SunPower Corporation (SPWR) 2022 Q3 法說會逐字稿

Good morning, and welcome to the SunPower Corporation Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the conference over your host Mr. Mike Weinstein, Vice President of Investor Relations at SunPower Corporation. Thank you, sir. You may begin.

早上好，歡迎參加 SunPower 公司 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。我現在想把會議交給您的主持人，SunPower Corporation 投資者關係副總裁 Mike Weinstein 先生。謝謝你，先生。你可以開始了。

Good afternoon. I would like to welcome everyone to our third quarter 2022 earnings conference call. On the call today, we'll begin with comments from Peter Faricy, CEO of SunPower, who will provide an update with third quarter announcements and business highlights, followed by our expectations for the remainder of 2022. Following Peter's comments, Guthrie Dundas, SunPower's interim 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 年第三季度收益電話會議。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，他將提供第三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 的 Guthrie Dundas臨時首席財務官隨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. Finally, to enhance the call, we have posted a set of PowerPoint slides, which we will reference during this call on the Events and Presentations page of our Investor Relations website. In the same location, we have posted a supplemental data sheet detailing additional historical metrics. With that, I'd like to turn the call over to Peter Faricy, CEO of SunPower. Peter?

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，我們將在本次電話會議期間在我們的投資者關係網站的活動和演示頁面上參考這些幻燈片。在同一位置，我們發布了一份補充數據表，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, everybody. In the third quarter, we continue to break records for customer growth and revenue, putting us on track towards the high end of our 2022 guidance for those metrics. The value of our solar and storage systems continues to grow as utility rates rise, and costs are offset by tax incentives from the Inflation Reduction Act. With a balanced approach to pricing, growth and profitability, we continue to build a growing market share against peers.

謝謝，邁克，大家早上好。在第三季度，我們繼續打破客戶增長和收入的記錄，使我們朝著 2022 年這些指標指引的高端邁進。隨著公用事業費率的上漲，我們的太陽能和儲能係統的價值繼續增長，成本被《通貨膨脹減少法案》的稅收優惠所抵消。通過平衡定價、增長和盈利能力的方法，我們繼續建立與同行相比不斷增長的市場份額。

We reported $33 million of adjusted EBITDA this quarter, more than the entire first half and 24% higher year-over-year. We also turned positive on business unit cash generation this quarter and now hold $397 million cash and equivalents on an underlevered balance sheet. SunPower's momentum is building, and we feel like we have the wind in our backs.

我們報告本季度調整後的 EBITDA 為 3300 萬美元，超過整個上半年，同比增長 24%。我們在本季度也對業務部門的現金產生持樂觀態度，現在在槓桿不足的資產負債表上持有 3.97 億美元的現金和等價物。 SunPower 的勢頭正在增強，我們覺得我們背後有風。

We are very excited to share with you our accomplishments this past quarter as we look forward to building the world's best residential solar company for both our customers and our investors. Please turn to Slide #4. I'm pleased to report that customer demand continues to be strong, and we added 23,100 new customers in the quarter, a 63% increase year-over-year, that shows a persistent level of strong customer demand for residential solar and for SunPower specifically. Revenue also grew at 67% year-over-year as price increases are offsetting the higher impact of product and installation costs. We continue to see strength across all of our sales channels and note the 113% year-over-year customer growth from the SunPower direct channel.

我們很高興與您分享我們在上個季度取得的成就，因為我們期待為我們的客戶和投資者打造世界上最好的住宅太陽能公司。請轉到幻燈片#4。我很高興地報告客戶需求持續強勁，我們在本季度新增了 23,100 名新客戶，同比增長 63%，這表明客戶對住宅太陽能和 SunPower 的持續強勁需求.由於價格上漲抵消了產品和安裝成本的較高影響，收入也同比增長了 67%。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 113%。

Our backlog set a new high versus recent quarters at 20,300 Retrofit customers. Importantly, adjusted EBITDA per customer has grown to $2,100 before Platform Investment, and we believe we'll be able to achieve our Analyst Day guidance for $2,000 to $2,400 for the full year. SunVault energy storage system sales continue to benefit from higher pricing in the third quarter, partially offset by a slightly lower 17% bookings attach rate in the SunPower Direct channel.

與最近幾個季度相比，我們的積壓訂單達到了 20,300 名改造客戶的新高。重要的是，在平台投資之前，每位客戶的調整後 EBITDA 已增長至 2,100 美元，我們相信我們將能夠實現全年 2,000 至 2,400 美元的分析師日指導。 SunVault 儲能係統銷售繼續受益於第三季度更高的定價，部分被 SunPower Direct 渠道中 17% 的預訂附加率略低所抵消。

SunPower Financial also benefited this quarter as we raised pricing. SunPower Financial reached a 49% bookings attach rate in September, and we note that lease offerings have begun to attract renewed customer interest in recent weeks since the passage of the Inflation Reduction Act. Many of you have expressed concern about the impact that higher mortgage rates are having on new homebuilder partners and the New Homes segment.

SunPower Financial 在本季度也受益，因為我們提高了定價。 SunPower Financial 在 9 月份達到了 49% 的預訂附加率，我們注意到自《通貨膨脹減少法案》通過以來，最近幾週租賃產品已開始重新吸引客戶的興趣。你們中的許多人都對更高的抵押貸款利率對新的房屋建築商合作夥伴和新房部門的影響表示擔憂。

In the third quarter, New Home installations were up 22% year-over-year and backlog stretches out to 33,600 homes. We continue to see important long-term strategic value here, and we are working to extend our presence beyond California and in the multifamily, which is showing strength under the current economic conditions.

第三季度，新房安裝量同比增長 22%，積壓的房屋數量達到 33,600 套。我們繼續在這裡看到重要的長期戰略價值，我們正在努力將我們的業務擴展到加利福尼亞以外的多戶家庭，這在當前的經濟條件下顯示出實力。

We are also pleased to have reached a finalized agreement with Dream Finders Homes to build nearly 400 solar standard homes across 5 communities in Colorado.

我們也很高興與 Dream Finders Homes 達成最終協議，在科羅拉多州的 5 個社區建造近 400 座太陽能標準住宅。

Please turn to Slide #5. I want to highlight the steady acceleration of growth that we've seen both in new customers and revenues year-over-year. Even considering the higher cost of borrowing and other price increases, the value of residential solar continues to increase versus steeply rising conventional utility bills. The Inflation Reduction Act also helps propel this widening value proposition well through the next decade.

請轉到幻燈片#5。我想強調一下我們在新客戶和收入方面的同比增長穩步加速。即使考慮到較高的借貸成本和其他價格上漲，住宅太陽能的價值仍會繼續增加，而傳統的公用事業賬單則會急劇上漲。 《降低通脹法案》還有助於在未來十年中很好地推動這一不斷擴大的價值主張。

Please turn to Slide #6. Progress has not been limited to top line growth as we illustrate here with improving both EBITDA and EBITDA per customer throughout this year. With $59 million of EBITDA booked this year, we are reiterating our guidance for $90 million to $110 million of adjusted EBITDA for the full year.

請轉到幻燈片#6。正如我們在此說明的那樣，進展並不僅限於收入增長，今年全年每位客戶的 EBITDA 和 EBITDA 均有所改善。今年的 EBITDA 為 5900 萬美元，我們重申全年調整後 EBITDA 為 9000 萬至 1.1 億美元的指導。

Please turn to Slide 7. As the cost of conventional electric fuels remains elevated, utility bill inflation continued to accelerate in recent months to 14.3% year-over-year. And 11 states saw increases greater than 20% year-over-year in August. As I noted earlier, the steep raises continue to elevate the value proposition of residential solar, which remains one of the most powerful ways to stabilize and reduce home power bills, despite the rising costs of solar industry supply chain and labor.

請轉至幻燈片 7。由於傳統電動燃料的成本仍然居高不下，近幾個月來水電費通脹繼續加速，同比增長 14.3%。 8 月份有 11 個州的同比增幅超過 20%。正如我之前提到的，大幅上漲繼續提升住宅太陽能的價值主張，儘管太陽能產業供應鍊和勞動力成本不斷上升，但住宅太陽能仍然是穩定和減少家庭電費的最有效方法之一。

Please turn to Slide #8. We were very proud to announce a new collaborative agreement with General Motors this quarter. Under the agreement, SunPower will be the preferred installation partner for Level 2 and Bi-directional EV charging equipment. Most importantly, SunPower will be the exclusive solar provider to all GM customers, and we view this as an important new sales channel that capitalizes on the growing interest in rooftop solar that naturally arises from EV ownership.

請轉到幻燈片#8。我們非常自豪地宣布本季度與通用汽車公司達成一項新的合作協議。根據協議，SunPower 將成為 2 級和雙向電動汽車充電設備的首選安裝合作夥伴。最重要的是，SunPower 將成為通用汽車所有客戶的獨家太陽能供應商，我們認為這是一個重要的新銷售渠道，可以利用電動汽車所有權自然產生的對屋頂太陽能日益增長的興趣。

Nearly 80% of electric vehicle charging occurs at home, typically adding 40% or more home electric usage per vehicle. So it's not surprising that some reports have cited nearly 30% to 60% of global EV owners going on to purchase a rooftop solar system. Residential solar is the best way to help reduce this extra demand with clean energy at a preset cost that can reduce and stabilize an electric bill for decades.

近 80% 的電動汽車充電發生在家裡，通常每輛車增加 40% 或更多的家庭用電。因此，一些報告引用近 30% 至 60% 的全球電動汽車車主繼續購買屋頂太陽能係統也就不足為奇了。住宅太陽能是使用清潔能源幫助減少這種額外需求的最佳方式，其預設成本可以減少和穩定數十年的電費。

GM is targeting to reach more than 1 million units of annual EV capacity in North America in 2025, and SunPower expects to be there to help this new audience obtain affordable clean energy. Please turn to Slide 9.

通用汽車的目標是到 2025 年在北美實現超過 100 萬輛電動汽車的年產能，SunPower 預計將幫助這些新受眾獲得負擔得起的清潔能源。請轉到幻燈片 9。

In order to serve EV customers, SunPower will build a new, more efficient customer experience. This includes conducting home assessments remotely, allowing everything from pricing, scheduling and payment as well as self-service tracking to occur quickly with minimal customer effort.

為了服務於電動汽車客戶，SunPower 將打造全新的、更高效的客戶體驗。這包括遠程進行家庭評估，允許從定價、日程安排和付款以及自助服務跟踪等一切以最少的客戶工作量快速進行。

Please turn to Slide #10. Finally, I'll share with you the progress we have made executing against the 5 pillars of our strategy. For customer experience, SunPower continues to receive public recognition and media accolades. You may have seen that we are recently ranked the #1 home solar installer by CNET and SunPower continues to be the highest-rated solar company in the United States.

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，SunPower 繼續獲得公眾認可和媒體讚譽。您可能已經看到，我們最近被 CNET 評為家庭太陽能安裝商第一名，而 SunPower 仍然是美國評價最高的太陽能公司。

For products, we launched new versions of our SunVault storage system and win a Good Housekeeping Award this quarter as well. We also began installing the first U-Series panels targeting the mass market in Q3. U-Series panels are an important part of being able to serve this growing consumer demand.

對於產品，我們推出了新版本的 SunVault 存儲系統，並在本季度獲得了良好的客房服務獎。我們還在第三季度開始安裝第一批面向大眾市場的 U 系列面板。 U 系列面板是能夠滿足這種不斷增長的消費者需求的重要組成部分。

We continue to work closely with First Solar on a panel production agreement. As you know, the Inflation Reduction Act includes benefits to encourage domestic panel sourcing and production. Accordingly, our discussions with First Solar have been evolving to best align the supply chain side of the agreement with those incentives.

我們將繼續與 First Solar 就面板生產協議密切合作。如您所知，《降低通貨膨脹法》包括鼓勵國內面板採購和生產的好處。因此，我們與 First Solar 的討論一直在不斷發展，以使協議的供應鏈方面與這些激勵措施保持一致。

I also want to share with you that we are working to beef up our supplies for 2023 and beyond significantly. SunPower is also in advanced talks with multiple additional suppliers, including Maxeon, to procure a materially large and diverse portfolio of DC and AC solar modules for 2023 and 2024. These modules will meet the well-known SunPower quality and reliability standards and carry the industry-leading SunPower complete confidence warranty to serve our residential customers across the U.S.

我還想與您分享，我們正在努力增加 2023 年及以後的供應。 SunPower 還與包括 Maxeon 在內的多家其他供應商進行高級談判，以在 2023 年和 2024 年採購大量多樣化的直流和交流太陽能組件組合。這些組件將符合著名的 SunPower 質量和可靠性標準，並承載行業-領先的 SunPower 完全放心的保修服務，為我們在美國的住宅客戶提供服務

For growth, we made new investments in the master dealerships of Renova and EmPower through our Dealer Accelerator program. We solidified a 4-year nationwide exclusive agreement with Dream Finders Homes to be its exclusive provider of solar and storage solutions. For digital, our engineering teams launched a new real-time data visualization tool for dealers that will significantly enhance both the dealer and customer experience. We've also completed the initial build of software that will allow our systems to communicate with interconnected utilities in preparation for future virtual power plants and demand response participation.

為了增長，我們通過經銷商加速器計劃對 Renova 和 EmPower 的主要經銷商進行了新的投資。我們鞏固了與 Dream Finders Homes 的為期 4 年的全國獨家協議，成為其太陽能和存儲解決方案的獨家供應商。對於數字化，我們的工程團隊為經銷商推出了一種新的實時數據可視化工具，這將顯著提升經銷商和客戶的體驗。我們還完成了軟件的初始構建，使我們的系統能夠與互連的公用事業通信，為未來的虛擬發電廠和需求響應參與做準備。

And finally, SunPower Financial continues to increase customer attachments with 94% higher year-over-year net bookings, even faster than our overall customer growth. We are seeing lease and PPA bookings growing materially faster at 120% year-over-year since the passage of the inflation Reduction Act.

最後，SunPower Financial 繼續增加客戶依附度，淨預訂量同比增長 94%，甚至快於我們的整體客戶增長速度。自《降低通脹法案》通過以來，我們看到租賃和 PPA 預訂量以 120% 的同比速度大幅增長。

In summary, our strategy is working. With our focus on providing a world-class customer experience and industry-leading products, coupled with attractive financing options, we are driving market share gains and a large backlog that will benefit us well into 2023. I'll now turn it over to Guthrie for more details on our Q3 results. Guthrie?

總之，我們的策略正在奏效。我們專注於提供世界一流的客戶體驗和行業領先的產品，再加上有吸引力的融資選擇，我們正在推動市場份額的增長和大量積壓，這將使我們在 2023 年受益。我現在將其交給 Guthrie有關我們第三季度業績的更多詳細信息。格思裡？

Thank you, Peter. Please turn to Slide 12. I'm pleased to be on my first earnings call as Interim CFO, and I look forward to speaking with all of you in the coming weeks. As Peter mentioned earlier, strong demand and improving EBITDA per customer remains the key theme for SunPower in the third quarter. With the month into the fourth quarter under our belt and a healthy looking backlogs heading in, we continue to feel good about our ability to achieve full year guidance.

謝謝你，彼得。請轉到幻燈片 12。我很高興作為臨時首席財務官參加我的第一次財報電話會議，我期待在接下來的幾週內與大家交談。正如彼得之前提到的，強勁的需求和每位客戶的 EBITDA 改善仍然是 SunPower 第三季度的關鍵主題。隨著進入第四季度的一個月和健康的積壓工作進入，我們繼續對我們實現全年指導的能力感到滿意。

For the third quarter, we are reporting $33 million of adjusted EBITDA and $470 million of non-GAAP revenue, an increase of 67% year-over-year, which continued to accelerate over the 63% year-over-year growth we saw in Q2 and the 41% from Q1. We added 23,100 new customers in Q3, a 63% increase year-over-year that keeps us on track to achieve our 2022 full year guidance.

第三季度，我們報告了 3300 萬美元的調整後 EBITDA 和 4.7 億美元的非 GAAP 收入，同比增長 67%，在我們看到的同比增長 63% 的基礎上繼續加速第二季度和第一季度的 41%。我們在第三季度增加了 23,100 名新客戶，同比增長 63%，這使我們能夠實現 2022 年全年指導。

Adjusted non-GAAP gross margin remained above 20% as the higher cost of equipment, labor and shipping were passed along in pricing. Adjusted EBITDA per Customer before Platform Investments increased to $2,100 for the quarter as we benefited from the operational leverage gained from rapidly increasing sales.

調整後的非美國通用會計準則毛利率保持在 20% 以上，因為設備、勞動力和運輸成本的上漲在定價中被傳遞。本季度，平台投資前每位客戶的調整後 EBITDA 增加到 2,100 美元，因為我們受益於快速增長的銷售額帶來的運營槓桿。

As we highlighted at the Analyst Day, Platform Investment of $17 million is primarily products, digital and corporate OpEx. Our balance sheet strengthened considerably in Q3 with the sale of another 1 million shares of ENPH Enphase stock at around $290 per share. Our cash and equivalent on hand increased to $397 million, leaving us with only $28 million of net recourse debt, providing us with a healthy level of flexibility to invest in the business. We also have 0.5 million unsold Enphase shares remaining at the end of the third quarter.

正如我們在分析師日強調的那樣，1700 萬美元的平台投資主要用於產品、數字和企業運營支出。我們的資產負債表在第三季度大幅加強，以每股約 290 美元的價格出售了另外 100 萬股 ENPH Enphase 股票。我們手頭的現金和等價物增加到 3.97 億美元，僅剩下 2800 萬美元的淨追索權債務，為我們提供了健康的投資業務靈活性。截至第三季度末，我們還有 50 萬股未售出的 Enphase 股票。

We are now valuing our ownership of lease renewal Net Retained Value in SunStrong using a 6% discount rate, given the rising cost of debt capital used to support these contracts. With growth in the portfolio and a sensitivity of approximately $15 million per 25 basis points of discount rate, we now estimate the value of our stake at around $250 million.

鑑於用於支持這些合同的債務資本成本不斷上升，我們現在使用 6% 的貼現率來評估我們在 SunStrong 中的租賃續約淨保留價值的所有權。隨著投資組合的增長和每 25 個基點貼現率約 1500 萬美元的敏感性，我們現在估計我們所持股份的價值約為 2.5 億美元。

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 investments, all contribute to our confidence in meeting full year EBITDA guidance.

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，都有助於我們對實現全年 EBITDA 指導充滿信心。

We've previously said that our results this year are weighted towards the second half. And I'll note that we entered the fourth quarter with $59 million of EBITDA year-to-date versus our guidance range of $90 million to $110 million for the full year.

我們之前說過，我們今年的業績偏向下半年。我會注意到，我們進入第四季度時，年初至今的 EBITDA 為 5900 萬美元，而我們全年的指導範圍為 9000 萬美元至 1.1 億美元。

Next, I will walk you through an update to the bridge between year-to-date results and full year guidance for $2,000 to $2,400 of EBITDA per customer. 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 for Platform Investment, starting from a base of $1,950 year-to-date.

接下來，我將向您介紹年初至今業績與全年指導之間的橋樑更新，每位客戶的 EBITDA 為 2,000 美元至 2,400 美元。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 年全年指導的更新因素，即平台投資每位客戶的 EBITDA 為 2,000 美元至 2,400 美元，從年初至今的 1,950 美元開始。

These numbers are rounded for presentation. First, we expect to see continued improvement in gross margin from higher customer pricing to offset cost inflation that will result in a net incremental improvement of $25 to $300 EBITDA per customer for the full year metric. Second, recall that our target model from the Analyst Day also assumes SunPower Financial attach rates grow to a 45% run rate by the end of 2022.

這些數字為演示而四捨五入。首先，我們預計毛利率將因更高的客戶定價而持續改善，以抵消成本通脹，這將導致全年每位客戶的 EBITDA 淨增量提高 25 至 300 美元。其次，回想一下，我們在分析師日的目標模型還假設 SunPower Financial 的附加率到 2022 年底增長到 45%。

The target model also assumes a storage attach rate for installed systems that grows modestly through 2022. Assuming up to $1,000 to $3,000 of incremental margin for each attached customer, we ultimately expect a modest incremental improvement of $25 to $100 EBITDA per customer for the full year.

目標模型還假設已安裝系統的存儲附加率將在 2022 年之前適度增長。假設每個附加客戶的增量利潤高達 1,000 至 3,000 美元，我們最終預計每位客戶全年的 EBITDA 將適度增加 25 至 100 美元.

Third, we expect continued improvement in sales and marketing OpEx on a per customer basis, largely as a result of strong customer demand that contributes to operating leverage. Altogether, that nets out to an expected improvement of roughly $50 to $450 EBITDA per customer for the full year metric, bridging the gap between the $1,950 we are reporting for the year-to-date and our annualized guidance for 2022 of $2,000 to $2,400.

第三，我們預計每個客戶的銷售和營銷運營支出將持續改善，這主要是由於強勁的客戶需求有助於提高運營槓桿率。總而言之，這使得全年每個客戶的 EBITDA 預期改善約 50 美元至 450 美元，縮小了我們今年迄今報告的 1,950 美元與我們對 2022 年的年度指導 2,000 美元至 2,400 美元之間的差距。

As customer acquisitions build into Q4, you should continue to think about our total EBITDA as seasonally weighted towards Q4. I want to emphasize that this value per customer has the virtue of being cash upfront with no discount required. It also excludes the value of an ITC extension that may accrue to us through either increased leasing or cash sales pricing in future years.

隨著客戶收購進入第四季度，您應該繼續將我們的 EBITDA 總額視為第四季度的季節性加權。我想強調的是，每位客戶的這種價值具有無需折扣即可預付現金的優點。它還排除了未來幾年通過增加租賃或現金銷售定價可能為我們帶來的 ITC 擴展的價值。

It excludes lease renewal value that we own through SunStrong. Any future upsells in battery systems and other equipment and services to prior customers are also excluded. The point here is that this is a starting point, and we are building a base of profitability that we expect to grow for years.

它不包括我們通過 SunStrong 擁有的租賃更新價值。未來對先前客戶的電池系統和其他設備和服務的任何追加銷售也不包括在內。這裡的重點是，這是一個起點，我們正在建立一個我們預計會在未來幾年內增長的盈利基礎。

We entered the fourth quarter with continued strong residential demand, driven by the tailwinds of higher conventional utility bills and the strong support of federal and state incentive programs. We are laser-focused on growing our residential market share and now possess a cash and balance sheet position that is the best we've seen in years. We look forward to building on these successes and to creating the world's best residential solar company together with all of you. With that, operator, I would like to turn the call over for questions.

在傳統水電費上漲以及聯邦和州激勵計劃的大力支持的推動下，我們進入第四季度的住宅需求持續強勁。我們專注於增加我們的住宅市場份額，現在擁有我們多年來看到的最好的現金和資產負債表狀況。我們期待在這些成功的基礎上再接再厲，與大家一起創建世界上最好的住宅太陽能公司。有了這個，接線員，我想把電話轉過來問問題。

(Operator Instructions) Our first question comes from Kashy Harrison of Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Kashy Harrison。

So first one, macro policy question. The CPUC last week indicated that there's some oral arguments next week revolving around M3. And so just curious what your policy department is telling you on the timing of a revised proposal.

所以第一個，宏觀政策問題。 CPUC 上週表示，下週將圍繞 M3 進行一些口頭辯論。所以只是好奇你的政策部門告訴你修改提案的時間。

Yes. Kashy, nice to hear from you. So on California NEM, a couple of pieces of context. One is, we do believe that oral arguments will take place at this meeting on the 16th. It sounds likely that there'll be some initial revised guidance provided sometime post-election day pre-16th. And then I think, as you know, there's a period for comment and discussion and there's an opportunity for further revisions. And so we'll see how that plays out over time.

是的。 Kashy，很高興收到你的來信。因此，在加利福尼亞 NEM 上，有一些上下文。一是，我們相信16日的這次會議將進行口頭辯論。聽起來很可能會在 16 日之前的選舉日之後的某個時間提供一些初步修訂的指導。然後我認為，如您所知，有一段時間可以發表評論和討論，並且有機會進行進一步修改。因此，我們將看到隨著時間的推移會如何發揮作用。

I think our best understanding, I guess I would continue to describe us as cautiously optimistic that the new guidance will be an improvement for California solar customers compared to the guidance that was issued last December. And then probably the biggest context that's important to keep in mind is there's been 2 major changes since that initial guidance.

我認為我們最好的理解，我想我會繼續將我們描述為謹慎樂觀，與去年 12 月發布的指南相比，新指南將為加州太陽能客戶帶來改進。然後可能需要牢記的最重要的背景是自最初的指導以來發生了 2 個重大變化。

One is California utility prices have risen a great deal since then. And I think on Page 7 of our earnings deck, you saw California up 17% year-over-year through August. That's really hitting consumers hard and it makes the value proposition of solar really attractive. And then number 2 is the IRA and the fact that the incentives increased and got extended.

一是加州公用事業價格從那時起大幅上漲。而且我認為在我們收益表的第 7 頁上，您看到加州截至 8 月同比增長 17%。這確實給消費者帶來了沉重的打擊，它使太陽能的價值主張真正具有吸引力。然後第二個是愛爾蘭共和軍以及激勵措施增加和延長的事實。

And so we'll see what the revised guidance is. We'll see where the process goes, but it's our belief today that the impact is likely to be much more minimal than the impact would have been from the guidance that was issued last December.

因此，我們將看到修訂後的指南是什麼。我們將看到該過程的進展情況，但我們今天相信，與去年 12 月發布的指導意見相比，影響可能要小得多。

And then maybe as my follow-up question. So you reiterated full year '22 customer guidance, which implies a sequential decline into 4Q and a meaningful deceleration in year-over-year growth relative to the last quarter. It doesn't really reconcile to the demand commentary you've made or the year-to-date results, which suggest that demand is running well ahead of your expectations. And so should we just think about that full year customer guidance as being extremely conservative? Just curious what's going on with the 4Q customer.

然後也許作為我的後續問題。因此，您重申了 22 年全年的客戶指導，這意味著第四季度的連續下降以及相對於上一季度的同比增長顯著放緩。它與您所做的需求評論或年初至今的結果並不相符，這表明需求遠遠超出您的預期。那麼我們是否應該認為全年的客戶指導非常保守？只是好奇 4Q 客戶的情況。

Well, listen, I think it's fair for you to call me out on that. But yes, I think the customer guidance, it will be fair to say it's extremely conservative. I think the -- I think in my comments, I said that this will put us towards the high end of the range. But I think it's fair to point out that we're on track to be at the high end or above the range on customers and on revenue for the full year. .

好吧，聽著，我認為你在這件事上叫我出來是公平的。但是，是的，我認為客戶指導，可以說它非常保守。我認為 - 我認為在我的評論中，我說過這將使我們走向該範圍的高端。但我認為公平地指出，我們有望在全年的客戶和收入範圍內處於高端或之上。 .

Our next question comes from the line of Sean Morgan of Evercore.

我們的下一個問題來自 Evercore 的 Sean Morgan。

So Peter, I think one of the interesting aspects of your tenure at SunPower is sort of this goal towards digital customer acquisition and being able to sort of drive out some of the costs. So just curious, I know we've talked about this kind of off-line a little bit, but maybe just some more updates on kind of some tangible steps you guys have been able to sort of achieve over the last 3 quarters of the year so far towards that goal of kind of driving out those customer acquisition costs?

所以彼得，我認為你在 SunPower 任職期間的一個有趣方面是實現數字客戶獲取的目標，並能夠降低一些成本。所以只是好奇，我知道我們已經討論過這種離線模式，但也許只是關於你們在過去 3 個季度中能夠實現的一些切實步驟的更多更新到目前為止，朝著消除那些客戶獲取成本的目標邁進了嗎？

Yes. Sean, happy to talk about that. So I think as someone new to the industry a couple of years ago, I think it was surprising, I guess, would be the best way to say how high customer acquisition costs are in solar. And to some extent, it really doesn't make sense to me because the value proposition is so strong. We're saving people money and we're helping them make a big positive impact on the planet. So it really felt to me like there was a disconnect and if we can get that message out, we should have people -- this is more hypothetical, lined up at our offices to get solar power. So some of the things that we're trying to do -- we talked about 2 things at Analyst Day that I think you're beginning to see evidence of. One is we're excited to explore partnerships that make the customer acquisition process much more efficient. So if you think about someone like IKEA, which is a special brand. It attracts customers that are more environmentally conscious and we've built a specific process and an exclusive set of products for them. We're pleased so far with that partnership. Then the big partnership that we announced this quarter with General Motors is really an efficient way to reach people who, as we talked about, are very, very likely to want not just an EV charger but they're very likely to want to add solar and storage, and we hope many other products come beyond over time. So partnerships is part 1 of this. And then the part 2 is, I still do think that there's an opportunity for us to improve the ROI of our digital marketing spend. And from my experience at Amazon, I can tell you that this is a combination of software and mathematics. And it's really about getting more and more intelligence built into your bidding algorithms over time. So that you can begin to make smarter choices about where you invest your money. I think there's still a good amount of opportunity for us to improve there, and I'm looking forward to continuing to invest to improve that as we go forward.

是的。肖恩，很高興談論這個。所以我認為，作為幾年前該行業的新手，我認為這令人驚訝，我想，這將是說明太陽能客戶獲取成本有多高的最佳方式。在某種程度上，這對我來說真的沒有意義，因為價值主張是如此強大。我們正在為人們省錢，我們正在幫助他們對地球產生巨大的積極影響。所以我真的覺得有一種脫節，如果我們能把這個信息傳達出去，我們應該有人——這是更假設的，在我們的辦公室排隊獲取太陽能。所以我們正在嘗試做的一些事情——我們在分析師日討論了兩件事，我認為你已經開始看到證據。一是我們很高興能夠探索使客戶獲取過程更加高效的合作夥伴關係。所以如果你想想像宜家這樣的人，這是一個特殊的品牌。它吸引了更具環保意識的客戶，我們為他們建立了一個特定的流程和一套獨家產品。到目前為止，我們對這種夥伴關係感到滿意。然後，我們本季度宣布與通用汽車公司的大型合作夥伴關係確實是一種有效的方式來接觸人們，正如我們所談到的那樣，他們非常非常可能不僅想要電動汽車充電器，而且他們很可能想要添加太陽能和存儲，我們希望隨著時間的推移，許多其他產品能夠超越。因此，合作夥伴關係是其中的一部分。然後第 2 部分是，我仍然認為我們有機會提高數字營銷支出的投資回報率。根據我在亞馬遜的經驗，我可以告訴你，這是軟件和數學的結合。隨著時間的推移，它實際上是關於在您的出價算法中內置越來越多的智能。這樣您就可以開始對投資地點做出更明智的選擇。我認為我們仍然有很多改進的機會，我期待在我們前進的過程中繼續投資以改善這一點。

Okay. And then I think the IRA, a lot of people have been sort of focused on the production side benefits. But I think there's going to be probably an opportunity for adders for the ITC for the resi side. And so now that you guys have had your finance team and your lawyers sort of tax people digging in to this for a couple of months now. Do you -- what are you sort of thinking about for sort of best case cost -- sort of recovery for an install in terms of ITC benefits with the adders for like, I guess, a best case customer scenario.

好的。然後我認為愛爾蘭共和軍，很多人一直專注於生產方面的利益。但我認為 ITC 可能會為 resi 方面的加法器提供機會。所以現在你們已經讓你們的財務團隊和你們的律師像稅務人員一樣深入研究了幾個月。您是否 - 對於最佳案例成本，您在考慮什麼 - 就 ITC 收益而言，安裝的恢復與加法器類似，我猜是最佳案例客戶方案。

Yes. So I think, Sean, the -- it's a little bit premature to come out with a point of view on that yet for one reason, which is the U.S. government is still very much defining what qualifies for those adders. And so if I just give you one that's a really good fit for our company, which is the 10% adder for serving underprivileged communities. That's one where they're still working on definition, and it's our understanding that we'll get more definition sometime in the first quarter. So we're staying close. We've provided our comments to the U.S. Treasury Department. We've provided our comments to the Department of Energy and we're really trying to work with them closely to help them define what we think is the appropriate ways to qualify for those adders. But look for us sometime at the beginning of next year to provide more color on how we're thinking about the impact to our business.

是的。所以我認為，肖恩，現在就這一點提出觀點還為時過早，但原因之一是美國政府仍在非常明確地定義什麼符合這些加法器的條件。因此，如果我只是給你一個非常適合我們公司的，它是為貧困社區服務的 10% 加法器。那是他們仍在研究定義的地方，我們的理解是，我們將在第一季度的某個時候獲得更多定義。所以我們保持密切。我們已經向美國財政部提供了我們的評論。我們已經向能源部提供了我們的意見，我們真的在努力與他們密切合作，以幫助他們確定我們認為符合這些加法者資格的適當方法。但請在明年年初的某個時候尋找我們，以提供更多關於我們如何考慮對我們業務的影響的信息。

Yes, I would just add -- Thanks, Sean. I would just add, we are amidst working through this, obviously, getting clarity. We feel we're very well positioned to be able to monetize and maximize those benefits to the extent that they're applicable.

是的，我只想補充——謝謝，肖恩。我只想補充一點，顯然，我們正在努力解決這個問題。我們認為我們處於非常有利的位置，能夠在適用的範圍內將這些收益貨幣化並最大化。

Yes. I think one thing to mention, Sean, that we've talked about on previous calls, we're really the only residential solar company that's indifferent across financial vehicles. So we offer customers cash, lease and loan. We want them to choose the vehicle that's best for them. If this becomes a more lease-heavy business in the U.S. because of the domestic content adder, we really believe we're well positioned to be able to grow our lease business and we've got a very strong loan business, as you know. So we feel like we're in a very good position to take advantage of all of the components of the IRA as we go forward.

是的。肖恩，我想提一件事，我們在之前的電話會議中談到過，我們真的是唯一一家對金融工具漠不關心的住宅太陽能公司。因此，我們為客戶提供現金、租賃和貸款。我們希望他們選擇最適合他們的車輛。如果由於國內內容的增加，這在美國變得更加租賃業務，我們真的相信我們有能力發展我們的租賃業務，並且我們擁有非常強大的貸款業務，如您所知。因此，我們覺得我們處於一個非常有利的位置，可以在我們前進的過程中利用 IRA 的所有組成部分。

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

我們的下一個問題來自 Oppenheimer & Company 的 Colin Rusch。

Can you talk a little bit about the trajectory on energy storage attach rates within the sales process for you guys?

你能談談你們銷售過程中儲能附加率的軌跡嗎？

Yes. Yes. So as we talked about in our opening comments, I think we're pleased with our ability to continue to price in our supply chain cost increases on battery storage. But that has had the impact of slowing the growth of battery sales. So we're still growing SunVault each quarter. We're selling more and more units every quarter, but our attach rate has sort of flattened out, I would say, a bit from the beginning of the year. And one of the reasons that I think we're not concerned about it is that we have this philosophy of -- we have a desire to have a lifetime relationship with our customers. And battery storage is something that can be added on at any point during the life cycle of a home owning clean energy. So if you think about panels, which typically people think about in a 25-year increment. And maybe they think about adding a few, but basically, once they do the first installation of panels, many customers are done. We think battery storage will work very differently. We think increasingly, we'll be able to come back to our existing customer base and be able to offer them incentives to add battery storage over time. So I think the attach rate is kind of a good early signal on how attractive batteries are at the time of purchase. But we really believe that we'll still have an opportunity to sell more batteries as we go.

是的。是的。因此，正如我們在開場評論中談到的那樣，我認為我們對能夠繼續為電池存儲供應鏈成本增加定價的能力感到滿意。但這已經產生了電池銷售增長放緩的影響。所以我們每個季度都在增加 SunVault。我們每個季度都在銷售越來越多的單位，但我們的附加率有點趨於平緩，我想說，從年初開始有點。我認為我們不關心它的原因之一是我們有這樣的理念——我們渴望與我們的客戶建立終生的關係。在擁有清潔能源的家庭的生命週期中，可以隨時添加電池存儲。因此，如果您考慮面板，通常人們會以 25 年為增量進行思考。也許他們會考慮增加一些，但基本上，一旦他們第一次安裝面板，很多客戶就完成了。我們認為電池存儲的工作方式將大不相同。我們越來越多地認為，我們將能夠回到我們現有的客戶群，並能夠為他們提供激勵措施，以便隨著時間的推移增加電池存儲。所以我認為附加率是一個很好的早期信號，說明電池在購買時有多有吸引力。但我們真的相信，隨著我們的發展，我們仍然有機會銷售更多的電池。

I appreciate that. And then if you look at the impact of the IRA on new economics in new geographies. Can you talk a little bit about where you're at in terms of evaluating entrance into new geographies either organically or inorganically?

我很感激。然後，如果您看看 IRA 對新地區新經濟的影響。你能談談你在評估進入新地區的有機或無機方面的情況嗎？

And when you say new geographies, tell me more about what you mean there?

當你說新地理時，請告訴我更多關於你的意思嗎？

Just in different locations, you're not in the 50 states right now fully, right? I mean, what you're going to be entering into new large markets or expanding presence in particular markets.

只是在不同的地方，你現在還沒有完全在 50 個州，對吧？我的意思是，你將要進入新的大型市場或擴大在特定市場的影響力。

Yes. Well, what I would say is we have the highest coverage rate of any residential solar company in the U.S. across the U.S. So we really are in most major markets and most cities and most APIs across the U.S. I think the IRA will probably allow us to deepen our relationship with new dealers and new customers and some of these underrepresented communities across the U.S. That's where I think it's a really interesting value proposition because the people who probably would benefit the most from the savings of solar, are the people on these underrepresented communities. And I think the Department of Energy and SunPower are both very passionate about how do we help get solar in the hands of those lower income and underprivileged communities faster. So those are areas that I think the IRA will allow us to expand it faster. Guthrie, do you want to add anything?

是的。好吧，我想說的是，我們在美國的所有住宅太陽能公司中擁有最高的覆蓋率。因此，我們確實在美國的大多數主要市場、大多數城市和大多數 API 中。我認為 IRA 可能會讓我們加深我們與新經銷商和新客戶以及美國各地一些代表性不足的社區的關係。這就是我認為這是一個非常有趣的價值主張，因為可能會從太陽能節省中受益最多的人是這些代表性不足社區的人.我認為能源部和 SunPower 都非常熱衷於我們如何幫助那些低收入和貧困社區更快地獲得太陽能。因此，我認為 IRA 將使我們能夠更快地擴展這些領域。格思裡，你想補充什麼嗎？

Yes. I would just say further commentary around ITC adders, obviously, the higher ITC as that becomes clarified, should allow more attractive pricing on a dollar per kilowatt hour basis, which should open up some markets. So that's certainly something that we continue to monitor and expect to increase our aperture going forward.

是的。我只想說關於 ITC 加法器的進一步評論，顯然，更高的 ITC 應該允許以每千瓦時美元為基礎的更具吸引力的定價，這應該會打開一些市場。所以這肯定是我們繼續監控的事情，並期望在未來增加我們的光圈。

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

我們的下一個問題來自高盛的 Brian Lee。

I just wanted to follow up on one of the earlier questions around the growth guidance. I know, Peter, from hearing all your commentary and the way you're characterizing it, the customer additions guidance, you're keeping it intact, but it sounds fairly conservative, you're going to be at the high end or even beat it. But I just wanted to maybe dig into that a little bit just because when I look at -- even you upsiding your customer adds guidance for the full year, it would imply that things are slowing relative to some of your peers. I mean, your publicly traded peers have both reported and sequential growth as well as year-on-year growth into 4Q for both those peers seem to be well ahead of what you're implying, even if I assume you beat your guidance. So just wondering, is there anything in the mix or your seasonality or what have you that might be putting you in a different position here into year-end versus some of your peers?

我只是想跟進有關增長指導的早期問題之一。我知道，彼得，聽了你所有的評論和你描述它的方式，客戶添加指導，你保持它完好無損，但聽起來相當保守，你將處於高端甚至擊敗它。但我只是想深入研究一下，因為當我看到時——即使你讓你的客戶增加全年的指導，這也意味著相對於你的一些同行來說事情正在放緩。我的意思是，即使我假設你超過了你的指導，你的公開交易同行都報告了連續增長以及到第四季度的同比增長，這兩個同行似乎都遠遠超過了你的暗示。所以只是想知道，有什麼混合或你的季節性或你有什麼可能讓你在年底與你的一些同行相比處於不同的位置？

No. I think the quick answer is no. I think we were conservative. It's not meant to imply any particular slowdown. We gained -- we've gained quite a bit of market share this year. We've outgrown our peers. If I take a look at this quarter, we've outgrown our peers by quite a large margin. And I don't anticipate -- from our point of view, I don't know what our peers will be doing. But in Q4, I think our growth will remain healthy. And I think we didn't take up the number, but I think, as I said in the script, we're going to be at the high end or above that customer guidance for the year.

不，我認為快速回答是否定的。我認為我們是保守的。這並不意味著任何特定的放緩。我們獲得了——今年我們獲得了相當多的市場份額。我們已經超越了同齡人。如果我看一下本季度，我們已經大大超過了同行。而且我沒有預料到——從我們的角度來看，我不知道我們的同行會做什麼。但在第四季度，我認為我們的增長將保持健康。而且我認為我們沒有接受這個數字，但我認為，正如我在劇本中所說，我們將在今年的客戶指導中處於高端或之上。

Okay. Yes. No, that's a fair point. You guys have been exceeding peer growth throughout the year. And so I just thought it was interesting to note that maybe it's not going to be as robust or reverse in 4Q, but I'll take that offline.

好的。是的。不，這是一個公平的觀點。你們這一年的增長都超過了同行。所以我只是覺得有趣的是，它可能不會在第四季度變得如此強勁或逆轉，但我會把它離線。

Brian, to give you some more color. If you take a look at the inputs of growth, it comes down to supply and installation capacity. We continue to invest heavily in both. And from an installation capacity standpoint, we're in a position to continue to grow the business pretty strongly in Q4. And so I think the inputs are there in place and we anticipate having a good quarter from a customer growth point of view.

布賴恩，給你更多的色彩。如果你看一下增長的投入，它歸結為供應和安裝能力。我們將繼續對兩者進行大量投資。從安裝能力的角度來看，我們能夠在第四季度繼續強勁增長業務。所以我認為投入已經到位，從客戶增長的角度來看，我們預計會有一個不錯的季度。

Okay. That's helpful. And then I guess from an input perspective, I mean, you guys have done well throughout the year on supply chain. It sounds like you're continuing to do well. I appreciate the data point around the lease PPA bookings, how much robust growth you saw there. I guess one of the inputs there that all the companies in the space need is obviously capital. So can you give us a little bit more sense of where you stand with respect to tax equity capacity, whether it's in dollars or megawatts? And then I think historically, you worked with Hannon Armstrong, are you expanding the pool of tax equity players that you're working with now that maybe you're going to see some shift to more PPA and leased product?

好的。這很有幫助。然後我想從投入的角度來看，我的意思是，你們這一年在供應鏈方面做得很好。聽起來你繼續做得很好。我很欣賞有關租賃 PPA 預訂的數據點，您在那裡看到了多少強勁的增長。我想太空中所有公司都需要的投入之一顯然是資本。那麼，您能否讓我們更多地了解您在稅收公平能力方面的立場，無論是以美元還是兆瓦為單位？然後我認為，從歷史上看，您與 Hannon Armstrong 合作過，您是否正在擴大與您合作的稅收股權參與者的數量，也許您會看到一些轉向更多的 PPA 和租賃產品？

Yes. Guthrie, do you want to take that one?

是的。格思裡，你想拿那個嗎？

Yes, thanks. So we feel very good about our supply of tax equity and other elements in the capital stack of the lease business. We have capacity well into next year and are in discussions to increase that and feel very strong about our ability to fulfill our customer needs through financing. And on the other elements, Hannon Armstrong is obviously a very solid partner. We continue to work with them. And see now major changes there, although, obviously, we can explore all avenues.

對了謝謝。因此，我們對租賃業務資本堆棧中的稅收權益和其他要素的供應感覺非常好。我們有足夠的能力到明年，並且正在討論增加這一點，並對我們通過融資滿足客戶需求的能力感到非常強烈。而在其他方面，Hannon Armstrong 顯然是一個非常穩固的合作夥伴。我們將繼續與他們合作。現在看到那裡的重大變化，儘管很明顯，我們可以探索所有途徑。

Our next question comes from the line of Philip Shen of ROTH.

我們的下一個問題來自 ROTH 的 Philip Shen。

Peter, I know you haven't given any guidance for '23. That said, you guys have a relatively long lead business. So I was wondering if you could share how you are seeing '23 shape up. Maybe you can talk a little bit about Q1 and 2. And also as it relates to our loan and lease versus cash business. Can you talk about how you expect those segments to shift? Historically, you've made -- or recently, you've made some nice investments in the loan segment. Our work suggests that for the industry, the loan segment might be slowing down given the rising rate environment. So I was wondering, and you highlighted that your lease growth is nice here. But if you could talk about how you think the '23 overall cash lease versus loan mix evolves, that would be great.

彼得，我知道你沒有為 23 年提供任何指導。也就是說，你們的領先業務相對較長。所以我想知道你是否可以分享你是如何看待 '23 的形狀的。也許您可以談談第一季度和第二季度。以及它與我們的貸款和租賃與現金業務有關。您能談談您期望這些細分市場如何轉變嗎？從歷史上看，您已經 - 或者最近，您在貸款領域進行了一些不錯的投資。我們的工作表明，對於該行業而言，鑑於利率上升的環境，貸款部分可能正在放緩。所以我想知道，你強調你的租賃增長在這裡很好。但是，如果您能談談您認為 23 年整體現金租賃與貸款組合的演變，那就太好了。

Yes. Thanks, Philip. So on '23, I think it's early to provide any detailed guidance. I'll try to give you a little bit of color. Obviously, at the beginning of next year, we'll give you our guidance for the full year '23. But in this business, we do have a pretty good look at the future as we take a look at the upper part of our purchase fuel. So I'm constantly taking a look at raw leads, appointments and customers who signed contracts with us. And those are leading indicators of how many installations are we going to have as we go forward. The other leading indicator, of course, is backlog. And we come into the fourth quarter with another record in backlog, both on Retrofit Homes and New Homes. And I would describe our upper funnel activity is still remaining pretty strong and robust given that the fourth quarter is usually a time where things slow down a little bit. The peak season for customers considering solar is kind of end of Q1 through Q2, beginning of summer. But usually by the fall, things begin to slow down, but we actually have had pretty strong bookings demand this quarter. And I think those are the best leading indicators of how things are going to look for Q1 and Q2 of next year. So I read a lot of reports, I understand the logic of why people are worried about slowing growth. But that's why we continue to harp upon this issue of customers are really making rational decisions here because their energy prices are going up so much, they're really interested in getting solar because it's going to save them money. Anytime you can save somebody money and help them make a big difference in the world, I think you've got a powerful value proposition that has a chance to continue to thrive, and that's kind of how we're thinking about them going forward about it.

是的。謝謝，菲利普。所以在 23 年，我認為現在提供任何詳細的指導還為時過早。我會試著給你一點顏色。顯然，在明年年初，我們將為您提供 23 年全年的指導。但在這項業務中，我們確實對未來有很好的展望，因為我們看看我們購買燃料的上半部分。所以我一直在關注原始線索、約會和與我們簽訂合同的客戶。這些是我們在前進過程中將擁有多少安裝量的領先指標。當然，另一個領先指標是積壓。進入第四季度，我們在改造房屋和新房屋方面的積壓工作又創下新紀錄。我會描述我們的漏斗上部活動仍然非常強勁和強勁，因為第四季度通常是事情稍微放緩的時候。考慮太陽能的客戶的旺季是第一季度末到第二季度，夏季開始。但通常到秋天，事情開始放緩，但我們本季度的預訂需求實際上相當強勁。我認為這些是明年第一季度和第二季度情況的最佳領先指標。所以我讀了很多報告，我理解人們為什麼擔心增長放緩的邏輯。但這就是為什麼我們繼續強調這個問題的原因：客戶在這裡確實做出了理性的決定，因為他們的能源價格上漲了很多，他們真的對太陽能很感興趣，因為這可以為他們省錢。任何時候你可以為某人省錢並幫助他們對世界產生重大影響，我認為你有一個強大的價值主張，有機會繼續蓬勃發展，這就是我們對他們前進的看法它。

And then from a cash lease and loan standpoint, I think we're sort of in line with the industry. It's 80% financed and 20% cash. Our metrics are similar to that. Of the 80% that's financed this year up until the recent trend on leases, it had really been a loan business. And I think that's seem rational because many customers realize it's a better value for them doing a loan than it is a lease. However, with the IRA and with the increasing likelihood that there'll be incentives tied to leases and PPAs, we do expect that part of the business to become much more attractive for consumers. I think it's probably the area that will allow us to serve some of these underprivileged and underrepresented communities effectively. And so it's our expectation that we'll probably see more balanced growth between lease and loan with probably lease is growing faster in the short- and medium-term and loans slowing down a little bit during that time. But we still think it's really important. I think this IRA is a really good example of why it's important for our company to be able to be really good at all 3. We have a lifetime relationship with consumers. We're not trying to gouge them on some lease or loan. We really want to help them afford solar and make the experience so wonderful that they continue to want to purchase products from us over the lifetime relationship that they have with us. So our lease and loan products are competitive in the marketplace, but they're also very consumer friendly and we want to continue to become the world-class leasing loan provider we are through SunPower Financial.

然後從現金租賃和貸款的角度來看，我認為我們在某種程度上符合行業。它有 80% 的資金和 20% 的現金。我們的指標與此類似。在最近的租賃趨勢之前，今年融資的 80% 中，它確實是一項貸款業務。而且我認為這似乎是合理的，因為許多客戶意識到貸款比租賃更有價值。然而，隨著 IRA 以及與租賃和 PPA 相關的激勵措施的可能性越來越大，我們確實希望這部分業務對消費者更具吸引力。我認為這可能是讓我們能夠有效地為這些弱勢群體和代表性不足的社區服務的領域。因此，我們的預期是，我們可能會看到租賃和貸款之間的增長更加平衡，短期和中期租賃增長可能更快，而在此期間貸款會有所放緩。但我們仍然認為這非常重要。我認為這個愛爾蘭共和軍是一個很好的例子，說明為什麼我們公司能夠真正做好這件事很重要 3. 我們與消費者有著終生的關係。我們並不是想通過一些租約或貸款來欺騙他們。我們真的很想幫助他們買得起太陽能，並讓體驗變得如此美妙，以至於他們在與我們的終生關係中繼續希望從我們這裡購買產品。因此，我們的租賃和貸款產品在市場上具有競爭力，但它們對消費者也非常友好，我們希望通過 SunPower Financial 繼續成為世界一流的租賃貸款提供商。

Great. You also talked about in your prepared remarks about the U-Series gaining momentum. I was wondering if you could give us some color for next year. What kind of mix do you think your module supply is between Maxeon and then your non-Maxeon modules? I think our work suggests maybe it was -- maybe you have relationships with Aptos and MORI right now. And so I was wondering if you could help us understand what that mix might look like? And if you have other module vendors that you're working with as well?

偉大的。您在準備好的評論中還談到了 U 系列的發展勢頭。我想知道你能不能給我們明年的顏色。您認為您的模塊供應在 Maxeon 和非 Maxeon 模塊之間是哪種組合？我認為我們的工作表明也許是——也許你現在與 Aptos 和 MORI 有關係。所以我想知道你是否可以幫助我們了解這種組合可能是什麼樣子？如果您還與其他模塊供應商合作？

Yes. Thank you, Phil. So let me give you a little bit of context, I would love to talk about your question in more detail. So if we go back to earlier this year when we changed our contract with Maxeon, one of the important parts of that change was the one-way exclusivity. So Maxeon panels are still exclusive for SunPower, but it gave SunPower the ability to seek other panel suppliers. And the reason that was so important is that we were already worried about getting enough panel production to serve consumer demand and then consumer demand has continued to expand, as you guys know and you can see from our slides, throughout the year. So us having that ability to source from other panel suppliers has been a game changer this year. And to give you some color, in the fourth quarter, 25%-ish of our installations will be panels that are not Maxeon panels. And I will also comment that Maxeon this year has done a terrific job of giving us more supply than was in our contracts. So they have been doing their best to give us as much supply as they can, but it's a panel constrained environment all across the globe. So our ability to source from other panel makers has made a very big difference this year. As you look forward, I think the IRA is going to be a game changer. It really is going to encourage global panel makers to invest in the U.S. As you know, we've had these discussions going on with First Solar. I know, Mark, mentioned on his call that they're still really interested in working with us, and we feel the same way. We'd love to expand our relationship with Maxeon. And then we have negotiations going on with 2 other large panel makers for a very large supply of high-quality panels that we think are in line with the SunPower brand and our ability to serve both the premium and mass market. But if you take a look at our business for 2023, we'll probably be in a position where 50% plus of our panels are coming from panel manufacturers in addition to Maxeon. And we're very pleased with our Maxeon partnership. But in order to serve consumers, we need supply beyond what Maxeon can provide us, and we're excited to work with a number of other panel makers across the world. You may have seen last week, there was this interesting announcement I saw late last week from LONGi about by the end of '22, they're going to have a 22.8% efficiency panel. We're beginning to see more announcements like that across the globe. And so I think in the position we're in now, we feel like we're going to be in a really positive position to select a couple of good partners to our mix and put ourselves in a great position from the panel point of view.

是的。謝謝你，菲爾。所以讓我給你一點背景，我很想更詳細地談談你的問題。因此，如果我們回到今年早些時候更改與 Maxeon 的合同時，該更改的重要部分之一就是單向排他性。所以 Maxeon 面板仍然是 SunPower 的專屬，但它讓 SunPower 有能力尋找其他面板供應商。之所以如此重要，是因為我們已經擔心獲得足夠的面板生產來滿足消費者需求，然後消費者需求繼續擴大，正如你們所知，從我們的幻燈片中可以看到，全年。因此，我們有能力從其他面板供應商處採購，這在今年改變了遊戲規則。為了給您一些色彩，在第四季度，我們安裝的 25% 左右將是不是 Maxeon 面板的面板。我還要評論說，Maxeon 今年做得非常出色，為我們提供了比合同中更多的供應。因此，他們一直在盡最大努力為我們提供盡可能多的供應，但這是全球範圍內面板受限的環境。因此，今年我們從其他面板製造商那裡採購的能力產生了很大的不同。正如您所期待的那樣，我認為 IRA 將改變遊戲規則。這確實會鼓勵全球面板製造商在美國投資。如您所知，我們已經與 First Solar 進行了這些討論。我知道，馬克，在他的電話中提到他們仍然對與我們合作非常感興趣，我們也有同樣的感覺。我們很樂意擴大與 Maxeon 的關係。然後，我們與另外兩家大型面板製造商進行談判，以提供大量優質面板，我們認為這些面板符合 SunPower 品牌和我們服務高端市場和大眾市場的能力。但是，如果您看看我們 2023 年的業務，我們可能會處於這樣一個位置，即我們的面板中有 50% 以上來自 Maxeon 之外的面板製造商。我們對與 Maxeon 的合作關係非常滿意。但為了服務消費者，我們需要 Maxeon 無法提供的供應，我們很高興能與世界各地的許多其他面板製造商合作。你可能在上週看到過，我上週晚些時候從隆基看到了一個有趣的公告，大約到 22 年底，他們將擁有一個 22.8% 的效率面板。我們開始在全球範圍內看到更多類似的公告。所以我認為在我們現在所處的位置上，我們覺得我們將處於一個非常積極的位置，可以選擇幾個好的合作夥伴加入我們的組合，從小組的角度來看，我們處於一個很好的位置.

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

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

You mentioned just a minute ago that there was a tight supply of modules around the world. But when we look at PVinsights weekly price data, it actually shows a pretty sharp decline in selling prices, maybe down 10% over the last 8 weeks or so. And I'm curious what you make of that and if perhaps you're seeing some loosening in the supply chain.

您剛才提到，世界各地的模塊供應緊張。但當我們查看 PVinsights 的每週價格數據時，它實際上顯示銷售價格大幅下降，可能在過去 8 週左右下降 10%。我很好奇您對此有何看法，以及您是否看到供應鏈有所鬆動。

So I think the -- yes, the important context is you might remember earlier this year when there was the Department of Commerce investigation. That basically stopped from our perspective, all new supply of panels from anywhere around the world. I think it kind of put the panel industry in freeze mode for a number of months. So once that was resolved with this 2-year delay, plus the fact that the IRA now is really giving panel makers strong incentives for domestic content. And I think panel makers are beginning to see how strong the residential market is growing across the world, especially here in the U.S. I really think that you're going to see a number of announcements that are going to bring more supply if it was a buyer's -- if it was a seller's market, I guess, earlier this year, it is certainly becoming a little bit more of a buyer's market. I think there's more options available and I think that may also lead to some more attractive pricing.

所以我認為 - 是的，重要的背景是你可能記得今年早些時候有商務部的調查。從我們的角度來看，這基本上停止了來自世界各地的所有新面板供應。我認為這讓面板行業在幾個月內處於凍結狀態。因此，一旦這個問題通過 2 年的延遲得到解決，再加上 IRA 現在確實為面板製造商提供了對國內內容的強烈激勵這一事實。而且我認為面板製造商開始看到全球住宅市場的增長有多強勁，尤其是在美國。我真的認為你會看到一些公告，如果它是買方——如果是賣方市場，我猜，今年早些時候，它肯定會變得更像買方市場。我認為有更多的選擇，我認為這也可能導致一些更具吸引力的定價。

Okay. And a follow-up supply chain question. In terms of labor availability on the part of your installation partners, are there any parts of the United States where you're experiencing labor shortage or anything along those lines?

好的。以及後續的供應鏈問題。就安裝合作夥伴的勞動力可用性而言，美國是否有任何地區出現勞動力短缺或類似情況？

It's not -- we have not really seen necessarily a regional issue as much as we've seen 2 things happening. One is the more senior and more experienced installers are always more difficult to find and hire because this is an industry that's growing its capacity rapidly. So there just aren't a lot of people who have experience who are ready to be a crew lead, for example. So that's an issue that we're constantly working on, how do we hire and develop and build a strong team of people who we can promote into crew lead roles all across the U.S. And then I think like many other industries, we're constantly working on labor costs. And so those costs continue to rise. And I think we've been able to successfully pass along those costs as part of our prices. But those are the 2 challenges that I think we're really focused on today. They're not necessarily regional challenges. They're more job level challenges and then cost challenges.

這不是——我們沒有真正看到一定的區域問題，因為我們已經看到了兩件事發生。一個是更資深和更有經驗的安裝人員總是更難找到和僱用，因為這是一個產能迅速增長的行業。因此，例如，沒有多少有經驗的人準備好成為一名船員。所以這是我們一直在努力解決的問題，我們如何僱傭、發展和建立一支強大的團隊，我們可以將他們提升為美國各地的船員領導角色。然後我認為像許多其他行業一樣，我們一直在工作在勞動力成本上。因此，這些成本繼續上升。我認為我們已經能夠成功地將這些成本作為我們價格的一部分轉嫁出去。但這是我認為我們今天真正關注的兩個挑戰。它們不一定是區域性挑戰。它們更多的是工作層面的挑戰，然後是成本挑戰。

Our next question comes from the line of Maheep Mandloi of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Maheep Mandloi。

It's Maheep here from Credit Suisse. One question just on the leasing business. I appreciate the comments on the growth in that business with IRA. But just curious on the profitability per customer. I think one of the things you talked about was investments in loan origination getting you to that Analyst Day EBITDA profitability. How does that change with a higher mix of leases versus loans for you?

這是來自瑞士信貸的Maheep。一個關於租賃業務的問題。我很欣賞關於 IRA 業務增長的評論。但只是對每位客戶的盈利能力感到好奇。我認為你談到的一件事是對貸款發放的投資讓你獲得分析師日 EBITDA 的盈利能力。對您而言，如果租賃組合比貸款組合更高，這種情況會如何變化？

So Maheep, the way we thought about our financial products is pricing the products in a way that we are able to make a similar return between a lease and a loan. And the reason that's important to do is that if you really want to provide the best customer experience, you want to be indifferent between the financial vehicles. You want to let the customer choose the one that's best for them. And we really believe strongly as a tenant of our company that we don't force people into contracts for leases or loans that are unfavorable for them. We don't force them into one or the other. We really offer them a choice. And by offering them a choice, you really -- you permit them to figure out for their own financial situation and the ownership of their home and all the other factors they consider, what's the best vehicle. So we will continue to be able to price our leases and loans in a way we believe going forward where we make a very good return on both, but the return on both is meant to be similar over time.

因此，Maheep，我們對金融產品的思考方式是以我們能夠在租賃和貸款之間獲得類似回報的方式對產品進行定價。這樣做很重要的原因是，如果您真的想提供最佳的客戶體驗，您希望對金融工具保持冷漠。您想讓客戶選擇最適合他們的產品。作為我們公司的租戶，我們堅信我們不會強迫人們簽訂對他們不利的租賃或貸款合同。我們不會強迫他們選擇其中一個。我們真的為他們提供了選擇。通過為他們提供選擇，你真的 - 你允許他們弄清楚他們自己的財務狀況和他們的房屋所有權以及他們考慮的所有其他因素，什麼是最好的車輛。因此，我們將繼續能夠以我們相信的方式為我們的租賃和貸款定價，在這兩種方式上我們都能獲得非常好的回報，但隨著時間的推移，兩者的回報應該是相似的。

That's fair. And then just a second question on me -- from me is the mix of residential products grew slightly in the quarter versus the last 2 quarters? Just -- and it's definitely a higher-margin product, but just trying to see how we should think about that mix in '23.

這還算公平。然後是我的第二個問題——我認為本季度的住宅產品組合與過去兩個季度相比略有增長？只是 - 它絕對是一種利潤率更高的產品，但只是想看看我們應該如何看待 23 年的這種組合。

Sorry, can you just clarify that because all of our products right now are residential products. Tell me more about what you're asking.

抱歉，您能否澄清一下，因為我們現在所有的產品都是住宅產品。告訴我更多關於你在問什麼。

No, the mix of residential products versus systems. So I think residential products with 42% of the total shipments -- residential shipments in the quarter versus 38% in the last 2 quarters?

不，住宅產品與系統的混合。所以我認為住宅產品佔總出貨量的 42%——本季度的住宅出貨量與過去兩個季度的 38%？

I see. I see. Yes. I think the -- we had talked about it at the beginning of this year, and we had a goal to increase our finance attach rate from 35% of our bookings to 45%. As we mentioned, this quarter we achieved 48% or 49% bookings attach rate. So we actually met that goal 1 quarter earlier than we had planned for. And I think as we go forward, we really believe that we're going to continue to be on a ramp of increasing that attach rate each and every quarter and every year as we go forward until either all or nearly all of all the finance business from our customers uses SunPower Financial. So we're continuing to build a strong product that our dealers like and our customers like. We're continuing to offer more and more options for leases and loans across all states. And the path we're on is consistent with what we talked about at the Analyst Day where we expect to have a very high SunPower Financial attach rate by 2025.

我懂了。我懂了。是的。我認為 - 我們在今年年初已經討論過它，我們的目標是將我們的財務附加率從我們預訂的 35% 提高到 45%。正如我們所提到的，本季度我們實現了 48% 或 49% 的預訂附加率。因此，我們實際上比我們計劃的提前 1 個季度實現了該目標。而且我認為，隨著我們向前發展，我們真的相信，隨著我們向前發展，我們將繼續在每個季度和每年增加附加率，直到所有或幾乎所有金融業務我們的客戶使用 SunPower Financial。因此，我們將繼續打造我們的經銷商和客戶都喜歡的強大產品。我們將繼續為所有州的租賃和貸款提供越來越多的選擇。我們所走的道路與我們在分析師日所討論的一致，我們預計到 2025 年 SunPower Financial 的附加率將非常高。

Got it. Got it. So the systems business should grow product, which is to say cash sales should shrink, that's fair, right?

知道了。知道了。所以系統業務應該增長產品，也就是說現金銷售應該減少，這很公平，對吧？

I think...

我認為...

(inaudible)

（聽不清）

Yes, sorry, the cash -- yes, on cash sales, I would say it all depends on what should really -- the growth of that should really be driven by customer demand over time. As you look forward, as we begin to get more mass adoption of solar in the U.S. I don't think the percent that are financed, that 80%, will go lower. If anything, I think it's possible it will go higher because it's still a big ticket item for most people in the United States -- so very big financial decisions. And I think most people feel more comfortable taking it as a lease alone as we go forward. Thank you. We've got time for 1 more question.

是的，對不起，現金——是的，關於現金銷售，我想說這一切都取決於真正應該做什麼——隨著時間的推移，它的增長應該真正由客戶需求驅動。正如你所期待的那樣，隨著我們開始在美國更大規模地採用太陽能。我認為得到資助的百分比，即 80%，不會降低。如果有的話，我認為它可能會更高，因為對於美國大多數人來說，它仍然是一個重要的項目——因此是非常重大的財務決策。而且我認為，隨著我們繼續前進，大多數人會更願意將其單獨作為租約。謝謝你。我們還有時間再回答 1 個問題。

Our next question comes from the line of Michael Blum of Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Blum。

Thanks for squeezing me in here. Just have those few quick questions. I wanted to just go back to the battery attach rate discussion. You mentioned you're kind of flattening out here at least for now. Just want to understand that better. Would you say that's more of a supply chain issue or is the main bottleneck really installation times, which seems to be one of the main sticking points for the industry right now?

謝謝你把我擠在這裡。只要有這幾個簡單的問題。我想回到電池附加率討論。你提到你至少現在在這裡有點扁平化。只是想更好地理解這一點。您會說這更像是一個供應鏈問題，還是安裝時間的主要瓶頸，這似乎是該行業目前的主要癥結之一？

So on batteries, 2 perspectives. First of all, I think the product itself of which I'm a proud owner of, it's a terrific product. It's competitive with the other battery storage solutions that are in the marketplace. But I think the 2 pieces of the feedback we get are from the consumer side, it is a pretty large adder to an already expensive solar system. So our battery costs for consumers are $10,000, $15,000, $20,000. If you buy these whole home batteries, you can get yourself up to $30,000 or $40,000. So it's a pretty big adder on top of your solar system right at the purchase time. So I think that the cost of the batteries today has slowed the attach rate, even though we're still growing our unit sales quarter-over-quarter. As we look forward, I think one of the things we're looking forward to is we believe the next generation of batteries will actually be able to improve our price points quite a bit for consumers. We'll talk to you guys more about that in 2023, and we're looking forward to launching our next-generation battery sometime at the end of next year and the beginning of '24.

所以關於電池，2個觀點。首先，我認為我引以為豪的產品本身就是一款了不起的產品。它與市場上的其他電池存儲解決方案具有競爭力。但我認為我們得到的 2 條反饋來自消費者方面，這對於已經很昂貴的太陽係來說是一個相當大的加法器。所以我們為消費者提供的電池成本是 10,000 美元、15,000 美元、20,000 美元。如果您購買這些全家用電池，您可以獲得高達 30,000 美元或 40,000 美元的價格。因此，在購買時，它是您太陽系頂部的一個相當大的加法器。所以我認為今天的電池成本已經減緩了連接速度，儘管我們的單位銷售額仍然在環比增長。正如我們所期待的那樣，我認為我們期待的一件事是我們相信下一代電池實際上能夠為消費者提高我們的價格點。我們將在 2023 年與你們進一步討論這一點，我們期待在明年年底和 24 年初的某個時候推出我們的下一代電池。

And then on the dealer side, I think it is fair feedback that our installation times today are not as good as they could be and not as good as they should be. And that's something that we're continuing to work on. I think as we architect the next-generation battery, we're very much keeping installation efficiency at the very top of our list of things. We're trying to make sure that we get right as we were with all this new battery.

然後在經銷商方面，我認為這是公平的反饋，我們今天的安裝時間沒有達到應有的水平，也沒有達到應有的水平。這是我們正在繼續努力的事情。我認為，當我們設計下一代電池時，我們非常重視安裝效率。我們正在努力確保我們能像使用所有這些新電池一樣正確。

Okay. Thanks. I want to thank everyone today for their questions and for their time. We're quite excited to try to finish out this year strong. We go back, I guess, to our Analyst Day at the beginning of the year where we pledged to you that we would work hard on delivering consistent results and continuing to improve the financial outlook of the company. We've made some solid progress there, and we're looking forward to sharing our Q4 results with you at the beginning of next year. Thanks, again.

好的。謝謝。我今天要感謝大家提出的問題和時間。我們很高興能在今年強勢結束。我想，我們可以追溯到年初的分析師日，我們向您承諾，我們將努力提供一致的結果並繼續改善公司的財務前景。我們在這方面取得了一些紮實的進展，我們期待在明年年初與您分享我們的第四季度業績。再次感謝。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。