(SPWR) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SunPower First Quarter 2023 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 SunPower 2023 年第一季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Mike Weinstein. Please go ahead.

我現在想把會議交給今天的演講者 Mike Weinstein。請繼續。

Good morning. I would like to welcome everyone to our first quarter 2023 earnings conference call. On today's call, we will begin with comments from Peter Faricy, CEO of SunPower, who will provide an update on the first quarter announcements and business highlights followed by an update on progress towards 2023 guidance, including California sales, backlog and financing. Following Peter's comments, Guthrie Dundas, SunPower's interim CFO, will then review our financial results. As a reminder, a replay of the call will be available later today on the Investor Relations page of our website.

早上好。歡迎大家參加我們 2023 年第一季度的收益電話會議。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，他將提供第一季度公告和業務亮點的最新情況，然後是 2023 年指導進展的最新情況，包括加州銷售、積壓訂單和融資。在 Peter 發表評論後，SunPower 的臨時首席財務官 Guthrie Dundas 將審查我們的財務業績。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提供電話重播。

During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the Safe Harbor slide of today's presentation, today's press release, our 2023 Form 10-K and our quarterly reports on Form 10-Q. Please see these documents for additional information regarding those factors that may affect these forward-looking statements. 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 press release for the appropriate GAAP to non-GAAP reconciliations.

在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受制於今天演示文稿的安全港幻燈片、今天的新聞稿、我們的 2023 表 10-K 和我們關於表 10-Q 的季度報告中描述的各種風險和不確定性.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。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新聞稿，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 have posted a supplemental data sheet detailing additional historical metrics.

最後，為了加強此次電話會議，我們在投資者關係網站的“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，我們發布了一份補充數據表，詳細說明了其他歷史指標。

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

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

Thanks, Mike, and good morning, everyone. I'm pleased to be with all of you to discuss both our Q1 2023 results and the progress we are making on our 5-pillar strategy to build SunPower into the world's best residential solar company.

謝謝，邁克，大家早上好。我很高興與大家一起討論我們 2023 年第一季度的業績以及我們在將 SunPower 打造成世界上最好的住宅太陽能公司的 5 支柱戰略方面取得的進展。

In the first quarter, we continued to show strong customer installation growth that track towards the high end of our full year 2023 guidance of approximately 10% to 30% customer growth. We reported $1 million of adjusted EBITDA this quarter, with $10 million of business unit cash generation. As we highlighted on our last call, adjusted EBITDA was expected to be low this quarter, impacted by higher sales and marketing expense to generate strong bookings volumes in California before the expiration of NEM 2.0 rules on April 15.

在第一季度，我們繼續顯示出強勁的客戶安裝增長，朝著我們 2023 年全年客戶增長約 10% 至 30% 的目標的高端方向發展。我們報告本季度調整後的 EBITDA 為 100 萬美元，業務部門產生的現金為 1000 萬美元。正如我們在上次電話會議中強調的那樣，本季度調整後的 EBITDA 預計會很低，這是受到銷售和營銷費用增加的影響，以便在 4 月 15 日 NEM 2.0 規則到期之前在加利福尼亞州產生強勁的預訂量。

We were also affected by unfavorable California weather conditions throughout Q1 that kept crews idle, increased costs and delayed certain installations in the state. We expect to catch up in California over the next few quarters.

我們還受到整個第一季度不利的加利福尼亞天氣條件的影響，這使工作人員閒置，增加了成本並延遲了該州的某些安裝。我們希望在接下來的幾個季度內趕上加利福尼亞。

Importantly, we remain confident in our plans to achieve our full year 2023 guidance of between $125 million and $155 million of adjusted EBITDA based on 90,000 to 110,000 new customers and adjusted EBITDA per customer before platform investment between $2,450 and $2,900.

重要的是，我們仍然對我們的計劃充滿信心，即根據 90,000 至 110,000 名新客戶實現 2023 年全年 1.25 億美元至 1.55 億美元的調整後 EBITDA 指導，以及平台投資前每位客戶調整後的 EBITDA 在 2,450 美元至 2,900 美元之間。

Please turn to Slide #4. We added 21,000 new customers in Q1. This is a 27% increase year-over-year. Revenue also grew at 32% year-over-year as price increases continue to offset the impact of higher product and installation costs. New order bookings grew fastest in our direct channel at 97% year-over-year. With strong bookings growth under NEM 2.0 in California, our backlog increased to 23,000 retrofit customers with another 39,000 in the New Homes channel. We expect the backlog to increase further in the coming weeks as many of our dealers continue to enter orders into our system after concentrating efforts solely on customer NEM 2.0 applications in March and April.

請轉到幻燈片 #4。我們在第一季度增加了 21,000 個新客戶。同比增長 27%。由於價格上漲繼續抵消產品和安裝成本上漲的影響，收入也同比增長 32%。新訂單預訂在我們的直接渠道中增長最快，同比增長 97%。隨著加利福尼亞州 NEM 2.0 下的強勁預訂增長，我們的積壓增加到 23,000 個改造客戶，另外 39,000 個在新房渠道。我們預計未來幾周積壓的訂單會進一步增加，因為我們的許多經銷商在 3 月和 4 月僅專注於客戶 NEM 2.0 應用程序後繼續向我們的系統輸入訂單。

Adjusted EBITDA per customer came in at $1,200 before platform investment, which reflects the special seasonal effect of California sales and marketing expense and the weather we discussed earlier. SunVault Energy storage system sales are showing early signs of strength in California under NEM 3.0 rules. In recent weeks, we are seeing this trending towards attach rates over 20% in our direct channel in the state. Lease demand continues to grow, with a 268% increase in contract volumes in Q1. As we've noted previously, further growth for leasing is expected in 2023 and beyond due to bonus tax incentives under the Inflation Reduction Act. SunPower remains customer-centric and agnostic towards lease or loan financing, and we believe that our current access to capital markets as a top-tier installer is a major competitive advantage.

平台投資前每位客戶的調整後 EBITDA 為 1,200 美元，這反映了加利福尼亞銷售和營銷費用的特殊季節性影響以及我們之前討論的天氣。根據 NEM 3.0 規則，SunVault 儲能係統的銷售在加利福尼亞顯示出強勁的早期跡象。最近幾週，我們在該州的直接渠道中看到了超過 20% 的附加率趨勢。租賃需求持續增長，第一季度合同量增長了 268%。正如我們之前所指出的那樣，由於《降低通脹法》規定的獎金稅收激勵措施，預計 2023 年及以後的租賃業務將進一步增長。 SunPower 始終以客戶為中心，對租賃或貸款融資不可知，我們相信，我們目前作為頂級安裝商進入資本市場是一個主要的競爭優勢。

Please turn to Slide #5. Our Q1 customer growth of 27% year-over-year positions us well to achieve our full year customer guidance of between 90,000 and 110,000 customers, a 20% growth rate at the midpoint. Revenue grew to $443 million, a 32% increase that reflects higher pricing, and we believe is indicative of the continued strong value proposition of solar in this inflationary environment.

請轉到幻燈片 #5。我們第一季度的客戶同比增長 27%，這使我們能夠很好地實現 90,000 至 110,000 名客戶的全年客戶指導，中點增長率為 20%。收入增長至 4.43 億美元，增長 32%，這反映了更高的價格，我們認為這表明太陽能在這種通脹環境中的價值主張持續強勁。

Please turn to Slide #6. We know that demand and sales trends are top of mind for investors lately. I want to provide you with an update on California NEM 2.0 results and a preliminary look at early NEM 3.0 trends, as well as our refocused sales efforts back to the rest of the country now that our successful push for NEM 2.0 customers is completed.

請轉到幻燈片#6。我們知道需求和銷售趨勢是投資者最近最關心的問題。我想向您提供有關加州 NEM 2.0 結果的最新信息和對 NEM 3.0 早期趨勢的初步了解，以及我們在成功推動 NEM 2.0 客戶後重新將銷售工作重心放回全國其他地區。

In California, Q1 retrofit bookings to existing homes were up 135% year-over-year in our direct channels which outpaced our peers and boosted our market share, resulting in a state backlog that exceeds 6 months. The pivot to NEM 3.0 began in April, with a transition period that included a late NEM 2.0 surge in the first half of the month followed by weaker initial bookings because of the earlier pull forward of demand. However, with many of the dealers fully engaged on completing NEM 2.0 interconnection applications for customers in March and April, we expect to continue registering purchase orders and bookings into our systems for several more weeks. This means we don't have the full picture of either NEM 2.0 or NEM 3.0 impacts until the incoming data is finalized over the next month or 2.

在加利福尼亞州，我們直接渠道的第一季度現有房屋改造預訂同比增長 135%，這超過了我們的同行並提高了我們的市場份額，導致州積壓超過 6 個月。向 NEM 3.0 的轉變始於 4 月，過渡期包括本月上半月 NEM 2.0 的後期激增，隨後由於需求提前拉動而導致初始預訂量下降。然而，由於許多經銷商在 3 月和 4 月全神貫注地為客戶完成 NEM 2.0 互連申請，我們預計將在未來幾週內繼續在我們的系統中註冊採購訂單和預訂。這意味著在下個月或 2 月傳入數據最終確定之前，我們無法全面了解 NEM 2.0 或 NEM 3.0 的影響。

One area that's not been affected by demand pull forward is battery storage sales. Here, we are seeing some early indications of higher attach rates in California through our direct channel. At this time, we are expecting to see the April data coalesce above a 20% attach rate, with stronger battery sales expected because of higher customer return on investment under NEM 3.0. We believe these attach rates have the potential to climb higher and that SunPower is well positioned to deliver SunVault storage systems to customers, with inventory levels entering 2023 that we believe are sufficient to meet stronger demand for the year.

一個沒有受到需求拉動影響的領域是電池存儲銷售。在這裡，我們通過我們的直接渠道看到了加利福尼亞較高附加率的一些早期跡象。目前，我們預計 4 月份的數據將超過 20% 的附加率，由於 NEM 3.0 下客戶的投資回報率更高，預計電池銷售將更加強勁。我們相信這些附加率有可能攀升至更高水平，並且 SunPower 有能力向客戶提供 SunVault 存儲系統，我們認為進入 2023 年的庫存水平足以滿足今年更強勁的需求。

In the rest of the country, we continue to see booking strength in the Northeast and the Mid-Atlantic, with Q1 gross bookings up over 100% in certain states including Connecticut, Virginia and North Carolina. In 1 of our largest markets, Texas, gross bookings have come on strong, up 38% year-over-year for the quarter. To take advantage of the California market in Q1, we focused our sales resources on that state, particularly in our direct channels. While this was a factor affecting softer results in Florida and Arizona, this was contemplated within our annual guidance.

在美國其他地區，我們繼續看到東北部和中大西洋地區的預訂量強勁，康涅狄格州、弗吉尼亞州和北卡羅來納州等某些州的第一季度總預訂量增長超過 100%。在我們最大的市場之一德克薩斯州，總預訂量強勁，本季度同比增長 38%。為了在第一季度利用加利福尼亞市場，我們將銷售資源集中在該州，尤其是我們的直接渠道。雖然這是影響佛羅里達州和亞利桑那州業績疲軟的一個因素，但我們的年度指導中已考慮到這一點。

The New Home segment has been outperforming our original expectations so far this year. An April surge in California has brought year-to-date New Homes bookings tracking at 26% growth year-over-year, including Multifamily, with homebuilders indicating that they are selling homes more briskly than previously anticipated. We are also seeing rapid growth in the still small but important Multifamily segment, with Q1 2023 bookings exceeding all of that of 2022. The bottom line is that we're off to a solid start for the year coming out of Q1, and we're currently tracking to achieve our full year customer guidance.

今年到目前為止，新房板塊的表現超出了我們最初的預期。加利福尼亞州 4 月的激增使年初至今的新房預訂量同比增長 26%，其中包括多戶型住宅，房屋建築商表示他們的房屋銷售速度比之前預期的要快。我們還看到規模仍然很小但很重要的多戶家庭市場的快速增長，2023 年第一季度的預訂量超過了 2022 年的全部。最重要的是，我們在第一季度之後的一年有了一個堅實的開端，我們'目前正在跟踪以實現我們全年的客戶指導。

Please turn to Slide #7. Conventional electric utility rates are the primary competition for our industry, and they have continued to accelerate upward of 15.4% year-over-year in February, despite the moderating bulk of wholesale power, cost of wholesale power and key fuels such as natural gas. As you can see on the right, 10 states continue to see increases greater than 20% year-over-year, and states such as Texas and Florida, our experience has rises of 19.5% and 16.3%, respectively. As we've noted, we believe the steep rises continue to elevate the value proposition of residential solar as one of the most powerful ways to stabilize and reduce home energy bills.

請轉到幻燈片 #7。傳統電力費率是我們行業的主要競爭者，儘管批發電力、批發電力成本和天然氣等主要燃料的規模有所放緩，但 2 月份它們仍同比繼續加速上漲 15.4%。正如您在右側看到的那樣，有 10 個州的年增長率繼續超過 20%，而德克薩斯州和佛羅里達州等州的增長率分別為 19.5% 和 16.3%。正如我們所指出的，我們相信急劇上升將繼續提升住宅太陽能的價值主張，將其作為穩定和減少家庭能源費用的最有力方式之一。

Although fuel prices have declined in recent months, the Edison Electric Institute is projecting a 20% increase in electric utility capital investment from 2022 to 2024 over the previous 3 years. As these investments are recovered through electric bills, we believe the value of customer-financed rooftop solar is likely to continue rising.

儘管最近幾個月燃料價格有所下降，但愛迪生電氣研究所預計，從 2022 年到 2024 年，電力公司的資本投資將比過去 3 年增加 20%。由於這些投資是通過電費收回的，我們相信客戶資助的屋頂太陽能的價值可能會繼續上升。

Please turn to Slide #8. Next, I'll share some of the most important progress we've made in Q1 as we move forward with the 5 pillars of our long-term strategic plan.

請轉到幻燈片#8。接下來，我將分享我們在第一季度取得的一些最重要的進展，因為我們正在推進我們長期戰略計劃的 5 個支柱。

For customer experience, SunPower remained the #1 ranked home solar installer last year as indicated by our rankings and reviews on various platforms, including EnergySage and Google. For products, we continue to diversify our panel supply agreements, securing enough volume to fully address our anticipated 2023 demand.

對於客戶體驗，根據我們在各種平台（包括 EnergySage 和 Google）上的排名和評論，SunPower 去年仍然是排名第一的家用太陽能安裝商。對於產品，我們繼續使我們的面板供應協議多樣化，確保有足夠的數量來完全滿足我們預期的 2023 年需求。

For growth in April, we finalized an investment in Minnesota-based Wolf River Electric through our Dealer Accelerator Program. Wolf River, the company's newest and now third largest dealer, will sell SunPower panels, storage, EV charging equipment and financial products. With this relationship, SunPower plans to significantly expand its geographical footprint across Minnesota, Wisconsin and Iowa.

為了在 4 月份實現增長，我們通過經銷商加速器計劃完成了對總部位於明尼蘇達州的 Wolf River Electric 的投資。 Wolf River 是該公司最新的第三大經銷商，將銷售 SunPower 面板、存儲、EV 充電設備和金融產品。通過這種關係，SunPower 計劃大幅擴大其在明尼蘇達州、威斯康星州和愛荷華州的地理足跡。

In the New Home segment, we expanded beyond California to 8 new states and lean into our Multifamily home business with 3 new deals in California.

在新房部分，我們將業務擴展到加利福尼亞以外的 8 個新州，並通過在加利福尼亞的 3 筆新交易涉足我們的多戶住宅業務。

For digital, we've developed a new scheduling software in the first quarter which we believe will enable more reliable appointment times and provide customers with real-time tracking of technicians traveling to their site. We also updated our digital tools for dealers to make managing inventory faster, easier and more accurate.

對於數字化，我們在第一季度開發了一種新的日程安排軟件，我們相信這將實現更可靠的預約時間，並為客戶提供技術人員前往其現場的實時跟踪。我們還為經銷商更新了數字工具，使庫存管理更快、更輕鬆、更準確。

And finally, SunPower Financials' lease business grew 268% year-over-year in the first quarter to comprise 68% of our Q1 bookings. We expect the lease business to continue growing rapidly in 2023 and beyond, because of the favorable tax treatment under the Inflation Reduction Act. We have also announced that we've secured financing commitments to fund more than $1 billion of residential solar and storage loans in recent weeks. Through this nonrecourse vehicle, SunPower Financial, will continue to provide customers with attractive loan options for their transition to clean energy.

最後，SunPower Financials 的租賃業務在第一季度同比增長 268%，占我們第一季度預訂量的 68%。我們預計租賃業務將在 2023 年及以後繼續快速增長，因為《降低通脹法》提供了優惠的稅收待遇。我們還宣布，最近幾週我們已獲得融資承諾，為超過 10 億美元的住宅太陽能和儲能貸款提供資金。通過這種無追索權工具，SunPower Financial 將繼續為客戶提供有吸引力的貸款選擇，幫助他們過渡到清潔能源。

Please turn to Slide #9. We are very excited to share with you the California launch of our Virtual Power Plant offering to customers and partnership with OhmConnect. The program allows participating customers to earn financial rewards for allowing their SunVault storage system batteries to periodically utilized by local utilities to help stabilize the grid during peak energy usage.

請轉到幻燈片#9。我們很高興與您分享我們在加州向客戶推出的虛擬電廠產品以及與 OhmConnect 的合作夥伴關係。該計劃允許參與的客戶獲得經濟獎勵，因為他們允許當地公用事業公司定期使用他們的 SunVault 存儲系統電池，以幫助在能源使用高峰期間穩定電網。

Please turn to Slide #10. I want to emphasize the strength of our corporate and customer financing model during the recent period of banking turbulence. As previously noted, our low-risk financing model is based on the off-balance sheet origination of loans and leases for customers. With similar origination fees for either loan or lease, we are agnostic and strive to act in the customer's best interest.

請轉到幻燈片 #10。我想強調在近期銀行業動盪期間我們的企業和客戶融資模式的優勢。如前所述，我們的低風險融資模式是基於為客戶在資產負債表外發起貸款和租賃。由於貸款或租賃的發起費用相似，我們是不可知論者，並努力以客戶的最佳利益行事。

We recently announced we secured nonrecourse financing commitments to fund more than $1 billion of residential solar and storage loans from Hannon Armstrong, Credit Agricole, and as of this week, KKR. Through these transactions, SunPower Financial will continue to provide customers with attractive loan options and tenures up to 25 years for their transition to a cleaner and lower-cost future.

我們最近宣布，我們獲得了無追索權融資承諾，將為 Hannon Armstrong、Credit Agricole 以及截至本週的 KKR 提供的超過 10 億美元的住宅太陽能和儲能貸款提供資金。通過這些交易，SunPower Financial 將繼續為客戶提供有吸引力的貸款選擇和長達 25 年的期限，以幫助他們過渡到更清潔、成本更低的未來。

We've also applied for conditional loan guarantees through the U.S. Department of Energy's loan programs office that are designed to make distributed energy resources including rooftop solar, battery storage and Virtual Power Plant-ready software available to more American homeowners. If granted, we expect these financial benefits to be available for our customers in 2024.

我們還通過美國能源部貸款計劃辦公室申請了有條件貸款擔保，旨在為更多美國房主提供分佈式能源資源，包括屋頂太陽能、電池存儲和虛擬電廠就緒軟件。如果獲得批准，我們預計這些經濟利益將在 2024 年為我們的客戶提供。

Our lease net bookings continue to grow robustly, with our dealer network leading the way as the value of leasing solar under higher utility rates becomes an increasingly attractive option. Our all-in cost of capital for leasing remain below 6.5%, including tax equity, with the added advantage of lower interest rate sensitivity across the full capital stack. We believe this to be equal or better than our competitors.

我們的租賃淨預訂量繼續強勁增長，我們的經銷商網絡處於領先地位，因為在更高的實用率下租賃太陽能的價值成為一個越來越有吸引力的選擇。我們用於租賃的總資本成本保持在 6.5% 以下，包括稅收權益，還有一個額外的優勢，即整個資本堆棧的利率敏感性較低。我們相信這與我們的競爭對手相同或更好。

We believe that we will have ample facilities in place to finance a growing lease pool through 2023, and we are in late-stage discussions that aim to close additional funding arrangements for further growth. Before I turn it over to Guthrie for the financials, I want to share some exciting news. This week, SunPower is bringing on important senior leadership talent as we welcome Pat Bigatel as our Senior Vice President of Sales. With over 20 years of experience, Pat is a highly accomplished leader with a proven track record spanning operations, sales and business development, marketing and brand management for both emerging and large-scale organizations.

我們相信，到 2023 年，我們將擁有充足的設施來為不斷增長的租賃池提供資金，並且我們正在進行後期討論，旨在完成額外的融資安排以促進進一步增長。在我把它交給格思裡財務之前，我想分享一些令人振奮的消息。本週，SunPower 將引進重要的高級領導人才，因為我們歡迎 Pat Bigatel 擔任我們的高級銷售副總裁。 Pat 擁有超過 20 年的經驗，是一位成就卓著的領導者，在新興和大型組織的運營、銷售和業務發展、營銷和品牌管理方面擁有良好的業績記錄。

We are also proud to announce that Jennifer Johnston will join the company as Executive Vice President and Chief Operating Officer effective May 8. Jennifer is an accomplished executive with over 2 decades of experience leading teams in operations, manufacturing, logistics and finance. She joins the company from a leading-edge robotic technology company that specializes in automating e-commerce order fulfillment, where she served as its Chief Operating Officer and Chief Financial Officer. Prior to this, Ms. Johnston spent 10 years at Amazon in North America and Europe, where she held finance and business leadership positions across Amazon Fulfillment, Amazon Logistics, Amazon Go and AWS, driving operational and financial scalability across each of the businesses.

我們還自豪地宣布，詹妮弗·約翰斯頓 (Jennifer Johnston) 將於 5 月 8 日加入公司，擔任執行副總裁兼首席運營官。詹妮弗是一位成就卓著的高管，在運營、製造、物流和財務領域領導團隊方面擁有超過 20 年的經驗。她在一家領先的機器人技術公司加入公司，該公司專門從事自動化電子商務訂單履行，她曾擔任該公司的首席運營官和首席財務官。在此之前，Johnston 女士在亞馬遜北美和歐洲工作了 10 年，在亞馬遜物流、亞馬遜物流、Amazon Go 和 AWS 擔任財務和業務領導職務，推動每項業務的運營和財務可擴展性。

And on that note, I'll turn it over to Guthrie for more details on our Q1 results. Guthrie?

在那張紙條上，我會把它交給格思裡，了解我們第一季度結果的更多細節。格思裡？

Thank you, Peter. Please turn to Slide 12.

謝謝你，彼得。請轉到幻燈片 12。

For the first quarter, we are reporting $1 million of adjusted EBITDA and $443 million of non-GAAP revenue, an increase of 32% year-over-year. We added 21,000 new customers in Q1, a 27% increase year-over-year that is tracking above the midpoint of our full year guidance of 90,000 to 110,000 customers. Adjusted non-GAAP gross margin dipped 17.1% for the quarter, largely the result of challenging weather that resulted in delayed installs in our SunPower direct channel. Adjusted EBITDA per customer before platform investments also declined to $1,200, largely as a result of NEM 2.0 sales and marketing expense, weather and the effect of typically lower seasonal installation volumes early in the year.

第一季度，我們報告調整後 EBITDA 為 100 萬美元，非 GAAP 收入為 4.43 億美元，同比增長 32%。我們在第一季度增加了 21,000 名新客戶，同比增長 27%，高於我們 90,000 至 110,000 名客戶的全年指導目標的中點。本季度調整後的非 GAAP 毛利率下降了 17.1%，這主要是由於惡劣的天氣導致我們 SunPower 直接渠道的安裝延遲。平台投資前每位客戶的調整後 EBITDA 也下降至 1,200 美元，這主要是由於 NEM 2.0 銷售和營銷費用、天氣以及年初通常較低的季節性安裝量的影響。

We continue to expect to benefit from a combination of higher pricing, growing origination fees, origination volumes at SunPower Financial and the operational leverage gained from increasing sales. As we highlighted at the Analyst Day last year, platform investment of $24 million for the quarter is primarily products, digital and corporate OpEx.

我們繼續期望受益於 SunPower Financial 更高的定價、不斷增長的發起費用、發起量以及銷售增長帶來的運營槓桿。正如我們在去年的分析師日強調的那樣，本季度 2400 萬美元的平台投資主要用於產品、數字和企業運營支出。

Our balance sheet remains lean after the January retirement of convertible debt with, $116 million of cash on hand and $77 million of Net Recourse debt.

在 1 月份可轉換債券到期後，我們的資產負債表仍然精簡，手頭現金為 1.16 億美元，淨追索權債務為 7700 萬美元。

As a reminder, we completed the sale of our last remaining 0.5 million shares of Enphase stock holdings in January at prices averaging approximately $250 per share. We continue to value our ownership of lease renewal net retained value in SunStrong using a 6% discount rate. With growth in the portfolio, we now estimate the value of our stake at about $270 million.

提醒一下，我們在 1 月份以平均每股約 250 美元的價格出售了我們最後剩餘的 50 萬股 Enphase 股票。我們繼續使用 6% 的貼現率對我們在 SunStrong 的租賃續約淨保留價值的所有權進行估值。隨著投資組合的增長，我們現在估計我們的股份價值約為 2.7 億美元。

Please turn to Slide 13. As Peter mentioned earlier, we are reiterating our 2023 guidance today for $125 million to $155 million of adjusted EBITDA, driven by an anticipated 90,000 to 110,000 incremental customers with adjusted EBITDA per customer or platform investment of $2,450 to $2,900. Platform investment continues to be primarily comprised of products, digital, and corporate operating expense that drive our company towards larger operational scale, growing adjusted EBITDA per customer and a superior customer experience in the years to come. On a per customer basis, platform investment is projected to peak in 2023 as we expect us to grow below the rate of customer growth for the rate per customer declines over time.

請轉到幻燈片 13。正如 Peter 之前提到的，我們今天重申我們的 2023 年調整後 EBITDA 為 1.25 億美元至 1.55 億美元的指導方針，這是由預計 90,000 至 110,000 名增量客戶推動的，每個客戶或平台投資的調整後 EBITDA 為 2,450 美元至 2,900 美元。平台投資仍然主要由產品、數字和企業運營費用組成，這些費用推動我們公司在未來幾年實現更大的運營規模、增加每個客戶的調整後 EBITDA 和卓越的客戶體驗。在每個客戶的基礎上，平台投資預計將在 2023 年達到頂峰，因為我們預計我們的增長速度將低於客戶增長率，因為每個客戶的增長率會隨著時間的推移而下降。

With California NEM 2.0 now in the rearview mirror, we are refocusing our efforts across the country and on the execution of our long-term strategy. Looking forward, beyond 2023, we continue to see several positive trends that are expected to help propel our business, including the value added by the Inflation Reduction Act, higher attachment rates for storage and financing and a potential recovery of New Homes in time. We continue to build a first-class platform of assets that we believe delivers the world's best customer experience in the industry.

隨著加州 NEM 2.0 的出現，我們正在全國范圍內重新調整我們的工作重點，並執行我們的長期戰略。展望未來，到 2023 年以後，我們將繼續看到一些有望幫助推動我們業務發展的積極趨勢，包括《降低通貨膨脹法案》帶來的附加值、更高的存儲和融資附加率以及新房的潛在復蘇。我們將繼續打造一流的資產平台，我們相信該平台可提供業內全球最佳的客戶體驗。

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

有了這個，接線員，我想把電話轉過來提問。

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

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

So maybe just the first 1 surrounding EBITDA. You highlighted in the reconciliation, call it, $8 million associated with businesses you're exiting. Can you share some color on what's going on there, which businesses you're referring to? And then it looks like EBITDA was light at $1 million. How do you reconcile the light Q1 EBITDA with the full year EBITDA target of $140 million?

所以也許只是圍繞 EBITDA 的第一個。你在對賬中強調了與你要退出的業務相關的 800 萬美元。你能分享一些關於那裡發生的事情的顏色嗎？你指的是哪些企業？然後看起來 EBITDA 僅為 100 萬美元。您如何協調第一季度的 EBITDA 與 1.4 億美元的全年 EBITDA 目標？

Kashy. I'll take the second question, and I'll let Guthrie answer the first one.

卡什。我將回答第二個問題，讓 Guthrie 回答第一個問題。

So, on some color on EBITDA for the full year, one of the things that we believe strongly in, is running the business with a long-term perspective. In other words, we're willing to make short-term investments so we now have a high ROI and a great payback, and we're not trying to hit a particular number in a particular quarter. We're more focused on the full year and we're more focused on growing shareholder value over the long term.

因此，從全年 EBITDA 的一些顏色來看，我們堅信的一件事是以長遠的眼光來經營業務。換句話說，我們願意進行短期投資，因此我們現在擁有高投資回報率和豐厚的回報，而且我們不會試圖在特定季度達到特定數字。我們更專注於全年，我們更專注於長期增加股東價值。

So, when we had an opportunity in Q1 to invest, to take advantage of what was demand that exceeded our expectations in California, we did exactly that and we're pleased with that investment. And 1 of the reasons we're pleased with the investment is that the customer acquisition costs were relatively modest for California and the conversion rates were much higher than during a normal cycle, and that's exactly the time as a business that you should be investing to grow that customer base.

因此，當我們在第一季度有機會進行投資時，利用加州超出我們預期的需求，我們做到了這一點，我們對這項投資感到滿意。我們對這項投資感到滿意的原因之一是，加州的客戶獲取成本相對較低，而且轉化率比正常週期高得多，而這正是您應該投資的業務時間擴大客戶群。

So as we exit Q1 with more than a 6-month backlog, that's very healthy for the company and it's a super good investment in terms of its return for this year. So even though it's a short-term hit to EBITDA, it's a long-term benefit in terms of being able to get more business and lining up more efficient business in California, in particular, this year.

因此，當我們以超過 6 個月的積壓退出第一季度時，這對公司來說非常健康，就今年的回報而言，這是一項非常好的投資。因此，儘管這對 EBITDA 造成了短期打擊，但就能夠在加利福尼亞州獲得更多業務和安排更高效的業務而言，這是一個長期利益，尤其是今年。

I'll also say, you heard me mention on the call the weather impact. There was a new word I learned this quarter called Atmospheric River. California got hit by quite a few of them. We measure the number of weather days where our crews are impacted, meaning they can't work that day because it isn't safe. We had 76 in Q1 of 2022. We had over 1,000 in Q1 of '23, just to put it in perspective. So even though we work over time, we work weekends, we actually would have had even higher customer growth in that 27% had we not been impacted by weather. But weather and investments are 2 of the bigger pieces.

我還要說，你聽到我在電話中提到天氣影響。這個季度我學到了一個新詞，叫做大氣河。加州受到了其中不少的打擊。我們測量我們的工作人員受到影響的天氣天數，這意味著他們那天不能工作，因為它不安全。我們在 2022 年第一季度有 76 個。我們在 23 年第一季度有超過 1,000 個，只是為了正確看待它。因此，即使我們加班，我們在周末工作，如果我們沒有受到天氣的影響，我們實際上會有更高的客戶增長，達到 27%。但天氣和投資是其中兩個較大的部分。

And then I think the third piece I'd highlight is for our dealers, particularly the California dealers, they acted just like we did. This was kind of a unique event in California in Q1, and many of them fully focus their operations on acquiring customers, helping customers qualify by submitting their interconnection applications. And I think that's the right long-term decision for the business, both for our dealers and both for us. So we expect to see some of the dealer business we would have normally gotten in Q1 come to fruition in Q2 and Q3.

然後我想我要強調的第三點是我們的經銷商，特別是加州經銷商，他們的行為就像我們一樣。這是加州第一季度的一個獨特事件，他們中的許多人將他們的業務完全集中在獲取客戶上，通過提交互連申請幫助客戶獲得資格。而且我認為這對我們的經銷商和我們來說都是正確的業務長期決策。因此，我們預計我們通常會在第一季度獲得的一些經銷商業務在第二季度和第三季度取得成果。

Guthrie, do you want to comment on the first question?

Guthrie，你想對第一個問題發表評論嗎？

Yes. So the reference to exited businesses. If you recall, we closed the sale of our C&I business to Total Energy's last May. And as a result of that, there's a small amount of ongoing obligations that we have that we expect to kind of decrease over the next few quarters and few years. So the incremental expenses that you're referencing relate to -- nothing new, but just ongoing impact of some of those previously-exited businesses.

是的。所以參考退出的企業。如果您還記得的話，我們去年 5 月結束了將我們的 C&I 業務出售給 Total Energy。因此，我們有少量持續的義務，我們預計在接下來的幾個季度和幾年內會有所減少。因此，您所引用的增量費用與 - 沒有什麼新鮮事有關，而只是其中一些先前退出的業務的持續影響。

That's helpful, guys. And as my follow-up, and Peter, you may already have answered this. But on Slide 18, you highlight that you have $116 million in cash and you expect to generate positive operating cash during 2023. Looking at the cash flow statement, SunPower used about $135 million of operating cash in Q1. And so is the expectation here that as you go into Q2 through Q4, there's a massive improvement in operating cash because there's less investment? Or are you maybe defining cash -- are you defining cash generation differently than operating cash flow?

這很有幫助，伙計們。作為我的跟進者，彼得，你可能已經回答了這個問題。但是在幻燈片 18 上，您強調您有 1.16 億美元的現金，並且您希望在 2023 年產生正的運營現金。從現金流量表來看，SunPower 在第一季度使用了大約 1.35 億美元的運營現金。因此，這裡的預期是，當您進入第二季度到第四季度時，由於投資減少，運營現金會大幅改善嗎？或者您可能定義現金——您對現金產生的定義與運營現金流不同嗎？

Yes, I'll take that one. So we -- in the definition, we're excluding the specific impact of working capital, so that's 1 factor. There was an investment in working capital that was made in part due to seasonality and in part due to a planned inventory increase in the first quarter, and we expect that to benefit us over the rest of the year in terms of the cash impact.

是的，我會拿那個。所以我們 - 在定義中，我們排除了營運資金的具體影響，所以這是 1 個因素。部分由於季節性原因，部分原因是第一季度計劃增加庫存，因此對營運資金進行了投資，我們預計這將使我們在今年餘下時間的現金影響方面受益。

Your next question comes from the line of Sean Morgan with Evercore.

你的下一個問題來自 Evercore 的 Sean Morgan。

Regarding some of the investments you're doing especially with respect to SunPower Direct, I realize that we're increasing some of the product in digital and corporate OpEx related to that program. But -- and this might be a little bit difficult to do, but is there any way to sort of strip out some of that incremental investment and look at what your customer acquisition margins would be on those new more digital customer acquisition versus your, I guess, the old SunPower way of doing things? And what sort of margin accretion you're seeing from that new channel, sort of -- if you sort of strip out all that additional investment that you're realizing currently?

關於您正在進行的一些投資，尤其是在 SunPower Direct 方面，我意識到我們正在增加與該計劃相關的數字和企業運營支出中的一些產品。但是——這可能有點困難，但是有沒有什麼辦法可以剝離一些增量投資，看看你的客戶獲取利潤率是多少，這些新的更多數字客戶獲取與你的，我猜猜，舊的 SunPower 做事方式？你從那個新渠道看到什麼樣的利潤增長，有點 - 如果你剝離你目前實現的所有額外投資？

And Sean, just to clarify, you're specifically asking about customer acquisition costs?

肖恩，澄清一下，你是專門詢問客戶獲取成本嗎？

Yes and specifically as it relates to sort of the digitization of the customer acquisition to try and drive up margins.

是的，特別是因為它涉及客戶獲取的某種數字化，以試圖提高利潤率。

Yes. So a couple of things. I think it's a terrific question. So we -- as we talked about at our Analyst Day, one of the areas that we do think we can drive more efficiency in between now and '25 is customer acquisition costs. I've told all of you guys a few times, coming from the e-commerce world, it's shocking how much customer acquisition costs are in solar. The industry figures, I think I see are like $4,500, $5,000, which is shocking. It's way too high, and it's, frankly, it's not good for the industry. It's not good for customers to have to pay for that in the end.

是的。所以有幾件事。我認為這是一個了不起的問題。所以我們——正如我們在分析師日談到的那樣，我們認為從現在到 25 年之間我們可以提高效率的領域之一是客戶獲取成本。我已經告訴過你們所有人幾次，來自電子商務世界，太陽能的客戶獲取成本之高令人震驚。我想我看到的行業數據大約是 4,500 美元、5,000 美元，這令人震驚。它太高了，坦率地說，這對行業不利。最後讓客戶為此買單是不好的。

So a couple of the things we've done to drive it down are actually non-digital, and then the biggest effort going forward is on the digital side. So on the non-digital side, the 2 things we've done are speed up our partnership. So the IKEA partnership that's already launched in California, the partnership with General Motors will be launching later this year, those are really efficient ways to draw new customers with a relatively low customer acquisition cost. And these are customers that are, I would say, highly qualified. Conversion rate is very high, and we like those kind of efficient channels.

所以我們為降低它所做的一些事情實際上是非數字的，然後最大的努力是在數字方面。因此，在非數字方面，我們所做的兩件事是加快我們的合作夥伴關係。因此，已經在加利福尼亞啟動的宜家合作夥伴關係，與通用汽車的合作夥伴關係將在今年晚些時候啟動，這些都是以相對較低的客戶獲取成本吸引新客戶的真正有效方式。我想說，這些客戶是非常合格的。轉化率非常高，我們喜歡那種高效的渠道。

But the bigger lever over time is the one that you mentioned, and this is one of the big lessons for my time in Amazon, which is how do we invest in the tools that allow us to build software to make digital customer acquisition much more efficient over time? And one of the big things you have to do is you have to build an essentially an experiment machine. How do you really experiment with messages and different ways to attract customers? And you have to build it in a way that it learns by itself and it's able to continue to make better and better investment decisions over time. We've begun to see some of that work this year, but I think we're really going to be seeing the benefits of that in 2024 and 2025.

但隨著時間的推移，更大的槓桿是你提到的那個，這是我在亞馬遜期間的重要教訓之一，那就是我們如何投資於允許我們構建軟件的工具，以更有效地獲取數字客戶隨著時間的推移？你必須做的一件大事就是你必須建造一臺本質上是一台實驗機。您如何真正試驗消息和不同的方式來吸引客戶？而且你必須以一種它自己學習的方式來構建它，並且它能夠隨著時間的推移繼續做出越來越好的投資決策。今年我們已經開始看到其中的一些工作，但我認為我們真的會在 2024 年和 2025 年看到它的好處。

One of the things that we do is we actually provide a service across all of our channels. So our customer acquisition isn't exclusively for SunPower Direct. We actually acquire customers for our dealers, which they value a great deal. So the benefits that we're driving here really affect all of our channels, including now Blue Raven. So the customer acquisition process that we use benefits all the channels across the company.

我們所做的其中一件事是我們實際上在所有渠道中提供服務。因此，我們的客戶獲取不僅僅針對 SunPower Direct。我們實際上為我們的經銷商爭取客戶，他們非常看重這些客戶。因此，我們在這裡帶來的好處確實影響了我們所有的渠道，包括現在的 Blue Raven。因此，我們使用的客戶獲取流程有利於整個公司的所有渠道。

Okay. That's helpful. And then second question is sort of on the battery attach rates. I realize you guys are climbing in terms of the 20%. There's still an 80% of the market, and I think this is pretty standard. But what I'm wondering is what -- in terms of customer capture and stickiness of those systems, if somebody is a customer that gets the initial install from SunPower, what sort of, I guess, percentage conversion would SunPower see if they then elect to later add of battery? Is it like 90% where it kind of has to work with the existing system? Or is that a kind of a thing that would be open to really any dealer that's sort of out there competing in the market to try to sort of sell that secondary battery when it does get attached in the initial install?

好的。這很有幫助。然後第二個問題是關於電池連接率的。我知道你們正在攀升 20%。仍然有 80% 的市場份額，我認為這是相當標準的。但我想知道的是 - 就客戶捕獲和這些系統的粘性而言，如果有人是從 SunPower 獲得初始安裝的客戶，我猜 SunPower 會看到他們選擇什麼樣的百分比轉換稍後添加電池？是否有 90% 必須與現有系統一起使用？或者這是一種對任何在市場上競爭的經銷商開放的東西，當它在初始安裝時連接時試圖出售二次電池？

Yes. So 2 comments I'll make about battery attach. One is we're really quite cautiously optimistic about what we're seeing in California so far. Obviously, we're literally just weeks into this new NEM 3.0, but our battery attach rates, we mentioned we think it will be over 20%. The last 3 weeks have been, in our direct channel, 26%, 32% and 47%, so we're really beginning to see an acceleration in this channel. I think it's way too early to make a conclusion on the [shed]. It's still early in the process. The numbers are small so I want to give the appropriate caveats, but we're really seeing some real momentum on the battery side.

是的。因此，我將對電池連接發表 2 條評論。一是我們對目前在加州看到的情況非常謹慎樂觀。顯然，我們剛剛進入這個新的 NEM 3.0 幾週，但我們的電池附加率，我們提到我們認為它會超過 20%。過去 3 週，我們的直接渠道分別為 26%、32% 和 47%，所以我們真的開始看到這個渠道的加速。我認為現在就 [shed] 下結論還為時過早。現在還處於早期階段。數字很小，所以我想給出適當的警告，但我們確實在電池方面看到了一些真正的動力。

And I think for customers in California, I think it will almost be a standard part of the package now. It just makes a lot of sense to include a battery in the system. And the early view that I see from California, system sizes that are actually a little larger than they were in Q1 and battery attach rates that are quite a bit higher than they were in Q1.

而且我認為對於加利福尼亞的客戶來說，我認為它現在幾乎將成為包裝的標準部分。在系統中加入電池非常有意義。我從加利福尼亞看到的早期觀點是，系統尺寸實際上比第一季度大一點，電池連接率比第一季度高很多。

In terms of how we think about the battery going forward, 1 of the things we're doing for SunVault 2.0 is ensuring that it's backwards compatible so that we can do exactly what you're describing, Sean, which is we really want to be able to have a battery that we can sell to all of our existing customers. So when that launches in the second half of 2024, it's our expectation that we'll be able to cross-sell that across our entire customer base.

就我們如何看待電池的未來發展而言，我們正在為 SunVault 2.0 做的事情之一是確保它向後兼容，這樣我們就可以完全按照你的描述做，肖恩，這是我們真正想要的能夠擁有可以出售給所有現有客戶的電池。因此，當它在 2024 年下半年推出時，我們希望能夠在整個客戶群中交叉銷售它。

Our current SunVault product actually is backwards compatible for the previous 1 or 2 generations before the solar we're selling now, so it really does apply to most of our customer base. But I think all the batteries we introduce as we go forward have to become backwards compatible because I think customers will be interested in adding batteries for the lifetime of their solar ownership.

我們當前的 SunVault 產品實際上向後兼容我們現在銷售的太陽能之前的前 1 或 2 代產品，因此它確實適用於我們的大多數客戶群。但我認為我們在前進過程中推出的所有電池都必須向後兼容，因為我認為客戶將有興趣在其擁有太陽能的整個生命週期內添加電池。

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

你的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Look, I wanted to just jump in and talk about the trends in adjusted EBITDA and customer adds here quickly.

看，我想直接插話，快速討論一下調整後的 EBITDA 和客戶增加的趨勢。

First, can you discuss the initial trends on customers from NEM 2.0 to NEM 3.0? I know you couldn't specifically quantify yet, but just emphasis on trends, what you're seeing. In theory, shouldn't you be seeing a positive bias to customer guidance here? I know it's unchanged quarter-over-quarter here, but it seems like that would be a potential positive revision territory.

首先，您能談談從 NEM 2.0 到 NEM 3.0 的客戶最初趨勢嗎？我知道你還不能具體量化，但只是強調趨勢，你所看到的。從理論上講，您不應該在這裡看到對客戶指導的積極偏見嗎？我知道這裡的季度環比沒有變化，但這似乎是一個潛在的積極修正領域。

And then related on the sort of value per customer metric, given the California bias, given the pivot to leases, wouldn't there be an upward bias, whether that's in the full year number or on a multiyear basis across '23, '24 given these trends here quarter-over-quarter?

然後與每個客戶的價值指標相關，考慮到加利福尼亞的偏見，考慮到租賃的支點，不會有向上的偏見，無論是全年數字還是 23 年、24 年的多年基礎考慮到這些季度環比趨勢？

Yes. Julien. I think if I start with your question on California and the California bias, interestingly enough, if you go back to the call we had a few months ago, we gave our guidance of 10% to 30% growth for the year, roughly midpoint of 20%. I think a number of folks were, I could say, skeptical as to whether the industry was going to grow that fast. And I think after Q1, we feel increasingly confident that we'll be within that guidance and we were pleased that even with the weather impact, we were above the midpoint of the guidance, closer to the high end of the guidance.

是的。朱利安。我想如果我從你關於加州和加州偏見的問題開始，有趣的是，如果你回到我們幾個月前的電話會議，我們給出了今年增長 10% 到 30% 的指導，大致是20%。我可以說，我認為很多人都懷疑這個行業是否會發展得那麼快。而且我認為在第一季度之後，我們越來越相信我們會在該指導範圍內，我們很高興即使受到天氣影響，我們也高於指導的中點，更接近指導的高端。

And interestingly enough, I mean, I think our share of California is a strength right now. The fact that we have a 6-month backlog of NEM 2.0 customers and we're still now booking NEM 3.0 customers means that we're likely to have a really terrific business this year in California.

有趣的是，我的意思是，我認為我們在加利福尼亞州的份額現在是一種優勢。事實上，我們有 6 個月的 NEM 2.0 客戶積壓，而我們現在仍在預訂 NEM 3.0 客戶，這意味著我們今年在加利福尼亞州的業務可能非常棒。

I think it's premature to call any kind of potential upside to both customers and EBITDA per customer because the first quarter isn't yet, I think, a good indicator of what the full year looks like. So when you take a look at bookings perspective, the heart of the booking season, if you will, is May through September, so we're really just getting into the thick of it right now. I think we'll have a better view on is their customer upside or EBITDA per customer upside as we get through the next quarter or two.

我認為現在對客戶和每個客戶的 EBITDA 都提出任何潛在的好處還為時過早，因為我認為第一季度還不是全年情況的良好指標。因此，當您從預訂的角度來看時，如果您願意的話，預訂季節的核心是 5 月到 9 月，所以我們現在才真正開始深入了解它。我認為我們將更好地了解他們的客戶優勢或每個客戶的 EBITDA 優勢，因為我們將在下一兩個季度完成。

Got it. Excellent. And then just when you think about given that lease component here, do you want to talk about lease versus loan in the pivot and maybe what that does in terms of your attractiveness for potential dealers, et cetera?

知道了。出色的。然後，當你考慮這裡的租賃部分時，你是否想談談租賃與貸款的關係，以及這對你對潛在經銷商的吸引力有何影響，等等？

Absolutely. Well, one of the things that we're really benefiting from is the fact that we've been agnostic. We've been talking about this the last couple of years. We've had a strong lease program and a strong loan program. We talked about our ability to pivot quickly. I'm really, really pleased how quickly we pivoted. We did not expect, to be honest with you, the kind of growth we had in leases in Q1. And really, as we dig into it, I think it's for a very rational reason.

絕對地。好吧，我們真正受益的一件事是我們一直是不可知論者。過去幾年我們一直在談論這個。我們有一個強大的租賃計劃和一個強大的貸款計劃。我們談到了我們快速調整的能力。我真的非常高興我們轉變的速度如此之快。老實說，我們沒想到第一季度的租賃會出現這種增長。實際上，當我們深入研究時，我認為這是出於非常合理的原因。

Right now, on the consumer side, leases are more attractive than loans. As you think about the interest rate changes that have happened, they've had a one-for-one impact on increasing people's loan payments. And you're seeing loans increasingly at higher interest rates, which consumers do not find as attractive because of the factors we talked about, of the interest rates being lesser factor in leases throughout the capital stack. Leases are actually a little bit more attractive for consumers right now, so the fact that we're able to pivot and grow so fast is terrific.

目前，在消費者方面，租賃比貸款更具吸引力。當你考慮已經發生的利率變化時，它們對增加人們的貸款支付產生了一對一的影響。而且你會看到越來越多的貸款利率更高，由於我們談到的因素，消費者並不認為這種貸款具有吸引力，因為在整個資本堆棧中，利率是租賃的次要因素。租賃實際上現在對消費者更具吸引力，因此我們能夠如此快速地調整和增長這一事實非常棒。

One of the big milestones that we're hitting is Blue Raven. I think someone asked on our last call, Blue Raven has traditionally been loan-only, and we're now pivoting them to move over and they'll be selling their first leases this month. So we're seeing that across a lot of our dealers. It's really -- it's a new kind of sales process for our dealers, so we're actually doing quite a bit of work to gear up. But I think in the ideal world, our direct channels have always been this way, but I think for our dealers, it's important for them to be able to sell both products. And I think particularly with the IRA adders, as we've talked about, everyone is going to have to be really, really good at the lease business.

我們正在實現的重大里程碑之一是 Blue Raven。我想有人在我們上次電話中問過，Blue Raven 傳統上只提供貸款，我們現在正在讓他們搬過來，他們將在本月出售他們的第一筆租約。所以我們在很多經銷商身上都看到了這一點。這真的 - 對於我們的經銷商來說，這是一種新的銷售流程，所以我們實際上正在做很多工作來準備。但我認為在理想的世界裡，我們的直接渠道一直都是這樣，但我認為對於我們的經銷商來說，能夠銷售這兩種產品對他們來說很重要。而且我認為特別是對於 IRA 加法器，正如我們所討論的，每個人都必須非常非常擅長租賃業務。

So we're pleased with the Q1 results, and we expect the lease business to continue to grow throughout this year.

因此，我們對第一季度的業績感到滿意，我們預計租賃業務將在今年繼續增長。

Your next question comes from the line of Ben Kallo with Baird.

你的下一個問題來自 Ben Kallo 與 Baird 的對話。

Maybe first -- sorry, just on new banking stress and sources of capital. And I know -- congratulations on the KKR deal. But as you look down to your partners and your dealer network, could you just talk about the health or the environment there as it pertains to your excess in capital?

也許首先 - 抱歉，只是關於新的銀行業壓力和資本來源。我知道——祝賀 KKR 的交易。但是當你看不起你的合作夥伴和你的經銷商網絡時，你能談談那裡的健康或環境，因為它與你的資本過剩有關嗎？

Yes. So one of the things I think we're very proud of Ben, is that we really believe we have the highest performing dealer network in the world. When I talk to dealers at our conferences, it often took them many years to qualify to be a SunPower dealer. So the reason I give you that background in context is that we're not on a dealer growth strategy to acquire as many dealers into our network as possible. We really have a process where we vet their ability to serve customers well, and as part of that process, we actually very much vet how well they're running their business and how strong their financials are.

是的。因此，我認為我們為 Ben 感到非常自豪的一件事是，我們真的相信我們擁有世界上表現最好的經銷商網絡。當我在我們的會議上與經銷商交談時，他們通常要花很多年才有資格成為 SunPower 經銷商。所以我給你背景背景的原因是我們沒有製定經銷商增長戰略來盡可能多地收購我們的網絡經銷商。我們確實有一個流程來審查他們為客戶提供良好服務的能力，作為該流程的一部分，我們實際上非常審查他們經營業務的情況以及他們的財務狀況。

And then we have a number of things we do with each of our dealers ongoing, to ensure that we have proper limits on our credit and that none of our partners get too far out over their skis and they're able to run their business efficiently and effectively.

然後我們與我們的每個經銷商一起做了很多事情，以確保我們對我們的信用有適當的限制，並且我們的合作夥伴都不會在他們的滑雪板上做得太過分，並且他們能夠有效地經營他們的業務並且有效。

So I'm pleased to say we really have had very, very few, even during my 2 years but even recently, dealers that have been in financial distress or have needed extra support or help. And that's a real credit to all the great entrepreneurs who are SunPower dealers, particularly our master dealers and the dealers as part of our Dealer Accelerator Program. These are some really terrific business leaders who run their businesses very well.

因此，我很高興地說，即使在我工作的 2 年期間，甚至最近，我們也確實有非常非常少的經銷商陷入財務困境或需要額外的支持或幫助。這對所有作為 SunPower 經銷商的偉大企業家來說都是一個真正的榮譽，特別是我們的主要經銷商和作為我們經銷商加速器計劃一部分的經銷商。這些都是一些非常了不起的商業領袖，他們的企業經營得非常好。

As we look forward, thank you for talking about the KKR deal. We're quite excited to have raised over $1 billion over the past couple of months to be used as part of our loan program. And in my view, if you ever needed a quarter to see why we believe our strategy is a superior strategy, this was the quarter to see it. We don't have to raise debt on our corporate balance sheet to take on leases and loans on our own balance sheet, which has been a big, big benefit this quarter. This has been a challenging quarter, I would think, for anyone trying to raise capital for their own balance sheet. And with the banking crisis involved, we came out of that really in a very favorable position.

在我們期待的時候，感謝您談論 KKR 交易。我們很高興在過去幾個月中籌集了超過 10 億美元，用於我們的貸款計劃。在我看來，如果你需要一個季度來了解為什麼我們相信我們的戰略是一個卓越的戰略，那麼這個季度就是這樣。我們不必在公司資產負債表上舉債就可以在我們自己的資產負債表上進行租賃和貸款，這在本季度是一個很大的好處。我認為，對於任何試圖為自己的資產負債表籌集資金的人來說，這是一個充滿挑戰的季度。在涉及銀行業危機的情況下，我們確實處於非常有利的位置。

What's interesting to me is that the market for raising capital for leases and loans is very strong. I would say in the setting we had where we chose KKR and then our earlier deal with HASI and Credit Agricole, we had strong interest from other credit providers around the world and strong interest from lots of different types of credit providers. So going forward, it's our intent to build a marketplace of partners and a marketplace of partners that's diverse and a marketplace of partners that increasingly allow us to lower our cost of capital and serve customers really well over time.

令我感興趣的是，為租賃和貸款籌集資金的市場非常強勁。我想說的是，在我們選擇 KKR 以及之前與 HASI 和法國農業信貸銀行的交易的情況下，我們對世界各地的其他信貸提供商和許多不同類型的信貸提供商產生了濃厚的興趣。因此，展望未來，我們打算建立一個合作夥伴市場和一個多元化的合作夥伴市場，以及一個越來越多地使我們能夠降低資本成本並隨著時間的推移為客戶提供更好服務的合作夥伴市場。

But I can tell you, from the first quarter, I'm really pleased with the interest in both being our loan partners and then we said we're working on deals on the lease side. I think you'll see news from us on that within the next quarter or 2, but we're really pleased with our ability to get terrific partners on the lease side as well.

但我可以告訴你，從第一季度開始，我對成為我們的貸款合作夥伴的興趣感到非常高興，然後我們說我們正在處理租賃方面的交易。我想你會在接下來的一兩個季度內看到我們關於這方面的消息，但我們也很高興能夠在租賃方面獲得出色的合作夥伴。

And just a follow-up. The Dealer Accelerator, you announced Wolf River, congratulations on that. Could you just talk about the framework and how you guys approach that with the amount of money that you put into the Dealer Accelerator Program? And then how you evaluate your investment into these partners? And maybe if you could give us any kind of guidance on how we can do that from the outside looking in.

只是一個跟進。經銷商加速器，您宣布了 Wolf River，對此表示祝賀。你能談談這個框架以及你們如何用你投入經銷商加速器計劃的資金來實現這個框架嗎？那麼您如何評估您對這些合作夥伴的投資？也許你能給我們任何一種指導，告訴我們如何從外面看進去。

Yes. Yes. Thank you, Ben. Sounds great, yes. So Wolf River, we're super excited about this -- the deal because this is the first Dealer Accelerator deal with a dealer who is a high-performing company completely outside the SunPower network. So as we've gotten the deal done and they move their business over to SunPower, they're 100% incremental for SunPower this year, which is just terrific and we're very happy to welcome them to the family.

是的。是的。謝謝你，本。聽起來不錯，是的。所以 Wolf River，我們對此感到非常興奮 - 這筆交易，因為這是經銷商加速器與完全在 SunPower 網絡之外的高性能公司的第一筆交易。因此，當我們完成交易並將他們的業務轉移到 SunPower 時，他們今年 SunPower 的增量為 100%，這太棒了，我們非常高興歡迎他們加入這個大家庭。

The same criteria I talked about before, we spend a lot of time on. If you talk to the Wolf River executive team, we meet with them in person, we go through their customer reviews, we ensure that they have a strong business financially and they have a strong leadership team. And really, our goal is to make a modest capital investment in their business to help them grow. So a company that starts in Minnesota but they really want to sort of own the Upper Midwest, if you will. They've got great growth in Iowa, great growth in Wisconsin, but you'll see them expand to all those adjacent states.

我之前談到的相同標準，我們花了很多時間。如果您與 Wolf River 執行團隊交談，我們會親自與他們會面，我們會審閱他們的客戶評論，我們確保他們擁有強大的財務業務和強大的領導團隊。事實上，我們的目標是對他們的業務進行適度的資本投資，以幫助他們成長。所以一家在明尼蘇達州起步的公司，但如果你願意的話，他們真的想擁有中西部上游。他們在愛荷華州取得了長足的發展，在威斯康星州取得了長足的發展，但你會看到他們擴展到所有鄰近的州。

And it's a little bit like Blue Raven and maybe at a much more efficient investment for us where it's a modest capital investment, 100% of their financial products and hardware products are exclusively with SunPower. We expect an ROI on our investment that's, let's say, under 3 years, most times they're under 2 years. And as part of the deal, we also take a small equity stake in that company and really deepen our partnership with them over time.

它有點像 Blue Raven，也許對我們來說是一項更有效的投資，因為這是一項適度的資本投資，他們 100% 的金融產品和硬件產品都與 SunPower 獨家合作。我們希望我們的投資能夠在 3 年以內獲得投資回報率，大多數情況下是在 2 年以內。作為交易的一部分，我們還持有該公司的少量股權，並隨著時間的推移真正加深與他們的合作關係。

So we're very pleased. We're very picky and the companies we work are also, frankly, very picky on who they want to work with. So we're just thrilled to work with Wolf River as we go forward. And we'll -- we're constantly on the look out across the U.S. for who are the highest performing, highest-quality installers in the U.S. and how do we potentially bring them into the SunPower family.

所以我們很高興。我們非常挑剔，坦率地說，我們工作的公司也非常挑剔他們想與誰合作。因此，在我們前進的過程中，我們很高興能與 Wolf River 合作。我們將 - 我們一直在全美尋找誰是美國表現最好、質量最高的安裝商，以及我們如何將他們帶入 SunPower 家族。

Your next question comes from the line of Tristan Richardson with Scotiabank.

你的下一個問題來自加拿大豐業銀行的特里斯坦理查森。

I appreciate all the comments, Peter, on what you're seeing in the Upper Midwest and Mid-Atlantic and even Texas. I mean, curious, could you go into a little more detail on what you're seeing in Florida and Arizona? I mean, you see those markets maybe just generally from a demand perspective not as strong? Or more this was a function of SunPower Direct pushing resources more into California to really capture NEM 2.0?

彼得，我感謝所有關於你在中西部上游和大西洋中部甚至德克薩斯州看到的評論。我的意思是，很好奇，您能否更詳細地介紹一下您在佛羅里達州和亞利桑那州看到的情況？我的意思是，從需求的角度來看，您認為這些市場可能普遍不那麼強勁？或者更多，這是 SunPower Direct 將更多資源推向加利福尼亞以真正捕獲 NEM 2.0 的功能？

Yes. Tristan. Nice to talk to you again. The -- a couple of things. First of all, if you take a look at the industry data, if you take a look at New Home analytics, I think is one of the better sources for taking a look at permitting. If you take a look at Q1, Florida and Arizona grew single, I'll call it, low to mid-single digits, so there is some growth in those states. I think the combination of a couple of things in Q1 were factors in how we performed in those states.

是的。特里斯坦。很高興再次和你交談。有幾件事。首先，如果你看一下行業數據，如果你看一下新房分析，我認為這是查看許可的更好來源之一。如果你看一下第一季度，佛羅里達州和亞利桑那州增長單一，我稱之為低到中個位數，所以這些州有一些增長。我認為第一季度的幾件事的結合是影響我們在這些州表現的因素。

So first of all, both of those states have relatively low residential energy costs traditionally. We talked about in my comments the fact that Florida's are going up quite a bit so that may be changing rapidly. But those are both states where our value proposition is a little bit tighter because the alternative is actually a pretty low cost residential energy bill for most consumers there.

因此，首先，這兩個州的住宅能源成本傳統上都相對較低。我們在我的評論中談到了佛羅里達州的上漲幅度很大，因此可能會迅速改變這一事實。但在這兩個州，我們的價值主張都更加嚴格，因為對於那裡的大多數消費者來說，替代方案實際上是一項成本相當低的住宅能源賬單。

So given that we've traditionally been selling more premium products and we're just starting to transition to mainstream products, I guess it's not terribly surprising that those would be markets that are a little slower growth for us than some of the markets like California or the Northeast, in particular, where residential energy rates are quite high.

因此，鑑於我們傳統上一直在銷售更多優質產品，而我們才剛剛開始過渡到主流產品，我想這些市場對我們來說比加利福尼亞等一些市場的增長速度稍慢一點也就不足為奇了或東北地區，尤其是住宅能源價格相當高的地區。

And then I think we also acknowledge in Q1, we had this such strong, much higher than our high expectations demand in California. We did pivot, particularly our direct sales teams and our operations teams, to really be able to focus on helping California consumers qualify for NEM 2.0. Some of you may know, part of the qualification was submitting the interconnection application and getting it approved on time.

然後我想我們在第一季度也承認，我們的需求如此強勁，遠高於我們在加州的高預期需求。我們確實進行了調整，尤其是我們的直銷團隊和運營團隊，以真正能夠專注於幫助加州消費者獲得 NEM 2.0 資格。你們中有些人可能知道，部分資格是提交互連申請並按時獲得批准。

We took that responsibility very, very seriously. Customer trust for us is the most important thing we think about and work on, so we really did pivot our resources to focus on that for California. And as I mentioned in my comments, now, we're beginning to refocus again on the full picture of the U.S.

我們非常非常認真地承擔了這一責任。客戶對我們的信任是我們考慮和努力的最重要的事情，因此我們確實將我們的資源集中在加州的信任上。正如我在評論中提到的，現在，我們開始重新關注美國的全貌。

So I do expect that we'll have some recovery this year in Florida in particular and maybe also Arizona. But I think the rest of the country outside of California, that's why I said for us, it's kind of a mixed story. We have some areas of strength and some areas that we'd like to grow faster, too.

所以我確實希望今年我們在佛羅里達州，尤其是亞利桑那州，會有所復甦。但我認為加利福尼亞以外的其他國家，這就是為什麼我對我們說，這是一個混合的故事。我們有一些優勢領域，也有一些我們希望發展更快的領域。

I appreciate it, Peter. And then just following on your comment about mainstream products. I mean, you talked about 70% lease in the direct channel business in the first quarter and then also your application to the DOE. Just thinking about how does the product offering change if you start to access sort of that middle income or lower income consumer, either through the loan guarantee program or just with a greater share of the lease product over time?

我很感激，彼得。然後只是關注您對主流產品的評論。我的意思是，你談到了第一季度直接渠道業務中 70% 的租賃，然後你還向能源部提出了申請。想一想，如果您開始接觸中等收入或低收入消費者，無論是通過貸款擔保計劃，還是隨著時間的推移，租賃產品的份額越來越大，產品供應會發生怎樣的變化？

Yes. It's a terrific question. I think I mentioned on the last call, about a year ago at this time, it definitely felt like a seller's market on the panel industry. There were very few choices. It was very challenging to keep up with what was very high demand, and that's flipped the other direction and I think the IRA has quite a bit to do with it. So I'm seeing enormous interest and investment here in the U.S. There are a number of companies, Q-Cells, LONGi, mission that have already announced great investments and expansions.

是的。這是一個了不起的問題。我想我在上一次電話會議上提到過，大約一年前的這個時候，面板行業絕對感覺像是賣方市場。選擇很少。跟上非常高的需求是非常具有挑戰性的，這是另一個方向，我認為 IRA 與它有很大關係。所以我在美國看到了巨大的興趣和投資。有許多公司，Q-Cells、LONGi、mission 已經宣布了巨大的投資和擴張。

But I think for us, we're really thinking about the benefits of working with a number of suppliers who end up pulling together a domestic supply chain end-to-end. And that includes -- we continue to have ongoing discussions with First Solar, but there's a number of really terrific panel manufacturers across the world that either are here or are building big operations here.

但我認為對我們來說，我們真的在考慮與許多供應商合作的好處，這些供應商最終將端到端的國內供應鏈整合在一起。這包括——我們繼續與 First Solar 進行持續的討論，但世界各地有許多非常棒的面板製造商，他們要么在這裡，要么正在這裡建立大型業務。

And I think as part of the IRA domestic content requirement, even though that guidance hasn't come out yet, it's our expectation that at some point in the future, it may be a couple of years from now, that guidance in order to qualify it -- for it will require that the panels are using end-to-end components that are made here in the U.S., so we're constantly looking ahead with our panel partners and trying to anticipate how do we put ourselves in a position where we have a great supply here in the U.S. for lease and a great supply of panels that are made here in the U.S. as well.

而且我認為作為 IRA 國內內容要求的一部分，即使該指南尚未出台，但我們預計在未來的某個時候，可能需要幾年後，該指南才能符合條件它——因為這將要求面板使用在美國製造的端到端組件，因此我們不斷地與我們的面板合作夥伴一起展望未來，並試圖預測我們如何將自己置於這樣一個位置我們在美國有大量供應可供出租，並且在美國也有大量面板供應。

Your next question comes from the line of Philip Shen with ROTH MKM.

你的下一個問題來自 ROTH MKM 的 Philip Shen。

Peter, as a follow-up to what you just talked about there, module pricing is down for both premium and nonpremium modules. I think you have fixed pricing with Maxeon through '23. That said, I was wondering if you were able to take advantage of this pricing relief? I think, module pricing for the nonpremium category might be down 30% from Q4 peaks of last year. Can you take advantage of that in '23? Or do you have to wait until '24? If you are able to take advantage of that this year, how much gross margin tailwind could that represent?

彼得，作為您剛才在那裡談論的內容的後續，高級和非高級模塊的模塊定價都下降了。我認為您在 23 年之前與 Maxeon 的定價是固定的。也就是說，我想知道您是否能夠利用這種價格優惠？我認為，非高端類別的模塊定價可能比去年第四季度的峰值下降 30%。你能在 23 年利用它嗎？還是要等到24？如果您今年能夠利用這一優勢，那代表了多少毛利率順風？

Yes, I think we have a number of supplier agreements. I'm not going to go into the detail supplier by supplier, but we have a number of contracts that we feel like, if we've chosen to take a fixed price route, are favorable for SunPower. That's why we would choose a fixed cost route if we thought we were locking at a price that would put us in an advantageous position. And then we have more flexible commercial arrangements with our partners where we think that the economics may change and be in our favor this year.

是的，我認為我們有很多供應商協議。我不打算逐個供應商詳細介紹供應商，但我們有許多合同，我們認為，如果我們選擇採用固定價格路線，對 SunPower 有利。這就是為什麼如果我們認為我們鎖定的價格會讓我們處於有利地位，我們會選擇固定成本路線。然後我們與我們的合作夥伴有更靈活的商業安排，我們認為今年經濟可能會發生變化並對我們有利。

I would not expect, given that we -- if you think of our supply and our customer demand, it having such a strong backlog, that I don't expect any of the panel price decreases in particular to have an impact on us at the beginning of this year. I think if anything, we'll begin to see any benefit of that towards the end of the year. But it is -- as I said, I think it's now become more of a buyer's market, and we're quite excited about the opportunities that we're lining up for the end of '23, but in particular, '24 and '25.

我不希望，考慮到我們 - 如果你考慮我們的供應和我們的客戶需求，它有如此強大的積壓，我不認為面板價格的任何下降特別會對我們產生影響今年年初。我想如果有的話，我們將在年底開始看到它的任何好處。但它是——正如我所說，我認為它現在更像是一個買方市場，我們對我們在 23 年底等待的機會感到非常興奮，尤其是 24 和25.

Peter. Just as a quick follow-up on that. If you see that benefit in the back half of '23, what kind of margin tailwind could that be? Could it be 100 basis points? Could it be 300? What's the potential benefit?

彼得。就像對此的快速跟進一樣。如果您在 23 年的後半段看到這種好處，那會是什麼樣的利潤順風？會不會是100個基點？可以是300嗎？潛在的好處是什麼？

I think it's too soon to speculate. Yes, it really depends on the number of factors where we recognize revenue. And right now with our backlog, it's really important that we do focus on how do we get as many customers installed and approved and permission to operate and ready go as possible. That backlog, if I use the California number as an example, that 6-month backlog carries us really through the end of Q3 and probably into the beginning of Q4, so I really think that the margin impact this year will be modest if we see any impact.

我認為現在推測還為時過早。是的，這實際上取決於我們確認收入的因素數量。現在，由於我們的積壓，我們必須專注於如何讓盡可能多的客戶安裝和批准，並獲得運營許可和準備就緒，這一點非常重要。那個積壓，如果我以加利福尼亞州的數字為例，那 6 個月的積壓確實讓我們度過了第三季度末，可能進入第四季度初，所以我真的認為如果我們看到今年的利潤率影響將是適度的任何影響。

Okay. Great. In terms of my follow-up here, as it relates to lease loan cash mix, I was wondering if you could give us a little bit more detail on that? I know your bookings for your finance part of the business in Q1, it looked like it was close to 70%.

好的。偉大的。就我在這裡的後續行動而言，因為它與租賃貸款現金組合有關，我想知道你是否可以給我們提供更多細節？我知道您在第一季度對業務財務部分的預訂，看起來接近 70%。

But historically, I think your cash business has been as much as 1/3 of your overall mix. So can you level set us with Q1, what was that mix of lease loan and cash in terms of megawatts? And then how do you expect that to trend through the year and perhaps even through 2024?

但從歷史上看，我認為您的現金業務佔整體組合的 1/3。那麼，您能否將我們與 Q1 保持一致，以兆瓦為單位，租賃貸款和現金的組合是什麼？那麼您如何看待這一年甚至 2024 年的趨勢？

Yes. So what was interesting for us is that the amount of cash we're doing in the business has been relatively steady in Q1 but also in my first 2 years here. So it's almost like that's an ongoing, we'll call it, order of magnitude, 20%-ish that stays roughly fixed throughout the quarter. It goes up and down a little bit, but there's not a lot of movement there. So the 80% that gets financed is really the part that does move around. And the share, obviously, this quarter of leases was much greater than we would have anticipated coming into the quarter compared to loans. And I talked earlier in the call as to why we believe that's the case, but 1 of the benefits of being indifferent is that we can really focus on what's best for our customers and help them find the product that works for them.

是的。所以對我們來說有趣的是，我們在業務中的現金數量在第一季度以及我在這裡的前兩年都相對穩定。所以這幾乎就像是一個持續的，我們稱之為數量級，20%-ish 在整個季度大致保持不變。它上下一點點，但那裡沒有太多的運動。因此，獲得融資的 80% 確實是流動的部分。顯然，與貸款相比，本季度的租賃份額比我們預期的要大得多。我在電話會議的早些時候談到了為什麼我們認為是這種情況，但冷漠的好處之一是我們可以真正專注於最適合我們客戶的東西，並幫助他們找到適合他們的產品。

So we're pleased if the business ends up -- if the finance business becomes almost exclusively leases, as people benefit from the IRA over the next decade, we are in a great position to take advantage of that. And if interest rates come down someday and loans become more attractive again, we're ready to pivot pretty quickly and offer -- continue to offer a great set of loan products as well. So we're pleased that we just want there to be more and more customers, more and more consumers here in the U.S. who have access to clean energy and access to solar. So the biggest focus for us is how do we get a larger and larger share of the 110 million households in the U.S. to qualify for a leaser alone.

因此，如果業務結束，我們會很高興——如果金融業務幾乎完全變成租賃，因為人們在未來十年內會從 IRA 中受益，我們將處於充分利用這一優勢的有利位置。如果有一天利率下降並且貸款再次變得更具吸引力，我們準備好迅速調整併提供 - 繼續提供一系列優質的貸款產品。所以我們很高興我們只是希望在美國有越來越多的客戶，越來越多的消費者可以獲得清潔能源和太陽能。因此，我們最大的關注點是如何讓美國 1.1 億家庭中越來越多的家庭有資格獲得租賃者。

The IRA benefits that are focused on these energy communities and they're focused on low-income residents, those are very much at the top of our mind because our [25 by 25] goals, we're really a company that's focused on making sure that we provide clean energy to everybody here in the U.S. So we're excited about seeing our financial products expand, but really, we're most excited about providing more and more access to more consumers across the U.S.

專注於這些能源社區的 IRA 福利，他們專注於低收入居民，這些是我們的首要考慮，因為我們的 [25 x 25] 目標，我們真的是一家專注於製造的公司確保我們為美國的每個人提供清潔能源。因此，我們很高興看到我們的金融產品得到擴展，但實際上，我們最興奮的是為美國各地的更多消費者提供越來越多的渠道。

Your next question comes from the line of Andrew Percoco at Morgan Stanley.

你的下一個問題來自摩根士丹利的 Andrew Percoco。

So I just wanted to come back to Kashy's question earlier around EBITDA contribution over the course of the year. Any guidelines or guidance you can give us in terms of contribution in 2Q, 3Q and 4Q just to help us think through how we should model it over the course of the year?

所以我只想回到 Kashy 早些時候關於一年中 EBITDA 貢獻的問題。您可以就第二季度、第三季度和第四季度的貢獻向我們提供任何指導或指導，以幫助我們思考我們應該如何在這一年中對其進行建模？

Sure. I'll take that. Yes, I'd expect we -- just in terms of margin profile, obviously, Q1 was on the lighter side. We do expect that to kind of recover by the end of the year [given] our more normal historical levels, so the exact profile of how that plays out over the year is not something we give specific guidance on, but we expect to end the year right around our normal levels.

當然。我會接受的。是的，我希望我們 - 就利潤率而言，顯然，第一季度較輕。 [鑑於]我們更正常的歷史水平，我們確實預計到年底會有所恢復，因此我們並沒有給出具體指導意見，但我們預計會結束年就在我們的正常水平附近。

Okay. Understood. And then last one for me just on battery availability and battery supply chains. It's clear that net metering in California is going to require a decent amount of batteries. So just curious on where you stand in terms of battery availability and potentially signing new contracts to increase that supply?

好的。明白了。最後一個是關於電池可用性和電池供應鏈的。很明顯，加利福尼亞的淨計量將需要相當數量的電池。所以只是好奇你在電池可用性方面的立場以及可能簽署新合同以增加供應？

Yes. Well, we anticipated this increase in battery attach rate for California, so we came into the year with a strong supply of batteries. And we're still in a great position with SunVault to serve what we think the demand will be for the year.

是的。好吧，我們預計加利福尼亞的電池附加率會增加，因此我們進入了這一年，電池供應充足。我們在 SunVault 方面仍然處於有利地位，可以滿足我們認為今年的需求。

We are watching it closely, though. And the numbers I shared earlier which, again, are very, very early days, but if we would continue to see attach rates to get it to 20%, 30% or 40%, we will, at some point, want to increase our capacity on SunVault 2.0 and/or possibly consider adding another battery to our portfolio of products we sell. So stay tuned on that one, but as of right now, we feel very good about the current supply we have. And if things take off and we have higher battery attach rates, we're preparing ourselves to be ready for that as well.

不過，我們正在密切關注它。我之前分享的數字，再次，非常非常早期，但如果我們繼續看到附加率達到 20%、30% 或 40%，我們將在某個時候增加我們的SunVault 2.0 的容量和/或可能考慮在我們銷售的產品組合中添加另一個電池。所以請繼續關注那個，但截至目前，我們對當前的供應感到非常滿意。如果一切順利，我們的電池附加率更高，我們也準備好為此做好準備。

Your next question comes from the line of Biju Perincheril with Susquehanna Financial Group.

你的下一個問題來自 Biju Perincheril 與 Susquehanna Financial Group 的合作。

A quick question on the gross margin side on -- for components. Can you talk about -- can you give us some color on the decrease there and how we should expect that to trend? Is that a mix issue or something else?

關於組件毛利率方面的快速問題。你能談談——你能給我們一些關於那裡減少的顏色嗎？我們應該如何期待它的趨勢？這是混合問題還是其他問題？

Yes. I think Guthrie covered this a couple of questions ago, but the 17%-ish gross margin that we started with in Q1 is lower than we would have normally had. A lot of that is due to the weather impact we talked about earlier which makes our operations less efficient, and it really kind of takes off some of that final business that would have really improved our gross margin at the end of the quarter. But we do expect to end the year above 20%. That's normally the range that we're in.

是的。我認為 Guthrie 之前已經回答了幾個問題，但我們在第一季度開始的 17% 左右的毛利率低於我們通常的水平。這在很大程度上是由於我們之前談到的天氣影響導致我們的運營效率降低，而且它確實取消了一些最終業務，這些業務本可以在本季度末真正提高我們的毛利率。但我們確實預計年底將超過 20%。這通常是我們所處的範圍。

Guthrie, do you want to provide any more color on the gross margin?

Guthrie，你想在毛利率上提供更多顏色嗎？

Yes. I mean, I think as I mentioned, Q1 is a little seasonally low for sure as impacted by weather. But yes, over the course of the year, we don't anticipate any significant deviation from prior, as Peter mentioned.

是的。我的意思是，我認為正如我提到的那樣，受天氣影響，第一季度肯定會出現季節性低谷。但是，是的，正如彼得所提到的，在這一年中，我們預計不會與之前有任何重大偏差。

Okay. We've got time for 1 more question. Thank you.

好的。我們有時間再問 1 個問題。謝謝。

And your last question comes from the line of Brian Lee with Goldman Sachs.

你的最後一個問題來自高盛的 Brian Lee。

I guess a question on SunVault and then the transition to SunVault 2.0 in 2024. It doesn't sound like there's any gross margin impact that you're experiencing with the higher attach rates, and I don't think Guthrie mentioned that as part of the gross margin downtick here in Q1. But can you just kind of talk high level about as battery attach rates pick up here as you're expecting, what the impact is on a gross margin basis and then kind of how you think about that as you get to the SunVault 2.0 product next year? And then I have a follow-up.

我猜是關於 SunVault 的一個問題，然後是 2024 年向 SunVault 2.0 的過渡。聽起來您在較高的附加率下沒有遇到任何毛利率影響，而且我認為 Guthrie 沒有提到這是第一季度毛利率下降。但是你能不能高調地談談當電池連接率如你所期望的那樣上升時，對毛利率的影響是什麼，然後在你接下來使用 SunVault 2.0 產品時你是如何看待它的年？然後我有一個後續行動。

Sounds good. Yes. So as I understand it from us considering other options for batteries across the industry, many, many people who are selling batteries are selling them at a loss. We have chosen not to do that for SunVault. I think we've talked about that on previous calls and that may have made our attach rates a little lower, but we do have a positive gross margin and we have, I'll call it, a modest profit on the SunVault batteries we sell. But I don't think even if we get a higher attach rate, it will have a material impact on our financials for this year because it is a relatively modest product for us from a profitability standpoint.

聽起來不錯。是的。因此，據我所知，我們正在考慮整個行業的電池其他選擇，許多銷售電池的人都在虧本銷售。我們選擇不為 SunVault 這樣做。我想我們在之前的電話會議上已經談過這個問題，這可能使我們的附加率降低了一點，但我們確實有一個正的毛利率，我稱之為我們銷售的 SunVault 電池的適度利潤.但我認為，即使我們獲得更高的附加率，也不會對我們今年的財務狀況產生重大影響，因為從盈利能力的角度來看，它對我們來說是一種相對適中的產品。

What we really try to focus on is if you take a look at most of the battery makers, everyone has learned an enormous amount from their first generation battery, and that's exactly what we're doing right now. We're learning a lot from it. We're learning how to make it easier to install. We're learning how to make it easier for customers to use. We're quite excited about getting more batteries in the marketplace so we can take advantage of VPP opportunities.

我們真正想要關注的是，如果你看看大多數電池製造商，每個人都從他們的第一代電池中學到了很多東西，而這正是我們現在正在做的事情。我們從中學到了很多。我們正在學習如何使其更易於安裝。我們正在學習如何讓客戶更輕鬆地使用它。我們對在市場上獲得更多電池感到非常興奮，這樣我們就可以利用 VPP 機會。

So as we take a look at SunVault 2.0, the -- I guess what's exciting for us is the battery business is changing pretty dramatically. As battery producers are getting to scale, we're really kind of a value-added assembler, if you will, we own the firmware, we own the software. But we have key partners who actually provide the actual batteries, the inverters and all the hardware casing that goes around it. And our expectation is that our SunVault 2.0 product will not only be profitable, but we'll actually be able to lower the price point for the consumer and offer multiple options that I think they'll find appealing.

因此，當我們看一下 SunVault 2.0 時，我想令我們興奮的是電池業務正在發生巨大變化。隨著電池生產商規模的擴大，我們實際上是一種增值裝配商，如果你願意的話，我們擁有固件，我們擁有軟件。但我們有一些重要的合作夥伴，他們實際上提供實際的電池、逆變器和圍繞它的所有硬件外殼。我們的期望是我們的 SunVault 2.0 產品不僅會盈利，而且我們實際上能夠為消費者降低價格點並提供我認為他們會覺得有吸引力的多種選擇。

So we'll spend some time with all of you before that launch second half of next year. But I think forward-looking, we're quite excited about where the battery business is going. From my standpoint, I'm actually seeing more price improvements on batteries that I am in panel, and we're seeing some good price improvements in both areas.

因此，在明年下半年發布之前，我們將與大家共度時光。但我認為具有前瞻性，我們對電池業務的發展方向感到非常興奮。從我的角度來看，我實際上看到我在面板中的電池價格有更多改善，而且我們在這兩個領域都看到了一些不錯的價格改善。

But batteries, in particular, I think the next-generation batteries, you're really going to see the potential for them to take off with consumers because we're all going to be able to hit much more attractive price points than we have historically.

但是電池，特別是我認為下一代電池，你真的會看到它們在消費者中流行起來的潛力，因為我們都能夠達到比以往更具吸引力的價格點.

Okay. That's great. I appreciate that. And then just 1 quick housekeeping one. I know you've seen really good growth here on the SunPower Financial lease volumes. Can you give us a sense of what they grew in Q1 versus Q4? I know you gave the year-on-year number. And then with respect to financing on that product, what you are seeing in terms of tax equity availability and also cost of capital just with some of the ITC bonus [adders] if you're able to take advantage of that already in your financing?

好的。那太棒了。我很感激。然後只需 1 個快速客房清潔服務。我知道你在 SunPower Financial 租賃量上看到了非常好的增長。你能告訴我們他們在第一季度和第四季度的增長情況嗎？我知道你給出了同比數字。然後關於該產品的融資，如果您能夠利用已經在融資中的優勢，您在稅收股權可用性和資本成本方面所看到的只是一些 ITC 紅利 [adders]？

Sure. So I don't have quarter-on-quarter growth at my fingertips, but certainly, as Peter mentioned at the -- call and as evidenced by our year-on-year growth, the lease business really -- we plan for it to grow a lot, and it exceeded our expectations so we're quite pleased there.

當然。因此，我手頭沒有季度環比增長，但可以肯定的是，正如彼得在電話會議上提到的那樣，我們的同比增長也證明了這一點，租賃業務確實是——我們計劃增長了很多，它超出了我們的預期，所以我們很高興。

In terms of availability, cost of capital for the lease business, we remain confident in our ability to finance this channel efficiently. We have obviously strong relationships going back many years with current providers and other providers as well.

就租賃業務的可用性、資本成本而言，我們對我們有效為該渠道融資的能力充滿信心。我們顯然與現有供應商和其他供應商建立了多年的牢固關係。

Cost capital here also, as Peter mentioned, less sensitive to interest rates, let's say, we remain very confident in our ability to ensure that the capital we're bringing on and is able to provide efficient pricing for our customers.

正如彼得所提到的，這裡的成本資本對利率不太敏感，比方說，我們對確保我們帶來的資本並能夠為我們的客戶提供有效定價的能力仍然非常有信心。

Terrific. I want to thank all of you for the great questions in the call we had this morning. And I want to give a big shout out to our dealers and our field operations teams and our sales teams who just did an incredible job of helping thousands of California consumers qualify for NEM 2.0. It was really inspiring to see all the great work and the effort. Big welcome to Pat and Jennifer, and look forward to talking to all of you next quarter.

了不起。我要感謝大家在今天早上的電話會議上提出的重要問題。我想對我們的經銷商、我們的現場運營團隊和我們的銷售團隊大聲疾呼，他們在幫助成千上萬的加州消費者獲得 NEM 2.0 資格方面做得非常出色。看到所有偉大的工作和努力真的很鼓舞人心。熱烈歡迎 Pat 和 Jennifer，並期待在下個季度與大家交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Have a good day.

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。祝你有美好的一天。