SunPower Corporation (SPWR) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to SunPower Corporation's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 SunPower 公司 2021 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your first speaker today to Mr. Mike Weinstein, Vice President of Investor Relations at SunPower Corporation. Thank you. Sir, you may begin.

我現在想將今天的會議交給 SunPower Corporation 投資者關係副總裁 Mike Weinstein 先生的第一位發言人。謝謝你。先生，您可以開始了。

Good afternoon. I would like to welcome everyone to our fourth quarter 2021 earnings conference call. On the call today, we will start with comments from Peter Faricy, CEO of SunPower, who will provide a summary of 2021 strategic plan accomplishments and discuss our forward-looking commitments for 2022 and beyond. Following Peter's comments, Manu Sial, SunPower's CFO, will then review our fourth quarter financial results as well as provide an update to our guidance. As a reminder, a replay of the call will be available later today on the Investor Relations page of our website.

下午好。我想歡迎大家參加我們的 2021 年第四季度收益電話會議。在今天的電話會議上，我們將從 SunPower 首席執行官 Peter Faricy 的評論開始，他將總結 2021 年戰略計劃的成就，並討論我們對 2022 年及以後的前瞻性承諾。根據 Peter 的評論，SunPower 的首席財務官 Manu Sial 將審查我們的第四季度財務業績，並提供我們指導的更新。提醒一下，今天晚些時候將在我們網站的投資者關係頁面上重播電話會議。

During today's call, we will be making 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 2021 10-K and our quarterly reports on Form 10-Q. Please 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，這些陳述受到今天演示文稿的安全港幻燈片、今天的新聞稿、我們的 2021 10-K 和我們關於表格 10-Q 的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。

Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation as well as today's earnings press release for the appropriate GAAP to non-GAAP reconciliations. Finally, to enhance the call, we have posted a set of PowerPoint slides on that we will reference during the call in the Events and Presentations page of the Investor Relations website. In the same location, we've also posted a supplemental data sheet detailing additional historical metrics.

此外，我們將在今天的電話會議中參考某些非 GAAP 指標。請參閱我們演示文稿的附錄以及今天的收益新聞稿，以了解適當的 GAAP 與非 GAAP 對賬。最後，為了加強電話會議，我們發布了一組 PowerPoint 幻燈片，我們將在電話會議期間參考投資者關係網站的活動和演示頁面。在同一位置，我們還發布了補充數據表，詳細說明了其他歷史指標。

With that, I'd like to turn the call over to Peter Faricy, CEO of SunPower. Peter?

有了這個，我想把電話轉給 SunPower 的首席執行官 Peter Faricy。彼得?

Thanks, Mike, and good afternoon, everyone. As you are aware, we reported our preliminary fourth quarter results last month, and today, we are reporting in line results. Before Manu shares the results details, I will review the strength of the underlying business, our 5 strategic pillars and progress in 2021 and plans for 2022 for each pillar.

謝謝，邁克，大家下午好。如您所知，我們上個月報告了第四季度的初步結果，而今天，我們正在報告直線結果。在 Manu 分享業績細節之前，我將回顧基礎業務的實力、我們的 5 個戰略支柱和 2021 年的進展以及每個支柱的 2022 年計劃。

Please turn to Slide #4. For the quarter, we continued to see strong top-of-funnel lead generation in our residential business with nearly 22,500 new customer bookings in the quarter, a 42% increase over last year. This led to a record 17,000 customers added in the quarter, representing 31% year-over-year growth and our largest ever backlog.

請轉到幻燈片#4。在本季度，我們的住宅業務繼續在漏斗頂部產生強勁的潛在客戶，本季度新增近 22,500 名客戶預訂，比去年增長 42%。這導致本季度新增了創紀錄的 17,000 名客戶，同比增長 31%，是我們有史以來最大的積壓訂單。

Our total customer installed base stood at 427,000 at year-end. We continue to sustain residential gross margins above 20%, with a 100 basis point increase versus last year at 25.6% for the quarter, a record high. Adjusted EBITDA per customer before product and digital investment was $2,200.

到年底，我們的總客戶安裝基數為 427,000。我們繼續將住宅毛利率維持在 20% 以上，較去年同期增長 100 個基點，本季度為 25.6%，創歷史新高。在產品和數字投資之前，每位客戶的調整後 EBITDA 為 2,200 美元。

Our New Home segment continues to grow strongly with a record pipeline of 66,000 customers as we enter 2022, more than 40% higher than a year ago. Finally, Sunbelt bookings exited 2021 with a run rate of over $130 million. As we disclosed in our preliminary announcement last month, we experienced some installation delays in the fourth quarter due to weather and Omicron. Similar to the rest of the industry and academy, we were impacted by some cost and availability pressure on our supply chain and labor pool. Despite these short-term challenges from the pandemic, we are very optimistic and excited about our future as we execute our strategic plan to become the world's most customer-centric home energy company.

隨著我們進入 2022 年，我們的新房部門繼續強勁增長，擁有創紀錄的 66,000 名客戶，比一年前高出 40% 以上。最後，Sunbelt 的預訂在 2021 年退出，運行率超過 1.3 億美元。正如我們在上個月的初步公告中披露的那樣，由於天氣和 Omicron，我們在第四季度經歷了一些安裝延遲。與其他行業和學院類似，我們受到供應鍊和勞動力資源的一些成本和可用性壓力的影響。儘管大流行帶來了這些短期挑戰，但我們對未來感到非常樂觀和興奮，因為我們執行了成為世界上最以客戶為中心的家庭能源公司的戰略計劃。

Please turn to Slide #5. As you know, we are transforming SunPower into a residential solar company focused on providing a world-class customer experience that moves well beyond the initial system sale to a full ecosystem of integrated products and services to create a lifetime relationship with SunPower. I believe strategies are only as good as the quality of the leadership team behind them. So in 2021, I focused on building a talented and experienced leadership team to execute on the following 5 strategic pillars.

請轉到幻燈片#5。如您所知，我們正在將 SunPower 轉變為一家專注於提供世界一流的客戶體驗的住宅太陽能公司，該體驗遠遠超出最初的系統銷售，而是建立完整的集成產品和服務生態系統，從而與 SunPower 建立終身合作關係。我相信戰略的好壞取決於其背後的領導團隊的質量。因此，在 2021 年，我專注於建立一支才華橫溢、經驗豐富的領導團隊，以執行以下 5 個戰略支柱。

Pillar #1 is customer care. Customers are at the center of all of our discussions. After hiring Nuala Murphy last year as Vice President of Customer Care, we have been rapidly improving our entire approach for customer service. Our guiding principle is that if a customer discovers a problem, that is a defect. We are proactively striving to identify any issues well before our customers do, and then we will exceed their expectations with a timely solution. Ultimately, I expect customer feedback to help guide our corporate and product development for ever-increasing levels of quality, which remains a major component of the SunPower brand.

支柱＃1是客戶服務。客戶是我們所有討論的中心。在去年聘請 Nuala Murphy 擔任客戶服務副總裁後，我們一直在迅速改進我們的整個客戶服務方法。我們的指導原則是，如果客戶發現問題，那就是缺陷。我們積極努力在客戶之前發現任何問題，然後我們將通過及時的解決方案超越他們的期望。最終，我希望客戶反饋能夠幫助指導我們的企業和產品開發，以不斷提高質量水平，這仍然是 SunPower 品牌的主要組成部分。

We also recently hired Derek Kuzak as our Executive Vice President for Supply Chain Quality and Field Operations. In residential solar today, the process to install and activate new solar and battery systems is slow and bureaucratic. Our goal is to make the process of installing solar fast, easy, affordable and enjoyable. Derek and his teams are focused on innovations to deliver world-class customer experience.

我們最近還聘請了 Derek Kuzak 擔任我們的供應鏈質量和現場運營執行副總裁。在今天的住宅太陽能中，安裝和激活新的太陽能和電池系統的過程是緩慢且官僚的。我們的目標是使安裝太陽能的過程變得快速、簡單、負擔得起且令人愉快。 Derek 和他的團隊專注於創新，以提供世界一流的客戶體驗。

Pillar 2 is growth. We are growing our market share with a world-class dealer network supported by the entire SunPower product, digital and financial platform. We are complementing that network with a high-growth SunPower direct channel and a leading new homes business featuring new and expanded partnerships. In October, we welcomed Ben Peterson and the Blue Raven team into the SunPower family. Blue Raven is off to a terrific start this year. I'm pleased to report the integration process is going very well, and we have already launched SunPower Financial products at Blue Raven.

支柱 2 是增長。我們正在通過由整個 SunPower 產品、數字和金融平台支持的世界級經銷商網絡來擴大我們的市場份額。我們正在通過高增長的 SunPower 直接渠道和領先的新住宅業務來補充該網絡，該業務具有新的和擴大的合作夥伴關係。 10 月，我們歡迎 Ben Peterson 和 Blue Raven 團隊加入 SunPower 大家庭。 Blue Raven 今年開局不錯。我很高興地報告集成過程進展順利，我們已經在 Blue Raven 推出了 SunPower Financial 產品。

We also recently hired June Sauvaget as our Chief Marketing Officer. June comes to us from Brex and Spotify and will help guide the company's customer acquisition and brand strategy. Under June's leadership, our goal is to build a true direct-to-consumer brand with a much more cost-efficient customer acquisition process.

我們最近還聘請了 June Sauvaget 作為我們的首席營銷官。六月來自 Brex 和 Spotify，將幫助指導公司的客戶獲取和品牌戰略。在 June 的領導下，我們的目標是通過更具成本效益的客戶獲取流程打造真正的直接面向消費者的品牌。

Pillar 3 is best and affordable products. We are expanding our offerings to include not only our premium solar system SunPower has been known for, but also an array of quality and affordable products. We recognize the value of a lifetime customer relationship, and we will nurture that by providing an entire ecosystem of fully designed and integrated products and services that are simple to use and money savings with clean and reliable energy at their core. As you know, we hired Nate Coleman as our Chief Products Officer in November, and Nate has already accelerated this effort.

支柱 3 是最好的和負擔得起的產品。我們正在擴大我們的產品範圍，不僅包括我們著名的優質太陽能係統 SunPower，還包括一系列優質且價格合理的產品。我們認識到終生客戶關係的價值，我們將通過提供完整設計和集成的產品和服務的完整生態系統來培育這一點，這些產品和服務易於使用，節省資金，以清潔和可靠的能源為核心。如您所知，我們在 11 月聘請了 Nate Coleman 擔任我們的首席產品官，而 Nate 已經加快了這項工作。

Pillar 4 is digital innovation. Our vision is to make buying solar as easy as it is to buy a book on Amazon. To accelerate innovation of the customer experience, we recently hired Ellen Kinney as our Vice President for Digital Products. Ellen will help push our digital innovation strategy to include major upgrades to the mySunPower app to provide a more efficient sales process, more control options for our customers and increased ease of use to boost adoption.

支柱 4 是數字創新。我們的願景是讓購買太陽能就像在亞馬遜上買書一樣簡單。為了加快客戶體驗的創新，我們最近聘請了 Ellen Kinney 擔任我們的數字產品副總裁。 Ellen 將幫助推動我們的數字創新戰略，包括對 mySunPower 應用程序進行重大升級，以提供更高效的銷售流程、為我們的客戶提供更多控制選項並提高易用性以促進採用。

In addition, we are pleased to announce our most recent new hire, Kumar Brahnmath, EVP of Software Technology. Kumar is a world-class technology leader from Amazon who will build best-in-class solutions for our customers and dealers.

此外，我們很高興地宣布我們最近的新員工，軟件技術執行副總裁 Kumar Brahnmath。 Kumar 是來自亞馬遜的世界級技術領導者，他將為我們的客戶和經銷商打造一流的解決方案。

Pillar 5 is world-class financial solutions. We recently hired Jason MacRae with the objectives to drive higher sales rates, faster closings and a broader customer base while contributing to our lifetime customer value.

支柱 5 是世界級的金融解決方案。我們最近聘請了 Jason MacRae，其目標是推動更高的銷售率、更快的成交和更廣泛的客戶群，同時為我們的終生客戶價值做出貢獻。

Please turn to Slide #6. We have already made major strides towards the achievement of our strategic goals. First, we've made measurable progress towards improving customer care in 2021 with our commitment to proactively discover and correct issues before customers even notice whenever possible. Our handling of the recent connectors issue on the commercial equipment reflects this philosophy. Additionally, we reduced customer issue resolution time by greater than 50% and the number of customer interactions required to obtain resolution have improved by 1,300 basis points into the high double digits.

請轉到幻燈片#6。我們已經在實現我們的戰略目標方面取得了重大進展。首先，我們在 2021 年改善客戶服務方面取得了可衡量的進展，我們承諾盡可能在客戶注意到之前主動發現和糾正問題。我們對商業設備最近連接器問題的處理反映了這一理念。此外，我們將客戶問題解決時間縮短了 50% 以上，獲得解決方案所需的客戶互動次數提高了 1,300 個基點，達到兩位數的高位。

Second, Blue Raven Solar expands our presence outside California and adds firepower to our direct channel, especially in states without a significant SunPower dealership network and no or low SunPower share. Our pipeline of potential new home installations continues to grow. We executed an exclusive agreement with Toll Brothers last year in California, that provides a framework for further expansion nationally. We grew our market share in new homes and continue to work towards new partnerships.

其次，Blue Raven Solar 擴大了我們在加利福尼亞以外的業務，並為我們的直接渠道增加了火力，特別是在沒有重要的 SunPower 經銷商網絡並且沒有或沒有 SunPower 份額的州。我們潛在的新住宅安裝管道繼續增長。去年，我們在加利福尼亞與 Toll Brothers 簽署了一項獨家協議，為在全國范圍內的進一步擴張提供了框架。我們在新房中增加了市場份額，並繼續努力建立新的合作夥伴關係。

We announced our 25x25 initiative in 2021, which includes the goal of diversifying our residential customer base to include 25% from historically underrepresented communities by 2025. We're very proud of this commitment, which we will meet with new high-value product offerings at various price points among other initiatives. We've already added new financial products for customers with expanded eligibility and low interest rates to help capture this important market segment.

我們在 2021 年宣布了 25x25 計劃，其中包括使我們的住宅客戶群多樣化的目標，到 2025 年將 25% 來自歷史上代表性不足的社區。我們為這一承諾感到非常自豪，我們將在其他舉措中的各種價格點。我們已經為具有更大資格和低利率的客戶添加了新的金融產品，以幫助佔領這一重要的細分市場。

Third, on the product side, we restarted sales of our SunVault storage product last summer with rapidly growing bookings and healthy inventory. We also recently introduced our first residential virtual power plant offering under Connected Solutions. This is a program that enables our customers to receive payments from their interconnected utility and exchange for degrees of partial control over customer SunVault systems. We are also very pleased to announce our new partnership with OhmConnect that we expect will expand our ability to bring financial value to customers quickly and meaningfully.

第三，在產品方面，我們去年夏天重新開始銷售 SunVault 存儲產品，預訂量快速增長，庫存健康。我們最近還在 Connected Solutions 下推出了我們的第一個住宅虛擬發電廠產品。該計劃使我們的客戶能夠從其互連的公用事業公司接收付款並交換對客戶 SunVault 系統的部分控製程度。我們也非常高興地宣布與 OhmConnect 建立新的合作夥伴關係，我們預計這將擴大我們為客戶帶來快速而有意義的財務價值的能力。

Most importantly, these programs bring real tangible benefits to utilities and their nonsolar customers as well. They provide a source of highly distributed storage that could help offset the need for distribution upgrades as increasing numbers of electric vehicles and rooftop solar systems get interconnected.

最重要的是，這些計劃也為公用事業公司及其非太陽能客戶帶來了實實在在的好處。隨著越來越多的電動汽車和屋頂太陽能係統相互連接，它們提供了高度分佈式存儲的來源，可以幫助抵消配電升級的需求。

Fourth, as I mentioned, we have the right leadership team now in place to accelerate our digital efforts to enhance the mySunPower app as well as our design software to greatly support both our customers and our sales teams.

第四，正如我所提到的，我們現在擁有合適的領導團隊來加速我們的數字化努力，以增強 mySunPower 應用程序以及我們的設計軟件，從而極大地支持我們的客戶和我們的銷售團隊。

Fifth, SunPower Financial was launched in December, which provides us a platform for off-balance sheet customer financing, and we entered into a forward flow loan purchase agreement with an affiliate of Credit Suisse.

第五，SunPower Financial於12月推出，為我們提供表外客戶融資平台，我們與瑞士信貸的關聯公司簽訂了遠期流動貸款購買協議。

Thanks to our strong leadership team and the dedicated mission-driven talent at SunPower, we got a lot done in 2021, and we have a lot more planned for this year.

多虧了我們強大的領導團隊和 SunPower 以使命為導向的敬業人才，我們在 2021 年完成了很多工作，今年我們還有更多的計劃。

Please turn to Slide 7. In 2022, we are leaning in and investing for growth. You can expect to see meaningful progress along several strategic lines, including, first, SunPower is making major investments to upgrade customer services. We believe that exceeding customer expectations for support is key to creating and maintaining our premium brand and growing lifetime customer relationships. You can expect more updates about this initiative at our Analyst Day; second, continued rapid expansion of sales throughout the country, especially outside California as we invest in our dealer network and expand our team at SunPower Direct; third, we plan to introduce new high-value, high-performance panel and storage options that will have strong appeal beyond the premium residential segment that we currently capture. As we explore our options in the coming weeks and months, we look forward to providing you with a more detailed update at our Analyst Day.

請轉到幻燈片 7。在 2022 年，我們正在為增長而傾斜和投資。您可以期待在幾條戰略路線上看到有意義的進展，包括，首先，SunPower 正在進行重大投資以升級客戶服務。我們相信，超越客戶對支持的期望是創建和維護我們的優質品牌和發展終生客戶關係的關鍵。您可以在我們的分析師日期待更多關於此計劃的更新；其次，隨著我們投資經銷商網絡並擴大我們在 SunPower Direct 的團隊，在全國范圍內，尤其是在加利福尼亞以外的地區繼續快速擴大銷售；第三，我們計劃推出新的高價值、高性能面板和存儲選項，這些選項將在我們目前佔領的高端住宅領域之外具有強大的吸引力。隨著我們在未來幾周和幾個月內探索我們的選擇，我們期待在分析師日為您提供更詳細的更新。

Fourth, we are making a digital product investment to improve our customer experience and our operational efficiency. And finally, at SunPower Financial, we are reiterating our plan to increase the origination of residential financing from 35% in 2021 to 45% in 2022. This helps our customers qualify for financing quicker while helping our dealers and direct salespeople close sales faster. It also brings new fee income that we've never previously captured.

第四，我們正在進行數字產品投資，以改善我們的客戶體驗和運營效率。最後，在 SunPower Financial，我們重申了將住宅融資的發起率從 2021 年的 35% 提高到 2022 年的 45% 的計劃。這有助於我們的客戶更快地獲得融資資格，同時幫助我們的經銷商和直銷人員更快地完成銷售。它還帶來了我們以前從未獲得過的新費用收入。

When you add all this up, SunPower is on a path to change the world for millions of solar customers. We are passionate about our mission, and we are just getting started. The seeds that we are planting now will bear fruit for years to come as we build the world's most customer-centric home energy company.

當您將所有這些加起來時，SunPower 正在為數百萬太陽能客戶改變世界。我們對我們的使命充滿熱情，我們才剛剛開始。隨著我們建立世界上最以客戶為中心的家庭能源公司，我們現在播下的種子將在未來幾年結出碩果。

Before I turn the call over to Manu, I'd like to address our new module supply agreement. The new contract terms allow us to continue offering our existing residential products while exploring additional panel providers immediately. Most importantly, the new deal will ensure we can serve customers and dealers given the strong demand for residential solar.

在我把電話轉給 Manu 之前，我想談談我們的新模塊供應協議。新的合同條款使我們能夠繼續提供我們現有的住宅產品，同時立即探索其他面板供應商。最重要的是，鑑於住宅太陽能的強勁需求，新協議將確保我們能夠為客戶和經銷商服務。

I'll close my comments by reemphasizing how pleased I am with the strength of customer demand. From my perspective, consumer demand is the single most important metric of our health. Now our focus is on serving and delighting our customers. We plan on having an Analyst Day on March 31 in San Diego. I look forward to seeing you there and introducing you to our leadership team.

我將通過再次強調我對客戶需求的強大程度感到高興來結束我的評論。在我看來，消費者需求是衡量我們健康的最重要的指標。現在我們的重點是服務和取悅我們的客戶。我們計劃於 3 月 31 日在聖地亞哥舉辦分析師日。我期待在那裡見到您並將您介紹給我們的領導團隊。

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

有了這個，我想把電話轉給 SunPower 的首席財務官 Manu Sial。馬努？

Thanks, Peter. Please turn to Slide 9. Our results for the quarter were in line with our pre-announcement on January 20. We are reporting negative $8 million of adjusted EBITDA, which includes the previously disclosed $27 million charge for crack connectors in commercial equipment, with an incremental $4 million charge expected in the first quarter of 2022. It also includes $3 million of higher sales and marketing expense as well as the $6.5 million impact from weather and COVID-related delays.

謝謝，彼得。請轉到幻燈片 9。我們本季度的業績與我們 1 月 20 日的預先公告一致。我們報告調整後的 EBITDA 為負 800 萬美元，其中包括先前披露的 2700 萬美元商業設備中裂紋連接器的費用，以及預計 2022 年第一季度將增加 400 萬美元的費用。其中還包括 300 萬美元的銷售和營銷費用增加，以及天氣和 COVID 相關延誤造成的 650 萬美元影響。

We're also reporting $385 million of revenue, 12% higher than a year ago, and 19% higher sequentially versus third quarter of 2021, driven by the underlying strength of our residential business. We exited the year with a healthy balance sheet with $127 million of unrestricted cash and another 2.5 million shares of Enphase held for future sales. As a reminder, the acquisition of Blue Raven Solar in October was funded with the prior sale of 1 million shares of Enphase, and I'm happy to report that the integration of the Blue Raven team is going very smoothly. We enter 2022 with a very strong residential fundamentals and a record high backlog, now the sole business of our company.

我們還報告了 3.85 億美元的收入，比一年前增長 12%，比 2021 年第三季度環比增長 19%，這得益於我們住宅業務的潛在實力。我們以健康的資產負債表結束了這一年，擁有 1.27 億美元的非限制性現金和另外 250 萬股 Enphase 股票以供未來銷售。提醒一下，10 月份收購 Blue Raven Solar 的資金來自之前出售的 100 萬股 Enphase 股份，我很高興地報告 Blue Raven 團隊的整合進展非常順利。進入 2022 年，我們擁有非常強勁的住宅基本面和創紀錄的高積壓訂單，現在是我們公司的唯一業務。

Please turn to Slide 10. Top of the funnel customer appointments and bookings continue to climb, and our residential gross margins for the quarter were the highest in nearly 6 years, specifically, I'm pleased to report that we exited 2021 with residential gross margins greater than $0.70 a watt at 25.6%, up 100 basis points year-over-year. We are very excited and optimistic about the opportunity in front of us, and we remain committed to reinvesting the proceeds from the sale of Enphase shares and our C&I Solutions business back into the execution of our strategic plan.

請轉到幻燈片 10。漏斗頂部的客戶預約和預訂繼續攀升，我們本季度的住宅毛利率是近 6 年來最高的，具體來說，我很高興地報告我們在 2021 年以住宅毛利率退出超過每瓦 0.70 美元，佔 25.6%，同比增長 100 個基點。我們對擺在我們面前的機會感到非常興奮和樂觀，我們仍然致力於將出售 Enphase 股票和我們的 C&I 解決方案業務的收益再投資於我們戰略計劃的執行。

Please turn to Slide 11. We are providing guidance for 2022 adjusted EBITDA in the range of $90 million to $110 million. Relative to our prior color for 2022, the midpoint represents a reduction of approximately $35 million, with $15 million coming off as a result of our plan to exit the light commercial business this year. The remaining $20 million impact to the residential business is primarily driven by our updated supply agreement with Maxeon as we accelerate the shift towards a more diversified customer offering and supply chain. It assumes limited customer price increases during the transition. The guidance continues to assume strong demand and is based on a projection of greater than 35% volume growth versus 2021 to a range of 73,000 to 80,000 new customers. Our projection for residential adjusted EBITDA per customer calculates to a range of $2,000 to $2,400 per customer before product and digital OpEx investment.

請轉到幻燈片 11。我們為 2022 年調整後的 EBITDA 提供了 9000 萬至 1.1 億美元的指導。相對於我們之前 2022 年的顏色，中點表示減少了大約 3500 萬美元，其中 1500 萬美元是由於我們計劃今年退出輕型商業業務而減少的。對住宅業務的剩餘 2000 萬美元影響主要是由於我們與 Maxeon 更新的供應協議，因為我們加速向更多元化的客戶產品和供應鏈轉變。它假設在過渡期間客戶價格上漲有限。該指南繼續假設需求強勁，並基於對 73,000 至 80,000 名新客戶的預測，與 2021 年相比，銷量增長超過 35%。在產品和數字運營支出投資之前，我們對每位客戶的住宅調整後 EBITDA 的預測為每位客戶 2,000 至 2,400 美元。

SunPower is nearing the completion of its transformation to a residential customer-focused renewables business. We are now firmly on a strategic path rapid long-term growth based on a growing basket of products and service offerings to our customers. As such, we plan to provide annual guidance going forward for adjusted EBITDA, customer growth and residential adjusted EBITDA before product and digital OpEx investment per customer. We think the valuation of our company is most easily and accurately determined by these metrics, which will also be based on customers rather than megawatts, an approach that makes more sense as we add more long-term customer value to the initial sale of a solar system.

SunPower 即將完成向以住宅客戶為中心的可再生能源業務的轉型。我們現在堅定地走在一條戰略道路上，基於不斷增長的一攬子產品和服務提供給我們的客戶，實現快速的長期增長。因此，我們計劃在每個客戶的產品和數字運營支出投資之前為調整後的 EBITDA、客戶增長和住宅調整後的 EBITDA 提供年度指導。我們認為我們公司的估值最容易和準確地由這些指標確定，這些指標也將基於客戶而不是兆瓦，這種方法更有意義，因為我們在太陽能的初始銷售中增加了更多的長期客戶價值系統。

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

有了這個，接線員，我想把電話轉過來問問題。

(Operator Instructions) I show our first question comes from the line of Sean Morgan from Evercore.

（操作員說明）我表明我們的第一個問題來自 Evercore 的 Sean Morgan。

So Peter, I think on the call, you guys mentioned that you're leaning into the Blue Raven acquisition a little bit, and maybe that's a little bit in light of NEM 3.0. So as you're obviously going to be diversifying the portfolio away from California, what steps are you taking proactively to sort of, I guess, boost the growth that you're seeing outside of kind of that core historic base of your company?

所以彼得，我想在電話會議上，你們提到你們有點傾向於收購 Blue Raven，也許這有點像 NEM 3.0。因此，由於您顯然將要使投資組合遠離加利福尼亞，那麼您正在積極採取哪些步驟來促進您在公司核心歷史基礎之外看到的增長？

Yes. Sean, thanks for the question. You're absolutely right. We are looking to diversify the company across the country. What's interesting is if you take a look at the growth rate so far, just in the first quarter of this year, we're growing very fast in California, but we're actually growing as fast in the rest of the country, particular strength in the Northeast and the Southeast. And you might remember, Blue Raven was sort of that sweet spot right in the middle of the country where we weren't, and Blue Raven will continue to expand and grow. We're going to talk to you more about our Blue Raven plans at Analyst Day. But we'll also fill you in at Analyst Day about how we plan to accelerate our growth, both in the Northeast and the Southeast.

是的。肖恩，謝謝你的問題。你是絕對正確的。我們希望在全國范圍內實現公司多元化。有趣的是，如果你看一下迄今為止的增長率，就在今年第一季度，我們在加利福尼亞州的增長速度非常快，但實際上我們在美國其他地區的增長速度也一樣快，特別是實力在東北部和東南部。你可能還記得，Blue Raven 是我們不在的國家中部的一個甜蜜點，Blue Raven 將繼續擴張和成長。我們將在分析師日與您詳細討論我們的 Blue Raven 計劃。但我們還將在分析師日向您介紹我們計劃如何在東北部和東南部加速增長。

The other interesting thing I'll highlight is it's not just solar panels. Battery storage, I think, is really beginning to take off. And I think we're quite pleased with how we started the year with our SunVault product. I think it's both the combination of the extreme weather conditions that people are seeing in different parts of the country and the power outages that are driving more and more consumer demand.

我要強調的另一件有趣的事情是它不僅僅是太陽能電池板。我認為，電池存儲真的開始起飛了。我認為我們對今年開始使用 SunVault 產品的方式感到非常滿意。我認為，人們在該國不同地區看到的極端天氣條件和停電共同推動了越來越多的消費者需求。

One of the things we mentioned and share with you guys in color is our attach rate. And our attach rate for SunVault was trending, let's say, 25%, 28% in our direct channel last year. That's up to the mid-30s as of last week. And what's interesting is the attach rate is just as high non-California as it is in California. So as you can hear from our comments, we're extremely pleased with the sales that we're seeing, and we're so pleased to see that we're diversifying our sales base all across the country.

我們提到並與你們分享的顏色之一是我們的附加率。我們對 SunVault 的附加率呈趨勢，比如說，去年在我們的直接渠道中分別為 25% 和 28%。截至上週，這已經達到了 30 年代中期。有趣的是，非加利福尼亞州的附加率與加利福尼亞州一樣高。因此，正如您從我們的評論中聽到的那樣，我們對所看到的銷售情況感到非常滿意，我們很高興看到我們正在使我們的銷售基礎在全國范圍內多樣化。

Okay. That's interesting. And since you brought up SunVault and you've been able to sort of bring that back online and get past, I guess, some of the supply chain hiccups that you had previously. Now that you're sort of pairing that with the Wallbox and the potential for the bidirectional charging, are you seeing any trends in terms of attach rate on SunVault versus people with EVs that might be looking to eventually incorporate car battery storage as part of their home energy solutions. Anything interesting that you're sort of picking up?

好的。那很有意思。而且，自從您提出 SunVault 並且您已經能夠將其重新上線並克服，我猜，您之前遇到的一些供應鏈問題。既然您將其與 Wallbox 和雙向充電的潛力配對，您是否看到 SunVault 的附加率與可能希望最終將汽車電池存儲作為其一部分的電動汽車的人的任何趨勢家庭能源解決方案。你有什麼有趣的事情嗎？

Yes. I think, Sean, you guys have seen, we've announced a couple of programs with new homebuilders. So I think what I would predict is for this year, the channel will -- this combination of solar plus battery plus EV will probably take off the fastest is with new homes. And it kind of makes sense because most new homeowners roll their solar package right into their mortgage, which makes it very affordable. And that's the perfect time to kind of get all 3 done at the same time. We are excited to share with you coming up at our Analyst Day, both our plans on the EV side and also some interesting plans related to battery storage with virtual power plants. So a lot more to go there.

是的。我想，肖恩，你們已經看到了，我們已經宣布了幾個與新房屋建築商合作的計劃。所以我認為我預計今年，該頻道將 - 這種太陽能加電池加電動汽車的組合可能會起飛最快的是新房。這是有道理的，因為大多數新房主將他們的太陽能套餐直接納入抵押貸款，這使得它非常實惠。這是同時完成所有 3 項工作的最佳時機。我們很高興在分析師日與您分享我們在電動汽車方面的計劃以及與虛擬發電廠的電池存儲相關的一些有趣計劃。所以還有很多要去那裡。

I think the biggest thing that gets me excited about storage, coming back to SunVault for a minute, is that, today, we're really offering a product for partial home backup. It's the product I have in my house. I think it's terrific. But I think if you take a look at the storage market, we're seeing a much stronger demand for whole home backup. And so we're going to talk more about our SunVault plans, and we'll see you at the end of March. But suffice to say, we're going to be aggressive at rolling out a number of new products in the whole home backup category. And that leads us to believe that this could be a terrific year on the SunVault side.

回到 SunVault，我認為讓我對存儲感到興奮的最大事情是，今天，我們真正提供了一種用於部分家庭備份的產品。這是我家裡的產品。我認為這太棒了。但我認為，如果你看看存儲市場，我們會發現對整個家庭備份的需求要強勁得多。因此，我們將更多地討論我們的 SunVault 計劃，我們將在 3 月底見到您。但我只想說，我們將在整個家庭備份類別中積極推出一些新產品。這讓我們相信這對 SunVault 來說可能是一個了不起的一年。

I show next question comes from the line of Pavel Molchanov from Raymond James.

我展示下一個問題來自 Raymond James 的 Pavel Molchanov。

Last December, you unveiled SunPower Financial, but I didn't hear a lot about that in your discussion of this year's guidance. Can you talk about how that new initiative fits into your revenue mix?

去年 12 月，您發布了 SunPower Financial，但在您討論今年的指導時，我沒有聽到太多關於此的信息。您能談談這項新計劃如何融入您的收入組合嗎？

Absolutely. Thank you for the question, Pavel. The hiring of Jason MacRae has really allowed us to build out a proper financial products business. The big goal that we laid out for you guys is that we're going to improve the number of systems financed from 35% of the total to 45% next year. Maybe as exciting to me is we're building up a scale in both lease and loan that's going to allow us to really lower our cost of capital over time.

絕對地。謝謝你的問題，帕維爾。聘請 Jason MacRae 確實讓我們能夠建立起合適的金融產品業務。我們為你們制定的大目標是，明年我們將資助的系統數量從占總數的 35% 提高到 45%。也許對我來說令人興奮的是，我們正在建立一個租賃和貸款規模，這將使我們能夠隨著時間的推移真正降低我們的資本成本。

And then maybe as exciting, and I can't wait to share this with you in more detail at the Analyst Day, is we're really building out the financial products for customers and dealers that will scale very, very well as our business gets larger and larger. So we're quite excited about that part of the business.

然後也許同樣令人興奮，我迫不及待地想在分析師日與您分享更多細節，我們是否真的正在為客戶和經銷商構建金融產品，這些產品將隨著我們業務的發展而非常非常好地擴展越來越大。所以我們對這部分業務感到非常興奮。

I think at the core of it, it's not only about making some money from helping customers finance their solar. When you take a look at customer research, the #1 reason people say they can't get solar is they don't think they can afford the down payment. The #2 reason they say they can't get solar is they don't think they can get approved for financing. And we're excited to share with customers the new financial products will be rolling out this year and beyond that we think are going to make solar accessible to 100 million people here in the U.S. So a lot more detail to come, but we're very excited to share more detail with you on that at the end of March.

我認為它的核心不僅僅是通過幫助客戶為他們的太陽能融資來賺錢。當您查看客戶研究時，人們說他們無法獲得太陽能的第一大原因是他們認為他們負擔不起首付。他們說他們無法獲得太陽能的第二個原因是他們認為他們無法獲得融資批准。我們很高興與客戶分享今年及以後將推出的新金融產品，我們認為這將使美國有 1 億人能夠使用太陽能所以還有更多細節，但我們很高興在三月底與您分享更多細節。

So just to clarify, are you going to be putting solar leases and loans on the SunPower balance sheet as a number of the other major national rooftop providers are doing?

因此，澄清一下，您是否會像其他一些主要的國家屋頂供應商那樣將太陽能租賃和貸款納入 SunPower 資產負債表？

No. We are not changing our strategy on that at all. So we're still going to move these leases and loans off balance sheet, that means that we don't take the risk. But by actually beginning to do the loan servicing, which we plan to do this year, we'll have a much better understanding of what the real risk is and we believe that would allow us to get a much lower cost of capital and a greater share of the economics over time. So we'll walk you through that in more detail. But no, we're not changing our strategy in terms of what's on balance sheet.

不，我們根本不會改變我們的策略。因此，我們仍將這些租賃和貸款移出資產負債表，這意味著我們不承擔風險。但是通過實際開始提供我們計劃在今年進行的貸款服務，我們將更好地了解真正的風險是什麼，我們相信這將使我們能夠獲得更低的資本成本和更大的隨著時間的推移，經濟份額。因此，我們將更詳細地向您介紹。但不，我們不會根據資產負債表上的內容改變我們的戰略。

I show our next question comes from the line of Brian Lee from Goldman Sachs.

我展示了我們的下一個問題來自高盛的 Brian Lee。

Maybe the first one just on these new metrics, right? I understand some of the rationale, but given you're kind of moving the goalpost a little bit, again, just wanted to dive in a bit. So the adjusted EBITDA per customer. First one on that, I guess, can you kind of break out, as your customer mix is changing, you even acknowledged there's more than solar-only customers going forward, you're going to be selling a lot more services and other products.

也許是這些新指標上的第一個，對吧？我理解其中的一些基本原理，但鑑於你有點移動球門柱，再次，只是想潛入一點。因此，每個客戶的調整後 EBITDA。第一個，我想，你能不能突破，隨著你的客戶組合發生變化，你甚至承認未來會有更多的太陽能客戶，你將銷售更多的服務和其他產品。

What sort of the to $2,000 to $2,400 per customer range represent? Is that $2,000 for solar only? And then at the higher end, $2,400 represents like a solar only -- solar plus SunVault battery customer. Just kind of give us a sense of the range of where your EBITDA shakes out on an individual customer basis because I feel like the blended mix kind of maybe doesn't represent where incremental customers are really being sourced at in terms of your economics? And then I had some follow-ups.

每個客戶範圍從 2,000 美元到 2,400 美元代表什麼？ 2,000 美元僅用於太陽能嗎？然後在較高端，2,400 美元僅代表太陽能——太陽能加 SunVault 電池客戶。只是讓我們了解您的 EBITDA 在單個客戶基礎上的變動範圍，因為我覺得混合組合可能並不代表從您的經濟角度來看增量客戶的真正來源？然後我進行了一些跟進。

Yes. Brian, it's Peter. So thank you. We are excited about the guidance that we're going to give as we go forward. I think when you think about a direct-to-consumer residential company that's focused on growth, I do believe customers and customer growth and then something like EBITDA per customer or maybe someday we'll get to a lifetime value per customer, those are the 2 things to look at to really measure the health and well-being and the valuation of the company. Let me have Manu answer a couple of your questions on the EBITDA calculation and how we've been thinking about it.

是的。布賴恩，是彼得。所以謝謝。我們對我們將在前進過程中提供的指導感到興奮。我認為，當您想到一家專注於增長的直接面向消費者的住宅公司時，我確實相信客戶和客戶增長，然後是每個客戶的 EBITDA，或者也許有一天我們將獲得每個客戶的終身價值，這些就是要真正衡量公司的健康和福祉以及公司的估值，需要看兩件事。讓我讓 Manu 回答您關於 EBITDA 計算的幾個問題，以及我們是如何考慮它的。

Brian, so just to contextualize the 3 metrics we're giving, we provided the number of customers in the past. I think it's a much better metric than just megawatts, that's what we guided, and it makes sense given that we are revenue-focused or revenue-only company going forward. And then EBITDA per customer is the same basis as what we've talked now in the last couple of quarters. You can reference the total year to what we had said in the third quarter metrics as well.

布賴恩，為了將我們提供的 3 個指標背景化，我們提供了過去的客戶數量。我認為這是一個比僅僅兆瓦更好的指標，這是我們的指導方針，考慮到我們是未來以收入為重點或僅收入的公司，這是有道理的。然後每個客戶的 EBITDA 與我們在過去幾個季度中討論的基礎相同。您也可以參考我們在第三季度指標中所說的全年。

And then just to answer the 2022 question regarding the EBITDA per customer. The assumption is that what takes it from, let's say, the low end of the range or the high end of the range is a solar customer depending on region as well as a solar customer who is also taking financing from SunPower. So the range of 73,000 to 80,000 customers assumes customers that are going to take solar, and then some of the customers are going to take solar plus storage plus EV plus our financing. And then EBITDA is the same basically as last time.

然後只是回答有關每位客戶 EBITDA 的 2022 年問題。假設是，從範圍的低端或範圍的高端獲取它的是取決於地區的太陽能客戶以及也從 SunPower 獲得融資的太陽能客戶。因此，73,000 到 80,000 名客戶的範圍假設客戶將採用太陽能，然後一些客戶將採用太陽能加存儲加電動汽車加我們的融資。然後EBITDA與上次基本相同。

Okay. That's helpful context. I guess maybe as a follow-up to that, I may have the numbers off, but I think in the past, you said -- or last quarter, you said $35 million on this product and digital spending effort that was the drag on EBITDA. If I do that across your customer base, I guess, or your customer count, it sounds like it's about a $400 million to $500 million -- or sorry, $400 to $500 per customer EBITDA drag from those spending initiatives. Is that going to be pretty constant going forward? And is there a reason to be stripping that, I suppose, because -- are those maybe essential to running the resi solar segment? Just trying to understand what that EBITDA drag is from that ongoing spend and if it changes over time?

好的。這是有用的上下文。我想也許作為後續行動，我可能會取消數字，但我認為在過去，你說 - 或者上個季度，你說這個產品和數字支出努力是 EBITDA 拖累的 3500 萬美元.如果我在你的客戶群中這樣做，我猜，或者你的客戶數量，這聽起來像是大約 4 億美元到 5 億美元 - 或者對不起，這些支出計劃拖累了每位客戶 400 到 500 美元的 EBITDA。未來會不會很穩定？我想，有沒有理由取消它，因為 - 這些對於運行 resi 太陽能部門可能是必不可少的嗎？只是想了解持續支出對 EBITDA 的拖累是什麼，以及它是否會隨著時間而變化？

Yes. So what we've talked in the fourth quarter was about $35 million of incremental spend that we were financing effectively through Enphase proceeds that we sold in the third quarter of 2021. Just to tie the comment back. I think where it shows up is half of it shows up in the EBITDA per customer calculation. And then the other half of it shows up the products and digital OpEx.

是的。因此，我們在第四季度談論的是大約 3500 萬美元的增量支出，我們通過我們在 2021 年第三季度出售的 Enphase 收益有效地融資。只是為了回應評論。我認為它出現在每個客戶計算的 EBITDA 中的一半。然後另一半顯示產品和數字運營支出。

The way to think about the spend on -- from a SunPower perspective, whether it's on a per customer, I think 2022 is a high watermark. And while we'll continue to spend on the growth of the business on a per customer basis, that spend is going to be tapering off as we go from '22 to some of the out years.

考慮支出的方式——從 SunPower 的角度來看，無論是針對每位客戶，我認為 2022 年都是一個高水位線。雖然我們將繼續在每位客戶的業務增長上投入資金，但隨著我們從 22 年到未來幾年，這筆支出將逐漸減少。

Yes. I think what I'd add on that, Brian, is that from my time at Amazon, the 2 pieces of investment that scale the best over time are spending -- investing in software and investing in products. And the kind of investments that once you make them build scale over a larger and larger customer base over time. So I just gave on the previous answer the example of financial products. A lot of what we're going to build this year is what we need for the next 10 years and beyond. And so the $35 million number may -- it's possible that could increase in absolute terms. But I think as a rate of the total, I think that will scale nicely over time and begin to shrink over time.

是的。布萊恩，我想我要補充的是，從我在亞馬遜的那段時間開始，隨著時間的推移，規模最大的兩項投資是支出——投資軟件和投資產品。以及一旦你讓他們隨著時間的推移在越來越大的客戶群中建立規模的投資。所以我只是在前面的答案中給出了金融產品的例子。我們今年要建造的很多東西都是我們未來 10 年及以後所需要的。因此，3500 萬美元的數字可能——絕對值可能會增加。但我認為作為總數的比率，我認為隨著時間的推移會很好地擴展並隨著時間的推移開始縮小。

I show next question comes from the line of Philip Shen from ROTH Capital.

我展示下一個問題來自 ROTH Capital 的 Philip Shen。

First one is on the '22 outlook and 76,000 customers, how many of those are Blue Raven? I'm guesstimating 9,000 with the strong growth outlook for Blue Raven. But just curious if you can help us understand ultimately what the organic growth is. I'm guessing roughly 25% year-over-year, and then the impact of Blue Raven.

第一個是關於 '22 展望和 76,000 名客戶，其中有多少是 Blue Raven？由於 Blue Raven 的強勁增長前景，我估計有 9,000 人。但只是好奇你能否幫助我們最終了解有機增長是什麼。我猜測每年大約增長 25%，然後是 Blue Raven 的影響。

Phil, we don't break out Blue Raven customers separately, but I would say you're in the ballpark. I think that's pretty close to what the number will be. But we do think about it constantly as our total direct channel, which includes SunPower Direct plus Blue Raven. We're very, very pleased with the growth and the profitability of that channel.

菲爾，我們不會單獨列出 Blue Raven 的客戶，但我會說你在球場上。我認為這非常接近這個數字。但我們確實一直將其視為我們的總直銷渠道，其中包括 SunPower Direct 和 Blue Raven。我們對該渠道的增長和盈利能力感到非常非常滿意。

So to give you some color on that, that was, let's say, 15% of our business before Blue Raven, became 20% by the end of the year, and we'll get to 30% of our total business this year. So not only is it growing a lot faster than our total business, but it's also a channel that's much more profitable for us. So we're quite pleased, as I mentioned in my comments, with the Blue Raven acquisition, and both as them running as an independent company and also our ability to find synergies between the 2 companies. It's been terrific so far. And we're also very, very pleased with our SunPower Direct business.

所以給你一些顏色，比如說，我們在 Blue Raven 之前的 15% 的業務到今年年底變成了 20%，今年我們將達到總業務的 30%。因此，它不僅比我們的總業務增長快得多，而且它也是一個對我們來說更有利可圖的渠道。因此，正如我在評論中提到的，我們對收購 Blue Raven 感到非常高興，因為他們作為一家獨立公司運營，而且我們有能力在兩家公司之間找到協同效應。到目前為止一直很棒。我們也對我們的 SunPower Direct 業務感到非常、非常滿意。

Great. And then as it relates to OhmConnect, can you talk a bit more about the revenue model there and the go-to-market strategy? And what kind of impact to revenue margins could we see in '22 or in '23? Do you expect it to be meaningful? Or is it still kind of going to be ramping from smaller numbers?

偉大的。然後，當它與 OhmConnect 相關時，你能多談談那裡的收入模式和進入市場的策略嗎？我們可以在 22 年或 23 年看到對收入利潤率的什麼樣的影響？你希望它有意義嗎？還是它仍然會從較小的數字開始增長？

Thanks, Phil. I'm so glad you brought up Ohm because I can't wait to spend time with you guys on this. It's terrific partnership. I don't want to give away all of the punch lines for our Analyst Day, but let me give you a couple of sneak previews. So first of all, there's a couple of things about Ohm that we find really attractive. One is for all the talk about virtual power plants, the hardest thing is getting the customer experience right. If you think about the idea that you're going to let someone else control your battery storage or someone else control your thermostat, that's not something that most people wake up every day and are comfortable with. So they have really demonstrated, in our opinion, the ability to influence customer behavior in a very positive way. And we're going to talk to you about that.

謝謝，菲爾。我很高興你提到了 Ohm，因為我迫不及待地想和你們一起討論這個問題。這是很棒的伙伴關係。我不想為我們的分析師日透露所有的妙語，但讓我給你一些先睹為快的預覽。因此，首先，我們發現 Ohm 有幾件事非常吸引人。一個是所有關於虛擬電廠的討論，最難的是讓客戶體驗正確。如果您考慮讓其他人控制您的電池存儲或其他人控制您的恆溫器的想法，那不是大多數人每天醒來並感到舒適的事情。因此，在我們看來，他們確實展示了以非常積極的方式影響客戶行為的能力。我們將與您討論這個問題。

And then also, they're really the first company that we've seen that's been able to connect consumer energy with the energy markets. So there's a lot of talk about VPP, but when you actually take a look at who's made a direct connection to the bidding in energy between residential batteries -- residential actions, if you will, and the energy markets, I think these guys are way ahead.

而且，他們確實是我們見過的第一家能夠將消費能源與能源市場聯繫起來的公司。所以有很多關於 VPP 的討論，但是當你真正看看誰與住宅電池之間的能源招標有直接聯繫時——如果你願意的話，住宅行動和能源市場，我認為這些人是方式先。

We're going to give you a lot more details at the Analyst Day about our partnership, but our partnership is a very big and comprehensive one. We're going to be their exclusive partner on things like solar and battery storage. And I really want to get into a lot more detail with all of you on our VPP investments and the seeds we're planting.

我們將在分析師日向您提供有關我們合作夥伴關係的更多詳細信息，但我們的合作夥伴關係非常廣泛和全面。我們將成為他們在太陽能和電池存儲等方面的獨家合作夥伴。我真的很想與大家詳細了解我們的 VPP 投資和我們正在播種的種子。

To answer your last question directly, I don't think it will be material in 2022. I think it's early. There's still a lot for us to figure out, but I will tell you that it's one of these seeds that is exciting because if you took a look at the 3-year plan and the 5-year plan, I think it does become a very material part of our business. The economics are really attractive.

直接回答你的最後一個問題，我認為這在 2022 年不會有實質意義。我認為現在還為時過早。我們還有很多事情要弄清楚，但我會告訴你，這是令人興奮的種子之一，因為如果你看一下 3 年計劃和 5 年計劃，我認為它確實會成為一個非常我們業務的重要組成部分。經濟學真的很有吸引力。

And frankly, I've been looking for an opportunity for us to work productively with utilities. I mean this is a win-win-win if we can get the consumer behavior right. Consumers get money from it, utilities hopefully save having to build new distribution because they can take advantage of distributed energy storage and we think we can be a partner to both and participate in the economics. So I look forward to going a lot deeper on that topic with all of you in about a month.

坦率地說，我一直在尋找與公用事業公司高效合作的機會。我的意思是，如果我們能夠正確處理消費者行為，這是一個雙贏的局面。消費者從中獲得資金，公用事業公司有望不必建立新的配電系統，因為他們可以利用分佈式能源存儲，我們認為我們可以成為雙方的合作夥伴並參與經濟。因此，我期待在大約一個月內與大家就該主題進行更深入的討論。

Great. One last one, if I may. In terms of the Enphase partnership, there might be some near-term deadlines there in terms of how things are governed. What do you expect there? And do you have any real alternatives besides Enphase if you want to go a different direction?

偉大的。如果可以的話，最後一個。就 Enphase 合作夥伴關係而言，就事物的管理方式而言，可能會有一些近期的最後期限。你對那裡有什麼期望？如果你想走不同的方向，除了 Enphase，你還有其他真正的選擇嗎？

So on the Enphase partnership, we have a partnership agreement that we're together through Q1 of 2024. We're pleased with that agreement. We're pleased with the relationship we have with them, and I think it's business as usual for 2022.

因此，在 Enphase 合作夥伴關係中，我們有一項合作協議，我們將在 2024 年第一季度共同完成。我們對該協議感到滿意。我們對與他們的關係感到滿意，我認為 2022 年一切照舊。

Our next question comes from the line of Kashy Harrison from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Kashy Harrison。

So on Slide 11 of the investor deck, so you indicate the guidance excludes the outcome of NEM and potential ITC changes. I was wondering if you could maybe just help us with some sensitivities on those numbers if the proposed decision from December comes to fruition? And in addition, can you also provide us with some sensitivities if the ITC changes?

因此，在投資者甲板的幻燈片 11 上，您指出該指南不包括 NEM 的結果和潛在的 ITC 變化。我想知道如果 12 月的提議決定付諸實施，您是否可以幫助我們對這些數字進行一些敏感的處理？另外，如果ITC發生變化，您能否也給我們提供一些敏感信息？

Yes. Let me -- before I turn it over to Manu for the sensitivities, let me just make a quick comment on both. I think as the initial negative news came out in California NEM in December, we did believe that, that was going to be probably an overreaction in the market, and I think that's proven out to be the case. As the events have taken place since, there's an enormous amount of energy from California residents and California employees and the solar renewable energies business to make sure that the outcome here is much more moderate and much more favorable for the solar customers and the solar employees. So I would just tell you that in California, we're cautiously optimistic that the outcome here will be much improved over the initial reports and that we'll have an outcome at some point in Q2.

是的。讓我——在我把它交給 Manu 之前，讓我對兩者進行快速評論。我認為隨著 12 月加州 NEM 最初的負面消息傳出，我們確實認為，這可能是市場反應過度，我認為事實證明確實如此。隨著事件的發生，加州居民和加州員工以及太陽能可再生能源企業提供了大量能源，以確保這裡的結果更加溫和，對太陽能客戶和太陽能員工更加有利。所以我只想告訴你，在加利福尼亞，我們謹慎樂觀地認為，這裡的結果將比最初的報告有很大改善，並且我們將在第二季度的某個時候得出結果。

And then on the ITC, before Manu goes through the sensitivities, I think we feel in a similar direction. I think you've seen comments from Senator Manchin that he supports legislation related to climate and clean energy provisions. There seems to be a lot of support across the Democratic party for that in the Senate, and we're cautiously optimistic that, that will get moved along over the next few months.

然後在 ITC 上，在 Manu 處理敏感問題之前，我認為我們的感覺是相似的。我想你已經看到參議員曼欽的評論，他支持與氣候和清潔能源規定相關的立法。民主黨在參議院似乎對此有很多支持，我們謹慎樂觀地認為，這將在未來幾個月內得到推進。

Manu, do you want to talk a little bit about the sensitivities on the NEM and ITC side?

Manu，您想談談 NEM 和 ITC 方面的敏感問題嗎？

Yes. So on the ITC, Kashy, we actually covered that in our last earnings call. And I think the way we articulated it is we should see the benefit either from a pricing perspective or increased volume. And I think we calculated at, using certain growth assumptions, about a $14 per share benefit to SunPower. We can go into a lot more detail on the callback, if you like.

是的。因此，在 ITC，Kashy，我們實際上在上次財報電話會議中提到了這一點。而且我認為我們表達它的方式是，我們應該從定價角度或增加數量來看到好處。而且我認為，使用某些增長假設，我們計算出 SunPower 每股收益約為 14 美元。如果您願意，我們可以更詳細地了解回調。

And on the NEM sensitivities, if you have that?

關於NEM的敏感性，如果你有嗎？

I think we -- look, from a NEM perspective, I don't think we've articulated any sensitivities in the past. I think like what Peter said, we think we'll all get into the right place from an industry perspective and the policymakers. I think as the policy unfolds, we may see some near-term demand, but I think it's a little bit too premature at this point to provide any sensitivities there.

我認為我們 - 從 NEM 的角度來看，我認為我們過去沒有表達任何敏感性。我認為就像彼得所說的那樣，我們認為從行業的角度和政策制定者的角度來看，我們都會進入正確的位置。我認為隨著政策的展開，我們可能會看到一些近期的需求，但我認為在這一點上提供任何敏感性還為時過早。

Okay. And as my second question, so on -- sticking on Slide 11, you indicated that the decline in adjusted EBITDA per customer in '22 was driven by higher sales and marketing in the footnotes. I was wondering if you could just maybe give us some medium-term targets on where you think this estimate could go thinking through maybe rising storage attachment rates and then also the transition from 35% loan origination to where that might go in a few years.

好的。作為我的第二個問題，等等 - 堅持幻燈片 11，您表示 22 年每個客戶的調整後 EBITDA 的下降是由腳註中更高的銷售和營銷推動的。我想知道你是否可以給我們一些中期目標，你認為這個估計可以考慮到存儲附件率的上升，然後從 35% 的貸款發放過渡到幾年後可能達到的位置。

Yes. So I think the way to think about -- so let me take a step back, right? As we've exited 2021, you've seen 2 things. One, the resi fundamentals continue to be amazing for us, which kind of leads into the focus on that business for us. And you can see that in gross margins, you can see that in bookings. Also, we are seeing that the top of the funnel is extremely strong. And the investment in sales and marketing expense, to contextualize, is both to grow geographically as well as helps with broadening our product portfolio. More of it on the Analyst Day, right?

是的。所以我想思考的方式——所以讓我退後一步，對吧？當我們離開 2021 年時，您已經看到了兩件事。一，resi 的基本面對我們來說仍然是驚人的，這導致我們專注於該業務。您可以在毛利率中看到這一點，您可以在預訂中看到這一點。此外，我們看到漏斗的頂部非常堅固。而在銷售和營銷費用上的投資，在背景化的情況下，既是為了在地域上增長，也是有助於擴大我們的產品組合。分析師日會更多，對吧？

In terms of from a modeling perspective, as you bridge from our current guidance to where it could go, a couple of things that will provide tailwinds. One is increased financing. We've talked about every customer that buys a system and a finance system compared to a nonfinance is about $1,000 a customer. So that should bring the overall margin up. Storage attached has increased and as the business ramps -- or that part of the business ramps, that should be incremental margin to the EBITDA per customer as well as the EV attach rates, all those 3 things should increase the EBITDA per customer going from '22 to '23.

從建模的角度來看，當您從我們當前的指導過渡到它可以去的地方時，有幾件事將提供順風。一是增加融資。我們已經討論過每個購買系統和金融系統的客戶與非金融系統相比，每位客戶大約需要 1,000 美元。所以這應該會提高整體利潤率。附加存儲量增加了，隨著業務增長——或業務增長的那一部分，這應該是每個客戶的 EBITDA 的增量利潤以及 EV 附加率，所有這三件事都應該增加每個客戶的 EBITDA 從' 22 至 23 日。

And then as Peter and I talked about earlier, some of the investments we are making in the platform and growth in '22 should start to taper off on a per customer basis, and then the volume leverage really kicks in as you go from '22 to the out years.

然後正如彼得和我之前談到的那樣，我們在平台上進行的一些投資和 22 年的增長應該開始在每個客戶的基礎上逐漸減少，然後從 22 年開始，數量槓桿就會真正發揮作用到外面的歲月。

The only thing I'll add is on where do we go after 45%. Two things for context. One is we're still the only solar -- residential solar company that offers all 3 financial options. So for customers, we want them to make the choice that's best for them, and that could be cash, lease or loan. But of the customers who prefer not to pay cash, which is still the majority, we are on a path to have 100% of that business financed by us over time. So the 45% that we're at for this year is just the beginning in the way we look at it. And obviously, we're getting 100% of our own direct channel today. But as Jason and his team have a chance to build out some world-class financial products for our dealers, I think we see the opportunity accelerating as we go.

我唯一要補充的是，在 45% 之後我們該去哪裡。上下文有兩件事。一是我們仍然是唯一一家提供所有三種財務選擇的太陽能住宅太陽能公司。所以對於客戶，我們希望他們做出最適合他們的選擇，可以是現金、租賃或貸款。但在不喜歡支付現金的客戶中，這仍然是大多數客戶，隨著時間的推移，我們正在努力讓我們為該業務提供 100% 的資金。所以我們今年的 45% 只是我們看待它的開始。顯然，我們今天獲得了 100% 的自己的直接渠道。但隨著 Jason 和他的團隊有機會為我們的交易商打造一些世界級的金融產品，我認為我們看到機會在不斷加速。

I show our last question comes from the line of Tristan Richardson from Truist.

我展示了我們的最後一個問題來自 Truist 的 Tristan Richardson。

Just 1 on the EBITDA as well as customer growth guidance for 2022. Does that include the impact of the previously discussed kind of connectors charge that occurs in 1Q as well? And then also, the factors you talked about impacting 4Q, namely the push out into 2022 from weather. Is that included in that guidance, both on a customer and EBITDA basis?

EBITDA 以及 2022 年的客戶增長指南僅是 1。這是否包括之前討論的第一季度發生的連接器費用的影響？然後還有你談到的影響第四季度的因素，即從天氣推遲到 2022 年。在客戶和 EBITDA 基礎上是否包含在該指南中？

The answer is both are included.

答案是兩者都包括在內。

Okay. Okay. Helpful. And then maybe just a quick one to follow up on the light commercial exit. Is there any change to sort of a cost structure from an OpEx perspective going forward, savings, harvest, et cetera, changes to, yes, an overall cost structure by exiting that piece of the business?

好的。好的。有幫助。然後可能只是快速跟進輕型商業出口。從運營支出的角度來看，成本結構是否有任何變化，節省，收穫等等，是的，通過退出該業務來改變整體成本結構？

Well, on CVAR, most of the employees we've had working on CVAR were shared between our residential business and CVAR. So to give you a quick direct answer to your business, no, I don't see a big OpEx impact. We have a small single-digit sales team that will be impacted, but I think most of the employees will reallocate to this faster-growing and more profitable residential business immediately.

好吧，在 CVAR 上，我們在 CVAR 上工作的大多數員工都在我們的住宅業務和 CVAR 之間共享。因此，為了讓您快速直接回答您的業務，不，我沒有看到對運營支出的重大影響。我們有一個小的個位數銷售團隊會受到影響，但我認為大多數員工會立即重新分配到這個增長更快、利潤更高的住宅業務。

Thank you. I guess as we wrap up for today, I want to thank everybody for their questions. And I just have 2 quick closing comments. One of them is, I just want to recognize that we've now fully made this transition from a company that was in a lot of different businesses, panels and utility scale, solar and commercial and industrial and residential to a company that's now solely focused on the residential solar business as we go forward.

謝謝你。我想在我們今天結束的時候，我想感謝大家提出的問題。我只有 2 條快速結束評論。其中之一是，我只想承認，我們現在已經從一家從事許多不同業務、面板和公用事業規模、太陽能、商業、工業和住宅的公司轉變為現在完全專注的公司在我們前進的過程中，關於住宅太陽能業務。

When I took my first earnings call last May with many of you, most of you had a very similar question, which is what are you going to do with the commercial business and the CVAR business. We've now successfully answered those questions, and now you can see our strategy of where we're headed as we move forward.

去年五月，當我與你們中的許多人進行第一次收益電話會議時，你們中的大多數人都有一個非常相似的問題，那就是你們將如何處理商業業務和 CVAR 業務。我們現在已經成功回答了這些問題，現在您可以看到我們前進的方向的戰略。

We are extremely excited to host all of you March 31 in San Diego for our Analyst Day. This will be my first chance to get a chance to interact with all of you and for you to meet our team. So let me just give you a quick sneak preview of some of the topics that we plan to talk about. First of all, we have a very exciting product strategy, and that includes the opportunity for us to participate in a segment of the business that we've never participated in before. And that's the mainstream or mass market panel business.

我們非常高興能在 3 月 31 日在聖地亞哥舉辦我們的分析師日活動。這將是我第一次有機會與大家互動並與我們的團隊見面。因此，讓我快速預覽一下我們計劃討論的一些主題。首先，我們有一個非常令人興奮的產品戰略，其中包括讓我們有機會參與我們以前從未參與過的業務領域。這就是主流或大眾市場面板業務。

So our existing supplier arrangements have only really allowed us to participate in the premium segment. We are extremely excited as we move forward to finally have a product in the much larger and faster-growing mass market segment. And if you talk to our dealers, it's the #1 thing they bring up when I talk to them. So we're very excited to share our plans with you on that.

因此，我們現有的供應商安排只能讓我們真正參與高端市場。我們非常興奮，因為我們最終在更大、增長更快的大眾市場領域推出了一款產品。如果您與我們的經銷商交談，這是他們在我與他們交談時提出的第一件事。因此，我們很高興與您分享我們的計劃。

Two, we're going to talk to you, as I mentioned, a lot more about financial products. But we're also going to talk a lot more about what are the things that we're going to do to drive lifetime customer value up over time. That includes many more products in the battery storage side, exciting opportunities for us on the EV charging side, and a discussion that I can't wait to have with all of you about our approach in virtual power plants or VPP, including our partnership with OhmConnect.

第二，正如我所提到的，我們將與您討論更多有關金融產品的內容。但我們還將更多地討論我們將採取哪些措施來推動終生客戶價值隨著時間的推移而提高。這包括電池存儲方面的更多產品，我們在電動汽車充電方面的激動人心的機會，以及我迫不及待地想與大家討論我們在虛擬發電廠或 VPP 方面的方法，包括我們與歐姆連接。

And then finally, I'll just suffice to say, as we started the year, we're seeing tremendous growth in the upper part of our funnel. And if you said to me, what's the best leading indicator of the health of this company and this business, it's always that upper part of the funnel. So we've committed in our guidance for 35% customer growth this year. But I will tell you, right now, at the top of the funnel, we're seeing 3x that growth in things like raw appointments and marketing qualified leads. And then the other interesting thing is that we're seeing much higher close rates than we did a year ago. Those are both very good leading signals about where this business is headed.

最後，我只想說，從今年開始，我們看到漏斗上部的巨大增長。如果你對我說，這家公司和這項業務的健康狀況的最佳領先指標是什麼，它始終是漏斗的上部。因此，我們在指南中承諾今年客戶增長 35%。但我會告訴你，現在，在漏斗的頂端，我們看到原始約會和營銷合格線索等方面的增長是 3 倍。然後另一個有趣的事情是，我們看到的收盤率比一年前要高得多。這些都是關於該業務發展方向的非常好的領先信號。

Thanks to all of you, and look forward to seeing you March 31, down in San Diego. Thanks.

感謝你們所有人，期待 3 月 31 日在聖地亞哥見到你們。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。