Generac Holdings Inc (GNRC) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter and Full Year 2020 Earnings Call. (Operator Instructions) I'm also pleased to be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎參加 2020 年第四季和全年財報電話會議。 （操作員指示）我也很高興得知今天的會議正在錄音。 （操作員說明）

I would now like to hand the conference over to Mike Harris, Vice President in Corporate Development and Investor Relations. Thank you. Please go ahead, sir.

現在我想將會議交給企業發展和投資者關係副總裁 Mike Harris。謝謝。請繼續，先生。

Good morning, and welcome to our fourth quarter and full Year 2020 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. 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.

早上好，歡迎參加我們的 2020 年第四季和全年財報電話會議。我要感謝大家今天早上加入我們。今天與我在一起的是總裁兼執行長 Aaron Jagdfeld；和財務長約克·雷根。我們今天將首先對前瞻性陳述發表評論。本簡報中的某些陳述以及 Generac 或其員工不時提供的其他資訊可能包含前瞻性陳述，並涉及可能導致實際結果與這些前瞻性陳述中的結果有重大差異的風險和不確定性。

Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors. In addition, we will make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable U.S. GAAP measures, is available in our earnings release and SEC filings.

請參閱我們的收益報告或 SEC 文件，以了解識別此類聲明和相關風險因素的單字或表達方式清單。此外，我們將在今天的電話會議中參考某些非公認會計原則措施。有關這些措施的更多信息，包括與可比較的美國公認會計準則措施的調節，請參閱我們的收益報告和美國證券交易委員會的文件。

I will now turn the call over to Aaron.

我現在將把電話轉給亞倫。

Thanks, Mike. Good morning, everyone, and thank you for joining us today. The fourth quarter was a tremendous finish to 2020 for Generac, with all-time record performance for both the quarter and full year net sales, adjusted EBITDA, adjusted EPS and free cash flow. Fourth quarter shipments, margins and profitability were all well ahead of our previous expectations. The revenue outperformance was primarily due to higher shipments of home standby generators from better-than-expected production output. We're also pleased that shipments of PWRcell energy storage systems met our aggressive expectations during the quarter. The ongoing elevated level of power outages, combined with the emerging Home as a Sanctuary trend, continue to drive unprecedented levels of demand for home standby generators across the entire U.S. We continue to aggressively ramp production levels for home standby throughout the fourth quarter to all-time record daily build rates.

謝謝，麥克。大家早安，感謝您今天加入我們。第四季為 Generac 的 2020 年畫上了圓滿的句號，季度和全年淨銷售額、調整後 EBITDA、調整後每股收益和自由現金流均創歷史新高。第四季的出貨量、利潤率和獲利能力均遠超我們先前的預期。收入表現優異主要是由於產量優於預期，導致家用備用發電機的出貨量增加。我們也很高興 PWRcell 儲能係統的出貨量在本季達到了我們的正面預期。持續不斷的停電，加上新興的「家庭避難所」趨勢，繼續推動整個美國對家庭備用發電機的需求達到前所未有的水平。我們將在第四季度繼續積極提高家庭備用發電機的生產水平，以達到全美國的水平。時間記錄每日構建率。

Despite this expanding production, the ongoing robust demand created substantial backlog for these products at the end of the year, far exceeding anything previously experienced in the history of the product category. Year-over-year, overall net sales increased approximately 28% on a core growth basis as compared to the prior year quarter. This growth was primarily driven by the dramatic increase in sales of home standby generators followed by the continued ramp of PWRcell energy storage systems. In addition, the higher power outage activity also drove elevated shipments of portable generators and aftermarket service parts and Chore products also improved at a strong rate as compared to the prior year. Partially offsetting this significant strength was a decline in shipments of C&I products, given the ongoing impacts of the COVID-19 pandemic.

儘管產量不斷擴大，但持續強勁的需求在年底造成了這些產品的大量積壓，遠遠超過了該產品類別歷史上的任何歷史記錄。與去年同期相比，整體淨銷售額在核心成長基礎上成長了約 28%。這一成長主要是由家用備用發電機的銷售量大幅成長以及 PWRcell 儲能係統的持續成長所推動的。此外，停電活動的增加也推動了便攜式發電機和售後服務零件的出貨量增加，而家務產品的出貨量也較上年大幅成長。鑑於 COVID-19 大流行的持續影響，工商業產品出貨量的下降部分抵消了這一顯著優勢。

Gross margin expanded 180 basis points compared to the prior year. And adjusted EBITDA margin increased 380 basis points over the prior year to an impressive 25.7%, which was the highest margin reported since the fourth quarter of 2013.

毛利率較上年增加 180 個基點。調整後的 EBITDA 利潤率較上年增長 380 個基點，達到令人印象深刻的 25.7%，這是自 2013 年第四季以來報告的最高利潤率。

Before discussing fourth quarter results in more detail, I wanted to provide some full year 2020 financial highlights as well as share some key accomplishments that we achieved during the year. First and foremost, I want to highlight the company's response to the COVID-19 pandemic, as I'm extremely proud of our team's efforts in responding to the crisis as we focused on maintaining our operations to the fullest extent possible. This was particularly important considering that our products and services are both essential and critical to help keep a variety of networks and infrastructure up and running, including hospitals, health care clinics, 911 call centers and wireless networks. Equally as important, we accomplished this while at the same time, implementing a wide range of preventative measures to address the health, safety and well-being of our employees, customers, suppliers and the communities across the world where we operate and do business. Through the tireless execution of our nearly 7,000 employees globally during 2020, Generac achieved another year of record financial results across the board as several metrics far exceeded the previous record levels seen for the full year 2019.

在更詳細地討論第四季度業績之前，我想提供一些 2020 年全年財務亮點，並分享我們在這一年中取得的一些關鍵成就。首先，我想強調公司對 COVID-19 大流行的反應，因為我對我們的團隊在應對危機方面所做的努力感到非常自豪，因為我們專注於最大程度地維持我們的營運。考慮到我們的產品和服務對於幫助維持各種網路和基礎設施（包括醫院、醫療保健診所、911 呼叫中心和無線網路）的正常運作至關重要，這一點尤其重要。同樣重要的是，我們在實現這一目標的同時，實施了廣泛的預防措施，以保障我們的員工、客戶、供應商以及我們在世界各地開展業務和開展業務的社區的健康、安全和福祉。 2020 年，透過全球近 7,000 名員工的不懈努力，Generac 又實現了全面創紀錄的財務業績，多項指標遠遠超過了 2019 年全年的創紀錄水平。

Revenue grew 13% for the full year, with adjusted EBITDA coming in at $584 million, an expansion of 290 basis points to 23.5%, and we generated $427 million of free cash flow during the year. Our ability to execute on the step function increase in demand for residential products that has emerged from the new Home as a Sanctuary megatrend, was an important accomplishment during 2020.

全年營收成長 13%，調整後 EBITDA 達到 5.84 億美元，成長 290 個基點，達到 23.5%，我們在這一年創造了 4.27 億美元的自由現金流。我們有能力執行住宅產品需求的逐步增長，這種需求是從新住宅作為庇護所大趨勢中出現的，這是 2020 年的一項重要成就。

In addition, the building out of our clean energy market opportunity with the significant ramp in shipments of PWRcell energy storage systems was a key highlight. We also expanded our product and services portfolio with the acquisitions of Energy Systems, our industrial distributor located in Northern California; and Mean Green, a leading manufacturer of an innovative line of battery-powered turf care products.

此外，隨著 PWRcell 儲能係統出貨量的大幅成長，我們抓住了清潔能源市場的機遇，這是一個關鍵亮點。我們也透過收購 Energy Systems（我們位於北加州的工業經銷商）擴大了我們的產品和服務組合； Mean Green 是創新電池供電草坪護理產品系列的領先製造商。

We also made the very strategic acquisition of Enbala Power Networks, which enables our entrance into the developing market for grid services. We launched important new products during the year with the introduction of the 24-kilowatt home standby generator, the market's most powerful air-cooled unit with built-in energy monitoring. We also introduced the industry's largest rich-burn industrial natural gas generator set at 1 megawatt of output, allowing us to target new market opportunities. All of these key accomplishments as well as our execution on a number of other strategic initiatives, enabled us to make important progress on our continuing evolution to an energy technology solutions company.

我們也對 Enbala Power Networks 進行了非常策略性的收購，這使我們能夠進入發展中的電網服務市場。我們在這一年推出了重要的新產品，推出了 24 千瓦家用備用發電機，這是市場上最強大的風冷機組，具有內建能源監控功能。我們還推出了業界最大的輸出功率為 1 兆瓦的富燃工業天然氣發電機組，使我們能夠瞄準新的市場機會。所有這些關鍵成就以及我們對許多其他策略舉措的執行，使我們能夠在向能源技術解決方案公司的持續發展方面取得重要進展。

Our prior year accomplishments provide us with tremendous momentum as we head into 2021. The guidance we are initiating this morning calls for significant revenue growth of between 25% to 30%, highlighted by unprecedented home standby demand, continuing expansion of the clean energy markets and recovering C&I markets.

我們去年的成就為我們邁入 2021 年提供了巨大動力。我們今天早上啟動的指導意見要求收入大幅增長 25% 至 30%，這突顯在前所未有的家庭待機需求、清潔能源市場的持續擴張和工商業市場正在復甦。

Adjusted EBITDA margin is expected to expand to 24% to 25% for the full year 2021 despite near-term supply chain concerns related to capacity constraints, increasing cost pressures and logistics delays across the business as we enter the new year. York will provide more details on our 2021 guidance and the outlook portion of our prepared remarks today.

儘管隨著進入新的一年，近期供應鏈因產能限制、成本壓力增加和整個業務的物流延誤而受到擔憂，但 2021 年全年調整後 EBITDA 利潤率預計將擴大至 24% 至 25%。約克將提供有關我們今天準備的演講中 2021 年指導和展望部分的更多詳細資訊。

Now let me provide a few more details on our accomplishments across the business for the fourth quarter and for full year 2020. Several key metrics that we monitor closely for home standby demand continue to be exceptionally strong during the fourth quarter. The combination of in-home and virtual consultations once again increased dramatically compared to the prior year. Broad-based strength was experienced across the U.S. during the fourth quarter, similar to the trends seen in recent quarters, with the vast majority of states showing triple-digit growth, which we believe provides further validation for the emerging Home as a Sanctuary trend.

現在，讓我提供有關我們第四季度和 2020 年全年業務成就的更多詳細資訊。我們密切監控的家庭待機需求的幾個關鍵指標在第四季度仍然異常強勁。與前一年相比，家庭諮商和虛擬諮商的結合再次大幅增加。第四季度美國各地都出現了廣泛的強勁勢頭，與最近幾季的趨勢類似，絕大多數州都出現了三位數的增長，我們認為這進一步驗證了新興的「住房作為庇護所」的趨勢。

Activations also grew at a strong rate compared to the prior year, led by significant increases in the South Central, Southeast and Northeast regions. The power outage severity environment also continued to be quite favorable and trended well above the long-term baseline average, benefiting from a record Atlantic hurricane season, early winter storms and continued power shutoffs in California. We also ended the fourth quarter with approximately 7,300 residential dealers, an increase of approximately 800 dealers over the last 12 months. This includes the addition of a significant number of new dealers in California during the year as we ended 2020 with approximately 550 dealers in the state.

與前一年相比，活化量也以強勁的速度成長，其中中南部、東南部和東北部地區的活化量大幅成長。受惠於創紀錄的大西洋颶風季、初冬風暴和加州持續停電，停電嚴重程度環境也持續相當有利，並遠高於長期基線平均水準。截至第四季末，我們還擁有約 7,300 家住宅經銷商，比過去 12 個月增加了約 800 家經銷商。這包括年內在加州增加了大量新經銷商，截至 2020 年底，該州約有 550 家經銷商。

Importantly, thus far, in the first quarter, these key demand metrics for home standby have continued to trend much higher relative to prior year levels. Home consultations are tracking at approximately double the prior year levels through early February. We believe this increase can be attributed to several factors that are leading to the product category becoming more mainstream as homeowners have an increasing awareness of the need for power security as they continue to work from home, learn from home, entertain from home and shop from home.

重要的是，到目前為止，第一季家庭待機的這些關鍵需求指標相對於去年的水準繼續呈大幅上升趨勢。截至二月初，家庭諮商量大約是去年水準的兩倍。我們認為，這種增長可歸因於導致該產品類別變得更加主流的幾個因素，因為房主繼續在家工作、在家學習、在家娛樂和購物，因此越來越意識到電力安全的必要性。家。

With demand for home standby generators at all-time highs, we've continued to aggressively ramp our supply chain and production output, and we achieved progressively higher record daily build rates throughout the fourth quarter. We expect to further expand capacity for these products with our announcement yesterday of plans to open a new manufacturing, assembly and distribution operation in Trenton, South Carolina. The facility will support increased demand for home standby generators and certain other energy technology products and serve as a distribution center to customers in the southeastern part of the country, creating approximately 450 new jobs over the next 2 years.

隨著對家用備用發電機的需求達到歷史最高水平，我們繼續積極提高我們的供應鏈和產量，並在整個第四季度逐步實現了更高的創紀錄的日建設率。我們昨天宣布計劃在南卡羅來納州特倫頓開設新的製造、組裝和分銷工廠，預計將進一步擴大這些產品的產能。該工廠將滿足對家用備用發電機和某些其他能源技術產品不斷增長的需求，並作為該國東南部客戶的配送中心，在未來兩年內創造約 450 個新就業機會。

The facility is expected to be operational by midyear and, once fully ramped, is projected to increase home standby capacity by approximately 75% relative to our previous normal levels as we entered 2020, with the ability to further expand the facility well beyond its current size in the future.

該設施預計將於年中投入運營，一旦全面投入使用，進入 2020 年，預計家庭備用容量將比之前的正常水平增加約 75%，並且有能力進一步擴大該設施，遠遠超出其目前的規模將來。

Our operations teams did an amazing job during 2020, ramping production output of home standby generators to record daily build rates by the end of the year. But despite the significant increase in output, lead times for home standby generators continue to expand from the approximately 18 weeks at the end of 2020 to approximately 20 weeks today.

我們的營運團隊在 2020 年表現出色，提高了家用備用發電機的產量，到年底創下了每日建設率記錄。但儘管產量大幅增加，家用備用發電機的交貨時間仍在繼續從 2020 年底的約 18 週延長到如今的約 20 週。

As a result, the substantial backlog for these products continues to grow so far here in the first quarter, despite our normal seasonal low point for residential products as home consultations and orders remain very robust.

因此，儘管住宅產品處於正常的季節性低點，但由於家庭諮詢和訂單仍然非常強勁，第一季到目前為止，這些產品的大量積壓仍在繼續增長。

Now I want to provide an update this morning on our rapidly expanding energy storage systems effort and recent entrance into the grid services market. We made tremendous progress during 2020 with our continuing transformation into an energy technology solutions company, as we significantly ramped deliveries of our PWRcell energy storage system and with our entry into the market for grid services through the Enbala acquisition last October.

現在，我想在今天早上提供有關我們快速擴張的能源儲存系統工作以及最近進入電網服務市場的最新資訊。 2020 年，我們持續轉型為能源技術解決方案公司，大幅提高了 PWRcell 儲能係統的交付量，並透過去年 10 月收購 Enbala 進入電網服務市場，取得了巨大進展。

The secular growth opportunity within the U.S. market for renewables, energy storage, energy monitoring and energy management systems remains very compelling and has considerable momentum as we head into 2021. As previously mentioned, shipments of our PWRcell energy storage systems met our aggressive expectations during the fourth quarter, as revenue for these products continued to ramp as they increased approximately 75% on a sequential basis and were a key contributor to the company's year-over-year growth.

進入2021 年，美國市場的可再生能源、能源儲存、能源監控和能源管理系統的長期成長機會仍然非常引人注目，並且具有相當大的勢頭。如前所述，我們的PWRcell 能源儲存系統的出貨量在2021 年達到了我們的積極預期。第四季度，這些產品的收入繼續增長，環比增長約 75%，是公司同比增長的關鍵貢獻者。

Overall, for 2020, shipments of PWRcell energy storage systems increased significantly during the first year of commercial launch, particularly during the second half, and we're in line with our previous guidance of approximately $115 million for the full year. The tremendous growth in energy storage from essentially a start-up business was due to the important advances we have made in growing our capabilities around marketing, distribution, product development and sourcing of these products.

整體而言，2020年，PWRcell儲能係統的出貨量在商業推出的第一年顯著增加，特別是在下半年，我們與先前全年約1.15億美元的指導一致。儲能業務本質上是一家新創企業，取得了巨大的成長，這要歸功於我們在提高行銷、分銷、產品開發和這些產品採購方面的能力方面取得的重要進步。

We further developed and refined our targeted marketing and home consultation processes and have been very encouraged by the trends with sales leads for PWRcell systems as they continue to be strong during the fourth quarter and have increased further here in the early parts of the first quarter.

我們進一步開發和完善了有針對性的行銷和家庭諮詢流程，並且對 PWRcell 系統銷售線索的趨勢感到非常鼓舞，因為它們在第四季度繼續強勁，並且在第一季初期進一步增加。

System activations, which are a proxy for installations and commissioning, also continued to ramp notably during the fourth quarter, with this strength continuing so far through the early part of 2021. An important element of expanding our sales and marketing efforts for clean energy is the progress we continue to make building out the distribution network for these products as we trained approximately 4,200 energy storage consultants or contractors in 2020.

代表安裝和調試情況的系統啟動量在第四季度也繼續顯著增加，這種勢頭一直持續到 2021 年初。擴大我們清潔能源銷售和行銷工作的一個重要因素是我們在2020 年培訓了約4,200 名儲能顧問或承包商，在這些產品的分銷網絡建設方面繼續取得進展。

We continue to receive positive feedback from our growing dealer base regarding the ease of installation, the whole home power and capacity of the PWRcell systems and the qualified sales leads being generated for them. We have continued -- also continued to advance our supply chain capabilities through increased volume and reduced system costs and achieved our first full quarter of profitability during Q4.

我們不斷收到來自日益壯大的經銷商群的正面回饋，這些回饋涉及 PWRcell 系統的安裝簡便性、整個家庭的電力和容量以及為其產生的合格銷售線索。我們繼續透過增加產量和降低系統成本來提高我們的供應鏈能力，並在第四季度實現了我們第一個完整季度的利潤。

We also had several important new product introductions last year, and we have a very strong pipeline of innovative new clean energy-related products that will be coming to market over the next several quarters. This includes deep integration with our legacy generator products and includes the launch later this year of a purpose-built generator solution that can be combined with a solar and storage system to allow an end user to operate independently of the power grid.

去年我們也推出了幾款重要的新產品，我們擁有非常強大的創新清潔能源相關產品系列，這些產品將在未來幾季推向市場。這包括與我們傳統發電機產品的深度集成，以及今年稍後推出的專用發電機解決方案，該解決方案可以與太陽能和儲存系統相結合，使最終用戶能夠獨立於電網運行。

Additionally, we will be launching the ability to more easily and cost effectively add a PWRcell storage system to an existing solar installation. And later in 2021, we expect to launch a new load management system that will be paired with our existing PWRview energy monitoring platform to allow a homeowner to more fully control their power generation and consumption. We believe this system will be an industry -- will be industry-leading in terms of the technology and cost and will enable far greater control at the circuit level than is available today. When added as part of a solar and storage installation, a homeowner could effectively tailor their system to optimize for lowest cost or longest duration or some combination depending on their preferences or certain other factors. An example would be to allow the system to react to a power outage by prioritizing those loads deemed critical by a homeowner to extend the duration of their available energy storage.

此外，我們將推出更輕鬆且更具成本效益地將 PWRcell 儲存系統添加到現有太陽能裝置的能力。 2021 年晚些時候，我們預計將推出新的負載管理系統，該系統將與我們現有的 PWRview 能源監控平台配合使用，讓房主能夠更全面地控制其發電和消耗。我們相信該系統將成為一個行業——在技術和成本方面將處於行業領先地位，並將在電路層面實現比目前更大的控制。當作為太陽能和儲存裝置的一部分添加時，房主可以有效地自訂他們的系統，以根據他們的喜好或某些其他因素優化最低成本或最長持續時間或某種組合。一個例子是允許系統透過優先考慮房主認為關鍵的負載來對停電做出反應，以延長其可用能量儲存的持續時間。

We believe these product launches will further enhance our competitive position and differentiation in the energy storage, monitoring and management markets as we focus on whole house storage solutions with load management capabilities that provide the energy independence and flexibility we believe consumers really want in these systems. The solar plus storage market continues to expand rapidly. And we expect to see significant year-over-year growth during 2021 as shipments of PWRcell energy storage systems are anticipated to increase substantially as we're expecting them to grow approximately 50% to 75% as compared to 2020 levels.

我們相信，這些產品的推出將進一步增強我們在能源儲存、監控和管理市場的競爭地位和差異化，因為我們專注於具有負載管理功能的全屋儲存解決方案，這些解決方案提供了我們相信消費者在這些系統中真正想要的能源獨立性和靈活性。太陽能+儲能市場持續快速擴張。我們預計 2021 年將出現顯著的同比增長，因為 PWRcell 儲能係統的出貨量預計將大幅增加，我們預計它們將比 2020 年的水平增長約 50% 至 75%。

Recall early in the fourth quarter that we closed on the acquisition of Enbala Power Networks, a leading distributed energy resources technology company based in Denver, Colorado. Enbala's best-in-class software platform called Concerto gives utilities, grid operators and energy retailers the ability to connect and utilize distributed energy resources, also known as DERs, to help support the operational stability of the power grid, thereby enabling us to participate in the nascent and growing market opportunity for grid services.

回想一下，第四季初，我們完成了對 Enbala Power Networks 的收購，Enbala Power Networks 是一家位於科羅拉多州丹佛市的領先分散式能源技術公司。 Enbala 一流的軟體平台 Concerto 使公用事業公司、電網營運商和能源零售商能夠連接和利用分散式能源（也稱為 DER），以幫助支援電網的運作穩定性，從而使我們能夠參與網格服務新興且不斷成長的市場機會。

DER assets, which include our legacy residential and C&I generators, PWRcell energy storage systems and load management devices, can be connected to the Concerto platform and can be aggregated into a decentralized and virtual power plant network, or VPP.

DER 資產，包括我們的傳統住宅和工商業發電機、PWRcell 儲能係統和負載管理設備，可以連接到 Concerto 平台，並聚合到分散式虛擬發電廠網路 (VPP) 中。

VPP provides flexible capacity to address peaks in electricity demand, variability in supply due to increasing use of renewables and when resiliency is needed as a result of power outages. While still very early in the integration process, we have made progress in developing a road map for integrating Enbala's software into our existing generator products and energy storage systems as part of an overall plan to provide a full suite of solutions for utilities, energy retailers, grid operators and end users.

VPP 提供靈活的容量來解決電力需求高峰、由於再生能源使用增加而導致的供應變化以及因停電而需要彈性時的問題。雖然仍處於整合過程的早期階段，但我們在製定路線圖方面取得了進展，將 Enbala 的軟體整合到我們現有的發電機產品和儲能係統中，作為為公用事業、能源零售商、電網運營商和最終用戶。

As the market for grid services continues to develop, we believe the integration of Enbala's technology will enable us to not only improve our value proposition to end users with our legacy products, but will also allow us to participate and develop new revenue streams in the years ahead. The solutions will be built around our products that generate, store and manage power and that can be aggregated and controlled, resulting in the potential for revenue from sales of software platforms, turnkey operation services and ultimately, performance services that can deliver megawatts of power.

隨著網格服務市場的不斷發展，我們相信，Enbala 技術的整合不僅使我們能夠透過我們的傳統產品改善最終用戶的價值主張，而且還將使我們能夠在未來幾年參與並開發新的收入來源先。這些解決方案將圍繞我們的產品構建，這些產品產生、儲存和管理電力，並且可以聚合和控制，從而從軟體平台銷售、統包營運服務以及最終可提供兆瓦電力的性能服務中獲得收入潛力。

All of these efforts are targeted at enabling the equipment we provide to be connected more seamlessly as DERs in grid services applications. And in turn, improve the value proposition of these assets, which we believe will lead to increased demand for our products.

所有這些努力的目的都是為了使我們提供的設備能夠作為電網服務應用中的 DER 更加無縫地連接。反過來，提高這些資產的價值主張，我們相信這將導致對我們產品的需求增加。

Now shifting gears, let me provide an update on C&I. As expected, the COVID-19 pandemic continued to have an adverse impact on the overall market for global C&I power generation and related equipment given major declines in GDP growth rates around the world. While uncertainty remains around the pandemic, we are encouraged that the year-over-year revenue decline moderated as certain end markets began to show signs of recovery. As expected, shipments of mobile products to national rental account customers continued to decline significantly during the fourth quarter, primarily due to the impact of the pandemic.

現在換個話題，讓我介紹一下 C&I 的最新情況。正如預期的那樣，鑑於全球 GDP 成長率大幅下降，COVID-19 大流行繼續對全球工商業發電及相關設備的整體市場產生不利影響。儘管疫情仍存在不確定性，但我們感到鼓舞的是，隨著某些終端市場開始顯示復甦跡象，收入年減幅度有所放緩。正如預期的那樣，第四季度面向全國租賃帳戶客戶的行動產品出貨量繼續大幅下降，這主要是由於疫情的影響。

As we dealt with the challenging demand environment for mobile products throughout 2020, we focused our efforts on cost reductions and other restructuring actions, which we began implementing during the second quarter of last year. As we enter 2021, we expect shipments to improve from prior year levels as national account rental customers increase their spending on fleet equipment. We remain optimistic about the long-term opportunity for mobile products as an expected fleet replacement cycle begins and the compelling megatrend that remains intact around the critical need for infrastructure improvements, which could potentially benefit from economic stimulus.

在應對 2020 年行動產品充滿挑戰的需求環境時，我們將重點放在降低成本和其他重組行動上，這些行動是我們從去年第二季開始實施的。進入 2021 年，隨著國民帳戶租賃客戶增加在車隊設備上的支出，我們預計出貨量將較前一年有所改善。我們對行動產品的長期機會保持樂觀，因為預期的車隊更換週期已經開始，而且圍繞基礎設施改善的迫切需求的引人注目的大趨勢仍然完好無損，這可能會受益於經濟刺激。

Shipments to national telecom customers increased at a significant rate during the quarter as compared to the prior year, with the magnitude of the increase pacing ahead of our prior expectations. We continue to see indications from several of our large telecom customers of an improving outlook, and we expect that to translate into very strong growth in shipments during 2021. Recall that demand trends for these customers can vary from quarter-to-quarter based on the timing of their capital spending and their project planning cycles. Historically, however, demand for telecom backup power tends to increase after periods of elevated power outage activity, similar to what was experienced with the outage environment during the second half of 2020.

與去年同期相比，本季向全國電信客戶的出貨量大幅成長，成長幅度超出了我們先前的預期。我們繼續看到一些大型電信客戶的前景改善的跡象，我們預計這將轉化為 2021 年出貨量的強勁增長。回想一下，這些客戶的需求趨勢可能因季度而異，具體取決於他們的資本支出和專案規劃週期的時間安排。然而，從歷史上看，在停電活動頻繁之後，對電信備用電源的需求往往會增加，類似於 2020 年下半年的停電環境。

In addition, revenue growth during the current year is expected to benefit from the power security mandate in California, which requires a minimum of 72 hours of backup power at all cell tower locations. We estimate that this new requirement in the state, which went into effect at the beginning of this year, could lead to purchases of between $100 million to $200 million in new equipment from wireless operators over the next 3 years. Also shipments to other national account customers are expected to show a considerable ramp in 2021 as we gain traction with our lead gas initiatives through increasing quote activity and improving project close rates for our natural gas generators, which are used in applications beyond traditional emergency standby power generation, including their use as distributed generation assets.

此外，今年的收入成長預計將受益於加州的電力安全規定，該規定要求所有蜂巢塔位置至少提供 72 小時的備用電源。我們估計，該州於今年年初生效的這項新要求可能會導致未來 3 年內從無線營運商購買 1 億至 2 億美元的新設備。此外，由於我們透過增加報價活動和提高天然氣發電機的專案完成率（天然氣發電機用於傳統緊急備用電源以外的應用），從而獲得領先天然氣計劃的牽引力，預計2021 年對其他國民帳戶客戶的出貨量將大幅成長發電，包括將其用作分散式發電資產。

Lastly, net sales of C&I stationary generators through our North American distributor channel were lower in the quarter as expected due to the timing of shipments in the fourth quarter of 2019, which created a difficult prior year comparison. As mentioned on our last call, project quoting activity has largely recovered since the onset of the pandemic during the second quarter, contributing to a higher backlog and improved overall order outlook for this channel. And as a result, we're expecting growth to resume during 2021. We're also expecting growth from the Energy Systems business, our industrial distributor located in Northern California that we acquired on July 1 last year as our investments in integration activities begin to produce results in this large and rapidly growing power generation market.

最後，由於 2019 年第四季的出貨時間，導致與上一年的比較困難，本季透過我們的北美經銷商管道獲得的工商業固定式發電機的淨銷售額低於預期。正如我們在上次電話會議中提到的，自第二季疫情爆發以來，專案報價活動已基本恢復，導致積壓量增加，並改善了該管道的整體訂單前景。因此，我們預計2021 年將恢復成長。我們也預期能源系統業務將實現成長，該業務是我們位於北加州的工業分銷商，隨著我們對整合活動的投資開始增加，我們於去年7 月1 日收購了該業務。在這個龐大且快速成長的發電市場中取得成果。

Internationally, the ongoing global pandemic continues to have a negative impact on C&I product demand during the fourth quarter as well. As GDP growth rate slowed materially around the world in 2020, revenues for our international segment in the fourth quarter declined approximately 6% on a core basis when compared to the prior year. This decline was driven by continued weakness in a number of key regions around the world. But overall international revenue during the fourth quarter was largely in line with our expectations.

國際上，持續的全球疫情也持續對第四季工商業產品需求產生負面影響。由於 2020 年全球 GDP 成長率大幅放緩，我們第四季國際業務的核心收入與前一年相比下降了約 6%。這一下降是由於全球許多關鍵地區的持續疲軟造成的。但第四季的整體國際收入基本上符合我們的預期。

Similar to our domestic C&I products business, the international year-over-year decline in the fourth quarter was at a notably lesser rate relative to recent quarters as signs of recovery began to appear in certain regions. While COVID-19 impacts are still being felt, larger project quoting and order activity is increasing, and we expect the international segment to return to solid growth during 2021.

與國內工商業產品業務類似，第四季國際年減幅較近幾季明顯收窄，部分地區開始出現復甦跡象。儘管仍能感受到 COVID-19 的影響，但較大的項目報價和訂單活動正在增加，我們預計國際市場將在 2021 年恢復穩健成長。

Also, it's important to reiterate that our international teams remain focused on several critical global initiatives around increasing the penetration of natural gas generators for residential and C&I applications, expanding our share in the wireless telecom backup power segment globally and entering the emerging energy storage market for both residential and C&I applications.

此外，需要重申的是，我們的國際團隊仍然專注於幾項關鍵的全球舉措，這些舉措涉及提高住宅和工商業應用中天然氣發電機的滲透率、擴大我們在全球無線電信備用電源領域的份額以及進入新興能源儲存市場住宅和工商業應用。

In closing this morning, in recent years, we have continued to make important progress on evolving our business model from a focus on clean energy products -- with a focus on clean energy products, solutions and services, aligned with the changing legacy electric utility model.

今天上午結束時，近年來，我們在發展業務模式方面不斷取得重要進展，從專注於清潔能源產品轉向清潔能源產品、解決方案和服務，與不斷變化的傳統電力公用事業模式保持一致。

In 2019, we began providing energy storage, monitoring and management systems as clean energy solutions for residential use. And last year, we entered the market for grid services involving distributed energy optimization and control software that will help support the operational stability of the power grid. We've also been focused over the last several years on connecting the legacy standby generators we manufacture, including building out a digital platform that creates tremendous value for our customers and our distribution partners over the product life cycle. As the leader in backup power solutions, we believe we are in the unique position to enable the potential utilization of these products as distributed energy resources on a very large scale, thereby providing us with a distinct advantage as the nascent market for grid services expands over the next several years.

2019年，我們開始提供能源儲存、監控和管理系統作為住宅用清潔能源解決方案。去年，我們進入了涉及分散式能源優化和控制軟體的電網服務市場，這將有助於支援電網的運作穩定性。過去幾年我們也致力於連接我們製造的傳統備用發電機，包括建造一個數位平台，在整個產品生命週期為我們的客戶和分銷合作夥伴創造巨大的價值。作為備用電源解決方案的領導者，我們相信我們處於獨特的地位，能夠大規模利用這些產品作為分散式能源資源，從而隨著新興的電網服務市場不斷擴大，為我們提供了獨特的優勢。未來幾年。

Going forward, we intend to further build out our capabilities as an energy technology solutions provider through organic investment and continued acquisitions. We expect to expand our energy storage capabilities beyond residential applications into C&I markets and eventually globally and further expand our capabilities with energy monitoring and management devices and grid services. These are incredibly exciting times at Generac as we've now built an incredible foundation for growth, and we have the financial flexibility to be a major player in developing the energy grid of the future.

展望未來，我們打算透過有機投資和持續收購，進一步增強我們作為能源技術解決方案提供者的能力。我們希望將我們的儲能能力從住宅應用擴展到工商業市場，並最終擴展到全球，並進一步擴大我們在能源監控和管理設備以及電網服務方面的能力。對於 Generac 來說，這是令人難以置信的激動人心的時刻，因為我們現在已經為成長奠定了令人難以置信的基礎，並且我們擁有財務靈活性，可以成為開發未來能源網路的主要參與者。

I'd now like to turn the call over to York to provide further details on the fourth quarter results and some outlook details for 2021. York?

我現在想將電話轉給約克，以提供有關第四季度業績的更多詳細資訊以及 2021 年的一些展望細節。約克？

Thanks, Aaron. Looking at fourth quarter and full year 2020 results in more detail. Net sales increased 28.8% to $761.1 million during the fourth quarter of 2020, an all-time record as compared to $590.9 million in the prior year fourth quarter. The combination of contributions from the Energy Systems, Mean Green and Enbala acquisitions and the favorable impact from foreign currency had an approximate 1% impact on revenue growth during the quarter. Net sales for the full year 2020 increased 12.7% to approximately $2.5 billion, also an all-time record for the company.

謝謝，亞倫。更詳細地查看 2020 年第四季和全年業績。 2020 年第四季淨銷售額成長 28.8%，達到 7.611 億美元，創歷史最高紀錄，而去年第四季淨銷售額為 5.909 億美元。 Energy Systems、Mean Green 和 Enbala 收購的貢獻以及外匯的有利影響對本季營收成長產生了約 1% 的影響。 2020 年全年淨銷售額成長 12.7%，達到約 25 億美元，也創下了該公司的歷史記錄。

Briefly looking at consolidated net sales for the fourth quarter by product class, residential product sales during the fourth quarter increased 54.6% to $498.7 million, as compared to $322.5 million in the prior year. As Aaron already discussed in detail, home standby generator sales continued to experience robust year-over-year growth, which accelerated to over 40% during the fourth quarter as we made further progress increasing production levels for these products. In addition to this strength, shipments of PWRcell energy storage systems continue to significantly ramp during the quarter as the solar plus storage market expands at a rapid pace in the U.S., and we continue to build out our capabilities selling into this -- into the clean energy space. Also contributing to the growth were a large increase in shipments of portable generators during the quarter which benefited from the much higher power outage activity as compared to the prior year.

簡要查看第四季度按產品類別劃分的綜合淨銷售額，第四季度住宅產品銷售額增長了 54.6%，達到 4.987 億美元，而去年同期為 3.225 億美元。正如 Aaron 已經詳細討論的那樣，家用備用發電機銷量繼續經歷強勁的同比增長，隨著我們在提高這些產品的生產水平方面取得進一步進展，第四季度銷量加速至 40% 以上。除了這一優勢之外，隨著美國太陽能加儲存市場的快速擴張，PWRcell 儲能係統的出貨量在本季度繼續大幅增長，我們將繼續增強我們的銷售能力——進入清潔能源領域。能量空間。本季便攜式發電機出貨量的大幅成長也推動了成長，這得益於與去年相比大幅增加的停電活動。

Lastly, shipments of Chore products were also much higher during the quarter as the Home as a Sanctuary trend positively impacted demand for outdoor power equipment.

最後，由於家庭作為避難所的趨勢對戶外電力設備的需求產生了正面影響，本季家務產品的出貨量也大幅增加。

Commercial and industrial product net sales for the fourth quarter of 2020 declined 8.5% to $198.6 million as compared to $217.1 million in the prior year quarter. The weakness in shipments of C&I products was experienced both domestically and internationally in the following areas. Domestically, the negative impact of the COVID-19 pandemic continues to result in our national rental account customers to defer capital spending for our mobile products. And shipments to our industrial distributors also declined against a particularly strong prior year comparison.

2020 年第四季商業和工業產品淨銷售額下降 8.5%，至 1.986 億美元，而去年同期為 2.171 億美元。國內及國際以下領域的工商業產品出貨量疲軟。在國內，COVID-19 大流行的負面影響繼續導致我們的全國租賃帳戶客戶推遲我們行動產品的資本支出。與去年相比，向工業分銷商的出貨量也出現了下降。

Partially offsetting these declines was a significant increase in shipments to national telecom account customers due to the capital spending outlook improving for these customers. Internationally, C&I products declined due to the continued weakness in demand across the majority of regions around the world as a result of the pandemic. As mentioned, while still experiencing a year-over-year sales decline during the fourth quarter, the rate of decline for C&I products continued to moderate as certain end markets begin to recover.

由於國家電信帳戶客戶的資本支出前景改善，出貨量大幅增加，部分抵消了這些下降。國際上，由於疫情導致全球大部分地區需求持續疲軟，工商業產品下滑。如前所述，雖然第四季銷售額仍年減，但隨著某些終端市場開始復甦，工商業產品的下降速度仍持續放緩。

Net sales for the other products and services category, primarily made up of aftermarket service parts, product accessories, extended warranty revenue, remote monitoring subscription revenue and other service offerings, increased 24.4% to $63.8 million as compared to $51.3 million in the fourth quarter of 2019. There was an approximate 7% benefit to net sales during the quarter from the impacts of the Energy Systems and Enbala acquisitions and favorable foreign currency.

其他產品和服務類別的淨銷售額（主要由售後服務零件、產品配件、延長保固收入、遠端監控訂閱收入和其他服務產品組成）增長了24.4%，達到6,380 萬美元，而去年第四季的淨銷售額為5,130 萬美元。2019 年。由於 Energy Systems 和 Enbala 收購以及有利的外匯的影響，該季度的淨銷售額增長了約 7%。

In addition, we experienced very strong growth in aftermarket service parts as a result of the higher level of power outage activity during the second half of the year. A larger and growing installed base of our products also contributed to the increase versus the prior year.

此外，由於下半年停電活動增多，我們的售後服務零件也出現了非常強勁的成長。我們產品的安裝基礎更大且不斷增長，也促成了與前一年相比的增長。

Gross profit margin improved 180 basis points to 39.4% compared to 37.6% in the prior year fourth quarter. Operating expenses increased $11.4 million or 9.7% as compared to the fourth quarter of 2019, but declined 270 basis points as a percentage of revenue, excluding intangible amortization. As a result, adjusted EBITDA before deducting for noncontrolling interest as defined in our earnings release, was $195.8 million or a very strong 25.7% of net sales as compared to $129.1 million or 21.9% of net sales in the prior year. This 380 basis point improvement in EBITDA margin was driven by the significant gross margin expansion during the quarter, primarily due to the favorable sales mix, coupled with improved leverage of fixed operating expenses on the much higher sales volumes and tight cost control.

毛利率較去年第四季的 37.6% 提高了 180 個基點，達到 39.4%。與 2019 年第四季相比，營運費用增加了 1,140 萬美元，即 9.7%，但佔收入的百分比下降了 270 個基點（不包括無形攤銷）。因此，扣除我們收益發布中定義的非控制權益之前的調整後 EBITDA 為 1.958 億美元，佔淨銷售額的 25.7%，而上一年為 1.291 億美元，佔淨銷售額的 21.9%。 EBITDA 利潤率提高了 380 個基點，這是由本季度毛利率大幅增長推動的，這主要是由於有利的銷售組合，加上固定運營費用對更高銷量的槓桿率提高以及嚴格的成本控制。

For the full year 2020, adjusted EBITDA before deducting for noncontrolling interests came in at an all-time record of $584 million, resulting in an attractive 23.5% margin or a 290 basis point increase compared to the prior year.

2020 年全年，扣除非控制權益之前的調整後 EBITDA 達到創紀錄的 5.84 億美元，利潤率達到頗具吸引力的 23.5%，與上一年相比增加了 290 個基點。

I will now briefly discuss financial results for our 2 reporting segments. Domestic segment sales increased 37.2% to $645.1 million as compared to $470.1 million in the prior year quarter. Adjusted EBITDA for the segment during the quarter was $188 million or 29.1% of net sales as compared to $122.9 million in the prior year or 26.1% of net sales.

我現在將簡要討論我們兩個報告分部的財務表現。國內部門銷售額成長 37.2%，達到 6.451 億美元，去年同期為 4.701 億美元。本季該部門調整後 EBITDA 為 1.88 億美元，佔淨銷售額的 29.1%，去年同期為 1.229 億美元，佔淨銷售額的 26.1%。

For the full year 2020, domestic segment sales increased 19.8% over the prior year to $2.1 billion. Adjusted EBITDA margins for the segment were 27%, representing a 240 basis point increase compared to the prior year.

2020年全年，國內業務銷售額較上年成長19.8%，達21億美元。該部門調整後 EBITDA 利潤率為 27%，比上年增長 240 個基點。

International segment sales, which consists primarily of C&I products, declined 4.1% to $116 million as compared to $120.9 million in the prior year quarter. Foreign currency had a net favorable impact of approximately 140 basis points on revenue growth during the quarter. Adjusted EBITDA for the segment during the quarter before deducting for noncontrolling interest was $7.8 million or 6.8% of net sales as compared to $6.2 million or 5.2% of net sales in the prior year.

主要由工商業產品組成的國際部門銷售額下降 4.1%，至 1.16 億美元，去年同期為 1.209 億美元。外幣對該季度營收成長產生了約 140 個基點的淨有利影響。該部門在扣除非控股權益之前的季度調整後 EBITDA 為 780 萬美元，佔淨銷售額的 6.8%，而上一年為 620 萬美元，佔淨銷售額的 5.2%。

For the full year 2020, International segment sales declined 14.1% over the prior year to $396 million. Adjusted EBITDA margins for the segment before deducting for noncontrolling interests were 5.1% of net sales during 2020 compared to 5.5% of net sales in the prior year.

2020 年全年，國際部門銷售額較前一年下降 14.1%，至 3.96 億美元。在扣除非控制權益之前，該部門調整後的 EBITDA 利潤率為 2020 年淨銷售額的 5.1%，而上一年為淨銷售額的 5.5%。

Now switching back to our financial performance for the fourth quarter of 2020 on a consolidated basis. As disclosed in our earnings release, GAAP net income attributable to the company in the quarter was $125 million as compared to $69.6 million for the fourth quarter of 2019. GAAP income taxes during the current year fourth quarter were $39 million, or an effective tax rate of 23.8% as compared to $13.4 million or an effective tax rate of 16.1% for the prior year. The increase in effective tax rate was primarily due to the significant increase in pretax income in the current year, while the prior year quarter was impacted by more favorable discrete tax items, including a year-end revaluation adjustment related to a reduction in the blended state income tax rate.

現在回到我們 2020 年第四季的合併財務表現。正如我們在財報中所揭露的，該季度 GAAP 淨利為 1.25 億美元，而 2019 年第四季為 6,960 萬美元。本年度第四季的 GAAP 所得稅為 3,900 萬美元，或有效稅率與去年的1,340萬美元或有效稅率16.1% 相比，稅率下降了23.8%。有效稅率的增加主要是由於本年稅前收入大幅增加，而上年同期則受到更優惠的離散稅項的影響，包括與混合狀態減少相關的年終重估調整所得稅稅率。

For the full year, the effective tax rate for 2020 was 22.2% compared to 21.1% in the prior year. Diluted net income per share for the company on a GAAP basis was $1.97 in the fourth quarter of 2020 compared to $1.12 in the prior year. Adjusted net income for the company, as defined in our earnings release, was $135.7 million in the current year quarter or $2.12 per share, which was also an all-time record. This compares to adjusted net income of $96.5 million in the prior year or $1.53 per share. Cash income taxes for the fourth quarter of 2020 were $34.9 million as compared to $8.2 million in the prior year quarter. The current year now reflects a cash income tax rate of 17.9% for the full year 2020, which is an increase from the approximately 16% rate previously expected for 2020. This also compares to the prior year rate of 15%.

就全年而言，2020年的有效稅率為22.2%，而前一年為21.1%。 2020 年第四季，以 GAAP 計算，公司稀釋後每股淨利為 1.97 美元，而去年同期為 1.12 美元。根據我們的收益發布中的定義，該公司本季調整後淨利潤為 1.357 億美元，即每股 2.12 美元，這也是歷史記錄。相比之下，上一年調整後淨利潤為 9,650 萬美元，即每股 1.53 美元。 2020 年第四季的現金所得稅為 3,490 萬美元，而去年同期為 820 萬美元。目前，2020 年全年的現金所得稅稅率為 17.9%，比先前預計的 2020 年約 16% 的稅率有所增加。這也與去年 15% 的稅率相比。

The increase in the current year cash tax rate versus prior year was primarily due to higher pretax income, which is taxed at the higher domestic statutory rate. Cash flow from operations was robust at $218.2 million as compared to $175.1 million in the prior year fourth quarter. And free cash flow, as defined in our earnings release, was $190.7 million as compared to $160.3 million in the same quarter last year. The increase was primarily due to higher net income in the current year quarter, partially offset by the lower monetization of working capital and higher capital expenditures relative to the prior year.

本年度現金稅率較前一年增加的主要原因是稅前收入增加，並以較高的國內法定稅率課稅。營運現金流強勁，達 2.182 億美元，去年第四季為 1.751 億美元。我們的財報中定義的自由現金流為 1.907 億美元，去年同期為 1.603 億美元。這一增長主要是由於本季淨利潤增加，部分被營運資本貨幣化較低和資本支出較上年增加所抵銷。

Before discussing our guidance initiation for 2021, I want to make a few comments regarding our healthy balance sheet and liquidity position at the end of the fourth quarter of 2020, which allows us to confidently operate our business and accelerate our strategy. As of December 31, 2020, we had nearly $1 billion of liquidity, comprised of $655 million of cash on hand and $300 million of availability on our ABL revolving credit facility, which matures in June 2023.

在討論我們 2021 年的指導方針之前，我想就 2020 年第四季末我們健康的資產負債表和流動性狀況發表一些評論，這使我們能夠自信地經營我們的業務並加速我們的策略。截至 2020 年 12 月 31 日，我們擁有近 10 億美元的流動性，其中包括 6.55 億美元的庫存現金和 3 億美元的 ABL 循環信貸額度（將於 2023 年 6 月到期）。

Also, total debt outstanding at the end of the fourth quarter was $885 million, net of unamortized original issue discount and deferred financing costs. Our gross debt leverage ratio at the end of the fourth quarter was only 1.5x on an as-reported basis. In addition, our term loan doesn't mature until December 2026. We do not have any required principal payments on this facility until the maturity date, and it has a low cost of debt of LIBOR plus 175 basis points. We also have interest rate swap arrangements that fix our interest rate exposure on approximately $500 million of this debt through the maturity date of December 2026.

此外，第四季末未償還債務總額為 8.85 億美元，扣除未攤銷的原始發行折扣和遞延融資成本。截至第四季末，我們的總負債槓桿比率僅為報告的 1.5 倍。此外，我們的定期貸款要到 2026 年 12 月才會到期。在到期日之前，我們無需支付該貸款所需的任何本金，而且 LIBOR 的債務成本較低，加 175 個基點。我們也制定了利率掉期安排，將我們約 5 億美元的債務的利率風險固定在 2026 年 12 月到期日。

Further enhancing our overall liquidity is our strong cash flow profile, and for the full year 2020, free cash flow was easily an all-time record of $427 million as compared to $251 million in 2019, which was our previous record. Uses of cash during 2020 included $69 million for acquisitions, $62 million for capital expenditures and $25 million for the net repayment of debt.

我們強勁的現金流狀況進一步增強了我們的整體流動性，2020 年全年，自由現金流輕鬆創下 4.27 億美元的歷史記錄，而 2019 年我們的記錄為 2.51 億美元。 2020 年的現金使用包括 6,900 萬美元用於收購、6,200 萬美元用於資本支出以及 2,500 萬美元用於淨償還債務。

Lastly, given our strong balance sheet and free cash flow generation, we have significant resources to drive further shareholder value as we execute on our long-term strategic priorities.

最後，鑑於我們強大的資產負債表和自由現金流的產生，在執行長期策略重點時，我們擁有大量資源來進一步推動股東價值。

With that, I will now provide further comments on our new outlook for 2021. Key demand metrics for home standby generators, including home consultations and orders, continue to trend much higher during the fourth quarter relative to prior year levels, and this strength has continued thus far in the first quarter. Due to this ongoing unprecedented demand, which has extended lead times for these products, there was a substantial backlog awards for home standby generators at the end of 2020, which has further increased thus far in the first quarter. As we expand manufacturing capacity during 2021 with a new facility coming online, we expect to further ramp production levels for home standby generators, helping to alleviate this backlog.

至此，我現在將對 2021 年的新展望進行進一步評論。家庭備用發電機的關鍵需求指標（包括家庭諮詢和訂單）在第四季度繼續遠高於去年水平，而且這種強勁勢頭仍在持續到目前為止，第一季。由於這種持續的前所未有的需求，延長了這些產品的交貨時間，到 2020 年底，家用備用發電機出現了大量積壓訂單，第一季迄今為止，這一情況進一步增加。隨著我們在 2021 年透過新廠投產擴大製造能力，我們預計將進一步提高家用備用發電機的生產水平，有助於緩解積壓情況。

In addition, the solar plus storage market is expected to experience significant year-over-year growth during 2021 as storage attachment rates continue to climb, leading to the expectation of substantial growth in shipments of PWRcell energy storage systems as we continue to build out our presence in this market. Although demand for C&I products during 2020 was negatively impacted by the onset of the COVID-19 pandemic, the year-over-year revenue declines continue to moderate, and shipments for these products are expected to return to growth during 2021 across a number of key end markets and geographies.

此外，隨著儲存附加率持續攀升，太陽能加儲存市場預計將在 2021 年經歷顯著的同比增長，隨著我們繼續建造我們的產品，預計 PWRcell 儲能係統的出貨量將大幅增長。存在於這個市場。儘管 2020 年對工商業產品的需求受到了 COVID-19 大流行爆發的負面影響，但收入同比下降幅度繼續放緩，預計這些產品的出貨量將在 2021 年在多個關鍵領域恢復增長。終端市場和地區。

As a result of this positive top line outlook, we are initiating guidance for 2021 that anticipate significant revenue growth as compared to the prior year. Net sales are expected to increase between 25% to 30% as compared to the prior year on an as-reported basis, which includes only approximately 2% of favorable impact from acquisitions and foreign currency. This revenue outlook assumes shipments of residential products increase at a very robust rate during 2021, a rate that is similar to the year-over-year growth rate experienced in 2020. Revenue for C&I products is expected to rebound at a strong rate as compared to the softer prior year comparisons, a rate approximately in the mid-teens range.

由於這種積極的營收前景，我們正在啟動 2021 年指導，預計收入將比前一年大幅成長。根據報告，淨銷售額預計將比上一年增長 25% 至 30%，其中僅包括收購和外匯帶來的約 2% 的有利影響。該收入前景假設住宅產品的出貨量在 2021 年以非常強勁的速度增長，與 2020 年的同比增長率相似。與 2020 年相比，工商業產品的收入預計將以強勁的速度反彈與去年相比較為疲軟，比率大約在十幾歲左右。

Importantly, this guidance assumes a level of power outages during the year in line with the long-term baseline average. However, consistent with our historical approach, this outlook does not assume the benefit of a major power outage event during the year such as the category 3 or higher landed hurricane. Given current capacity constraints for home standby, the upside of a major power outage event would be more limited to incremental portable generator shipments during 2021, meaning any extra lift for home standby generators from a major power outage event would most likely spill over into 2022. Due to the significant home standby backlog at the end of 2020, we're expecting the quarterly seasonality in 2021 to be more level loaded relative to normal historical patterns, with sales in the first half being approximately 48% weighted and sales in the second half being approximately 52% weighted.

重要的是，本指南假設年內停電水準與長期基準平均值一致。然而，與我們的歷史方法一致，這一前景並未假設年內發生重大停電事件（例如 3 級或更高級別的登陸颶風）的好處。考慮到當前家庭備用發電容量的限制，重大停電事件的上行空間將更加局限於2021 年便攜式發電機出貨量的增量，這意味著重大停電事件對家庭備用發電機的任何額外提升很可能會延續到2022 年。由於 2020 年底出現大量家庭備用積壓，我們預計 2021 年的季度季節性將比正常的歷史模式更加均衡，上半年的銷售額加權約為 48%，下半年的銷售額將加權權重約為52%。

As a result, total year-over-year growth is forecasted to be approximately 50% for each of the first and second quarters of the year. Looking at margin profile as we enter 2021, there are near-term cost pressures, ongoing logistics delays and various capacity constraints in several areas across the supply chain, which are resulting in higher input costs, including rising commodities, foreign currency headwinds, increased logistics costs, additional tariffs and higher wages. We expect these inflationary cost pressures, together with new facility start-up costs, to be largely offset by favorable sales mix, pricing and cost reduction initiatives across the organization through our profit enhancement program. As a result, we expect gross margins for full year 2021 to be similar to the second half of 2020 run rate.

因此，預計今年第一季和第二季的年比總成長率約為 50%。進入 2021 年，從利潤率狀況來看，整個供應鏈的多個領域都存在近期成本壓力、持續的物流延誤和各種產能限制，導致投入成本上升，包括大宗商品上漲、外匯逆風、物流增加成本、額外關稅和更高的工資。我們預計，這些通膨成本壓力以及新設施的啟動成本將在很大程度上被整個組織內有利的銷售組合、定價和透過我們的利潤增強計劃降低成本的舉措所抵消。因此，我們預計 2021 年全年毛利率將與 2020 年下半年的運行率相似。

In addition, we continue to make operating expense investments to scale the business, support innovation and drive future revenue growth into new and existing markets. As a result of these factors, adjusted EBITDA margins before deducting for noncontrolling interests are expected to be approximately 24% to 25%, which is an increase from the 23.5% reported for the full year 2020. We expect adjusted EBITDA margins during the first half of the year to be moderately lower between 50 to 100 basis points relative to the second half of 2021, given the full realization benefit from pricing and cost reduction issues in the back half of the year.

此外，我們繼續進行營運費用投資，以擴大業務規模、支持創新並推動新市場和現有市場的未來收入成長。由於這些因素，扣除非控股權益前的調整後 EBITDA 利潤率預計約為 24% 至 25%，較 2020 年全年報告的 23.5% 有所增加。我們預計上半年調整後 EBITDA 利潤率鑑於今年下半年定價和成本削減問題的充分實現，今年的利率將比2021 年下半年適度降低50 至100 個基點。

As is our normal practice, we are providing additional guidance details to assist with modeling adjusted earnings per share and free cash flow for 2021. For 2021, our GAAP effective tax rate is expected to increase to between 23.5% to 24.5% as compared to the 22.2% full year rate for 2020. This increase is driven by higher pretax income and a higher mix of domestic pretax income relative to the prior year. Based on our guidance provided for 2021, our cash income tax expense for the year is expected to be approximately $135 million to $140 million, which translates into an anticipated full year 2021 cash income tax rate of between 20.5% to 21.5%, as compared to the 17.9% rate for the full year 2020.

按照我們的正常做法，我們將提供額外的指導細節，以幫助對2021 年調整後每股收益和自由現金流進行建模。對於2021 年，我們的GAAP 有效稅率預計將增加至23.5% 至24.5%之間。2020 年全年稅率為 22.2%。這一增長是由於稅前收入較上年增加以及國內稅前收入組合增加所致。根據我們為 2021 年提供的指引，我們今年的現金所得稅費用預計約為 1.35 億至 1.4 億美元，這意味著 2021 年全年現金所得稅稅率預計在 20.5% 至 21.5% 之間，而2020年全年成長率為17.9%。

As a reminder, our approximate $30 million per year tax shield that originated from the LBO transaction in 2006 fully expires at the end of this year. As a result, 2021 is the last year that adjusted earnings will benefit from a notably lower cash income tax rate relative to our GAAP income tax rate.

提醒一下，我們源自 2006 年槓桿收購交易的每年約 3,000 萬美元的稅盾將於今年年底完全到期。因此，2021 年是調整後收益將受益於相對於我們的 GAAP 所得稅率顯著降低的現金所得稅率的最後一年。

Beginning in 2022, the cash tax rate is expected to be more in line with the GAAP tax rate in the 25% to 27% range. In 2021, we expect interest expense to be approximately $34 million assuming no additional principal payments during the year and flat LIBOR rates throughout 2021. Our capital expenditures for 2021 reflect continued investments in expanding capacity, and are projected to be between 2.5% to 3% of our forecasted net sales for the year. This CapEx guidance includes the new Trenton, South Carolina facility and related equipment that we expect to bring online during the second half of 2021. Depreciation expense is forecast to be approximately $40 million in 2021, given our assumed capital spending guidance.

從 2022 年開始，現金稅率預計將更加符合 GAAP 稅率，在 25% 至 27% 的範圍內。假設年內不額外支付本金且2021 年LIBOR 利率保持不變，我們預計2021 年的利息支出約為3400 萬美元。我們2021 年的資本支出反映了對擴大產能的持續投資，預計在2.5% 至3 % 之間我們預測今年的淨銷售額。本資本支出指南包括我們預計在 2021 年下半年上線的南卡羅來納州特倫頓新工廠和相關設備。根據我們假設的資本支出指南，預計 2021 年折舊費用約為 4000 萬美元。

GAAP intangible amortization expenses in 2021 is expected to be approximately $34 million to $35 million during the year. Stock compensation expense is expected to be between $20 million to $24 million for the year. For our full year 2021, operating and free cash flow generation is once again expected to be strong and follow historical seasonality, benefiting from the solid conversion of adjusted net income to free cash flow, expected to be approximately 90% for the year.

2021 年 GAAP 無形攤銷費用預計約 3,400 萬至 3,500 萬美元。今年的股票補償費用預計在 2,000 萬美元至 2,400 萬美元之間。 2021 年全年，預計營運和自由現金流將再次強勁，並遵循歷史季節性，受益於調整後淨利潤向自由現金流的穩健轉換，預計全年約為 90%。

Finally, our full year diluted share count is expected to increase and be approximately 64 million to 64.5 million shares. This compares to 63.7 million shares in 2020. This 2021 outlook does not reflect potential business acquisitions or stock buybacks.

最後，我們全年稀釋後的股票數量預計將增加，約 6,400 萬股至 6,450 萬股。相較之下，2020 年為 6,370 萬股。2021 年的展望並未反映潛在的業務收購或股票回購。

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

我們準備好的演講到此結束。此時，我想開放提問。

(Operator Instructions) First question Philip Shen from ROTH Capital.

（操作員說明）首先詢問來自ROTH Capital的Philip Shen。

Congrats on the strong results. It just seems like you guys are just running flat out, running at, call it, 24 hours, 7 days a week, 3 shifts and with your strong guidance. And I think, York, you alluded to this. If there's an outage or some kind of event, there might be limited upside and it might be limited to portables, just because it seems like your maxed out. When do you guys think you can catch up and kind of get ahead of the curve here? The facility announcement is definitely a great start. And it seems like you might be able to get 2x the -- you talked about 75% more capacity. But we looked at the facility. It looks like maybe you can get to 2x that number. And at one point, Aaron, I think you were talking about being able to get the ability to expand 5x. That's 75%. So I was wondering if this location gives you that potential.

祝賀取得強勁的成果。看起來你們只是在全力以赴，每週 7 天，24 小時，3 班倒，並在你們的大力指導下奔跑。我想，約克，你有提到這一點。如果發生斷電或某種事件，上行空間可能有限，並且可能僅限於便攜式設備，只是因為它似乎已經用盡了。你們認為什麼時候可以趕上並領先一步？該設施的公告絕對是一個好的開始。看來您可能能夠獲得 2 倍的容量——您談到的容量增加了 75%。但我們查看了該設施。看起來也許你可以達到這個數字的 2 倍。在某一時刻，Aaron，我認為您正在談論能夠獲得擴展 5 倍的能力。那是 75%。所以我想知道這個位置是否能為你帶來這種潛力。

Yes. It's -- I mean, obviously, capacity right now, Phil, is -- we're -- as you say, we're flat out. And we're starting to see actually capacity pressures even in our C&I business, which, thankfully, we have a brand-new plant down in Mexico that we brought online last year. We haven't talked a ton about it, but it's a beautiful facility. It's primarily there to serve the Latin American market, consolidation of our previous operations down in Mexico City. But we can use that facility as well for other things, and we'll probably end up doing some products for the U.S. and Canada down there simply just because we're going to be up against some capacity things here, too, especially in the smaller C&I ranges for telecom. The telecom business is looking like it's -- the lineup there is pretty strong relative to demand.

是的。菲爾，我的意思是，顯然，現在的產能是──我們──正如你所說，我們已經耗盡了。即使在我們的工商業業務中，我們也開始看到實際的產能壓力，值得慶幸的是，我們在墨西哥擁有一家全新工廠，並於去年上線。我們還沒有談論太多，但它是一個漂亮的設施。它主要是為了服務拉丁美洲市場，整合我們之前在墨西哥城的業務。但我們也可以將該設施用於其他用途，我們可能最終會在那裡為美國和加拿大生產一些產品，只是因為我們也會在這裡遇到一些產能問題，特別是在電信的 C&I 範圍較小。電信業務的陣容相對於需求來說相當強大。

But on the -- back on the home standby side, yes, the new facility in Trenton is going to be a big boost. You're right. The 75% improvement that we say or increase that we've been indicating in capacity was off of the previous capacity limitations as we entered 2020. So we did raise those numbers over the course of 2020. So in effect, with that new facility coming online, we can get more capacity. And then that site is actually expandable about 2, 2.5x its existing size today if we choose to go that route. So to answer your question, when do we see catching this? We're going to be working hard all year-long to do that.

但在家庭備用方面，是的，特倫頓的新設施將帶來巨大的推動。你說得對。當我們進入2020 年時，我們所說的話或我們一直在表示的容量增加75% 超出了之前的容量限制。因此，我們確實在2020 年期間提高了這些數字。所以實際上，隨著新設施的到來在線，我們可以獲得更多的容量。如果我們選擇走這條路，那麼網站實際上可以擴展到現有規模的 2 至 2.5 倍。那麼回答你的問題，我們什麼時候才能看到這個？我們將全年努力做到這一點。

Remember, recall that we do have some temporary production that we stood up in one of our other facilities here in Wisconsin. The initial plan was to take that down as we ramped up the Trenton facility over the summer. We could choose to leave -- if demand remains strong and every indication right now is that, that will be the case, we could leave that temporary capacity add online, which gives us kind of an incremental bump above where kind of we would be if it was just Whitewater and Trenton. So -- but the way we've sized the equipment and everything in the Trenton facility, we think we'll be ramping throughout the full year and we'll kind of hit the ground running here midyear and hopefully be at kind of max rates by the end of the year. That would be the goal.

請記住，我們確實在威斯康辛州的其他工廠之一進行了一些臨時生產。最初的計劃是在今年夏天擴建特倫頓工廠時取消這項計劃。我們可以選擇離開——如果需求仍然強勁，現在的每一個跡像都表明，情況確實如此，我們可以將臨時增加的產能留在線上，這給我們帶來了一種增量的提升，高於我們將要達到的水平。只有懷特沃特和特倫頓。所以 - 但我們在特倫頓工廠調整設備和所有東西的規模的方式，我們認為我們將在全年中不斷提高，我們將在年中開始在這裡運行，並希望達到最大速率到今年年底。這就是目標。

Okay. And then embedded in your guidance...

好的。然後嵌入您的指導中...

Next question, Tommy Moll from Stephens.

下一個問題是來自史蒂芬斯的湯米·莫爾。

Apologies to Phil. We'll follow up.

向菲爾道歉。我們會跟進。

Happened to me last quarter. So I guess just where we are these days. Lots of interest in the call. Well, anyway, I'll get to the questions here. So I wanted to talk about some of the demand dynamics you've seen around the Home as a Sanctuary theme. Have you discerned anything different in terms of the demographics or anything you pick up on the types of customers whose leads you're qualifying or maybe through channel conversations? You've commented that it's a much broader swell of demand geographically, so many more states, for example. So that -- so it's clear that that's changed. I just wonder, for years and years, you've had a pretty good insight into the types of folks who are interested in your products demographic-wise. And I just wonder if you're seeing any shifts there as a part of this trend.

上個季度發生在我身上。所以我想我們現在的情況就是這樣。很多人都對電話感興趣。好吧，無論如何，我會在這裡回答問題。所以我想談談您所看到的圍繞“家作為庇護所”主題的一些需求動態。您是否在人口統計資料方面發現了任何不同之處，或者從您正在篩選的潛在客戶類型或透過管道對話中發現的任何不同之處？您曾評論說，從地理上看，需求的增長要廣泛得多，例如更多的州。所以很明顯情況已經改變了。我只是想知道，多年來，您對對您的產品感興趣的人群的人口類型有了很好的了解。我只是想知道您是否看到了這一趨勢的任何變化。

Yes. It's a great question, Tommy. The -- we do a ton of work around the demographics of the customer bases that buy those products over the years. It's just as the leader in that category and as building it out, we had to develop the market. So understanding who the buyer was and where the opportunities were. And frankly, one of the things we learned in that is understanding who the buyer wasn't, right? So who wasn't buying the products and why? Who went through the sale process and didn't buy and why didn't they buy? Those are all important considerations. And to answer your question, though, demographically -- typically, the product category historically is skewed older, right? So something on the order of 70% of the customers have been over age 50 historically. And that's really because homeownership kind of follows those trends.

是的。這是一個很好的問題，湯米。我們圍繞著多年來購買這些產品的客戶群的人口統計數據做了大量工作。它是該類別的領導者，在建立該類別時，我們必須開發市場。因此了解買家是誰以及機會在哪裡。坦白說，我們從中學到的一件事就是了解買家是誰，對吧？那麼誰沒有購買這些產品，為什麼？誰經歷了銷售過程但沒有購買，為什麼不購買？這些都是重要的考慮因素。不過，要回答你的問題，從人口統計角度來看，通常情況下，產品類別歷史上偏老，對嗎？因此，大約 70% 的客戶歷史年齡都在 50 歲以上。這確實是因為住房擁有率遵循了這些趨勢。

We have seen indications early in the pandemic what we saw and it's a little bit dicey when we talk about this because you have to talk about that expansion in the geography. As an example, Florida was such a hot market last year for us and it's just typically demographically is an older market. So we actually saw our demo shift older. But when you strip out Florida, actually, the demo for other states was shifting younger, which is really fascinating. And I think what it speaks to, Florida was an interesting dynamic because you had a lot of people who went down over the winter last year. The pandemic started to take hold February and March. They chose to kind of shelter in place and stay in Florida.

我們在大流行初期就看到了我們所看到的跡象，當我們談論這個問題時有點冒險，因為你必須談論地理上的擴張。舉例來說，佛羅裡達州去年對我們來說是一個非常熱門的市場，而且從人口角度來看，它通常是一個較老的市場。所以我們實際上看到我們的演示變舊了。但實際上，當你剔除佛羅裡達州時，其他州的演示正在變得更年輕，這真的很有趣。我認為這說明佛羅裡達州是一個有趣的動態，因為去年冬天有很多人倒下。大流行在二月和三月開始流行。他們選擇就地避難並留在佛羅裡達州。

If they didn't own a generator, they came to the conclusion very quickly, they needed 1, because they were going to be basically stuck in Florida, and they would start to get worried about something that if you're not living there, you don't worry about over the summer, which is the hurricane season. So we saw marked interest in Florida by that market, and that led to kind of a skew towards older. But everywhere else, it was younger. And so what we're seeing is younger families, in particular, people who are moving out of cities, metro areas and into homes. And again, they're working from home now, in particular. They're not driving back into the city to go into an office. They're staying in their home.

如果他們沒有發電機，他們很快就得出結論，他們需要一台，因為他們基本上會被困在佛羅裡達州，他們會開始擔心一些事情，如果你不住在那裡，你不必擔心夏天是颶風季節。因此，我們看到該市場對佛羅裡達州有明顯的興趣，這導致了對老年人的偏見。但在其他地方，它更年輕。因此，我們看到的是年輕的家庭，特別是那些搬出城市、大都會地區並搬入家庭的人。再說一次，尤其是他們現在在家工作。他們不會開車回城去辦公室。他們待在自己家裡。

And so they start to connect the dots, and maybe they experience their first or their first outage in their new home, and they figure out very quickly just how vulnerable they are. And so you hear us use this term power security we started introducing in the terminology here. And it's not an unfamiliar term for those around the industry. But this idea of making sure that you've got a continuous source of power to protect your home, your family, your livelihood is -- I think is really resonating across -- certainly across geographies as we talked. But demographically, I think it's resonating, in particular, with people who are shifting to that work from home model and learn from home model.

所以他們開始把這些點連結起來，也許他們在新家裡經歷了第一次或第一次停電，他們很快就發現自己有多脆弱。因此，您會聽到我們使用我們在此處開始引入的術語“電源安全”這個術語。對於業內人士來說，這並不是一個陌生的術語。但我認為，確保你擁有持續的電力來源來保護你的家、你的家人和你的生計的想法確實在各個地區引起了共鳴，當然正如我們所談論的那樣。但從人口統計角度來看，我認為這尤其引起了那些正在轉向在家工作模式並從家庭模式中學習的人們的共鳴。

That's very helpful context and much appreciated. I want to ask a follow-up on a different theme here around the potential to go build out some virtual power plants now that you've got Enbala under the -- in the portfolio. And specifically, you made some comments around the potential to enroll natural gas generators whether they be on the resi or the C&I side into that kind of platform. What does the potential ramp there look like here in North America? Maybe because you have such great market share on the resi side, not many others have talked about that concept, but it sounds like you have some product innovation in the pipeline that may enable it. And so I'm curious what the opportunity set looks like.

這是非常有幫助的背景，非常感謝。我想詢問一個關於不同主題的後續問題，圍繞建立一些虛擬發電廠的潛力，現在您已經將 Enbala 納入了投資組合中。具體來說，您對將天然氣發電機納入此類平台的可能性發表了一些評論，無論它們是在 Resi 還是 C&I 方面。北美的潛在坡道是什麼樣的呢？也許因為你們在樹脂方面擁有如此巨大的市場份額，所以沒有太多其他人談論過這個概念，但聽起來你們正在醞釀一些產品創新，可能會實現這一目標。所以我很好奇機會集是什麼樣的。

Yes. It's something that as part of the thesis behind the acquisition of Enbala was that, obviously, we make a lot of products that could be used as distributed energy resources, right? So we have 2 million home standby generators on the ground. We have literally hundreds of megawatts of C&I product that we put in the market every year. It's actually -- if you step back and you think of the potential and it's -- I called it out in the prepared remarks. We think we're in this incredibly unique position, given the scale that we can bring to this with the assets that we already -- not only that we already have on the ground, but certainly that we put into the market on a year in and year out basis. And those assets, combined now with the technology, which is Enbala, I can share the platform is the enablement of those assets to be used in a much more fulsome way, right, to the benefit of the end users, grid operators, utility companies, ourselves, right, Generac. I mean there's an opportunity for us to participate in that.

是的。作為收購 Enbala 背後論文的一部分，顯然我們生產了很多可以用作分散式能源的產品，對吧？因此，我們地面上有 200 萬台家用備用發電機。我們每年都會向市場投放數百兆瓦的工商業產品。事實上，如果你退後一步，想想它的潛力，我在準備好的發言中指出了這一點。我們認為，考慮到我們可以利用我們已經擁有的資產來實現這一目標的規模，我們認為我們處於這個令人難以置信的獨特位置——不僅是我們已經擁有的資產，而且肯定是我們在一年內投入市場的資產。和年結基礎。這些資產現在與 Enbala 技術相結合，我可以共享該平台，使這些資產能夠以更豐富的方式使用，對最終用戶、電網營運商、公用事業公司有利，我們自己，對吧，Generac。我的意思是我們有機會參與其中。

We haven't given really clear kind of longer-range guidance on this yet, because we're trying to get our arms around just what are the different business models that are out there and available to us, and there are a lot of them. I talked about a few of them in the script here today. But there's a lot of different ways we could play this. I think the opportunity doesn't begin, though, until we get the products to be connected to the Enbala network. And that's what our effort is here in the early innings. So we just closed on this acquisition in really the beginning of Q4 in October. So we've been diligently working on our road maps to make sure we can take our existing residential generators, our existing C&I generators, our existing PWRcell storage devices and then some of our newer load management products that I talked about on the call today.

我們還沒有就此給出真正明確的長期指導，因為我們正在努力了解現有的、可供我們使用的不同商業模式，而且其中有很多。我今天在劇本中談到了其中的一些內容。但我們可以有很多不同的方式來玩這個。不過，我認為，直到我們將產品連接到 Enbala 網路之前，機會才開始出現。這就是我們在前幾局所做的努力。因此，我們剛剛在 10 月第四季初完成了這項收購。因此，我們一直在努力製定路線圖，以確保我們能夠採用現有的住宅發電機、現有的C&I 發電機、現有的PWRcell 儲存設備，以及我今天在電話中談到的一些較新的負載管理產品。

We're going to make all of those what we refer to as Enbala ready. And by doing that, in effect, we have an asset that can be much more strongly positioned with a much higher value proposition for an end user beyond -- well beyond just emergency standby in the case of our legacy products. And so again, I'm not answering your question directly, only because we're still kind of working through how do we want to speak to this? What is the potential? How easy or hard will it be to monetize that potential, right? And then what does that monetization look like for us specifically.

我們將把所有這些都準備好，我們稱之為 Enbala。透過這樣做，我們實際上擁有了一項資產，可以為最終用戶提供更強大的定位和更高的價值主張，而不僅僅是我們傳統產品的緊急備用。再說一遍，我不會直接回答你的問題，只是因為我們仍在研究如何討論這個問題？有什麼潛力？要將這種潛力貨幣化有多容易或多難，對嗎？那麼對我們來說，這種貨幣化具體是什麼樣的呢？

So I think in the end, one thing we are convinced about is we're going to be able to sell more assets, right? I mean the assets we sell today, we're selling a lot of assets today, primarily on the premise of emergency backup. If now those assets could be deployed as part of a virtual power plant or distributed grid and they have much more utility and value, suddenly, you take an asset like a home standby that doesn't have a payback for a homeowner. That's not why a homeowner buys it. And you turn it into something that could provide a payback for that homeowner if the generator were to be switched on by the Enbala network by a grid operator or an energy retailer several times a year, several hours a year, for the benefit of reducing the premium they pay on the open market when there are supply-demand imbalances on the grid. So it is a super exciting area for us and more to come, more to come from us on that and really looking forward to, again, our unique position with grid services.

所以我認為最終，我們確信的一件事是我們將能夠出售更多資產，對嗎？我指的是我們今天出售的資產，我們今天出售了許多資產，主要是在緊急備份的前提下。如果現在這些資產可以作為虛擬發電廠或分散式電網的一部分進行部署，並且它們具有更多的效用和價值，那麼突然之間，您會選擇像家庭備用電源這樣的資產，而這種資產對房主來說是沒有回報的。這不是房主購買它的原因。如果電網營運商或能源零售商每年多次、每年幾個小時透過 Enbala 網路啟動發電機，則可以將其轉變為可以為房主帶來回報的東西，從而減少當電網出現供需失衡時，他們在公開市場上支付溢價。因此，這對我們來說是一個超級令人興奮的領域，我們將在這方面做出更多貢獻，並再次真正期待我們在網格服務方面的獨特地位。

Next question, Philip Shen from ROTH Capital.

下一個問題是來自羅仕資本的 Philip Shen。

Don't know what happened there. Yes. So I'll just ask 1 more and pass it on. But as it relates to the guidance, and I think you guys -- in terms of clean energy, last year, you did $115 million in revenue for clean energy. And I think you said that you expect that to be 50% to 75% higher in '21. So I just want to make sure that roughly $185 million, $90 million of revenue at a midpoint for clean energy in '21. And then as a kind of another topic there. I'll maybe finish that up, and then I'll come back on follow-up on clean energy.

不知道那裡發生了什麼事。是的。所以我就再問1個問題然後轉告。但就清潔能源而言，我認為你們去年在清潔能源的收入為 1.15 億美元。我想你說過你預計 21 年這數字會增加 50% 到 75%。因此，我只想確保 21 年清潔能源收入的中點約為 1.85 億美元至 9,000 萬美元。然後作為另一個話題。我也許會完成這項工作，然後我會回來討論清潔能源的後續問題。

Yes. No, that -- I mean yes, but basically, you confirmed what we said in our prepared remarks, saw a large ramp in Q4, up 75% from Q3. And that momentum is going to continue into this year. And with the positive things we're seeing, we're showing -- we're talking 50% to 75% increase in '21 versus 2020.

是的。不，我的意思是是的，但基本上，您證實了我們在準備好的評論中所說的話，在第四季度看到了大幅增長，比第三季度增長了 75%。這種勢頭將持續到今年。就我們所看到的積極的事情而言，我們正在展示——我們所說的 21 年與 2020 年相比增加了 50% 到 75%。

Great. And we've heard some logistical issues on the storage side as you guys are ramping up and growing this business. Some of it has to do with ports and congestion and maybe certain installers when they're getting their goods. I mean maybe they get the battery, but they don't get the optimizer. They don't get the SnapRS or something. So can you talk about when you expect to resolve that friction, if you will, and if that may be limiting some of the growth. And in fact, once you solve that, do you think the growth could perhaps even accelerate?

偉大的。隨著你們不斷擴大和發展這項業務，我們聽說了儲存方面的一些後勤問題。其中一些與港口和擁塞有關，也許還與某些安裝人員收到貨物時有關。我的意思是，也許他們得到了電池，但他們沒有得到優化器。他們沒有 SnapRS 之類的。那麼您能否談談您希望何時解決這種摩擦（如果您願意的話），以及這是否會限制一些增長。事實上，一旦解決了這個問題，您認為成長可能會加速嗎？

Yes. Phil, we think that those are largely behind us. We had some constraints, as you mentioned, logistics mainly. For a while there we're flying pieces and parts over-the-top of boats on the West Coast ports. We got a full inventory position now and everything we need. And we think that that's going to be -- going to give us a good start here to 2021. And it's certainly an important part of getting to that 50% to 75% growth rate that we're quoting for our expectations next year. So -- but supply chain is a constraint. It's a concern, a challenge, I would imagine, for most companies right now, like ours. It's -- every day is a new battle with something, right? I mean it's just -- it's hand-to-hand combat right now down in the trenches on trying to get pieces and parts from the supply chain all the way through into our warehouses and in the hands of our customers. So -- but particular things you're mentioning there, we've got behind us.

是的。菲爾，我們認為這些基本上已經過去了。正如您所提到的，我們有一些限制，主要是物流。有一段時間，我們在西海岸港口的船上空運零件。我們現在擁有完整的庫存位置和我們需要的一切。我們認為這將為我們 2021 年帶來一個良好的開端。這無疑是實現我們明年預期的 50% 至 75% 成長率的重要組成部分。所以——但供應鍊是個限制。我想，對於目前像我們這樣的大多數公司來說，這是一個擔憂和挑戰。每天都是一場新的戰鬥，對吧？我的意思是，現在是在戰壕中進行的肉搏戰，試圖將供應鏈中的零件一直運送到我們的倉庫和客戶手中。所以——但是你在那裡提到的具體事情，我們已經支持了。

Next question Ross Gilardi from Bank of America.

下一個問題是來自美國銀行的羅斯·吉拉迪（Ross Gilardi）。

We're running out of superlatives for Generac on your performance. Congratulations. Can you speak at all to the size of the backlog for us? Or if you don't want to say the absolute number, just some sense of like how it compares to when you were exiting 2012 on the back of Sandy? And I'm just trying to get a better sense of the production versus the retail trends in home standby as they unfolded in 2020. It's hard to believe that as strong as the category it has been with you guys running above capacity that you've actually underproduced demand so materially. But just trying to understand those dynamics a little better.

對於您的表現，我們對 Generac 的讚美已經用盡了。恭喜。您能為我們談談積壓的規模嗎？或者，如果您不想說出絕對數字，只想說一下與 2012 年您在桑迪背上退出時相比如何？我只是想更了解 2020 年家庭待機的生產與零售趨勢。很難相信，你們這些人的運作能力超出了產能，這與該類別的強勁程度是一樣的。實際上需求嚴重不足。但只是想更好地理解這些動態。

Yes. You're -- I'm right alongside you on that one, Ross. We have been making some major investments in our Whitewater facility, where -- which has been the primary center of gravity for manufacturing of those products. And those are investments, multiyear -- multi tens of millions of dollars that we've been putting in that facility to ramp production there. And honestly, we came into this year. We put a bunch of automation in that facility early in the year, even well before the pandemic hit. So we thought we were in pretty good shape. And then the demand curve has just been -- you talk about the loss of words and superlatives. Mike's running out of things in the stores here to -- every time we write these prepared remarks trying to figure out how else to describe what we're seeing because it's really something.

是的。在這一點上，我和你站在一起，羅斯。我們一直在白水工廠進行一些重大投資，該工廠一直是這些產品製造的主要重點。這些是我們多年來對該工廠投入的數千萬美元的投資，以提高那裡的產量。老實說，我們進入了今年。今年年初，甚至早在疫情爆發之前，我們就已經在該設施中安裝了一系列自動化設備。所以我們認為我們的狀態非常好。然後需求曲線就變成了——你談論的是字詞和最高級的喪失。麥克在商店裡的東西已經用完了——每次我們寫下這些準備好的評論，試圖弄清楚如何描述我們所看到的東西，因為它確實很重要。

And I guess while we're not quoting a distinct number, I'll just get to the heart of it. At the end of the year, I think we said -- in Q3 call, we said our lead times on home standby generators were between 16 to 20 weeks. So pick the midpoint on that. So about 18 weeks is kind of where we exited the year at, if you ordered one. It was 18 weeks out. Today, we stand at about 20 weeks. So it's actually gone the wrong way on us. And that's -- again, we're at all-time daily records we're hitting every day at our facility there. That Trenton facility can't come online fast enough. It's -- I wish we had a better answer for people. Our customers are really patient.

我想雖然我們沒有引用具體的數字，但我只想觸及它的核心。我想我們在年底時說過——在第三季的電話會議中，我們表示我們的家用備用發電機的交貨時間在 16 到 20 週之間。所以選擇中間點。如果你訂購了的話，大約 18 週就是我們這一年的結束時間。那時已經 18 週了。今天，我們已經大約 20 週了。所以我們其實走錯路了。再說一次，我們在那裡的工廠每天都在打破歷史記錄。特倫頓的設施上線速度不夠快。我希望我們能為人們提供更好的答案。我們的客戶真的很有耐心。

I think the 1 thing that -- the 1 saving grace, if there is 1 here is this is a home improvement project. So people are somewhat acclimated to home improvement projects generally taking a long time. There's permitting involved. There's inspections involved. It's not just a kind of a one-and-done deal where you have something you order and then it gets shipped to your house. This is -- there's contractors involved and other authorities and jurisdictional authorities and things like that. So I think -- I'm not trying to say we have some cover for the longer lead times, but they get accepted to a degree. Lead times are long, but we don't see a ton of cancellations. It's a very sticky backlog.

我認為第一件事——第一個可取之處，如果這裡有一個的話，那就是這是一個家居裝修項目。因此，人們在某種程度上已經習慣了通常需要很長時間的家居裝修工程。這涉及到許可。裡面有檢查。這不僅僅是一種一勞永逸的交易，即您訂購了一些東西，然後將其運送到您的家中。這是——涉及承包商、其他當局和司法當局以及類似的事情。所以我認為——我並不是想說我們可以為更長的交貨時間提供一些保障，但它們在一定程度上被接受了。交貨時間很長，但我們沒有看到大量取消。這是一個非常棘手的積壓工作。

To answer your question about as compared to when we exited 2012 into 2013 after Sandy, it's orders of magnitude higher, hundreds of millions. And it's a huge number. You can do some of the back of the envelope math. If you look at our HSB kind of pacing in Q4 and you kind of think about our normal lead times of 1 to 2 weeks and being out 18 at the end of the year and then that growing another 2 weeks. You can kind of model that out and probably arrive at some -- a range there of some thoughts around what the backlog might look like, but it's not an English word, but ginormous is one of the words we can use to describe it.

回答你的問題，與我們在桑迪之後從 2012 年退出到 2013 年相比，這個數字高了幾個數量級，數億。這是一個龐大的數字。您可以做一些粗略的計算。如果你看看我們第四季 HSB 的節奏，你會想到我們正常的交付週期為 1 到 2 週，到年底已經超出 18 個週期，然後又成長了 2 週。你可以對其進行建模，並可能得出一些關於待辦事項可能會是什麼樣子的一系列想法，但這不是一個英語單詞，但 ginormous 是我們可以用來描述它的單字之一。

All right. Good enough. And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? I mean you mentioned that you were profitable. I think that was an EBITDA comment, but I want to clarify that. And can you talk at all about the gross margins for your clean energy business? Where roughly will they be by the end of 2021 in comparison to your overall gross margin? And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp?

好的。夠好了。然後您能多談談您的清潔能源業務和 PWRcell 的盈利能力嗎？我的意思是你提到你獲利了。我認為這是 EBITDA 評論，但我想澄清一下。您能談談您的清潔能源業務的毛利率嗎？與您的整體毛利率相比，到 2021 年底它們大致會達到什麼水平？當你繼續成長時，我們應該如何以 2 到 3 年為基礎來考慮它？

Yes. Ross, it's York. So yes, making very good progress on gross margin optimization, a lot of focus on the bill of material, a lot of focus on supply chain. And you're right. Leaving the year here in 2020, in Q4, we were profitable. That was a nice landmark or a milestone for the start-up business being profitable in Q4. But throughout 2021, yes, we do expect to ramp up our gross margins to somewhere in the mid-30% range. So that's relative what we do, almost 40%, I guess, high 30s here, gross margin for 2020. So close to the company average by the end of 2020 is the plan. And then obviously, we're going to be ramping up our operating expenses to really go fast after this market. So expecting EBITDA margins to grow throughout the year as well, along with gross margins, maybe hitting double digits there by the end of the year for EBITDA margins.

是的。羅斯，這是約克。所以，是的，在毛利率優化方面取得了非常好的進展，重點是物料清單，並專注於供應鏈。你是對的。 2020 年第四季度，我們實現了獲利。對於新創公司在第四季度實現盈利來說，這是一個很好的里程碑或里程碑。但在整個 2021 年，我們確實預期毛利率將提高到 30% 左右。所以這與我們所做的事情是相對的，我想，2020 年的毛利率幾乎為 40%，這裡高達 30 多歲。計劃到 2020 年底接近公司平均水平。顯然，我們將增加營運費用，以真正快速佔領這個市場。因此，預計 EBITDA 利潤率以及毛利率全年都會成長，到年底 EBITDA 利潤率可能會達到兩位數。

Next question from Mike Halloran from Baird.

下一個問題來自貝爾德 (Baird) 的邁克·哈洛蘭 (Mike Halloran)。

So just let's stay on the clean energy side. Maybe just an update on how distributor penetration is going on? I know, Aaron, you made some in the prepared -- comments on the prepared remarks. But more importantly, just some thoughts on the competitive dynamics. How you think the receptivity of your product in the marketplace is comparing to others? Obviously, very strong demand holistically. So more curious on the relative side for you and how you think that's tracking versus what your hopes were.

因此，讓我們留在清潔能源方面。也許只是關於經銷商滲透率的最新情況？我知道，亞倫，你在準備好的發言中發表了一些評論。但更重要的是，只是對競爭動態的一些思考。您認為與其他產品相比，您的產品在市場上的接受度如何？顯然，整體需求非常強勁。所以對你來說，更好奇的是相對的一面，以及你認為這是如何追蹤的，而不是你的希望。

Yes, Mike. So making really good progress on the distribution front, if that's your question. I think in the prepared remarks, we said like, we trained over 4,200 energy, we call them, contractors. We sell kind of in a multiple of ways there into the channels, 2-step through electrical wholesalers, clean energy electrical wholesalers, and we also sell in some cases direct to large national partners like Sunnova, who's one of our partners -- a great partner of ours. And then we serve a number of other kind of larger, independent kind of long tail energy -- clean energy companies directly. So really made good progress, though. And it's been a -- I think it's -- 1 thing we learned with the home standby business is you really got to have a lot of points of light, especially in something that's growing, that's not as penetrated, right? And certainly, storage, it's a lot like the parallels there between home standby in terms of the early days of home standby 20 years ago and what storage looks like today are early similar.

是的，麥克。因此，如果這是您的問題，那麼在分銷方面取得了非常好的進展。我想在準備好的演講中，我們說，我們培訓了 4,200 多名能源人員，我們稱他們為承包商。我們以多種方式向通路銷售，透過電氣批發商、清潔能源電氣批發商進行兩步驟銷售，在某些情況下，我們也直接向大型國家合作夥伴銷售，例如Sunnova，他是我們的合作夥伴之一- 一個偉大的合作夥伴我們的合作夥伴。然後我們直接為其他一些更大的、獨立的長尾能源——清潔能源公司提供服務。不過，確實取得了很好的進展。我認為我們從家庭待機業務中學到的一件事是，你真的必須有很多亮點，特別是在那些正在成長、但還沒有那麼滲透的領域，對吧？當然，儲存方面，20 年前家庭待機的早期階段和今天的儲存看起來很相似，這很像家庭待機之間的相似之處。

Super low penetration rate, super low awareness, pretty expensive, kind of lacked kind of availability in terms of where you could access the product, market access. So we knew the road map we had to take to change that. So we've been really focused heavily on that here. And I think our sales and marketing efforts -- the efforts to put together sales processes for these channel partners and pass leads to them, right? I mean 1 of their barriers to growth has always been customer acquisition costs. And here we are giving our channel partners leads for free. We're paying. I mean they're not free. Of course, we're spending millions and millions on advertising to drive the leads into our hands, but we're giving them to our channel partners so that they can see -- they can have success because if they have success, we have success. It's a symbiotic relationship. So again, I don't know if I'm getting to the heart of your question, but really focused on building out that distribution network.

滲透率超低，認知度超低，價格相當昂貴，在取得產品和市場進入方面缺乏可用性。所以我們知道改變這種狀況必須採取的路線圖。所以我們在這裡非常關注這一點。我認為我們的銷售和行銷工作 - 為這些通路合作夥伴整合銷售流程並向他們傳遞線索的努力，對嗎？我的意思是，他們的成長障礙之一始終是客戶獲取成本。在這裡，我們免費為我們的通路合作夥伴提供線索。我們付錢。我的意思是它們不是免費的。當然，我們在廣告上花費了數百萬美元來將潛在客戶吸引到我們手中，但我們將它們提供給我們的通路合作夥伴，以便他們能夠看到- 他們可以取得成功，因為如果他們成功了，我們也成功了。這是一種共生關係。再說一次，我不知道我是否抓住了你問題的核心，但我確實專注於建立分銷網絡。

So more I think on along the lines of when you think about what you're doing in the market, everyone is growing. Do you think you're getting your fair share, more than your fair share? And how do you think the competitive offering stacks up?

所以我更認為，當你思考你在市場上所做的事情時，每個人都在成長。你認為你得到的公平份額是否超過了你的公平份額？您認為競爭產品的表現如何？

Yes. So I think the 1 thing that we've done is we're basically going to market from a differentiated standpoint. The way we differentiate is we focus on whole home backup, whole home power capability, right? So we have the largest inverter in the industry, which allows for more to be connected to the system at any 1 point in time, right? So people we compete with have smaller inverters, and therefore, the capacity constraints that are -- that manifest as a result of that mean that you can't take everything in your home and try and run it at the same time. There's just serious limitations to that if you have a smaller inverter. So one of the reasons we really like the Pika Energy system is it had a very high capacity inverter. And also the battery cabinets and the battery capacity -- we believe we have one of the largest capacity availabilities in the industry.

是的。所以我認為我們所做的第一件事就是我們基本上從差異化的角度進行行銷。我們與眾不同的方式是我們專注於整個家庭的備份、整個家庭的電力能力，對吧？所以我們擁有業內最大的逆變器，它允許在任何 1 個時間點將更多的逆變器連接到系統，對吧？因此，我們的競爭對手擁有較小的逆變器，因此，容量限制意味著您無法將家中的所有東西放在一起並嘗試同時運行。如果您使用較小的逆變器，則有嚴重的限制。因此，我們真正喜歡 Pika Energy 系統的原因之一是它擁有非常高容量的逆變器。還有電池櫃和電池容量——我們相信我們擁有業內最大的可用容量之一。

So you get longer duration. Then if the outage lasts more than 4 hours, 8 hours, you start to run into trouble, but we definitely can do quite a bit with the current size of the system. So that's our -- that's how we differentiate. Are we getting our fair share? I think so. I mean, we're growing very quickly. You can look at growth rates from others who are in this industry, how they describe their own growth in Q4 in clean energy and in particular around storage, right, if we just want to focus on that. And I would say our 75% growth rate is best-in-class, at least for those companies that have talked about it openly. So we feel like we're making good headway. We feel like we're building the brand in the space there, adding the distribution. And as I said on the prepared remarks, we've got a huge pipeline of really cool new stuff coming that I think is going to only continue to separate us from the pack here as the market grows.

所以你可以獲得更長的持續時間。然後，如果中斷持續超過 4 小時、8 小時，您就會開始遇到麻煩，但我們絕對可以利用系統目前的規模來做很多事情。這就是我們的差異化方式。我們得到了公平的份額嗎？我想是這樣。我的意思是，我們發展得非常快。你可以看看這個行業其他人的成長率，他們如何描述自己在第四季度清潔能源方面的成長，特別是在儲存方面，對吧，如果我們只想關注這一點的話。我想說，我們 75% 的成長率是同類中最好的，至少對於那些公開談論這一點的公司來說是這樣。所以我們感覺我們正在取得良好進展。我們覺得我們正在那裡建立品牌，增加分銷。正如我在準備好的演講中所說，我們已經推出了大量非常酷的新產品，我認為隨著市場的成長，這些新產品只會繼續使我們脫穎而出。

Next question Christopher Glynn from Oppenheimer.

下一個問題是來自奧本海默的克里斯托弗·格林。

A lot of the stuff has been asked. Just wanted to kind of go into the splits, first half, second half, 48-52. How should we think about the residential and the C&I relative to that 48-52? Do they both kind of track that? And part of the impetus for the question is you've talked about Trenton hitting kind of max capacity later in the year in the second half. It sounded like you were talking about actual utilization, not just its ability to be online.

問了很多東西。只是想進入分賽階段，上半場，下半場，48-52。相對於 48-52，我們該如何看待住宅和工商業？他們都跟踪這一點嗎？這個問題的部分推動力是你談到了特倫頓在今年下半年晚些時候達到了最大容量。聽起來您在談論實際利用率，而不僅僅是其線上能力。

Yes. No, I think the first part of your question, I would say that both resi, C&I would probably follow similar trends in that 48-52. And I don't know if your second question was around that -- the 75% increase in capacity, right? That's a capacity number. It doesn't necessarily mean that's where we'll be at in the building by the end of the year. But we haven't given that number out.

是的。不，我認為你問題的第一部分，我想說，resi、C&I 可能會遵循 48-52 中類似的趨勢。我不知道你的第二個問題是否圍繞著這個問題——容量增加 75%，對嗎？這是一個容量數字。這並不一定意味著我們將在今年年底前到達大樓。但我們還沒有給出這個數字。

We hope to have the capability to be at full utilization by the end of the year, should we need it. I think that's the answer to the question.

如果我們需要的話，我們希望能夠在今年年底前充分利用。我想這就是問題的答案。

That's a good point.

那是個很好的觀點。

Next question Jed Dorsheimer from Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

Yes. Great job all the way around. So Aaron, just if I think about resiliency and efficiency, I think, most people and investors tend to think, well, both are positives, but many don't realize that you're diametrically opposed between resiliency and efficiency. So as you think about the business and kind of climbing that efficiency, but also where there's freely available resilient -- that parabolic curve, if you will. If we think about Home as a Sanctuary, it seems like we're sort of in that first order, which is I've got a rolling blackout and so -- or I've got a storm or a fire that hit. And so I don't want that to happen again. So I want to make my home more resilient. But when you think broader sort of away from the coast, and you look at the policy that's being pushed out right now in terms of the -- for decarbonization, it seems like there's a much bigger play here in terms of that discussion along resiliency and efficiency where even these great results are kind of first inning type stuff. I'm just curious how you're thinking about that.

是的。一切都很棒。所以，亞倫，如果我考慮彈性和效率，我認為大多數人和投資者傾向於認為，兩者都是正面的，但許多人沒有意識到彈性和效率之間是截然相反的。因此，當您考慮業務並提高效率時，請考慮是否有免費可用的彈性 - 拋物線，如果您願意的話。如果我們將家視為避難所，那麼我們似乎就處於第一個順序，即我遇到了輪流停電等等——或者我遇到了暴風雨或火災。所以我不希望這種事再發生。所以我想讓我的家更有彈性。但是，當你從更廣泛的角度思考遠離海岸的問題時，看看現在在脫碳方面推出的政策，似乎在彈性和彈性方面的討論方面存在著更大的作用。效率，即使這些偉大的成績也是第一局類型的東西。我只是好奇你怎麼想的。

Yes, absolutely, Jed. I mean we -- when you look at -- I would take our -- start with our legacy business, right, which we've been focused on for over 60 years. And it's about emergency backup. And an emergency backup system is -- frankly, it's about cost, right? It's about first piece cost and what that system is capable of in terms of output, right? And so efficiency rarely, if ever, comes into the consideration, right, for a homeowner or even a business owner for that matter. It's -- what's the cost of the system? What is my potential loss during an outage and how long could I run if I needed to, right? And so the efficiency was never really a consideration. Of course, we're concerned about things like that. In fact, I might point out. One of the reasons we've been able to successively go larger with like our air-cooled solution, as an example, we introduced the 24 kW air-cooled unit, is because we did focus on efficiency, right?

是的，絕對如此，傑德。我的意思是，當你看到時，我會從我們的傳統業務開始，對吧，我們 60 多年來一直專注於這項業務。這是關於緊急備份的。坦白說，緊急備份系統與成本有關，對吧？這是關於首件成本以及該系統在輸出方面的能力，對吧？因此，房主甚至企業主很少（如果有的話）考慮效率。系統的成本是多少？停電期間我的潛在損失是什麼？如果需要的話我可以運行多長時間，對嗎？因此，效率從來都不是真正的考慮因素。當然，我們擔心這樣的事情。事實上，我可能會指出。我們能夠不斷擴大風冷解決方案（例如，我們推出了 24 kW 風冷裝置）的原因之一是因為我們確實注重效率，對吧？

We looked at the internal workings of the machine itself, both at the engine and at the alternator and made some design changes that allowed us to get a more efficient connected output to convert the mechanical energy to electrical. So that was an example where it's allowed us to position with the industry's leading product line. Now thinking forward, you're right. As you think about a distributed energy network or you think of the Grid 2.0 or 3.0, depending on your viewpoints on what you want to call it, I think that the new grid, this changing energy landscape, it's about a focus on decarbonizing, digitizing, right, and decentralizing, right, the 3Ds of that transition and that transformation that's underway. And so efficiency does play an important role there.

我們研究了機器本身的內部工作原理，包括引擎和交流發電機，並進行了一些設計更改，使我們能夠獲得更有效的連接輸出，將機械能轉換為電能。這就是一個例子，它使我們能夠定位於行業領先的產品線。現在想想，你是對的。當你想到分散式能源網路或電網 2.0 或 3.0 時，這取決於你對它的稱呼的看法，我認為新的電網，這種不斷變化的能源格局，重點是脫碳、數位化，對，去中心化，對，這個過渡和正在進行的轉變的3D。因此，效率確實在那裡發揮著重要作用。

But that being said, I think that the ability, though, to take an asset, which was primarily viewed only in the context of resiliency and for an emergency duty and to use it more frequently for peak times, right? If you want to think about peak times, there is a significant benefit to that when you think about that machine's usefulness over its life, right? So as it sits there today, a machine delivered for emergency backup only, will run a very limited amount of time in its life. That machine is fully capable of running much more. But unless it's called upon, it doesn't. And so -- but with the Enbala platform and with the idea of expanding grid services, it could be put into that type of mode. And that's an exciting advancement as we talked on the prepared remarks and then on some of this Q&A.

但話雖這麼說，我認為，雖然主要是在彈性和緊急任務的背景下獲取資產並在高峰時段更頻繁地使用它的能力，對嗎？如果您想考慮高峰時間，那麼當您考慮機器在其整個生命週期中的有用性時，就會有一個顯著的好處，對嗎？因此，就目前而言，一台僅用於緊急備份的機器在其生命週期中運行的時間非常有限。那台機器完全有能力運作更多的東西。但除非有人要求，否則不會。所以，但有了 Enbala 平台和擴展網格服務的想法，它就可以進入這個模式。當我們討論準備好的評論以及一些問答時，這是一個令人興奮的進步。

And I think we are very early in the innings in this transformation. And as I said before, I think one of the really interesting things as we look across what's going on in our business today. All the demand for home standby is about resiliency, primarily, right? And so most of those customers who are buying a home standby today are clamoring for 1 really aren't even thinking about that, that could be used in a different way. We're going to be educating people that it could. And I think that's going to open up even more opportunity and potential with the category, those existing categories, the legacy products. And that's what makes it so exciting, I think, because again, we just -- we think that the added value prop, the improved value prop of those products is going to help us sell a lot more of them.

我認為我們還處於這項轉型的早期階段。正如我之前所說，當我們審視當今業務中正在發生的事情時，我認為這是真正有趣的事情之一。家庭待機的所有需求主要都與彈性有關，對吧？因此，今天購買家庭備用電源的大多數客戶都在大聲疾呼，他們甚至沒有考慮到這一點，因為它可以以不同的方式使用。我們將教育人們這是可以的。我認為這將為該類別、現有類別和遺留產品帶來更多機會和潛力。我認為這就是它如此令人興奮的原因，因為我們再次認為，這些產品的附加價值支柱、改進的價值支柱將幫助我們銷售更多產品。

So I think that's why when you think about where this is going and our unique position as the asset manufacturer coming at this, right? I think a lot of others in this industry that we're competing against have come at it from maybe the software aspect or maybe the clean energy aspect. We're coming at it from an asset production aspect. And we're saying, let's enable those assets to do a lot more because we know they can. And by the way, the majority of those assets, they're natural gas fired. So they're very clean in terms of the overall carbon footprint. So it's just -- we think it's just a really good setup.

所以我認為這就是為什麼當你思考這件事的發展方向以及我們作為資產製造商的獨特地位時，對嗎？我認為我們競爭的這個行業中的許多其他人可能是從軟體方面或清潔能源方面來解決這個問題的。我們是從資產生產方面來解決這個問題的。我們說，讓這些資產發揮更多作用，因為我們知道它們可以。順便說一句，這些資產中的大部分都是天然氣。因此，就整體碳足跡而言，它們非常乾淨。所以我們認為這是一個非常好的設定。

Last question Jerry Revich from Goldman Sachs.

最後一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

Aaron, I'm wondering if you could talk about the backwards compatible nature of the WiFi connected assets that you have in the field now. So going forward into this future vision of the grid that you folks laid out, will you be able to take the gensets that are being installed today that are WiFi connected and connect them to the Enbala network? Can you talk about that? And separately, I'm wondering if you can talk about the momentum that you have in sign-ups of new points of light, if you will, for your PWRcell distribution. Can you just quantify what that pipeline looks like for you? How many points of light do you think you're adding per month at this point?

Aaron，我想知道您是否可以談談您現在在該領域擁有的 WiFi 連線資產的向後相容性質。因此，展望你們所規劃的未來電網願景，您是否能夠將今天安裝的已連接 WiFi 的發電機組連接到 Enbala 網路？你能談談嗎？另外，我想知道您是否可以談談您在 PWRcell 發行版新亮點註冊方面的勢頭（如果您願意的話）。你能量化一下這條管道對你來說是什麼樣子嗎？您認為目前每月要增加多少個光點？

Yes. So we talk about power partners. And again, because we're selling, in some cases, 2 step, right? So we're selling the contractors there. So on the clean energy part of your question, Jerry, that really is -- it's about -- I think we're up to 700. We've got a bunch of them in the pipeline as well.

是的。所以我們談電力合作夥伴。再說一次，因為我們在某些​​情況下銷售的是 2 步驟，對嗎？所以我們正在出售那裡的承包商。因此，傑瑞，關於你問題中的清潔能源部分，我認為我們已經達到了 700 個。我們也有很多正在籌備中。

They're using our CE lead gen systems.

他們正在使用我們的 CE 潛在客戶發掘系統。

Correct. Correct. And then the first part of your question on the connectability. So we've got 2 million home standbys in the field. I'll just focus on residential because I think it's a little bit easier to get our arms around the answer of the question. And frankly, the numbers are just big. 2 million machines that we put out in the field over the last, call it, 20, 25 years. Starting with the products in 2008, those versions of products, those are connectable through our WiFi solutions. Starting in, I think it was 2018, they began coming out of the box as standard with WiFi connectability. But the 10 years of product -- the generation of product previous to that, you can buy a device from us, an accessory device to make those connectable. That represents about 1.5 million of the 2 million going from 2008 forward. So think about -- in terms of ease of connectability, you can still connect the previous generation products, the 500,000 are out there.

正確的。正確的。然後是關於可連接性問題的第一部分。因此，我們有 200 萬個家庭待命人員。我將只關注住宅，因為我認為找到問題的答案會更容易一些。坦白說，這個數字很大。我們在過去 20、25 年投入了 200 萬台機器。從 2008 年的產品開始，這些版本的產品可以透過我們的 WiFi 解決方案進行連接。從 2018 年開始，它們開始作為 WiFi 連接的標準配置。但是 10 年的產品——之前的一代產品，您可以從我們這裡購買一個設備，一個使這些設備可連接的配件設備。這相當於 2008 年以後 200 萬中的約 150 萬。所以想想——就連接的便利性而言，你仍然可以連接上一代產品，那裡有 500,000 個。

It's just a little bit harder. The software and the hardware is a little more complicated. Those machines are older and that it's quite -- obviously, they've been out in the market for some time, anything pre 2008. These machines have a life cycle of 15 to 20 years. So now just taking this 1 step further, what we have on our WiFi and cellular platforms today is about 0.25 million machines that are actively talking to us every day. So I think that's pretty exciting. I mean you just look at the scale of that, 0.25 million since really, 2018, the number of machines that are out there. That's pretty meaningful. We haven't really talked about that. So that's kind of an important data point that we haven't given before.

只是有點難。軟體和硬體稍微複雜一些。這些機器比較舊，而且很明顯，它們已經上市有一段時間了，2008 年之前的。這些機器的生命週期為 15 到 20 年。因此，現在再進一步，我們今天的 WiFi 和蜂窩平台上大約有 25 萬台機器每天都在積極地與我們交談。所以我認為這非常令人興奮。我的意思是，你只需看看其規模，自 2018 年以來，已有 25 萬台機器的數量。這是相當有意義的。我們還沒有真正討論過這個問題。這是我們之前沒有提供過的重要數據點。

But -- and it's rapidly growing. And we have -- there's obviously subscription revenues to some of the services. We do it. Some of them are sold through our channel partners. We call them fleet subscriptions. Some of them are just consumer subscriptions. It's actually a pretty cool business. And it's growing quite nicely. But what's really important about that is those machines -- those, call it, earlier machines for the most part, you're just talking about a software update, right? And all of those machines today, by the way, everything that's been coming out standard since 2018, you can do over-the-air updates with the firmware and software, which is awesome. So any new features like the Enbala platform, we can send it across the airwaves as an update to that equipment. So that's pretty powerful stuff.

但是——而且它正在迅速成長。我們有—顯然某些服務有訂閱收入。我們做到了。其中一些是透過我們的通路合作夥伴銷售的。我們稱之為車隊訂閱。其中一些只是消費者訂閱。這實際上是一項非常酷的生意。而且它生長得非常好。但真正重要的是那些機器——那些，大部分是早期的機器，你只是在談論軟體更新，對吧？順便說一句，今天所有這些機器，自 2018 年以來已成為標準的所有機器，您都可以使用韌體和軟體進行無線更新，這太棒了。因此，任何像 Enbala 平台這樣的新功能，我們都可以透過無線電波將其作為該設備的更新進行發送。所以這是非常強大的東西。

It's not unlike what you're hearing from others out there in different industries. We have that capability. We thought that, that was going to be really important for us to make sure that was in the technology road map here and the technology stack, and it is. So anyway, kind of, bringing it to closure, though. There's a -- this is actively ramping. There's a lot of machines out there that we're getting data from and that we can enroll in those platforms. And then going forward, the road map we want to make Enbala standard, much the same as we made WiFi connectable technology standard in 2018. We believe that every machine by the end of this year, every home standby shipping we'll have, it will be Enbala ready, if you will.

這與您從不同行業的其他人那裡聽到的情況沒有什麼不同。我們有這個能力。我們認為，這對我們來說非常重要，以確保將其納入技術路線圖和技術堆疊中，事實確實如此。不管怎樣，無論如何，還是要結束它。有一個——這正在積極增加。我們可以從許多機器中取得數據，並且可以在這些平台上註冊。然後展望未來，我們希望制定Enbala 標準的路線圖，與我們在2018 年制定WiFi 連接技術標準的路線圖大致相同。我們相信，到今年年底，我們將擁有的每台機器、每台家庭備用運輸，它如果你願意的話，恩巴拉已經準備好了。

And storage devices as well.

還有儲存設備。

Yes. And our storage devices as well.

是的。還有我們的儲存設備。

There are no further questions. Mike Harris, do you have any closing comments?

沒有其他問題了。麥克哈里斯，您有什麼結束語嗎？

We want to thank everyone for joining us this morning. We look forward to discussing our first quarter 2021 earnings results with you in late April. Thank you again, and goodbye.

我們要感謝大家今天早上加入我們。我們期待在 4 月下旬與您討論 2021 年第一季的獲利結果。再次感謝您，再見。

Ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect. Have a good day.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。祝你有美好的一天。