Generac Holdings Inc (GNRC) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2022 Generac Holdings Inc., Earnings Conference Call. (Operator Instructions) Now it is my pleasure to hand the conference over to your first speaker today, Mike Harris, Vice President, Corporate Development and Investor Relations. Thank you. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 2022 年第一季度 Generac Holdings Inc.，收益電話會議。 （操作員說明）現在，我很高興將會議交給您今天的第一位發言人，公司發展和投資者關係副總裁 Mike Harris。謝謝你。請繼續。

Good morning, and welcome to our first quarter 2022 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer; and York Ragen, Chief Financial Officer.

早上好，歡迎來到我們的 2022 年第一季度財報電話會議。我要感謝大家今天早上加入我們。今天和我在一起的是總裁兼首席執行官 Aaron Jagdfeld；和首席財務官 York Ragen。

We will begin our call today by commenting on forward-looking statements. Certain statements made during this presentation and other information provided from time to time by Generac or its employees may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements. Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors.

我們今天將通過評論前瞻性陳述開始我們的電話會議。本演示文稿中的某些陳述以及 Generac 或其員工不時提供的其他信息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大不相同的風險和不確定性。請參閱我們的收益發布或 SEC 文件，以獲取識別此類陳述和相關風險因素的詞語或表達方式列表。

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. I will now turn the call over to Aaron.

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的措施。有關這些措施的更多信息，包括與可比較的美國公認會計原則措施的對賬，請參閱我們的收益發布和 SEC 文件。我現在將把電話轉給 Aaron。

Thanks, Mike. Good morning, everyone, and thank you for joining us today. We experienced another all-time record in shipments during the first quarter as net sales, adjusted EBITDA and adjusted EPS were all ahead of our previous expectations.

謝謝，邁克。大家早上好，感謝您今天加入我們。由於淨銷售額、調整後的 EBITDA 和調整後的每股收益都超出了我們之前的預期，我們在第一季度的出貨量再創歷史新高。

The revenue outperformance was primarily driven by continued progress on our capacity expansion plans and effective management of a challenging supply chain environment. This led to higher-than-expected shipments of home standby generators, PWRcell energy storage systems and C&I products globally.

收入表現優異主要是由於我們產能擴張計劃的持續進展和對充滿挑戰的供應鏈環境的有效管理。這導致全球家用備用發電機、PWRcell 儲能係統和 C&I 產品的出貨量高於預期。

The higher revenues drove adjusted EBITDA dollars, which were also ahead of our prior expectations, despite elevated input costs resulting in lower-than-expected margins in the quarter. Demand for our products also exceeded our expectations for the quarter, resulting in an increase in overall backlog from the end of 2021, with the home standby backlog remaining significant and providing us with considerable visibility in the quarters ahead.

儘管投入成本上升導致本季度利潤率低於預期，但收入增加推動了調整後的 EBITDA 美元，這也超出了我們之前的預期。對我們產品的需求也超出了我們對本季度的預期，導致從 2021 年底開始整體積壓量增加，而家庭備用積壓量仍然很大，為我們在未來幾個季度提供了相當大的可見度。

Year-over-year, overall net sales increased 41% to $1.14 billion and also grew sequentially from the fourth quarter of 2021, which was the previous all-time record. We continue to experience robust and broad-based growth across the business with each of our residential and C&I product classes and Domestic and International reporting segments, all growing at incredibly strong double-digit rates as compared to the prior year on an as-reported basis.

與去年同期相比，整體淨銷售額增長 41% 至 11.4 億美元，並且與 2021 年第四季度相比也環比增長，這是之前的歷史記錄。我們的每個住宅和 C&I 產品類別以及國內和國際報告部門繼續在整個業務中實現強勁和廣泛的增長，與上一年相比，所有報告均以驚人的兩位數增長.

Strong momentum in core sales, which excludes the impact of acquisitions and foreign currency, continued in the quarter with 33% growth over the prior year, led by our residential product category. Overall, residential sales growth was again driven by a substantial increase in shipments of both home standby generators and PWRcell energy storage systems as well as the impact from recent acquisitions.

在不包括收購和外匯影響的情況下，核心銷售的強勁勢頭在本季度繼續保持強勁勢頭，同比增長 33%，這在我們的住宅產品類別的帶動下。總體而言，住宅銷售增長再次受到家用備用發電機和 PWRcell 儲能係統出貨量的大幅增長以及近期收購的影響。

The C&I sales increase was led by our mobile and telecom channels domestically, growth across all regions internationally and the contribution from recent acquisitions. Adjusted EBITDA margins of 17.3% were lower year-over-year, primarily due to the impact of higher input costs, driven by ongoing supply chain challenges and the overall inflationary environment. Partially offsetting those cost headwinds were the increasing impact of multiple pricing actions implemented over the past year, favorable sales mix and the early impact of product cost reduction initiatives.

C&I 銷售額增長主要得益於我們在國內的移動和電信渠道、國際所有地區的增長以及近期收購的貢獻。調整後的 EBITDA 利潤率為 17.3%，同比下降，主要是由於持續的供應鏈挑戰和整體通脹環境導致投入成本上升的影響。部分抵消了這些成本逆風的是過去一年實施的多項定價行動的影響越來越大、有利的銷售組合以及產品成本降低計劃的早期影響。

Importantly, we expect growing realization of the previously announced price increases as 2022 progresses as well as incremental favorable margin impacts from additional pricing actions, which were enacted during the second quarter, further execution on cost reduction projects and easing input cost headwinds, resulting in sequentially improving margins throughout the year.

重要的是，我們預計隨著 2022 年的進展，先前宣布的價格上漲將越來越多地實現，以及在第二季度實施的額外定價行動、進一步執行降低成本項目和緩解投入成本逆風帶來的增量有利利潤率影響，從而導致連續全年提高利潤率。

Now discussing our first quarter results in more detail. Shipments of home standby generators in the first quarter grew at an exceptionally strong rate over the prior year and continues to benefit from the convergence of multiple megatrends that have significantly increased consumer awareness for the category. Power outage activity, as measured on a rolling 4-quarter basis, at the end of the first quarter was approximately in line with the long-term baseline average. And early forecast for the upcoming hurricane season are pointing to another year of above-average activity.

現在更詳細地討論我們的第一季度業績。第一季度家用備用發電機的出貨量與去年相比以異常強勁的速度增長，並繼續受益於多個大趨勢的融合，這些大趨勢顯著提高了消費者對該類別的認識。以滾動 4 個季度為基礎衡量的停電活動在第一季度末與長期基線平均值大致相符。對即將到來的颶風季節的早期預測表明，又一年的活動高於平均水平。

As discussed previously, home consultations faced a challenging comparison with the prior year due to the high-profile Texas winter storm event and several significant outages in other states in the first quarter of last year, but were in line with our expectations for the quarter. For some perspective, home consultations during the first quarter were nearly 3x higher than the levels seen in the first quarter of 2020, reinforcing our view that demand for the home standby category has once again achieved and held a new and higher baseline level.

如前所述，由於去年第一季度備受矚目的德克薩斯冬季風暴事件和其他州的幾次重大停電，家庭諮詢與去年相比面臨挑戰，但符合我們對該季度的預期。從某些角度來看，第一季度的家庭諮詢量比 2020 年第一季度的水平高出近 3 倍，這強化了我們的觀點，即對家庭待機類別的需求再次達到並保持新的更高基線水平。

Activations, which are a proxy for installs, continued to grow at a solid rate compared to the prior year, led by the South Central and Midwest regions. We ended the quarter with over 8,100 residential dealers, an increase of more than 400 dealers over the past 12 months.

與去年相比，以中南部和中西部地區為首的激活量（代表安裝量）繼續以穩定的速度增長。我們在本季度末擁有超過 8,100 家住宅經銷商，比過去 12 個月增加了 400 多家。

We made better-than-expected progress increasing production levels for home standby generators as daily build rates at our Wisconsin facilities further increased over prior year levels, and build rates continue to aggressively ramp sequentially at our new Trenton, South Carolina facility.

我們在提高家用備用發電機的生產水平方面取得了好於預期的進展，因為我們威斯康星州工廠的每日建造率比去年水平進一步提高，而且我們在南卡羅來納州特倫頓的新工廠的建造率繼續大幅增加。

Higher output levels are driving an important -- an improvement in lead times, which have been declining, to approximately 20 weeks from the approximately 27 weeks at the end of 2021. Despite the ongoing improvements in build rates and lead times, home standby backlog remains well above $1 billion. While build rates are projected to further increase throughout the year, we still expect to carry a meaningful portion of this backlog into 2023 even without the benefit of a major outage event in our forecast.

更高的產出水平正在推動一個重要的因素——交貨時間從 2021 年底的大約 27 週縮短到大約 20 週，而交貨時間一直在下降。儘管建造率和交貨時間不斷提高，但家庭待機積壓仍然存在遠高於 10 億美元。儘管預計全年建造率將進一步增加，但我們仍預計將在 2023 年將這一積壓的重要部分進行到 2023 年，即使我們預測中沒有重大停電事件的好處。

In response to higher inflationary pressures, we're also taking additional pricing actions in the home standby category in the second quarter, and we expect to realize the benefit of these additional increases primarily during the second half of 2022. New orders now reflect this higher pricing, and orders in backlog will also see a price increase effective June 1. In addition to the several pricing actions we've taken, significant cost reduction initiatives and moderating input costs are expected to further benefit margins for the product category moving forward.

為了應對更高的通脹壓力，我們還在第二季度對家庭備用類別採取了額外的定價行動，我們預計主要在 2022 年下半年實現這些額外增長的好處。新訂單現在反映了這一點定價和積壓訂單也將於 6 月 1 日生效。除了我們採取的多項定價措施外，預計大幅降低成本的舉措和降低投入成本將進一步提高產品類別的利潤率。

Our Clean Energy products contributed meaningfully to overall growth in the first quarter as shipments of our PWRcell energy storage systems grew significantly from the prior year period, as our team successfully navigated industry-wide supply chain and logistic challenge.

我們的清潔能源產品對第一季度的整體增長做出了有意義的貢獻，因為我們的 PWRcell 儲能係統的出貨量比去年同期顯著增長，因為我們的團隊成功應對了全行業的供應鍊和物流挑戰。

Supporting this rapid growth is the continued build-out of our installer network as we ended the first quarter with more than 2,600 trained and certified dealers with approximately 1,100 registered on our PowerPlay sales platform. In response to rising input and expedited logistics costs, we've also recently implemented additional price increases for our Clean Energy products.

支持這種快速增長的是我們的安裝網絡的持續建設，因為我們在第一季度結束時擁有超過 2,600 名經過培訓和認證的經銷商，其中大約 1,100 名在我們的 PowerPlay 銷售平台上註冊。為了應對不斷增加的投入和加快的物流成本，我們最近還對我們的清潔能源產品實施了額外的提價。

In spite of policy-related uncertainty in the near term, we believe the megatrends and secular growth drivers underpinning consumer demand for residential Clean Energy solutions is as compelling as ever. We remain very optimistic about the new and innovative product offerings we're bringing to market in 2022, including our new PV microinverter product offering called the PWRmicro, which has continued to receive significant prelaunch interest from our channel partners.

儘管短期內存在與政策相關的不確定性，但我們認為支撐消費者對住宅清潔能源解決方案需求的大趨勢和長期增長驅動因素與以往一樣引人注目。我們仍然對我們在 2022 年推向市場的新產品和創新產品非常樂觀，包括我們的新光伏微型逆變器產品，稱為 PWRmicro，它繼續受到我們渠道合作夥伴的極大興趣。

In addition, our recently launched PowerManager load control device has garnered positive feedback in the market. And we expect this industry-leading innovative product to further strengthen our position within the residential energy storage market. We are still expecting Clean Energy revenue growth well above 50% for the full year, with continued strength in PWRcell energy storage systems along with contributions from the initial rollout of new products.

此外，我們最近推出的PowerManager負載控制設備在市場上獲得了積極的反饋。我們預計這一行業領先的創新產品將進一步鞏固我們在住宅儲能市場中的地位。我們仍預計全年清潔能源收入增長將遠高於 50%，PWRcell 儲能係統將繼續保持強勁勢頭，同時新產品的首次推出也將做出貢獻。

I'd now like to provide a quick update on ecobee. We're seeing good progress in developing cross-selling opportunities for ecobee's hardware solutions with Generac's retail and wholesale partners. Longer term, we're pursuing opportunities with residential and Clean Energy dealers as well as working to leverage ecobee's existing HVAC dealer base to sell Generac products. In the smart thermostat product category, the ecobee brand resonates well with consumers, and we have exciting new product introductions coming here in the second quarter.

我現在想提供關於 ecobee 的快速更新。我們看到在與 Generac 的零售和批發合作夥伴一起為 ecobee 的硬件解決方案開發交叉銷售機會方面取得了良好進展。從長遠來看，我們正在尋求與住宅和清潔能源經銷商合作的機會，並努力利用 ecobee 現有的 HVAC 經銷商群來銷售 Generac 產品。在智能恆溫器產品類別中，ecobee 品牌與消費者產生了良好的共鳴，我們將在第二季度推出令人興奮的新產品。

Additionally, ecobee's dedicated energy services team has seen a number of wins with several utilities and grid operators, including a recently announced demand response program with a local utility provider in Colorado. This is a simple but important example of a program that can be replicated across the country, which allows for the adjustment of ecobee smart thermostats during periods of high demand, resulting in energy conservation, financial benefits for homeowners and improved grid stability.

此外，ecobee 的專門能源服務團隊已經與多家公用事業和電網運營商取得了多項勝利，包括最近宣布的與科羅拉多州當地公用事業提供商合作的一項需求響應計劃。這是一個簡單但重要的示例，可以在全國范圍內復制該計劃，該計劃允許在高需求期間調整 ecobee 智能恆溫器，從而節約能源、為房主帶來經濟利益並提高電網穩定性。

We're also seeing promising commercial developments between ecobee and Generac Grid Services, with utilities having an increasing interest in ecobee's product offerings. The Generac Grid Services and ecobee sales teams are jointly bidding on projects. And this collaboration offers significant growth potential in a large and rapidly expanding market by leveraging ecobee's growing installed base of more than 2 million connected homes.

我們還看到 ecobee 和 Generac Grid Services 之間的商業發展前景看好，公用事業公司對 ecobee 的產品越來越感興趣。 Generac Grid Services 和 ecobee 銷售團隊正在聯合投標項目。通過利用 ecobee 不斷增長的超過 200 萬個聯網家庭的安裝基礎，這種合作在一個龐大且快速擴張的市場中提供了巨大的增長潛力。

Our ability to increase our share of the value stack of a Grid Services program is also improving the economics and payback for homeowners, which has the potential to improve demand for ecobee hardware as well as participation in Grid Services programs.

我們增加我們在網格服務計劃價值堆棧中的份額的能力也正在改善房主的經濟性和回報，這有可能提高對 ecobee 硬件的需求以及參與網格服務計劃。

Expanding a bit more on Generac Grid Services. The team is executing on its strategic vision and has an increasingly impressive and diverse sales pipeline that includes expanding the cross-selling of Generac equipment, along with other opportunities beyond Software-as-a-Service contracts, driven by our unique hardware plus software plus services value proposition. Generac Grid Services also experienced strong growth during the quarter in key metrics such as connected assets under management. And we signed and closed a number of important Software-as-a-Service, turnkey and performance contracts.

對 Generac Grid Services 進行更多擴展。該團隊正在執行其戰略願景，並擁有越來越令人印象深刻和多樣化的銷售渠道，其中包括擴大 Generac 設備的交叉銷售，以及在我們獨特的硬件和軟件加驅動的軟件即服務合同之外的其他機會服務價值主張。 Generac Grid Services 在本季度的關鍵指標（例如管理的連接資產）方面也經歷了強勁增長。我們簽署並關閉了一些重要的軟件即服務、交鑰匙和性能合同。

In addition, a growing proportion of hardware orders, including home standby generators and PWRcell energy storage systems, along with other contracts in the final stages of negotiation, have improved our line of sight for a significant ramp in this business during 2022.

此外，越來越多的硬件訂單，包括家用備用發電機和 PWRcell 儲能係統，以及其他處於談判最後階段的合同，改善了我們在 2022 年大幅提升該業務的視線。

Importantly, the Generac Grid Services team is making great progress integrating Generac's products on to the Concerto software platform to create complete solutions for utilities and grid operators. We are excited about the economic and societal value of these opportunities as we work to facilitate the decentralization, the digitization and the decarbonization of the power grid.

重要的是，Generac Grid Services 團隊正在將 Generac 的產品集成到 Concerto 軟件平台上取得巨大進展，以便為公用事業和電網運營商創建完整的解決方案。我們對這些機會的經濟和社會價值感到興奮，因為我們致力於促進電網的去中心化、數字化和脫碳。

Now let me make some comments on our C&I products, which also grew rapidly in the first quarter, with strength across multiple end markets and geographies. Specifically, global C&I net sales increased 38% on an as-reported basis and 24% on a core basis as compared to the prior year. Strong growth in net sales for domestic C&I products in the first quarter was led by national telecom and rental equipment customers as well as growing demand for our natural gas generators used in applications beyond traditional emergency standby projects.

現在讓我對我們的 C&I 產品發表一些評論，該產品在第一季度也迅速增長，在多個終端市場和地區都有實力。具體而言，與去年相比，全球 C&I 淨銷售額在報告的基礎上增長了 38%，在核心基礎上增長了 24%。第一季度國內 C&I 產品淨銷售額的強勁增長是由於國家電信和租賃設備客戶以及對我們用於傳統應急備用項目以外應用的天然氣發電機的需求不斷增長。

We also have a substantial backlog for C&I products, which increased further during the first quarter, supporting our expectations for solid growth to continue in the category. Shipments of C&I stationary generators through our North American distributor channel grew again in the first quarter, and improving close rates helped drive growth in orders and backlog in this channel.

我們還有大量積壓的工商業產品，在第一季度進一步增加，支持了我們對該類別繼續穩健增長的預期。通過我們的北美分銷商渠道的工商業固定式發電機的出貨量在第一季度再次增長，提高成交率有助於推動該渠道的訂單和積壓訂單的增長。

Shipments to national telecom customers increased significantly during the first quarter as compared to the prior year, benefiting from elevated levels of capital spending by several of our larger telecom customers. The catalyst for the investment in backup power in this important vertical continues to be driven by the elevated power outage environment over the last several years, the power security mandate in California and the growing number of connected wireless devices alongside the build-out of high-powered and increasingly critical 5G communications infrastructure.

與去年同期相比，第一季度對全國電信客戶的出貨量顯著增加，這得益於我們幾個較大的電信客戶的資本支出水平提高。過去幾年停電環境升高、加利福尼亞州的電力安全要求以及連接無線設備的數量不斷增加，以及高能供電和日益關鍵的 5G 通信基礎設施。

We also experienced very strong growth with our national and independent rental customers this quarter. These customers are investing heavily in fleet equipment. And we remain optimistic about the long-term demand outlook for mobile products, given the megatrend of the critical need for infrastructure improvements and recently passed legislation supporting infrastructure spending.

本季度，我們的全國和獨立租賃客戶也經歷了非常強勁的增長。這些客戶正在大力投資車隊設備。鑑於對基礎設施改進的迫切需求以及最近通過的支持基礎設施支出的立法，我們仍然對移動產品的長期需求前景持樂觀態度。

We're also very excited about the opportunity to bring our mobile energy storage solutions, which we recently added through the Off Grid Energy acquisition in the U.K. to the North American market in 2022. And we have already seen meaningful order activity from key domestic channel partners for these products.

我們也很高興有機會將我們的移動儲能解決方案引入北美市場，我們最近通過在英國收購 Off Grid Energy 於 2022 年將其引入北美市場。我們已經看到來自主要國內渠道的有意義的訂單活動這些產品的合作夥伴。

Additionally, we're experiencing significant momentum in project wins for our natural gas generators used in applications beyond traditional standby power generation such as their use in Energy-as-a-Service, microgrid solutions and other distributed generation projects. A diverse range of customers from national and regional commercial accounts to municipalities and beyond are showing substantial interest in these solutions.

此外，我們的天然氣發電機用於傳統備用發電以外的應用，例如在能源即服務、微電網解決方案和其他分佈式發電項目中的應用，我們在項目獲勝方面取得了顯著的勢頭。從國家和地區商業賬戶到市政當局及其他地區的各種客戶都對這些解決方案表現出濃厚的興趣。

We believe this demand is being driven by the need for enhanced resiliency and grid stability that these larger blocks of power offer for grid operators while simultaneously providing a tangible and meaningfully improved return on investment for the asset owners.

我們認為，這種需求是由這些更大的電力塊為電網運營商提供的增強彈性和電網穩定性的需求推動的，同時為資產所有者提供了切實且有意義的投資回報。

Strong momentum also continued in our International segment as well, with shipments increasing 49% year-over-year on an as-reported basis during the first quarter, with 27% core net sales growth when excluding the benefit of the Deep Sea and Off Grid Energy acquisitions and the unfavorable impact of foreign currency. The core sales growth was driven by strength across all regions, most notably in Europe and Latin America. Overall demand remains very strong across our International segment, with backlog further increasing since our fourth quarter earnings call.

我們的國際業務也繼續保持強勁勢頭，第一季度出貨量同比增長 49%，不包括深海和離網的收益，核心淨銷售額增長 27%能源收購和外彙的不利影響。核心銷售增長是由所有地區的實力推動的，尤其是在歐洲和拉丁美洲。我們國際部門的整體需求仍然非常強勁，自我們第四季度財報電話會議以來，積壓訂單進一步增加。

The European region is seeing particularly strong demand for portable generators, mobile products and C&I generators, due in part to the Russian invasion of Ukraine. In the near term, a heightened focus on energy independence and security has emerged in the region. But longer-term implications of the conflict remain uncertain, given the troubling and very fluid nature of the situation.

歐洲地區對便攜式發電機、移動產品和工商業發電機的需求特別強勁，部分原因是俄羅斯入侵烏克蘭。在短期內，該地區出現了對能源獨立和安全的高度關注。但鑑於局勢令人不安且非常不穩定，衝突的長期影響仍不確定。

In addition to strong core growth, our recent international energy technology acquisitions, Deep Sea Electronics and Off Grid Energy, reported impressive results in the first quarter. Numerous sales synergies are developing for Off Grid Energy's mobile storage systems through Generac's global distribution footprint, resulting in incremental demand in new geographies and driving significant backlog for these products. We have also begun additional product development projects within the mobile storage category to significantly expand the power capacity range of the product lineup.

除了強勁的核心增長外，我們最近收購的國際能源技術公司 Deep Sea Electronics 和 Off Grid Energy 在第一季度也取得了驕人的業績。通過 Generac 的全球分銷足跡，Off Grid Energy 的移動存儲系統正在形成許多銷售協同效應，從而導致新地區的需求增加，並推動這些產品的大量積壓。我們還在移動存儲類別中啟動了額外的產品開發項目，以顯著擴大產品陣容的功率容量範圍。

Global demand for Deep Sea's controls and automation products at are at all-time highs. And order intake has surpassed our previous expectations. With respect to synergies, we are further embedding Deep Sea controls and technology into our legacy C&I products globally. Additionally, Deep Sea provides important capabilities that are core to the growth of our portfolio of our portfolio grid-connected Energy-as-a-Service and microgrid solutions.

全球對深海控制和自動化產品的需求處於歷史最高水平。訂單量也超出了我們之前的預期。在協同效應方面，我們正在將深海控制和技術進一步嵌入我們在全球範圍內的傳統 C&I 產品中。此外，Deep Sea 還提供重要的能力，這些能力是我們的並網能源即服務和微電網解決方案組合增長的核心。

Our International segment has also experienced much stronger profitability despite inflationary headwinds and supply chain challenges. First quarter adjusted EBITDA margins expanded to 15.2% from 6.2% in the prior year period due to the accretive margin profiles of the Deep Sea and Off Grid acquisitions, improved overhead absorption and better operating leverage on significantly higher volumes.

儘管存在通脹逆風和供應鏈挑戰，我們的國際部門也經歷了更強勁的盈利能力。第一季度調整後的 EBITDA 利潤率從去年同期的 6.2% 擴大至 15.2%，原因是深海和離網收購的利潤率增加、間接費用吸收的改善以及對顯著增加的銷量的更好的運營槓桿。

In closing today, I'm extremely proud of Generac team's efforts in delivering record sales -- record net sales results and navigating the difficult operating environment to deliver overall results that exceeded our previous expectations. We'll be discussing in detail our 2022 forecast update during the outlook portion of our prepared comments this morning. But in short, we're raising our net sales guidance for full year 2022 and maintaining our overall guidance for adjusted EBITDA dollars, which reflects the visibility provided from our increased backlog and confidence in our ability to execute.

在今天結束時，我為 Generac 團隊在實現創紀錄的銷售額方面所做的努力感到非常自豪——創紀錄的淨銷售業績，並在艱難的運營環境中駕馭，實現了超出我們之前預期的總體業績。我們將在今天上午準備好的評論的展望部分詳細討論我們的 2022 年預測更新。但簡而言之，我們正在提高我們對 2022 年全年的淨銷售額指導，並維持我們對調整後 EBITDA 美元的總體指導，這反映了我們增加的積壓和對我們執行能力的信心所提供的可見性。

Supply chain challenges and the overall inflationary environment have persisted, but we believe we've also taken appropriate measures to offset these ongoing headwinds. While we are tactically executing on our near-term initiatives, we remain focused on the longer-term megatrends for our business and their alignment with the strategic pillars of our Powering a Smarter World enterprise strategy.

供應鏈挑戰和整體通脹環境持續存在，但我們相信我們也採取了適當的措施來抵消這些持續的不利因素。雖然我們在戰術上執行我們的近期計劃，但我們仍然專注於我們業務的長期大趨勢，以及它們與我們的 Powering a Smarter World 企業戰略的戰略支柱的一致性。

As we execute on our strategic plan, we're building out an ecosystem of connected energy technology solutions for both the residential and C&I markets to address the challenges faced by the aging electrical grid and the serious supply and demand imbalances that are developing. We remain confident and squarely focused on building out the solutions portfolio as the modernization of the power grid is expected to significantly expand our addressable markets and ultimately lead to further growth opportunities for our business in the years ahead.

在執行我們的戰略計劃時，我們正在為住宅和 C&I 市場構建互聯能源技術解決方案生態系統，以應對老化電網和正在發展的嚴重供需失衡所面臨的挑戰。我們仍然充滿信心並專注於構建解決方案組合，因為電網的現代化預計將顯著擴大我們的潛在市場，並最終為我們的業務在未來幾年帶來進一步的增長機會。

I now want to turn the call over to York to provide further details on our first quarter 2022 results and our updated outlook for 2022. York?

我現在想將電話轉給約克，以提供有關我們 2022 年第一季度業績和 2022 年最新展望的更多詳細信息。約克？

Thanks, Aaron. Looking at first quarter 2022 results in more detail. Net sales increased 41% to $1.14 billion during the first quarter of 2022, another all-time record, as compared to $807 million in the prior year first quarter. The combination of contributions from acquisitions and the unfavorable impact from foreign currency had an approximate plus 7% impact on revenue growth during the quarter.

謝謝，亞倫。更詳細地查看 2022 年第一季度的結果。與去年第一季度的 8.07 億美元相比，2022 年第一季度的淨銷售額增長 41% 至 11.4 億美元，再創歷史新高。收購的貢獻和外彙的不利影響相結合，對本季度的收入增長產生了大約 7% 的影響。

Briefly looking at consolidated net sales for the first quarter by product class. Residential product sales grew to $777 million as compared to $542 million in the prior year, representing a 43% increase despite a strong prior year comparable. Contributions from the ecobee and Chilicon acquisitions and the impact of foreign currency contributed approximately 5% of revenue growth for the quarter.

按產品類別簡要查看第一季度的合併淨銷售額。住宅產品銷售額從去年的 5.42 億美元增長到 7.77 億美元，儘管去年可比強勁，但仍增長了 43%。收購 ecobee 和 Chilicon 的貢獻以及外幣的影響為本季度的收入增長貢獻了約 5%。

Home standby generator sales made up the majority of the residential product core sales growth, increasing by approximately 50% over the prior year as we continue to expand production capacity for these products. Shipments of PWRcell energy storage systems also grew at a significant rate as compared to the prior year as the U.S. residential solar plus storage market continues to grow and as we expand our distribution network for our Clean Energy solutions.

家用備用發電機銷售佔住宅產品核心銷售增長的大部分，隨著我們繼續擴大這些產品的產能，比去年增長了約 50%。隨著美國住宅太陽能加儲能市場的持續增長以及我們擴大清潔能源解決方案的分銷網絡，PWRcell 儲能係統的出貨量也比上一年顯著增長。

Partially offsetting this strength, portable generators faced a tough prior year comparison due to the significant outages caused from the severe winter storm impacting several states in the first quarter of 2021, including the high-profile Texas winter storm event.

由於 2021 年第一季度影響多個州的嚴重冬季風暴（包括備受矚目的德克薩斯冬季風暴事件）造成的重大停電，便攜式發電機在一定程度上抵消了這一優勢。

Commercial and industrial product net sales for the first quarter of 2022 increased 38% to $279 million as compared to $202 million in the prior year quarter. Contributions from the Deep Sea and Off Grid acquisitions and the unfavorable impact of foreign currency had a net positive impact of approximately 13% on net sales growth during the quarter.

與去年同期的 2.02 億美元相比，2022 年第一季度的工商業產品淨銷售額增長 38% 至 2.79 億美元。來自深海和離網收購的貢獻以及外彙的不利影響對本季度的淨銷售額增長產生了約 13% 的淨正面影響。

The very strong core revenue growth was broad-based, driven by growth across all regions, highlighted by robust telecom and rental volumes. Net sales for the other products and services category increased 28% to $80 million as compared to $63 million in the first quarter of 2021. Contributions from acquisitions and the impact of foreign currency contributed approximately 8% of revenue growth during the quarter.

非常強勁的核心收入增長基礎廣泛，受到所有地區增長的推動，其中電信和租賃量強勁。與 2021 年第一季度的 6,300 萬美元相比，其他產品和服務類別的淨銷售額增長 28% 至 8,000 萬美元。收購貢獻和外匯影響為本季度的收入增長貢獻了約 8%。

Strength in aftermarket service parts continues to be a key driver of the core sales growth in this category due to the heightened power outage activity in recent years and a larger and growing install base of our products in the field, which is also leading to higher levels of extended warranty revenue. Also contributing to the increase were continued growth in our services offering in certain parts of our business and higher Grid Services subscription revenue.

由於近年來停電活動的加劇以及我們產品在該領域的更大且不斷增長的安裝基礎，售後服務零件的實力仍然是該類別核心銷售增長的關鍵驅動力，這也導致更高的水平延長保修收入。此外，我們在業務的某些部分提供的服務持續增長以及更高的網格服務訂閱收入也促成了這一增長。

Gross profit margin was 31.8% compared to 39.9% in the prior year first quarter as the challenging supply chain and overall inflationary environment drove higher input costs during the quarter. Specifically, the lagging impact of elevated commodity prices and other component surcharges, higher inbound logistics and expediting costs, increased labor rates and continued plant ramp-up costs all pressured margins in the current year quarter. The increasing realization of multiple price actions previously implemented and favorable sales mix partially offset these margin headwinds.

毛利率為 31.8%，而去年第一季度為 39.9%，原因是充滿挑戰的供應鍊和整體通脹環境在本季度推高了投入成本。具體而言，商品價格和其他組件附加費上漲、入境物流和加急成本增加、勞動力成本增加以及工廠持續增產成本的滯後影響都對本年度季度的利潤率造成壓力。先前實施的多項價格行動的日益實現和有利的銷售組合部分抵消了這些利潤逆風。

Operating expenses increased $73 million or 55% as compared to the first quarter of 2021. This increase was primarily driven by the impact of recurring operating expenses from recent acquisitions together with the increase in intangible amortization expense. In addition, higher employee costs and additional variable expenses from the significant increase in sales volumes also contributed to the increase.

與 2021 年第一季度相比，運營費用增加了 7300 萬美元或 55%。這一增長主要是受近期收購的經常性運營費用以及無形攤銷費用增加的影響。此外，銷售量顯著增加導致的員工成本增加和額外可變費用也促成了這一增長。

Operating expenses as a percentage of revenue, excluding intangible amortization, increased approximately 50 basis points as compared to the prior year period due to the impact of recent acquisitions that have a higher operating expense load relative to sales, given their start-up nature.

營業費用佔收入的百分比（不包括無形攤銷）與去年同期相比增加了約 50 個基點，這是由於近期收購的影響，考慮到它們的啟動性質，這些收購相對於銷售額而言具有更高的營業費用負荷。

Adjusted EBITDA, before deducting for noncontrolling interest, as defined in our earnings release, was $196 million or 17.3% of net sales in the first quarter as compared to $214 million or 26.5% of net sales in the prior year. The decline in EBITDA margin was driven by the previously discussed decline in gross margins.

調整後的 EBITDA（扣除非控制性權益）在第一季度為 1.96 億美元，佔第一季度淨銷售額的 17.3%，而去年同期為 2.14 億美元，占淨銷售額的 26.5%。 EBITDA 利潤率的下降是由前面討論的毛利率下降推動的。

I will now briefly discuss financial results for our 2 reporting segments. Domestic segment sales increased 39% to $965 million in the quarter as compared to $693 million in the prior year, with the impact of acquisitions contributing approximately 5% of the revenue growth for the quarter. Adjusted EBITDA for the segment was $170 million, representing a 17.7% margin as compared to $207 million in the prior year or 29.9% of net sales.

我現在將簡要討論我們兩個報告部門的財務結果。本季度國內部門銷售額增長 39% 至 9.65 億美元，而去年同期為 6.93 億美元，收購的影響約佔本季度收入增長的 5%。該部門的調整後 EBITDA 為 1.7 億美元，利潤率為 17.7%，而去年同期為 2.07 億美元，占淨銷售額的 29.9%。

The lower Domestic EBITDA margin in the quarter was primarily due to significantly higher input costs and the impact of acquisitions, partially offset by the increasing realization of previously implemented pricing actions and favorable sales mix.

本季度較低的國內 EBITDA 利潤率主要是由於投入成本顯著增加和收購的影響，部分被先前實施的定價行動和有利的銷售組合的日益實現所抵消。

International segment sales increased 49% to $171 million in the quarter as compared to $115 million in the prior year quarter. Core sales, which excludes the impact of acquisitions and currency, increased approximately 27% compared to the prior year. Adjusted EBITDA for the segment, before deducting for noncontrolling interest, was $26 million or 15.2% of net sales as compared to $7.1 million or 6.2% of net sales in the prior year.

本季度國際部門銷售額增長 49% 至 1.71 億美元，而去年同期為 1.15 億美元。不包括收購和貨幣影響的核心銷售額與去年相比增長了約 27%。在扣除非控制性權益之前，該部門的調整後 EBITDA 為 2600 萬美元或淨銷售額的 15.2%，而上一年為 710 萬美元或淨銷售額的 6.2%。

The significant expansion in International EBITDA margins was primarily due to strong margin contributions from the Deep Sea and Off Grid Energy acquisitions and improved overhead absorption and operating leverage on the significantly higher sales volumes.

國際 EBITDA 利潤率的顯著增長主要是由於深海和離網能源收購對利潤率的強勁貢獻，以及由於銷量顯著增加而提高了間接費用吸收和運營槓桿。

Now switching back to our financial performance for the first quarter of 2022 on a consolidated basis. As disclosed in our earnings release, GAAP net income for the company in the quarter was $114 million as compared to $149 million for the first quarter of 2021. GAAP income taxes during the current year first quarter were $28.6 million or an effective tax rate of 19.7% as compared to $35.4 million or an effective tax rate of 19.1% in the prior year.

現在切換回我們 2022 年第一季度的綜合財務業績。正如我們在財報中披露的那樣，該公司本季度的 GAAP 淨收入為 1.14 億美元，而 2021 年第一季度為 1.49 億美元。本年度第一季度的 GAAP 所得稅為 2860 萬美元，有效稅率為 19.7 %，而上一年為 3540 萬美元或 19.1% 的有效稅率。

The year-over-year increase in effective tax rate was primarily due to a lower discrete benefit from equity compensation in the current year quarter as compared to the prior year. The effective tax rate in the first quarter is seasonally below our full year 2022 guidance, due primarily to the timing of vesting of certain equity awards and the related benefit recognized for tax purposes.

有效稅率的同比增長主要是由於與去年同期相比，本季度股權補償的離散收益較低。第一季度的有效稅率季節性低於我們 2022 年全年的指導，主要是由於某些股權獎勵的歸屬時間以及為稅收目的而確認的相關利益。

Diluted net income per share for the company on a GAAP basis was $1.57 in the first quarter of 2022 compared to $2.33 in the prior year. Adjusted net income for the company, as defined in our earnings release, was $135 million in the current year quarter or $2.09 per share. This compares to adjusted net income of $153 million in the prior year or $2.38 per share. As disclosed in our reconciliation schedules in our earnings release, our adjusted net income and EPS for the current year no longer adjusts for cash taxes due to the expiration of our significant tax shield that originated from our LBO transaction in 2006.

2022 年第一季度，該公司按公認會計原則計算的每股攤薄淨收益為 1.57 美元，而去年同期為 2.33 美元。根據我們的收益發布定義，公司調整後的淨收入在本年度季度為 1.35 億美元或每股 2.09 美元。相比之下，上一年調整後的淨收入為 1.53 億美元或每股 2.38 美元。正如我們在收益發布中的對賬時間表中所披露的那樣，由於我們在 2006 年的槓桿收購交易產生的重要稅盾到期，我們本年度的調整後淨收入和每股收益不再針對現金稅進行調整。

Cash flow from operations was negative $10 million as compared to positive $153 million in the prior year first quarter. And free cash flow, as defined in our earnings release, was negative $37 million as compared to positive $126 million in the same quarter last year. The decline in free cash flow was primarily due to a much higher working capital investment in the current year quarter.

運營現金流為負 1000 萬美元，而去年第一季度為正 1.53 億美元。根據我們的收益發布定義，自由現金流為負 3700 萬美元，而去年同期為正 1.26 億美元。自由現金流的下降主要是由於本季度的營運資本投資增加了很多。

The higher working capital investment was primarily driven by seasonal inventory build for certain product categories, increasing production rates and further increases in inventory levels due to the challenging supply chain environment and extended logistics in-transit times.

較高的營運資金投資主要是由於某些產品類別的季節性庫存增加、生產率提高以及由於供應鏈環境的挑戰和物流在途時間延長而進一步增加的庫存水平。

As of March 31, 2022, we had approximately $500 million of liquidity, comprised of $206 million of cash on hand and $290 million of availability on our ABL revolving credit facility, which matures in May 2026. Also, total debt outstanding at the end of the quarter was $1.09 billion, resulting in a gross debt leverage ratio at the end of the first quarter of only 1.3x on an as-reported basis.

截至 2022 年 3 月 31 日，我們擁有大約 5 億美元的流動資金，其中包括 2.06 億美元的手頭現金和 2.9 億美元的 ABL 循環信貸額度，該額度將於 2026 年 5 月到期。此外，截至 2026 年底的未償債務總額該季度為 10.9 億美元，導致第一季度末的總債務槓桿率僅為報告的 1.3 倍。

In addition, recall 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 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，回想一下，我們的定期貸款要到 2026 年 12 月才會到期。在到期日之前，我們沒有任何必要的本金支付，而且它的 LIBOR 加上 175 個基點的成本很低。我們還有利率掉期安排，可在 2026 年 12 月到期日之前固定我們在該債務中約 5 億美元的利率風險敞口。

With that, I will now provide further comments on our updated outlook for 2022. As Aaron previously discussed, our strong execution and ability to maneuver through this challenging supply chain environment allowed us to exceed shipment expectations during the first quarter of 2022. In addition, the higher-than-expected inflationary environment that has manifested over the last couple of months has required us to implement another round of price increases here in the second quarter of 2022.

有了這個，我現在將對我們更新的 2022 年展望提供進一步的評論。正如 Aaron 之前所討論的，我們強大的執行力和在這個充滿挑戰的供應鏈環境中的機動能力使我們能夠在 2022 年第一季度超過出貨量預期。此外，過去幾個月出現的高於預期的通脹環境要求我們在 2022 年第二季度在這裡實施另一輪價格上漲。

As a result of these factors, we are raising our top line guidance for full year 2022 as net sales are now expected to increase between 36% to 40% as compared to the prior year on an as-reported basis, which includes an approximate 5% to 7% net impact from acquisitions and foreign currency. This is an increase from the previous guidance of net sales growth between 32% to 36%.

由於這些因素，我們正在提高我們對 2022 年全年的最高業績指引，因為目前預計淨銷售額將在報告的基礎上與上一年相比增長 36% 至 40%，其中包括大約 5收購和外幣的淨影響 % 至 7%。這比之前淨銷售額增長 32% 至 36% 的指導有所增加。

This revenue outlook now assumes shipments of residential products increase at a mid- to high 40% rate during 2022, up from prior expectation for a low 40% rate. And revenue for C&I products is still expected to grow at a high-teens rate compared to the prior year despite larger-than-expected FX headwinds.

這一收入前景現在假設住宅產品的出貨量在 2022 年以 40% 的中高速度增長，高於之前預期的 40% 的低速度。儘管外匯逆風大於預期，但與去年相比，C&I 產品的收入仍有望以十幾倍的速度增長。

Importantly, this guidance still assumes a level of power outage activity during the year in line with the longer-term baseline average. As a result, consistent with our historical approach, this outlook does not assume the benefit of a major power outage event during the year. Given we still expect to be producing at full capacity for home standby generators throughout the year, the upside of a major power outage would be more limited to incremental portable generator shipments during 2022, meaning any extra lift for home standby generators from a major power outage would most likely result in incremental revenue in 2023.

重要的是，該指南仍假設一年中的停電活動水平與長期基線平均值一致。因此，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會帶來好處。鑑於我們仍預計全年滿負荷生產家用備用發電機，2022 年主要停電的好處將更多地限於增加的便攜式發電機出貨量，這意味著大型停電對家用備用發電機的任何額外提升很可能會導致 2023 年的收入增加。

As we ramp capacity and our supply chain for home standby and Clean Energy products and as incremental price realization kicks in over the remainder of the year, we're expecting quarterly revenue to increase sequentially over the next couple of quarters, with net sales in the first half approaching 47% weighted as a percent of full year sales.

隨著我們提高家庭備用和清潔能源產品的產能和供應鏈，以及在今年剩餘時間裡逐步實現價格，我們預計未來幾個季度的季度收入將連續增長，淨銷售額在上半年佔全年銷售額的比重接近 47%。

Looking at our gross margin profile. As we have discussed at length, cost pressures have continued to impact our profitability thus far in 2022. We expect first quarter 2022 to be the peak of this year-over-year price/cost headwind. As price realization has a more meaningful positive impact on our gross margins, certain inflationary pressures progressively ease for the remainder of the year and as the benefits of our focused cost reduction initiatives further materialize.

查看我們的毛利率概況。正如我們詳細討論的那樣，到 2022 年為止，成本壓力繼續影響我們的盈利能力。我們預計 2022 年第一季度將是今年同比價格/成本逆風的頂峰。由於價格實現對我們的毛利率產生更有意義的積極影響，某些通脹壓力在今年剩餘時間逐漸緩解，並且隨著我們集中降低成本舉措的好處進一步實現。

As a result of these factors, we expect quarterly gross margin percent to increase sequentially throughout 2022, with fourth quarter gross margins expected to recover back to first quarter 2021 levels in the 40% range. This would result in gross margin percent for the full year 2022 to be approximately in line with 2021 levels.

由於這些因素，我們預計季度毛利率將在整個 2022 年連續增長，第四季度毛利率有望恢復到 2021 年第一季度 40% 的水平。這將導致 2022 年全年的毛利率百分比與 2021 年的水平大致一致。

Looking at operating expenses as a percent of sales. Excluding amortization expense, we expect full year 2022 OpEx percent to increase approximately 100 basis points compared to full year 2021, primarily due to the impact of recent acquisitions that have a higher operating expense load relative to sales given their start-up nature.

將營業費用視為銷售額的百分比。不計攤銷費用，我們預計 2022 年全年運營支出百分比將比 2021 年全年增加約 100 個基點，這主要是由於近期收購的影響，考慮到它們的啟動性質，這些收購相對於銷售額而言具有更高的運營費用負荷。

Adjusted EBITDA margins for the full year 2022 before deducting for noncontrolling interests are now expected to be approximately 21.5% to 22.5% compared to the previously expected range of approximately 22% to 23%. The additional price increases required to offset the higher-than-expected inflationary pressures are resulting in this modest EBITDA percent dilution from previous expectation. Importantly, the midpoint of this guidance range would result in adjusted EBITDA dollars in line with our previous guidance.

在扣除非控制性權益之前，2022 年全年調整後的 EBITDA 利潤率現在預計約為 21.5% 至 22.5%，而此前預期的範圍約為 22% 至 23%。為抵消高於預期的通脹壓力所需的額外價格上漲導致這一適度的 EBITDA 百分比稀釋低於先前的預期。重要的是，該指導範圍的中點將導致調整後的 EBITDA 美元與我們之前的指導一致。

From a seasonality perspective, adjusted EBITDA margins are projected to improve significantly as we move through the year, primarily driven by improving gross margins as previously discussed. We expect that the first quarter marked the low point for adjusted EBITDA margins for the year, with the progression of sequential improvement approximately level-loaded by a quarter, resulting in fourth quarter 2022 adjusted EBITDA margins returning to the 26% range, similar to Q1 2021 levels.

從季節性的角度來看，調整後的 EBITDA 利潤率預計將隨著我們全年的發展而顯著提高，這主要是由於如前所述提高了毛利率。我們預計第一季度是本年度調整後 EBITDA 利潤率的低點，環比改善的進程大約水平加載一個季度，導致 2022 年第四季度調整後 EBITDA 利潤率回到 26% 的範圍，與第一季度相似2021 級。

Several additional guidance items that we provide to assist with modeling adjusted earnings per share and free cash flow also require updating for the full year 2022. Our GAAP effective tax rate is now expected to be between 23% to 24% for the remaining quarters of the year, resulting in a full year 2022 GAAP effective tax rate of approximately 23%. This compares to our previous full year 2022 guidance of 24% to 25%. This decrease is driven primarily by the higher-than-expected equity compensation deduction in the first quarter as well as lower state income taxes expected during the full year 2022.

我們為幫助對調整後每股收益和自由現金流建模而提供的一些額外指導項目也需要在 2022 年全年更新。我們的 GAAP 有效稅率現在預計在剩餘季度的 23% 至 24% 之間年，導致 2022 年全年 GAAP 有效稅率約為 23%。相比之下，我們之前的 2022 年全年指引為 24% 至 25%。這一下降主要是由於第一季度高於預期的股權補償扣除以及預計在 2022 年全年降低的州所得稅。

For full year 2022, we now expect interest expense to be approximately $42 million to $44 million, an increase from the previous guidance of $41 million to $43 million, reflecting higher than previously expected levels of LIBOR rates throughout 2022, while still assuming no additional term loan principal payments during the year.

對於 2022 年全年，我們現在預計利息支出約為 4,200 萬美元至 4,400 萬美元，高於之前的 4,100 萬美元至 4,300 萬美元的指引，反映出整個 2022 年 LIBOR 利率水平高於此前預期，同時仍假設沒有額外期限年內償還貸款本金。

Depreciation expense is now forecast to be approximately $54 million to $56 million in 2022, given our assumed CapEx guidance, as compared to $56 million to $58 million previously expected. GAAP intangible amortization expense in 2022 is now expected to be at the high end of the previously expected range of $95 million to $100 million. Stock compensation expense is expected to be between $32 million to $34 million for the year.

鑑於我們假設的資本支出指導，現在預計 2022 年的折舊費用約為 5400 萬美元至 5600 萬美元，而此前預計為 5600 萬美元至 5800 萬美元。現在預計 2022 年 GAAP 無形攤銷費用將處於先前預期的 9500 萬美元至 1 億美元範圍的高端。今年的股票補償費用預計在 3200 萬美元至 3400 萬美元之間。

As a result of these updated guidance items in our first quarter performance, net income as a percent of sales is expected to be similar to our prior guidance. Our full year weighted average diluted share count is expected to be approximately 65.0 million to 65.5 million shares. Our capital expenditures are still projected to be approximately 2.5% to 3% of our forecasted net sales for the year.

由於我們第一季度業績中這些更新的指導項目，淨收入佔銷售額的百分比預計將與我們之前的指導相似。我們全年加權平均稀釋後的股份數量預計約為 6500 萬至 6550 萬股。我們的資本支出預計仍約為我們今年預測的淨銷售額的 2.5% 至 3%。

For full year 2022, operating and free cash flow generation is still expected to follow historical seasonality and be disproportionately weighted toward the second half of the year. Given the very strong organic sales growth expected during 2022, we still expect the conversion of adjusted net income to free cash flow to be approximately 70% to 80% for the full year as a portion of cash flows will be invested in working capital to support this growth.

對於 2022 年全年，運營和自由現金流的產生預計仍將遵循歷史季節性，並在下半年不成比例地加權。鑑於預計在 2022 年實現非常強勁的有機銷售增長，我們仍預計全年調整後淨收入向自由現金流的轉換率約為 70% 至 80%，因為部分現金流將投資於營運資金以支持這種增長。

Finally, this updated 2022 outlook does not reflect potential additional acquisitions or share repurchases that could drive incremental shareholder value. This concludes our prepared remarks. At this time, we'd like to open up the call for questions.

最後，這一更新的 2022 年展望並未反映可能推動股東價值增加的潛在額外收購或股票回購。我們準備好的評論到此結束。在這個時候，我們想打開提問的電話。

(Operator Instructions) Your first question comes from the line of Mike Halloran with Baird.

（操作員說明）您的第一個問題來自於 Baird 的 Mike Halloran。

So can we just dig into the home standby side a little bit? Obviously, you seem pretty comfortable with the in-home consultations and the consultations in general being in line with your expectations. But backlog came down. How much of that is a comment on demand coming in a little bit versus your capacity ramping to cover some of that incremental backlog? And maybe just what you're seeing in the channel in general from a customer demand perspective at this point, book-to-bill or anything like that?

那麼我們可以稍微深入了解一下家庭待機方面嗎？顯然，您似乎對家庭諮詢和一般諮詢符合您的期望感到非常滿意。但是積壓下來了。其中有多少是對一點點需求的評論，而不是你的產能增加以覆蓋一些增量積壓？從客戶需求的角度來看，也許正是您在渠道中看到的一般情況，預訂到賬單或類似的東西？

Yes. Mike, I think I'd point to a couple of things that we talked about in the prepared remarks, and I'll give you a little bit more color around it beyond that. So the HSB backlog did come down as projected. Our demand was in line with our expectations. So IHCs, I think in our prepared remarks, we said they were 3x the 2020 Q1 levels.

是的。邁克，我想我會指出我們在準備好的評論中談到的幾件事，除此之外，我會給你更多的色彩。因此，HSB 的積壓確實如預期的那樣下降。我們的需求符合我們的預期。所以 IHC，我認為在我們準備好的評論中，我們說它們是 2020 年第一季度水平的 3 倍。

So they're significantly elevated when you look past the Texas event last year, which is just -- was a very unique set of circumstances. And none of our guidance contemplated that reoccurring nor does any of our guidance contemplate any major events happening this year. So if something does happen, we're going to obviously end the year with even greater demand than we project at this point.

因此，當您回顧去年的德克薩斯事件時，它們顯著提升，這只是 - 這是一組非常獨特的情況。我們的任何指導都沒有考慮到這種情況再次發生，我們的任何指導也沒有考慮到今年發生的任何重大事件。因此，如果確實發生了某些事情，我們顯然將在今年結束時的需求比我們目前預計的還要大。

On the execution side of things, we did execute better than we thought we would in Q1. So our output levels for home standby were better. We were able to navigate a couple of supply chain challenges that we're facing and continue to face. Our Wisconsin factories, as a matter of fact, just continue to outpace our projections here. We're getting a lot of output out of the factories here. And then obviously, in Trenton, South Carolina, we've been aggressively ramping that factory. And that output grows every week that goes by, so continue to lift that up.

在執行方面，我們確實比我們在第一季度的預期執行得更好。所以我們在家待機的輸出水平更好。我們能夠應對我們面臨並繼續面臨的幾個供應鏈挑戰。事實上，我們威斯康星州的工廠繼續超出我們的預測。我們從這裡的工廠獲得了大量的產出。然後很明顯，在南卡羅來納州的特倫頓，我們一直在積極擴大該工廠的規模。並且該產出每週都在增長，所以繼續提高它。

So the combination of increased output and then the demand being in line still puts us with an incredible backlog for HSB, well above kind of where we would have thought we would be at this point. Especially if you go back to our Investor Day remarks in September, we really weren't planning on kind of being where we're at today. So pretty exciting times for the HSB category.

因此，產量增加和需求保持一致的結合仍然使我們對 HSB 的積壓令人難以置信，遠高於我們目前認為的水平。特別是如果你回到 9 月份的投資者日評論，我們真的不打算成為今天的樣子。對於 HSB 類別來說，這是非常激動人心的時刻。

So a question on pricing then as a follow-up. Maybe a sense for the cumulative amount of pricing you guys have put in over the last arbitrarily 12 months or so. But did I hear you right, Aaron, in the prepared remarks that you suggested that the backlog was repriced for the current marketplace?

因此，作為後續的定價問題。也許對你們在過去 12 個月左右的時間裡投入的累計定價有所了解。但是我沒聽錯，亞倫，在準備好的評論中，你建議為當前市場重新定價積壓訂單嗎？

It will be on June 1, correct.

會在 6 月 1 日，沒錯。

Okay. And cumulative pricing?

好的。和累積定價？

Cumulative pricing, I think high teens is kind of what we would call over the last close now to like 15 months, 18 months maybe.

累積定價，我認為高青少年是我們在最近收盤時所說的，可能是 15 個月，18 個月。

Including this latest round...

包括最新一輪...

Including this latest round here in April, which is the repricing of the backlog on June 1 effective date.

包括 4 月的最新一輪，這是對 6 月 1 日生效日期積壓的重新定價。

Your next question is from the line of Tommy Moll with Stephens.

你的下一個問題來自湯米摩爾和斯蒂芬斯的台詞。

Aaron, I wanted to stick with the theme of pricing here. What insight do you have on how elastic demand is for home standby? And any insight into what portion of the underlying unit volumes are financed versus purchased outright by the homeowner?

亞倫，我想在這裡堅持定價的主題。您對家庭備用的需求彈性有什麼看法？以及對房主直接購買的基礎單位量的哪一部分進行融資和購買的任何見解？

Yes. No, those are great questions, Tommy. I'll probably let York maybe tackle the finance piece. I don't know if we've given that.

是的。不，這些都是很好的問題，湯米。我可能會讓約克處理財務問題。我不知道我們是否給了那個。

I mean it's still a relatively small piece.

我的意思是它仍然是一個相對較小的部分。

Yes. But it's growing. I mean it's been growing pretty rapidly, the finance piece.

是的。但它正在增長。我的意思是它的增長非常迅速，金融部分。

Historically, it wasn't a financed purchase, but it's growing dramatically.

從歷史上看，這不是融資購買，但它正在急劇增長。

Right. I think as the category expands...

正確的。我認為隨著類別的擴大...

Yes. Maybe if it's 10% of volume, but it's growing.

是的。也許如果它是體積的 10%，但它正在增長。

It's been growing quite a bit. In terms of elasticity around pricing, Tommy, I think what we would tell you is we have a ton of data and metrics that we watch very closely. So everything from inbound consultation request to, obviously, the proposal costs that go out on average -- recall that the high-teens number that I just quoted for pricing impact on the HSB is just the product itself. And the product itself is maybe half of the total cost of the project.

它已經增長了很多。就定價的彈性而言，Tommy，我想我們會告訴你的是，我們有大量的數據和指標，我們非常密切關注。因此，從入站諮詢請求到顯然平均花費的提案成本的所有內容——回想一下，我剛剛引用的對 HSB 的定價影響的十幾歲數字只是產品本身。而產品本身可能是項目總成本的一半。

So you have other inputs there around labor and other materials that have also increased, of course. But when we look at those project costs, we're able to then look at the close rates that we're seeing, and that helps us kind of gauge the impact of each round of pricing. To date, we're not seeing any significant impact on pricing. It's an expensive product to begin with, right? So we used to say it was all in kind of a $9,000, $10,000 project for a home standby generator.

因此，當然，圍繞勞動力和其他材料的其他投入也有所增加。但是，當我們查看這些項目成本時，我們就能夠查看我們所看到的收盤價，這有助於我們衡量每一輪定價的影響。迄今為止，我們沒有看到對定價產生任何重大影響。這是一個昂貴的產品，對吧？所以我們過去常說這是一個 9,000 美元，10,000 美元的家用備用發電機項目。

Today, it's maybe an $11,000 project to $11,500 when you look at the average proposal costs. That extra $1,500 -- $1,000 to $1,500 doesn't seem to be dampening the enthusiasm for demand for the category. And I think that really speaks to the underlying megatrends that are driving the need for resiliency and backlog.

今天，當您查看平均提案成本時，它可能是一個 11,000 美元到 11,500 美元的項目。額外的 1,500 美元——1,000 到 1,500 美元似乎並沒有抑制對該類別需求的熱情。我認為這確實說明了推動彈性和積壓需求的潛在大趨勢。

And I would point to, again, in our prepared remarks, we talked about IHCs being up 3x over this point last -- in 2020. So just up dramatically over that environment. And the pricing would be that kind of mid-teens, maybe 20% overall increase in product category price.

我要再次指出，在我們準備好的評論中，我們談到 IHC 比上一個時間點（在 2020 年）增長了 3 倍。因此，在這種環境下，IHC 將大幅增長。定價將是十幾歲的那種，產品類別價格可能整體上漲 20%。

So we feel pretty good that -- and I would say this, just my last comment on this. Having been around this business as long as I've been around it, we've had to do pricing over the years, in the past. And the category is incredibly durable with respect to the demand and with respect to the impact from pricing. That durability -- I'd point you back to the 2008, 2009 recession.

所以我們感覺很好——我想說的是，這只是我對此的最後評論。只要我一直在從事這項業務，我們就不得不在過去的幾年裡進行定價。就需求和定價影響而言，該類別非常耐用。這種持久性——我會讓你回到 2008 年、2009 年的經濟衰退。

Our overall consumer or residential business was up even in the depths of that. And I think if anybody would have said that, that category would be up, kind of a large ticket kind of arguably discretionary product tied to residential investment, I think most people would have said, you're kind of nuts. But we actually did outperform. And I think it speaks to the potential durability of the category.

我們的整體消費或住宅業務甚至在那個深度上升。而且我認為，如果有人這麼說，那麼該類別將會上升，一種可以說是與住宅投資相關的可自由支配的大票產品，我想大多數人會說，你有點瘋了。但我們確實表現出色。我認為這說明了該類別的潛在耐用性。

And just one last comment. I know I said that was my last comment. One last comment. You also have to think of the category because really it's a home improvement project. Think of it as the impact of the price of that product in relation to the home's value. A lot of home values are way up. So when you think about it in the context of as a percentage of the home's value, it's not up significantly at all. In fact, I might argue that home values have risen faster than the price of the project itself. So anyway, I'll leave it at that. But thanks for the question, Tommy.

只有最後一條評論。我知道我說過這是我最後的評論。最後一條評論。您還必須考慮類別，因為它實際上是一個家庭裝修項目。將其視為該產品價格對房屋價值的影響。很多房子的價值都在上漲。因此，當您將其作為房屋價值的百分比來考慮時，它根本沒有顯著上升。事實上，我可能會爭辯說，房屋價值的上漲速度超過了項目本身的價格。所以不管怎樣，我會留在那裡。但是謝謝你的問題，湯米。

Yes. And I appreciate the context. Aaron, sticking on the home standby theme. As we think about some of the factors into next year, you mentioned that you've achieved and held a higher level of underlying demand versus the pre-pandemic baseline. And so once we get through most or all of your backlog and assuming away any kind of major outage event next year, what are some of the things that you can do to drive that awareness higher or to drive that underlying demand higher?

是的。我很欣賞上下文。 Aaron，堅持家庭待機主題。當我們考慮到明年的一些因素時，您提到與大流行前的基線相比，您已經實現並保持了更高水平的潛在需求。因此，一旦我們完成了您的大部分或全部積壓工作並假設明年發生任何類型的重大停電事件，您可以做些什麼來提高這種意識或推動更高的潛在需求？

I mean I'm thinking largely around customer acquisition spend. But there's a lot of focus on units next year once it's a "normal environment." We'll see if we ever get there. But what is within your control to drive that demand?

我的意思是我主要考慮客戶獲取支出。但是一旦成為“正常環境”，明年就會有很多關注點。我們會看看我們是否能到達那裡。但是，您可以控制什麼來推動這種需求？

Yes. No, it's a great question and something that we're constantly focused on. I would tell you, we test a lot of things. We have hesitated to kind of roll out bigger things right now because obviously, demand has been strong. The backlog is as big as it is. So adding to that, we're kind of up against do we frustrate customers with the lead times versus adding incremental demand.

是的。不，這是一個很好的問題，也是我們一直關注的問題。我會告訴你，我們測試了很多東西。我們現在猶豫是否推出更大的產品，因為顯然需求一直很強勁。積壓的東西和它一樣大。因此，除此之外，我們有點反對我們是否會因交貨時間而不是增加增量需求而讓客戶感到沮喪。

So I would tell you this, what we've been -- here's an example of a program we're testing. We have accumulated hundreds and hundreds and hundreds of thousands of unclosed leads over the last several years. Just as the category awareness has grown, all of those leads came in based on prior spend.

所以我要告訴你這個，我們一直在 - 這是一個我們正在測試的程序的例子。在過去的幾年裡，我們已經積累了成百上千的未封閉線索。正如類別意識的增長一樣，所有這些潛在客戶都是基於先前的支出而來的。

We know that when we reengage unclosed leads, in particular after maybe a localized outage or maybe on the back of a promotion regionally or nationally or just the phone call, just to reengage them and maybe discuss ahead of the hurricane season, the upcoming hurricane season if they're located in those regions or ahead of the upcoming winter season if they're in those regions, we found that we can move the needle on close rate.

我們知道，當我們重新接觸未封閉的潛在客戶時，特別是在可能發生局部中斷之後，或者可能是在區域或全國范圍內的促銷活動或只是電話的背後，只是為了重新吸引他們，並可能在颶風季節之前討論即將到來的颶風季節如果他們位於這些地區或即將到來的冬季之前，如果他們在這些地區，我們發現我們可以在關閉率上移動指針。

So we've stood up internally a group, a team that is outbound calling to those unclosed leads. That is something that as we watch the return on that, and we're very pleased so far with the early returns on that pilot program, that's one area that could be scaled, could be scaled quickly. It could be scaled with outsourced resources. Or we could internalize it. We have a lot of capability when it comes to call centers and the ability to do those types of outbound campaigns. So that's one area.

所以我們在內部建立了一個小組，一個向外呼叫那些未封閉的潛在客戶的團隊。這是我們觀察回報的事情，到目前為止，我們對該試點計劃的早期回報感到非常滿意，這是一個可以擴大規模的領域，可以迅速擴大規模。它可以通過外包資源進行擴展。或者我們可以內化它。我們在呼叫中心方面有很多能力，並且有能力進行這些類型的外呼活動。所以這是一個領域。

Another area is pulling on promotional levers, which we've, again, largely not done over the last several years. I think there's a tremendous opportunity there just because we've been lying low. And you do have consumers who want to wait on those promotions. They find whether there are extended warranty promotions or if we're talking about free first year monitoring type promotions or whatever the promotion may be, we've done those promotions in the past to great effect. We have done a lot less of them over the last 2 years. So that would be another lever to pull.

另一個領域是拉動促銷槓桿，我們在過去幾年中基本上沒有這樣做。我認為那裡有一個巨大的機會，只是因為我們一直在低調。而且你確實有消費者想要等待這些促銷活動。他們發現是否有延長保修促銷，或者我們是否在談論免費的第一年監控類型促銷或任何促銷活動，我們過去曾做過這些促銷活動，效果很好。在過去的 2 年裡，我們做的少了很多。所以這將是另一個需要拉動的槓桿。

So there's -- I think we have a lot of things at our disposal. Look, a lot of people, I think, are wondering if you listen to this call or you're watching the company, what's going to happen to demand for home standby in 2023. I mean if you've learned nothing about following this company over the last decade, it's that we're not sitting around waiting for some exogenous event to happen. We're very active, very proactive, and we're constantly pushing the category forward. We always have been. We always will be. That's one of the reasons we have such a massive share of the category. We are the category.

所以有 - 我認為我們有很多事情可供我們使用。聽著，我想很多人都想知道你是在聽這個電話還是在關注公司，2023 年家庭待機需求會發生什麼。我的意思是，如果你對關注這家公司一無所知在過去的十年裡，我們並沒有坐等外部事件發生。我們非常積極，非常主動，並且我們不斷推動該類別向前發展。我們一直都是。我們永遠都是。這就是我們在該類別中佔有如此巨大份額的原因之一。我們是類別。

And when you got the leader like that we are, it's incumbent on us to continue to move the needle. And we have definitely moved the needle to a new place. You mentioned it a new baseline level. We've seen this happen time and time and time again with this category. It's expanding. It continues to expand. And I'm confident that in the future, it will continue to expand.

當你得到我們這樣的領導者時，我們有責任繼續前進。我們肯定已經把針移到了一個新的地方。你提到它是一個新的基線水平。我們已經看到這種情況一次又一次地發生在這個類別中。它正在擴大。它繼續擴大。而且我有信心，在未來，它會繼續擴大。

And that's just -- I think being around it as long as we have and understanding the drivers, the purchasing drivers and seeing what we're seeing in terms of the demand markers out there, we're really encouraged that the category is going to continue to grow.

這只是 - 我認為只要我們有並了解驅動因素，購買驅動因素並看到我們在需求標記方面看到的東西，我們真的很受鼓舞，該類別將繼續增長。

Your next question is from Ross Gilardi with Bank of America.

您的下一個問題來自美國銀行的 Ross Gilardi。

Maybe we could just expand on your last comment there, Aaron. So if you take your new guide, you're at $5.1 billion to $5.2 billion in revenue in 2022. And your 3-year target from your Investor Day, I think it's $5.5 billion or $5.6 billion. So how are you thinking about that now? I mean is it realistic to think you'll raise the $5.5 billion sometime soon?

亞倫，也許我們可以擴展您最後的評論。因此，如果您採用新指南，那麼您在 2022 年的收入將達到 51 億美元至 52 億美元。而您從投資者日開始的 3 年目標，我認為是 55 億美元或 56 億美元。那你現在是怎麼想的？我的意思是認為你會很快籌集到 55 億美元，這是否現實？

And within the $5.5 billion, is the home standby business a larger or smaller business -- larger or smaller business than where it will finish in '22? And if we see the HSB come off its highs in the next 1 to 2 years, do you have enough other growth levers to comfortably get to the $5.5 billion?

在這 55 億美元中，家庭備用業務是更大還是更小——比 22 年完成的業務更大或更小？如果我們看到 HSB 在未來 1 到 2 年內從高點回落，您是否有足夠的其他增長槓桿輕鬆達到 55 億美元？

Yes. I think when we laid out the guidance in the Investor Day, Ross, we never said we were going to grow in a straight line. The company continues to -- we grow. We're a grower and a dynamic grower at that. But we know that there are things that happen in the category sometimes that are outside of our control, things like what happened in Texas. And you don't know if you're going to get a strong hurricane season.

是的。我認為當我們在投資者日制定指導方針時，羅斯，我們從未說過我們會直線增長。公司繼續——我們成長。我們是一個種植者和一個充滿活力的種植者。但我們知道，有時該類別中發生的某些事情超出了我們的控制範圍，例如德克薩斯州發生的事情。而且你不知道你是否會遇到一個強烈的颶風季節。

Recall that none of our -- I think in our Investor Day, we really only had one major event assumed in the 3-year period. So to that effect, we've got a number of things that weren't in the guidance back in the Investor Day, things like ecobee. We don't have additional M&A in the guide. We're seeing some tremendous potential out of our Grid Services teams.

回想一下，我們沒有 - 我認為在我們的投資者日，我們真的只在 3 年期間假設了一個重大事件。因此，為此，我們有很多東西在投資者日的指導中沒有，比如 ecobee。我們在指南中沒有額外的併購。我們從我們的網格服務團隊中看到了一些巨大的潛力。

We've got the entire Clean Energy story that is -- we're just tapping into a whole new market opportunity. It's pretty interesting. I mean we go through -- so we do strategic planning like every company, I'm sure. And we go through a pretty rigorous exercise around kind of our -- kind of TAM and SAM evaluations in each of the categories and channels that we participate in.

我們已經掌握了整個清潔能源的故事——我們只是在利用一個全新的市場機會。這很有趣。我的意思是我們經歷了——所以我們像每家公司一樣進行戰略規劃，我敢肯定。我們圍繞我們參與的每個類別和渠道中的 TAM 和 SAM 評估進行了非常嚴格的練習。

The total addressable market that we have available to us today is so much greater than what it was even a couple of years ago. That based on not only where we've acquired companies and gotten into new spaces, but where we've continued to grow organically, where some of the spaces we were in before are growing organically. It's just -- it's actually pretty stunning.

我們今天可以使用的總目標市場比幾年前要大得多。這不僅基於我們收購公司並進入新空間的地方，而且基於我們繼續有機增長的地方，我們之前所處的一些空間正在有機增長。它只是 - 它實際上非常令人驚嘆。

And think I it's -- to me, when I think about why is the company growing the way it's growing -- it grew 50% last year. Our guide here this morning is to grow between 36% and 40% again this year. There aren't a lot of companies doing that. So why is that? I would tell you, I think it's just we are taking advantage of the opportunities in front of us. We're taking advantage of what we've built, and we're leveraging it. We're leveraging it for better effects. We're leveraging it into these bigger addressable markets. And I think that, that is a big reason why we're experiencing the growth we're experiencing.

並且認為我是 - 對我來說，當我考慮為什麼公司以它的增長方式增長時 - 它去年增長了 50%。我們今天早上的指南是今年再次增長 36% 到 40%。這樣做的公司並不多。那為什麼呢？我會告訴你，我認為這只是我們正在利用我們面前的機會。我們正在利用我們已經建立的東西，我們正在利用它。我們正在利用它來獲得更好的效果。我們正在利用它進入這些更大的潛在市場。我認為，這是我們正在經歷我們正在經歷的增長的一個重要原因。

Will that continue in the future at these rates? I mean I don't know. We're not here to update guidance this morning from a long-term basis. But I do know that all the signs that we have and all the success that we've experienced point to much bigger market opportunities based, in particular, on the megatrends that we're tapped into strategically here. I think we're just in the right place at the right time with the right products. And I think we're going to continue to build on that not only the remainder of this year, but in the years going forward.

將來會以這樣的速度繼續嗎？我的意思是我不知道。我們今天早上不是來這裡更新長期指導。但我確實知道，我們所擁有的所有跡像以及我們所經歷的所有成功都指向更大的市場機會，特別是基於我們在這裡戰略性地利用的大趨勢。我認為我們只是在正確的時間使用正確的產品出現在正確的地方。我認為我們不僅會在今年餘下的時間裡，而且在未來的幾年裡，都將繼續在此基礎上再接再厲。

And just HSB dealer inventories, are they normalized yet? And then just when you talk about production, you seem to be saying more so that you're getting -- you're squeezing more out of Wisconsin. Is trend naturally hitting the production targets that you had laid out at the Investor Day? Or is Wisconsin having to overcompensate for that, maybe ramping slower than you thought?

只是HSB經銷商庫存，它們是否正常化了？然後就在你談論生產時，你似乎在說更多，所以你得到了——你從威斯康星州榨取了更多。趨勢自然會達到您在投資者日制定的生產目標嗎？還是威斯康星州不得不為此過度補償，也許比你想像的要慢？

Yes. It's a great question. Trenton is actually on pace with where we thought they would be. Really, the outperformance in Q1 came out of the additional output out of the Wisconsin facilities. We continue to dial in. We've added a lot of automation to all of those facilities with the kinds of production rates we're talking about here with HSB. To be honest, I mean, being around the category as long as I've been around, they're mind-blowing in terms of the daily rates that we're producing. It's -- but to see our Wisconsin facilities continuing...

是的。這是一個很好的問題。特倫頓實際上與我們認為的步伐一致。確實，第一季度的出色表現來自威斯康星工廠的額外產出。我們繼續撥入。我們已經為所有這些設施增加了很多自動化，我們在這裡與 HSB 討論的那種生產率。老實說，我的意思是，只要我一直在這個類別中，就我們生產的每日費率而言，它們令人興奮。這是 - 但看到我們威斯康星州的設施繼續......

Continuing through supply...

繼續供應...

And then supply chain challenges, getting around some of that stuff.

然後是供應鏈挑戰，解決其中的一些問題。

We've baked some of that in.

我們已經烤了一些。

We had. We had maybe hedged a little bit in Q1 for that. So that's the answer to that question. On the dealer inventories, we're seeing days of inventory be a little at the high end of where they've been historically. That happens kind of seasonally about now, it's -- coming out of the winter season. It's been -- and the spring weather has been, I don't know about many of the people on the call here, but if you live anywhere in the upper Midwest, it's a wonderful winter we're having this spring.

我們有。我們可能在第一季度對此進行了一些對沖。這就是這個問題的答案。在經銷商庫存方面，我們看到庫存天數略高於歷史水平。這種情況大約是現在季節性發生的，它是——從冬季開始。一直 - 春天的天氣一直如此，我不知道這裡有多少人在這裡打電話，但如果你住在中西部上游的任何地方，今年春天我們將迎來一個美好的冬天。

I think I actually saw snowflakes again yesterday, so May 3. So it's been difficult to get out and install product at the kind of pacing we want to see. And we're also starting to see some of the limitations of the expansion of the category in terms of permitting in some areas, especially some newer areas like California, just really struggling with getting permits issued there. So that's been a hurdle. We called it out a couple of times. It just continues to befuddle me how difficult that is permitting in that particular region.

我想我昨天真的又看到了雪花，所以是 5 月 3 日。所以很難以我們希望看到的那種節奏出去安裝產品。而且我們也開始看到在某些地區，尤其是像加利福尼亞這樣的一些較新地區，在許可方面擴大該類別的一些限制，只是真的很難在那裡獲得許可。所以這是一個障礙。我們把它叫了幾次。它只是繼續讓我感到困惑，在那個特定地區允許這樣做是多麼困難。

But we need to increase the install pace because output is increasing. So that is a massive area of focus for us. And we're working hard with our existing dealers, but also with new dealers in terms of increasing their ability to install products more quickly. And they're struggling also, by the way, with labor. That's another struggle point for the channel out there. So it is something we're watching closely. But we are seeing install rates move up. We just need to see it move up even faster.

但是我們需要加快安裝速度，因為產量正在增加。所以這對我們來說是一個巨大的關注領域。我們正在努力與現有經銷商合作，同時也在與新經銷商合作，以提高他們更快地安裝產品的能力。順便說一句，他們也在努力工作。這是該頻道的另一個鬥爭點。所以這是我們正在密切關注的事情。但我們看到安裝率上升。我們只需要看到它更快地上升。

Yes. And we believe there's buyers for those units that are in the field. So I think that...

是的。而且我們相信在該領域的那些單位有買家。所以我認為...

Well, absolutely. Yes, the IHC.

嗯，絕對的。是的，IHC。

Based on the IHC volume.

基於 IHC 體積。

Based on the IHC volume, we think the demand is there to support what we're seeing in the field in terms of inventory.

根據 IHC 的數量，我們認為需求可以支持我們在庫存方面看到的領域。

Going to increase the install bandwidth.

打算增加安裝帶寬。

Right.

正確的。

Your next question is from Philip Shen with ROTH Capital Partners.

您的下一個問題來自 ROTH Capital Partners 的 Philip Shen。

First one is on a follow-up on the price increase. My sense is it was around 6%, that's effective June 1. Can you talk through if that's right? And then also, what is the chance that we could see more price increases in Q3 and 4? Is that a much -- is that a meaningfully low probability? Or is that actually on the radar because of the inflation you see ahead?

第一個是對價格上漲的跟進。我的感覺是 6% 左右，從 6 月 1 日開始生效。如果是這樣，你能說清楚嗎？然後，我們在第三季度和第四季度看到更多價格上漲的可能性有多大？這是一個很大的 - 這是一個有意義的低概率嗎？還是因為您看到未來的通貨膨脹，這實際上在雷達上？

Yes. It's a great question, Phil. I would tell you that you're pretty close on the price increase. It depends on which SKU and which model, but kind of mid-single digits, 5%, 6%, somewhere in that range with the last round of pricing. And that was across a number of products, in the home standby category for sure. And then even a little more aggressive in some of the Clean Energy products. You may have maybe in your channel checks.

是的。這是一個很好的問題，菲爾。我會告訴你，你已經接近漲價了。這取決於哪個 SKU 和哪個型號，但在最後一輪定價的範圍內，是中個位數，5%、6%。這肯定是在許多產品中，在家庭待機類別中。然後在一些清潔能源產品中更加激進。您可能有可能在您的頻道檢查中。

In terms of where we'll go with pricing Q3, Q4, I mean, I would tell you right now the guidance contemplates that additional pricing because we're taking the somewhat extraordinary step of repricing the backlog as of June 1, that's going to read through a lot quicker than previous price increases.

關於我們將在第三季度和第四季度定價的地方，我的意思是，我現在要告訴你，指導考慮到額外的定價，因為我們正在採取一些非同尋常的步驟，即從 6 月 1 日起重新定價積壓，這將是比以前的價格上漲要快得多。

So today, we feel like our guidance -- if you just look at kind of the margin progression here, Q1 is going to be the bottom. Q4, we're going to return kind of somewhere like back to where we were kind of in the beginning of 2021. And so that's a pretty big step, right, to get from today to there.

所以今天，我們感覺就像我們的指導——如果你只看這裡的利潤率進展，第一季度將是底部。第 4 季度，我們將回到 2021 年初的某個地方。所以這是一個相當大的一步，對，從今天到那裡。

And a lot of that is because of that 5% to 6% kind of reading through the back -- through the balance of the year here, alongside some additional cost reductions, plus previous pricing actions that we've done also reading through to get the full impact of all the pricing. So we feel pretty good.

其中很大一部分是因為 5% 到 6% 的背面閱讀——通過今年的剩餘時間，以及一些額外的成本降低，以及我們已經完成的之前的定價行動，也通讀以獲得所有定價的全部影響。所以我們感覺還不錯。

That said, obviously, sitting here like on the last call, it was prior to the Russian-Ukrainian conflict. We were actually starting to see some pullback in some of the basic commodities. We're big users of steel, copper and aluminum. We're actually seeing some moderation in those commodity costs. And then that conflict happened. And we saw kind of a reengagement of those inflationary trends on those basic commodities as well as just continued and persisting high logistics costs, which have been really somewhat amazing to watch.

也就是說，顯然，就像上次通話一樣坐在這裡，那是在俄羅斯-烏克蘭衝突之前。我們實際上開始看到一些基本商品出現回調。我們是鋼、銅和鋁的大用戶。我們實際上看到這些商品成本有所放緩。然後發生了衝突。我們看到這些基本商品的通脹趨勢重新出現，以及物流成本持續高企，這確實有點令人驚訝。

We were very optimistic around the last call that those costs, commodities and logistics, would start to moderate through the balance of the year. I'm not as optimistic as I sit here today that they will. And that's reflective of this kind of most recent round of pricing and why we did that.

我們對上次電話會議非常樂觀，認為這些成本、商品和物流將在今年餘下時間開始放緩。我並不像今天坐在這裡那樣樂觀地認為他們會這樣做。這反映了最近一輪的定價以及我們這樣做的原因。

We're -- in our latest guide, we've got steel prices at their higher levels here. And copper, now copper has actually moderated since then, but...

我們 - 在我們的最新指南中，我們在這裡獲得了更高水平的鋼鐵價格。還有銅，現在銅實際上已經緩和了，但是...

It has actually pulled back.

它實際上已經退縮了。

Yes. And we are starting to see the beginnings of some of the logistics costs moderate, so that will be helpful. But yes, if costs continue to rise from like, let's say, today's levels, then it's something we would have to evaluate. But I think the team was able to react very quickly to these higher inflationary pressures that we're seeing today.

是的。而且我們開始看到一些物流成本開始適中，這將是有幫助的。但是，是的，如果成本繼續從今天的水平上升，那麼我們將不得不評估它。但我認為團隊能夠對我們今天看到的這些更高的通脹壓力做出非常迅速的反應。

And given the elasticity comments I made prior, it doesn't worry us if we have to do that. The thing that we probably could have done to help ourselves earlier is to reprice the backlog more fully earlier on. And that's an extraordinary step. We try to avoid doing that because we know that our distribution partners, oftentimes, they've already bid out a job. They already have a contracted arrangement with end customers.

鑑於我之前發表的彈性評論，如果我們必須這樣做，我們並不擔心。我們可能會更早地幫助自己做的事情是更早地重新定價積壓。這是非同尋常的一步。我們盡量避免這樣做，因為我們知道我們的分銷合作夥伴，通常，他們已經競標了一份工作。他們已經與最終客戶簽訂了合同。

So repricing the backlog is effectively just reducing their economics on a project. Or they have to go back to their end customer and also increase price, which different channel partners approach that differently. But that's a pretty painful step. And we understand that. But that's something that we -- it doesn't worry us. If we have to do that, we will do that again.

因此，重新定價積壓實際上只是降低了他們在項目上的經濟性。或者他們必須回到他們的最終客戶那裡並提高價格，不同的渠道合作夥伴採取不同的方式。但這是相當痛苦的一步。我們明白這一點。但這是我們的事情——我們並不擔心。如果我們必須這樣做，我們將再次這樣做。

Okay. In terms of capacity, Aaron, you just talked through hitting your Q2 '22 double-double. And you talked through the strong demand, the new baseline level. What else do you need to see before you become -- well, what else do you need to see for the next capacity expansion to become official? Like where are you in that process? We've talked through over the past few quarters here. And you've been waiting for something. What is that something? And how close are we? And if we are looking at another leg of expansion, where is it? And to what degree can you sketch it up?

好的。就容量而言，Aaron，你剛剛談到了你的 Q2 '22 兩雙。你談到了強勁的需求，新的基線水平。在你成為正式之前，你還需要看到什麼——嗯，你還需要看到什麼才能讓下一次產能擴張成為正式的？比如你在那個過程中處於什麼位置？我們在這裡討論了過去幾個季度。而你一直在等待什麼。那是什麼東西？我們離我們有多近？如果我們正在尋找另一條擴張路線，它在哪裡？你能把它畫到什麼程度？

Yes. Yes. Thanks, Phil. And we've been in the process for evaluating either an expansion in our existing facility in Trenton or perhaps another facility for home standby production in particular. We haven't announced a location yet or what our plans are there. We did take the extraordinary step of ordering some of the additional tooling we'll need to take another leg-up in capacity -- to increase capacity further there because we know the lead times are long. That tooling right now would hit sometime in the first quarter of next year in 2023. Where we deliver that tooling to and where we take that production capacity to is the question.

是的。是的。謝謝，菲爾。我們一直在評估我們在特倫頓的現有設施的擴展，或者可能是另一個特別是用於家庭備用生產的設施。我們尚未宣布地點或我們的計劃。我們確實採取了非同尋常的步驟，訂購了一些額外的工具，我們需要進一步提高產能——進一步增加產能，因為我們知道交貨時間很長。現在的工具將在 2023 年第一季度的某個時候出現。我們將工具交付到哪里以及將生產能力帶到哪裡是個問題。

In terms of what do we need to see, I think we've already seen it. We've seen a new and higher baseline for the category. We know that we want to have, for ourselves, we need to build in some upside here in terms of the expansion capacity, if you will. We need some excess capacity there to handle where demand surges happen. We call it surge capacity.

至於我們需要看到什麼，我想我們已經看到了。我們已經看到了該類別的新的和更高的基線。我們知道，如果您願意，我們需要在擴展能力方面建立一些優勢。我們需要一些過剩的產能來應對需求激增的地方。我們稱之為浪湧能力。

Today, we think we have -- we've been in pretty good shape, not knowing what's going to happen in the back half of the year for the demand curve. Again, all of our guidance here does not assume, even though contrary to what the latest hurricane forecasts are, does not assume that we get a major event. So if we do see an active hurricane season, obviously, we'll want to move faster, not slower on those capacity expansion plans.

今天，我們認為我們已經 - 我們的狀態非常好，不知道今年下半年的需求曲線會發生什麼。同樣，我們在這裡的所有指導都沒有假設，即使與最新的颶風預測相反，也沒有假設我們會發生重大事件。因此，如果我們確實看到活躍的颶風季節，顯然，我們希望在這些產能擴張計劃上加快步伐，而不是放慢速度。

But in the meantime, we're going to have to figure out where we deliver this tooling. And we're going to have to figure out what that kind of longer-term capacity for HSB looks like. We do have some similar challenges on the C&I side of our business, which has been growing at a very similar clip. We know that we need to add capacity there and are also in the current evaluation phase of do we add another facility? Do we expand existing facilities? What do we do to address that as that category builds out?

但與此同時，我們將不得不弄清楚我們在哪裡提供這種工具。我們將不得不弄清楚HSB的這種長期容量是什麼樣的。我們在業務的 C&I 方面確實面臨一些類似的挑戰，該業務一直在以非常相似的速度增長。我們知道我們需要在那裡增加容量，並且還處於當前的評估階段，我們是否要增加另一個設施？我們是否擴大現有設施？隨著該類別的建立，我們如何解決這個問題？

We've been, in the meantime, filling up our facility south of the border outside of Mexico City. We have a brand new beautiful facility down there that we built a couple of years ago, mainly for the Latin American markets. And it was going to give us really nice long-term growth capacity down there. We've just filled it up very quickly with our capacity each year in the U.S. and Canada. So we're starting to get really tight on capacity in C&I. So that's another area.

與此同時，我們一直在填補墨西哥城以外邊境以南的設施。幾年前，我們在那裡建造了一座全新的漂亮設施，主要面向拉丁美洲市場。這將為我們提供非常好的長期增長能力。我們每年在美國和加拿大的產能都很快被填滿。因此，我們開始在 C&I 的產能上變得非常緊張。所以這是另一個領域。

And then Clean Energy is another area where we have to evaluate capacity needs for the longer term. So that is a very active process across the entire business. When you grow 50% one year and 36% to 40% the next year, figuring out what that footprint is going to be to accommodate that growth and growth in the future, it's almost an everyday discussion.

然後清潔能源是我們必須評估長期產能需求的另一個領域。所以這是一個貫穿整個業務的非常活躍的過程。當你一年增長 50%，明年增長 36% 到 40% 時，弄清楚未來的增長和增長將是什麼足跡，這幾乎是每天的討論。

Your next question is from Jeff Hammond with KeyBanc.

您的下一個問題來自 KeyBanc 的 Jeff Hammond。

So I know you covered some on kind of price/cost. But I just want to kind of level set on your confidence in the second half kind of margin ramp. And just as it relates to kind of the start-up freight and component surcharges, if you need some reprieve there to kind of hit that margin ramp.

所以我知道你涵蓋了一些價格/成本。但我只是想在你對下半年保證金斜坡的信心上設定一個水平。就像它與啟動運費和組件附加費有關，如果你需要一些緩刑來達到那個利潤坡度。

Yes. Jeff, this is York. I mean looking at our commentary, gross margins are expected to go up, let's say, roughly 8% from Q1 to Q4. I would say about half of that will just be the realization of the pricing that we've just been talking about at length here over the call. The other half is the cost inputs that you just mentioned. If you think about like where steel was at its peak, it is actually off from its peak.

是的。傑夫，這是約克。我的意思是看我們的評論，毛利率預計會上升，比如說，從第一季度到第四季度大約 8%。我想說其中大約一半將只是實現我們剛剛在電話會議上詳細討論的定價。另一半是你剛才提到的成本投入。如果你想想鋼鐵在哪里達到頂峰，它實際上已經偏離了頂峰。

So relative to what we're experiencing in Q1, which was the peak, and as that progresses through the year, steel should come off a bit. We are starting to see the beginnings of lower inbound freight costs. We don't believe we'll need to expedite as much as we do feel like we've brought in a good amount of safety stock here over the last couple of quarters. So we just believe that inbound logistics cost should moderate a bit. As we ramp, we'll start absorbing in particularly our Trenton plant better. And then we do have line of sight on focused bill of material cost reductions on home standby telecom product, et cetera.

因此，相對於我們在第一季度所經歷的情況，即高峰期，隨著這一年的進展，鋼鐵應該會有所下降。我們開始看到入境運費降低的開始。我們認為我們不需要加快速度，因為我們認為在過去幾個季度我們已經在這裡引入了大量的安全庫存。所以我們只是認為入境物流成本應該適度。隨著我們的發展，我們將開始更好地吸收我們的特倫頓工廠。然後，我們確實對家庭備用電信產品等的重點材料成本降低有一定的看法。

So we feel like we have got good line of sight on some of the easing input cost to execute on that gross margin improvement. As I mentioned before, the guidance does assume steel costs at these higher levels that ramped up after the Russian-Ukraine invasion there. And so we feel like from a future commodity standpoint, we think we've embedded the current environment into the guide. So good line of sight to all the pieces to give that 8% increase in gross margin.

因此，我們覺得我們對一些寬鬆的投入成本有很好的看法，以執行毛利率的提高。正如我之前提到的，該指導確實假設鋼鐵成本在俄羅斯和烏克蘭入侵之後上升的這些更高水平。所以我們覺得從未來商品的角度來看，我們認為我們已經將當前環境嵌入到指南中。所有部分的視線都非常好，使毛利率增加了 8%。

Okay. Great. And then I don't know if I missed it, can you give us the updated lead time on home standby? And then just any updates on kind of just the net metering noise and kind of this trade circumvention kind of having any impact on your Clean Energy businesses?

好的。偉大的。然後我不知道我是否錯過了，你能給我們最新的在家待命的交貨時間嗎？然後只是關於淨計量噪音的任何更新以及這種貿易規避對您的清潔能源業務有什麼影響？

Yes. No, it's a great question there, Jeff. About 20 weeks on HSB today on inbound orders, so still pretty extended, pretty long. Backlog is still well north of $1 billion on HSB. But it's -- we're continuing to make progress there as we ramp production.

是的。不，這是一個很好的問題，傑夫。今天在 HSB 上大約 20 週的入境訂單，所以仍然很長，很長。 HSB 的積壓訂單仍遠高於 10 億美元。但它是——隨著產量的增加，我們將繼續在那裡取得進展。

In terms of -- on the Clean Energy business, the impacts to the net metering discussions that have been going on kind of coast-to-coast, right, from California to Florida, we've seen the Florida thing play out. The Governor there vetoed the potential rule changes around net metering, the curtailment of net metering. California is reevaluating the proposed draft rule making there by the PUC.

就清潔能源業務而言，對從加利福尼亞到佛羅里達州一直在進行的淨計量討論的影響，我們已經看到佛羅里達州的事情正在上演。那裡的州長否決了圍繞淨計量的潛在規則變化，即削減淨計量。加利福尼亞州正在重新評估 PUC 制定的擬議規則草案。

We don't see -- actually, when you think about it, let's just take California as an example. We don't have a dramatic penetration in the state of California. So really probably kind of a nonevent for us. In fact, I would say probably that kind of a situation, net metering kind of being curtailed -- and by the way, that's kind of the inevitable situation around net metering. As you get more homes that have solar and are producing their own power on-site, selling that back to utilities at retail rates is untenable economically. I mean it doesn't work longer term.

我們沒有看到——實際上，當你考慮它時，讓我們以加利福尼亞為例。我們在加利福尼亞州的滲透率並不高。所以對我們來說真的可能是一件小事。事實上，我可能會說這種情況，淨計量被削減 - 順便說一句，這是圍繞淨計量不可避免的情況。隨著越來越多的家庭擁有太陽能並在現場生產自己的電力，以零售價將其賣回公用事業在經濟上是站不住腳的。我的意思是它不能長期工作。

So -- but there needs to be a gradual kind of glide path. We've talked about this. We've engaged regulators on this. You can't have this abrupt kind of pulling the punch bowl away kind of situation. I think that's detrimental to the industry. But in what's being proposed in California, that would -- if they did pull the punch bowl away and net metering was curtailed dramatically there as being as proposed, storage is the answer.

所以——但需要有一種漸進的下滑路徑。我們已經討論過這個。我們已經就此與監管機構進行了接觸。你不能有這種突然拉開潘趣酒碗的情況。我認為這對行業不利。但是在加利福尼亞州提出的建議中，如果他們確實將酒杯拉開並且淨計量按照建議大幅減少，那麼存儲就是答案。

So we've actually seen marked increase and interest in storage systems as a result. And I think inevitably, that is what is going to drive storage attachment rates even higher. We're kind of in that 20% to 25% range right now on storage attachment rates.

因此，我們實際上看到了對存儲系統的顯著增長和興趣。我認為不可避免的是，這將推動存儲附件率更高。我們現在在存儲附件率方面處於 20% 到 25% 的範圍內。

And then the trade circumvention discussion, really that -- we're talking to our channel partners. They're not concerned about it in terms of impacting resi solar, maybe more on the utility scale solar projects, those bigger projects. Some of the suppliers of panels to those types of projects are maybe going to be the ones that are caught up first in this evaluation or this investigation.

然後是貿易規避討論，真的 - 我們正在與我們的渠道合作夥伴交談。他們並不關心它對 resi 太陽能的影響，也許更多的是公用事業規模的太陽能項目，那些更大的項目。這些類型的項目的一些面板供應商可能會成為本次評估或本次調查中最先被趕上的供應商。

On the residential side, frankly, there are other panel providers that might push panel prices up a bit. But again, looking at the total cost of these projects, not dramatically so in terms of the impact to the projects. They just don't think there'll be any real demand disruption on the back of that at the residential level. So no major concerns there, at least today, based on our discussions with channel partners.

在住宅方面，坦率地說，還有其他面板供應商可能會推高面板價格。但同樣，看看這些項目的總成本，就對項目的影響而言，並沒有那麼顯著。他們只是認為在住宅層面不會有任何真正的需求中斷。因此，至少在今天，根據我們與渠道合作夥伴的討論，沒有重大問題。

Your next question is from Brian Drab with William Blair.

您的下一個問題來自 Brian Drab 和 William Blair。

This is Blake Keating on for Brian. I'll just ask a quick one here since it's after the hour. Have the 2 lockdowns in China affected any of your suppliers there or your supply chain network overall? And do you see that as a potential risk moving forward that they continue to be under lockdown?

這是布萊恩的布萊克基廷。我會在這裡問一個快速的，因為它是在下班後。中國的兩次封鎖是否影響了您那裡的任何供應商或您的整個供應鍊網絡？您是否認為他們繼續處於鎖定狀態是一種潛在的風險？

Yes, it's a great question, Blake. It's not helpful. Just broadly, we have supply chain there in that part of the world. And the lockdowns have created just another -- yet another kind of struggle or challenge for our operational teams. So we're working around it. I do think that York may have made this comment before relative to our current working capital situation. We're feeling like -- we've got a lot of inventory sitting here that we're preparing for season.

是的，這是一個很好的問題，布萊克。這沒有幫助。從廣義上講，我們在世界的那個地方有供應鏈。封鎖給我們的運營團隊帶來了另一種鬥爭或挑戰。所以我們正在解決它。我確實認為，相對於我們目前的營運資金狀況，約克之前可能已經發表過這樣的評論。我們感覺 - 我們有很多庫存，我們正在為季節做準備。

So you can kind of think of it as like a little extra safety stock right now, which is helping us buffer the impact of that. But we do have some instances where we're having to expedite logistics again. We're having to fly some products over-the-top of things to get here faster because of the lockdowns where we can't load a ship or we can't get something here on a timely basis. So if those lockdowns extend, could that impact us? I think, like anything, probably would have some kind of an impact.

所以你現在可以把它想像成一個額外的安全庫存，這有助於我們緩衝這種影響。但我們確實在某些情況下不得不再次加快物流速度。由於封鎖令我們無法裝船或無法及時到達這裡，我們不得不將一些產品空運到這裡來更快地到達這裡。那麼，如果這些封鎖延長，會對我們產生影響嗎？我認為，就像任何事情一樣，可能會產生某種影響。

I do think that we've done a really nice job over the last couple of years broadening our supply chain, meaning we have fewer single sources of supply now than we've ever had for some of our critical categories like home standby. So we do have other options. We're not as concentrated on supply. So that, I think, just derisks the category a bit and makes any one disruption that much less impactful. So I feel like we're in a better shape to weather that.

我確實認為，在過去幾年中，我們在擴大供應鏈方面做得非常好，這意味著我們現在的單一供應來源比我們在一些關鍵類別（如家庭備用）方面的單一供應來源要少。所以我們確實有其他選擇。我們沒有那麼專注於供應。因此，我認為，這只是稍微降低了該類別的風險，並使任何一次中斷的影響都小得多。所以我覺得我們處於更好的狀態來應對這種情況。

Your next question is from Mark Strouse with JPMorgan.

您的下一個問題來自摩根大通的 Mark Strouse。

Most of them have been answered. I did want to talk about the new Chilicon product, though. I'm sorry if I missed that. But are the new micros, are they still on track introduction later this quarter?

他們中的大多數都已得到答复。不過，我確實想談談新的 Chilicon 產品。如果我錯過了，我很抱歉。但是，新的 micros 是否還在本季度晚些時候推出？

They are. Yes, we're going to be shipping our first beta sites here late in Q2. And we expect to ramp full production and full shipment volumes here in the second half. I mean we still had a pretty modest part of our Clean Energy guide for the year that was associated with PWRmicro. That hasn't changed at all. We know that, that's going to be a slower ramp than probably what our storage ramp was originally.

他們是。是的，我們將在第二季度末在此發布我們的第一個測試版網站。我們預計下半年將在這裡全面提高產量和出貨量。我的意思是，與 PWRmicro 相關的這一年我們的清潔能源指南中仍有相當少的部分。這一點都沒有改變。我們知道，這將是一個比我們最初的存儲坡道更慢的坡道。

But I'll say this, every time we engage with a channel partner in the kind of the renewable space, the solar space, they're very excited to have us there as a potential supplier. We know that we've got -- we've got to prove ourselves there, but we like where the opportunities could take us. That could be one of the more meaningful things, one of the more meaningful product launches here not only for Clean Energy, but maybe for this company in the years ahead. If we look forward, we feel really bullish about where that category is going.

但我要說的是，每次我們與可再生空間、太陽能空間的渠道合作夥伴接觸時，他們都非常高興我們能成為潛在的供應商。我們知道我們已經——我們必須在那裡證明自己，但我們喜歡機會可以把我們帶到哪裡。這可能是更有意義的事情之一，是更有意義的產品發布之一，不僅對清潔能源，而且可能對這家公司在未來幾年。如果我們向前看，我們會非常看好該類別的發展方向。

Your next question is from Jerry Revich with Goldman Sachs.

您的下一個問題來自高盛的 Jerry Revich。

Aaron, I'm wondering if you can just talk about, given the initiatives that you spoke about earlier on the call in terms of growing database and just improvement in conversion rates today versus 5 years ago, 10 years ago, how do you feel about the peak-to-trough move in residential standby demand in this cycle compared to what feels like a 30% magic number we've seen post Katrina and Rita and Sandy, et cetera? How are you thinking about that within the context of the way you're positioned today?

亞倫，我想知道你是否可以談談，鑑於你之前在電話會議上談到的關於不斷增長的數據庫以及今天與 5 年前、10 年前相比提高轉化率的舉措，你感覺如何與我們在卡特里娜颶風、麗塔和桑迪等之後看到的 30% 的神奇數字相比，本週期住宅備用需求的峰值到谷底的變化？在你今天的定位背景下，你是如何看待這個問題的？

Yes, Jerry, that's a really interesting question and one that we continue to ponder here as well. I would tell you that when you think about Sandy and even Rita and some of the back -- kind of go back -- it's more than a decade ago, right? I mean that's -- the category was in a very different place in terms of awareness, in terms of distribution, in terms of our brand recognition, maybe even in terms of kind of consumers' view on the need for backup power, right?

是的，傑瑞，這是一個非常有趣的問題，我們也在此繼續思考。我會告訴你，當你想到桑迪，甚至麗塔和一些背部時——有點回到過去——那是十多年前的事了，對吧？我的意思是——這個品類在知名度、分銷、我們的品牌認知度方面處於非常不同的位置，甚至可能就消費者對備用電源需求的看法而言，對吧？

Just given everything that's transpired in the last decade, outages are more frequent. Outages are lasting longer. People are spending more time in their homes. The grid is in a different spot. I think we're that much more dependent on a continuous source of power in our homes and everything that we do. So I don't know if I'm ready to make a comment that it'll be -- in terms of, numerically, how it will differ. But I think the category, there's no question, the category is in a completely different place. Awareness levels around the products are much, much higher today than they've ever been.

考慮到過去十年發生的一切，停電更加頻繁。停電持續時間更長。人們花更多的時間在家裡。網格位於不同的位置。我認為我們更依賴於家庭和我們所做的一切的持續電力來源。所以我不知道我是否準備好發表評論，它會是什麼——就數字而言，它會有什麼不同。但我認為類別，毫無疑問，類別處於完全不同的位置。今天對產品的認識水平比以往任何時候都要高得多。

So I feel like that it's not -- back 10 years ago, this was a category that was dependent on the episodic nature of things outside of our control. I do not feel that, that's the case today. I feel like we have a lot more levers to pull, we have a lot more buttons to push, and we have a lot more ways to stimulate demand. And there's a lot more need in the marketplace for that.

所以我覺得這不是 - 回到 10 年前，這是一個依賴於我們無法控制的事物的情節性質的類別。我不覺得，今天就是這樣。我覺得我們有更多的槓桿可以拉動，我們有更多的按鈕可以推動，我們有更多的方式來刺激需求。市場對此有更多的需求。

Well, just think about Grid Services and just having an ROI to the generator where in the past it didn't.

好吧，想想 Grid Services 和生成器的 ROI，而在過去它沒有。

It's a whole another angle to this. We're starting to see interest in home standby generators as part of these Grid Services bids. And that would be something we wouldn't have had back then, for sure. I mean it's a great example, York.

這完全是另一個角度。作為這些電網服務投標的一部分，我們開始看到對家用備用發電機的興趣。這肯定是我們當時不會有的東西。我的意思是這是一個很好的例子，約克。

And I'm wondering, can you just expand on that last point? How close are we to seeing these contracts moving forward as part of Grid Services you had in California in alignment with PWRcell and utilities? I'm wondering if we're close to anything similar for the home standby category and utilities.

我想知道，你能擴展一下最後一點嗎？作為您在加利福尼亞州與 PWRcell 和公用事業公司的電網服務的一部分，我們離這些合同向前發展還有多遠？我想知道對於家庭備用類別和公用事業，我們是否接近任何類似的東西。

Yes, that's an area we're watching very closely as well. Grid Services, in our prepared remarks, we said we've gotten -- we've won a number of deals. I mean in Q1, our Grid Services team, I think it was 8 or 9 really kind of important deals for us that -- some small, some large. But we don't press release every one of them. I know others in our market do because I think they have nothing else to talk about. So you talk about that which is the only thing you can talk about.

是的，這也是我們正在密切關注的一個領域。 Grid Services，在我們準備好的評論中，我們說我們已經 - 我們贏得了許多交易。我的意思是在第一季度，我們的網格服務團隊，我認為這對我們來說是 8 或 9 筆非常重要的交易——有些小，有些大。但我們不會逐一發布。我知道我們市場上的其他人會這樣做，因為我認為他們沒有什麼可談的。所以你談論的是你唯一可以談論的事情。

But for us, it's just one more thing. We're marching forward here, building that out. It's given us a lot of confidence about the future opportunities there, not only just kind of how we think about the balance of this year, but how we exit this year and going forward with Grid Services.

但對我們來說，這只是一件事。我們正在這裡前進，建立它。這讓我們對那裡的未來機會充滿信心，不僅是我們如何看待今年的餘額，還有我們今年如何退出並繼續使用 Grid Services。

And it's a mix of products. It's not just home standby. It's everything from PWRcells to thermostats. We talked about ecobee in some of the prepared remarks, but lot of interest in thermostats. And there's a reason for that. Because utilities understand that the cost of a home standby, the cost of a PWRcell, those are pretty expensive products. They're impactful, of course, on the grid. But thermostats are more affordable.

它是產品的混合體。這不僅僅是在家待機。從 PWRcells 到恆溫器，應有盡有。我們在一些準備好的評論中談到了ecobee，但對恆溫器很感興趣。這是有原因的。因為公用事業公司了解家庭備用的成本，PWRcell 的成本，這些都是非常昂貴的產品。當然，它們在電網上具有影響力。但是恆溫器更實惠。

And when you talk about low- and moderate-income households in particular, utilities have to solve for all of their rate payers. They have to solve this problem across their entire rate-paying base. And so not every one of those rate payers is going to be able to put in a battery, a storage system or a home standby generator. So in order to really address all of the ratepayers, thermostats are a great way to do that. And so I've been actually pleasantly surprised by the number of high-quality conversations.

當您特別談到中低收入家庭時，公用事業公司必須為所有納稅人解決問題。他們必須在整個納稅基礎上解決這個問題。因此，並非每個納稅人都能安裝電池、存儲系統或家用備用發電機。因此，為了真正解決所有納稅人的問題，恆溫器是實現這一目標的好方法。所以我實際上對高質量對話的數量感到驚喜。

I was down in Houston last week talking to a couple of larger utility partners down there. And just the enthusiasm they have for the full suite of products that we offer, but also around thermostats in particular, I think it's just been -- I think it's one of the many areas of traction that we're seeing, but one that I think longer term, this makes a lot of sense because you can deliver a lot of value across the entire rate-paying base for not a lot of investment. And I think that really is exciting for many of those grid operators and utility companies.

上週我在休斯敦與幾個較大的公用事業合作夥伴交談。只是他們對我們提供的全套產品的熱情，特別是圍繞恆溫器的熱情，我認為這只是 - 我認為這是我們所看到的眾多牽引領域之一，但我認為從長遠來看，這很有意義，因為您可以在整個納稅基礎上提供大量價值，而無需大量投資。我認為這對許多電網運營商和公用事業公司來說確實令人興奮。

Your next question is from Maheep Mandloi with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Maheep Mandloi。

Most of my questions have been answered. Maybe just like on the HSB backlog, if you could help us understand how much is coming from California and Texas. And just maybe thinking about the growth in those markets beyond 2022, should we expect like a similar run rate you see in your core backup generator markets? Or how -- what are you seeing in the last year in that market?

我的大部分問題都已得到解答。也許就像 HSB 積壓工作一樣，如果你能幫助我們了解有多少來自加利福尼亞和德克薩斯。也許只是考慮到 2022 年以後這些市場的增長，我們是否應該期望在您的核心備用發電機市場看到類似的運行速度？或者如何——你在去年的那個市場上看到了什麼？

Yes. No, great questions, Maheep. Thanks. Yes, we don't break out backlog traditionally by region or by state. But obviously, demand curve, we did call out last year and the last quarters last year that we were seeing obviously tremendous interest from those 2 markets, specifically that you mentioned, California and Texas. We've seen a lot of distribution growth in those markets, which would lead to additional growth opportunities in the future.

是的。不，很好的問題，Maheep。謝謝。是的，我們傳統上不會按地區或州劃分積壓訂單。但很明顯，需求曲線，我們在去年和去年最後幾個季度確實提到了這兩個市場的巨大興趣，特別是你提到的加利福尼亞和德克薩斯。我們已經看到這些市場的分銷增長很多，這將在未來帶來更多的增長機會。

I would just point to one thing that I did mention -- I think I answered it kind of indirectly in another question about kind of the field inventories. But California, in particular the permitting process there, has continued to kind of be challenging. It slowed the growth of that market, in my opinion, in terms of what we can install, the rate at which we can install.

我只想指出我確實提到的一件事——我想我在另一個關於現場清單類型的問題中間接地回答了它。但是加利福尼亞，特別是那裡的許可程序，仍然具有挑戰性。在我看來，就我們可以安裝的內容和安裝速度而言，它減緩了該市場的增長。

Interest level in the category remains very high, though. When we look at IHCs, our in-home consultations, kind of -- and we look at them historically vis-à-vis kind of the 2020 level, that's something that we still see elevated levels in Texas and California, for sure, in terms of interest in the category. And again, I just mentioned on the last question, Q&A question I took, that we were down in Houston last week.

不過，對該類別的興趣仍然很高。當我們查看 IHC、我們的家庭諮詢時，我們從歷史上看它們與 2020 年的水平相比，我們仍然看到德克薩斯州和加利福尼亞州的水平仍然較高，當然，在類別中感興趣的術語。再一次，我剛剛提到最後一個問題，我回答的問答問題，上週我們在休斯頓。

We talked to a number of the participants down there in the market, and they continue to see very strong demand around the product. I think there are a lot of homeowners who maybe were disenfranchised when they tried to get a quote a year ago in the height of the demand surge coming off of the Texas winter event. They were a little bit disenfranchised by either the lead times or just even the time to get an in-home consultation done.

我們與市場上的一些參與者進行了交談，他們繼續看到圍繞該產品的非常強勁的需求。我認為有很多房主在一年前試圖獲得報價時可能被剝奪了權利，因為德克薩斯冬季事件導致需求激增。無論是交貨時間還是只是完成家庭諮詢的時間，他們都有些被剝奪了權利。

And so they're coming back around this year, and they're starting to think about, okay, I want to be ready for next winter, meaning the winter of 2022. And so they're actually starting to see and talk to customers who were not in the funnel. They just kind of self-selected out because it was just too long to wait. And so they're coming back in and revisiting it. So I feel like those markets are going to be -- continue to be growth markets in the future and an important part of the overall story for home standby growth as we see the penetration rate deepen.

所以他們今年左右回來，他們開始考慮，好吧，我想為下一個冬天做好準備，也就是 2022 年的冬天。所以他們實際上開始見客戶並與客戶交談誰不在漏斗中。他們只是自我選擇了，因為等待時間太長了。所以他們會回來重新審視它。所以我覺得這些市場在未來將繼續成為增長市場，並且隨著我們看到滲透率的加深，成為家庭備用增長整體故事的重要組成部分。

Your final question is from Kash Harrison with Piper Sandler.

您的最後一個問題來自 Kash Harrison 和 Piper Sandler。

So circling back to the commentary around home consultations being 3x above 2020 levels. This might be perhaps a simplistic way to think about things, but -- I mean should we effectively just think about the "normalized" baseline level, excess backlog is more or less being 3x your U.S. residential revenues from back in Q1 2020, since presumably PWRcell and ecobee weren't really contributing that much to revenues back then?

因此，回到關於家庭諮詢的評論是 2020 年水平的 3 倍。這可能是一種簡單的思考方式，但是——我的意思是我們是否應該有效地考慮“標準化”基線水平，多餘的積壓或多或少是 2020 年第一季度美國住宅收入的 3 倍，因為大概PWRcell 和 ecobee 那時對收入的貢獻並沒有那麼大嗎？

That's an interesting thought. I mean it's an interesting question. I would tell you that you'd have to take into consideration where our close rate is at. That's a part of that equation. And recall that IHCs are not our full -- that's not everything we do, right? So it's -- we think it's representative or proxy for the HSB market, but that just is a portion of what we do. So there are other channel partners there. We've also seen growth outside the U.S. markets where we're more established with IHCs.

這是一個有趣的想法。我的意思是這是一個有趣的問題。我會告訴你，你必須考慮我們的收盤價在哪裡。這是該等式的一部分。請記住，IHC 並不是我們的全部——這不是我們所做的一切，對吧？所以它是 - 我們認為它是 HSB 市場的代表或代理，但這只是我們工作的一部分。所以那裡還有其他渠道合作夥伴。我們還看到了美國市場以外的增長，我們在 IHC 方面更加成熟。

We didn't talk dramatically about that this time. But we continue to see interest in the product category growing outside of North America. But it's a -- I would have to run the numbers. I have to unpack kind of the HSB growth as we've seen it in kind of the backlog there and where we're at if we took that away. I'm not sure that I could say with 100% certainty that the go-forward rate -- baseline rate is 3x. I'd have to think more about that. It's an interesting question, though.

這次我們沒有戲劇性地談論這個。但我們繼續看到對北美以外產品類別的興趣不斷增長。但這是一個 - 我必須計算數字。我必須解開 HSB 的增長，因為我們已經看到了那裡的積壓，如果我們把它拿走，我們會在哪裡。我不確定我是否可以 100% 肯定地說前進率——基線率是 3 倍。我不得不考慮更多。不過，這是一個有趣的問題。

You have to forecast future close rates and then what is the storm season this year. And like there's a lot of...

您必須預測未來的收盤率以及今年的風暴季節。而且好像有很多...

But if you're thinking about baseline, which I think is his question, I think it's an interesting question, but there's a lot that goes into that. But it's certainly going to be higher. That's what we always talk about this new and higher baseline level that gets created after these kinds of events or cycles. And we've seen them historically over the last nearly 30 years. We kind of grow. We infill with new distribution. We infill with new levels of awareness and then the brand recognition and everything that goes into that. And invariably, it holds those higher baseline levels. It's really quite something to see.

但是，如果您正在考慮基線，我認為這是他的問題，我認為這是一個有趣的問題，但其中有很多內容。但肯定會更高。這就是我們經常談論的在這些事件或週期之後創建的新的和更高的基線級別。在過去的近 30 年裡，我們從歷史上看到了它們。我們有點成長。我們用新的分佈填充。我們填充了新的意識水平，然後是品牌認知度以及與之相關的一切。並且總是保持那些更高的基線水平。這真的很值得一看。

And then you've got our Clean Energy business growing. Then you've got our global C&I business that is doing very well on top of all that.

然後你讓我們的清潔能源業務增長。然後，我們的全球 C&I 業務在所有這些方面都表現出色。

Right. So those would be accretive to that.

正確的。所以那些會增加。

Put all the pieces together, yes.

把所有的部分放在一起，是的。

Accretive. Yes.

增值。是的。

That's helpful. And then just as my follow-up, I'm trying -- I was wondering if you could just maybe circle back to the relationship between the HSB lead times and backlog. You mentioned lead times are now around 20 weeks from 27 to 30 at year-end. But you still have over $1 billion in backlog and you expect to carry some of that into 2023. And so I was wondering if you could just maybe remind us what you consider "normal" lead times to be?

這很有幫助。然後就像我的後續行動一樣，我正在嘗試——我想知道你是否可以回到 HSB 交貨時間和積壓之間的關係。你提到的交貨時間現在大約是 20 週，從年底的 27 到 30。但是您仍有超過 10 億美元的積壓訂單，並且您希望將其中的一部分帶到 2023 年。所以我想知道您是否可以提醒我們您認為“正常”的交貨時間是多少？

And then are there like seasonal market dynamics that would stop the reduction in lead times from being linear, meaning that at the time of the next call, you wouldn't just shave up another 7 to 10 weeks and then another 7 to 10 weeks after that? I'm just trying to better understand how to think about the relationship of how the lead times might evolve over the next few quarters and then how the backlog might evolve with those lead times.

然後有像季節性市場動態那樣會阻止交貨時間的線性減少，這意味著在下一次通話時，您不會再縮短 7 到 10 週，然後再縮短 7 到 10 週那？我只是想更好地理解如何考慮交貨時間在接下來的幾個季度中可能如何演變，以及積壓工作如何隨著這些交貨時間演變。

Yes. That's a great question, Kashy, and maybe a good place to end the call today. Obviously, the HSB backlog, I think the thing that, for us, we're going to have a meaningful backlog in HSB when we exit this year. That has become clear to us, given the demand has remained robust, in line with our expectations in Q1, but was elevated off from Q4 where we thought it was going to be coming into this year.

是的。這是一個很好的問題，Kashy，也許是今天結束通話的好地方。顯然，HSB 積壓，我認為，對我們來說，當我們今年退出時，我們將在 HSB 有一個有意義的積壓。鑑於需求保持強勁，符合我們在第一季度的預期，這一點對我們來說已經很清楚了，但從我們認為今年將進入的第四季度有所上升。

That pushed kind of the original assumption when we said at our Investor Day was that we would be back down to our historical lead times, which are 0 to 2 weeks. That was part of your question, what are historical lead times, 0 to 2 weeks. It's almost like we -- inventory for the product. We want to have product available so that when there are demand surges, we can handle it. We don't foresee ourselves getting back to that level by the end of this year.

當我們在投資者日說的時候，這推動了最初的假設，即我們將回到我們的歷史交貨時間，即 0 到 2 週。這是您問題的一部分，什麼是歷史交貨時間，0 到 2 週。這幾乎就像我們 - 產品的庫存。我們希望有可用的產品，以便當需求激增時，我們可以處理它。我們預計到今年年底自己不會回到那個水平。

In fact, we'll be quite a bit -- lead times will remain fairly elevated. They won't be at 20 weeks, but they won't be back at 0 to 2 weeks. And remember that because also we're ramping production here, each week of backlog we're talking about is a bigger number, right, because we're producing a lot more per week. So we're accelerating. And so that week -- each week of backlog is actually a bigger number.

事實上，我們會相當多——交貨時間將保持相當高的水平。他們不會在 20 週時回來，但他們不會在 0 到 2 週時回來。請記住，因為我們也在增加產量，所以我們所說的每周積壓的數量更大，對，因為我們每週的產量要多得多。所以我們正在加速。所以那一周 - 每一周的積壓實際上是一個更大的數字。

So the quantum is growing as we grow our output here. So -- and that's without. By the way, our assumption does not include a major event. So it includes no major events. So a muted hurricane season, which is not -- that's not what's projected. So we are, I guess, maybe being a bit conservative there. I don't know. We've always guided without storms. Whether that's right or wrong, we could debate that for another hour on this call.

因此，隨著我們在這裡的輸出增長，量子也在增長。所以 - 沒有。順便說一句，我們的假設不包括重大事件。所以它不包括重大事件。所以一個平靜的颶風季節，這不是 - 這不是預計的。所以，我猜，我們可能有點保守。我不知道。我們一直在沒有風雨的指導。無論這是對還是錯，我們可以在這次電話會議上再討論一個小時。

But it's -- that's the way we guide. And so there's like a free option embedded in the stock that way, if you want to think of it that way, is that if you do get a storm season that's in line with what experts are saying, we're going to see more demand. I don't know that we'll be able to satisfy much more of that demand this year because it will be a 2023 story more so than anything.

但這就是我們指導的方式。所以就像股票中嵌入了一個免費期權，如果你想這樣想，如果你確實遇到了與專家所說的一致的風暴季節，我們將看到更多的需求.我不知道今年我們能否滿足更多的需求，因為這將是 2023 年的故事，最重要的是。

We do have portable gens and other things. We're in pretty good shape there. From an inventory standpoint, we'll be able to capitalize on that if there were outages that were major outages this year. But we're going to have a sizable backlog going in next year. And that's the big -- I think that's where we'd probably leave it at here for this call. So -- but great question.

我們確實有便攜式發電機和其他東西。我們在那裡的狀態很好。從庫存的角度來看，如果今年發生重大停電，我們將能夠利用這一點。但明年我們將有大量積壓。這是最重要的——我認為我們可能會把它留在這裡進行這次電話會議。所以 - 但很好的問題。

And that concludes the question-and-answer session. Now I'll hand the conference back to Mr. Harris for final comments.

問答環節到此結束。現在我將把會議交還給哈里斯先生以徵求最終意見。

We want to thank everyone for joining us this morning. We look forward to discussing our second quarter 2022 earnings results with you in early August. 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 8 月初與您討論我們 2022 年第二季度的收益結果。再次感謝，再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining. 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。感謝您的加入。您現在可以斷開連接。祝你有美好的一天。