SunPower Corporation (SPWR) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SunPower Second Quarter 2022 Results. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Weinstein, Investor Relations for SunPower. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 SunPower 2022 年第二季度業績。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，SunPower 投資者關係部的 Michael Weinstein。請繼續。

Good afternoon. I would like to welcome everyone to our second quarter 2022 earnings conference call. On the call today, we will begin with comments from Peter Faricy, CEO of SunPower, who will provide an update with second quarter announcements and business highlights, followed by our expectations for the remainder of 2022. Following Peter's comments, Manu Sial, SunPower's CFO, will then review our financial results and guidance for the year. 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 2022 年第二季度收益電話會議。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，他將提供有關第二季度公告和業務亮點的最新信息，然後是我們對 2022 年剩餘時間的預期。在 Peter 發表評論之後，SunPower 首席財務官 Manu Sial ，然後將審查我們今年的財務業績和指導。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 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 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.

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。

Finally, to enhance this call, we've posted a set of PowerPoint slides, which we will reference during the call, on the Events and Presentations page of our Investor Relations website. In the same location, we've also posted a supplemental datasheet detailing additional historical metrics. With that, I'd like to turn the call over to Peter Faricy, CEO of SunPower. Peter?

最後，為了加強這次電話會議，我們在我們的投資者關係網站的活動和演示頁面上發布了一組 PowerPoint 幻燈片，我們將在電話會議期間參考這些幻燈片。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。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 morning, everyone. First, a comment on the recent announcement of the Inflation Reduction Act before I review our Q2 business highlights. The news gave me an increased hope that the United States can lead the world in the energy transition. The bill could ensure that all Americans get access to clean energy technology and the cost savings, resiliency and peace of mind that comes with it. It has the potential to boost our economy with well-paying jobs in communities across the nation. As we keep working every day to make renewable energy accessible to everyone, I urge our legislators to pass this bill so we can get to the future we envision quickly. People need clean, affordable and reliable electricity now.

謝謝，邁克，大家早上好。首先，在我回顧我們的第二季度業務亮點之前，先對最近宣布的《減少通貨膨脹法》發表評論。這個消息讓我更加希望美國能夠在能源轉型中引領世界。該法案可以確保所有美國人都能獲得清潔能源技術以及隨之而來的成本節約、彈性和安心。它有可能在全國各地的社區提供高薪工作來促進我們的經濟。當我們每天都在努力讓每個人都能使用可再生能源時，我敦促我們的立法者通過這項法案，以便我們能夠快速實現我們設想的未來。人們現在需要清潔、負擔得起和可靠的電力。

Please turn to Slide #4. I'm pleased to report that customer demand continues to be strong and that we added 19,700 new customers in the quarter, a 51% increase year-over-year and a record all-time quarter high. Just as impressive has been revenue accelerating at 63% more than a year ago, a solid increase over the 41% year-over-year growth we saw in Q1. This is a clear indication of how higher pricing is working its way into our results without dampening customer appetite.

請轉到幻燈片#4。我很高興地報告，客戶需求繼續強勁，我們在本季度新增了 19,700 名新客戶，同比增長 51%，創下歷史新高。同樣令人印象深刻的是，收入比一年前增長了 63%，與我們在第一季度看到的 41% 的同比增長相比有了堅實的增長。這清楚地表明更高的定價如何在不影響客戶胃口的情況下影響我們的業績。

We continue to see strength across all our sales channels and note the 117% year-over-year customer growth from the SunPower direct channel. Our backlog set a new high versus recent quarters at 19,000 retrofit customers with another 34,000 new home customers in backlog as well. Within new homes, we see multifamily and rent-to-own segments that have been strengthening under the current home market conditions. Our SunVault energy storage solution continues to attract strong customer interest, with a 19% SunPower direct bookings attach rate. SunVault also benefited this quarter from improved profitability as we raised pricing. SunPower Financial increased loan bookings 87% year-over-year, driven by strong customer interest in our new loan products.

我們繼續看到我們所有銷售渠道的實力，並註意到 SunPower 直接渠道的客戶同比增長 117%。與最近幾個季度相比，我們的積壓訂單創下了新高，有 19,000 名翻新客戶，另外還有 34,000 名新的家庭客戶積壓。在新房中，我們看到在當前的房屋市場條件下，多戶型和自租型市場一直在加強。我們的 SunVault 儲能解決方案繼續吸引著強烈的客戶興趣，SunPower 直接預訂附加率為 19%。由於我們提高了定價，SunVault 本季度還受益於盈利能力的提高。由於客戶對我們新貸款產品的濃厚興趣，SunPower Financial 的貸款預訂量同比增長 87%。

Please turn to Slide #5. The strength of customer demand is illustrated all the way up to sales funnel where we are experiencing more than 70% growth across lead generation, gross appointments and bookings revenue. These numbers are also impressive sequentially versus Q1, with a 10% increase in lead generation and a 16% increase in bookings as we start to increase prices for the first time in over a year.

請轉到幻燈片#5。客戶需求的強度一直體現在銷售漏斗中，我們在潛在客戶生成、總預約和預訂收入方面經歷了超過 70% 的增長。與第一季度相比，這些數字也令人印象深刻，隨著我們一年多來首次提價，潛在客戶數量增加了 10%，預訂量增加了 16%。

Please turn to Slide #6. Consumers are already burdened with levels of energy cost inflation that haven't occurred in a decade. They need relief and they need it now. Fortunately, residential solar remains one of the most meaningful ways to reduce home power bills, even considering the rising cost of supply chain and labor. Our main competition has been traditional electric utility and their costs are rising more rapidly than the solar industry. According to the U.S. Energy Information Agency, electric bills have already increased 9% year-over-year as of March. More electric bill inflation could be coming as their cost of capital and conventional generation fuels continue to rise rapidly this year.

請轉到幻燈片#6。消費者已經背負著十年來從未出現過的能源成本通脹水平。他們需要救濟，現在就需要。幸運的是，即使考慮到供應鍊和勞動力成本的上升，住宅太陽能仍然是減少家庭電費的最有意義的方式之一。我們的主要競爭對手是傳統的電力公司，它們的成本比太陽能行業增長得更快。根據美國能源信息署的數據，截至 3 月份，電費已同比增長 9%。隨著他們的資本成本和傳統發電燃料今年繼續快速上漲，可能會出現更多的電費通脹。

Utility capital spending for an aging and increasingly less reliable grid is also forecast to grow significantly in the next few years, according to the Edison Electric Institute. All of these factors add up to a strengthening customer incentive to add rooftop solar, while simultaneously providing the residential solar industry with more pricing power than we've seen in years.

根據愛迪生電氣研究所的數據，在未來幾年中，用於老化和越來越不可靠的電網的公用事業資本支出預計也將顯著增長。所有這些因素加起來增強了客戶增加屋頂太陽能的動力，同時為住宅太陽能行業提供了比我們多年來看到的更多的定價能力。

Please turn to Slide #7. I imagine some of you are wondering about the possible impact that the current economic conditions may have on our customers. I want to take a moment here to highlight some of the specific comments we read on why they are going solar with us now. Among the most important reasons cited are, number one, to lower their monthly electric bills. 2, to have a positive impact on climate change with clean and renewable energy. And finally, number 3, the peace of mind that comes from knowing that they will have power even when the grid fails, which unfortunately has been happening with increasingly frequency in the recent years. We believe these drivers of demand are important to consumers regardless of the economic forces.

請轉到幻燈片#7。我想你們中的一些人想知道當前的經濟狀況可能對我們的客戶產生的影響。我想在這里花點時間強調一下我們讀到的一些具體評論，說明他們現在為什麼要和我們一起使用太陽能。最重要的原因之一是降低每月的電費。 2、以清潔和可再生能源對氣候變化產生積極影響。最後，第 3 點，即使電網發生故障，他們也會有電力，從而讓內心感到平靜，不幸的是，近年來這種情況越來越頻繁地發生。我們認為，無論經濟力量如何，這些需求驅動因素對消費者都很重要。

Please turn to Slide #8. We created SunPower Financial late last year to offer a full choice between a suite of loan and lease products, whatever suits the customers' needs best. We continue to innovate in this area with loans that keep monthly payments low. We are originating loans using purchase agreements that provide up to $2.5 billion sourced from depository capital with a cost that's 150 to 200 basis points lower than the ABS market. We remain ready with facilities in place to shift towards ABS if that market becomes more attractive to us. Higher interest rates could have an impact on customer savings, but with flexible terms and the abundance of customer choice, we are working to mitigate that effect, especially in comparison to the rapidly rising utility bills.

請轉到幻燈片#8。去年年底，我們創建了 SunPower Financial，以提供一套貸款和租賃產品之間的完整選擇，無論哪種最適合客戶的需求。我們繼續在該領域進行創新，提供可降低每月還款額的貸款。我們使用購買協議發起貸款，該協議提供高達 25 億美元的存款資本，成本比 ABS 市場低 150 到 200 個基點。如果該市場對我們更具吸引力，我們將隨時準備好向 ABS 轉移的設施。較高的利率可能會對客戶儲蓄產生影響，但憑藉靈活的條款和豐富的客戶選擇，我們正在努力減輕這種影響，尤其是與迅速上漲的水電費相比。

While we stand ready to expand our lease offering if needed, we aren't seeing a push for that from our customers. Loans have been roughly 80% of our financing originations over the past year. And as we look at bookings happening right now, we expect that same level in the second half.

雖然我們隨時準備在需要時擴大我們的租賃服務，但我們並沒有看到客戶對此的推動。在過去的一年裡，貸款約占我們融資來源的 80%。當我們查看現在發生的預訂時，我們預計下半年的預訂水平會相同。

Please turn to Slide #9. Another topic I want to address is the new homes market and what we are expecting as the sector deals with the impact of higher mortgage rates. SunPower is a leader in this segment. In Q2, we set an all-time record high of more than 4,600 new installations. We continue to bring in new homebuilders and their communities that are planned and under construction. In Q2, we saw a 46% increase in contracted active construction communities where solar is a standard offer on every home. This brings our contracted backlog in new homes to 34,000 customers with another 40,000 potential customers in the pipeline, including a growing multifamily segment.

請轉到幻燈片#9。我想討論的另一個話題是新房市場，以及我們在該行業應對更高抵押貸款利率的影響時的預期。 SunPower 是該領域的領導者。在第二季度，我們創下了 4,600 多台新安裝的歷史新高。我們繼續引進新的房屋建築商及其計劃和建設中的社區。在第二季度，我們看到簽約的活躍建築社區增加了 46%，其中太陽能是每個家庭的標準產品。這使我們在新房中的合同積壓訂單達到了 34,000 名客戶，另有 40,000 名潛在客戶正在籌備中，其中包括不斷增長的多戶家庭部分。

When we look beyond 2022, we see the potential for a slowdown in single-family construction due to slower monthly sales rates being reported by that industry. But there's more to the story here. Number one, typically, any slowing of home sales typically takes about 6 months to affect solar installations. Based on homebuilder construction progress for their previously sold backlog, we expect most of this second half solar installations to pace similar to the first half. Even number 2, even as single-family homes slow down, we are increasingly engaged in the multifamily and single-family build-to-rent categories, both of which are growing rapidly. Number 3, over the long run, the U.S. still faces an underlying shortage of new homes. By one estimate, this deficit is 3.8 million homes that's been building ever since the 2008 mortgage crisis. And finally, number 4, we continue to add new homebuilders and communities to the portfolio as we broaden our scope nationally beyond California, which should help mitigate some of the effects of any slowdown in new home sales and construction within each community.

當我們展望 2022 年以後，由於該行業報告的月銷售率放緩，我們看到單戶住宅建設可能放緩。但這裡的故事還有更多。第一，通常情況下，房屋銷售的任何放緩通常需要大約 6 個月的時間才能影響太陽能裝置。根據之前銷售的積壓房屋建築商的建設進度，我們預計下半年大部分太陽能裝置的速度將與上半年相似。即使排在第二位，即使單戶住宅放緩，我們也越來越多地參與多戶和單戶建造租賃類別，這兩個類別都在迅速增長。第三，從長遠來看，美國仍然面臨新房短缺的問題。據估計，這一赤字是自 2008 年抵押貸款危機以來一直在建造的 380 萬套房屋。最後，第四點，隨著我們將範圍擴大到加利福尼亞以外的全國范圍，我們將繼續在投資組合中增加新的房屋建築商和社區，這將有助於減輕每個社區內新房銷售和建設放緩的一些影響。

Please turn to Slide #10. Finally, I'll share with you the progress we've made executing against the 5 pillars of our strategy. For customer experience, we continue to make significant progress in Q2. Our Net Promoter Score improved to 51, a 38% improvement year-over-year. Service levels improved further with customer wait times reduced 45% to 31 seconds and average query resolution time reduced 36% year-over-year. This is a journey, not a destination, and the constant improving of our customer experience ensures that SunPower continues to earn the title of best in the business.

請轉到幻燈片 #10。最後，我將與您分享我們在執行戰略的 5 個支柱方面取得的進展。在客戶體驗方面，我們在第二季度繼續取得重大進展。我們的淨推薦值提高到 51，同比提高 38%。服務水平進一步提高，客戶等待時間減少 45% 至 31 秒，平均查詢解決時間同比減少 36%。這是一段旅程，而不是目的地，我們不斷改善客戶體驗確保 SunPower 繼續贏得業內最佳稱號。

Our new products, we're pleased to report that we have secured additional panel supplies for 2022 from a variety of sources that will help us meet soaring customer demand. We continue to make progress towards signing a deal with First Solar with an expected completion date in Q3 to develop a domestically produced residential tandem thin film module as well as a long-term supply plan. For growth, we launched a new home solar program in partnership with IKEA for select California markets. In the new home segment, we extended our contract with KB Homes nationwide, and we signed a new deal with Dream Finders Homes in Colorado.

我們很高興地報告我們的新產品，我們已經從各種來源獲得了 2022 年的額外面板供應，這將有助於我們滿足不斷飆升的客戶需求。我們繼續在與 First Solar 簽署協議方面取得進展，預計在第三季度完成，以開發國產住宅串聯薄膜組件以及長期供應計劃。為實現增長，我們與宜家合作推出了一項新的家用太陽能計劃，面向特定的加利福尼亞市場。在新住宅領域，我們延長了與全國 KB Homes 的合同，並與科羅拉多州的 Dream Finders Homes 簽訂了新協議。

Under digital innovation, we're happy to announce the completion of a multiyear redesign of our remote monitoring system that saves $4 million of OpEx per year and improve the customer experience with the app. mySunPower users have more than doubled last year, since last year, to 107,000 monthly active users. And finally, SunPower Financials continues to innovate and grow with low APR loans, expanded eligibility up to $150,000, and favorable cost of funds. I'll now turn it over to Manu for more details on our Q2 results. Manu?

在數字化創新下，我們很高興地宣布完成對我們的遠程監控系統的多年重新設計，該系統每年可節省 400 萬美元的運營支出並改善應用程序的客戶體驗。自去年以來，mySunPower 用戶去年增加了一倍多，達到 107,000 名每月活躍用戶。最後，SunPower Financials 憑藉低 APR 貸款、將資格擴大到 150,000 美元以及有利的資金成本繼續創新和發展。我現在將把它交給 Manu，以獲取有關我們第二季度業績的更多詳細信息。馬努？

Thank you, Peter. Please turn to Slide 12. As Peter mentioned earlier, strong demand remains the key story for SunPower in the second quarter. And this, combined with continued healthy gross margin and declining platform investment for customers should set us up well for a strong second half.

謝謝你，彼得。請轉到幻燈片 12。正如 Peter 之前提到的，強勁的需求仍然是 SunPower 第二季度的關鍵。而這一點，再加上持續健康的毛利率和客戶平台投資的下降，應該會為我們下半年的強勁表現做好準備。

For the second quarter, we are reporting $15 million of adjusted EBITDA and $414 million of non-GAAP revenue, an increase of 63% year-over-year, which you will note is an acceleration over the 41% year-over-year growth we saw in the first quarter.

對於第二季度，我們報告了 1500 萬美元的調整後 EBITDA 和 4.14 億美元的非 GAAP 收入，同比增長 63%，您會注意到這是 41% 同比增長的加速我們在第一季度看到了。

We added 19,700 new customers in the second quarter, a 51% increase year-over-year that was also nearly 20% higher than the first quarter, putting us on track to achieve our 2022 guidance by year-end. Adjusted non-GAAP gross margin remained above 20% as we passed along to customers higher panel, freight and labor costs that continue to be felt across the industry broadly. As sales and marketing OpEx per new customer declined from the first quarter to second quarter, we saw a sequential increase of adjusted EBITDA per customer before platform investment to $1,900 for the second quarter.

我們在第二季度增加了 19,700 名新客戶，同比增長 51%，也比第一季度高出近 20%，使我們有望在年底前實現 2022 年的指導。調整後的非公認會計準則毛利率保持在 20% 以上，因為我們將更高的面板、運費和勞動力成本轉嫁給客戶，這在整個行業中繼續廣泛感受到。由於每個新客戶的銷售和營銷運營支出從第一季度到第二季度有所下降，我們看到第二季度每個客戶在平台投資前的調整後 EBITDA 連續增長至 1,900 美元。

As we highlighted at the Analyst Day, platform investment of $23 million is primarily product, digital and corporate OpEx. And on a per customer basis, platform expenses peaked and we expect this to decline in the second half as customer growth continues. We believe that this will help us achieve our full year EBITDA guidance.

正如我們在分析師日強調的那樣，2300 萬美元的平台投資主要用於產品、數字和企業運營支出。在每個客戶的基礎上，平台費用達到頂峰，我們預計隨著客戶的持續增長，這將在下半年下降。我們相信這將幫助我們實現全年 EBITDA 指導。

Our balance sheet remains strong with a higher cash balance and lower net recourse debt, which continues to provide us with the flexibility to invest in the business. We also have 1.5 million unsold ENPH shares at the end of the second quarter.

我們的資產負債表保持強勁，現金餘額較高，追索權債務淨額較低，這繼續為我們提供投資業務的靈活性。在第二季度末，我們還有 150 萬股未售出的 ENPH 股票。

Please turn to Slide 13. We are affirming our guidance for 2022 and our target model for 2025 that we most recently discussed at the Analyst Day. Continued strong customer growth, operating leverage and discretionary platform investment all contribute to our confidence in meeting full year EBITDA guidance. We have said that our results this year are weighted towards second half. And next, I'll walk you through an update to the bridge between first half results and full year guidance for EBITDA per customer.

請轉到幻燈片 13。我們正在確認我們最近在分析師日討論的 2022 年指導和 2025 年目標模型。持續強勁的客戶增長、運營槓桿和可自由支配的平台投資都有助於我們實現全年 EBITDA 指導的信心。我們已經說過，我們今年的業績偏向下半年。接下來，我將向您介紹上半年業績與每位客戶的 EBITDA 全年指導之間的橋樑更新。

Please turn to Slide 14. On this slide, we highlight updated factors that lead to our 2022 full year guidance for $2,000 to $2,400 EBITDA per customer before platform investment starting from a base of $1,850 in the first half. These figures are rounded for presentation. First, we expect to see continued improvement to gross margin from higher customer pricing to offset cost inflation that will result in an incremental improvement of between $125 to $325 EBITDA per customer for the full year metric. We remain in a strong position for this, especially as utility bills rise this summer and fall.

請轉到幻燈片 14。在這張幻燈片上，我們重點介紹了導致我們 2022 年全年指導為每位客戶的 EBITDA 為 2,000 美元至 2,400 美元的更新因素，而不是從上半年的 1,850 美元基數開始的平台投資。這些數字是四捨五入的。首先，我們預計更高的客戶定價將持續改善毛利率，以抵消成本通脹，這將導致全年每位客戶 EBITDA 增加 125 美元至 325 美元。我們在這方面仍然處於強勢地位，尤其是在今年夏天和秋天水電費上漲的情況下。

Second, recall that our target model from the Analyst Day also assumes SunPower's financial attach rates grow from 35% to 45% by the end of 2022. The target model also assumes a storage attach rate for installed system that grows modestly through 2022, assuming up to $1,000 to $3,000 of incremental margin. But each attached customer, we ultimately expect a broad incremental improvement of between $25 to $225 EBITDA per customer for the full year.

其次，回想一下，分析師日的目標模型還假設 SunPower 的財務附加率到 2022 年底從 35% 增長到 45%。目標模型還假設已安裝系統的存儲附加率在 2022 年之前適度增長，假設1,000 至 3,000 美元的增量保證金。但我們最終預計每位客戶的全年 EBITDA 將大幅增加 25 至 225 美元。

Third, we've largely achieved enough improvement from reducing sales and marketing OpEx per customer to put us on a path to achieve full year guidance. Altogether, a net out to an expected improvement of roughly between $150 to $550 EBITDA per customer for the full year metric, bridging the gap between the $1,850 we are reporting for the first half and our annual guidance for '22 of $2,000 to $2,400.

第三，我們在減少每位客戶的銷售和營銷運營支出方面取得了很大的進步，使我們走上了實現全年指導的道路。總而言之，預計全年每位客戶 EBITDA 的淨收益約為 150 美元至 550 美元，縮小了我們上半年報告的 1,850 美元與我們 22 年 2,000 美元至 2,400 美元的年度指導之間的差距。

As customer acquisitions build into Q4, you should think about our total EBITDA as seasonally weighted towards the fourth quarter. We exited the first half of 2022 with strong residential demand, completion of our strategic transformation to a residential-only company, and a cash and balance sheet position that is in the best shape they have been in years. This sets us up very well for a strong second half of the year and continued expansion of our market share in the years to come. With that, I would like to turn the call over for questions.

隨著客戶收購進入第四季度，您應該將我們的 EBITDA 總額視為第四季度的季節性加權。我們在 2022 年上半年結束時，住宅需求強勁，完成了向住宅公司的戰略轉型，現金和資產負債表狀況處於多年來最佳狀態。這使我們為下半年的強勁表現做好了準備，並在未來幾年繼續擴大我們的市場份額。有了這個，我想把電話轉過來提問。

(Operator Instructions) Our first question comes from Sean Morgan with Evercore ISI.

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

I just had a question on the First Solar partnership. First Solar has their Ohio manufacturing and this recent IRA bill has kind of increased the likelihood of them being able to capture some production tax credits. And I think they're probably not going to do it on the CapEx for the facilities, rather on the actual flow of modules being produced. Is it too much of a stretch to think that with the JV you guys might be eligible for some of those PTCs? And then just a follow-up on that, how big do you think the addressable market is for these tandem crystalline thin film products is in the residential market?

我剛剛對 First Solar 的合作有疑問。 First Solar 在俄亥俄州進行製造，而最近的 IRA 法案增加了他們獲得一些生產稅收抵免的可能性。而且我認為他們可能不會在設施的資本支出上這樣做，而是根據正在生產的模塊的實際流程。認為通過合資企業你們可能有資格獲得其中一些 PTC 是否太過分了？然後只是跟進，您認為這些串聯晶體薄膜產品的潛在市場在住宅市場有多大？

Sean, thanks. Yes, we continue to be excited and optimistic about our opportunity to develop a commercial partnership with First Solar. Just to clarify, it is a commercial partnership, it's not a JV per se. And as you pointed out, they've got a terrific set of manufacturing facilities in Perrysburg, Ohio. I've had a chance to visit there and tour their factories, and they're quite impressive. The amount of automation and the amount of domestic content they're able to combine together are terrific. In this bill being considered by the federal government, I think we are quite excited about this adder for domestic content.

肖恩，謝謝。是的，我們對與 First Solar 建立商業夥伴關係的機會繼續感到興奮和樂觀。澄清一下，這是一個商業夥伴關係，它本身不是合資企業。正如你所指出的，他們在俄亥俄州的佩里斯堡擁有一套非常棒的製造設施。我有機會參觀了那裡並參觀了他們的工廠，他們給人留下了深刻的印象。他們能夠結合在一起的自動化程度和國內內容的數量非常棒。在聯邦政府正在考慮的這項法案中，我認為我們對這個增加國內內容的加法器感到非常興奮。

I think it's a little early to speculate as to whether or not these products would qualify. I think it would be wonderful if they did obviously, because I think it would open up new market segments across the U.S., and it would potentially give us a unique advantage in having a potential 10% adder for leases and PPAs. I think on the thin film products, we're thinking about it addressing the market in 2 ways. We've had success at the premium segment of the market.

我認為現在推測這些產品是否符合條件還為時過早。我認為如果他們明顯這樣做會很棒，因為我認為這將在美國開闢新的細分市場，並且它可能會給我們帶來獨特的優勢，讓租賃和 PPA 有 10% 的潛在加法器。我認為在薄膜產品方面，我們正在考慮以兩種方式解決市場問題。我們在高端市場取得了成功。

And we would imagine that the highest efficiency panels that we might produce together would be targeted towards that segment and set a new innovation standard. But we're also thinking quite broadly about how do we also produce a module that maybe would be at the very top end of the mass market segment or mainstream segment and allow us to have that same kind of innovation lead and affordability for that segment as well. As we work together and we think about what we want to go do in the future, we're really thinking about developing products that would address both of those market segments.

我們可以想像，我們可能共同生產的最高效率面板將針對該細分市場並設定新的創新標準。但我們也在相當廣泛地思考我們如何也生產出可能處於大眾市場或主流市場的高端的模塊，並讓我們在該細分市場擁有與該細分市場相同的創新領先地位和可負擔性出色地。當我們一起工作並思考我們未來想要做什麼時，我們真的在考慮開發能夠同時滿足這兩個細分市場的產品。

And then I think I saw in either the release or the presentation, $150,000 is the upper limit for the financing packages. And I think that's pretty well in excess of the average cost of an install. I was kind of wondering like what exactly would be sort of included in that upper limit of a customer CapEx bill that ran at $150,000? Would that include storage, like some sort of super extra generation? Or how would you get to that level of kind of the upper end of customer costs?

然後我想我在發布或演示中看到，150,000 美元是融資方案的上限。而且我認為這遠遠超過了平均安裝成本。我有點想知道在 150,000 美元的客戶資本支出賬單的上限中究竟會包含什麼？這會包括存儲，比如某種超級額外的一代嗎？或者您將如何達到客戶成本的高端水平？

Yes, Sean, you hit it exactly right. We do have homeowners that have large homes, big roofs, want to have the maximum number of panels their roof will support. If you think of places like Hawaii and California, where it really does make sense to sort of maximize the amount of cube space you can get in solar panels, but also increasingly attaching batteries and EV chargers is becoming more and more common for our customers. On the battery side, as we introduce later this summer, our 2-inverter whole-home backup product, some of those products you could spend $20,000, $30,000, $40,000 depending on what size battery you want to have with your home.

是的，肖恩，你說得對。我們確實有擁有大房子、大屋頂的房主，他們希望擁有最大數量的屋頂將支持的面板。如果您想到夏威夷和加利福尼亞這樣的地方，那麼在太陽能電池板中最大限度地增加立方體空間確實很有意義，而且越來越多地連接電池和電動汽車充電器對我們的客戶來說變得越來越普遍。在電池方面，正如我們在今年夏天晚些時候推出的，我們的 2 逆變器全家庭備用產品，其中一些產品您可能會花費 20,000 美元、30,000 美元、40,000 美元，具體取決於您希望在家中擁有什麼尺寸的電池。

It really does increase the budget, I guess if you would, for solar plus battery plus EV charging. We're also imagining that it will be helpful for consumers to qualify for a large amount so that they have the ability to easily buy stuff from us in the future. We've talked about we really have a view of our customer base, a long-term view, a lifetime view. We really think of ourselves as we want to be their partner for the lifetime. If they qualify for a large amount and only use part of that, you might imagine us being able to make it very easy for them to add on a couple more panels or add on a new battery or whatever it might be. We're quite excited about the innovations that we're developing on the SunPower Financial side and a lot more to come as we go forward there.

我想如果你願意的話，它確實增加了太陽能加電池加電動汽車充電的預算。我們還想像，這將有助於消費者獲得大量資格，以便他們將來能夠輕鬆地從我們這裡購買東西。我們已經談到我們對我們的客戶群有一個真正的看法，一個長期的看法，一個終身的看法。我們真的想自己，因為我們想成為他們一生的合作夥伴。如果他們有資格獲得大量資金並且只使用其中的一部分，您可能會想像我們能夠讓他們輕鬆添加更多面板或添加新電池或任何可能的東西。我們對我們在 SunPower Financial 方面正在開發的創新感到非常興奮，並且隨著我們在那裡前進，我們還會有更多的創新。

We have a question from Ben Kallo with Baird.

我們有一個來自 Ben Kallo 和 Baird 的問題。

Could you talk about maybe just the geographic kind of mix in the quarter? And then I have a follow-up.

你能談談本季度的地理組合嗎？然後我有一個跟進。

Yes. I think the thing that we're looking for, Ben, is, are we continuing to see signs of growth spread across the United States? As you know, we've been a company that had a very strong presence in California that we're very proud of, and California is a terrific business. But we're also looking to see if we continue to grow the business in the Northeast and the Southeast. And I'm pleased to say that in Q2 we had another good quarter of growth outside of California. In particular, if you take a look at Texas, Florida, North Carolina, Illinois and then the New York, New Jersey, Massachusetts, Connecticut corridor, all of those states continue to grow quite well as well. And then interestingly enough, Blue Raven is in these I would call them I guess more off the radar states. They go through the middle of the country.

是的。我認為我們正在尋找的東西，本，我們是否繼續看到美國各地的增長跡象？如您所知，我們一直是一家在加利福尼亞擁有非常強大影響力的公司，我們為此感到非常自豪，加利福尼亞是一個了不起的企業。但我們也希望看看我們是否繼續在東北部和東南部發展業務。我很高興地說，在第二季度，我們在加利福尼亞以外的地區又實現了一個不錯的季度增長。特別是，如果你看看德克薩斯州、佛羅里達州、北卡羅來納州、伊利諾伊州，然後是紐約、新澤西州、馬薩諸塞州和康涅狄格州的走廊，所有這些州的增長都非常好。然後有趣的是，Blue Raven 在這些我會稱它們為我猜更多的雷達狀態。他們穿過這個國家的中部。

And when you take a look at their customer growth rate in Q2, we don't break that out separately. But to give you color, I would say their growth rate was even faster across those states than our overall growth rate was just to give you a feel for how strong the solar business is all across the country. I really feel like we're getting closer to reaching an inflection point where it's becoming more common knowledge that you can really save a great deal of money net of your solar costs every month. You saw the customer feedback that we stuck in our presentation, and that was purposeful, because we want to kind of share with everybody how our customers describe to us why they're choosing to buy solar. And I think you're seeing that more and more across the country.

當您查看他們在第二季度的客戶增長率時，我們不會將其分開。但是為了給你顏色，我想說他們在這些州的增長率甚至比我們的整體增長率還要快，這只是為了讓你了解全國太陽能業務的強大程度。我真的覺得我們正在接近一個拐點，在這個拐點上，人們越來越普遍地知道，您每個月都可以真正節省大量的太陽能成本淨額。您看到了我們在演示文稿中保留的客戶反饋，這是有目的的，因為我們想與大家分享我們的客戶如何向我們描述他們選擇購買太陽能的原因。我認為你在全國范圍內看到的越來越多。

And then just you talked a lot about increasing utility prices. Could you just talk maybe -- the leverage to that, I think, and maybe it seems like you're more levered than some others in the near term. And I'm just wondering how that squares with reiterating guidance versus maybe raising a bit, and how you guys think about that?

然後你就談了很多關於提高公用事業價格的事情。你能不能談談 - 我認為這方面的槓桿作用，也許在短期內你似乎比其他人更有槓桿作用。我只是想知道這與重申指導與可能提高一點點的關係如何，你們如何看待這一點？

Yes. Well, I think we feel like if I just take a break after the first half of the year, we're in line, maybe slightly ahead of where we said we would be when we were at Analyst Day. From a customer perspective, if you took a look at the midpoint of our guidance, we're about 47% of the way there. That's what we expect it to be about this time. We've got a strong second half ahead of us. And then from an EBITDA perspective, we had kind of described it as 1/3, 2/3. 1/3 the first half, 2/3 the second half. And I think we're in a solid position to deliver that for the year. That's why we reaffirmed our guidance. I think what we're seeing, Ben, is the ability to pass along where we are getting price increases, whether it be cost of capital on the financing side or where it would be product or labor costs increasing, we've been able to successfully pass those along without slowing down demand.

是的。好吧，我想我們覺得如果我在上半年之後休息一下，我們就可以排隊了，也許比我們在分析師日時所說的要早一點。從客戶的角度來看，如果你看一下我們指導的中點，我們已經完成了大約 47% 的目標。這就是我們這次的預期。我們前面有一個強勁的下半場。然後從 EBITDA 的角度來看，我們將其描述為 1/3、2/3。上半場1/3，下半場2/3。我認為我們有能力在今年實現這一目標。這就是為什麼我們重申我們的指導。我認為，Ben，我們看到的是能夠傳遞價格上漲的地方，無論是融資方面的資本成本，還是產品或勞動力成本的增加，我們已經能夠在不減緩需求的情況下成功地傳遞這些。

One of the reasons that we put the page in there comparing, this is Page 5 of our deck, Q2 to Q1, is to sort of directly address this topic of whether or not the business is losing any momentum. And from our perspective, we began to raise prices at the end of Q1. You saw those prices begin to have an impact in Q2 and yet the business continued to accelerate. And so far in Q3, I think we're seeing this continued pretty strong growth as we go. We're excited for the second half of the year, we reaffirm our guidance, and we feel like we've got the plans in place to deliver those results.

我們將頁面放在那裡進行比較的原因之一，這是我們甲板的第 5 頁，第二季度到第一季度，是為了直接解決這個話題，即業務是否正在失去任何動力。從我們的角度來看，我們在第一季度末開始提價。您看到這些價格在第二季度開始產生影響，但業務繼續加速。到目前為止，在第三季度，我認為隨著我們的發展，我們看到了這種持續強勁的增長。我們對下半年感到興奮，我們重申了我們的指導，我們覺得我們已經制定了實現這些結果的計劃。

Yes, Ben, the only thing I'd add is, if you go to Page 14 of our deck, we laid out our EBITDA per customer growth from the first half to total year. We are expecting to see operating leverage in the back half of the year, both price in excess of inflation as well as increasing attach rate for SunPower Financial and modest increase in attach rates for SunVault.

是的，本，我唯一要補充的是，如果您轉到我們的第 14 頁，我們列出了從上半年到全年的每個客戶增長的 EBITDA。我們預計下半年將看到經營槓桿，價格超過通脹，SunPower Financial 的附加率增加，SunVault 的附加率適度增加。

Our next question comes from Pavel Molchanov with Raymond James.

我們的下一個問題來自 Pavel Molchanov 和 Raymond James。

You touched on kind of geographic footprint a bit earlier. Maybe I'll ask it this way. Before all the inflation of the past year, the rule of thumb was rooftop solar makes sense where utility rates are at or above $0.15 per kilowatt hour, which was about maybe a little over a dozen states. How has that changed in the past year?

你早些時候談到了某種地理足跡。也許我會這樣問。在過去一年的所有通貨膨脹之前，經驗法則是屋頂太陽能在公用事業費率等於或高於每千瓦時 0.15 美元（大約十幾個州）的情況下是有意義的。在過去的一年裡，情況發生了怎樣的變化？

I think that if you take a look at the -- I think that using that metric I think is a fair way to take a look at it. I think part of the reason we gave the customer feedback we did in the deck is that there are multiple reasons that people consider buying solar. One of them is the one that you pointed out, which is the pure economic reason. And we think of it as the spread between solar and traditional utility costs. Those have gotten bigger over this past year, and therefore, we see that addressable market as having gotten larger on the lower your electric bills. But I would also say I'm surprised and delighted to see the number of people who identify with wanting cleaner energy and wanting to contribute to that. That's that middle bucket of feedback.

我認為，如果你看一下 - 我認為使用該指標是一種公平的方式來看待它。我認為我們在甲板上向客戶提供反饋的部分原因是人們考慮購買太陽能的原因有很多。其中一個就是你指出的那個，這是純粹的經濟原因。我們認為它是太陽能和傳統公用事業成本之間的差價。在過去的一年中，這些市場變得更大，因此，我們認為可尋址市場隨著電費的降低而變得更大。但我還要說，我很驚訝和高興地看到有這麼多人認同想要更清潔的能源並願意為此做出貢獻。這就是中間的反饋。

And then maybe not a surprise, if you live in California or one of these states where there's regular outages, but we're seeing more and more people who really want to have more control over their energy resiliency. People talking about both solar and battery storage as being essential to avoid these outages is increasing in our customer footprint. I do think the economics look more and more favorable. If we can get this bill passed, we think the addressable market will grow dramatically over the next 4 years. But I think in addition to the economics, you probably ought to consider there are other reasons that people are buying right now. And that's one of the reasons I think demand is so strong. Manu, what would you add?

如果你住在加利福尼亞或這些經常停電的州之一，那麼也許並不奇怪，但我們看到越來越多的人真正想要更好地控制他們的能源彈性。談論太陽能和電池存儲對於避免這些中斷至關重要的人們正在增加我們的客戶足跡。我確實認為經濟看起來越來越有利。如果我們能通過這項法案，我們認為目標市場將在未來 4 年內大幅增長。但我認為除了經濟因素之外，你可能還應該考慮人們現在購買的其他原因。這就是我認為需求如此強勁的原因之一。馬努，你要補充什麼？

Yes. I think the 2 points I'd add is, one, we put some data in our deck as well. You're seeing about 9% increase in utility bills year-on-year and that was as of March. With natural gas prices increasing, I think that probably accelerates as we head into the back half of the year. That's point number one. If you link that to what we are seeing in terms of growth, we are seeing growth in all our channels, whether it's our dealer channel or our direct channel, including Blue Raven. We are seeing growth not just in the Northeast or in California, but also in the areas that Blue Raven operates. I think the trend in terms of rising interest on solar, given what's happening in the backdrop of the utility prices and the natural gas prices, is probably more secular throughout the year, and you're seeing that in our bookings growth despite us increasing prices.

是的。我想我要補充的兩點是，第一，我們也在我們的牌組中放了一些數據。截至 3 月，水電費同比增長約 9%。隨著天然氣價格的上漲，我認為隨著我們進入下半年，這種情況可能會加速。這是第一點。如果您將其與我們所看到的增長聯繫起來，那麼我們的所有渠道都在增長，無論是我們的經銷商渠道還是我們的直接渠道，包括 Blue Raven。我們不僅在東北部或加利福尼亞州看到了增長，而且在 Blue Raven 經營的地區也看到了增長。我認為，鑑於公用事業價格和天然氣價格的背景下正在發生的事情，對太陽能的興趣上升的趨勢可能在全年更加長期，儘管我們提高了價格，但您在我們的預訂量中看到了增長.

Just a small housekeeping question to follow up. Why did depreciation expense triple from Q1 to Q2?

只是一個小的家務問題要跟進。為什麼折舊費用從第一季度到第二季度翻了三倍？

Yes. As we have talked about that we are investing in our platform, and the platform investment happens both in terms of investment in OpEx that shows up in our EBITDA, but also in some of the digital tools, including our ERP system that we upgraded and went live in the second quarter or late first quarter, and that's what's causing the increase in depreciation quarter-on-quarter. We also have a little bit of work associated with our SunVault in that capitalized number that impacts depreciation. Overall, as a company, we are investing heavily in technology, whether it's product or software, and that is consistent with our approach from a capital allocation perspective.

是的。正如我們所說，我們正在投資我們的平台，平台投資既體現在我們的 EBITDA 中顯示的 OpEx 投資方面，也體現在一些數字工具中，包括我們升級和使用的 ERP 系統生活在第二季度或第一季度末，這就是導致折舊環比增加的原因。在影響折舊的大寫數字中，我們還有一些與 SunVault 相關的工作。總的來說，作為一家公司，我們在技術上投入了大量資金，無論是產品還是軟件，這與我們從資本配置的角度來看是一致的。

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

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

This is Morgan on for Julien here. Just wanted to ask, you've given some comments about some of the cost reduction dynamics through the rest of the year and as well as the price increases. Can you maybe just talk about the latitude of those things through next year? Your expectations for the pricing primarily, and then also, cost reduction plans sort of cadence for the rest of the year, like what specifically is driving these moving pieces?

這是摩根為朱利安主持的。只是想問一下，您已經就今年剩餘時間的一些成本降低動態以及價格上漲發表了一些評論。你能不能只談談明年這些事情的緯度？您對定價的期望主要是，然後是今年餘下時間的成本削減計劃，比如是什麼推動了這些活動？

Yes. Let me start off with -- I'll talk a little bit about the pricing piece first. I think in this environment where supply chain costs are increasing, we have been able to increase our prices by that amount and actually a little bit more throughout the year. But as you said, what's healthy for the long term, I don't think that dynamic is healthy for the long term. Our goal would be that we manage our supply chain prices in a way that keeps them flat or actually improves them over time. Because I do think we don't want to put ourselves in a position where solar becomes such a big-ticket item that it appears to be unaffordable for people. And I think it's more about the appearance of the reality, because between leases and loans, there's lots of good financing opportunities, but we have to be careful we don't become of the appearance of the reality. Because between leases and loans, there's lots of good financing opportunities, but we have to be careful we don't become perceived as a premium product.

是的。讓我開始 - 我先談談定價部分。我認為在這種供應鏈成本不斷增加的環境中，我們已經能夠將我們的價格提高這麼多，實際上全年還要多一點。但正如你所說，從長遠來看，什麼是健康的，我認為這種動態對於長期來說並不健康。我們的目標是管理我們的供應鏈價格，使其保持平穩或隨著時間的推移實際改善。因為我確實認為我們不想讓自己處於這樣一個境地：太陽能變得如此昂貴，以至於人們似乎負擔不起。而且我認為這更多的是關於現實的表象，因為在租賃和貸款之間，有很多好的融資機會，但我們必須小心，不要成為現實的表象。因為在租賃和貸款之間，有很多很好的融資機會，但我們必須小心，不要被視為優質產品。

On the cost front, we're constantly looking for things, and I think the best example I could give you is the one we highlighted under our digitization. This project where we redesigned our monitoring system, we basically in-sourced the software and built it ourselves. Not only is the software higher-performing and a better customer experience, but saving $4 million annually is obviously a great annuity for us to take advantage of as we move forward. We're constantly looking for opportunities where we are outsourcing or using a third party or where there's manual work that could be automated. And we'll continue to look for those opportunities this year, next year and many years and beyond. Manu, anything else you want to add to that?

在成本方面，我們一直在尋找東西，我想我能給你的最好的例子就是我們在數字化下強調的那個。在這個項目中，我們重新設計了我們的監控系統，我們基本上內購了軟件並自己構建了它。該軟件不僅性能更高，客戶體驗更好，而且每年節省 400 萬美元顯然是我們前進的一大筆年金。我們一直在尋找外包或使用第三方的機會，或者可以自動化手動工作的機會。我們將在今年、明年以及許多年及以後繼續尋找這些機會。 Manu，你還有什麼要補充的嗎？

Yes. I think a couple of things. If you go to Slide 14 of our deck, we lay out some of the dynamics that go towards how we go from our first half EBITDA per customer to a total EBITDA per customer. And there are 2 things I'll call out in terms of operating leverage. One is price in excess of inflation. And second is increasing from an attach rate perspective both on SunPower Financial and Storage. But the other point is, I think to get to our guidance, we do not need to reduce our sales and marketing expense on a per customer basis. That kind of gets you from our first half to our total year. I think as you think about our modeling for 2023, probably take the back half run rate in terms of EBITDA per customer and use that as a good approximation for next year.

是的。我認為有幾件事。如果您轉到我們幻燈片的第 14 張幻燈片，我們會列出一些動態，這些動態有助於我們如何從上半年每位客戶的 EBITDA 到每位客戶的總 EBITDA。在經營槓桿方面，我要談兩件事。一是價格超過通貨膨脹。其次，從附加率的角度來看，SunPower Financial 和 Storage 都在增加。但另一點是，我認為要獲得我們的指導，我們不需要減少每個客戶的銷售和營銷費用。那種讓你從我們的上半年到我們的全年。我認為，當您考慮我們對 2023 年的建模時，可能會根據每位客戶的 EBITDA 計算後半部分的運行率，並將其用作明年的一個很好的近似值。

Excellent. Thanks. It's Julien here. Just a quick follow-up here if I can, just on the loan product and just what you're positioning here. Can you talk a little bit more on what's reflected in the 45% attach rate given some of the gyrations on that front? I mean can you talk about your sort of competitive positioning here, especially on pricing?

出色的。謝謝。這裡是朱利安。如果可以的話，請在此處進行快速跟進，僅針對貸款產品以及您在此處的定位。考慮到這方面的一些變化，您能否多談談 45% 的附加率所反映的內容？我的意思是你能在這裡談談你的競爭定位嗎，尤其是在定價方面？

Yes. I think Julien, on SunPower Financial, one of the most exciting things is we really have an opportunity to invest in technology to make that product easier for our dealers to sell with our customers. And someday, easier for our customers to be able to buy directly from us. Along with making the technology easier, we're on this I guess path of innovation, where we're continuing to launch more and more new products each and every quarter. We highlighted a couple of those in our release and our comments. From a pricing perspective, I think we were one of the early ones to begin to pass along our cost of capital increases into the cost of our loans. And I think we're still pleased with how strong the business is overall and how strong our loan business is. Right now, I think we feel comfortable that we're providing customers with good value. We're getting a good return on the business, and we're looking forward to more and more innovation as we go.

是的。我認為 Julien 在 SunPower Financial 上最令人興奮的事情之一是我們真的有機會投資於技術，以使我們的經銷商更容易向我們的客戶銷售該產品。有一天，我們的客戶更容易直接從我們這裡購買。除了讓技術更容易，我們還在這條我猜想的創新道路上，我們每個季度都會繼續推出越來越多的新產品。我們在發布和評論中強調了其中的幾個。從定價的角度來看，我認為我們是最早開始將資本增加成本轉嫁到貸款成本中的公司之一。而且我認為我們仍然對業務的整體實力以及我們的貸款業務的實力感到滿意。現在，我認為我們為為客戶提供物有所值感到很自在。我們在業務上獲得了良好的回報，我們期待著越來越多的創新。

The key thing in my perspective on increasing the attach rate is, because historically we didn't have as competitive a product as we needed, most of our dealers have chosen to seek other financial alternatives. We're really seeing that change pretty dramatically. And one of the best tests we've done is we're in the process now of converting Blue Raven to become 100% SunPower Financial. And I've held the bar high for Blue Raven. I didn't want them to convert over. I wanted them to sort of treat SunPower Financial as if it was a third-party company and not convert their loan business until we had products that were at least as good or better than they had been using previously, at rates that were at least as good or better. Using our own test case, I think we feel increasingly good about the SunPower Financial business and our ability to be competitive both with our dealers, and someday I hope, beyond that as well. Manu, anything else you want to add?

在我看來，提高附加率的關鍵是，因為從歷史上看，我們沒有像我們需要的那樣具有競爭力的產品，我們的大多數經銷商都選擇尋求其他金融替代方案。我們真的看到這種變化非常顯著。我們做過的最好的測試之一是我們現在正在將 Blue Raven 轉變為 100% SunPower Financial。我為 Blue Raven 設定了很高的標準。我不希望他們轉換過來。我希望他們將 SunPower Financial 視為第三方公司，並且在我們的產品至少與他們以前使用的產品一樣好或更好之前，不要轉換他們的貸款業務，其利率至少為好或更好。使用我們自己的測試用例，我認為我們對 SunPower 金融業務以及我們與經銷商競爭的能力感到越來越好，而且我希望有一天能超越這一點。 Manu，你還有什麼要補充的嗎？

A couple of things as you think about SunPower Financial relative to some of the pure play financiers. One is, we have access to depository capital that, as you know, that's lower than what's currently being financed through the ABS market. And second is, because we are -- we have access to the customer and since we sell them the systems, we can leverage our fixed costs across a wider suite of products that now use financial products. And then the third thing I'd point out is, Peter touched on Blue Raven. The other opportunity from a SunPower perspective is getting more of our dealers to use SunPower Financial finance product. You can see that trend over the last few quarters where our installing dealer cash as a percentage of total systems is going down and will continue to go down through the years.

與一些純粹的金融家相比，您對 SunPower Financial 的一些看法。一是，我們可以獲得存款資金，如您所知，這低於目前通過 ABS 市場融資的資金。其次，因為我們是——我們可以接觸到客戶，並且由於我們向他們出售系統，我們可以在現在使用金融產品的更廣泛的產品套件中利用我們的固定成本。然後我要指出的第三件事是，Peter 談到了 Blue Raven。從 SunPower 的角度來看，另一個機會是讓更多的經銷商使用 SunPower Financial 金融產品。您可以看到過去幾個季度的趨勢，我們安裝經銷商的現金佔總系統的百分比正在下降，並且多年來將繼續下降。

We have a question from Kashy Harrison with Piper Sandler.

我們有一個來自 Kashy Harrison 和 Piper Sandler 的問題。

Congrats on the quarter. Most of my questions have been asked. Just one more for Manu. I know you all are still early in the new SunPower story, but I was wondering if you could maybe just give us some thoughts on how to think about EBITDA conversion to cash flow from ops, not necessarily for '22, but as you think about 2023. You indicated I think in the prior question that we should be thinking about the second half run rate on an EBITDA per customer basis. I'm just trying to think through how to model that from a cash flow perspective?

祝賀本季度。我的大部分問題都被問到了。再給馬努一個。我知道你們都還處於新 SunPower 故事的早期階段，但我想知道你們是否可以給我們一些關於如何考慮 EBITDA 轉換為運營現金流的想法，不一定是 22 年，但正如你所想的那樣2023. 您表示我認為在之前的問題中，我們應該考慮基於每位客戶的 EBITDA 的下半年運行率。我只是想從現金流的角度思考如何建模？

Yes. Kashy, as -- a couple of things. Just from a model perspective, you are right, we have transformed the model of the company to a high cash generation and cash conversion model. You'll see that in the back half of the year as we expect to generate operating cash in our business. We called that out in the cash table we put in the appendix. I think as you model us long term, EBITDA to cash conversion probably think of as 60% or in the 60s from a long-term perspective.

是的。 Kashy，作為 - 幾件事。只是從模式的角度來看，你是對的，我們已經將公司的模式轉變為高現金產生和現金轉換模式。您將在今年下半年看到這一點，因為我們預計將在我們的業務中產生運營現金。我們在附錄中的現金表中提到了這一點。我認為，當您對我們進行長期建模時，從長期角度來看，EBITDA 到現金的轉換可能認為是 60% 或 60 年代。

We have a question from Colin Rusch with Oppenheimer.

我們有一個來自 Colin Rusch 和 Oppenheimer 的問題。

Can you talk a little bit about trends in battery size that you're seeing right now? Are you seeing any real significant changes or increases as you see some of the issues around the grid?

你能談談你現在看到的電池尺寸的趨勢嗎？當您看到網格周圍的一些問題時，您是否看到任何真正的重大變化或增加？

Yes. I think the biggest trend that we're seeing is we launched our SunVault product last year, and we describe it as a partial home backup. And what that means is that you can identify key appliances that you would like to keep up and running during the course of an outage or you could identify your entire house for a shorter outage. What we're seeing is that there's more and more demand actually for the much larger batteries as we go forward. Think of the product that we launched, and I have it in my garage, as the entry-level product. And the 2-inverter multi-battery product is where consumers really want to go. And I think if you look forward, it's quite exciting actually. The idea that between the solar battery backup and possibly your EV car or truck backup, homes are going to be able to support themselves throughout an outage and maybe even multiday outages of keeping their key appliances going. I think that's the big trend that people are excited about.

是的。我認為我們看到的最大趨勢是我們去年推出了 SunVault 產品，我們將其描述為部分家庭備份。這意味著您可以識別在停電期間您希望保持和運行的關鍵設備，或者您可以識別整個房屋以縮短停電時間。我們看到的是，隨著我們的發展，實際上對更大電池的需求越來越多。想想我們推出的產品，我把它放在我的車庫裡，作為入門級產品。而 2 逆變器多電池產品是消費者真正想要去的地方。而且我認為，如果您向前看，實際上會非常令人興奮。在太陽能電池備份和可能的電動汽車或卡車備份之間，家庭將能夠在停電期間自給自足，甚至可能在多日停電期間保持其關鍵設備的運轉。我認為這是人們興奮的大趨勢。

I happen to live in an area where the power is relatively stable, but for those who live in areas where the outages are regular, they're extremely disruptive to people's lives. And the feedback we get from customers, some of which we put in our deck this week, reflects the fact that for some people, it's really the resiliency that's driving them to the table. They're delighted to find out they can save money. They probably have it in their heart to do something good for the planet, but I think the resiliency is becoming a bigger, bigger story, and I expect our battery sizes to increase over time. One of the things that's exciting about the Inflation Reduction Act is that it does include battery. It includes battery for 10 years at that 30%. I think that's really terrific because I think we're going to get a chance to really expand that market size as we go forward.

我碰巧住在電力相對穩定的地區，但對於那些住在經常停電的地區的人來說，他們對人們的生活造成了極大的破壞。我們從客戶那裡得到的反饋，其中一些我們本周放在了我們的平台上，反映了這樣一個事實，即對於某些人來說，真正將他們推向桌面的是彈性。他們很高興發現他們可以省錢。他們可能心裡想為地球做點好事，但我認為彈性正在成為一個越來越大的故事，我預計我們的電池尺寸會隨著時間的推移而增加。 《降低通貨膨脹法案》令人興奮的一件事是它確實包括電池。它包括 30% 的 10 年電池。我認為這真的很棒，因為我認為隨著我們的發展，我們將有機會真正擴大市場規模。

Great. And then the follow-up is just I'm curious about the difference between some of the more mature markets like California and some of the emerging markets within the U.S. in terms of cycle time for customer acquisition, conversion rates, things like that, as you look at some of the middle of the country versus some of the coastal work that you guys do?

偉大的。然後我對加利福尼亞等一些更成熟的市場和美國的一些新興市場在客戶獲取周期、轉化率等方面的差異感到好奇，因為你看看這個國家的中部和你們做的一些沿海工作？

Yes. We break out -- to keep it simple, the one metric we take a look at is California/non-California for things like cycle times and conversion rates. And what's so pleasing is that we're really beginning to see conversion rates get to the same level as California all across the nation. I'm just taking a look at a sheet here, I mean even states, some of these we've talked about before, Colorado, North Carolina, Florida, Texas. Those are just very, very strong states for solar. And I think we're beginning to see building momentum in those states. Really, our biggest challenge this past quarter was the high-class challenge of keeping up with demand. It's really been how do we get the number of panels we need and the right SKUs of panels and the right labor in the right cities at the right time? That's been our challenge. But we've made some progress on that, and we're quite excited about our plans for the back half of the year.

是的。我們打破了——為了簡單起見，我們研究的一個指標是加利福尼亞/非加利福尼亞，例如周期時間和轉化率。令人高興的是，我們真的開始看到全國各地的轉化率達到與加利福尼亞相同的水平。我只是在這裡看一張表格，我的意思是甚至是州，其中一些我們之前已經討論過，科羅拉多州、北卡羅來納州、佛羅里達州、德克薩斯州。這些只是太陽能非常非常強大的狀態。我認為我們開始看到這些州的勢頭正在增強。確實，上個季度我們面臨的最大挑戰是跟上需求的高級挑戰。這真的是我們如何在正確的時間在正確的城市獲得我們需要的面板數量、正確的面板 SKU 和正確的勞動力？這一直是我們的挑戰。但我們在這方面取得了一些進展，我們對下半年的計劃感到非常興奮。

We have a question from Mark Strouse with JPMorgan.

我們有一個來自摩根大通的 Mark Strouse 的問題。

Most of them have been addressed. I wanted to come back to Slide 9 though, and when we're thinking about the mix of single-family versus multifamily, is that something that you can provide? Or just kind of give us a general guideline of how we should be thinking about kind of how big the multifamily business is for you?

其中大部分已得到解決。不過，我想回到幻燈片 9，當我們考慮單戶家庭與多戶家庭的混合時，您可以提供嗎？或者只是給我們一個關於我們應該如何思考多戶家庭企業對您來說有多大的一般指導方針？

Yes, Mark, I think multifamily is beginning to be material. The single-family build-to-rent is just kicking off, I would say. I think our comments were, interestingly enough, as we work with the new homebuilders, most of them overlap across these segments across the U.S. They're not just in one particular channel. And although there may be a slowdown, it will still grow, but maybe a little bit of a slowdown in single-family new homes. We're really seeing them accelerate their investments in multifamily and single-family build-to-rent. What's interesting is California is kind of leading the way again. I don't know if you're aware of this, but the incentives are strongly aligned for all multifamily homes are now required to have solar, and at some point, they'll be required to have both solar and battery storage.

是的，馬克，我認為多戶家庭開始變得重要。我想說的是，單戶住宅出租剛剛開始。我認為我們的評論很有趣，因為我們與新的房屋建築商合作，他們中的大多數在美國的這些細分市場中重疊。他們不僅僅是在一個特定的渠道中。雖然可能會放緩，但仍會增長，但單戶新房可能會有所放緩。我們真的看到他們加快了對多戶型和單戶型建造出租的投資。有趣的是，加州再次處於領先地位。我不知道你是否意識到這一點，但激勵措施是強烈一致的，所有多戶住宅現在都必須擁有太陽能，並且在某些時候，他們將被要求同時擁有太陽能和電池存儲。

And what we've seen is what starts in California begins to spread across the U.S. and many of these same builders find it economically feasible and desirable to do what they're doing in California across the other states they operate in. I think as we look forward, these 3 segments, single-family new home, multifamily new and single-family build-to-rent are 3 segments that we expect to grow healthy I guess over the next 5 to 10 years as more and more people are looking for different types of dwellings that meet their economic needs. Big thanks to all of you for the questions today, and thanks for your support of SunPower. We're really looking forward to the back half of the year. We're cautiously optimistic that the Inflation Reduction Act will get passed. We encourage it to get passed quickly so that customers can take advantage, consumers across the U.S. can take advantage of solar and storage and the money savings and the job generation that comes with it. We look forward to talking to all of you next quarter. Thanks.

我們所看到的是，從加利福尼亞開始的東西開始在美國蔓延，許多同樣的建築商發現，在他們經營的其他州做他們在加利福尼亞所做的事情，在經濟上是可行和可取的。我認為，當我們展望未來，這 3 個細分市場，單戶新房、多戶新房和單戶自建出租是我們預計在未來 5 到 10 年內健康發展的 3 個細分市場，因為越來越多的人正在尋找滿足其經濟需求的不同類型的住宅。非常感謝大家今天提出的問題，並感謝您對 SunPower 的支持。我們真的很期待今年下半年。我們對《降低通脹法案》將獲得通過持謹慎樂觀的態度。我們鼓勵它盡快通過，以便客戶可以利用，美國各地的消費者可以利用太陽能和存儲，以及隨之而來的省錢和創造就業機會。我們期待在下個季度與大家交談。謝謝。

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

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。