SunPower Corporation (SPWR) 2020 Q1 法說會逐字稿

Good afternoon. Welcome to SunPower Corporation's First Quarter 2020 Earnings Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

午安.歡迎參加 SunPower Corporation 2020 年第一季財報電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員說明）

I would now like to turn the call over to Mr. Bob Okunski, Vice President of Investor Relations at SunPower Corporation. Thank you. Sir, you may begin.

我現在想將電話轉給 SunPower Corporation 投資者關係副總裁 Bob Okunski 先生。謝謝。先生，您可以開始了。

Thank you, Latif. I would like to welcome everyone to our First Quarter 2020 Earnings Conference Call. On the call today, we will start off with a strategic overview from Tom Werner, CEO of SunPower, who will also provide an update on our SPES business; followed by Jeff Waters, CEO of SPT and Maxeon, who will discuss our international business. Manu Sial, our CFO, will then review our first quarter 2020 financial results before turning the call back to Tom for guidance.

謝謝你，拉蒂夫。歡迎大家參加我們的 2020 年第一季財報電話會議。在今天的電話會議上，我們將從 SunPower 執行長 Tom Werner 的策略概述開始，他還將提供有關我們 SPES 業務的最新資訊；接下來是 SPT 和 Maxeon 執行長 Jeff Waters，他將討論我們的國際業務。然後，我們的財務長 Manu Sial 將審查我們 2020 年第一季的財務業績，然後將電話轉回給 Tom 尋求指導。

As a reminder, a replay of this call will be available later today on the Investor Relations page of our website.

謹此提醒，今天晚些時候，我們網站的投資者關係頁面將提供本次電話會議的重播。

During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation, today's press release, our 2019 10-K and our quarterly reports on Form 10-Q. See those documents for additional information regarding those factors that may affect these forward-looking statements.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到今天簡報的安全港幻燈片、今天的新聞稿、2019 年10-K 和10-Q 表格季度報告中描述的各種風險和不確定性的影響。有關可能影響這些前瞻性陳述的因素的更多信息，請參閱這些文件。

To enhance this call, we have also posted a set of PowerPoint slides, which we will reference during this call, on the Events and Presentations page of our Investor Relations website. Please note, we have provided a number of additional data slides in the appendix of our presentation deck. In the same location, we have also posted a supplemental data sheet detailing some of our other historical metrics.

為了增強本次電話會議的效果，我們也在投資者關係網站的活動和簡報頁面上發布了一組 PowerPoint 投影片，我們將在本次電話會議期間參考這些投影片。請注意，我們在簡報的附錄中提供了一些額外的資料幻燈片。在同一位置，我們還發布了補充資料表，詳細說明了我們的一些其他歷史指標。

Finally, I'd like to highlight that Maxeon Solar Technologies is planning to host a Capital Markets Day prior to the close of the spin transaction and we will provide details on the timing as we get closer to the event.

最後，我想強調的是，Maxeon Solar Technologies 計劃在分拆交易結束前舉辦資本市場日活動，我們將在活動臨近時提供有關時間表的詳細資訊。

With that, I would like to call -- turn the call over to Tom Werner, CEO of SunPower. Tom?

說到這裡，我想打電話給 SunPower 執行長 Tom Werner。湯姆？

Thanks, Bob, and thank you for joining us.

謝謝鮑勃，也謝謝你加入我們。

On this call, we will provide an overview of our first quarter performance, address how we are managing during the COVID-19 disruption and highlight why we are well positioned to emerge from the current environment in a strong competitive position.

在本次電話會議上，我們將概述第一季度的業績，討論我們在 COVID-19 幹擾期間的管理方式，並強調為什麼我們處於有利位置，能夠在當前環境中佔據強大的競爭地位。

Let's start with a recap of our first quarter performance. Please turn to Slide 3. We executed well in Q1, exceeding our guidance by posting positive EBITDA in a seasonally weak quarter. Our U.S. channels business continued to outperform its strength in all 3 segments, residential new homes, residential retrofit and the commercial dealer channel.

讓我們先回顧一下我們第一季的業績。請參閱投影片 3。我們在第一季表現良好，在季節性疲軟的季度中公佈了正的 EBITDA，超出了我們的指導。我們的美國通路業務在住宅新房、住宅改造和商業經銷商通路這三個領域的表現持續優於其實力。

Internationally, we saw a strong year-on-year shipment growth in spite of the COVID impact starting late in the quarter. We took rapid action, both internally and externally, to manage our cost structure and ensure supply chain continuity.

在國際上，儘管從本季末開始受到新冠疫情的影響，但我們的出貨量仍實現了強勁的同比增長。我們在內部和外部迅速採取行動來管理我們的成本結構並確保供應鏈的連續性。

In spite of the disruption, we continue to invest in our industry-leading technology, including next-generation Maxeon technology, Equinox storage and digital.

儘管受到干擾，我們仍繼續投資業界領先的技術，包括下一代 Maxeon 技術、Equinox 儲存和數位技術。

Finally, I want to reiterate that the planned spin-off of Maxeon is expected to be completed by the end of the second quarter, pending regulatory approval and the signing of financial facilities.

最後，我想重申，計劃中的 Maxeon 分拆預計將在第二季末完成，尚待監管部門批准和財務融資協議的簽署。

Now I would like to spend a few minutes highlighting the actions we have taken to address the current COVID disruption. Please turn to Slide 4. First, our primary focus during this pandemic is the safety and well-being of our employees while working closely with our partners to continue to serve our customers. Some of our key actions include: implementation of a work-from-home program for over 1,500 employees; a rapid and comprehensive transition to online sales in our residential business; continued investment in our industry-leading technology to position the company for future growth; and finally, implementing actions to streamline our 2020 cash flow and cost structure by up to $100 million with up to $500 million in available liquidity over the next 12 months.

現在，我想花幾分鐘時間重點介紹我們為應對當前新冠疫情造成的干擾而採取的行動。請參閱投影片 4。首先，在這場大流行期間，我們的首要關注點是員工的安全和福祉，同時與我們的合作夥伴密切合作，繼續為我們的客戶提供服務。我們的一些關鍵行動包括： 為 1,500 多名員工實施在家工作計畫；我們的住宅業務快速全面地過渡到線上銷售；繼續投資我們領先業界的技術，為公司未來的發展做好準備；最後，採取行動，在未來 12 個月內將 2020 年現金流和成本結構精簡高達 1 億美元，並提供最多 5 億美元的可用流動資金。

I would like to spend the balance of my time explaining why New SunPower is well positioned for success after the Maxeon spin. Please turn to Slide 5 for a review of Q1 performance in our SPES channels business. Our channels business delivered a very strong quarter, primarily driven by our U.S. residential business. Installs rose 50% year-over-year and delivered strong gross margins in what is historically a seasonally

我想用剩下的時間來解釋為什麼 New SunPower 在 Maxeon 轉型後能夠取得成功。請參閱投影片 5，回顧我們的 SPES 通路業務第一季的業績。我們的通路業務季度表現非常強勁，這主要是由我們的美國住宅業務推動的。安裝量年增 50%，並在歷史上季節性的情況下實現了強勁的毛利率

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（技術難度）

Residential bookings increased 10% year-over-year and our new homes backlog expanded to greater than 45,000 homes. Our installed base now exceeds 2.5 gigawatts and 317,000 customers.

住宅預訂量年增 10%，我們的新房積壓已超過 45,000 套。我們的裝置容量現已超過 2.5 吉瓦，擁有 317,000 名客戶。

Finally, we are confident we have sufficient tax equity and project finance capability to meet our residential and commercial financing needs through 2020, including our recently announced $1 billion loan partnership with Technology Credit Union.

最後，我們相信我們有足夠的稅收公平和專案融資能力來滿足 2020 年之前的住宅和商業融資需求，包括我們最近宣布與 Technology Credit Union 建立的 10 億美元貸款合作夥伴關係。

On Slide 6, we outlined our leading position in the transition to online sales as well as our success in digitizing the customer process from end to end. We have been investing in digital tools for years and significantly ramped our investment in this area 2 years ago. Over a year ago, we began direct-to-customer online sales and refined the technology and process to improve close rates. This head start has positioned us well for the COVID pandemic as we were able to quickly train over 2,000 members of our dealer network using our existing tools and training procedures.

在投影片 6 中，我們概述了我們在向線上銷售過渡方面的領先地位，以及我們在端到端客戶流程數位化方面所取得的成功。多年來我們一直在數位工具方面進行投資，並在兩年前大幅增加了在該領域的投資。一年前，我們開始直接面向客戶的線上銷售，並改進了技術和流程以提高成交率。這一領先優勢使我們能夠很好地應對新冠疫情，因為我們能夠使用現有工具和培訓程序快速培訓經銷商網路的 2,000 多名成員。

As a result, our channel has been able to transition quickly and comprehensively to an entirely online approach. More than 95% of SunPower-generated appointments are now conducted virtually and subsequent installations completed with little or no customer contact.

因此，我們的管道能夠快速、全面地過渡到完全在線的方式。現在，超過 95% 的 SunPower 預約都是虛擬進行的，後續安裝只需很少或無需與客戶接觸即可完成。

Additionally, we recently rolled out a "$0 Down + 6 Months On Us" lease and loan program to drive further demand through our online channels. Our rapid transition to online sales was enabled by the SunPower Design Studio application that allows homeowners to design solar systems on their own groove in real time. Since rolling this out in Q3 of last year, SunPower customers have already completed more than 40,000 designs. SunPower Design Studio reduces design turnaround times from 30 minutes to 30 seconds, allowing homeowners and their virtual sales representatives to create and review a variety of solar design options in real time.

此外，我們最近推出了「0 美元首付 + 6 個月免費」租賃和貸款計劃，以透過我們的線上管道推動進一步的需求。 SunPower Design Studio 應用程式使我們能夠快速過渡到線上銷售，該應用程式允許房主根據自己的情況即時設計太陽能係統。自去年第三季推出以來，SunPower 客戶已經完成了 40,000 多個設計。 SunPower Design Studio 將設計週轉時間從 30 分鐘縮短至 30 秒，使房主及其虛擬銷售代表能夠即時創建和審查各種太陽能設計選項。

Finally, we recently launched our mySunPower dealer portal across all our channels, enabling digital signatures on all documents necessary to complete a system sale. Also, we are working closely with local jurisdictions to accelerate remote site inspection and permitting as part of mySunPower platform.

最後，我們最近在所有通路上推出了 mySunPower 經銷商門戶，支援對完成系統銷售所需的所有文件進行數位簽署。此外，作為 mySunPower 平台的一部分，我們還與當地司法管轄區密切合作，加速遠端現場檢查和許可。

In summary, our investments in digital are driving lower customer acquisition costs, streamlining sales and installation process and providing our customers with a superior experience. As we look forward to the current quarter, our digital platform is playing a key role in our efforts to manage the business through the current disruption. While we expect Q2 to be challenging, we are encouraged. If demand trend had stabilized by mid-April, we'd have shown improvement over the last few weeks.

總而言之，我們在數位化方面的投資正在降低客戶獲取成本，簡化銷售和安裝流程，並為我們的客戶提供卓越的體驗。當我們展望本季時，我們的數位平台在我們管理業務度過當前混亂的過程中發揮關鍵作用。雖然我們預計第二季將充滿挑戰，但我們感到鼓舞。如果需求趨勢在 4 月中旬之前穩定下來，那麼過去幾週的情況就會有所改善。

I'd now like to review some key elements of our strong competitive position in the U.S. residential small commercial channel and new homes markets. Please turn to Slide 7. First, our unmatched residential and commercial dealer network. Our dealer network now exceeds 500 partners nationwide, including 35 SunPower-branded Master Dealers. Our Master Dealers accounted for a record 50% of our revenue in the first quarter. We added 3 new Master Dealer partners during the quarter and expect this group of loyal partners will continue to drive a large portion of our sales. We also continue to see significant expansion of our unique small commercial dealer network where Q1 '20 volume was twice the same quarter as last year.

我現在想回顧一下我們在美國住宅小型商業通路和新房市場中強大競爭地位的一些關鍵要素。請參閱幻燈片 7。首先，我們無與倫比的住宅和商業經銷商網路。目前，我們的經銷商網路在全國擁有超過 500 家合作夥伴，其中包括 35 家 SunPower 品牌總經銷商。我們的主經銷商占我們第一季營收的 50%，創歷史新高。我們在本季增加了 3 個新的主經銷商合作夥伴，預計這群忠實的合作夥伴將繼續推動我們銷售額的很大一部分。我們也繼續看到我們獨特的小型商業經銷商網路的顯著擴張，其中 20 年第一季的銷量是去年同期的兩倍。

Next, let me review our continued leadership in the new homes market. Our market share in the new homes market remains above 50%, with strong growth driven by the California new homes mandate. Our contracted new homes backlog exceeds 180 megawatts. This leadership position is built on sales to 18 of the top 20 California homebuilders. We have over 600 active home communities in development right now. This past quarter, we reached a major milestone with KB Homes where we installed our 10,000th system. Despite the current disruption, new home installations are proceeding and we expect to top 50,000 cumulative installations by the end of the second quarter.

接下來，讓我回顧一下我們在新房市場的持續領先地位。我們在新房市場的市場份額保持在 50% 以上，在加州新房強制令的推動下實現強勁增長。我們已簽約的新房積壓超過 180 兆瓦。這一領先地位是建立在加州 20 強住宅建築商中 18 家的銷售基礎上的。我們目前正在開發 600 多個活躍的家庭社區。上個季度，我們在 KB Homes 上實現了一個重要里程碑，安裝了第 10,000 個系統。儘管目前受到干擾，新住宅安裝仍在繼續，我們預計到第二季末累計安裝量將達到 50,000 套。

To further our lead in this market, we are developing an array of new products specifically designed for the new homes market that we will be announcing shortly.

為了進一步鞏固我們在這一市場的領先地位，我們正在開發一系列專為新房市場設計的新產品，我們很快就會發布這些產品。

Please turn to Slide 8 where I'll provide an update on our Equinox storage solution. Equinox storage is the next major evolution of our Equinox energy platform, giving homeowners more freedom from utility outages and expensive peak electric rates. With Equinox, homeowners can store energy for full or partial home backup during blackouts and reduce daily peak electricity consumption. Most importantly, Equinox storage is the only fully integrated residential system designed, engineered and warranted by a single company.

請參閱幻燈片 8，我將在其中提供有關 Equinox 儲存解決方案的最新資訊。 Equinox 儲存是我們 Equinox 能源平台的下一個重大發展，使房主更輕鬆地免受公用事業中斷和昂貴的尖峰電價的影響。借助 Equinox，房主可以儲存能源，用於停電期間的全部或部分家庭備用，並減少每日高峰用電量。最重要的是，Equinox 儲存是唯一由一家公司設計、工程和保固的完全整合住宅系統。

Equinox storage also offers residential customers significant advantages compared to our competition, including longer lifetime, fewer boxes on the wall, modular footprint and a superior warranty. Equinox storage is expected to have a significant incremental impact on our residential business beginning the second half of this year.

與我們的競爭對手相比，Equinox 儲存還為住宅客戶提供了顯著的優勢，包括更長的使用壽命、更少的牆上盒子、模組化佔地面積和卓越的保固。預計從今年下半年開始，Equinox 儲存將對我們的住宅業務產生重大的增量影響。

Customer demand for our solution is very high, particularly in California. We are beginning sales and installations through our direct channel this quarter and will expand to our dealer network early in Q3.

客戶對我們解決方案的需求非常高，尤其是在加州。我們本季開始透過直接通路進行銷售和安裝，並將在第三季初擴展到我們的經銷商網路。

Finally, I'd like to briefly cover our Commercial Direct business on Slide 9. We undertook a major restructuring of our Commercial Direct business starting in the second half of last year, and we are beginning to see the benefits as the business outperformed our forecast in the first quarter. We expect sequential improvement through 2020.

最後，我想在投影片 9 上簡要介紹我們的商業直接業務。我們從去年下半年開始對商業直接業務進行了重大重組，隨著業務表現超出了我們的預期，我們開始看到好處在第一季。我們預計到 2020 年將持續改善。

For the quarter, we achieved a number of important milestones. The business was close to breakeven on an EBITDA basis and we expect profitability in the second half of the year. We significantly improved the overall cost structure of this business. We continue to add to our backlog. We now have more than 90% of our forecasted 2020 business currently contracted. We are on track to achieve our target model of margins in excess of 50% and are driving a positive cash flow by the end of the year. Demand for our Helix storage product remains high with attach rates in excess of 30%. We expect that this program will drive material adoption in storage with new customers across our -- and across our 1.5 gigawatt installed base. Finally, we are seeing minimal COVID impact on our commercial business, given the longer lead times and essential services status with local authorities.

本季度，我們實現了許多重要的里程碑。以 EBITDA 計算，該業務已接近收支平衡，我們預計下半年將實現盈利。我們顯著改善了該業務的整體成本結構。我們繼續增加我們的積壓工作。目前，我們預計 2020 年業務的 90% 以上目前已簽訂合約。我們預計將實現利潤率超過 50% 的目標模型，並在年底前實現正現金流。對我們的 Helix 儲存產品的需求仍然很高，附加率超過 30%。我們預計該計劃將推動我們整個 1.5 吉瓦安裝基地的新客戶在儲存領域採用材料。最後，鑑於交貨時間更長以及地方當局的基本服務狀態，我們看到新冠疫情對我們商業業務的影響微乎其微。

With that, I would like to turn the call over to Jeff Waters, CEO of SPT and future CEO of Maxeon. Jeff?

說到這裡，我想將電話轉給 SPT 執行長、Maxeon 未來執行長 Jeff Waters。傑夫？

Thanks, Tom.

謝謝，湯姆。

Let me start with a quick review of SunPower Technologies' first quarter performance. Please turn to Slide 10. SPT delivered strong year-on-year growth with overall Q1 shipment volume up close to 30% versus the previous year and an increasing mix of P-Series products. Overall, revenues were up 9%, driven primarily by DG market revenue, which increased 28% and comprised over 70% of total Q1 revenue. This growth speaks to the long-term fundamentals of our business and to the strength of our more than 1,000 global channel partners.

首先讓我快速回顧一下 SunPower Technologies 第一季的表現。請參閱投影片 10。SPT 年成長強勁，第一季整體出貨量較上年成長近 30%，P 系列產品組合不斷增加。總體而言，收入增長了 9%，主要受到 DG 市場收入的推動，該市場收入增長了 28%，佔第一季總收入的 70% 以上。這種成長體現了我們業務的長期基礎以及我們 1,000 多家全球通路合作夥伴的實力。

Our Q1 performance saw the impact of both supply and demand reductions caused by COVID-19 disruption in our core markets beginning in March. This had us idling all of our factories near the end of the quarter as a result.

我們第一季的業績受到了 3 月開始的 COVID-19 幹擾對我們核心市場造成的供應和需求減少的影響。結果，我們在本季末時所有工廠都處於閒置狀態。

I would like to now elaborate on the current status of our global manufacturing fleet. Please turn to Slide 11. With the exception of our HSPV P-Series joint venture in China, which is currently operating at full capacity, all of our factories were in warm idle for the majority of April. Just this week, we have resumed production in our factories in Malaysia, France and Oregon, and we expect that we will be resuming production in our remaining factories in the Philippines and Mexico this month. We're working closely with local governments on the safe reopening of our factories, and based on current projections, have sufficient inventory on hand to meet the vast majority of our customer commitments from the second quarter.

我現在想詳細介紹一下我們全球製造團隊的現況。請參閱投影片 11。除了我們在中國的 HSPV P 系列合資企業目前已滿載運作外，我們所有的工廠在 4 月的大部分時間都處於熱閒置狀態。就在本週，我們在馬來西亞、法國和俄勒岡州的工廠已經恢復生產，預計本月我們在菲律賓和墨西哥的剩餘工廠也將恢復生產。我們正在與地方政府密切合作，確保工廠安全重新開業，根據目前的預測，我們手頭上有足夠的庫存來滿足第二季度以來的絕大多數客戶承諾。

Now let me cover our capacity expansion plans. Please turn to Slide 12. 2019 shipments totaled approximately 2.5 gigawatt, split evenly between IBC and P-Series technology. Looking forward, these charts show planned capacity expansion through 2021 compared to our 2019 capacity.

現在讓我介紹一下我們的產能擴張計畫。請參閱投影片 12。2019 年出貨量總計約 2.5 吉瓦，IBC 和 P 系列技術各佔一半。展望未來，這些圖表顯示了與 2019 年產能相比，到 2021 年計畫的產能擴張。

Let's start on the left-hand side of the page with our IBC technology. While total capacity will increase only slightly, we will be converting our 10-year old Max 2 technology Fab 3 to our latest Max 5 technology, increasing the supply of our highest margin product by a factor of 4. Funding from TZS as part of the Maxeon Solar spin-off transaction will allow conversion of few further lines, and we expect to have 4 Max 5 line pairs in place by the end of 2021 with a capacity of around 1 gigawatt.

讓我們從頁面左側開始介紹我們的 IBC 技術。雖然總產能只會略有增加，但我們將把已有 10 年歷史的 Max 2 技術 Fab 3 轉換為我們最新的 Max 5 技術，將我們最高利潤產品的供應量增加 4 倍。Maxeon Solar 分拆交易將允許轉換更多線路，我們預計到2021 年底將有4 個Max 5 線路對到位，容量約為1 吉瓦。

The chart on the right shows our planned expansion of our P-Series technology through our HSPV JV. This expansion will more than double P-Series production to 5 gigawatts, with our supply allocation from the JV increasing to over 3 gigawatts in 2021. We are working closely with TZS on a highly automated Modco designed to handle the new 8-inch G12 wafer format. This technology will enable us to produce industry-leading 500- to 600-watt panels targeted at the global power plant market.

右圖顯示了我們計劃透過 HSPV 合資企業擴展 P 系列技術。此次擴建將使P 系列產量增加一倍以上，達到5 吉瓦，而我們從合資企業的供應分配將在2021 年增加到3 吉瓦以上。我們正在與TZS 密切合作，開發高度自動化的Modco，設計用於處理新型8 吋G12 晶圓格式。這項技術將使我們能夠生產業界領先的 500 至 600 瓦面板，面向全球發電廠市場。

Finally, the capacity expansion shown on this slide will be achieved with a total CapEx expenditure as a small fraction of the investment in our legacy fabs. We've dramatically improved our historical capital productivity via a combination of process innovation, reuse of existing fabs and use of a capital-light manufacturing partnership model for our P-Series technology.

最後，本投影片中所顯示的產能擴張將透過總資本支出支出僅占我們傳統晶圓廠投資的一小部分來實現。透過製程創新、現有晶圓廠的再利用以及 P 系列技術的輕資本製造合作夥伴模式的結合，我們大大提高了我們歷史上的資本生產力。

Looking forward, let me articulate some of Maxeon's key objectives post-spin. Please turn to Slide 13. First, we believe that we are well positioned for rapid growth once we exit the current industry disruption. We serve large and growing markets with differentiated products that we believe will allow us to gain share in both DG and large-scale applications. The infusion of liquidity associated with our spin-off will provide capital to upgrade our Fab 3 in Malaysia to higher-value technology. We will also benefit from the capital-light multi-gigawatt expansion of our HSPV JV.

展望未來，讓我闡明 Maxeon 剝離後的一些關鍵目標。請參閱幻燈片 13。首先，我們相信，一旦我們擺脫當前的行業混亂，我們就能夠實現快速成長。我們透過差異化產品為大型且不斷成長的市場提供服務，我們相信這些產品將使我們能夠在分散式發電和大型應用中獲得份額。與我們的分拆相關的流動性注入將為我們在馬來西亞的 Fab 3 升級到更高價值的技術提供資金。我們也將受益於 HSPV 合資企業的輕資本數千兆瓦擴張。

Second, we remain committed to expanding margins, starting with the transformation of Fab 3 from our legacy Max 2 capacity to our new lower cost, higher efficiency Max 5 technology. We also plan to leverage our global go-to-market channels to expand our product offering while extending our dealer channel footprint into new markets.

其次，我們仍然致力於擴大利潤，首先將 Fab 3 從我們傳統的 Max 2 產能轉變為成本更低、效率更高的新 Max 5 技術。我們還計劃利用我們的全球進入市場通路來擴大我們的產品供應，同時將我們的經銷商通路足跡擴展到新市場。

Finally, we believe that risk mitigation is a key attribute in an industry as dynamic as solar power. The spin-off of Maxeon Solar will allow us to accelerate our technology development and deployment cadence, maintaining our historical technology differentiation versus our competition. We believe that the diversification of our customer base, both geographically and by market, helps insulate us from country- or application-specific policy-driven disruptions. We believe that our strong base of global investors and partners provide deep industry insight, supply chain visibility and global demand market access.

最後，我們認為，對於像太陽能這樣充滿活力的產業來說，降低風險是關鍵屬性。 Maxeon Solar 的分拆將使我們能夠加快技術開發和部署節奏，保持我們與競爭對手的歷史技術差異。我們相信，我們的客戶群在地理位置和市場上的多元化有助於我們免受國家或特定應用程式政策驅動的干擾。我們相信，我們強大的全球投資者和合作夥伴基礎可以提供深入的行業洞察力、供應鏈可見度和全球需求市場准入。

With that, I would like to turn the call over to Manu Sial, CFO of SunPower.

說到這裡，我想將電話轉給 SunPower 財務長 Manu Sial。

Thanks, Jeff.

謝謝，傑夫。

I'd now like to discuss the financial results for the quarter. Please turn to Slide 14. Overall, we were pleased with our financial performance for the quarter as we exceeded our EBITDA guidance, added to our backlog and further delevered our balance sheet. We believe that a differentiated business model, industry-leading technology and strong balance sheet will be a competitive advantage in the current environment and for when conditions return to normal.

我現在想討論本季的財務表現。請參閱投影片 14。總體而言，我們對本季的財務表現感到滿意，因為我們超出了 EBITDA 指導，增加了我們的積壓訂單，並進一步降低了資產負債表的槓桿率。我們相信，在當前環境下以及當情況恢復正常時，差異化的商業模式、領先業界的技術和強大的資產負債表將成為競爭優勢。

Additionally, we have put into place a number of cash and cost initiatives to manage our business during the disruption while continuing to invest in technology that increases our offerings to our customers and execution efficiency.

此外，我們還採取了許多現金和成本計劃來在中斷期間管理我們的業務，同時繼續投資於技術，以提高我們為客戶提供的產品和執行效率。

Finally, we continue to focus on improving transparency by adding incremental data metrics on key value drivers of our business, including SunStrong JV.

最後，我們繼續致力於透過在我們業務的關鍵價值驅動因素（包括 SunStrong JV）上添加增量資料指標來提高透明度。

Moving on to the specifics of the quarter. Non-GAAP revenue rose more than 10% versus Q1 '19 as we benefited from strong execution in both our segments. In SPES, revenue rose year-over-year, with particular strength in our channels business with C&I direct improving and making significant progress on its initiatives. We expect C&I to be more resilient in the current disruption given the longer project cycle times, the value proposition for customers as well as the economics of storage. For SPT, we shipped approximately 580 megawatts, up 29% year-on-year.

繼續討論本季的具體情況。與 19 年第一季相比，非 GAAP 收入成長了 10% 以上，因為我們受益於兩個部門的強勁執行力。在 SPES，營收年增，我們的通路業務尤其強勁，C&I 直接改進並在其舉措上取得了重大進展。考慮到更長的專案週期、客戶的價值主張以及儲存的經濟性，我們預計工商業在當前的破壞中將更具彈性。對於SPT，我們的出貨量約為580兆瓦，較去年同期成長29%。

Consolidated non-GAAP gross margin was 13%. In SPES, gross margin was up year-over-year, driven by an excellent performance in residential and better execution in our C&I direct business. We expect C&I direct business to return to profitability in the second half of the year. In SPT, gross margin was in line with forecasts and up year-over-year on solid DG demand and a better mix.

綜合非公認會計準則毛利率為 13%。在 SPES 中，由於住宅業務的出色表現以及工商業直接業務的更好執行，毛利率比去年同期成長。我們預計工商業直接業務將在下半年恢復獲利。 SPT 的毛利率符合預期，並且由於穩定的 DG 需求和更好的組合而同比增長。

Non-GAAP OpEx was $69 million for the quarter as we continue to invest in our next-generation technology. We have taken a number of steps to lower our expenses and expect double-digit decrease in 2020 OpEx versus 2019.

隨著我們繼續投資下一代技術，本季非 GAAP 營運支出為 6,900 萬美元。我們已採取多項措施降低開支，預計 2020 年營運支出較 2019 年將出現兩位數下降。

CapEx for the quarter was $6 million, consistent with the Maxeon 5 ramp at Fab 3, with our second line now in production. Post-split, we expect that New SunPower will have minimal capital needs and Maxeon Solar CapEx will be more than covered by available liquidity and enhanced capital efficiency.

本季的資本支出為 600 萬美元，與 Fab 3 的 Maxeon 5 產能成長一致，我們的第二條生產線現已投入生產。分拆後，我們預計 New SunPower 的資本需求將降至最低，而 Maxeon Solar 的資本支出將足以滿足可用流動性和提高的資本效率。

Adjusted EBITDA was $9 million and ahead of guidance.

調整後 EBITDA 為 900 萬美元，高於預期。

I would now like to discuss key financial highlights of the quarter on Slide 15. We exceeded our margin and EBITDA guidance for the quarter, showcasing the strength of our underlying businesses. In SPES, we benefited from strong execution in the channels business as the residential installs rose 20% year-over-year with CVAR megawatts more than doubling. New homes installs also rose for the quarter while bookings doubled. We remain confident in our goal of second half profitability for our C&I direct business, given its first quarter execution and a significant portion of our 2020 forecast is in backlog at the end of the quarter. Finally, exiting first quarter, we believe that we have sufficient tax equity and project financing capacity to meet our 2020 needs.

我現在想在幻燈片 15 上討論本季度的主要財務亮點。我們超出了本季度的利潤率和 EBITDA 指導，展示了我們基礎業務的實力。在 SPES，我們受惠於通路業務的強勁執行力，住宅安裝量較去年同期成長 20%，CVAR 兆瓦增加了一倍以上。本季新屋安裝量也有所增加，預訂量翻了一番。鑑於第一季的執行情況以及我們 2020 年預測的很大一部分在季度末處於積壓狀態，我們對工商業直接業務下半年實現盈利的目標仍然充滿信心。最後，在第一季結束時，我們相信我們有足夠的稅收股權和專案融資能力來滿足 2020 年的需求。

For SPT, we were also pleased with our performance despite the late quarter impact of global shutdowns which hurt international demand and fab utilization. That being said, we were able to mitigate the situation given our strong backlog and ability to meet the needs of our customers through effective supply chain actions and existing inventory.

對 SPT 來說，儘管全球停工對季度末的影響損害了國際需求和晶圓廠利用率，但我們對自己的業績也感到滿意。話雖如此，鑑於我們強大的積壓以及透過有效的供應鏈行動和現有庫存滿足客戶需求的能力，我們能夠緩解這種情況。

Finally, in response to the COVID-19 disruption, we instituted a number of initiatives that include salary reductions, reducing discretionary spending and rationalizing our CapEx. As a result of these programs, we expect to realize cash and cost savings of up to $100 million for 2020.

最後，為了應對 COVID-19 造成的干擾，我們制定了一系列舉措，包括減薪、減少可自由支配支出和合理化我們的資本支出。透過這些計劃，我們預計到 2020 年將節省高達 1 億美元的現金和成本。

We also undertook a review of our liquidity position and have approximately $500 million in liquidity sources for SunPower over the next 12 months.

我們也對我們的流動性狀況進行了審查，並在未來 12 個月內為 SunPower 提供了約 5 億美元的流動性來源。

Please turn to Slide 16 where I will provide more details on these sources. We ended the quarter with $205 million in cash, which included retiring approximately $90 million in our converts as well as our typical seasonal Q1 inventory build.

請參閱幻燈片 16，我將在其中提供有關這些來源的更多詳細資訊。本季末，我們擁有 2.05 億美元現金，其中包括約 9,000 萬美元的轉換資金以及我們典型的第一季季節性庫存建設。

Additionally, cash collections for the first quarter were below forecast given timing of payments, though we have already collect -- recovered all of these collections. Our $55 million revolver backed by Total remains undrawn. We also expect to monetize 2 million shares of Enphase stock over the next 12 months. We also expect to collect cash from noncore asset sales. Finally, we will receive $50 million in net proceeds from the Maxeon transaction.

此外，考慮到付款時間，第一季的現金收款低於預期，儘管我們已經收回了所有這些收款。我們由道達爾支持的 5500 萬美元左輪手槍仍未動用。我們也預計在未來 12 個月內將 200 萬股 Enphase 股票貨幣化。我們也預計從非核心資產出售中收取現金。最後，我們將從 Maxeon 交易中獲得 5,000 萬美元的淨收益。

In summary, while current conditions are difficult, we believe SunPower has the right model, the right technology and a strong balance sheet to manage through this crisis and emerge as an industry leader.

總而言之，雖然目前的情況很困難，但我們相信 SunPower 擁有正確的模式、正確的技術和強大的資產負債表來應對這場危機並成為行業領導者。

With that, I will turn the call back to Tom for our guidance. Tom?

這樣，我會將電話轉回給湯姆尋求指導。湯姆？

Thanks, Manu.

謝謝，馬努。

As previously announced, we continue to assess the impact of the COVID-19 crisis on our financial -- on our fiscal year 2020 forecast. As a result, we will not be providing fiscal year 2020 guidance at this time.

正如先前所宣布的，我們將繼續評估 COVID-19 危機對我們財務以及 2020 財年預測的影響。因此，我們目前不會提供 2020 財年指引。

I would now like to discuss our guidance for the second quarter of 2020. Please turn to Slide 17. Company second quarter 2020 guidance is as follows: revenue of $290 million to $330 million on a GAAP to non-GAAP basis; GAAP gross margin of negative 9% to negative 3%; and net loss of $120 million to $100 million.

我現在想討論一下我們對 2020 年第二季度的指導。請參閱幻燈片 17。公司 2020 年第二季度的指導如下：按 GAAP 到非 GAAP 計算，收入為 2.9 億美元至 3.3 億美元； GAAP 毛利率為負 9% 至負 3%；淨虧損1.2億至1億美元。

On a non-GAAP basis, the company expects gross margins of 0% to 6% and megawatts recognized in the range of 340 to 400. We also expect cash generation to be breakeven to slightly positive in the quarter. We expect second quarter adjusted EBITDA in the range of negative $40 million to negative $20 million, with SPT in the range of negative $25 million to negative $15 million and SPES in the range of negative $10 million to $0.

根據非公認會計原則，該公司預計毛利率為 0% 至 6%，確認的兆瓦數為 340 至 400 兆瓦。我們也預期本季現金產生將實現損益平衡至小幅正值。我們預計第二季調整後的 EBITDA 範圍為負 4,000 萬美元至負 2,000 萬美元，SPT 範圍為負 2,500 萬美元至負 1,500 萬美元，SPES 範圍為負 1,000 萬美元至 0 美元。

In summary, Q1 was a solid quarter for the company as we executed on our strategic initiatives and position the company for a strong and profitable performance post the pandemic.

總而言之，第一季對公司來說是一個穩健的季度，因為我們執行了戰略舉措，並使公司在大流行後實現強勁和盈利的業績。

With that, I would like to turn the call over for questions.

至此，我想轉接電話詢問問題。

(Operator Instructions) Our first question comes from the line of Michael Weinstein, Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的麥可‧韋恩斯坦（Michael Weinstein）。

Are you -- can you talk a little bit more about the impact on commercial -- on the Commercial Direct business from just the financial stress on a lot of commercial customers at this point in time, especially going into at least the second quarter, if not the second half? I understand you're pretty optimistic about third quarter and beyond, but are you seeing any pressure? And also, once a sale is booked in your bookings, is there a way for a customer to back out of that?

您能否多談談對商業直接業務的影響，因為目前許多商業客戶面臨的財務壓力，特別是至少在第二季度，如果不是下半場嗎？我知道您對第三季及以後的情況非常樂觀，但您是否看到任何壓力？此外，一旦在您的預訂中預訂了促銷活動，客戶是否有辦法退出？

Michael, this is Tom Warner. And on the commercial side, I would say almost 100%, but not quite, projects are proceeding. Different customers reacted differently. We -- as you know, we do business with quite a variety, with public sector being the largest. And in some cases, the customers asked us to pause construction and then we worked it out and restarted. In some cases, there was no interruption.

邁克爾，這是湯姆華納。在商業方面，我想說幾乎 100%（但並非完全）專案正在進行中。不同的顧客反應不同。如您所知，我們的業務涉及多種領域，其中公共部門是最大的。在某些情況下，客戶要求我們暫停施工，然後我們解決並重新啟動。在某些情況下，沒有中斷。

In terms specifically to your question, there's only one example where financial crisis has caused a project to be paused, and it looks like a long-term pause. Every other project is continuing or will continue very soon. And we've already considered that one project in our prepared remarks.

具體到你的問題，只有一個例子是金融危機導致專案暫停，而且看起來像是長期暫停。所有其他項目都在繼續或很快就會繼續。我們已經在準備好的發言中考慮了這個項目。

That's good news. Also, with the solar and storage loan financing deal, how many megawatts of loan or lease financing do you have? And also, just in general, are you seeing any kind of change in customer preference for loans versus leases in the crisis?

那是好消息。另外，透過太陽能和儲存貸款融資交易，您有多少兆瓦的貸款或租賃融資？另外，總的來說，在危機中，您是否看到客戶對貸款與租賃的偏好發生了任何變化？

Yes. So I'll say a few words and then turn it to Norm. I -- Michael, we've always allowed our customers to choose and not to direct them in one direction. To the extent that we have a program like $0 down, 6 months on SunPower, of course, that changes the mix on some, and that's happened -- it's only been in place for a short time.

是的。所以我會說幾句話，然後轉向Norm。我——邁克爾，我們一直允許客戶選擇，而不是引導他們朝一個方向發展。當然，我們有一個像 0 美元首付、SunPower 6 個月這樣的計劃，這改變了一些組合，而且這種情況已經發生了——它只實施了很短一段時間。

Norm, do you want to comment further on mix?

Norm，您想進一步評論 mix 嗎？

Yes, happy to. Michael, as far as the mix goes, I think Tom iterated the right commentary, which is we pride ourselves with giving the customers that option. We certainly chose to make an introduction of a product with the $0 down and no payments for 6 months for loan and lease because we anticipated customers would want to conserve cash more than usual. But we've -- frankly, we've always had a fairly strong contingent of cash. It might not be quite as high, but I think it will still be strong and then we expect it to come back later in the year.

是的，很高興。邁克爾，就混合而言，我認為湯姆重申了正確的評論，即我們為為客戶提供這種選擇而感到自豪。我們當然選擇推出一款 0 美元首付且 6 個月內無需支付貸款和租賃費用的產品，因為我們預計客戶會比平常更願意節省現金。但坦白說，我們一直擁有相當強大的現金隊伍。它可能不會那麼高，但我認為它仍然會很強勁，然後我們預計它會在今年晚些時候回歸。

From a standpoint of -- your first question was around the kind of how much capacity we have, I would say on the -- with the loan deal, we have, I would say, virtually unlimited capacity between our existing partner and, of course, now our new partner. I don't think we're going to have any capacity issues for years on the loan because we just added the $1 billion financial capacity. And on the lease side, we have capacity well through Q3 and we're well on our way to signing another extension of that. So we're not concerned about our ability to provide financing options to our customers in residential.

從你的第一個問題的角度來看，我想說的是，透過貸款協議，我們現有的合作夥伴之間幾乎擁有無限的能力，當然， ，現在是我們的新合作夥伴。我認為我們在貸款方面不會出現任何能力問題，因為我們剛剛增加了 10 億美元的財務能力。在租賃方面，我們在第三季的產能充足，而且我們正在順利簽署另一份延期協議。因此，我們並不擔心我們為住宅客戶提供融資選擇的能力。

Got it. One more question about the batteries. Maybe can you talk a little bit more about the secret sauce that you guys have in your battery systems that give them an advantage over other battery systems? And then are you -- do you have any plans to sell to third parties? Or is this only going to be exclusively done through the SunPower dealer network?

知道了。還有一個關於電池的問題。也許您能多談談您電池系統中的秘密武器，這些秘密武器使它們比其他電池系統更具優勢？那麼您有計劃向第三方出售產品嗎？或者這只能透過 SunPower 經銷商網路來完成？

Yes, Michael. I'd say a super quick comment and then turn it to Norm, the expert. The -- we're different because yes, we are designing parts of both the hardware and all of the software ourselves. So it's a strategic decision to do it ourselves, which has benefits, of course, because we can pick the features that we're going to differentiate on that Norm will now talk about.

是的，邁克爾。我會快速發表評論，然後轉給專家 Norm。我們與眾不同，因為是的，我們正在自己設計部分硬體和所有軟體。因此，我們自己做這件事是一個戰略決策，這當然有好處，因為我們可以選擇我們要根據現在要討論的規範來區分的功能。

Yes. Thanks, Tom. I mean I think that, first and foremost, one of the benefits of offering a complete solution is we can provide the customers with a unified experience, from the software experience, to the monitoring, to the storage hardware, and we can make sure it all works perfectly together. And very importantly, that also means the customer gets a single warranty, which covers the entire system. So you don't have -- if you have an issue, there's no blaming other people or tell them to talk to another supplier. And that's been super powerful for us before in what we called Equinox, and storage really makes Equinox storage really even stronger.

是的。謝謝，湯姆。我的意思是我認為，首先也是最重要的，提供完整解決方案的好處之一就是我們可以為客戶提供統一的體驗，從軟體體驗，到監控，到儲存硬件，我們可以確保一切都完美地結合在一起。非常重要的是，這也意味著客戶可以獲得涵蓋整個系統的單一保固。因此，如果您遇到問題，無需責怪其他人或告訴他們與其他供應商交談。這對我們來說非常強大，我們稱之為 Equinox，而儲存確實使 Equinox 儲存變得更加強大。

And I think just capably, we think we have added some unique capabilities such that we can do this solution very elegantly with 2 boxes on the wall. And then we emphasize resiliency by building the systems in such a way that it can backup more of the home really than any other solution in the market. So both peak power response and then the ability to cover more of the home are key elements that we think are super important, particularly in California.

我認為我們已經添加了一些獨特的功能，這樣我們就可以透過牆上的兩個盒子非常優雅地完成這個解決方案。然後，我們透過建立系統來強調彈性，使其能夠比市場上任何其他解決方案真正備份更多的家庭資料。因此，峰值功率響應和覆蓋更多家庭的能力都是我們認為非常重要的關鍵要素，尤其是在加州。

And then finally, I'd also emphasize, we've taken an approach we think is sustainable long term, which is we are battery-agnostic. We will have ability to change batteries and drive -- as the battery cost curve comes down, we can test those on to our customers.

最後，我還要強調，我們採取了一種我們認為長期可持續的方法，即我們與電池無關。我們將有能力更換電池和驅動器—隨著電池成本曲線下降，我們可以向客戶進行測試。

And finally, your last -- not to forget your last comment. Obviously, right now, the current plan is to sell through our dealer network, and we expect that to be a tremendous opportunity for us from a business perspective. And I would say after providing it for new systems, I think there's a great opportunity to go to our existing over 300,000 customers. So our next target market will certainly be our existing customer base.

最後，請不要忘記您最後的評論。顯然，目前的計劃是透過我們的經銷商網路進行銷售，我們預計從商業角度來看這對我們來說是一個巨大的機會。我想說的是，在為新系統提供它之後，我認為有一個很好的機會接觸我們現有的超過 30 萬名客戶。所以我們的下一個目標市場肯定是我們現有的客戶群。

We may, at some time in the future, also pursue selling our storage system to non-SunPower customers, but that won't be for a while. Right now, the focus is mostly new customers and then our own installed base.

我們可能在未來的某個時候也會向非 SunPower 客戶銷售我們的儲存系統，但這不會持續一段時間。目前，重點主要是新客戶，然後是我們自己的安裝基礎。

Our next question comes from the line of Brian Lee of Goldman Sachs.

我們的下一個問題來自高盛的布萊恩李。

This is Alex on for Brian. So quick follow-up on that commercial. Can you kind of speak -- in light of the strength you're seeing in commercial, can you speak to, I guess, the portion of the guidance in the channel business that will be commercial in Q2?

這是亞歷克斯替補布萊恩。如此快速地跟進該廣告。您能否談談—鑑於您在商業領域看到的實力，我想您能否談談渠道業務中將在第二季度實現商業化的部分指導？

Yes. So there's 2 pieces to the commercial business. There's the strength in small commercial that is in -- that we call CVAR or commercial value-added reseller, that's part of the channels business. And then the large commercial, which is separated, large commercial might be 20%, 25% total and CVARs about 1/3 of channels.

是的。因此，商業業務有兩個部分。小型商業的優勢在於——我們稱之為 CVAR 或商業增值經銷商，這是通路業務的一部分。然後是大型商業廣告，這是分開的，大型商業廣告可能佔總數的 20%、25%，CVAR 約佔頻道的 1/3。

Great. That's very helpful. And I guess, switching gears a bit to this cost-saving initiative. Can you provide a bit more detail on how much of that is temporary versus structural, I guess, both on the cash and the cost side?

偉大的。這非常有幫助。我想，稍微改變一下這個節省成本的措施。您能否提供更多細節，說明其中有多少是臨時性的，還是結構性的，我猜，無論是在現金還是成本方面？

Yes. So the way to think about the up to $100 million of cost and cash savings, about 65% of that is cost, 35% of $100 million is cash. A big portion of the cash savings is CapEx out of the $35 million. Most of -- some of that is pushed out into 2021. From a cost perspective, I would say there is a reasonable amount of cost savings that is structural in nature and would be permanent impact.

是的。因此，考慮高達 1 億美元的成本和現金節省，其中約 65% 是成本，1 億美元中 35% 是現金。 3500 萬美元中，很大一部分現金節省是資本支出。其中大部分——其中一些被推遲到 2021 年。從成本角度來看，我想說，存在一定數量的結構性成本節省，並且將產生永久性影響。

As you think about our OpEx from 2019 to 2020, which is where a lot of it will manifest, you'll see double-digit decline in OpEx year-on-year.

當你考慮到我們從 2019 年到 2020 年的營運支出時，你會發現營運支出比去年同期出現兩位數下降。

Our next question comes from the line of Phil Shen of Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Phil Shen。

This is Donovan Schafer on for Phil today. So yes, we -- probably similar to Brian Lee and with Alex, we're navigating 5 concurrent earnings calls. So yes, a lot going on here.

這是今天菲爾的多諾萬·謝弗 (Donovan Schafer) 的演講。所以，是的，我們——可能類似於 Brian Lee 和 Alex，我們正在同時召開 5 場財報電話會議。所以是的，這裡發生了很多事情。

The questions -- I have 2 main questions that revolve around the TZS and the spin-off transaction. So the first one, just because this is a hot investor topic, surrounds -- or is around the $325 million debt facility and the $100 million revolver that's kind of part of somewhat -- it seems to be a contingency, in some ways, in getting it closed and the MOFCOM regulatory approval.

問題——我有兩個主要問題圍繞著 TZS 和分拆交易。因此，第一個，僅僅因為這是一個熱門的投資者話題，圍繞著——或者說是圍繞著3.25 億美元的債務融資和1 億美元的左輪手槍，這在某種程度上是——在某種程度上，這似乎是一個偶然事件。關閉並獲得商務部監管批准。

So on the financing side, can you give any color on your confidence in being able to get that secured? And then on the MOFCOM, what attributes are they looking at or thinking about? What are the kinds of things that they, as a regulatory body, are considering?

那麼在融資方面，您能否說明一下您對獲得融資的信心？那麼商務部他們正在考慮或考慮哪些屬性呢？作為監管機構，他們正在考慮哪些事情？

So it's Tom. I will comment just super briefly and then hand it over to Jeff Waters. On debt, we do expect to close this quarter, pending the 2 things that you ask about. On MOFCOM, we get feedback from TZS, our partner, and so Jeff's comments will be based on that. And Jeff, with the team of people, are actively managing the debt raise. Jeff?

所以是湯姆。我將非常簡短地發表評論，然後將其交給傑夫沃特斯。關於債務，我們預計將在本季結束，等待您詢問的兩件事。在商務部，我們從我們的合作夥伴 TZS 獲得了回饋，因此傑夫的評論將基於此。傑夫和他的團隊正在積極管理債務籌集工作。傑夫？

Yes. Just to -- certainly, the first piece on China regulatory, so all indications that we learned through TZS, that will close in Q2. For financing, we expect the same. And now, that said, certainly, COVID and social distancing has made diligence and documentation less efficient since the teams haven't been able to meet face-to-face, and we're working effectively with over half a dozen banks in multiple countries. That said, the teams, including TZS and Total, the investors are fully engaged and we expect to sign the debt facilities in Q2.

是的。當然，這是關於中國監管的第一篇文章，因此我們透過 TZS 了解到的所有跡像都將在第二季結束。對於融資，我們也有同樣的期望。當然，現在，新冠疫情和社交距離已經降低了盡職調查和文件記錄的效率，因為團隊無法面對面交流，而我們正在與多個國家的六家銀行進行有效合作。也就是說，包括 TZS 和道達爾在內的團隊以及投資者都充分參與其中，我們預計將在第二季簽署債務融資。

Okay. That's great. And then a follow-up. So you talked about pushing some capital expenditures out into 2021. And I imagine there's probably also some others that have been delayed just into the second half of this year. So presumably, in the initial negotiations with TZS, looking at the terms and the terms of the deal, if you're pushing CapEx, does that change? Could there be some adjustments, saying they expected to purchase equipment at such and such a stage of completion, but now with delayed CapEx, maybe there will be less of that completed? Is that going to result in any kind of renegotiation or change of the terms?

好的。那太棒了。然後是後續行動。所以你談到將一些資本支出推遲到 2021 年。我想可能還有其他一些資​​本支出被推遲到今年下半年。所以想必，在與 TZS 的最初談判中，看看交易條款和條款，如果你正在推動資本支出，情況會改變嗎？是否會進行一些調整，表示他們預計在某個完成階段購買設備，但現在由於資本支出延遲，完成的設備可能會減少？這是否會導致任何形式的重新談判或條款變更？

Yes. I think the -- what we've been able to do is -- the short answer is going to be no, but we're able to make adjustments. And it would be fair -- without affecting renegotiation, but I'll let Jeff add color to that. It would be fair to say that almost all the CapEx in the company now is in the upstream business. So Jeff would be best to cover it.

是的。我認為——我們能夠做的是——簡短的答案是否定的，但我們能夠做出調整。這將是公平的——不會影響重新談判，但我會讓傑夫為此增添色彩。可以公平地說，公司現在幾乎所有的資本支出都集中在上游業務上。所以傑夫最好把它掩蓋起來。

Yes. I would say, so yes, Tom is exactly right. The pushout of the CapEx that we did, I would say it was relatively small. And the -- I would say the main piece of CapEx for us for 2020 that's strategically important to the deal is the Max 5 build-out in our Fab 3 in Malaysia. And all of that is still on track and that is being managed and to the expectations that we had when we did the deal. So no impact on the deal.

是的。我想說，是的，湯姆是完全正確的。我想說，我們所做的資本支出的推出相對較小。我想說的是，我們 2020 年資本支出的主要部分對這筆交易具有戰略意義，是馬來西亞 Fab 3 工廠的 Max 5 擴建。所有這些仍然在正軌上，並且正在管理，並且符合我們在完成交易時的期望。所以對交易沒有影響。

Our next question comes from the line of Colin Rusch of Oppenheimer.

我們的下一個問題來自奧本海默的科林·魯施（Colin Rusch）。

I'll continue the trend here. This is Kristen on for Colin. First one, you've touched on it from a couple of different angles, but I really wanted to ask about what sort of capital needs are you feeling from -- seeing from your dealer network right now as you're going through this downturn?

我將在這裡繼續這一趨勢。這是科林的克里斯汀。首先，您從幾個不同的角度談到了這個問題，但我真的想問一下，當您正在經歷這次低迷時期時，從您的經銷商網絡來看，您感受到了什麼樣的資本需求？

So again, we'll -- this is Tom. I'll say a few words and then I'll turn to Norm. We have 500 dealers, 35 of which are Master Dealers. The Master Dealers tend to be quite financially resilient and there's quite a distribution within the remaining 465. And Norm can mention that the government programs have been quite effective with our dealer base, many of whom have been with us more than a decade. Norm?

再說一遍，我們──這是湯姆。我會說幾句話，然後我會轉向Norm。我們有 500 位經銷商，其中 35 位是經銷商。主經銷商往往在財務上具有相當的彈性，並且在剩餘的465 家經銷商中分佈相當廣泛。Norm 可以提到，政府計劃對我們的經銷商基礎非常有效，其中許多人已經在我們這裡工作了十多年。規範？

Yes. Thank you, Tom. Yes. Our -- we were more concerned, honestly, at the beginning of the crisis hit that this might be a bigger issue than it's proved out to be. I do think we are fortunate because we had a dealer network for over a decade that's gotten stronger and stronger, and particularly of late. And so now more than 50% of our sales actually come from those Master Dealers, which are SunPower-branded, 100% loyal, and among the strongest, we think, in the country.

是的。謝謝你，湯姆。是的。老實說，在危機爆發之初，我們更擔心這可能是比事實證明更嚴重的問題。我確實認為我們很幸運，因為我們擁有十多年來的經銷商網絡，並且變得越來越強大，尤其是最近。因此，現在我們超過 50% 的銷售額實際上來自那些擁有 SunPower 品牌的經銷商，我們認為這些經銷商是國內實力最強的經銷商，忠誠度 100%。

So I haven't -- we have not had to provide financial support for those dealers, even in terms of AR and receivables. There was a short term -- we saw a little bit of a spike in delinquency that has since come down to pre-COVID levels. So our dealers appear to be doing well. And as Tom pointed out, we were happy to see quite several of the dealers were able to get funds from the PPP program relatively quickly. And that also, I think, helps them bridge the gap.

所以我沒有——我們不必為這些經銷商提供財務支持，即使是在應收帳款和應收帳款方面。在短期內，我們看到犯罪率略有上升，此後已降至新冠疫情前的水平。所以我們的經銷商似乎做得很好。正如 Tom 所指出的，我們很高興看到不少經銷商能夠相對快速地從 PPP 計劃中獲得資金。我認為這也有助於他們彌合差距。

But now, as we've seen business start to turn back on, they're starting to bring back crews that they may have furloughed. And of course, we've done the same with our direct installers. So we feel like we're through the other side of that and business is starting to turn back up again.

但現在，隨著我們看到業務開始恢復，他們開始召回可能已經休假的員工。當然，我們對直接安裝程式也做了同樣的事情。所以我們覺得我們已經度過了這段時期，業務開始再次好轉。

And Kristen, I'll let Jeff say something about international dealers.

克里斯汀，我會讓傑夫談談有關國際經銷商的事情。

Yes. So in the market outside of the U.S., we have over 1,000 channel partners, and that's something -- collections has been something we've been monitoring closely. And I would say we've been very pleased with our delinquencies and our receivables have held steady and are at what we would normally expect type levels. So I think it's a function of different jurisdictions providing some incentives, but just overall good fiscal management by our channel partners.

是的。因此，在美國以外的市場上，我們擁有 1,000 多個通路合作夥伴，這就是我們一直在密切監控的產品系列。我想說，我們對我們的拖欠情況感到非常滿意，我們的應收帳款保持穩定，處於我們通常預期的水平。因此，我認為這是不同司法管轄區提供一些激勵措施的作用，但只是我們的通路合作夥伴整體上良好的財務管理。

That's very helpful. And maybe if I could extend out that conversation on international. If you could just talk about -- remind us where is the energy storage product being produced? And how should we think about your capacity to ramp on that?

這非常有幫助。也許我可以把談話延伸到國際。如果您能談談－提醒我們儲能產品是在哪裡生產的？我們該如何看待你的能力？

I'll 2-step it again, so Tom, just a few words. I'm proud that the assembly of the 2 boxes is in America. It doesn't mean all the components are from America, but the 2 boxes, 1 in Minnesota and 1 in Alabama. And so -- and upward capacity at both -- and particularly the battery because, as Norm probably pointed out, interchangeable. Norm, can you add something?

我將再次執行兩步操作，所以湯姆，請簡單說幾句話。我很自豪這兩個盒子是在美國組裝的。這並不意味著所有組件都來自美國，而是意味著 2 個盒子，1 個在明尼蘇達州，1 個在阿拉巴馬州。因此，兩者的容量都增加了，尤其是電池，因為正如規範可能指出的那樣，電池是可以互換的。規範，可以補充一下嗎？

Yes, that pretty much covers it. I guess the other clarification is, at least initially, the Equinox storage is for the channel -- the North American business exclusively. So that's what we're bringing out as part of our overall Equinox solution. And as Tom said, it's main -- assembled in the U.S. in a couple of different sites and then put together by our dealer partners or our direct install team at the customer.

是的，這幾乎涵蓋了它。我想另一個澄清是，至少在最初，Equinox 儲存是針對該管道的——僅適用於北美業務。這就是我們作為 Equinox 整體解決方案的一部分推出的內容。正如湯姆所說，它是主要的 - 在美國的幾個不同地點組裝，然後由我們的經銷商合作夥伴或我們的客戶直接安裝團隊組裝。

Okay. And no real conflicts in the supply chain there that you're seeing at this time?

好的。您目前看到的供應鏈中沒有真正的衝突嗎？

No. Supply chain has done well there. We're seeing -- we're not seeing any issues in terms of being able to ramp. Of course, we're at the early part of the ramp. But right now, everything looks good as far as ramping the product.

不，供應鏈在那裡表現良好。我們看到──我們沒有看到任何在提升能力上的問題。當然，我們正處於坡道的早期階段。但現在，就產品的提升而言，一切看起來都很好。

Our next question comes from the line of Julien Dumoulin-Smith of Bank of America.

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

I wanted to follow-up on the 2Q guidance here and understand a little bit of the bridge between your adjusted EBITDA and the cash break-even stat that you put in the release. As best as I read the slides, I understand that there's some account receivables that reversed in the quarter, but I know that there's several other cash items. And then within that, I imagine the close of the sale is assumed in that cash breakeven. If you do have some pivot in that, I suspect you have other liquidity sources, too. So just maybe talk about that bridge and then some of the other elements in your liquidity, too.

我想跟進這裡的第二季度指導，並了解調整後的 EBITDA 和發布中的現金收支平衡統計數據之間的一些聯繫。當我閱讀投影片時，我了解到本季有一些應收帳款轉回，但我知道還有其他幾個現金項目。然後，我想在現金損益平衡中假設出售結束。如果你確實在這方面有一些支點，我懷疑你也有其他流動性來源。因此，也許可以談談這座橋樑，然後再談談流動性中的其他一些因素。

So Julien, this is Manu. A couple of things, one, our access to $500 million of liquidity at the end of first quarter looking to 12 months out. Specifically on second quarter, let me talk about a couple of operational items that bridge you from the EBITDA guidance to positive cash, one of which is the correction of receivables you've talked, right, and the second is the optimization of inventory. So both those items contribute to cash generation. The guidance does not include the $50 million from the Maxeon transaction.

朱利安，這是馬努。有幾件事，第一，我們在第一季末獲得了 5 億美元的流動資金，預計 12 個月後。具體來說，在第二季度，讓我談談幾個將您從EBITDA 指導與正現金聯繫起來的營運項目，其中之一是您所說的應收帳款的修正，對吧，第二個是庫存的最佳化。因此，這兩項都有助於產生現金。該指引不包括 Maxeon 交易中的 5,000 萬美元。

But just to be clear, in terms of other liquidity sources you have available, are you assuming, for instance, in that bridge, further sales of shares? Or how do you think about just the remaining items there? Again, assuming some delay or about the risk on the June closure.

但需要澄清的是，就您可用的其他流動性來源而言，您是否假設在該橋樑中進一步出售股票？或者您如何看待剩下的項目？再次假設六月關閉會出現一些延遲或風險。

So let me answer the question in a couple of pieces. So, one, the primary driver of second quarter cash generation is operational. That's one. And if I take down the various bridge items that we laid out on the page, the corporate revolver is not part of the guidance. The Enphase shares, the next million shares, we can sell in third quarter. So that's also not part of the guidance. And then we talked about the transaction elements not being part of the second quarter guidance as well, so.

那麼讓我分成幾個部分來回答這個問題。因此，第一，第二季現金產生的主要驅動力是可操作的。這是一個。如果我刪除我們在頁面上列出的各種橋樑項目，那麼公司左輪手槍就不屬於指南的一部分。 Enphase 股票，下一個百萬股，我們可以在第三季出售。所以這也不屬於指南的一部分。然後我們討論了交易要素也不屬於第二季指導的一部分，所以。

Right, excellent. And then just as you think about the trajectory for the company, through the course of the year, obviously, you guys withdrew the guidance, but how do you think about that trajectory of improving in the business? I mean, you guys obviously have a seemingly good degree of visibility, at least on the C&I side, given the backlog commentary earlier. What are you seeing, as best as you can comment today, on what that trajectory looks like? And obviously, keeping in mind that things are very fluid and things are certainly recovering at a pretty record pace in recent weeks, but whatever commentary you can provide on that.

對了，優秀。然後，當您思考公司這一年的發展軌跡時，顯然，您撤回了指導，但您如何看待業務改進的軌跡？我的意思是，考慮到之前積壓的評論，你們顯然擁有看似良好的可見度，至少在 C&I 方面。您今天能盡最大努力評論一下這個軌跡是什麼樣的嗎？顯然，請記住，情況非常不穩定，並且最近幾週肯定會以創紀錄的速度復甦，但無論您對此有何評論。

Yes. So I -- first, let me acknowledge that -- or point to a great start to the year. A profitable quarter and excellent performance year-on-year in terms of comparables and great progress in commercial, so really strong start to the year. Of course, now things have changed in Q2 with the pandemic. We guided Q2. Q3, we see returning better. And of course, as states come back online, there's reason to believe that Q3 will be better. We have Q4 better than Q3. Now we're seeing it in terms of visibility, more importantly, because we're no better at predicting the economy -- world economies. That's not our position.

是的。所以我——首先，讓我承認這一點——或者說今年有一個好的開始。就可比而言，這是一個盈利的季度，同比表現出色，並且在商業方面取得了巨大進展，因此今年的開局非常強勁。當然，隨著大流行，第二季情況發生了變化。我們指引了第二季度。第三季度，我們看到回報更好。當然，隨著各州重新上線，我們有理由相信第三季會更好。我們的第四季比第三季更好。現在我們從可見性的角度來看它，更重要的是，因為我們並不擅長預測經濟——世界經濟。那不是我們的立場。

In the SPES part of the business, commercial has 90% in the year booked. In all of those projects, we expect to build and we are interfacing with our customers in (inaudible) tiers, and that expectation's based off of that. So we still have some business to book for this year, but it's a small percentage.

在SPES業務部分，商業預訂佔當年的90%。在所有這些項目中，我們期望建立並在（聽不清楚）層中與客戶進行交互，而這種期望就是基於此。所以今年我們還有一些業務可以預訂，但比例很小。

In our channels business, we have a lot of indicators of lead generation, late conversions, number of designs we do with our SunPower Design Studio. And those are all trending favorably so much so that in the recent history, we're actually better than pre-COVID levels. Now that's also compounded by the $0 down, 6 months on SunPower program. So we have leading indicators in our short-cycle business that are consistent with, obviously, our guidance and our thoughts on Q3.

在我們的通路業務中，我們有許多關於潛在客戶生成、後期轉換、我們使用 SunPower Design Studio 進行的設計數量的指標。這些趨勢都非常有利，以至於在最近的歷史中，我們實際上比新冠疫情之前的水平要好。現在，SunPower 計劃 6 個月的 0 美元首付也讓情況變得更加複雜。因此，我們的短週期業務的領先指標顯然與我們對第三季的指導和想法一致。

In terms of Maxeon, I'll let Jeff comment.

至於 Maxeon，我會讓 Jeff 發表評論。

Yes. So from a Maxeon perspective, first, I'd say, for Q2, we're currently sitting about 98% of our shipping and backlog at the number that we've given for guidance. So we feel good about Q2.

是的。因此，從 Maxeon 的角度來看，首先，我想說，對於第二季度，我們目前約 98% 的發貨和積壓訂單處於我們給出的指導數字中。所以我們對第二季感覺良好。

So looking into Q3 and Q4, obviously, it really just depends on how well things recover in Q3. But we're -- we have line of sight to getting back to the same volume that was shipped in 2019 for 2020. And some of that comes, frankly, from our ability to lean on the P-Series joint venture that we have. This is the joint venture in China. Very low, very capital-light approach for us. We've got an additional build-out of 3-gigawatt capacity there. That's something that we're actively marketing and selling out in the marketplace.

因此，看看第三季度和第四季度，顯然，這實際上只取決於第三季度的情況恢復得如何。但我們的目標是在 2020 年恢復到 2019 年的出貨量。坦白說，其中一些來自我們依靠 P 系列合資企業的能力。這是在中國的合資企業。對我們來說非常低，非常輕資本的方法。我們在那裡額外擴建了 3 吉瓦容量。這是我們在市場上積極行銷和銷售的東西。

Okay. And thank you, Norm, if you could wrap it up?

好的。謝謝你，諾姆，你能總結一下嗎？

Oh yes. Thanks, Tom. Appreciate the chance to comment. Yes. Just on the -- from a channel business perspective, I would like to also emphasize it's similar to other parts potentially of the business. We do have -- I think us better positioned for both going through the crisis as well as coming out the other side. I mean, actually, what we've heard analysts say is the expectations were 30% to 50% down year-over-year. And if you look at our guidance, we're guiding better than the 30% so -- just in Q2. Obviously, business has come down, but it's coming back quickly.

哦是的。謝謝，湯姆。感謝有機會發表評論。是的。只是從通路業務的角度來看，我還想強調它與業務的其他潛在部分類似。我認為我們確實有更好的能力來度過危機並走出困境。我的意思是，實際上，我們聽到分析師表示，預期年減了 30% 至 50%。如果你看我們的指導，你會發現我們的指導比第二季的 30% 更好。顯然，業務有所下降，但很快就會恢復。

Part of that is also just, frankly, the strength and the fact we have a significant new homes business, which will grow this year. And we expect it will continue to grow, even if not quite at the pace of pre-COVID.

坦白說，部分原因還在於我們的實力以及我們擁有重要的新房業務的事實，該業務今年將會成長。我們預計它會繼續成長，即使沒有達到新冠疫情之前的速度。

And then the fact that really unlike most of our competitors, we've never relied on either retail or canvassing sales approach to any significant extent. So we've been generating our business digitally through our dealer network all along. And so my expectation is that we aren't as impacted as much.

事實上，與我們的大多數競爭對手不同的是，我們從未在很大程度上依賴零售或拉票銷售方式。因此，我們一直透過經銷商網路以數位方式開展業務。所以我的期望是我們不會受到那麼大的影響。

And then also, frankly, we've been gaining share. We gained share in Q4. We beat our guidance in Q1 in residential. I'd be surprised, based on what we've seen so far, if we didn't gain share again in Q1. And then based on the guidance we're giving, if things turn out that way, we think we're going to be gaining share again in Q2.

而且，坦白說，我們的份額一直在增加。我們在第四季度獲得了份額。我們在第一季的住宅領域超出了預期。根據我們迄今為止所看到的情況，如果我們在第一季沒有再次獲得份額，我會感到驚訝。然後根據我們給予的指導，如果事情發展成這樣，我們認為我們將在第二季再次獲得份額。

So I think, fundamentally, the channels business is very, very strong. We are actually expecting to be profitable in Q2 and generate cash in Q2 in the channels business.

所以我認為，從根本上來說，通路業務非常非常強大。我們實際上預計渠道業務將在第二季度實現盈利並產生現金。

Okay. Thank you, Julien, for your questions today. We're going to have one more, please.

好的。謝謝朱利安今天提出的問題。請再給我們一份。

That question comes from the line of Pavel Molchanov of Raymond James.

這個問題來自雷蒙德·詹姆斯的帕維爾·莫爾恰諾夫。

Your visibility on a lot of U.S. jurisdictions and each lockdown has its own nuances. Can you talk about which states' residential solar is legally restricted? And of the key solar markets, which are seeing formal restrictions on installs?

您對美國許多司法管轄區的可見度以及每次封鎖都有其細微差別。您能談談哪些州的住宅太陽能受到法律限制嗎？在主要太陽能市場中，哪些市場的安裝受到了正式限制？

All right, Norm?

好吧，諾姆？

Yes. No, I can. This was a little bit different just 2 weeks ago, but as of now, we're really just down to New York. And New York does remain almost entirely shut down. There were some restrictions that were county by county basis a couple of weeks ago. In the Bay Area, those have been released, as has New Jersey. In New York, there is some optimism that with -- by May 15, we'll see some of upstate New York start to release, but for obvious reasons, that has been shut off. But other than that, we have not been limited. Right now, we are not limited outside of the State of New York.

是的。不，我可以。就在兩週前，情況有點不同，但到目前為止，我們真的只是到了紐約。紐約確實仍然幾乎完全關閉。幾週前，各縣都有一些限制。在灣區，這些已經被釋放，新澤西州也是如此。在紐約，有一些樂觀人士認為，到 5 月 15 日，我們將看到紐約州北部的一些地區開始發布，但由於顯而易見的原因，該發布已關閉。但除此之外，我們並沒有受到限制。目前，我們不僅限於紐約州以外的地區。

And in talking to your installers, are any of them seeing reluctance by their workforce to actually do the physical labor in a crew setting even in places where it is legally allowed?

在與您的安裝人員交談時，他們中是否有人看到他們的員工不願意在船員環境中實際從事體力勞動，即使是在法律允許的地方？

Yes. It's a good question. We've seen a little bit initially. I think it's pretty minimal. And frankly, as the demand came down, most people were just anxious to be able to continue with their job.

是的。這是一個好問題。我們最初已經看到了一點。我認為這是非常小的。坦白說，隨著需求的下降，大多數人只是渴望能夠繼續他們的工作。

Having said that, we did completely change the approach we take to installs to minimize any issue. Obviously, the safety of both the customer and our employees are paramount as well as our installers. So we essentially have criteria that they're using, whether it be our own installers or indirect installers to our channel. They're all wearing masks. They're not carpooling. They're keeping a distance to the extent they can on the jobs. And they're communicating with the homeowners really through phone, even from the house. They're not -- through cell phone. They're not actually talking in person.

話雖如此，我們確實徹底改變了安裝方法，以盡量減少任何問題。顯然，客戶和我們員工以及我們安裝人員的安全至關重要。因此，我們基本上有他們正在使用的標準，無論是我們自己的安裝程序還是我們頻道的間接安裝程序。他們都戴著口罩。他們不拼車。他們在工作中盡可能保持距離。他們實際上是透過電話與房主溝通，甚至是在家裡。他們不是透過手機。他們其實並不是在面對面交談。

So we've taken a lot of restrictions. There were a few issues early on, but nothing that I've seen recently. I think people are happy to have the job. And it's a job being that, frankly, you can operate reasonably well with a socially distant mindset.

所以我們採取了很多限制。早期存在一些問題，但最近我沒有看到任何問題。我認為人們很高興擁有這份工作。坦白說，這是一份工作，你可以在保持社交距離的心態下很好地工作。

But to know that -- I would say this is an area where the industries work well together, particularly someone in (inaudible) with us. And so we've all altered our safety measures in a collaborative way. It becomes super effective.

但要知道的是——我想說這是一個行業合作良好的領域，特別是與我們一起（聽不清楚）的人。因此，我們都以協作的方式改變了我們的安全措施。它變得超級有效。

Pavel, do you have a follow-up?

帕維爾，你有後續行動嗎？

No, no. Perfect.

不，不。完美的。

Okay. Thanks a lot. I hope things are well for you.

好的。多謝。我希望你一切順利。

Thanks, everybody, for calling in, in this very unique time. We will come out of this stronger. And we look forward to our call after this quarter. Thanks so much.

感謝大家在這個非常特別的時刻打電話。我們將會變得更堅強。我們期待本季之後的電話諮詢。非常感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。