Generac Holdings Inc (GNRC) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Generac Holdings Inc., fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Generac Holdings Inc. 2025 年第四季及全年業績電話會議。（操作說明）

I would now like to hand the conference over to Kris Rosemann. You may begin.

現在我將把會議交給克里斯·羅斯曼。你可以開始了。

Good morning, and welcome to our fourth-quarter and full-year 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.

早安，歡迎參加我們2025年第四季及全年財報電話會議。感謝各位今天早上的到來。今天陪同我的是總裁兼執行長 Aaron Jagdfeld 和財務長 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 that involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.

我們今天的電話會議將首先對前瞻性陳述進行評述。本次簡報中所作的某些陳述以及Generac或其員工不時提供的其他資訊可能包含前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與這些前瞻性陳述中的結果有重大差異。

Please see our earnings release or our 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.

請參閱我們的獲利報告或向美國證券交易委員會提交的文件，其中列出了識別此類聲明的詞語或表達方式以及相關的風險因素。此外，我們將在今天的電話會議中提及某些非GAAP指標。有關這些措施的更多信息，包括與可比較美國通用會計準則措施的調整，請參閱我們的盈利報告和提交給美國證券交易委員會的文件。

I will now turn the call over to Aaron.

現在我將把通話交給亞倫。

Thanks, Kris. Good morning, everyone, and thank you for joining us today. Our fourth quarter results reflect a 10% increase in global C&I product sales year over year, led by higher revenue from products sold to data center customers. However, this was more than offset by continued soft power outage environment, that impacted home standby and portable generator shipments during the quarter. As a result, fourth quarter overall net sales decreased 12% versus the prior year to $1.1 billion.

謝謝你，克里斯。各位早安，感謝大家今天收看我們的節目。我們第四季的業績反映出全球工商業產品銷售額年增 10%，這主要得益於資料中心客戶產品銷售收入的成長。然而，持續的電力短缺環境抵消了上述影響，導致本季家用備用發電機和便攜式發電機的出貨量下降。因此，第四季整體淨銷售額較上年同期下降 12%，至 11 億美元。

Fourth quarter adjusted EBITDA margins of 17% were in line, however, with our expectations despite the weaker outage environment and unfavorable mix shift.

儘管停電環境疲軟且產品組合發生不利變化，但第四季度調整後的 EBITDA 利潤率為 17%，符合我們的預期。

We made significant progress with our efforts in the data center market as momentum accelerated during the fourth quarter and into early 2026. We further developed partnerships in the quarter with multiple hyperscalers, including progressing to the pilot phases of our relationships with two specific customers as we prepare for potential significant volumes in 2027 and 2028.

我們在資料中心市場的努力取得了重大進展，發展勢頭在第四季度加速，並延續到 2026 年初。本季度，我們進一步發展了與多家超大規模資料中心營運商的合作關係，包括與兩家特定客戶的關係進入試點階段，為 2027 年和 2028 年可能出現的大批量業務做好準備。

These developments provide incremental visibility and support for our continued investments in ramping our manufacturing capacity for large megawatt generators as we position ourselves to be a key supplier for this rapidly growing end market.

這些進展為我們持續投資擴大大型兆瓦發電機的生產能力提供了更多可見性和支持，使我們能夠成為這個快速成長的終端市場的關鍵供應商。

Additionally, we are making progress with other data center co-locators and developers as our existing backlog has increased to approximately $400 million as a result of additional orders from these customers. We expect our order intake will accelerate over the next several quarters as we continue to progress through the qualification and contract stages with various data center customers, providing a path to doubling our C&I product sales in the years ahead.

此外，由於這些客戶的額外訂單，我們與其他資料中心託管商和開發商的合作也取得了進展，我們現有的積壓訂單已增加到約 4 億美元。我們預計，隨著我們繼續推進與各個資料中心客戶的資格審查和合約簽訂階段，未來幾季我們的訂單量將加速成長，這將為未來幾年我們的工商業產品銷售額翻番鋪平道路。

To ensure that we can serve this accelerating growth in demand, we have made significant investments that further improve our positioning as an important supplier to the data center market, including the purchase of an additional manufacturing facility in Wisconsin in December, as well as ongoing investments in our existing C&I facilities globally.

為了確保我們能夠滿足不斷增長的需求，我們進行了大量投資，進一步提升了我們作為資料中心市場重要供應商的地位，包括去年 12 月在威斯康辛州收購了一家額外的製造工廠，以及對我們在全球現有的工商業設施進行持續投資。

As a result of these investments, we expect that our domestic manufacturing capacity for large megawatt generators will surpass $1 billion by the fourth quarter of this year. And we will continue to evaluate additional capacity across our entire global C&I production footprint.

由於這些投資，我們預計到今年第四季度，我們國內大型兆瓦發電機的製造能力將超過 10 億美元。我們將繼續評估我們在全球工商業生產佈局中的額外產能。

2025 was an important year of innovation for Generac as we introduced a number of significant new products across our portfolio. In addition to launching our new large megawatt generators, our next-generation home standby generators began shipping in the second half of the year, including the market's first 28-kilowatt air-cooled unit and other important feature upgrades.

2025 年是 Generac 創新發展的重要一年，我們推出了一系列重要的新產品。除了推出我們新的大型兆瓦發電機外，我們的下一代家用備用發電機也在今年下半年開始出貨，其中包括市場上首款 28 千瓦空冷式發電機和其他重要的功能升級。

We also introduced our updated energy storage system, PWRcell 2 as well as our first Generac-branded microinverter PWRmicro that allows us to better serve the residential solar market. We also continue to develop our enhanced home energy management capabilities through our ecobee Smart Thermostat platform, helping to strengthen our home energy ecosystem through deep integrations with all of our residential products. These solutions are specifically designed to help our end customers solve the energy challenges presented by the mega trends of lower power quality and higher power prices.

我們還推出了更新的儲能係統 PWRcell 2，以及我們首款 Generac 品牌的微型逆變器 PWRmicro，這使我們能夠更好地服務住宅太陽能市場。我們也透過 ecobee 智慧恆溫器平台持續提升家庭能源管理能力，透過與所有住宅產品的深度集成，幫助加強我們的家庭能源生態系統。這些解決方案旨在幫助我們的終端客戶應對電力品質下降和電價上漲這兩大趨勢帶來的能源挑戰。

In addition to the well-established impact on power quality from severe and volatile weather, significant load growth is expected to further drive grid instability and raise power prices well into the future as power demand accelerates as a result of massive CapEx investments being made for the build-out of data centers.

除了惡劣和不穩定天氣對電力品質造成的既定影響外，由於資料中心建設的大規模資本支出投資導致電力需求加速增長，預計負載的顯著增長將進一步加劇電網不穩定，並推高未來的電價。

According to the North American Electric Reliability Corporation's 2025 long-term reliability assessment, nearly half of the US population lives in a region that is at a high risk of seeing its power supplies fall short of established reliability criteria in the next five years.

根據北美電力可靠性公司 2025 年的長期可靠性評估，近一半的美國人口居住在未來五年內電力供應極有可能達不到既定可靠性標準的地區。

NERC contributes this expected instability to the combination of escalating demand growth with the peak demand growth rate nearly doubling as compared to the prior year's projection, increase in intermittent generation sources, which carry lower reliability factors, and the uncertain pace of grid infrastructure development.

NERC 將這種預期的不穩定性歸因於以下因素的綜合作用：需求成長不斷攀升，尖峰需求成長率幾乎是去年預測的兩倍；間歇性發電來源增加，而這些來源的可靠性較低；以及電網基礎設施發展速度的不確定性。

Most regions within NERC's high-risk category are expected to see -- also see a substantial increase in data center investment in the coming years. Significant load growth is contributing to power demand shortfalls with third-party estimates suggesting that supply and transmission capacity investment growth rates would need to increase sixfold as compared to the rates seen over the last five years to match the anticipated higher demand.

預計 NERC 高風險類別中的大多數地區在未來幾年內也將看到資料中心投資大幅增加。負載的顯著增長導致電力需求短缺，第三方估計表明，為了滿足預期的更高需求，供應和輸電能力投資成長率需要比過去五年的成長率提高六倍。

The investments required are likely to further increase the prices for electricity, adding to the affordability challenges that US residential electricity customers already are experiencing as average power prices have increased nearly 40% over the last five years. And expectations for power prices are to double again in the next decade, and these continued increases underpin the need for energy technology solutions as home and business owners look for ways to reduce their increasingly higher energy costs.

所需的投資可能會進一步推高電價，加劇美國居民用電用戶已經面臨的負擔能力挑戰，因為過去五年平均電價已經上漲了近 40%。預計未來十年電力價格將再次翻番，而這些持續上漲凸顯了能源技術解決方案的必要性，因為家庭和企業主都在尋求降低日益增長的能源成本的方法。

At the same time, the continuing trends around lower power quality highlight the long runway of growth that we anticipate will exist for our core backup power products and solutions, given that the home standby category is only 6.75% penetrated at the end of 2025, with each incremental 1% of penetration, representing an approximately $4.5 billion market opportunity.

同時，電力品質持續下降的趨勢凸顯了我們核心備用電源產品和解決方案的長期成長潛力，我們預計到 2025 年底，家用備用電源市場的滲透率僅為 6.75%，每增加 1% 的滲透率，就意味著約 45 億美元的市場機會。

As a result of our continued innovation and investments in product development, we believe Generac is uniquely positioned to help our customers solve the energy challenges they are facing with increasing power outages and rising energy costs. At the same time, we believe we are well positioned to capitalize on the massive growth opportunity presented by the supply shortage of mission-critical backup power generators for the data center market.

由於我們不斷進行創新和投資產品開發，我們相信 Generac 擁有獨特的優勢，能夠幫助我們的客戶解決他們面臨的日益頻繁的停電和不斷上漲的能源成本等能源挑戰。同時，我們相信我們已做好充分準備，抓住資料中心市場關鍵任務備用電源發電機供應短缺帶來的巨大成長機會。

Now discussing our fourth quarter results in more detail. Global C&I product sales grew 10% year over year in the quarter, primarily due to revenue from products sold to data center customers, including continued shipments internationally and our initial large megawatt generator sales in the domestic market, as well as an increase in global shipments for our controls products and solutions.

現在我們來詳細討論一下第四季的業績。本季全球 C&I 產品銷售額年增 10%，主要得益於資料中心客戶產品銷售收入的成長，包括持續的國際出貨量和我們在國內市場的首批大型兆瓦發電機銷售，以及我們控制產品和解決方案的全球出貨量的成長。

Project quoting activity and orders in our domestic industrial distributor channel continued to grow during the quarter as end market activity remained robust. However, as expected, shipments to this channel declined in the quarter from a strong prior year comparison resulting from the reduction of lead times in the prior year fourth quarter.

本季度，隨著終端市場活動保持強勁，我們國內工業分銷管道的專案報價活動和訂單持續增長。然而，正如預期的那樣，由於去年第四季交貨時間的縮短，該通路的出貨量較上年同期大幅下降。

Throughout 2025, as we further increased production rates across our existing facilities and with our new plant in Beaver Dam, Wisconsin coming online in the second quarter of 2025, we continue to bring down lead times for products sold to this channel down to more historically normal levels.

2025 年全年，隨著我們現有工廠的產能進一步提高，以及位於威斯康辛州比弗丹的新工廠於​​ 2025 年第二季投產，我們將繼續縮短銷售到該通路的產品的交貨週期，使其恢復到更接近歷史正常水平。

Shipments to our national telecom customers improved dramatically for the full year 2025, increasing approximately 27%. However, shipments declined modestly in the current quarter from the prior year as increased production rates also allowed us to bring lead times for these products down to more historically normal levels.

2025 年全年，我們對全國電信客戶的出貨量大幅成長，增幅約 27%。然而，由於生產率的提高，我們得以將這些產品的交貨週期縮短至更接近歷史正常水平，因此本季的出貨量較上年同期略有下降。

We expect sales growth to this important end market to continue in 2026 as our customers further invest in hardening their networks. The growing dependence on wireless communication and increasing global tower and network hub count continues to provide a solid backdrop for future growth in sales of C&I products to our telecom customers.

我們預計，隨著客戶進一步投資加強其網絡，2026 年面向這一重要終端市場的銷售成長將持續。對無線通訊的日益依賴以及全球鐵塔和網路樞紐數量的不斷增加，繼續為我們電信客戶未來銷售工商業產品提供堅實的基礎。

Shipments to our national and independent rental customers grew in the fourth quarter compared to the prior year, which we view as the start of a cyclical recovery in this market. As a result, we anticipate further organic growth throughout 2026 and believe that we are well positioned for long-term success given the secular need for global infrastructure-related investments that require the use of our broad portfolio of mobile products and solutions.

與去年同期相比，我們第四季對全國和獨立租賃客戶的出貨量有所增長，我們認為這是該市場週期性復甦的開始。因此，我們預計 2026 年將實現進一步的內生成長，並且鑑於全球基礎設施相關投資的長期需求，以及需要使用我們廣泛的行動產品和解決方案組合，我們相信我們已做好長期成功的準備。

In addition, on January 5, we further strengthened our position in the market for mobile products with the acquisition of Allmand, a market-leading mobile power equipment manufacturer located in Nebraska. In addition to broadening our customer base and increasing our exposure to the growing market for these products, this acquisition provides additional capacity and flexibility within our domestic manufacturing footprint as we continue to invest in doubling our C&I product sales in the years ahead.

此外，1月5日，我們收購了位於內布拉斯加州的市場領先的行動電源設備製造商Allmand，進一步鞏固了我們在行動產品市場的地位。除了擴大我們的客戶群，增加我們在不斷增長的產品市場中的份額之外，此次收購還為我們在國內的生產佈局提供了額外的產能和靈活性，因為我們將繼續投資，以期在未來幾年內將我們的工商業產品銷售額翻一番。

International core total sales, which excludes the benefit from foreign currency, increased 5% during the fourth quarter, primarily due to revenue from products sold to data center customers and higher global shipments of our controls, products, and solutions.

第四季國際核心總銷售額（不包括外匯收益）成長了 5%，主要原因是向資料中心客戶銷售的產品的收入以及我們控制產品和解決方案的全球出貨量增加。

Favorable sales mix and improved price cost realization resulted in significant adjusted EBITDA margin expansion to 16.1% total sales, an all-time record level for our International segment adjusted EBITDA margin. As previously discussed, we have made important investments that further strengthen our position as a key global supplier of backup power for the data center market.

有利的銷售組合和價格成本實現的改善，使得調整後的 EBITDA 利潤率大幅擴張至總銷售額的 16.1%，創下我們國際業務調整後 EBITDA 利潤率的歷史新高。正如之前討論過的，我們進行了重要的投資，進一步鞏固了我們作為資料中心備用電源全球主要供應商的地位。

And our current backlog for these products has now grown to $400 million. giving us improved visibility for the current year as the majority of this backlog is expected to ship in 2026. We expect 2026 will be an inflection point for Generac in this end market as we anticipate the addition of significant volumes to our backlog over the next several quarters from a number of hyperscaler and co-locator customers.

目前這些產品的積壓訂單已增至 4 億美元，這讓我們對今年的業績有了更清晰的了解，因為大部分積壓訂單預計將在 2026 年交付。我們預計 2026 年將是 Generac 在這個終端市場的轉捩點，因為我們預計在接下來的幾個季度裡，來自眾多超大規模資料中心和託管客戶的訂單量將大幅增加。

We believe that our strong reputation as an engineering-driven organization, with a unique focus on backup power, a customer-centric market, customer-centric approach, and global production capabilities will allow us to become an important supplier to the data center market.

我們相信，憑藉我們作為一家以工程技術為驅動的組織所擁有的強大聲譽、對備用電源的獨特關注、以客戶為中心的市場、以客戶為中心的方法以及全球生產能力，我們將成為數據中心市場的重要供應商。

Additionally, these large megawatt solutions will help expand our reach into our traditional end markets as they have significantly expanded our served addressable market to include applications that have higher backup power requirements.

此外，這些大型兆瓦解決方案將有助於擴大我們在傳統終端市場的覆蓋範圍，因為它們顯著擴大了我們可服務的市場範圍，使其涵蓋了對備用電源要求更高的應用。

Now I want to switch gears and discuss our residential product category in more detail. Fourth quarter home standby shipments decreased 25% compared to a strong prior year period, which benefited from multiple major landed hurricanes. Home consultations also declined year over year as power outages in the second half of 2025 marked the lowest level of total outage hours in a decade.

現在我想換個話題，更詳細地討論一下我們的住宅產品類別。第四季家用備用電器出貨量較上年同期下降 25%，去年同期得益於多次重大颶風的襲擊。由於 2025 年下半年停電總時長為十年來最低水平，家庭諮詢量也逐年下降。

Activations or installations during the quarter also decreased from the elevated prior year period. While key market indicators such as home consultations, activations, and close rates remained resilient despite the continued softness in outage activity, channel partner sentiment was negatively impacted by the weak second half activity and the transition to our next-generation home standby platform, which resulted in lower-than-expected shipments during the quarter.

本季啟動或安裝量也較上年同期的高點下降。儘管斷電活動持續疲軟，但家庭諮詢、激活和成交率等關鍵市場指標依然保持韌性，而通路合作夥伴的情緒則受到下半年疲軟活動以及向下一代家庭備用平台過渡的負面影響，導致本季度出貨量低於預期。

However, we believe the home standby category is well positioned for healthy growth in 2026 and as outages return to more normal levels and as the market fully transitions to our next-generation product line.

然而，我們相信，隨著停電恢復到更正常的水平，以及市場全面過渡到我們的下一代產品線，家用備用電源類別在 2026 年將迎來健康成長。

Our residential dealer network grew modestly during the fourth quarter and now includes over 9,400 dealers, an increase of nearly 300 dealers from the prior year. Our aligned contractor program, which leverages our strong positioning with wholesale distributors to provide tighter relationships with contractors that purchase our products through this channel has continued to grow as well providing important additional capacity and territorial coverage for sales, installation and service of home standby generators.

我們的住宅經銷商網路在第四季度實現了小幅增長，目前擁有超過 9400 家經銷商，比前一年增加了近 300 家。我們與批發分銷商的緊密聯繫，使我們與透過該管道購買我們產品的承包商建立了更緊密的合作關係，從而持續發展壯大，並為家用備用發電機的銷售、安裝和服務提供了重要的額外產能和地域覆蓋。

In January, although not a major event for the industry, the impact of winter storm Fern resulted in elevated and extended power outage activity across a number of regions in the US. As a result, we saw increased demand for portable generators and we experienced year-over-year growth in home consultations across every region, excluding the West.

1 月份，雖然冬季風暴「費恩」對電力產業來說並非重大事件，但其影響導緻美國多個地區出現更頻繁、更長的停電。因此，我們看到對便攜式發電機的需求增加，除西部地區外，所有地區的家庭諮詢量都實現了同比增長。

Importantly, the storm afforded us our first opportunity to assess our new lead distribution system in an elevated demand environment and generated promising returns -- promising results as a wider base of dealers were able to more quickly connect with a greater number of potential customers than in previous periods of increased category awareness.

重要的是，這場風暴讓我們第一次有機會在高需求環境下評估我們新的線索分發系統，並產生了可喜的回報——由於更廣泛的經銷商群體能夠比以往品類認知度提高時期更快地與更多潛在客戶建立聯繫，因此取得了可喜的結果。

As a reminder, this new approach allows for a broader base of dealers and align contractors with higher close rates to select the sales leads from a pool of home consultations they believe they have the capacity to address. The remaining leads are then distributed to other dealers to ensure customers are contacted more quickly after requesting a home consultation.

需要提醒的是，這種新方法可以擴大經銷商的範圍，並讓成交率更高的承包商從他們認為自己有能力處理的家庭諮詢池中選擇銷售線索。剩餘的銷售線索將分配給其他經銷商，以確保客戶在請求上門諮詢後能夠更快地獲得聯繫。

We believe data-driven process enhancements such as this will continue to support improvements in dealer close rates and customer acquisition costs over time. Given the improved home consultation performance in January and assumed growth return to more normal outage levels for the second half of the year, together with higher price realization for the category year over year, we expect full year 2026 home standby generator sales to increase at a mid-teens rate over 2025.

我們相信，像這樣的數據驅動型流程改善將持續支持經銷商成交率和客戶獲取成本的改善。鑑於 1 月份家庭諮詢業績有所改善，並假設下半年停電水準將恢復正常，加上該類別價格同比上漲，我們預計 2026 年全年家用備用發電機銷量將比 2025 年增長 15% 左右。

Helping to offset the softness in the fourth quarter for our home standby and portable generator products, we saw strong sales of our energy storage products year over year alongside continued robust shipments of our ecobee products and solutions in the quarter.

雖然第四季度家用備用發電機和便攜式發電機產品銷售疲軟，但儲能產品的銷售額同比增長強勁，同時 ecobee 產品和解決方案在本季度也保持了強勁的出貨量，這有助於抵消第四季度家用備用發電機和便攜式發電機產品的疲軟。

Net sales for ecobee grew at a mid-teens rate and hit a new all-time record for the full year with significant gross margin expansion driving continued improvement in profitability as we finished 2025 with positive EBITDA contribution from ecobee's products and solutions. We expect profitability of these solutions to further improve in the future alongside continued strong sales growth.

ecobee 的淨銷售額以兩位數中段的速度增長，並創下了全年歷史新高，毛利率的大幅擴張推動了盈利能力的持續提升，最終我們在 2025 年結束時，ecobee 的產品和解決方案實現了正的 EBITDA 貢獻。我們預計，隨著銷售額的持續強勁成長，這些解決方案的獲利能力將在未來進一步提高。

ecobee's connected home count grew to approximately 5 million residences in the quarter, with increased energy services and subscription sales supporting a growing high-margin recurring revenue stream. ecobee's solutions remains central to our developing residential energy ecosystem with our PWRcell 2, PWRmicro, and next-generation home standby products all deeply integrated into the ecobee platform, thereby creating a differentiated feature set and user experience focused on resiliency and the improved efficiency of power use in the home.

本季度，ecobee的連網家庭數量成長至約500萬戶，能源服務和訂閱銷售額的成長支撐了高利潤率的經常性收入流的持續成長。 ecobee的解決方案仍然是我們不斷發展的住宅能源生態系統的核心，我們的PWRcell 2、PWRmicro和新一代家用備用電源產品均已深度整合到ecobee平台中，從而打造出差異化的功能集和用戶體驗，專注於提升家庭能源系統的韌性和使用效率。

Additionally, our teams continue to execute extremely well alongside our partners in Puerto Rico to drive shipments of energy storage systems over the last several quarters as part of the Department of Energy program that supported this strong performance throughout 2025.

此外，在過去幾個季度裡，我們的團隊與波多黎各的合作夥伴繼續保持著極佳的執行力，推動了儲能係統的出貨量，這是能源部計畫的一部分，該計畫支持了我們在 2025 年的強勁表現。

As the DOE program winds down in early 2026, we expect shipments of energy storage systems to decrease for the year while strong growth in ecobee and the initial sales ramp of PWRmicro are expected to contribute to overall residential product sales growth for the full year.

隨著美國能源部計劃在 2026 年初逐步結束，我們預計今年儲能係統的出貨量將會下降，而 ecobee 的強勁成長和 PWRmicro 的初期銷售成長預計將有助於全年住宅產品銷售的整體成長。

As we've previously discussed, we remain focused on continuing to improve profitability for our Residential Energy Technology Products and Solutions as we continue to recalibrate the level of investment in this part of our business, given the expected challenging near-term market conditions, resulting from reduced federal incentives for the residential solar and energy storage market.

正如我們之前討論過的，鑑於近期市場環境預計充滿挑戰，因為聯邦政府減少了對住宅太陽能和儲能市場的激勵措施，我們將繼續專注於提高住宅能源技術產品和解決方案的盈利能力，並不斷調整對該業務部分的投資水平。

In closing this morning, as we look to the full year 2026. We believe that a return to more normalized power outage levels and higher price realization will present strong growth opportunities for our residential products, particularly in the back half of the year.

今天早上就到此結束，讓我們展望一下2026年。我們相信，隨著停電水準恢復正常，價格上漲，我們的住宅產品將迎來強勁的成長機遇，尤其是在下半年。

Additionally, we are growing ever more confident in the progress we've made in the data center market. and we expect 2026 to be an important inflection point on our path to doubling our C&I product sales in the coming years as we work to capitalize on the generational growth opportunity presented by the massive data center CapEx investment cycle.

此外，我們對在資料中心市場的進展越來越有信心。我們預計，2026 年將是我們未來幾年實現工商業產品銷售額翻番的重要轉折點，我們將努力抓住資料中心大規模資本支出投資週期帶來的世代成長機會。

I'll now turn the call over to York to provide further details on the fourth quarter as well as full year 2025 results and our outlook for 2026. York?

現在我將把電話交給約克，讓他詳細介紹 2025 年第四季和全年業績以及我們對 2026 年的展望。約克？

Thanks, Aaron. Looking at fourth quarter 2025 results in more detail. Net sales during the quarter decreased 12% to $1.1 billion as compared to $1.2 billion in the prior year fourth quarter. The net effect of acquisitions in foreign currency had an approximate 1% favorable impact on revenue growth during the quarter.

謝謝你，亞倫。更詳細了解2025年第四季的業績。本季淨銷售額下降 12% 至 11 億美元，而上年同期為 12 億美元。以外幣計價的收購對本季營收成長產生了約 1% 的有利影響。

Briefly looking at consolidated net sales for the fourth quarter by product class. Residential product sales decreased 23% to $572 million as compared to $743 million in the prior year. As previously discussed, continued weakness in power outage activity resulted in lower shipments of home standby and portable generators as compared to a much stronger outage environment in the prior year period.

簡要看一下第四季度按產品類別劃分的合併淨銷售額。住宅產品銷售額較上年同期的 7.43 億美元下降 23%，至 5.72 億美元。如前所述，與去年同期電力中斷情況嚴重得多的情況相比，電力中斷活動的持續疲軟導致家用備用發電機和便攜式發電機的出貨量減少。

Residential energy technology sales increased year over year, driven by shipments of energy storage systems to Puerto Rico as we completed the Department of Energy resiliency program during the quarter.

住宅能源技術銷售額年增，這主要得益於我們在本季完成了美國能源部韌性計劃，並向波多黎各交付了儲能係統。

Commercial and industrial product sales for the fourth quarter increased 10% and to $400 million as compared to $363 million in the prior year. The combination of contributions from acquisitions and the impact of foreign currency had a 3% favorable impact on sales growth during the quarter. The core sales growth was primarily due to revenue from products sold to data center customers, both domestically and internationally.

第四季商業和工業產品銷售額成長 10%，達到 4 億美元，而去年同期為 3.63 億美元。收購帶來的貢獻以及外匯匯率的影響，對本季的銷售成長產生了 3% 的有利影響。核心銷售成長主要歸功於國內外資料中心客戶的產品銷售收入。

Net sales for the other products and services category decreased approximately 6% to $120 million as compared to $128 million in the fourth quarter of 2024. The core sales decline of 7% was primarily driven by a decline in aftermarket service parts related to the residential products due to a strong prior year comparison that included multiple major power outages, partially offset by continued growth in ecobee Services.

其他產品和服務類別的淨銷售額較 2024 年第四季的 1.28 億美元下降約 6%，至 1.2 億美元。核心銷售額下降 7%，主要是由於去年同期基數較高（包括多次重大停電），導致與住宅產品相關的售後服務零件銷售額下降，但 ecobee 服務的持續增長部分抵消了這一影響。

Gross profit margin was 36.3% compared to 0.406 in the prior year fourth quarter. This decrease was primarily due to unfavorable sales mix, together with a $15.6 million net inventory provision recorded in the current year quarter related to the settlement of a contract dispute with a supplier for a discontinued product. as disclosed in the accompanying reconciliation schedules to the earnings release. In addition, higher input costs and lower manufacturing absorption were mostly offset by increased price realization.

毛利率為 36.3%，而去年同期為 0.406%。這一下降主要是由於銷售組合不利，以及本季度提列了 1560 萬美元的淨存貨撥備，該撥備與和供應商就已停產產品達成的合約糾紛有關，詳情請參閱隨附的收益調節表。此外，較高的投入成本和較低的生產吸收率基本上被較高的售價所抵銷。

Operating expenses increased to $405 million or up 34% compared to the fourth quarter of 2024. The increase was primarily driven by a $104.5 million provision recorded in the current year quarter for the settlement of a portable generator product liability matter as disclosed in the accompanying reconciliation schedules to the earnings release.

營運支出增加至 4.05 億美元，比 2024 年第四季成長 34%。該增長主要是由於本季度提列了 1.045 億美元的準備金，用於解決一起便攜式發電機產品責任案件，詳情請參閱隨附的收益調節表。

Additionally, lower incentive compensation was offset by higher marketing spend to drive incremental awareness for our products. Adjusted EBITDA, before deducting for noncontrolling interest, as defined in our earnings release, was $185 million or 17% of net sales in the fourth quarter as compared to $265 million or 21.5% of net sales in the prior year.

此外，較低的激勵性薪酬被較高的行銷支出所抵消，從而提高了我們產品的知名度。根據我們的獲利報告，在扣除少數股東權益之前，第四季度調整後的 EBITDA 為 1.85 億美元，佔淨銷售額的 17%，而去年同期為 2.65 億美元，佔淨銷售額的 21.5%。

For the full year 2025, adjusted EBITDA before deducting for noncontrolling interest was $716 million or 17% of net sales as compared to $789 million or 18.4% in the prior year.

2025 年全年，扣除少數股東權益前的調整後 EBITDA 為 7.16 億美元，佔淨銷售額的 17%，而前一年為 7.89 億美元，佔淨銷售額的 18.4%。

I will now briefly discuss financial results for our two reporting segments. Domestic segment total sales, including intersegment sales, decreased 17% to $889 million in the quarter as compared to $1.07 billion in the prior year, which included a slight favorable impact from acquisitions. Adjusted EBITDA for the segment was $151 million or 17% of total sales as compared to $243 million in the prior year or 22.7%.

接下來我將簡要介紹我們兩個報告部門的財務表現。本季國內業務總銷售額（包括部門間銷售額）下降 17% 至 8.89 億美元，而上年同期為 10.7 億美元，其中包括收購帶來的輕微有利影響。該部門的調整後 EBITDA 為 1.51 億美元，佔總銷售額的 17%，而前一年為 2.43 億美元，佔總銷售額的 22.7%。

For the full year 2025, domestic segment total sales decreased 4% over the prior year to $3.49 billion, which included a slight favorable impact from acquisitions. Adjusted EBITDA margins for the segment for the full year 2025 were 17.1% compared to 19.1% in the prior year.

2025 年全年，國內業務總銷售額較前一年下降 4% 至 34.9 億美元，其中包括收購帶來的輕微有利影響。2025 年全年該業務部門的調整後 EBITDA 利潤率為 17.1%，而前一年為 19.1%。

International segment total sales, including intersegment sales, increased 12% to $209 million in the quarter as compared to $187 million in the prior year quarter. including an approximate 6% sales growth contribution from foreign currency. Adjusted EBITDA for the segment before deducting for noncontrolling interest was $33.7 million or 16.1% of total sales as compared to $22.5 million or 12% in the prior year.

國際業務部門總銷售額（包括部門間銷售額）較上年同期成長12%，達到2.09億美元，而上年同期為1.87億美元，其中外匯交易貢獻了約6%的銷售成長。在扣除少數股東權益之前，該業務部門的調整後 EBITDA 為 3,370 萬美元，佔總銷售額的 16.1%，而去年同期為 2,250 萬美元，佔總銷售額的 12%。

For the full year 2025, International segment total sales increased 7% over the prior year to $777 million, including an approximate 1% sales growth contribution from foreign currency. Adjusted EBITDA margins for the segment for the full year 2025 and before deducting for noncontrolling interests were 15.1% of total sales during 2025 as compared to 13.2% in the prior year.

2025 年全年，國際業務部門總銷售額比上年增長 7%，達到 7.77 億美元，其中外匯帶來的銷售額成長貢獻約為 1%。2025 年全年，該業務部門的調整後 EBITDA 利潤率（未扣除少數股東權益）佔 2025 年總銷售額的 15.1%，而前一年為 13.2%。

Now switching back to our financial performance for the fourth quarter of 2025 on a consolidated basis. As disclosed in our earnings release, the GAAP net loss for the company in the quarter was $24 million as compared to net income of $117 million for the fourth quarter of 2024. As previously discussed, the current year quarter includes the impact of the aforementioned product liability and supplier contract settlements, which drove our net loss for the quarter.

現在讓我們回到 2025 年第四季的合併財務表現。正如我們在獲利報告中所揭露的那樣，該公司本季的 GAAP 淨虧損為 2,400 萬美元，而 2024 年第四季的淨利潤為 1.17 億美元。如前所述，本季業績包含了上述產品責任和供應商合約和解的影響，這導致了本季的淨虧損。

GAAP income taxes during the current year fourth quarter were a benefit of $3.7 million or an effective tax rate of 13.4% as compared to an expense of $27.3 million or an effective tax rate of 18.9% for the prior year. The lower effective tax rate was driven primarily by the impact of certain favorable discrete tax items and their impact on a lower pretax income in the current year.

本年度第四季的 GAAP 所得稅為收益 370 萬美元，實際稅率為 13.4%，而去年同期則為支出 2,730 萬美元，實際稅率為 18.9%。實際稅率降低主要是由於某些有利的個別稅收項目及其對本年度稅前收入的影響。

The net loss per share for the company on a GAAP basis was $0.42 in the fourth quarter of 2025 compared to net income per share of $2.15 in the prior year. Adjusted net income for the company, as defined in our earnings release was $95 million in the current year quarter or $1.61 per share. This compares to adjusted net income of $168 million in the prior year or $2.80 per share.

該公司2025年第四季以美國通用會計準則計算的每股淨虧損為0.42美元，而去年同期每股淨收益為2.15美元。根據我們在獲利報告中的定義，該公司本季的調整後淨收入為 9,500 萬美元，即每股 1.61 美元。相比之下，上一年的調整後淨收入為 1.68 億美元，即每股 2.80 美元。

Cash flow from operations was $189 million in the current year quarter as compared to $339 million in the prior year fourth quarter. And free cash flow, as defined in our earnings release, was $130 million as compared to $286 million in the same quarter last year. The change in free cash flow was primarily driven by a significant reduction in net working capital in the prior year, which did not repeat and lower operating income in the current year, partially offset by lower cash payments for taxes.

本季經營活動產生的現金流量為 1.89 億美元，而去年同期為 3.39 億美元。根據我們的獲利報告定義，自由現金流為 1.3 億美元，去年同期為 2.86 億美元。自由現金流的變化主要是由於去年淨營運資本大幅減少，而本年度並未重現這一情況，以及營業收入下降，部分被稅款現金支出減少所抵消。

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 1.9 times on an as-reported basis, which is within our target gross debt leverage range of 1 to 2 times adjusted EBITDA.

截至本季末，未償債務總額為 13.3 億美元，按報告基準計算，第四季度末的總債務槓桿率為 1.9 倍，這在我們調整後 EBITDA 的 1 至 2 倍的目標總債務槓桿率範圍內。

For the full year, Cash flow from operations was $438 million as compared to $741 million in the prior year. Free cash flow, again, as defined in our earnings release, was $268 million, as compared to $605 million in full year 2024.

全年經營活動產生的現金流量為 4.38 億美元，而去年同期為 7.41 億美元。自由現金流（同樣按照我們在獲利報告中的定義）為 2.68 億美元，而 2024 年全年為 6.05 億美元。

Capital expenditures during the full year totaled $170 million or 4% of net sales as we invested in additional production capacity and other capabilities to support future C&I growth. In addition, we opportunistically repurchased approximately 1.11 million shares of our common stock during the full year for $148 million at an average price of $133 per share.

全年資本支出總額為 1.7 億美元，佔淨銷售額的 4%，我們投資於額外的生產能力和其他能力，以支持未來的工商業成長。此外，我們全年也把握機會，以每股 133 美元的平均價格，斥資 1.48 億美元回購了約 111 萬股普通股。

Additionally, on February 9, Generac's Board of Directors approved a new share repurchase authorization that allows for the repurchase of up to $500 million of the company's shares over the next 24 months, replacing the remaining balance of the previous program. We will continue to operate within our disciplined and balanced capital allocation framework as we evaluate future shareholder value-enhancing opportunities.

此外，2 月 9 日，Generac 董事會批准了一項新的股票回購授權，允許在未來 24 個月內回購公司高達 5 億美元的股票，以取代先前計劃的剩餘部分。我們將繼續在嚴謹均衡的資本配置架構中運作，同時評估未來提升股東價值的機會。

With that, I will now provide further comments on our new outlook for 2026. As disclosed in our press release this morning, we are initiating 2026 net sales guidance that projects strong year-over-year growth for the full year period. We expect consolidated net sales for the full year to increase at a mid-teens rate as compared to the prior year, which includes a favorable impact of approximately 1% from the net combination of foreign currency and completed acquisitions and divestitures.

接下來，我將對我們2026年的新展望作進一步評論。正如我們今天早上發布的新聞稿中所披露的，我們發布了 2026 年淨銷售額預期，預計全年將實現強勁的同比增長。我們預計全年合併淨銷售額將比上年增長15%左右，其中包括外匯匯率變動以及已完成的收購和剝離帶來的約1%的有利影響。

Consistent with our historical approach, our guidance assumes a level of power outage activity in line with the longer-term baseline average for the remainder of the year and does not assume the benefit of a major power outage event during the year.

與我們以往的做法一致，我們的指導意見假設今年剩餘時間的停電活動水準與長期基準平均水準一致，並且不假設年內會發生重大停電事件。

Breaking this down by product class, we expect overall residential net sales to increase in the plus 10% range as compared to 2025, primarily driven by growth in shipments of home standby and portable generators, given the assumption of a return to a baseline average power outage environment in 2026 as compared to an easier comp in the second half of 2025.

按產品類別細分，我們預期整體住宅淨銷售額將比 2025 年成長 10%，主要得益於家用備用發電機和便攜式發電機出貨量的成長。這是因為假設 2026 年的平均停電環境將恢復到基準水平，而 2025 年下半年的停電情況相對容易。

In addition, we expect higher price realization for home standby generators, ,the launch of PWRmicro and continued growth at ecobee to contribute to the strong residential product sales growth. The residential growth will be partially offset by lower energy storage sales due to the end of the Department of Energy Program in Puerto Rico.

此外，我們預計家用備用發電機價格上漲、PWRmicro 的推出以及 ecobee 的持續成長將有助於推動住宅產品銷售的強勁成長。由於能源部在波多黎各的專案結束，住宅成長將被儲能銷售下降部分抵銷。

As Aaron discussed, we expect robust C&I product sales growth in the plus 30% range during 2026, primarily driven by products sold to data center customers. In addition, the acquisition of Allmand is expected to contribute approximately one-quarter of this year-over-year growth, with the remainder coming from modest organic growth in our traditional C&I products and channels.

正如 Aaron 所討論的，我們預計 2026 年 C&I 產品銷售額將強勁增長 30% 以上，主要由面向資料中心客戶銷售的產品推動。此外，收購 Allmand 預計將貢獻約四分之一的年成長，其餘部分則來自我們傳統 C&I 產品和通路的適度內生成長。

Additionally, in January, we completed the divestiture of certain noncore assets that will impact sales for our other products and services category, resulting in an approximate 10% year-over-year decline for this product class in 2026. From a seasonality perspective, we expect 2026 consolidated net sales to be approximately in line with normal seasonality, resulting in overall net sales in the first half, being approximately 46% weighted and sales in the second half being approximately 54% weighted.

此外，1 月我們完成了某些非核心資產的剝離，這將影響我們其他產品和服務類別的銷售，導致該產品類別在 2026 年年減約 10%。從季節角度來看，我們預期 2026 年合併淨銷售額將與正常季節性大致一致，導致上半年總淨銷售額加權約 46%，下半年銷售額加權約為 54%。

Specifically for the first quarter, we expect overall net sales to increase in the plus 11% to 13% range compared to the prior year, primarily driven by strong growth in portable generator shipments related to winter storm Fern and significantly higher revenue from products sold to data center customers.

具體到第一季度，我們預計整體淨銷售額將比上年同期增長 11% 至 13%，主要得益於冬季風暴 Fern 帶來的便攜式發電機出貨量的強勁增長，以及向數據中心客戶銷售的產品的收入大幅增加。

Looking at our gross margin expectations for the full year 2026. We expect the full year realization of price increases to be fully offset by higher input costs and unfavorable mix, resulting in approximately flat gross margins compared to the prior year in the 38% to 39% range. From a seasonality perspective, we expect first quarter gross margins to mark the low point for the year, with a slight sequential decline from the fourth quarter of 2025 in the 36% range.

展望2026年全年毛利率預期。我們預計全年價格上漲的實現將被更高的投入成本和不利的產品組合完全抵消，導致毛利率與上年基本持平，在 38% 至 39% 的範圍內。從季節角度來看，我們預計第一季毛利率將為全年最低點，較 2025 年第四季略有環比下降，降幅約為 36%。

In line with normal seasonality, gross margins are expected to improve sequentially into the second half of the year given the increasing mix of higher margin home standby product sales, resulting in second half gross margins in the 39% range.

按照正常的季節性規律，由於高利潤率的家用備用產品銷售佔比不斷提高，預計下半年毛利率將環比改善，下半年毛利率將達到 39% 左右。

Looking at our adjusted EBITDA margin expectations for full year '26. Adjusted EBITDA margins before deducting for noncontrolling interests are expected to be approximately 18% to 19% for the full year 2026 compared to 17% in 2025.

展望 2026 年全年調整後 EBITDA 利潤率預期。2026 年全年，扣除少數股東權益之前的調整後 EBITDA 利潤率預計約為 18% 至 19%，而 2025 年為 17%。

At the midpoint of the sales growth and margin ranges, this would result in an approximate 25% increase in EBITDA dollars in 2026 and compared to 2025. We also expect adjusted EBITDA margins to follow normal seasonality and improved significantly as we move throughout the year. Specifically, regarding the first quarter, adjusted EBITDA margins are expected to land in the 15% range and then improved sequentially throughout the year, reaching approximately 20% for the second half of the year.

在銷售成長和利潤率範圍的中點，這將導致 2026 年 EBITDA 美元比 2025 年成長約 25%。我們也預計，調整後的 EBITDA 利潤率將遵循正常的季節性規律，並隨著時間的推移而顯著提高。具體而言，第一季調整後的 EBITDA 利潤率預計將達到 15% 左右，然後全年逐年提高，下半年達到約 20%。

This sequential improvement is expected to be driven by the previously discussed gross margin mix improvements, together with significant operating expense leverage on the seasonally higher sales volumes. 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 2026.

這一環比改善預計將得益於先前討論過的毛利率結構改善，以及季節性銷售量增加帶來的營運費用大幅槓桿效應。按照慣例，我們還將提供更多指導細節，以幫助模擬 2026 年全年的調整後每股盈餘和自由現金流。

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 2026, our GAAP effective tax rate is expected to be between 24% to 25% as compared to the 18.9% full year GAAP tax rate for 2025. We expect interest expense to be approximately $65 million to $69 million for full year '26, assuming no additional term loan principal prepayments during the year.

重要的是，為了得出調整後淨收入和調整後每股收益的適當估計值，應使用我們預期的有效稅率，將加回項目扣除稅款後反映出來。預計 2026 年的 GAAP 有效稅率將在 24% 至 25% 之間，而 2025 年的 GAAP 全年稅率為 18.9%。我們預計 2026 年全年利息支出約為 6,500 萬美元至 6,900 萬美元，假設當年沒有額外的定期貸款本金提前償還。

This is a decline from '25 levels of $71 million due to the full year impact of lower sulfur interest rates. Our capital expenditures are projected to be approximately 3.5% of our forecasted net sales for the year as we continue to invest in incremental capacity and execute other projects to support future growth expectations, particularly for C&I products.

由於硫磺利率下降的全年影響，這一數字較 2025 年的 7,100 萬美元有所下降。由於我們將繼續投資於新增產能並執行其他項目以支持未來的成長預期，特別是工商業產品，預計我們本年度的資本支出將佔預測淨銷售額的 3.5% 左右。

Depreciation expense is forecast to be approximately $104 million to $108 million in '26, given our assumed CapEx guidance. We have intangible amortization expense in '26 is expected to be approximately $18 million, $112 million during the year. Stock compensation expense is expected to be between $54 million to $58 million for the year.

根據我們假設的資本支出指導，預計 2026 年的折舊費用約為 1.04 億美元至 1.08 億美元。預計 2026 年的無形資產攤銷費用約為 1,800 萬美元，全年攤提費用約 1.12 億美元。預計本年度股票補償支出將在 5,400 萬美元至 5,800 萬美元之間。

Operating and free cash flow generation is expected to be weighted towards the second half of the year in '26, resulting in projected free cash flow generation of approximately $350 million for the full year 2026. Our full year weighted average diluted share count is expected to increase modestly and be between 59.5 million to 60 million shares as compared to 59.3 million shares in 2025.

預計 2026 年的營運活動和自由現金流將主要集中在下半年，預計 2026 年全年自由現金流約為 3.5 億美元。預計到 2025 年，公司全年加權平均稀釋股份數量將略有增加，達到 5,950 萬至 6,000 萬股，而 2025 年的股份數量為 5,930 萬股。

Finally, this 2026 outlook does not reflect potential additional acquisitions, divestitures or share repurchases that could drive incremental shareholder value during the year.

最後，2026 年的展望並未反映出可能在年內推動股東價值增加的潛在額外收購、剝離或股票回購。

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

我們的發言稿到此結束。現在，我們想開放提問環節。謝謝。

(Operator Instructions) Tommy Moll, Stephens.

（操作說明）湯米·莫爾，史蒂芬斯。

Good morning and thanks for taking my question.

早上好，感謝您回答我的問題。

Hi, Tommy.

嗨，湯米。

Aaron, I wanted to ask about your progress with the hyperscalers. Just to level set, I think what I hear you saying is no orders in backlog yet, but the advance to the pilot phase is new versus last quarter. So maybe if you could just confirm if that's correct. And just give us a little more insight about what you're expecting in the go forward. You talked about orders to come? Just walk us through what the phases of that might look like. Thank you.

Aaron，我想問你與超大規模資料中心合作的進展。為了明確起見，我認為你的意思目前還沒有積壓訂單，但與上個季度相比，進入試點階段是新的進展。所以，能否確認一下是否正確？請您再詳細說說您對未來的期望。你剛才提到會有訂單嗎？請您詳細介紹一下各個階段的具體情況。謝謝。

Yeah. Thanks, Tommy. So yeah, that's largely correct. The backlog, there's a couple of units in there for the pilot program, but that's it. So the $400 million.

是的。謝謝你，湯米。是的，這基本上正確。積壓訂單裡，有幾台是為試點計畫準備的，僅此而已。所以就是4億美元。

And remember, the $400 million is after we began shipping product in Q4 and here also started Q1. So good order flow again over the last 90 days to get the backlog to 400, and that's without any material hyperscale business at this point. So that's the answer to that question. And the second part of the question in terms of the progression there. The pilot programs are in flight.

請記住，這 4 億美元是在我們第四季開始出貨之後，也就是第一季開始後的金額。因此，在過去的 90 天裡，訂單流再次良好，積壓訂單達到 400 件，而且目前還沒有任何實質的超大規模業務。這就是這個問題的答案。問題的第二部分是關於這方面的進展。試點項目正在進行中。

We are in deep negotiations with the -- with two hyperscale customers in particular, and that's what the pilot programs are related to. And we would anticipate with successful completion of those pilot programs here in the call it, the end of the first quarter, beginning of the second quarter, we would be in a position then with each of those customers to sign a longer-term supply agreement, a master supply agreement.

我們正在與兩家超大規模客戶進行深入談判，試點計畫也與此有關。我們預計，隨著這些試點計畫的成功完成，大約在第一季末、第二季初，我們將能夠與每位客戶簽署一份更長期的供應協議，一份主供應協議。

And then that's when we would start to see purchase order flow, and that would then feed into the backlog. They've been holding off on that, although I will say all of our conversations with those two hyperscalers have been about how much can we supply for 2027 and 2028, what's our capacity. And then also, do we have potential to supply product in 2026.

然後，我們會看到採購訂單的流動，而這些訂單又會逐漸進入積壓訂單中。他們一直沒有採取行動，不過我要說的是，我們與這兩家超大規模資料中心營運商的所有對話都圍繞著我們在 2027 年和 2028 年能夠供應多少資源，我們的產能是多少。此外，我們是否有能力在 2026 年供應產品？

And so that is not in our guide at all, obviously. So that could be upside. Again, as I said on the call, with the purchase of the new facility here in Sussex, Wisconsin. We'll have that facility online in the second half of the year, and we could respond to potential or potential for additional orders from those hyperscale customers in '26 should we be able to work through the successful completion of the contract negotiations in the pilot phases. But we feel very good about where we're at.

所以很顯然，我們的指南裡根本沒有這部分。所以這可能是個有利因素。正如我在電話中所說，我們已經在威斯康辛州蘇塞克斯購買了新的工廠。我們將在今年下半年啟用該設施，如果我們能夠成功完成試點階段的合約談判，我們就可以回應這些超大規模客戶在 2026 年的潛在訂單或額外訂單。但我們對現狀非常滿意。

They need additional supply desperately. And we believe we're going to be in a really good position certainly for '27 and '28, but also potentially here for 2026. The addition of that facility and some of the tweaks we've made, just to our domestic capacity, we believe we're now over $1 billion here domestically for capacity. So -- and we're looking at ways we could go higher because the volumes we're talking about in '27 and '28 could take us easily above those numbers.

他們急需額外的物資。我們相信，在 2027 年和 2028 年，我們肯定會處於非常有利的地位，而且也有可能在 2026 年繼續保持這種地位。新增該設施以及我們對國內產能進行的一些調整，我們相信，目前我們在國內的產能已超過 10 億美元。所以——我們正在尋找方法，讓我們能夠做得更好，因為我們所說的 2027 年和 2028 年的銷量很容易就能超過這些數字。

George Gianarikas, Canaccord.

George Gianarikas，Canaccord。

Hi. Good morning, everyone, and thank you for taking the questions.

你好。各位早安，感謝你們回答問題。

Hey, George.

嘿，喬治。

So as it relates to the data center opportunity, can you just maybe talk a little bit about the competitive environment, how that may be changing or if it's the same and whether or not this enormous opportunity is inviting any new entrants into it? Thank you.

那麼，就資料中心的發展機會而言，您能否談談競爭環境，它可能發生了哪些變化，或者是否依然如故，以及這一巨大的機會是否吸引了新的進入者？謝謝。

Yeah. Thanks, George. So as it relates specifically to diesel generators, large megawatt diesel generator backup, the market is has not changed in terms of participants at this point other than our entry into it. I think that the reason for that largely is the limitation around the number of diesel engine manufacturers in those high horsepower diesel engine ranges. That's a pretty static number because of the investment required, not only in R&D, but also just the production investment needed to -- for tooling and the manufacturer of those types of products.

是的。謝謝你，喬治。因此，就柴油發電機、大型兆瓦柴油發電機備用電源而言，除了我們進入該市場外，目前市場參與者方面還沒有改變。我認為這主要是因為大馬力柴油引擎製造商的數量有限。這是一個相當穩定的數字，因為所需的投資不僅包括研發，還包括生產所需的投資——用於模具和這類產品的製造商。

So we think we have a great partner there that has invested very heavily in capacity. So we don't believe we're going to see capacity limitations in the near term or in building out the rest of our supply chain, obviously, it's not just engine.

所以我們認為我們在那裡有一個很棒的合作夥伴，他們在產能方面投入了大量資金。因此，我們認為在短期內不會出現產能限制，也不會出現供應鏈其他環節出現產能限制的情況，顯然，這不僅僅是引擎的問題。

There are alternators, there are cooling packages, there are structural elements of the generator in terms of the steel base frames and the diesel tanks themselves. And then obviously, the packaging structures that go around these machines that typically is handled by third-party companies. We are evaluating and deepening our relationships in the supply chain.

發電機包括交流發電機、冷卻裝置、鋼製底座框架和柴油箱等結構部件。當然，這些機器周圍的包裝結構通常由第三方公司負責。我們正在評估並深化我們在供應鏈中的關係。

It's not just the investments we're making in our own production environment, right? We can go out and buy a plant and we can buy the equipment and hire the people to tool up the plant, but we need to make sure the supply chain is ready for those higher volumes.

不只是我們對自身生產環境的投資，對吧？我們可以去買一家工廠，買設備，僱人來安裝設備，但我們需要確保供應鏈能應付更高的產量。

Fortunately, this is something we do really well, right, we're taking a page out of our residential side of our business where we've been very agile over the years and reacting to surges in demand and the ability to get our supply chain at the levels that we need them at to be successful and to handle increased demand. So we're built that way. So I guess, just -- it's part of our DNA, and I think it's going to serve us quite well in this new market.

幸運的是，這是我們非常擅長的領域，對吧？我們借鑒了住宅業務的經驗，多年來，我們在住宅業務方面一直非常靈活，能夠應對需求的激增，並將我們的供應鏈調整到我們需要的水平，從而取得成功並應對不斷增長的需求。我們天生就是這樣。所以我想，這大概就是我們基因的一部分吧，而且我認為它在這個新市場會為我們帶來很大的幫助。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Yeah. Good morning, guys. Maybe just a thought about how you're thinking about directionally the TAM or the growth profile over the -- for the data center markets over the next three, five years, whatever time horizon you're talking to. Just to put it in context of the growth from an industry perspective? And then secondarily, the types of share that you envision is realistic within the context of that overall market opportunity.

是的。各位早安。也許可以談談您對未來三到五年（或您所指的任何時間範圍）資料中心市場的潛在市場規模 (TAM) 或成長前景的看法。僅僅從產業角度來看，這又與整體成長有何關聯呢？其次，你所設想的份額類型在整體市場機會的背景下是否為現實。

Yeah. Thanks, Mike. It's a great question. And obviously, the numbers around the size of the price, right, in terms of how how much market -- what is the TAM for just specifically the day center element there in this market for diesel, a large megawatt diesel backup generators, it keeps changing because a lot of that is tight, obviously, as you would imagine, to the amount of construction. But we think that, that's something -- that market could be as much as $15 billion a year alone.

是的。謝謝你，麥克。這是一個很好的問題。顯然，價格規模相關的數字，對吧，就市場規模而言——特別是柴油日間中心市場中大型兆瓦柴油備用發電機的總市場規模是多少——一直在變化，因為很多因素都受到建築數量的限制，正如你所想的那樣。但我們認為，這確實是一個值得關注的市場——光是這個市場每年就可能高達 150 億美元。

For us, I think when we look at what's reasonable for us for share position, we look at our share here in North America, depending on the segments of the markets you look at, we're a 10% to 15% share player in the C&I market. So we think that is that a reasonable target for us? We believe so. Maybe on the low end of that, it's 10%. I mean, again, we believe that the opportunity here is great enough that we can take what effectively was a $1.5 billion business last year in C&I, and we can double that in the next three to five years.

對我們來說，我認為當我們考慮合理的市場份額時，我們會看看我們在北美的市場份額，根據你觀察的市場細分，我們在工商業市場的份額是 10% 到 15%。所以我們認為這是一個合理的目標嗎？我們認為是這樣。保守估計，大概是 10%。我的意思是，我們再次相信，這裡的機會非常大，我們可以將去年在工商業領域價值 15 億美元的業務，在未來三到五年內翻倍。

So that would be the addition of another $1.5 billion. So just a 10% share. So now if the market is bigger, maybe that number grows. If the number is smaller because of the potential cycle, cyclical nature of like all markets, there are cycles, we're going to be measured about that. I will say this, in addition to just -- obviously, the discussion this morning is heavily focused and waited on data centers.

這樣一來，就需要再增加15億美元。所以只有10%的份額。所以現在如果市場規模更大，這個數字或許也會成長。如果由於潛在的周期性因素（就像所有市場一樣，存在週期性波動），導致數字較小，我們會對此進行衡量。除了以上內容之外，我還要補充一點——顯然，今天早上的討論主要集中在資料中心方面，大家都很期待。

But we basically are starting from zero with our traditional market, which already existed that traditional market, obviously not a $15 billion a year market in that range, but it's half the dollars in our traditional market. So it's another, call it, $3 billion to $4 billion.

但我們基本上是從零開始打造我們的傳統市場，這個傳統市場已經存在，顯然它不是每年 150 億美元的市場，但它是我們傳統市場規模的一半。所以，這又是另一筆，姑且稱之為30億到40億美元吧。

And so just getting a portion of that, we believe, is going to be supportive of the growth that we're seeing. And for the record, the $400 million backlog that we keep talking about, we don't have any of our traditional large megawatt products in that backlog at this point. So that's a recent product launch.

因此，我們相信，獲得其中的部分資金將有助於我們實現目前所看到的成長。需要說明的是，我們一直提到的 4 億美元積壓訂單中，目前還沒有任何我們傳統的兆瓦級高功率產品。這是最近推出的一款產品。

We launched with the data center-focused sets first, and we started quoting now in the traditional market. So that's an opportunity for us on a go-forward basis that will, I think, be able to talk more about as we go throughout 2026 here.

我們首先推出了以資料中心為導向的產品系列，現在開始在傳統市場進行報價。所以，從長遠來看，這是一個讓我們有機會去探討的機會，我認為，隨著我們推進到 2026 年，我們將能夠更多地討論這個問題。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Hey. Good morning, guys. Maybe shifting gears to residential. I wanted to just better understand what you think the hole is for the Puerto Rico wrap and then how you're thinking about power micro demand and feedback.

嘿。各位早安。或許可以把目光轉向住宅領域。我只是想更了解你認為波多黎各包裝上的孔洞是什麼，以及你是如何考慮電力微需求和回饋的。

And then within the home standby, I think you said mid-teens growth, how much of that is price mix and volumes. And then just an update on the cost structure in energy technology '26 versus '25 bringing that loss down towards your target?

然後，在家庭備用電源方面，我想你說過成長幅度在15%左右，其中有多少是價格組合和銷售的因素造成的？那麼，能否更新一下2026年與2025年相比，能源技術成本結構的變化情況，看看能否將虧損降低到您的目標水準？

Yeah. Thanks, Jeff. All great questions, and I appreciate, by the way, the question on residential. Good to talk about that. That market, obviously, the second half of last year was just incredibly softer outages.

是的。謝謝你，傑夫。都是很好的問題，順便說一句，我很感謝你提出的關於住宅的問題。很高興能談談這個。顯然，去年下半年該市場的停電情況要輕微得多。

So when we think about the opportunities for residential next year, and we're calling out a mid-teens growth rate overall. But when you pick apart the pieces, which I think is what the gist of your question is, Jeff, the DOE headwind, that program ended here early '26. About $100 million of energy storage, that's a hole that we've got to make up.

因此，當我們展望明年的住宅市場機會時，我們預計整體成長率將達到15%左右。但是，當你仔細分析各個部分時（我認為這才是你問題的重點），傑夫，能源部的阻力，以及該計畫在 2026 年初就在這裡結束了。大約1億美元的儲能資金缺口，我們必須彌補這個缺口。

Now we do have our next-generation PWRcell products in market. And then as we noted on the call in our prepared remarks, PWRmicro, which is an exciting -- the microinverter market is an established market for residential solar.

現在我們的下一代 PWRcell 產品已經上市了。正如我們在電話會議的準備好的演講稿中提到的，PWRmicro 是一家令人興奮的公司——微型逆變器市場是住宅太陽能的成熟市場。

And even though the incentives and support at the federal level for residential solar and maybe even storage, you can make the argument is going is gone for intents and purposes at least at the homeowner level can it still exists for third-party operators, DPOs.

儘管聯邦政府層級為住宅太陽能甚至儲能提供的激勵和支持已經消失，但至少對於房主而言，這種支持和支持實際上已經不復存在，不過對於第三方運營商（DPO）來說，這種支持和支持仍然存在。

But we do think that, that market, while it will compress in the short term, a year or two, all the forecasts are that as energy costs continue to rise, the need for these types of products is there's going to be a demand for them at the residential level for sure and certainly at the light commercial level, which we'll focus on eventually long term as well. So there's a hole there. That's going to be offset by PWRmicro, not fully. It will also be offset by ecobee growth, not fully.

但我們認為，雖然短期內（一兩年內）市場會萎縮，但所有預測都表明，隨著能源成本的持續上漲，對這類產品的需求肯定會增加，住宅領域和輕型商業領域肯定也會有需求，而輕型商業領域最終也會成為我們長期關注的重點。所以那裡有個洞。PWRmicro 可以部分抵消此影響，但無法完全抵消。ecobee 的成長也會抵銷部分影響，但無法完全抵銷。

So when you look at just those products, storage, microinverters and our ecobee products, that's going to be down but then obviously, good growth on our core residential products with home standby and port generators. In terms of like where that's coming from next year, we see about half of the growth in the home standby category coming from price.

所以，如果只看這些產品，例如儲能設備、微型逆變器和我們的 ecobee 產品，銷量肯定會下降，但顯然，我們的核心住宅產品，包括家用備用發電機和便攜式發電機，銷量會有良好的成長。至於明年家用備用電源類別的成長來源，我們預計大約一半的成長將來自價格因素。

So it's the realization of price, not only from the new product line, which has a higher ASP, a bit higher ASP, but also full year realization for some of the tariff price increases that we put in last year. That's about half the growth.

所以，價格的實現不僅來自平均售價更高的新產品線，而且來自我們去年實施的一些關稅價格上漲的全年實現。那大約是成長的一半。

And then the other half would be unit volume that would accelerate based on a return to a more normal. The assumption that we return to more normal outage in environment more in the second half of the year, of course. So that's how if you unpack it, but still exciting that even in spite of having a challenging second half of the year last year, the category -- the metrics in the category actually hung in there.

而另一半則是單位體積，隨著情況恢復正常而加速成長。當然，前提是我們在下半年能夠恢復到更正常的停電狀態。所以，這就是它的運作方式，但令人興奮的是，即使去年下半年面臨挑戰，該類別的各項指標實際上仍然保持穩定。

I mean, we were surprised to see home consultations, activations, dealer counts, you still got our dealer counts, all the things that we watch very closely. And then you look at winter storm Fern, we got off the year on the right foot finally with the category.

我的意思是，我們很驚訝地看到家庭諮詢量、啟動量、經銷商數量，還有我們的經銷商數量，所有這些我們都非常密切關注的指標。然後看看冬季風暴弗恩，我們終於在天氣類別上取得了正確的開端。

So we were able to see some nice volume on portable generators. It's going to give us -- it's going to put us in a much better position starting out the year then had we continued the power outage drought that we've been in here in the second half of the year. So we feel pretty good about where we're where we're leaning here as we start the year for the residential products.

因此，我們看到便攜式發電機的銷售相當不錯。這將使我們——這將使我們在新的一年伊始處於比下半年持續停電狀況好得多的位置。所以，對於我們今年在住宅產品方面所處的位置和發展方向，我們感覺相當不錯。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Good morning. Thanks for taking my questions. I'm just wondering if you can update us on what kind of margin are you expecting from the data center products? And I know you're not going to give maybe specifics to like relative to home standby.

早安.謝謝您回答我的問題。我想問一下，您預計資料中心產品的利潤率是多少？我知道你可能不會給出關於家庭待機等方面的具體細節。

And then also, how does that progress over time? Obviously, you're at a moment where you're ramping capacity dramatically and the costs associated with that. Are there -- and just the inefficiencies that often come with new product launch where margin is going to be this year and longer term?

那麼，隨著時間的推移，情況又會如何發展呢？顯然，你們正處於大幅提升產能以及與之相關的成本的關鍵時期。是否存在—以及新產品發佈時經常出現的效率低下問題，這些問題會影響今年的利潤率以及長期的利潤率？

Yeah, Brian, this is York. Yeah. Good question. The way we're seeing it play out in terms of these projects is -- and to your point, as we ramp up capacity, there will be some start-up costs. We're seeing around mid-teens EBITDA margins or contribution margins for these projects in 2026.

是的，布萊恩，這裡是約克。是的。問得好。從這些項目來看，情況是－正如您所說，隨著產能的提升，將會出現一些啟動成本。預計這些項目在 2026 年的 EBITDA 利潤率或貢獻利潤率將達到 15% 左右。

And then as we ramp up and get more scale, we're seeing more high teens margins in the 27%, 28% range in the data center space. So basically in line with pretty close to corporate average EBITDA margins, which is great.

隨著我們規模的擴大和發展，我們看到資料中心領域的利潤率在 27% 到 28% 之間，接近 100%。所以基本上與企業平均 EBITDA 利潤率相當接近，這很好。

Yeah. And I would say the upside there potential, Brian, would be as we look to bring in-house more elements, more vertical integration in the entire package, there's an opportunity there for us should we find the right way to do that either through M&A or organic investment to do more of the content. Obviously, we're not going to do diesel engines, but we have the opportunity to add to the content, which then would have the potential to improve the margin profile even further.

是的。布萊恩，我認為其中的潛在優勢在於，隨著我們尋求將更多元素納入內部，在整個方案中實現更多垂直整合，如果我們能找到合適的方法，無論是透過併購還是內部投資來製作更多內容，那麼對我們來說就存在機會。顯然，我們不會生產柴油發動機，但我們有機會增加產品內容，這有可能進一步提高利潤率。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Thanks. Good morning, everybody. Just I was wondering about the home standby generator business. Just as you observed the trends in that business over the last couple of years, how do you think about just the penetration rates you're seeing and just the growth rate you would expect over a multiyear period in a smooth outage normalized outage activity market?

謝謝。大家早安。我只是想了解一下家用備用發電機這個行業。正如您在過去幾年中觀察到的該行業的發展趨勢一樣，您如何看待您目前看到的滲透率，以及在平穩的、正常化的停電活動市場中，您預期在多年內實現的增長率？

Yeah, Stephen, great question. I think the challenge in answering the question, of course, we haven't really had much of a, quote-unquote, normal outage environment. We talked about that on the averages, of course, and that helps smooth things out. And I guess to answer your question, today, we're only 6.75% penetrated. And every 1% of penetration is a $4.5 billion market opportunity.

是的，史蒂芬，問得好。我認為回答這個問題的困難在於，我們實際上並沒有經歷過太多所謂的「正常」故障環境。當然，我們討論的是平均情況，這有助於使結果更加平穩。我想回答你的問題，目前我們的市場滲透率只有 6.75%。每提高 1% 的市場滲透率，就意味著 45 億美元的市場機會。

Our share is is outsized in that market because we created it, we own it, we drive it. There isn't a single other player in the home standby category that puts the muscle we put behind. And we do that because it's only 6.75% penetrated, and we think that there's huge upside there.

我們在那個市場中佔有相當大的份額，因為我們創造了它，我們擁有它，我們推動了它。在主場替補球員類別中，沒有其他球員能像我們一樣投入如此多的精力。我們這樣做是因為它的滲透率只有 6.75%，我們認為那裡還有巨大的成長空間。

I mean, when you look at where could penetration go, which maybe is your question, in terms of terminal penetration rate, for the category. I mean, we have states and mind you, some of these states are our fastest-growing states where we're in the 20% range, right?

我的意思是，當你考慮滲透率可能達到的水平時（這可能是你的問題），就該類別的最終滲透率而言。我的意思是，我們有一些州，請注意，其中一些州是我們成長最快的州，成長率達到了 20%，對吧？

We're 23%, 24% in states like West Virginia and may not huge states, right? But you look at other states like Michigan. Michigan for us is a 17% pen rate. So can we get the 17% pen across the US. I mean, there's -- California is low. So there's opportunities there. Texas, which is a massive market, is only really right at the median now. Florida is really right at the median. So I think the opportunity here, if you look historically, the growth rate in the category over the last 25 years has been roughly 15%. It's been pretty consistent over that period.

我們在西維吉尼亞州等一些州的比例是 23% 到 24%，而這些州可能都不是人口大州，對吧？但看看其他州，例如密西根州。對我們來說，密西根州的治癒率是 17%。那我們能在美國各地推廣這款17%的鋼筆嗎？我的意思是，加州的排名很低。所以那裡蘊藏著機會。德州是一個龐大的市場，但目前它的市場水準實際上只處於中位數。佛羅裡達州的情況確實正好處於中位數。所以我認為，從歷史角度來看，該類別在過去 25 年的成長率約為 15%，這其中蘊藏著巨大的機會。這段時間以來，情況一直相當穩定。

And I would say, we're saying residential products in total are going to grow in the mid-teens. Home standby is a component of that obviously a driver, a major driver of that. So 10% of that. So in terms of where we think we can go with this category, we just think there's a lot of runway here. I mean, you look at just all the data around outages and the trends over the last 20 to 30 years are all up and to the right.

我認為，住宅產品整體成長率將達到15%左右。家庭待機顯然是其中的一個組成部分，一個主要驅動因素。所以是其中的10%。所以就我們認為這個領域還有很大的發展空間而言，我們認為它還有很大的發展潛力。我的意思是，你看看過去 20 到 30 年裡所有關於網路中斷的數據，趨勢都是向上向右的。

And as Americans, we deal with outages more than any other developed nation in the world. It's amazing, really. The state of our grid and the reality of it is, and it's complex. There's a lot of reasons for it. And we've always said Mother Nature has always been driving 70% of those outages.

而身為美國人，我們比世界上任何其他已開發國家都更容易遭遇停電。真是太神奇了。我們的電網現況及其現實情況非常複雜。這有很多原因。我們一直都說，70%的停電都是大自然造成的。

We are seeing a change. We're seeing a change in basic math around supply and demand and shortfalls in supply. You may have heard in my comments, the National Electric Reliability Corporation calling out that half of all Americans are at risk for significant outages over the next five years because of energy shortfalls, not because of mother nature.

我們正在見證改變。我們看到供需關係和供應短缺等基本數學法則正在改變。你可能已經從我的評論中聽到，美國國家電力可靠性公司指出，由於能源短缺，而不是由於自然災害，未來五年內，一半的美國人將面臨嚴重停電的風險。

So you look at that and you look at the structural things that are driving that right? We've brought a lot of supply on the grid that's renewable. So in terms of how you plan for that in terms of capacity planning factors, they're much lower than thermal assets like coal or gas plants or nuclear, right?

所以你要觀察這一點，也要觀察驅動這種情況的結構性因素，對吧？我們已經將大量再生能源併入電網。因此，就產能規劃因素而言，它們遠低於煤炭、天然氣或核能等火力資產，對吧？

You can't plan them as high. So that's a problem when it comes to -- you've got periods of peak demand. Very hot days, very cold days are going to present significant challenges to grid operators and keeping the lights on. You're going to see more rolling brownouts, more rolling blackouts as a result. This is fact.

你不能把它們規劃得那麼高。所以，當遇到需求高峰期時，就會出現問題。極端高溫和極端低溫天氣將為電網營運商帶來重大挑戰，確保電力供應不會中斷。因此，你會看到更多輪流限電和輪流停電的情況發生。這是事實。

Without a question, we are going to see this. It's been called out over and over again by a ton of prognosticators and others who follow these markets much more closely than we do. And so we think the opportunity for home standby backup power. And then, of course, in our C&I business, our core business, backup power, the requirements there are going to be significant in the years ahead.

毫無疑問，我們將會看到這一幕。許多預測專家和其他比我們更密切關注這些市場的人士都一再指出這一點。因此，我們認為家用備用電源存在著巨大的發展機會。當然，在我們的工商業業務（我們的核心業務）—備用電源領域，未來幾年備用電源的需求將會非常大。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Yes. Thank you. Good morning, Aaron, York, Kris. Just to clarify here, when you say you've progressed to the pilot phase with hyperscalers. What's the pilot mean in practice? Is that based on performance validation? And then the second question I had here, we're talking about potential significant volumes in '27 and '28, right? Is that based on customer provided demand forecasts that are tied to specific cycles or more to a general capacity reservation for future expansion, right?

是的。謝謝。早安，亞倫、約克、克里斯。這裡需要澄清一下，您說您已經與超大規模資料中心營運商進入了試點階段。飛行員的實際意義是什麼？這是基於效能驗證的嗎？那麼，我的第二個問題是，我們討論的是 2027 年和 2028 年可能出現的大批量交易，對吧？這是基於客戶提供的與特定週期相關的需求預測，還是更多地基於為未來擴張而預留的一般產能？

I'm just -- I'm trying to confirm here what we can anticipate in just in the C&I profile. I think last quarter, you maybe spoke about C&I doubling in the next few years. And -- was that based on just one hyperscaler award here because now we're talking about two. So trying to get more clarity around this in general. Thank you.

我只是——我試圖在這裡確認，在 C&I 概況中我們可以預期什麼。我想上個季度您可能提到過，未來幾年工商業收入將會翻倍。而且——這僅僅是基於一個超大規模資料中心獎項嗎？因為現在我們討論的是兩個。所以，我想更清楚地了解這方面的資訊。謝謝。

Yeah. Dimple, thanks. Those are great questions. I mean, first, on the pilot programs, they're different. Based on the different hyperscalers, they both have different requirements, but effectively, there are test scripts but then we run the products through in some of those in our laboratories. Some of those are as parts of actual real sites so in the wild, so to speak. So those are underway today.

是的。小酒窩，謝謝。這些都是很好的問題。我的意思是，首先，在試點計畫中，情況有所不同。根據不同的超大規模資料中心，它們都有不同的要求，但實際上，雖然有測試腳本，但我們會在實驗室裡使用其中一些腳本來運行產品。其中一些是真實遺址的一部分，可以說是在自然環境中。這些工作今天都在進行中。

And some of those are observed directly here again, and some of those are in the wild. So we are progressing well there, and we don't see any problems with meeting those requirements. We know these products quite well.

有些現像在這裡可以直接觀察到，有些現象則在野外觀察到。所以，我們在這方面進展順利，我們認為滿足這些要求不會有任何問題。我們對這些產品非常了解。

As far as your question about the capacity that we've been talking about in the future here, '27, '28 with these hyperscalers, it's a mix of both. We actually -- in one instance, we have hyperscale,a potential hyperscale customer that is telling a specific site build-outs for their sites.

至於你提到的我們一直在討論的未來容量問題，像是 2027 年、2028 年這些超大規模資料中心，是兩者的結合。實際上，我們——在一個例子中，我們有一個超大規模的潛在客戶，他正在告訴我們具體的網站建立方案。

And we wanted to overlay our manufacturing capacity globally to see where that could fit in. And so in that instance, with that conversation, it's a lot more pointed around the specifics of what is needed by site and what we could potentially provide because obviously, logistics costs are a big part of the overall bill here, not only in cost but also in time.

我們希望在全球範圍內佈局我們的生產能力，看看它能適應哪些市場。因此，在這種情況下，透過那次談話，重點更多地放在了現場的具體需求以及我們可能提供的服務上，因為很顯然，物流成本在這裡佔了總費用的很大一部分，不僅體現在成本上，也體現在時間上。

So trying to match the builds, the build-outs of these data center of the construction activity with our manufacturing production capacity by region is one work stream. With another hyperscaler, it's all about, hey, how many slots can reserve for us. And we're talking about a lot of product.

因此，努力使這些資料中心的建設活動與我們各地區的製造業生產能力相匹配，是其中一項工作流程。對於另一家超大規模資料中心營運商來說，關鍵在於，他們能為我們預留多少資源槽位。我們正在討論大量的產品。

It's -- in fact, it's almost -- it's just difficult for me to get my head around in terms of the size of what we're talking about here in the potential. And in fact, the $1 billion of capacity that I've said we've put ourselves in a position to be in by the end of the year here domestically would not be enough to handle the potential capacity that would be required if we are able to successfully land purchase orders for these hyperscale customers?

事實上，我幾乎很難理解我們在這裡討論的潛在規模究竟有多大。事實上，正如我所說，到今年年底，我們在國內已經累積了 10 億美元的產能，但這還不足以應對如果我們能夠成功獲得這些超大規模客戶的採購訂單後可能需要的潛在產能。

Because remember, we also have co-locators. We're a preferred supplier to two co-locators already. in our backlog and that continues to grow. So just the requirements here are enormous.

因為別忘了，我們還有託管伺服器。我們已成為兩家資料中心託管商的首選供應商，訂單積壓情況也持續成長。所以，這裡的要求非常高。

To answer the last part of your question about our completion of doubling the C&I business over the next three to five years, if we had to be very honest, that was really a landing on hyperscaler is if we landed one hyperscaler, that would get us to a point of doubling. Is there an opportunity to go higher than that?

關於您提出的最後一部分問題，即我們能否在未來三到五年內將工商業業務翻一番，坦白說，這實際上取決於我們能否成功拿下一家超大規模資料中心營運商。如果我們能拿下一家，就能達成業務翻倍的目標。還有機會達到更高的水準嗎？

Of course, -- that would be somewhat obviously gated by our ability to expand capacity and then, of course, supply chain as well. So those are things that we've got to work on yet, so we're not ready to commit higher than that.

當然，這顯然會受到我們擴大產能能力以及供應鏈能力的限制。所以這些都是我們還需要努力解決的問題，因此我們目前還無法做出更高的承諾。

But I do believe if we can get -- if we can have success with our own capacity and if we can continue to work with our supply chain partners, there is a possibility that we could go higher than that in the future.

但我相信，如果我們能夠——如果我們能夠利用自身的產能取得成功，如果我們能夠繼續與我們的供應鏈合作夥伴合作，那麼未來我們有可能取得更高的成就。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Yes. Thanks. A couple on residential. Just curious about how you're thinking about ASP in the short term related to Fern. And I didn't hear any comments on that. And then he could be us new grid resiliency service where you had a nice contribution to the grid operating capacity. How do we think about the revenue and monetization implications for that?

是的。謝謝。住在住宅區的一對。我只是好奇您如何看待短期內與 Fern 相關的 ASP。我沒有聽到任何相關的評論。然後他可以成為我們新的電網彈性服務人員，為電網運作能力做出很好的貢獻。我們如何看待這方面的收入和獲利影響？

Yeah. Thanks, Chris. Good questions. In grid services, it's -- we obviously have invested in that. It's a small piece, though, but it is interesting.

是的。謝謝你，克里斯。問得好。在電網服務方面，我們顯然已經進行了投資。雖然篇幅很短，但很有趣。

We want to keep a toe in that because it's recurring revenue, but also the possibility of the grid to be very frank, grid services programs have been slow to develop slower than we thought, right? Like we acquired Ambala a number of years ago.

我們希望繼續涉足這個領域，因為它能帶來經常性收入，但同時也存在著電網的可能性。坦白說，電網服務項目的發展速度比我們預想的要慢，對吧？就像我們幾年前收購安巴拉一樣。

We've got -- obviously, ecobee with that business came the grid services opportunities there. And that's really where most of the revenue is coming from today is on the ecobee side. Utilities have been just slow to adopt grid resiliency programs.

顯然，ecobee 的業務帶來了電網服務的機會。而目前大部分收入確實都來自 ecobee 這邊。公用事業公司在採用電網彈性計劃方面一直行動遲緩。

I do think as the grid becomes more constrained and as pressure builds on utilities and grid operators, they will have to turn to nonconventional solutions like virtual power plants and other grid services types of programs. So we definitely want to stay close to it. That's something that we're it's just small, right? But it's recurring and it's a nice piece of growth there, and we're going to continue to stay in bulk.

我認為，隨著電網日益受限，公用事業公司和電網營運商面臨的壓力越來越大，他們將不得不轉向非常規解決方案，例如虛擬電廠和其他電網服務類型的專案。所以我們肯定想和它保持密切聯繫。那隻是件小事，對吧？但這種情況會反覆出現，而且這是一個不錯的成長點，我們將繼續保持大量生產。

Your question on home standby Fern gave us a nice bump on portables also gave us a nice bump in IHCs, our in-home consultations, and we saw those basically double from where we were expecting them to be for the month.

Fern，您對家庭待機的問題為我們帶來了便攜式設備的良好增長，也為我們的家庭諮詢服務 (IHC) 帶來了良好的增長，我們看到這些指標基本上比我們預期的當月增長了一倍。

So and up considerably from the prior year, obviously, as you would expect in a period of time that's generally off season, if you will. So what are the prospects for that? I mentioned our new lead distribution system, which we have seen nice results from already. We've seen a nice improvement in close rates coming out of those systems when we do get surges in demand. So we'll let these IHCs mature, and we'll provide a more fulsome update on that but they were high.

因此，與前一年相比，銷量明顯大幅成長，這顯然是意料之中的，因為這段時間通常是淡季。那麼，這種可能性有多大呢？我提到了我們新的客戶線索分配系統，我們已經看到了不錯的成效。我們看到，當需求激增時，這些系統的成交率有了顯著提高。所以我們會等待這些 IHC 成熟，之後會提供更全面的更新，但它們的數值很高。

They were -- there's no denying it. Yeah. And we put something into the guide for it, but do we make enough. We want to see what the close rate looks like. Now we want to see how the rest of the season develops here.

沒錯，他們確實是──這一點毋庸置疑。是的。我們在指南中加入了相關內容，但我們做得夠嗎？我們想看看成交率的情況。現在我們想看看本賽季剩餘的比賽會如何發展。

We want to see what as we get a better read on the consumer maybe overall, big ticket purchases tied to residential investment, where is that going? So I think we're maybe taking a bit of a more conservative tone there, but we're off to a good start for the year. So that's helpful.

我們想看看，隨著我們對消費者整體狀況的了解加深，與住宅投資相關的大宗消費將走向何方？所以我覺得我們可能採取了一種更保守的態度，但今年我們開局不錯。那很有幫助。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Thank you. Good morning. So the decision to expand to $1 billion per year of diesel genset capacity, you did this before getting signed contracts from hyperscalers. But it makes sense given the amount of demand you're seeing and the industry capacity constraints. But I guess my question is when we look beyond that, beyond that $1 billion I guess two questions.

謝謝。早安.所以，你們在與超大規模資料中心簽約之前，就決定將柴油發電機組的年產能擴大到 10 億美元。但考慮到目前的需求量和產業產能限制，這樣做是合理的。但我想問的是，當我們把目光投向更廣闊的領域，超越那10億美元之後，我想問兩個問題。

One, is it possible at this point to increase capacity above $1 billion in 2027? And then two, how do you think about expanding for that next tranche with -- in the context of peers that are also expanding capacity for that '27, '28 timeframe for that next leg of expansion, would you wait for contracts to be in hand before expanding? Or would you still do it again if you saw enough demand signals?

第一，目前是否有可能在 2027 年將產能提高到 10 億美元以上？其次，在同業也在 2027 年、2028 年的下一階段擴大擴大產能的情況下，您如何考慮擴大下一批產能？您會在拿到合約後再進行擴張嗎？如果市場需求訊號夠強勁，你還會再做一次嗎？

Yeah. Thanks, Praneeth. You're spot on. I mean, we felt good enough about where we were headed here with our discussions with the customers that I've mentioned here that we took -- we're running on a better risk there by going out and buying an existing facility.

是的。謝謝，普拉尼特。你說得完全正確。我的意思是，透過與我剛才提到的客戶的討論，我們對未來的發展方向感到相當滿意，所以我們決定——透過收購現有設施，我們承擔的風險要小得多。

We bought an existing facility, so we could get it up and running quickly, right? I mean, to build something greenfield takes more time, frankly, takes more capital. This, I think, was a much more efficient way to to accelerate our capacity adds.

我們買的是現成的廠房，所以可以很快投入運營，對吧？我的意思是，坦白說，從零開始建造一個專案需要更多的時間，也需要更多的資金。我認為，這是一種更有效的加速產能擴張的方式。

And again, that $1 billion that I mentioned is just the domestic capacity. So we actually have greater than that globally. So we had mentioned $500 million, I think, on a previous call, and that was really our global capacity. So we maybe have a couple of hundred million of additional capacity outside the US, and we're looking at ways to expand that as well, by the way. So where does that put us?

再次強調，我提到的10億美元只是國內產能。所以實際上，全球範圍內我們的實際數字比這還要大。所以，我想我們在之前的電話會議上提到過 5 億美元，那確實是我們的全球產能。所以，我們在美國以外可能還有幾億美元的額外產能，順便說一句，我們也在考慮如何擴大這些產能。那麼，我們現在處於什麼位置呢？

I think we'll give a more fulsome update. We do have an Investor Day coming up on March 25. So we'll be able to provide, I think, a lot more context there around where we're going from a capacity standpoint for sure.

我想我們會發布更全面的更新資訊。我們將於3月25日舉辦投資者日活動。所以，我認為，我們肯定能夠提供更多關於我們未來發展方向（從產能角度來看）的背景資訊。

But your question, if we saw opportunities, let's say we wanted to go to $2 billion, right? Like we saw handwriting the wall. I guess it would depend on how strong those signals, those buy signals are. Obviously, we took -- we undertook this first step without having orders in hand.

但你的問題是，如果我們看到了機會，比如說我們想達到 20 億美元，對吧？就像我們看到了牆上的字跡。我想這取決於那些買進訊號的強度。顯然，我們是在沒有接到任何訂單的情況下採取了這第一步。

I would tell you it will be I would take greater comfort in trying to double it again if we had hard orders in hand. So it's not that we wouldn't do it. for the right circumstances or if we saw and had the right conversations at the right levels of these customers as well.

我會告訴你，如果手邊有確鑿的訂單，我會更有信心再翻倍。所以並不是說我們不會這麼做。如果情況合適，或者我們有機會與這些客戶的合適層級進行合適的對話，我們也會這麼做。

But we did take that. We took that initial flyer here. and because we feel very good about it. I think that's going to pay off well. That will position us very well, we think, in the context of the other part of your question about the rest of the market and where we are competitively.

但我們確實接受了。我們最初是抱著試試看的心態來到這裡的，因為我們對這裡的感覺非常好。我認為這樣做會有很好的回報。我們認為，這將使我們處於非常有利的地位，尤其是在您關於市場其他部分以及我們在競爭中所處位置的問題上。

We think that our lead times are going to remain shorter than the rest of the market, at least for the near term and probably all of 2027, our competitors today are out two years on deliveries. And of course, they are investing in capacity adds as well. But the constraints largely for our competitors are in the engines and the engine supply.

我們認為，至少在短期內，甚至可能到 2027 年全年，我們的交貨週期將比市場上的其他公司更短，而我們目前的競爭對手的交貨週期為兩年。當然，他們也在投資擴大產能。但我們的競爭對手面臨的主要限制因素在於引擎和引擎供應。

Our engine partner, we believe, can allow us to continue to keep shorter lead times because of their overall investment in their capacity, which gives us access to what is the arguably the most critical component in the gen set in terms of long lead time.

我們相信，我們的引擎合作夥伴能夠讓我們繼續保持較短的交貨週期，因為他們對其產能進行了全面投資，這使我們能夠獲得發電機組中交貨週期最長、可以說是最關鍵的部件。

Joseph Osha, Guggenheim Partners.

Joseph Osha，古根漢合夥公司。

Hi, guys. Thanks for fitting me in. Just two quick ones. First, we've talked a lot about hyperscalers. I'm wondering if you could help us perhaps size the co-lo opportunity. Aaron, you mentioned it briefly because there's a lot there.

嗨，大家好。謝謝你安排我過來。就兩個簡單的問題。首先，我們已經討論了很多關於超大規模資料中心的問題。我想請您幫忙評估託管服務的機會。亞倫，你只是簡單地提了一下，因為這裡面有很多東西。

And then the second question, we were [PowerGen]. We've talked a lot about diesel today, but we also heard a lot about some of the smaller sparked natural gas machines being used as a time to power solution in some cases. And so I'm wondering if you could comment on whether you're seeing any of that demand. Thank you.

然後是第二個問題，我們當時是[發電]今天我們談了很多關於柴油的話題，但我們也聽說了一些較小的火花天然氣機器在某些情況下被用作臨時供電解決方案。所以我想知道您是否能就此需求發表一下看法。謝謝。

Yeah. Thanks, Joe. Great question. No, I think from from a diesel perspective, that the -- that market continues to grow. Obviously, the co-locator portion of that today is our focus because we haven't gotten to final contract signings with the hyperscalers. And at $400 million of backlog, could you argue that is that 30% of the market. Is that one-third of the market, possibly? We have a long list of people we're talking about.

是的。謝謝喬。問得好。不，我認為從柴油車的角度來看，這個市場仍在持續成長。顯然，我們今天的重點是託管機房部分，因為我們還沒有與超大規模資料中心營運商簽署最終合約。積壓訂單高達 4 億美元，這難道不意味著它佔據了 30% 的市場份額嗎？那可能佔了市佔率的三分之一吧？我們正在討論的人選名單很長。

Yeah, there's a lot -- I'll tell you this, it's a longer tail on -- in terms of just the number of customers to talk to there and the number of parties involved, we have been making very good progress though there. I mean, that is where we've gotten our first point of traction. And we've been working with those customers to establish ourselves. I think I mentioned just a second ago with another question was we actually are listed as the preferred supplier with two co-locators.

是的，有很多事情——我告訴你，這需要更長的時間才能完成——就需要接觸的客戶數量和涉及的各方數量而言，不過我們在這方面已經取得了非常好的進展。我的意思是，我們正是在那裡取得了第一個突破口。我們一直在與這些客戶合作，以站穩腳跟。我想我剛才在另一個問題中提到過，我們實際上被列為兩家託管公司的首選供應商。

So where they do sites around the world, we are one of the primary suppliers that they look to for backup power. So those are great opportunities for us and will help us balance out, if you will, reliance on any one customer, but there's no denying that the hyperscalers are. They just have they have -- they carry a lot of cloud, obviously, in terms of the capital they're deploying for data center construction. So they're going to have an outsized impact. Your question spark-ignited product is a good one.

因此，在他們遍布全球的站點，我們是他們尋求備用電源的主要供應商之一。所以這些對我們來說都是絕佳的機會，可以幫助我們平衡對任何單一客戶的依賴，但不可否認的是，超大規模資料中心營運商確實如此。他們確實擁有——顯然，他們在資料中心建設方面投入了大量資金，這體現在他們對雲端運算的投入。所以它們將會產生巨大的影響。你提出的關於火花點火產品的問題很好。

We are seeing certain spark-ignited engines being used in applications behind the meter to power data centers who -- where grid interconnect is not available and where the lead times to wait for maybe a traditional gas turbine or a different solution is just not not possible, right? You want to bring the center -- data center online, so you're seeing recip engines, reciprocating gas engines being used.

我們看到一些火星點火式引擎被用於表後應用中，為資料中心供電——在這些應用中，電網互連不可用，而且等待傳統燃氣渦輪機或其他解決方案的提前期也是不可能實現的，對吧？你想讓資料中心上線，所以你會看到往復式發動機，也就是往復式瓦斯發動機正在使用。

What typically -- what you'll see with those reciprocating gas engines, though, is there they are operating -- not to get too technical here, but they're operated in what's known as a lean combustion cycle mode, which allows them to operate more efficiently to produce power on a continuous basis. The engines themselves are robust off. You could use them in backup -- but the problem you into with lean burn gas engines as configured as lean burn is their response times to outages are poor.

不過，通常情況下，你會看到那些往復式燃氣發動機運行——這裡就不深入技術細節了——但它們運行在所謂的稀薄燃燒循環模式下，這使得它們能夠更有效率地持續產生動力。引擎本身在關閉狀態下也很耐用。你可以將它們用作備用引擎——但是稀薄燃燒汽油引擎配置為稀薄燃燒時遇到的問題是，它們對故障的反應時間很差。

Generally, you've got to get those machines. It takes time for them to spool up and get to full power. And we're talking about minutes, which is an incredible amount of downtime data center, if you were to lose power, then we'd have to fill -- you'd have to infill that with a lot of batteries, either UPSs, under-air power supplies, or raw batteries to be able to cover that gap. So they're not great pure backup assets.

一般來說，你必須得弄到那些機器。它們需要時間才能啟動並達到全功率。我們說的是幾分鐘，對於資料中心來說，這是一段難以置信的停機時間。如果斷電，我們就必須用大量的電池來填補——無論是 UPS、空氣電源還是裸電池，才能彌補這個缺口。所以它們並不是很好的純粹備份資產。

In fact, what we're seeing is where you do see recip engines and lean burn being used in a prime power configuration, you're still seeing diesel backup generators on the sites because the theory that we've been hearing anyway from customers is that they'll just -- once the site gets connected to the grid, they'll -- they need the backup generators and cat there's a failure with the lean burn machines as they're providing primary power.

事實上，我們看到的情況是，即使在主電源配置中使用往復式發動機和稀薄燃燒發動機的地方，仍然會在現場看到柴油備用發電機，因為我們從客戶那裡聽到的說法是，一旦現場連接到電網，他們就需要備用發電機，以防稀薄燃燒發動機在提供主電源時發生故障。

But then once grid is connected, those gas machines can be picked up and moved to a new site, right? They can be moved to another site that's forward in advance of interconnect and redeployed there. So we believe there's going to still be a market and an opportunity that, that doesn't shrink the TAM at all for backup diesel generators, that you need both effectively is what my point is.

但是一旦電網連接起來，這些燃氣設備就可以被移走並移到新的地點，對吧？它們可以提前遷移到互連前的前沿站點，並在那裡重新部署。所以我們相信，市場和機會仍然存在，這絲毫不會縮小備用柴油發電機的市場規模，我的意思是，實際上兩者都需要。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

Hi. It's Ted on for Vik. I wanted to talk about energy technology. Are you able to share whether revenues where they shook out relative to the $300 million to $400 million range that you previously talked about?

你好。泰德代替維克上場。我想談談能源技術。您能否透露一下，最終的收入是否與您之前提到的 3 億至 4 億美元區間相符？

And then for this year, is it fair to assume that those revenues would be below the end of that range, if you include the Puerto Rico impact? And then just lastly, could you just confirm whether the focus is still on achieving breakeven EBITDA margins within that business in 2027? Thank you.

那麼，如果將波多黎各的影響考慮在內，今年的收入是否可以合理地假設這些收入將低於該範圍的下限？最後，您能否確認一下，到 2027 年，該業務的重點是否仍是實現 EBITDA 利潤率損益兩平？謝謝。

Yeah. Thanks. Appreciate the question. So last year, 2025, those products ended at the high end of the range, closer to 400, they were about 375. And going forward, they're going to pull back a little bit because of the loss of the DOE program, but actually, they're going to be in between that 300 to 400 range again. PWRmicro launching and ecobee continues to just rip for us.

是的。謝謝。感謝您的提問。所以去年，也就是 2025 年，這些產品的價格都處於高端，接近 400，大約是 375。展望未來，由於失去了能源部的項目，他們的規模將會縮減，但實際上，他們的規模將會再次回到 300 到 400 的範圍內。PWRmicro 已經發布，而 ecobee 也繼續為我們帶來精彩表現。

It's a great company, to be honest, great products, great support, and they are becoming much more deeply integrated into this ecosystem we've been building. So in terms of like when you look at the products individually, we are still very fixated on getting to breakeven profitability by 2027 on the products -- in the product set collectively.

說實話，這是一家很棒的公司，產品好，支援好，而且他們正越來越深入地融入我們正在建構的這個生態系統中。所以，就單一產品而言，我們仍然非常專注於在 2027 年實現所有產品（包括整個產品系列）的盈虧平衡盈利。

But what the problem we're going to run into here as we go forward as we build out this ecosystem is that more and more of the operating expense, if you will, the layer that is at ecobee and is that some of the other businesses there that make that group up, they're getting pulled into this -- the build-out of this energy ecosystem.

但是，隨著我們不斷完善這個生態系統，我們將遇到的問題是，越來越多的營運成本，也就是 ecobee 所在的層級，以及組成該集團的其他一些企業，都被捲入到這個能源生態系統的建設中。

The focus on building out the ecobee thermostat, smart thermostat, turning that into more of an energy hub and deploying and bringing and unifying basically the customer experience on to the single app that is ecobee so do you say that that's related to energy technology? Or do you say that that's related to residential.

重點在於打造 ecobee 恆溫器、智慧恆溫器，將其轉變為能源中心，並將客戶體驗統一到 ecobee 這個單一應用程式上。您認為這與能源技術有關嗎？或者您認為這與住宅有關？

So we'll -- as I said, we've got an Investor Day coming up in late March, and we'll provide some, I think, more detailed color about how we're thinking about talking to this going forward because it is going to get a little bit messy as we integrate more deeply all of these products for this ecosystem concept.

所以，正如我所說，我們將在三月下旬舉辦投資者日活動，屆時我們將提供一些更詳細的信息，說明我們未來將如何看待這個問題，因為隨著我們將所有這些產品更深入地整合到這個生態系統概念中，情況會變得有點混亂。

But that said, if you were to just peel those products out on their own, we are still highly focused on those getting to breakeven profitability in '27. We're going to make very good progress on that here in 2026. That's our plan.

但即便如此，如果單獨來看這些產品，我們仍然高度關注那些在 2027 年達到損益兩平的產品。我們將在2026年在這方面取得非常好的進展。這就是我們的計劃。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Good morning, gentlemen. Thanks for getting me in here. Going back to the residential part again here. Aaron, perhaps any thoughts you have in terms of the battery storage market, understanding there's been a lot of products coming out of the past year and potentially the cannibalization of the HSV business, how do you guarantee that does not happen going forward?

早安，先生們。謝謝你讓我進來。讓我們再回到住宅部分。Aaron，你對電池儲能市場有什麼看法？我知道過去一年有很多產品問世，這可能會蠶食 HSV 的業務，你如何保證這種情況不會在未來發生？

Yeah. Thanks, Keith. It's a great question, right? I mean, it's one of the reasons why we're investing so heavily in battery technology because obviously, battery performance has continued to improve, costs are coming down. The reality is though, we're still a long way off from where a battery could stand in for long-duration outage coverage -- I mean, you can go out, you can buy five PWRcell 2s, if you want.

是的。謝謝你，基斯。這是一個很好的問題，對吧？我的意思是，這也是我們大力投資電池技術的原因之一，因為很明顯，電池性能不斷提高，成本也在下降。但現實情況是，我們距離電池能夠取代長時間停電供電還有很長的路要走——我的意思是，如果你願意，你可以出去買五個 PWRcell 2。

But in terms of just the cost per kilowatt hour of coverage, it's really expensive, right? So it's just not equitable today. I think we're batteries in the residential market short duration outage protection, of course, but really as part of an overall strategy for a homeowner who wants to self-generate, right, either on the rooftop with solar or geothermal, some other production method.

但單就每千瓦時的覆蓋成本而言，這真的很貴，對吧？所以，如今的情況很不公平。我認為，我們面向住宅市場的電池當然可以提供短時停電保護，但實際上，它是房主實現自發電的整體策略的一部分，無論是在屋頂上安裝太陽能或地熱能，還是採用其他發電方式。

And then having the ability to store some of that power so that they can arbitrage the value of that power back to the grid operator at a time when it makes most sense, either consume it, self-consume, right, when grid rates are high, or to sell it back to the grid at a time when they don't need it and maybe the rates are more appropriate and they can get a return on that.

然後，他們還可以儲存部分電力，以便在最合適的時機將電力價值套利回饋給電網營運商。他們可以在電網電價較高時自用，也可以在不需要電力、電價可能更合適的時候將電力賣回給電網，從而獲得收益。

All indications -- again, the market for solar plus storage is going to contract here in the short term. There's no question about it. There was definitely some pull forward into 2025 as a result of the end of 25D tax incentive for homeowners directly.

種種跡象顯示－短期內，太陽能+儲能市場將會萎縮。這點毋庸置疑。由於直接針對房主的 25D 稅收優惠政策的結束，2025 年的購房計劃肯定有所提前。

But as we look forward, all projections are that is energy costs keep going up, energy costs are up on average across the US in the last five years, they're up even more dramatically in certain parts of the country like California and they're projected to double. The utility bill for most homeowners today is second only to the rent or your mortgage and it's going to go up. It's going to double again.

但展望未來，所有預測都顯示能源成本將持續上漲，過去五年美國各地的能源成本平均都在上漲，在加州等某些地區，能源成本的漲幅甚至更大，預計還會翻倍。如今，對大多數房主來說，水電瓦斯費僅次於房租或房貸，而且還會上漲。它還會再翻倍。

So homeowners and honestly, like if you're a homeowner, you're frustrated with your power cost rising and you feel like your only way to combat that is to go around the house and turn off turn off lights and turn down the thermostat or turn it up depending on what time of the year it is. If that's the only way you can manage that, I mean, that's not a great situation to be in. Homeowners and businesses are going to be looking for ways to cut their power costs. They're going to be looking for ways to save.

所以，房主們，說實話，如果你是房主，你會對不斷上漲的電費感到沮喪，你會覺得唯一的應對方法就是在家裡到處關燈，然後根據季節調低或調高恆溫器的溫度。如果這是你唯一能做到的辦法，我的意思是，那可不是什麼好處境。房主和企業都將想辦法降低電力成本。他們會想辦法節省開支。

We think this is the next big leg of residential long term for us. There's always going to be a market for resiliency, and we think that home standby is going to lead that market for a long time just on a raw cost basis, right, in terms of the value proposition of that product line.

我們認為這將是我們住宅業務長期發展的下一個重要階段。市場對韌性的需求始終存在，我們認為，僅從原材料成本來看，家用備用電源將在很長一段時間內引領該市場，對吧，就該產品線的價值主張而言。

But over time, as batteries become more -- better from performance and costs continue to come down and utility rates continue to rise, the ability to self-generate and have some amount of storage, again, to play that arbitrage, to get the payback on the system and then have some resiliency.

但隨著時間的推移，隨著電池性能越來越好，成本不斷下降，而公用事業費率不斷上漲，能夠自發電並擁有一定量的儲能，再次利用這種套利機會，從系統中獲得回報，並具有一定的彈性，就變得至關重要。

But again, the ecosystem concept where maybe even at a generator to that system. We have customers who are doing that today. Bottomless battery. Instead of buying five power walls, they buy one power wall or PWRcell 2 and they had a generator. That's a much more cost-effective way to get basically bottomless coverage. And we think that's a great hybridization of backup power in the space.

但再次強調，生態系統概念甚至可能成為該系統的生成器。我們目前就有客戶正在這樣做。無限電池。他們沒有購買五台 Powerwall，而是購買了一台 Powerwall 或 PWRcell 2，他們還有一台發電機。這是獲得幾乎無限保障的一種更經濟實惠的方法。我們認為這是該領域備用電源的一種很好的混合應用。

So we see the market being a huge opportunity for us. Long term, we're very convicted about obviously, and that's why we've been investing the way we're investing, and we're going to be a significant player in the space as the market grows out.

所以我們認為這個市場對我們來說是一個巨大的機會。從長遠來看，我們對此充滿信心，這也是我們一直以來進行投資的原因，隨著市場的發展，我們將成為該領域的重要參與者。

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

謝謝。女士們、先生們，由於時間有限，我現在想把電話轉回給克里斯·羅斯曼，請他做總結發言。

We want to thank everyone for joining us this morning. We look forward to providing a longer-term strategic update at our upcoming Investor Day on March 25 and discussing our first quarter earnings results in late April. Thank you again, and goodbye.

感謝各位今天早上的到來。我們期待在 3 月 25 日的投資者日上提供更長期的策略更新，並在 4 月下旬討論我們第一季的收益結果。再次感謝，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了。