性需求時，這只是數學計算的一部分。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yeah, hi, good morning, Aaron. Aaron, York, we've seen just continued really good category interest into April. And I'm wondering if you could just talk about what kind of conversion rates, you're seeing between IHC into orders. I'm thinking of the chart you shared at the Analyst Day, are we closing back to where we were in the last cycle on that category given the high level of interest in IHCs through April.

是的，嗨，早安，Aaron。亞倫、約克，我們看到 4 月的類別興趣持續保持良好。我想知道您是否可以談談 IHC 與訂單之間的轉換率。我正在考慮您在分析師日分享的圖表，鑑於 4 月份人們對 IHC 的興趣很高，我們是否正在回到上一個週期該類別的水平。

Yes. Thanks, Jerry. Actually, close rates, we kind of saw pressure in Q4. The back half of last year really is -- and this happens historically when you get big demand events like we saw in the second half of the year, that tends to kind of swamp the boat in terms of our capacity with sales and installation bandwidth. And then we fill in behind that with new distribution, we increased awareness in markets like California, like I was speaking to that are a little bit more mature and then close rates recover over time.

是的。謝謝，傑瑞。實際上，就收盤利率而言，我們在第四季度看到了壓力。去年下半年確實如此——從歷史上看，當你遇到像我們在下半年看到的巨大需求事件時，這種情況往往會使我們的銷售和安裝頻寬容量陷入困境。然後我們用新的分銷管道來填補這一空白，我們提高了對加州等市場的認知度，就像我所說的那樣，這些市場更加成熟，然後收盤率會隨著時間的推移而恢復。

So it's a cycle that's been repeated --

所以這是一個不斷重複的循環--

12 months --

12個月--

Yeah, you have to look at kind of the maturity of the close rate over time. Looking at it at a point in time is I think it's only representative of maybe what you've seen -- just over 90 days as opposed to looking over a longer period of time.

是的，你必須觀察一段時間內收盤利率的成熟度。從某個時間點來看，我認為它僅代表你所看到的情況——僅僅超過 90 天，而不是更長的時間段。

Some people just take longer to make that decision. And sometimes they need a promotion, or they need an extra level of engagement with our teams or our dealer teams to get them over the -- off the fence in terms of buying. So we saw pressure on close rates again here in Q1.

有些人只是需要更長的時間來做決定。有時他們需要促銷，或需要與我們的團隊或經銷商團隊進行額外的互動，以幫助他們下定購買決心。因此，我們在第一季再次看到收盤利率面臨壓力。

It's moderated from the decline rate that we saw in the second half of the year, but we should start to see and have modeled a recovery of that for the balance of the year, again, consistent with what we would see historically. But those rates were under pressure in the second half of the year, last year and remain so here in Q1.

與今年下半年的下降速度相比，這一速度有所緩和，但我們應該開始看到並模擬今年剩餘時間的復甦，這與我們歷史上看到的情況一致。但去年下半年這些利率面臨壓力，今年第一季依然如此。

As expected.

正如預期的那樣。

As expected. Yes. It wasn't anything worse than expected.

正如預期的那樣。是的。事情並沒有比想像的更糟。

Thank you. Mark Strouse, JPMorgan.

謝謝。摩根大通的馬克‧斯特勞斯。

Hey, good morning, guys, thanks for taking our questions. I apologize, I'm going to ask you to go down another rabbit hole here with kind of scenario analysis. But just thinking about the indirect impact of tariffs and specific to steel prices, which are up 35%, 40%-ish.

嘿，大家早安，感謝你們回答我們的問題。我很抱歉，我將要求您透過某種情境分析來深入探討這個問題。但僅考慮關稅的間接影響以及對鋼鐵價格的具體影響，鋼鐵價格上漲了 35% 至 40% 左右。

I'm assuming your 2025 guide is buffered somewhat by your hedges. But assuming tariffs stay in place and steel prices remain elevated once those hedges expire. Can you just kind of talk about how we should think about that in terms of either margin impact or the pricing reaction that might be needed in order to offset it? Thank you.

我假設您的 2025 年指南會受到您的對沖的一定程度的緩衝。但假設關稅保持不變，一旦這些對沖到期，鋼鐵價格仍將保持在高位。您能否談談我們應該如何從利潤影響或可能需要的定價反應來考慮這個問題，以抵消它？謝謝。

Yeah. Thanks, Mark. Yes. So I mean, we buy -- obviously, our biggest inputs are steel, aluminum and copper. Those are the three big ones. And to your -- I think to the point of your question, we saw some pressure there even if we have metals that weren't impacted directly by tariffs, the indirect effect of tariffs is that it gives steel producers, and the mills and other fabricators gives them great air cover for increased pricing in some cases or just the market just is taking those prices higher. To your point, we have reflected that in our guidance here at the current level. So should they go higher? Could it be a headwind? We do have some hedges on some of those metals, but not dramatically so.

是的。謝謝，馬克。是的。所以我的意思是，我們購買——顯然，我們最大的投入是鋼鐵、鋁和銅。這就是三大問題。對於您的問題，我認為我們看到了一些壓力，即使我們的金屬沒有受到關稅的直接影響，關稅的間接影響是它為鋼鐵生產商、鋼廠和其他製造商提供了很好的空中掩護，在某些情況下可以提高價格，或者只是市場在推高這些價格。對於您的觀點，我們已經在當前水準的指導中反映了這一點。那麼他們應該走得更高嗎？這可能是逆風嗎？我們確實對某些金屬進行了一些對沖，但程度並不大。

It's pretty small. And so I would just say that we react historically, the way we reacted with that is more price, but we do have other levers to pull. We've referred to it a few times in the past. We have an ongoing product enhancement, our profitability enhancement program, we call it PEP here. It's a cost-out program that's kind of institutionalized in our business.

它非常小。因此，我只想說，我們從歷史上對此作出反應，我們的反應方式是提高價格，但我們確實還有其他槓桿可以利用。我們過去曾多次提到這一點。我們有一個持續的產品改進計劃，我們的盈利能力增強計劃，我們在這裡稱之為 PEP。這是我們業務中製度化的成本削減計劃。

And we really use that to help us offset a lot of inflationary -- to kind of typical inflationary pressures. I wouldn't call a tariff-related things typical by any means. But I think some of the metals things, maybe you could argue they're atypical. But -- then again, you look historically where some of those metals' prices are at, and they're not up kind of the heights that they hit after -- when COVID hit, they are elevated. But we'll watch them.

我們確實利用它來幫助我們抵消許多通貨膨脹——典型的通貨膨脹壓力。無論如何，我不會將與關稅相關的事情稱為典型的事情。但我認為有些金屬的東西，也許你可以說它們是非典型的。但是 — — 再說一次，從歷史上看，某些金屬的價格並沒有達到新冠疫情爆發後達到的高度，當時價格上漲了。但我們會關注他們。

I think some of that is going to be offset by I was calling out. We're seeing shipping rates drop dramatically, right? So container rates, sailing rates from Asia to the US are down, they're in half from what they were even 30 days ago and falling hard. And I think everybody has seen the reports of just the number of sailings that are -- they're down 25%, 30%, 35% over the last four, six weeks.

我認為其中一些將會被我所呼籲所抵消。我們看到運費大幅下降，對嗎？因此，從亞洲到美國的貨櫃運費和航行運費都在下降，與 30 天前相比下降了一半，而且下降幅度很大。我想大家都看到了有關航行次數的報告——過去四到六週內，航行次數下降了 25%、30%、35%。

And that is opening up, I think, some opportunities there to reduce our logistics cost. So maybe there will be an offset to some of that. So there's always moving pieces with those inputs. But I would tell you that we've reflected everything in the guide today that we know, and we would respond accordingly with additional cost outs or pricing should those inputs go even higher in the future.

我認為這為降低我們的物流成本提供了一些機會。因此，也許其中的一些影響會得到抵消。因此這些輸入中總會有移動的部分。但我想告訴你，我們今天的指南已經反映了我們所知道的所有內容，如果這些投入在未來進一步增加，我們將相應地增加成本或定價。

Thank you. Keith Housum, Northcoast Research.

謝謝。基思·豪瑟姆（Keith Housum），Northcoast Research。

Good morning, guys. Hey, just trying to understand a little bit better the impact of tariffs across the product line. Obviously, you guys got a pretty diverse lineup focused clearly on HSBs, but others as well. Can you just give us an idea which of your products are probably most impacted by the tariffs as well as the increased costs?

大家早安。嘿，只是想更了解關稅對整個產品線的影響。顯然，你們的陣容相當多樣化，主要專注於 HSB，但同時也關注其他產品。您能否告訴我們哪些產品可能受到關稅和成本增加的最大影響？

Keith, we're not going to provide it on a product-by-product basis because it's just -- I mean, there's so many different products, even within certain product families. We've got certain items that are more sensitive to tariffs because of where we source them from than maybe a similar product in the same lineup.

基思，我們不會逐一提供它，因為它只是——我的意思是，有太多不同的產品，即使在特定的產品系列中也是如此。由於我們的採購來源，我們的某些產品對關稅的敏感度可能比同一系列中的類似產品更高。

So it's just -- it's not really something that we're going to give that level of granularity around again, we would just point to kind of the $125 million that we've given. We continue to work that down. We believe we've got great opportunities to mitigate.

所以這只是——我們實際上不會再給出這種詳細程度的說明，我們只會指出我們已經給出的 1.25 億美元。我們將繼續努力。我們相信我們有很大機會來緩解這個問題。

And again, that $125 million is completely unmitigated. That assumes that other than what we've got in flight here, it assumes that those tariffs stay at high levels and that we don't have any other mitigation opportunities.

再說一遍，這 1.25 億美元是完全沒有減免的。這假設除了我們這裡的航班之外，還假設這些關稅保持在高位，並且我們沒有任何其他緩解機會。

So should the tariffs either come down or the mitigation grow -- the opportunities to mitigate grow, that will come down as well. So I wouldn't say that any one of our products is more sensitive or less sensitive. We have sensitivities across all products in some manner to tariffs.

因此，如果關稅下降或緩解措施增加——緩解機會增加，那麼關稅也會下降。因此我不會說我們的任何一款產品更敏感或更不敏感。我們的所有產品都在某種程度上對關稅敏感。

There are just -- there are so many things in supply chain. I just don't -- I don't know that people really get this. There's just so whole industries that aren't here in the US. We can't buy things. We can't buy everything from the US.

供應鏈中有很多東西。我只是不——我不知道人們是否真的明白這一點。有很多行業在美國是沒有的。我們不能買東西。我們不能從美國購買所有東西。

Maybe over time, that could be developed, but definitely not over 30 days. That's just not how it works. And I think everybody is generally aware of that. But just having more time and being thoughtful about how we deploy this would be more helpful for companies, industries, markets to absorb. I do think that some of that's already underway, has been underway for the last several years and will now accelerate.

也許隨著時間的推移，這一點可以發展，但絕對不會超過 30 天。但事實並非如此。我想每個人都普遍意識到了這一點。但只要有更多時間並認真考慮如何部署，就會更有助於公司、產業和市場吸收。我確實認為其中一些工作已經在進行中，過去幾年一直在進行，現在將會加速。

But there are also other big challenges on the other side of that in terms of availability of labor here in the US. The cost to automate -- even if we automate a lot of the automation equipment or parts of the automation equipment come from high-tariff countries.

但另一方面，美國在勞動力供應方面也面臨其他重大挑戰。自動化的成本－即使我們實現了自動化，許多自動化設備或自動化設備的零件也來自高關稅國家。

So cost of automation is going to grow. So there's a lot of kind of structural issues that have to be dealt with here in order to ship these supply chains, whether it would be reshoring or near-shoring decoupling from specific other economies. It just takes time to do that.

因此自動化的成本將會增加。因此，為了運輸這些供應鏈，必須處理許多結構性問題，無論是回流還是與特定其他經濟體脫鉤的近岸生產。只是這需要時間而已。

And we're all working towards that goal, and we're going to continue to work towards that goal, but there's going to be no avoiding some level of tariffs. And by the way, there were already tariffs in our run rate. The $125 million is incremental tariffs based on the latest changes here. So there is a certain level of tariffs already in our run rate reflected from the previous --

我們都在朝著這個目標努力，我們將繼續朝著這個目標努力，但一定程度的關稅是不可避免的。順便說一句，我們的運行率已經包含關稅。這 1.25 億美元是根據最新變化徵收的增量關稅。因此，我們的運行率中已經體現了一定程度的關稅，這反映在先前的--

301 --

301——

$301 tariffs and other tariffs that were put in previous years.

301美元關稅以及前幾年徵收的其他關稅。

Thank you. Jon Windham, UBS.

謝謝。瑞銀的喬恩溫德姆。

Hi, perfect, thanks. Just a quick housekeeping question. Just looking at your global manufacturing footprint, can you remind us the activities for Mexico, India and China, the manufacturing facilities?

嗨，太好了，謝謝。這只是一個簡單的基本問題。僅從您的全球製造足跡來看，您能否提醒我們墨西哥、印度和中國的製造設施活動？

Sure. I mean we have facilities in all three of those countries. And a lot of it is around an in-country, for-country manufacturing strategy because generators are big heavy products. And they're also localized for codes. Codes and standards electrically and for a lot of tail pipe emissions that differ from one country to the next.

當然。我的意思是我們在這三個國家都有設施。由於發電機是大型重型產品，因此許多都是圍繞國內製造策略進行的。而且它們也針對程式碼進行了本地化。各國的電氣規範和標準以及廢氣排放規範和標準各不相同。

We do manufacture some products. As an example, in Mexico, we called out there was -- the intersegment sales internationally to the US, there's a little bit there that we do manufacture, but a lot of what we do in Mexico is for Central -- is for Mexico and Central America, some for South America. What we do in India is almost exclusively for India, and what we do in China is for a mix of China and Europe primarily. So I think those footprints are well established. I do think that it's interesting.

我們確實生產一些產品。舉個例子，在墨西哥，我們提到了——國際間的跨部門銷售到美國，我們在那裡生產了一小部分產品，但我們在墨西哥做的很多事情是針對中部——墨西哥和中美洲，還有一些是針對南美洲。我們在印度所做的事情幾乎完全是為了印度，而我們在中國所做的事情主要是為了中國和歐洲。所以我認為這些足跡都是十分牢固的。我確實認為這很有趣。

I mean, we have some unique flexibility, I think, because of that, as we examine again, looking at mitigation strategies around tariffs, how can we utilize -- best utilize our footprint, our international footprint to help us mitigate the impact of tariffs.

我的意思是，我認為，我們具有一些獨特的靈活性，因此，當我們再次審視圍繞關稅的緩解策略時，我們如何利用——最好地利用我們的足跡、我們的國際足跡來幫助我們減輕關稅的影響。

Are there ways that we can shift more production to areas that -- where we benefit from the USMCA agreement as an example. Today, we don't do a lot of that down in Mexico, but we could maybe do more. I do think we have a lot of plants right here in the US as well.

有沒有辦法將更多的生產轉移到我們可以從 USMCA 協議中受益的地區？今天，我們在墨西哥做這樣的事還不多，但也許我們可以做得更多。我確實認為我們在美國也有很多工廠。

We just opened a new plant in Wisconsin and Beaver Dam, Wisconsin, one of our biggest plants in the US, just went online April 1. And that serves our -- mostly our C&I products here in the US and Canada for products. And so pretty proud of that. We've got seven facilities, seven big manufacturing plants here in the US, been a big supporter of manufacturing here in the Upper Midwest for a long time.

我們剛剛在威斯康辛州開設了一家新工廠，而我們在美國最大的工廠之一——威斯康辛州比弗壩工廠剛剛在 4 月 1 日開始運作。這主要服務於我們在美國和加拿大的 C&I 產品。我對此感到非常自豪。我們在美國擁有七家工廠、七家大型製造廠，長期以來一直是美國中西部上游地區製造業的大力支持者。

It's our heritage. It's our history. And frankly, the US market still represents a great opportunity for us, and that's why we're committed to this market. But we're going to utilize our footprint in the best manner possible to help us mitigate the impact of tariffs.

這是我們的遺產。這是我們的歷史。坦白說，美國市場對我們來說仍然是一個巨大的機遇，這就是我們致力於這個市場的原因。但我們將盡可能地利用我們的足跡來幫助我們減輕關稅的影響。

Thank you. Jordan Levy, Truist Securities.

謝謝。喬丹·利維（Jordan Levy），Truist Securities。

Good morning all. Thanks for squeezing me in. I don't know -- I don't think I heard much on ET in the comments -- in the Q&A. But maybe just on the resi solar space, it still remains under pressure here in the near term, not a surprise.

大家早安。謝謝你把我擠進來。我不知道——我認為我在評論中——在問答中沒有聽到太多關於 ET 的內容。但是，也許只是在Resi太陽能空間上，它仍然在短期內保持壓力，這並不令人驚訝。

I know you've got some good inventory of PWRcell's going to Puerto Rico this year to help kind of bolster that segment. I'm just wondering, how you're thinking about some of the new product rollouts there and the economics around those given both the tariffs and kind of the domestic challenges to that market?

我知道您今年有一些 PWRcell 的優質庫存要運往波多黎各，以幫助鞏固這個細分市場。我只是想知道，考慮到關稅和該市場面臨的國內挑戰，您如何看待在那裡推出的一些新產品以及這些新產品的經濟效益？

Yeah. Thanks for the question, Jordan. And you're right, we haven't spent a ton of time on ET, but it actually had -- we had a great quarter in energy tech. A lot of that underpinned by ecobee, as we said, they continue to just knock the cover off the ball in terms of their market share. They introduced a new low-cost kind of entry-level [Tstat], smart thermostat in the fourth quarter, and it's been very well received and kind of going after that value portion of the marketplace.

是的。謝謝你的提問，喬丹。你說得對，我們並沒有在 ET 上花費大量時間，但實際上——我們在能源技術領域度過了一個偉大的季度。正如我們所說，這在很大程度上得益於 Ecobee，他們在市場份額方面繼續遙遙領先。他們在第四季度推出了一種新型低成本入門級智慧恆溫器 [Tstat]，受到了廣泛好評，並搶佔了市場的價值部分。

But even in the clean energy piece, which is the other piece of the energy technology complex for us, we also had a great quarter. Now it's off of a very small base. And it's primarily right now, as you indicated, Jordan, we've got this nice chunk of business with the Department of Energy program in Puerto Rico. We've got inventory for that program. We've got our installs.

但即使在清潔能源領域（這是我們能源技術綜合體的另一個部分），我們也度過了一個出色的季度。現在它的基礎非常小。正如喬丹所說，目前主要是我們與波多黎各能源部的計畫達成了一筆不錯的業務。我們有該計劃的庫存。我們已經安裝完畢。

We're ramping there. And we're starting to hit our stride in terms of install rates and things. The economics are decent on that. But we've got our eyes on the future as we have talked about here for some time is we've been working on our next-generation product lines for storage, in particular, we opened up our order book here recently for PWRcell 2, which is the next-generation version of our storage system and have had some really good dialogue with installers who are looking for alternative options. There's been somewhat a consolidation in the storage market given the current state of the solar market in general.

我們正在那裡加大努力。我們在安裝率和其他方面開始取得進展。從經濟角度來看，這是不錯的。但我們著眼於未來，正如我們一段時間以來所談論的那樣，我們一直在致力於下一代存儲產品線，特別是我們最近在這裡開放了 PWRcell 2 的訂單，這是我們存儲系統的下一代版本，並且與正在尋找替代方案的安裝人員進行了一些非常好的對話。鑑於太陽能市場的整體現狀，儲存市場已經出現了一定程度的整合。

There's -- some of the suppliers are exiting. I think you may have seen yesterday, Panasonic announced that they're leaving the US market, and there have been others that have announced they're leaving the US market as well as -- and that consolidation of supply, I think, opens up a couple of things for us. That could end up being positive, again, off of a pretty small base for us.

一些供應商正在退出。我想你可能已經看到昨天松下宣布他們將退出美國市場，還有其他公司也宣布他們將退出美國市場——我認為，供應整合為我們帶來了一些好處。這對我們來說可能最終是正面的，儘管基數還很小。

But I think you've got -- we've got some pretty high hopes that storage, in particular, if you look at the economics, you can take away the incentives. And even if the ITC goes to zero, are there some recombination there of the ITC with more domestic content requirements, whatever that may be, with less support, the reality of it is power costs continue to rise.

但我認為，我們對儲存抱有很高的期望，特別是如果從經濟角度來看，你可以消除激勵措施。即使 ITC 降至零，ITC 是否會進行重組，增加國內內容要求，無論是什麼，在支援減少的情況下，現實情況是電力成本將繼續上升。

And that is the real kind of nugget, I think, that's really important here in why things like solar and storage are going to make sense long-term with or without support. Those things had to be weaned off of support at some point in the future anyway. And so I don't think anybody saw that coming that it might be an abrupt weaning off of the support.

我認為，這才是真正的關鍵所在，它解釋了為什麼無論有沒有支持，太陽能和儲能等技術都將具有長期意義。無論如何，將來的某個時候都必須停止對這些東西的支持。因此我認為沒有人會想到，這可能會突然停止支持。

But that might be filled in by certain state level programs and things like that. I think the market is going to react to that. But I do think that when you look at the payback of a solar-plus-storage system, in a high cost or a high tariff area, high electrical rate tariff area, the payback is still going to be strong even without incentives.

但這可能會由某些州級計劃和類似的東西來填補。我認為市場會對此做出反應。但我確實認為，當你看到太陽能加儲能係統的回報時，在高成本或高關稅地區、高電價地區，即使沒有激勵措施，回報仍然會很強勁。

And the need for resiliency is still going to be strong because power quality is continuing to go lower. And so we just -- again, maybe that has some impact on the total addressable market in the near term here over the next several years until that washes through.

由於電能品質持續下降，對彈性的需求仍然很強烈。因此，我們只是——再說一次，這也許會對未來幾年內的總目標市場產生一些影響，直到這種情況結束。

But our new products, they're going to be lower cost. They're going to be higher performing, going to be kind of on level footing with the rest of the market offerings. And then we've got some other exciting new product offerings behind that, that we've alluded to in the past, but you'll hear more about at RE+ this year, that's the renewable energy show in Las Vegas in September.

但我們的新產品成本將會更低。它們的表現將會更出色，與市場上的其他產品處於同一水平。然後，我們還有一些其他令人興奮的新產品，我們過去曾提到過，但您將在今年 9 月拉斯維加斯再生能源展 RE+ 上聽到更多消息。

So I encourage you to come and see what we're launching there. But very encouraged by what we're seeing, certainly with our smart thermostats and our ecobee business, and then also the recovery that we're seeing in energy technology at this point for us.

所以我鼓勵你來看看我們在那裡推出了什麼。但我們看到的情況讓我們非常鼓舞，尤其是我們的智慧恆溫器和 Ecobee 業務，以及我們目前看到的能源技術的復甦。

Thank you. Sean Milligan, Janney.

謝謝。肖恩·米利根，珍妮。

Thank you for fitting in. Thank you for all the detail today. I guess on the $125 million impact from tariffs, can you kind of talk about how much do you expect to get back from price increases versus cost out supply chain initiatives?

感謝您的配合。感謝您今天提供的所有詳細資訊。我想，關於關稅造成的 1.25 億美元影響，您能否談談您預計從價格上漲中獲得多少回報，以及從供應鏈計劃中獲得多少成本回報？

And then also, I don't know if you addressed it, but last quarter, you talked about price increases for the new product and residential home standby. Curious if you could update us on kind of how much total price increases you expect for resi HSB this year now with tariffs?

另外，我不知道您是否談到了這一點，但上個季度，您談到了新產品和家用備用電源的價格上漲。好奇您能否告訴我們，考慮到關稅，您預計今年 HSB 住宅的總價格將上漲多少？

Yeah, I think in in terms of the pricing impact to offset the tariffs, at least the $125 in the second half, the philosophy we took is we wanted to have enough mitigations to offset The impact of those at well at the EBITDA margin level, yeah, so me basically holding our EBITDA percent. So basically, so, the price we're putting in the market as well as the supply chain initiatives that we're working on, at least in the short term, we should do that.

是的，我認為就抵消關稅的定價影響而言，至少在下半年是 125 美元，我們採取的理念是，我們希望有足夠的緩解措施來抵消這些影響，以及 EBITDA 利潤率水平，是的，所以我基本上保持了我們的 EBITDA 百分比。所以基本上，我們在市場上定價以及我們正在努力的供應鏈計劃，至少在短期內，我們應該這樣做。

Now, having said that, next, there's a lot more work going on behind the scenes on from a supply chain and standpoint to continue to mitigate and diversify our supply chain. So, we're going to, we'll work on that and continue to update our progress on that, but the pricing that we're going out with is to basically hold that EBITDA margin percent at the EBITDA line.

現在，話雖如此，接下來，從供應鏈的角度來看，幕後還有很多工作要做，以繼續緩解和多樣化我們的供應鏈。因此，我們將致力於此並繼續更新我們的進展，但我們制定的定價基本上是將 EBITDA 利潤率百分比保持在 EBITDA 線上。

Right. Now with the announced pricing, the 7% to 8% price increases that we that went into effect March 30. So that's what's contemplated in the guide. That's what York is referring to in terms of the offset to maintain EBITDA margins basically in that category, if we're just talking about home standby.

正確的。現在，隨著價格的公佈，我們將於 3 月 30 日開始實施 7% 至 8% 的價格上漲。這就是指南中所考慮的內容。如果我們只是談論家庭備用，那麼這就是約克所指的抵消，以保持 EBITDA 利潤率基本上處於該類別。

Now because we have a new product line coming in the second half of the year, we are going to go with another price adjusted there, but that's really reflective of the additional value that we're extending to customers and channel partners with that product because there's a lot of additional features and things that are in that product that, obviously, there's a little bit more cost that related to those, even take away the tariffs and everything else (multiple speakers) --

現在，由於我們下半年將推出一條新的產品線，因此我們將再次調整價格，但這實際上反映了我們透過該產品向客戶和通路合作夥伴提供的附加價值，因為該產品包含許多附加功能和東西，顯然，即使扣除關稅和其他所有費用，與這些功能相關的成本也會略高一些。（多位發言者）——

Yeah, in fact, I would argue the new product line actually reduces our tariff exposure because the supply chain is actually effectively more diverse. So it's, there's a combination of that. So it's a little bit, there's a lot of moving pieces underneath that but at the end of the day when look, there might be a little bit more price associated with tariffs alongside of that increase that goes out for the new product line but it won't be much.

是的，事實上，我認為新的產品線實際上降低了我們的關稅風險，因為供應鏈實際上更加多樣化。所以，這是兩者的結合。所以，這其中有很多變動因素，但最終你會發現，除了新產品線的漲價之外，關稅相關的價格可能還會上漲一點，但幅度不會太大。

And seven to eight is really kind of the center point of that today. And then we'll have, yeah, we'll kind of see where the tariffs line. We're again, we're trying not to get ahead of ourselves with putting too much price in the market.

而七到八其實是今天的中心點。然後，是的，我們會看到關稅線在哪裡。我們再次嘗試不讓市場定價過高。

We will if we need to, and we kind of assumed that we, if we had to do that, we would, but, I think we're watching closely to see where these negotiations go on a country by country basis with the current administration.

如果需要的話我們會這麼做，我們也假設如果必須這麼做，我們就會這麼做，但是我認為我們正在密切關注現任政府在各國進行的談判進展。

Thank you. Ladies and gentlemen, due to the interest of time, I would now like to turn the call back over to Kris for closing remarks.

謝謝。女士們、先生們，由於時間關係，我現在想將電話轉回給克里斯，請他作結束語。

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

我們要感謝今天上午與我們一起參加的各位。我們期待在 7 月下旬與您討論我們的 2025 年第二季獲利結果。再次感謝您，再見。

Ladies and gentlemen, that does 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。