SunPower Corporation (SPWR) 2023 Q2 法說會逐字稿

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

美好的一天，感謝您的支持，歡迎閱讀 SunPower 2023 年第二季度業績。 （操作員指示）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, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係副總裁邁克·韋恩斯坦 (Mike Weinstein)。請繼續。

Good morning. I would like to welcome everyone to our second quarter 2023 earnings conference call.

早上好。歡迎大家參加我們的 2023 年第二季度收益電話會議。

On the call today, we'll begin with comments from Peter Faricy, CEO of SunPower, who will provide an update, second quarter announcements and business highlights, followed by an update on 2023 guidance, including recent sales trends, backlog, operating expense, and financing. Following Peter's comments, Beth Eby, SunPower's 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.

在今天的電話會議上，我們將首先聽取 SunPower 首席執行官 Peter Faricy 的評論，他將提供最新情況、第二季度公告和業務亮點，然後介紹 2023 年指導的最新情況，包括最近的銷售趨勢、積壓訂單、運營費用、和融資。在 Peter 發表評論後，SunPower 首席財務官 Beth Eby 將審查我們的財務業績。謹此提醒，今天晚些時候，我們網站的投資者關係頁面將提供電話會議的重播。

During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation, today's press release, our 2022 Form 10-K, and our quarterly reports on Form 10-Q. Please see those documents for additional information regarding 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 2022 年表格 10-K 以及表格 10- 季度報告中描述的各種風險和不確定性的影響。問。請參閱這些文件，了解有關可能影響這些前瞻性陳述的因素的更多信息。

Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation as well as today's earnings press release for the appropriate GAAP to non-GAAP reconciliations.

此外，我們將在今天的電話會議中參考某些非公認會計準則指標。請參閱我們演示文稿的附錄以及今天的收益新聞稿，了解適當的 GAAP 與非 GAAP 調節表。

Finally, to enhance this call, we have 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 posted a supplemental data sheet detailing additional historical metrics.

最後，為了增強本次電話會議的效果，我們發布了一組 PowerPoint 幻燈片，我們將在電話會議期間在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.

說到這裡，我想將電話轉給 SunPower 首席執行官 Peter Faricy。

Peter?

彼得？

Thanks, Mike, and good morning, everyone. Today, I will discuss our Q2 2023 results, our preannounced reduction of our full year 2023 guidance and our view of the most important factors that could affect 2024.

謝謝邁克，大家早上好。今天，我將討論我們 2023 年第二季度的業績、我們預先宣布的 2023 年全年指引的下調以及我們對可能影響 2024 年的最重要因素的看法。

I will also talk about our approach to platform investment intended to continue growing market share and our continued focus on our 5-pillar strategy to build SunPower into the world's best residential solar company.

我還將討論我們旨在繼續擴大市場份額的平台投資方法，以及我們繼續關注將 SunPower 打造成世界上最好的住宅太陽能公司的 5 支柱戰略。

Before I do that, I want to welcome our new Chief Financial Officer, Beth Eby, joining us for her first earnings call. Beth came aboard 2 months ago from NeoPhotonics and a long successful career at Intel. I expect she'll play a critical role in developing and implementing the company's strategic growth plan and in leading SunPower's finance organization and activities.

在此之前，我想歡迎我們的新任首席財務官 Beth Eby 參加我們的第一次財報電話會議。 Beth 於 2 個月前從 NeoPhotonics 加入，並在英特爾有著長期成功的職業生涯。我預計她將在製定和實施公司戰略增長計劃以及領導 SunPower 的財務組織和活動方面發揮關鍵作用。

In the second quarter, we saw a slowdown in customer bookings and installations that frankly was steeper than we initially expected earlier this year as the impact of higher interest rates has had a significant impact on consumer behavior. We reported negative $3 million of adjusted EBITDA this quarter, which was lower than we expected, even though we've been projecting most of our EBITDA and cash generation in the second half of the year.

在第二季度，我們看到客戶預訂和安裝的放緩，坦率地說，比我們今年早些時候最初預期的要嚴重，因為利率上升對消費者行為產生了重大影響。我們報告本季度調整後 EBITDA 為負 300 萬美元，低於我們的預期，儘管我們預計大部分 EBITDA 和現金生成將在今年下半年實現。

As Beth will discuss in more detail later, slower bookings across most of the country and higher installation expenses were the primary drivers of lower results in the quarter. As we preannounced last week, we've reduced our 2023 guidance to reflect the current market conditions to new ranges of 70,000 to 90,000 new customers, $1,450 to $1,650 adjusted EBITDA per customer before platform investment and $55 million to $75 million of adjusted EBITDA. These new ranges reflect a reduction to projected operating expense this year, including a reduction in labor force and reduced platform investment as we delay some hiring in certain projects to maintain financial strength through weaker near-term market conditions.

正如貝絲稍後將更詳細討論的那樣，全國大部分地區的預訂速度較慢和安裝費用較高是本季度業績下降的主要驅動因素。正如我們上週預先宣布的那樣，我們已將 2023 年指導方針下調，以反映當前的市場狀況，新客戶數為 70,000 至 90,000 名，平台投資前每位客戶調整後 EBITDA 為 1,450 至 1,650 美元，調整後 EBITDA 為 5500 萬至 7500 萬美元。這些新的範圍反映了今年預計運營費用的減少，包括勞動力的減少和平台投資的減少，因為我們推遲了某些項目的招聘，以通過近期市場狀況疲軟來維持財務實力。

Please turn to Slide #4. We added 20,400 new customers in Q2. This is a 3% increase year-over-year. Adjusted revenue grew at 9% year-over-year as price increases continued to partially offset the impact of higher product costs, although higher installation costs were also realized in the quarter. SunPower's New Homes business secured a record $108 million in bookings in the second quarter, an 11% growth year-over-year. Record sales were driven in part by the growth of solar standard communities outside of California and an improved market for builders.

請翻到幻燈片#4。第二季度我們新增 20,400 名新客戶。這同比增長了 3%。儘管本季度安裝成本也有所上升，但由於價格上漲繼續部分抵消了產品成本上漲的影響，調整後收入同比增長 9%。 SunPower 的新房業務第二季度預訂量達到創紀錄的 1.08 億美元，同比增長 11%。創下銷售記錄的部分原因是加州以外太陽能標準社區的增長以及建築商市場的改善。

July trends continued to remain strong, while SunPower has completed over 100,000 new home installations more than any other solar company. SunPower's overall retrofit backlog now stands at 20,000 retrofit customers with another 39,000 in the New Homes channel.

7 月份的趨勢繼續保持強勁，而 SunPower 已完成超過 100,000 套新家庭安裝，比任何其他太陽能公司都多。目前，SunPower 的整體改造積壓訂單數量為 20,000 名改造客戶，另外 39,000 名來自新住宅渠道。

Adjusted EBITDA per customer came in at $1,000 before platform investment, which primarily reflects higher installation expense and some modest write-down of inventory value. We also experienced a delay of some lease-related revenue and customer recognition into Q3 in California as we experienced some delayed interconnection completion from the state's utilities under a higher-than-normal caseload.

在平台投資之前，每個客戶調整後的 EBITDA 為 1,000 美元，這主要反映了較高的安裝費用和庫存價值的適度減記。在加利福尼亞州，我們還經歷了一些與租賃相關的收入和客戶認可延遲到第三季度的情況，因為我們在案件量高於正常水平的情況下經歷了該州公用事業公司互連完成的一些延遲。

SunVault energy storage system sales continue to show strength in California under the new NEM 3.0 rules at a 49% attach rate in our Direct channel in the state. We expect this number to climb as the increased value of batteries drives storage sales under NEM 3.0.

根據新的 NEM 3.0 規則，SunVault 儲能係統在加州的銷售繼續表現強勁，該州直接渠道的附加率為 49%。我們預計，隨著電池價值的增加推動 NEM 3.0 下的存儲銷售，這一數字將會攀升。

Lease demand continues to grow with a 108% increase in contract volumes in Q2. As we've noted previously, further growth for leasing is expected in 2023 and beyond due to the combination of lease payment competitiveness versus higher utility bills and 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 residential solar company is a major competitive advantage.

租賃需求持續增長，第二季度合同量增長 108%。正如我們之前指出的，由於租金支付競爭力與更高的公用事業賬單和《通貨膨脹減少法案》規定的獎金稅收優惠相結合，預計 2023 年及以後租賃業務將進一步增長。 SunPower 仍然以客戶為中心，對租賃或貸款融資持不可知論態度，我們相信，我們目前作為頂級住宅太陽能公司進入資本市場是一個主要的競爭優勢。

Please turn to Slide #5. Our Q2 customer growth of 3% year-over-year ends the first half with 41,300 new customers more than halfway towards the new midpoint of full year guidance. Adjusted revenue grew to $461 million, a 9% increase. We also take note that our market share continues to grow as we highlighted, a 31% increase and project permitting in the first half of this year versus the overall industry at 13% permit growth as reported by Ohm Analytics.

請翻到幻燈片 #5。上半年，我們第二季度的客戶同比增長 3%，新客戶數量達到 41,300 名，超過全年指導新中點的一半以上。調整後收入增至 4.61 億美元，增長 9%。我們還注意到，正如我們所強調的那樣，我們的市場份額持續增長，今年上半年的項目許可增長了 31%，而根據 Ohm Analytics 的報告，整個行業許可增長了 13%。

Please turn to Slide #6. We reduced our 2023 guidance last week, and I want to take a few moments to discuss why we did that and what are the actions that we are taking to offset some of the negative impact. While we are starting to see an improvement in year-over-year bookings in recent weeks, our reduced customer guidance for the year now reflects our recalibrated expectations for the full-year impact of slower top-of-funnel lead generation and bookings.

請翻到幻燈片#6。上週我們降低了 2023 年指引，我想花一些時間討論一下我們這樣做的原因以及我們正在採取哪些行動來抵消一些負面影響。雖然最近幾週我們開始看到同比預訂量有所改善，但我們今年減少的客戶指導現在反映了我們對漏斗頂部潛在客戶生成和預訂放緩對全年影響的重新調整預期。

In California, we've been expecting a decline in new bookings under NIM 3.0 given the strong pull forward in demand that we intentionally executed in Q1 under NIM 2.0. We are starting to see some recovery here though, with a modest improvement in net bookings for June and July. As I mentioned earlier, SunVault storage system sales in the second quarter are stronger in California under NIM 3.0, where we saw a 105% increase to a 49% attach rate in SunPower Direct channel.

在加利福尼亞州，鑑於我們在第一季度有意在 NIM 2.0 下執行的需求強勁增長，我們預計 NIM 3.0 下的新預訂量將會下降。不過，我們開始看到一些復甦，六月和七月的淨預訂量略有改善。正如我之前提到的，在 NIM 3.0 下，第二季度 SunVault 存儲系統在加利福尼亞州的銷售更為強勁，我們看到 SunPower Direct 渠道的附加率增長了 105%，達到 49%。

Looking beyond California, second quarter bookings have been weaker than our expectations earlier this year, and this is a major driver behind our decision to reduce guidance. Nevertheless, we are seeing stronger top-of-funnel lead generation and a more notable improvement in net bookings that's been in progress since the May low point boosted by stronger results in several states, including New York, Connecticut and Illinois.

展望加州以外的地區，第二季度的預訂量低於我們今年早些時候的預期，這是我們決定減少指導的主要驅動力。儘管如此，我們看到漏斗頂部的潛在客戶產生能力更強，淨預訂量自 5 月低點以來一直在進步，這得益於紐約州、康涅狄格州和伊利諾伊州等幾個州的強勁業績。

New Homes bookings have been tracking ahead of our projections this year with the homebuilding industry more resilient than expected in the face of higher interest rates. Bookings accelerated ahead of expectations in Q2 to set a new all-time record, boosted by NEM 2.0 sales in April. Importantly, we expect our backlog of 39,000 installations to position SunPower to benefit from customer recognition in 2024.

今年新房預訂量一直領先於我們的預測，房屋建築行業在利率上升的情況下比預期更具彈性。在 4 月份 NEM 2.0 銷售的推動下，第二季度的預訂量加速增長，超出預期，創下了新的歷史記錄。重要的是，我們預計 39,000 個安裝的積壓將使 SunPower 在 2024 年受益於客戶認可。

We estimate that more than 70% of the customer recognition in the second half of this year to reach the midpoint of the new customer guidance is covered by a combination of backlog and projected new homes installations. This gives us more confidence in the new range with the final outcome dependent on how incremental bookings and component sales to dealers trend for the remainder of the year.

我們估計，今年下半年達到新客戶指導中點的客戶認可度超過 70% 是通過積壓訂單和預計新房安裝量的組合來滿足的。這讓我們對新系列更有信心，最終結果取決於今年剩餘時間經銷商的預訂增量和零部件銷售趨勢。

As Beth will go over in a few minutes, guidance for 2023 EBITDA and EBITDA per customer before platform investment have been reduced to reflect lower gross margin this year as a result of customer pricing mix, sales channel mix, inventory costs, and higher direct installation costs spread over lower volumes.

由於 Beth 將在幾分鐘內介紹，2023 年 EBITDA 和平台投資前每個客戶 EBITDA 的指導已降低，以反映由於客戶定價組合、銷售渠道組合、庫存成本和更高的直接安裝而導致今年毛利率下降成本分攤到較低的產量上。

As I mentioned earlier, the reduced guidance also reflects some delayed platform investment and reduced operating expense as we maintain financial strength of the near-term economic and market uncertainty. Long term, we continue to see substantial tailwinds for the U.S. distributed solar market, including low market penetration, climbing utility bills, strained electric grid, and a decade of tax benefits under the Inflation Reduction Act.

正如我之前提到的，指導意見的減少還反映出一些平台投資的延遲和運營費用的減少，因為我們在短期經濟和市場不確定性的情況下保持了財務實力。從長遠來看，我們繼續看到美國分佈式太陽能市場的巨大推動力，包括市場滲透率低、公用事業費用不斷攀升、電網緊張以及通貨膨脹減少法案規定的十年稅收優惠。

Platform investment is intended to continue to position SunPower to gain market share as conditions continue to develop. We plan to adjust our investment pace judiciously as conditions change. Finally, we're projecting an improvement in cash from operations during the second half of this year. We intend to manage this with plans for inventory reduction, continued expansion of customer financing capacity and liquidity in place.

平台投資的目的是隨著條件的不斷發展，繼續讓 SunPower 獲得市場份額。我們計劃根據情況變化明智地調整投資節奏。最後，我們預計今年下半年運營現金將有所改善。我們打算通過減少庫存、持續擴大客戶融資能力和流動性的計劃來管理這一問題。

Please turn to Slide #7. With the summer heat waves hitting virtually everyone these days, I want to reemphasize that conventional electric utility rates are the primary competition for our industry. The U.S. Energy Information Agency reports that average U.S. retail electric rates continue to rise upward of 8% year-over-year in May, despite the moderating cost of bulk wholesale power and key fuels, such as natural gas.

請翻到幻燈片 #7。如今，夏季熱浪幾乎襲擊了每個人，我想再次強調，傳統電費是我們行業的主要競爭。美國能源信息署報告稱，儘管大宗批發電力和天然氣等主要燃料的成本有所下降，但 5 月份美國平均零售電價繼續同比上漲 8%。

Price increases continue to hit the northeastern states in California with 10 states seeing increases greater than 15% year-over-year. More recent heat waves in the West Texas and other South Central states have strained electric grids and customer utility bills as well. We believe that these steep cost increases and the impact of grid instability on residential customers continue to elevate the value proposition of residential solar as one of the most powerful ways to stabilize and reduce home electric bills.

加利福尼亞州東北部各州的價格繼續上漲，其中 10 個州的同比漲幅超過 15%。最近西德克薩斯州和其他中南部各州的熱浪也給電網和客戶水電費帶來了壓力。我們相信，成本的急劇增加以及電網不穩定對住宅客戶的影響將繼續提升住宅太陽能的價值主張，使其成為穩定和減少家庭電費的最有力方法之一。

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

儘管燃料價格較低，愛迪生電力研究所預計 2022 年至 2024 年電力公司資本投資將比過去 3 年增加 20%。隨著這些投資通過電費收回，我們仍然相信客戶融資屋頂太陽能的價值可能會繼續上升。

Please turn to Slide #8. Next, I'll share with you some of the most important progress we've made in Q2 as we move forward with the 5 pillars of our long-term strategy. For customer experience, SunPower remained the #1 ranked home solar installer last year, as indicated by our ratings and reviews on multiple platforms. For products, we launched a new larger 19.5 kilowatt hour version of our SunVault energy storage system with a possible configuration of up to 39 kilowatt hours, a nearly 50% increase in energy capacity.

請翻到幻燈片 #8。接下來，我將與您分享我們在第二季度取得的一些最重要的進展，因為我們在推進長期戰略的 5 個支柱方面取得了進展。就客戶體驗而言，正如我們在多個平台上的評級和評論所示，SunPower 去年仍然是排名第一的家用太陽能安裝商。在產品方面，我們推出了新的更大的19.5千瓦時版本的SunVault儲能係統，可能的配置高達39千瓦時，能量容量增加了近50%。

For growth, SunPower grew its SunVault energy storage sales by 58% year-over-year in the retrofit category. The company more than doubled its SunVault attach rate in California year-over-year as solar power battery enabled maximum savings following the NEM 3.0 implementation. During each week of July, SunVault attach rates in California were consistently above 60% in the SunPower Direct channel.

為了實現增長，SunPower 在改造類別中的 SunVault 儲能銷售額同比增長了 58%。由於實施 NEM 3.0 後太陽能電池實現了最大程度的節省，該公司在加利福尼亞州的 SunVault 連接率同比增長了一倍多。 7 月份的每一周，SunPower Direct 渠道中加利福尼亞州的 SunVault 附加率始終高於 60%。

For digital, SunPower released an advanced cost-saving mode for SunVault users. It provides seamless integration with the homeowner's local utility and enables the battery to discharge at peak times.

對於數字化，SunPower 為 SunVault 用戶發布了高級成本節省模式。它提供與房主當地公用事業的無縫集成，並使電池能夠在高峰時間放電。

And finally, SunPower Financials lost lease products in 3 new states; Texas, Pennsylvania and New Mexico. All have a significant population of single-family homes eligible for the Energy Communities Bonus Credit as defined by the Department of Treasury under the Inflation Reduction Act.

最後，SunPower Financials 在 3 個新州失去了租賃產品；德克薩斯州、賓夕法尼亞州和新墨西哥州。所有這些都擁有大量符合財政部根據《通貨膨脹減少法案》定義的能源社區獎勵信貸的單戶住宅。

Please turn to Slide #9. As we announced this morning, I'm pleased to share that we have arrived with an agreement in principle with ADT for SunPower Financial to act as the exclusive lessor for their solar customers. We are very excited to be able to expand our reach beyond the borders of SunPower to enable more Americans to benefit from home-based clean energy.

請翻到幻燈片 #9。正如我們今天早上宣布的那樣，我很高興地宣布，我們已與 ADT 達成原則協議，讓 SunPower Financial 成為其太陽能客戶的獨家租賃商。我們非常高興能夠將我們的影響力擴展到 SunPower 之外，讓更多的美國人受益於家庭清潔能源。

We expect this program to begin contributing meaningfully to SunPower's financial results in 2024 and gross margins that are roughly in line with the existing finance business. We continue to work on agreements with financing partners that would increase our lease financing capacity.

我們預計該計劃將開始對 SunPower 2024 年的財務業績以及與現有金融業務大致一致的毛利率做出有意義的貢獻。我們繼續與融資合作夥伴達成協議，以提高我們的租賃融資能力。

We look forward to providing you with further updates as these arrangements progress. Our lease bookings continue to grow strongly in the second quarter. Our all-in cost of capital for leasing remains 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 to or better than our peers.

隨著這些安排的進展，我們期待為您提供進一步的更新。我們的租賃預訂量在第二季度繼續強勁增長。我們的租賃總資本成本仍低於 6.5%，其中包括稅收公平，並具有整個資本體系中較低的利率敏感性的額外優勢。我們相信這與我們的同行相同或更好。

Before I turn it over to Beth for the financials, I'd like to thank, Guthrie Dundas, for covering the role of interim CFO in addition to his regular responsibilities as Treasurer. Thank you, Guthrie.

在我將財務事宜交給 Beth 之前，我要感謝 Guthrie Dundas，除了擔任財務主管的常規職責外，他還擔任了臨時首席財務官。謝謝你，格思裡。

And on that note, I'll turn it over to Beth for more details on our Q2 results. Beth?

關於這一點，我將把它交給貝絲，了解有關我們第二季度業績的更多詳細信息。貝絲？

Thank you, Peter. Please turn to Slide 11. For the second quarter, we are reporting negative $3 million of adjusted EBITDA and $461 million of non-GAAP revenue, an increase of 9% year-over-year. We added 20,400 new customers in Q2, a 3% increase year-over-year. Slower growth has been driven largely by the effect of higher interest rates on customer demand, despite stronger interest in lease financing. The drop in demand in California under NEM 3.0 was largely expected but also contributed to lower results for the quarter.

謝謝你，彼得。請參閱幻燈片 11。第二季度，我們報告調整後 EBITDA 為負 300 萬美元，非 GAAP 收入為 4.61 億美元，同比增長 9%。第二季度我們新增 20,400 名新客戶，同比增長 3%。儘管租賃融資興趣濃厚，但增長放緩主要是由於利率上升對客戶需求的影響。 NEM 3.0 下加利福尼亞州的需求下降在很大程度上是預料之中的，但也導致了本季度業績下降。

Adjusted EBITDA per customer declined to $1,000 in the second quarter, primarily the result of higher costs spread over lower volume. In California, some lease customer revenue recognition was also delayed into Q3 by extended wait times for interconnection and permission to operate, resulting from higher workloads at the state utilities. This affected Q2 results by approximately $7 million of EBITDA.

第二季度每個客戶的調整後 EBITDA 下降至 1,000 美元，主要是由於成本上升與銷量下降所致。在加利福尼亞州，由於州公用事業公司的工作量增加，導致互連和運營許可的等待時間延長，一些租賃客戶的收入確認也被推遲到第三季度。這影響了第二季度業績約 700 萬美元的 EBITDA。

We still expect to recognize all NEM 2.0 retrofit backlog by year-end. Platform investment is primarily products, digital and corporate OpEx. This declined quarter-over-quarter based on actions Peter mentioned earlier, to match our investment and OpEx levels to slower market conditions. Our aim is to maintain financial strength through this challenging period as we position the company for continued gains in market share under stronger market conditions.

我們仍預計在年底前確認所有 NEM 2.0 改造積壓工作。平台投資主要是產品、數字和企業運營支出。根據彼得之前提到的行動，這一數字環比下降，以使我們的投資和運營支出水平與放緩的市場狀況相匹配。我們的目標是在這個充滿挑戰的時期保持財務實力，讓公司在更強勁的市場條件下持續擴大市場份額。

Adjusted non-GAAP gross margin dipped to 13.7% in the quarter. While customer pricing increased in the quarter, we saw some pressure on our ability to raise prices from increased supply in the market. These price increases were more than offset by higher costs for materials and labor. Separately, we incurred an unusually high charge of $8 million and the faster amortization of pre-installed expenses due to reduced cycle times and a write-down of $5 million of inventory.

本季度調整後的非 GAAP 毛利率下降至 13.7%。雖然本季度客戶定價有所上漲，但我們看到市場供應增加對我們提價的能力造成了一些壓力。這些價格上漲被材料和勞動力成本的上漲所抵消。另外，我們還支付了 800 萬美元的異常高額費用，並且由於週期時間縮短以及 500 萬美元的庫存減記，預裝費用的攤銷速度加快了。

Turning to the balance sheet. We ended the quarter with $114 million of cash and $164 million of net recourse debt, including $180 million of drawn revolver. We also had $424 million of inventory at the end of the quarter. We have plans in place to bring inventory levels down in line with second half 2023 demand. 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 $280 million.

轉向資產負債表。本季度結束時，我們擁有 1.14 億美元的現金和 1.64 億美元的淨追索債務，其中包括 1.8 億美元的提取左輪手槍。截至本季度末，我們還有 4.24 億美元的庫存。我們已製定計劃，根據 2023 年下半年的需求降低庫存水平。我們繼續使用 6% 的折扣率對 SunStrong 的租賃續約淨保留值所有權進行估值。隨著投資組合的增長，我們現在估計我們所持股份的價值約為 2.8 億美元。

Please turn to Slide 12. We reduced our 2023 guidance last week to a new range of $55 million to $75 million of adjusted EBITDA, driven by an anticipated 70,000 to 90,000 incremental customers with adjusted EBITDA per customer before platform investments of $1,450 to $1,650.

請參閱幻燈片 12。上週，我們將 2023 年調整後 EBITDA 的指引下調至 5500 萬美元至 7500 萬美元的新範圍，這是由預計 70,000 至 90,000 名增量客戶推動的，每個客戶的調整後 EBITDA 不包括平台投資 1,450 至 1,650 美元。

As Peter mentioned earlier, more than 70% of the customer installations required to achieve the midpoint of customer guidance in the second half are accounted for within our retrofit backlog and projected new homes installation. Platform investment plan for the year has also been reduced to a range of $50 million to $70 million and continues to be primarily comprised of product, digital and corporate operating expense that drive our company toward larger operational scale with growing adjusted EBITDA per customer and a superior customer experience in the years to come. We plan to delay these investments as we prudently match our cash usage to market conditions. Longer term, we expect this to maintain financial strength and support stronger growth in the future as the market improves.

正如彼得之前提到的，下半年實現客戶指導中點所需的客戶安裝量中有 70% 以上都在我們的改造積壓和預計的新房安裝量中。今年的平台投資計劃也已減少至 5,000 萬至 7,000 萬美元，並繼續主要由產品、數字和企業運營支出組成，這些支出將推動我們公司向更大的運營規模邁進，每個客戶的調整後 EBITDA 不斷增長，並且未來幾年的客戶體驗。我們計劃推遲這些投資，因為我們會謹慎地將現金使用與市場狀況相匹配。從長遠來看，隨著市場的改善，我們預計這將保持財務實力並支持未來更強勁的增長。

Before we turn the call over for Q&A, I want to turn you back over to Peter to review some of the factors we are considering as we look ahead towards 2024.

在我們進行問答之前，我想請 Peter 回顧一下我們在展望 2024 年時正在考慮的一些因素。

Thank you, Beth. Please turn to Slide 13. While we typically don't provide guidance for the next year at this point, I want to leave you with some factors that we are analyzing as we look forward to 2024. From a macro perspective, we expect increasing utility rates and lower equipment pricing will be tailwinds for the industry.

謝謝你，貝絲。請參閱幻燈片 13。雖然我們目前通常不會提供明年的指導，但我想向您介紹我們在展望 2024 年時正在分析的一些因素。從宏觀角度來看，我們預計效用會增加利率和較低的設備定價將成為該行業的推動力。

We also look forward to a more stable interest rate environment as well as improved clarity on the bonus tax credits available under the Inflation Reduction Act. For SunPower specifically, we see us benefiting from lower-cost products. We intend to hold our platform investment at reduced levels for the near term, and we expect this to benefit financial results in 2024 as we keep an eye on long-term opportunities for growth investment.

我們還期待一個更穩定的利率環境，以及根據《通貨膨脹減少法案》提供的獎金稅收抵免的明確性。特別是對於 SunPower，我們看到我們受益於低成本產品。我們打算在短期內將平台投資保持在較低水平，我們預計這將有利於 2024 年的財務業績，因為我們密切關注增長投資的長期機會。

Stronger than expected new homes bookings growth with a large backlog this year should add to customer recognition in 2024, with additional lease financing capacity expected to close this year, we expect sales to benefit in 2024 from the growing popularity of lease financing and bonus tax credits from the Inflation Reduction Act. SunPower Financial continues to grow its financing origination attach rates with SunPower customers, and we will continue to seek additional opportunities for growth through partnerships like the one we announced today with ADT.

今年的新屋預訂增長強於預期，且有大量積壓，應會在 2024 年增加客戶認可度，額外的租賃融資能力預計將於今年關閉，我們預計 2024 年銷售將受益於租賃融資和獎金稅收抵免的日益普及來自《減少通貨膨脹法》。 SunPower Financial 繼續提高與 SunPower 客戶的融資發起附加利率，我們將繼續通過我們今天宣布的與 ADT 的合作夥伴關係來尋求更多增長機會。

And finally, we expect to begin seeing financial benefit from our collaboration with General Motors in late 2023 as we start selling EV charger and solar equipment to Silverado customers.

最後，隨著我們開始向 Silverado 客戶銷售電動汽車充電器和太陽能設備，我們預計將在 2023 年底開始從與通用汽車的合作中獲得經濟效益。

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

接線員，我想轉接電話詢問問題。

(Operator Instructions) Our first question comes from the line of Sean Morgan of Evercore.

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

I was just wondering, as you kind of work through some of your inventory, do you expect -- when do you expect to start to see some of the benefit of some of this cost deflation we're seeing on the equipment side?

我只是想知道，當你處理一些庫存時，你期望什麼時候開始看到我們在設備方面看到的成本下降的一些好處？

Yes, thanks for the question. We expect to work through our inventory as we go through Q3 and Q4. And I would expect that on the improvement in equipment prices that's something we'll reflect in our guidance for 2024 primarily.

是的，謝謝你的提問。我們預計在第三季度和第四季度時清理我們的庫存。我預計我們將主要在 2024 年的指導中反映設備價格的改善。

Okay. And then on the VPP availability of the customers, is that going to be limited by which grid the customers are sort of connected to? Or will that be something that anybody that has the home energy management digital system to be able to sort of access, like how does that work functionally?

好的。然後，關於客戶的 VPP 可用性，這是否會受到客戶所連接的電網的限制？或者說，任何擁有家庭能源管理數字系統的人都可以訪問它，比如它的功能如何？

Yes. Yes, great question. So in the short term, you're right, it is limited to which utilities have a program that we can participate in with our customers. And so think of it as we have programs where we work with individual utilities directly. And then we also have this partnership with OhmConnect where we take advantage of both battery storage and reduction of usage as sort of a two-pronged approach to VPP programs.

是的。是的，很好的問題。因此，從短期來看，您是對的，我們可以與客戶一起參與的項目僅限於哪些公用事業公司。因此，可以將其視為我們有直接與各個公用事業公司合作的項目。然後我們還與 OhmConnect 建立了合作夥伴關係，我們利用電池存儲和減少使用作為 VPP 計劃的雙管齊下的方法。

Our goal is that we can directly connect to the energy markets and become more independent of individual utilities over time. And so our vision is that all of our customers have an opportunity to contribute their battery storage, in particular, back to the grid as we go out in time. Think of that as something that we're working on and would love to launch in the future years.

我們的目標是，我們可以直接連接到能源市場，並隨著時間的推移變得更加獨立於各個公用事業公司。因此，我們的願景是，我們所有的客戶都有機會貢獻他們的電池存儲，特別是當我們及時退出時，將其回饋給電網。將此視為我們正在努力並希望在未來幾年推出的事情。

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

您的下一個問題來自豐業銀行的特里斯坦·理查森。

I appreciate the comments and the update on the macro. Maybe just curious on the leasing side. You noted a 100% growth in bookings for SunPower Financial. But maybe can you give us a sense of where do you see sort of the overall customer additions in the '23 guide in terms of lease versus more traditional lease -- or loan/cash just as you think about lease just really taking share in the overall market?

我很欣賞宏的評論和更新。也許只是對租賃方面感到好奇。您注意到 SunPower Financial 的預訂量增長了 100%。但也許您可以讓我們了解一下，在 23 年指南中，就租賃與更傳統的租賃而言，您在哪裡看到總體客戶增加的情況，或者貸款/現金，就像您認為租賃只是真正佔據了市場份額一樣。整體市場？

Yes. So as you know, our business has traditionally been 20% cash, 80% financed. Of the financed, a year ago at this time, we would have said that was 80% loan, 20% leased. We haven't quite flipped completely on the other side with loan and lease, but that's the direction we're headed. So think of it right now as maybe 60-40 lease, and we're headed towards probably a run rate by Q4 of 80-20 lease.

是的。如您所知，我們的業務傳統上 20% 是現金，80% 是融資。一年前的這個時候，我們會說融資中 80% 是貸款，20% 是租賃。我們還沒有完全轉向貸款和租賃的另一邊，但這就是我們前進的方向。因此，現在認為租賃量可能為 60-40，到第四季度我們的運行率可能為 80-20。

I think forward-looking, we still -- as we mentioned at almost every call we're on, we really take a very customer-centric approach. We offer our customers the opportunity for lease, cash and loan. And we think that's really important because we really want to do what's best for them and what meets their financial needs.

我認為，從長遠來看，我們仍然——正如我們在幾乎每次通話中提到的那樣，我們確實採取了一種以客戶為中心的方法。我們為客戶提供租賃、現金和貸款的機會。我們認為這非常重要，因為我們真的想做對他們最有利的事情並滿足他們的財務需求。

What's interesting is that in this economic environment, leases have become a little bit of better value than loans and I think that's reflected in the fact that we're selling a lot more leases. But it's important from our perspective to be able to offer both vehicles because that will change in time.

有趣的是，在這種經濟環境下，租賃比貸款更有價值，我認為這反映在我們出售更多租賃的事實上。但從我們的角度來看，能夠提供這兩種車輛非常重要，因為這種情況會隨著時間的推移而改變。

And if interest rates drop, we'll be prepared to see an acceleration in our loan business. But right now, we're quite pleased with our lease capacity. We're quite pleased with the growth of the lease business. And as you saw with our announcement with ADT, we have a lot of opportunity to grow our lease business both within the SunPower footprint that you know today and outside of that footprint as we go forward.

如果利率下降，我們將準備好看到貸款業務的加速發展。但目前，我們對我們的租賃能力非常滿意。我們對租賃業務的增長感到非常滿意。正如您在我們與 ADT 的公告中看到的那樣，我們有很多機會在您今天所知的 SunPower 業務範圍內以及未來的業務範圍之外發展我們的租賃業務。

Appreciate it, Peter. And then maybe just on the platform investment. Can you talk about what you view as is critical and key product digital and corporate investments versus those that might be more discretionary and are subject to, like you said, resumption out into '24 and '25?

很欣賞它，彼得。然後也許只是在平台投資上。您能否談談您認為至關重要的關鍵產品數字和企業投資，以及那些可能更具自由裁量權並且像您所說的在“24 和 25 年”恢復的投資？

Absolutely. So in these economic times, when things slow down, you do have to do more with less and you have to prioritize. So the 2 areas we're prioritizing are; number one, the customer experience, and number two, profitable growth. And so those are the areas that you would say are everlasting and you would want to sustain those.

絕對地。因此，在這個經濟時期，當事情放緩時，你確實必須用更少的錢做更多的事，並且必須分清輕重緩急。所以我們優先考慮的兩個領域是：第一是客戶體驗，第二是利潤增長。因此，這些領域你會說是永恆的，你會想要維持這些領域。

The areas we're slowing down are some of the new projects we wanted to do this year on hardware and software innovation. Those are things that we can get to in time. Those are things that make more sense to invest in as the market recovers. So we're taking a very rational approach, but our goal is to never compromise the customer experience and to continue to support the market share growth we've had over the last 4 to 5 quarters.

我們正在放緩的領域是我們今年想要在硬件和軟件創新方面開展的一些新項目。這些是我們可以及時處理的事情。隨著市場復甦，這些投資更有意義。因此，我們採取了非常理性的方法，但我們的目標是決不妥協客戶體驗，並繼續支持我們在過去 4 到 5 個季度中實現的市場份額增長。

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

您的下一個問題來自雷蒙德·詹姆斯 (Raymond James) 的帕維爾·莫爾恰諾夫 (Pavel Molchanov)。

Historically, we would think of $0.15 per kilowatt hour as kind of a useful rule of thumb for states where residential solar makes economic sense. Given everything that's changed in the past 3 years, is that still the right number to kind of give a sense of where it is or is not viable?

從歷史上看，對於住宅太陽能具有經濟意義的州來說，我們認為每千瓦時 0.15 美元是一種有用的經驗法則。考慮到過去 3 年發生的一切變化，這個數字是否仍能說明它是否可行？

I think if you were just taking a look, Pavel, at PV, in particular, and you were doing an economic comparison, I think those numbers still hold water. I think what's changed a little bit is that an increasing number of our sales are really system sales that include additional components like batteries, EV chargers. And so I think the economic difference will be a mix of how much can you save but also how important is it for you to have resiliency with your power and reliability with your power and how important is it for you to be able to connect more and more of the other parts of your life, in this case, your electric vehicles to that same source of clean and expensive energy.

帕維爾，我認為，如果您只是看一下光伏發電，並且進行經濟比較，我認為這些數字仍然成立。我認為有一點變化的是，我們越來越多的銷售實際上是系統銷售，其中包括電池、電動汽車充電器等附加組件。因此，我認為經濟差異將取決於您可以節省多少，以及您的電力彈性和可靠性對您來說有多重要，以及您能夠連接更多和更多的設備對您來說有多重要。您生活中的更多其他部分，在這種情況下，您的電動汽車將使用同樣的清潔且昂貴的能源。

But I think in some of the states where we've struggled this year, like we've struggled in Arizona, the economics there are more challenging to save customers' money and really that's a call to action for us to develop lower-cost solutions that meet customer needs there because clean energy is as important in Arizona as it is in any other state. The fact that the utility costs are a little lower there, it just means we need to work harder at providing more cost-effective solutions for consumers.

但我認為，在我們今年陷入困境的一些州，比如我們在亞利桑那州陷入困境，那裡的經濟在為客戶省錢方面更具挑戰性，這確實要求我們採取行動，開發更低成本的解決方案滿足那裡的客戶需求，因為清潔能源在亞利桑那州與任何其他州一樣重要。事實上，那裡的公用事業成本略低，這只是意味著我們需要更加努力地為消費者提供更具成本效益的解決方案。

And in that context, the fact that module prices finally are that kind of downward trajectory, in fact, at an all-time low, will you be passing that on to the end user through lower system prices?

在這種情況下，事實上，模塊價格最終呈下降趨勢，事實上，處於歷史最低點，您會通過降低系統價格將其傳遞給最終用戶嗎？

So we take an approach where we take a look state by state, utility by utility, and we measure 3 things; one, how much value are we providing to the consumer; two, what's the opportunity for our dealers to make a fair return on their business; and then obviously, we want to make a fair return on our business as well.

因此，我們採取一種方法，逐個州、逐個考察效用，並衡量三件事：第一，我們為消費者提供了多少價值；第二，我們的經銷商有什麼機會獲得公平的業務回報；顯然，我們也希望我們的業務獲得公平的回報。

So those are the factors we consider. But certainly, if we have lower-cost products as we move forward, it will permit us an opportunity to pass that along to consumers. And I do think, in addition to the disruption from interest rates and the low consumer confidence, certainly, one way to address that is to lower the prices to the consumer. And so as we get lower product prices, I would say, in the short term, in particular, absolutely, you could count on us passing along some percent of that to the consumer and stimulating growth again.

這些就是我們考慮的因素。但當然，如果我們在前進的過程中擁有更低成本的產品，這將使我們有機會將其傳遞給消費者。我確實認為，除了利率和消費者信心低迷的干擾之外，解決這個問題的一種方法當然是降低消費者的價格。因此，當我們降低產品價格時，我想說，在短期內，特別是絕對，你可以指望我們將其中的一定比例轉嫁給消費者並再次刺激增長。

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

您的下一個問題來自 ROTH MKM 的 Philip Shen。

First one is on ADT. Congrats on getting that locked in. Can you help us understand when you expect that to be finalized? And then how much volume could that contribute in '23, and then what else could you guys do with that partnership?

第一個是 ADT。恭喜您鎖定了該項目。您能幫助我們了解您預計何時完成嗎？那麼這在 23 年能貢獻多少銷量，然後你們還能通過這種夥伴關係做些什麼呢？

Thanks, Phil. Yes, we're quite excited. I mean, for those who know the history of ADT, they're a leader in safety and security. They're one of the oldest companies in the United States. They've got a great brand. We're looking forward to working with their team. They're new to solar, and we have this opportunity with leases to start with to really help them grow their business. And particularly with the popularity right now of leases, I think we're in a good position to really help them grow their business starting this year and for many years to come, we would hope.

謝謝，菲爾。是的，我們很興奮。我的意思是，對於那些了解 ADT 歷史的人來說，他們是安全和保障領域的領導者。他們是美國最古老的公司之一。他們有一個偉大的品牌。我們期待與他們的團隊合作。他們是太陽能領域的新手，我們有機會通過租賃來真正幫助他們發展業務。特別是隨著租賃現在的流行，我認為我們處於有利位置，可以真正幫助他們從今年開始發展業務，並希望在未來的許多年裡。

I would expect that deal to have not really a material impact this year. If it does, it will be a small impact. And really, I think the opportunity for us to go bigger together is in 2024. We'd love to be able to be their partner on the loan side. And so we're working through that. And I would expect the deal to be finalized within the next few weeks, no more than the next month or 2. But we're -- both parties are excited and interested to work together. I think this is just the beginning of different ways we can partner together and look forward to sharing more news as it comes about soon.

我預計該交易今年不會產生真正的實質性影響。如果有的話，影響也很小。事實上，我認為我們共同發展的機會是在 2024 年。我們很高興能夠成為他們在貸款方面的合作夥伴。所以我們正在解決這個問題。我預計該交易將在未來幾週內完成，最多不會超過下個月或兩個月。但我們雙方都對合作感到興奮和感興趣。我認為這只是我們合作的不同方式的開始，並期待很快分享更多消息。

Great. Second question here on liquidity balance sheet. You started the year with $314 million cash. I think you're currently at $114 million. Can you talk about your runway quarterly burn? Your long-term debt increased meaningfully as well. Can you talk about covenants at all? Is there any risk of tripping anything there?

偉大的。第二個問題是關於流動性資產負債表的。今年年初，您擁有 3.14 億美元現金。我認為你目前的資產為 1.14 億美元。您能談談您的跑道季度燃燒情況嗎？您的長期債務也顯著增加。你能談談契約嗎？那裡有絆倒任何東西的風險嗎？

Sure. Well, as I mentioned in our revised 2023 guidance, we do expect cash from operations to improve in the second half of the year. Beth, do you want to talk a little bit about our plans there?

當然。嗯，正如我在修訂後的 2023 年指引中提到的，我們確實預計下半年運營現金將有所改善。貝絲，你想談談我們在那裡的計劃嗎？

Sure. So to address where we started the year, one of the big things that happened early in the year was the repayment of the -- a large convert, and we drew down on a revolver and sold some Enphase shares to cover part of that. So that's one of the big reasons for the drop in the overall balance.

當然。因此，為了解決我們今年開始的問題，今年年初發生的一件大事是償還——一個大的皈依者，我們動用了左輪手槍並出售了一些 Enphase 股票來償還部分債務。所以這是整體平衡性下降的重要原因之一。

From a plans going forward standpoint, we absolutely have a plan to improve our cash flow by reducing inventory and improving our receivables practices. We've got sufficient liquidity in place and do not need further debt.

從未來計劃的角度來看，我們絕對有計劃通過減少庫存和改善應收賬款實踐來改善現金流。我們有足夠的流動性，不需要更多的債務。

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

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

So Peter, maybe the first one for me. It sounds like you're implying that you don't expect the reduced platform investments to have an adverse impact on customer growth during 2024. Is my inference is correct? And if so, can you just help us understand what the expected return from prior platform investments was supposed to be? I'm just trying to understand what return you expect when platform investments rise and how I should be thinking about ramifications from less platform investments. And I have a follow-up.

彼得，也許是我的第一個。聽起來您是在暗示，您預計平台投資的減少不會對 2024 年的客戶增長產生不利影響。我的推論正確嗎？如果是這樣，您能否幫助我們了解之前平台投資的預期回報應該是多少？我只是想了解當平台投資增加時您期望獲得什麼回報，以及我應該如何考慮平台投資減少的後果。我有一個後續行動。

Sure. So on the platform investments, to tackle your second question first. At Analyst Day, we laid out 2 ways that we thought the platform investments would help improve our performance and make us a more valuable company over time. First of all, we expected the platform investments to be able to help us grow at what we said was twice the industry growth rate, that were -- you remember at the time, there's a lot of different varying forecasts as to how fast the industry would grow. And so what we said is we'll peg our goal is by 2025 to grow at twice that rate, or said another way, continue to gain market share. We actually began to gain market share 5 quarters ago, and that has continued. And you can't predict the future, but I would say we feel pretty good about our position to continue to grow our market share as we look forward over the next 2 years.

當然。那麼在平台投資方面，首先解決你的第二個問題。在分析師日，我們列出了兩種方式，我們認為平台投資將有助於提高我們的業績，並隨著時間的推移使我們成為一家更有價值的公司。首先，我們預計平台投資能夠幫助我們以我們所說的行業增長率兩倍的速度增長，也就是說——你記得當時，對於行業的發展速度有很多不同的預測會成長。因此，我們所說的是，我們的目標是到 2025 年以兩倍的速度增長，或者換句話說，繼續獲得市場份額。實際上，我們在五個季度前就開始獲得市場份額，並且這種情況仍在持續。你無法預測未來，但我想說，我們對未來兩年繼續擴大市場份額的地位感到非常滿意。

The second half of the platform investments is to build the growth and innovation that will allow us to not only attract new customers but to be able to give more EBITDA per customer. And you might remember, we're using EBITDA per customer as kind of a proxy for our lifetime value of our relationship together with them. We don't see our relationship as one and done when they buy solar panels. We really see this as an ongoing relationship over the lifetime of their homeownership, and we would love to be able to serve them on panels and batteries and EV chargers and BPP services and beyond. So it's really helping us achieve that $3,000 to $4,000 of adjusted EBITDA per customer. That's the second part of the platform investment.

平台投資的下半年是為了實現增長和創新，這將使我們不僅能夠吸引新客戶，而且能夠為每個客戶提供更多的 EBITDA。您可能還記得，我們​​使用每個客戶的 EBITDA 作為我們與客戶關係終生價值的代理。當他們購買太陽能電池板時，我們並不認為我們的關係已經結束。我們確實認為這是在他們擁有房屋的整個生命週期中持續存在的關係，我們希望能夠為他們提供面板、電池、電動汽車充電器和 BPP 服務等。因此，它確實幫助我們為每個客戶實現了 3,000 至 4,000 美元的調整後 EBITDA。這是平台投資的第二部分。

Got it. That's helpful. And then maybe for my follow-up question for Beth, congrats on the new role. You indicated that you intend to reduce inventory levels to somewhere consistent with second half 2023 demand, and inventory is currently north of $400 million. Can you give us a sense of your perception of what the appropriate level of inventory would be in the current environment on a dollar basis?

知道了。這很有幫助。然後也許是我對貝絲提出的後續問題，祝賀她擔任新角色。您表示打算將庫存水平降低到與 2023 年下半年需求一致的水平，目前庫存超過 4 億美元。您能否告訴我們您對當前環境下以美元為基礎的適當庫存水平的看法？

I don't necessarily define it in terms of dollars. I define it in terms of days of inventory, and we're working with the operations team to define what that is for various segments because different segments will have different levels of risk of supply. So we will define those for the individual segments, but somewhere in the neighborhood of 60 days is about normal.

我不一定用美元來定義它。我用庫存天數來定義它，我們正在與運營團隊合作來定義各個細分市場的庫存天數，因為不同的細分市場有不同程度的供應風險。因此，我們將為各個細分市場定義這些時間，但大約 60 天左右的時間是正常的。

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

您的下一個問題來自富國銀行的邁克爾·布盧姆 (Michael Blum)。

I wanted to ask a couple of questions about storage. Obviously, you saw a big -- a nice pickup in attach rates. I'm wondering if you can just discuss customer reception to the larger battery, which I think would be geared more towards grid outages, but would come with a larger price tag. So I'm just curious in this environment, how that's playing out.

我想問幾個關於存儲的問題。顯然，您看到附加率有了很大的提升。我想知道您是否可以討論客戶對更大電池的接受情況，我認為這將更適合電網中斷，但會帶來更大的價格標籤。所以我很好奇在這種環境下情況會如何。

Yes. Thank you, Michael. We were quite pleased with the growth in the attach rates for SunVault in California. But I think we talked about, just to give everyone perspective, in our direct business, we finished last year with attach rates, let's say, 18%-ish and they were above 60% as we were going through July. So we're very pleased with the growth there.

是的。謝謝你，邁克爾。我們對加利福尼亞州 SunVault 附加費的增長感到非常滿意。但我想我們討論過，只是為了讓每個人都能看到，在我們的直接業務中，去年我們的附加率是 18% 左右，而到了 7 月份，附加率就超過了 60%。因此，我們對那裡的增長感到非常滿意。

I think what's interesting in California is that you should imagine a case soon, where every consumer should have battery standards along with solar panels. It really doesn't make sense economically to buy solar panels without a battery going forward. And this model isn't new. It's very much the model that you see in countries like Germany. And so we're sort of gearing our sales presentations and our operations and our mindset to operate more like they do in Germany, which is when a customer buys from us, you should expect they'll buy for both.

我認為加州有趣的是，你應該很快想像一個案例，每個消費者都應該擁有電池標準和太陽能電池板。在沒有電池的情況下購買太陽能電池板在經濟上確實沒有意義。這種模式並不新鮮。這與您在德國等國家看到的模式非常相似。因此，我們正在調整我們的銷售演示、我們的運營和我們的心態，使其更像在德國那樣運作，也就是說，當客戶從我們這裡購買時，您應該期望他們會同時購買這兩種產品。

You're making a great point. I think one of the opportunities we have, even though we're pleased with our attach rate being over 60%, I will say it probably doesn't get to 100% until we can offer a lower-cost grid-tied battery only, one that does not provide backup power, but just allows you to tap into the savings. So we're exploring various ways to make that happen. We have options with our partners, with third-party options and internally, and we'll continue to explore those. But look for more news on that at some point soon. I think that would give us an opportunity to really reach levels, I hope in the 90s, 90% attach rate in California by the end of the year. So we're quite excited.

你說得很好。我認為我們擁有的機會之一是，儘管我們對超過 60% 的附加率感到滿意，但我想說，除非我們能夠提供更低成本的並網電池，否則它可能不會達到 100%，一種不提供備用電源，而只是讓您節省開支的產品。因此，我們正在探索各種方法來實現這一目標。我們與合作夥伴、第三方和內部都有選擇，我們將繼續探索這些選擇。但很快就會有更多相關新聞。我認為這會給我們一個真正達到90年代水平的機會，我希望在年底之前加州的附加率達到90%。所以我們非常興奮。

I think California, interestingly enough, has actually behaved like we thought it would this year. We had a terrific first quarter. We had a very slow second quarter, and it's beginning to recover a little bit in Q3. And really, the battery piece is the piece that we want to work on in California this year, and end the year closer to recovery in a more normal state. So batteries are a critical part of our business, and I think they're going to be an even larger part of our business as we go forward, particularly in California and New Homes.

有趣的是，我認為加州今年的表現實際上就像我們想像的那樣。我們第一季度的表現非常出色。我們的第二季度非常緩慢，第三季度開始有所恢復。事實上，電池部分是我們今年想要在加州進行的部分，並在年底以更正常的狀態實現復甦。因此，電池是我們業務的重要組成部分，我認為隨著我們的發展，它們將成為我們業務的更大組成部分，特別是在加利福尼亞州和新住宅區。

Great. I appreciate those comments. And then I just wanted to ask a question on your 2024 commentary, which was really helpful. I guess the question is, what are the elements that you think you can control in 2024? Because clearly, the macro will have some impact, interest rates, economy, natural gas prices, et cetera, which are things that you can't control. So curious in terms of what you think you can do to control the situation from your perspective.

偉大的。我很欣賞這些評論。然後我只是想問一個關於 2024 年評論的問題，這真的很有幫助。我想問題是，你認為2024年你可以掌控哪些要素？因為很明顯，宏觀因素會產生一些影響，利率、經濟、天然氣價格等等，這些都是你無法控制的。非常好奇你認為你可以做些什麼來從你的角度控制局勢。

Yes. I think the most important lever that we wanted to highlight is the fact that we control our costs. We have the ability to control how much we invest from a platform perspective, but we also have the ability to make our material costs more cost-effective and give consumers more value in our offering.

是的。我認為我們想要強調的最重要的槓桿是我們控製成本這一事實。我們有能力從平台的角度控制我們的投資金額，但我們也有能力使我們的材料成本更具成本效益，並為消費者提供更多價值。

So really, for any business, as you're going through times that are slower growth than you would hope or that you expected, the most important thing I think you can do is do more with less, prioritize and really focus on the consumer. How do you provide more and more value for the consumer? When you take a look at the industry data, the Wood Mackenzie estimate of 75 million households in the U.S. would save money today if they added solar, net of their solar cost, it's really compelling. We need to do a better job of building awareness for that. and we need to do a better job of making sure that every one of those 75 million households is aware of how much money they would save if they went with SunPower tomorrow.

因此，實際上，對於任何企業來說，當你正在經歷增長速度低於你希望或預期的時期時，我認為你能做的最重要的事情就是用更少的資源做更多的事情，優先考慮並真正關註消費者。如何為消費者提供越來越多的價值？當你查看行業數據時，Wood Mackenzie 估計美國 7500 萬家庭如果增加太陽能（扣除太陽能成本），今天將節省資金，這確實很引人注目。我們需要更好地提高人們對此的認識。我們需要做得更好，確保這 7500 萬家庭中的每一戶都知道如果他們明天選擇 SunPower，他們會節省多少錢。

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

你的下一個問題來自摩根士丹利的安德魯·佩科科。

Just one quick question on the guidance for the remainder of the year. Can you just break down the levers that you expect to pull to get to your EBITDA guidance? I'm just looking at the customer account expectations in the back half of the year, another 40,000 customers or so, but a meaningful margin expansion implied in the guidance. So can you just break down how much of that is coming from gross margins and OpEx leverage?

只是一個關於今年剩餘時間指導的簡單問題。您能否分解預期達到 EBITDA 指導的槓桿？我只是關注下半年的客戶賬戶預期，大約有 40,000 個客戶，但指導中暗示了有意義的利潤擴張。那麼您能否詳細分析一下其中有多少來自毛利率和運營支出槓桿？

Sure. If I start with the customer piece because the number of customers drives the entire engine here. We did 41,000 customers in the first half of the year. Our guidance implies we'd get 30,000 to 50,000 more, the midpoint is 40,000. So I think that's reasonable and probably a little bit conservative on our part, but it reflects this more in certain market conditions, macroeconomic conditions right now.

當然。如果我從客戶部分開始，因為客戶數量驅動這裡的整個引擎。今年上半年我們接待了 41,000 名客戶。我們的指導意味著我們會再增加 30,000 到 50,000 人，中點是 40,000 人。所以我認為這是合理的，對我們來說可能有點保守，但它更多地反映了當前某些市場條件和宏觀經濟條件。

I would say from a gross margin and OpEx perspective, we've taken actions to improve both. In particular, we highlighted the improvement we made in OpEx as we go forward. And Beth, do you want to add a little bit more about the 3 things that we're really focused on to drive more cost improvement as we go?

我想說，從毛利率和運營支出的角度來看，我們已經採取行動來改善這兩個方面。我們特別強調了我們在前進過程中在運營支出方面取得的改進。 Beth，您是否想補充一下我們真正關注的三件事，以推動更多的成本改進？

So one of the things that you saw in this last quarter is we have a few unusual items in our gross margin that we don't expect to repeat in the coming quarters. The first was $8 million of amortization of higher install costs over lower volume. We're working on absolutely getting those installed costs down and we've normalized the volume. And then we also had about $5 million of inventory write-downs.

因此，您在上個季度看到的一件事是，我們的毛利率中有一些不尋常的項目，我們預計在未來幾個季度不會重複這些項目。第一個是較高安裝成本與較低銷量的 800 萬美元攤銷。我們正在努力絕對降低這些安裝成本，並且我們已經使數量正常化。然後我們還有大約 500 萬美元的庫存減記。

And we always have a look at your inventory every quarter and always have a little bit of inventory write-down, $5 million was a little bit higher than normal. So we don't expect those to repeat next year and then put those on top of a normal focus on gross margin expansion, and we do expect to improve gross margin significantly from where we are over the next couple of quarters.

我們每個季度都會檢查你們的庫存，並且總是會有一點庫存減記，500 萬美元比正常情況要高一點。因此，我們預計明年不會重複這些情況，然後將其置於對毛利率擴張的正常關注之上，並且我們確實預計未來幾個季度的毛利率將顯著提高。

Great. And just my follow-up question is related to the Dealer Accelerator Program and how your strategy may be changes in this environment.

偉大的。我的後續問題與經銷商加速器計劃以及在這種環境下您的策略可能如何變化有關。

Yes. Well, first of all, we're quite pleased with the program. I think the dealers, as part of that program if I just were to highlight 2 examples for you. One of the dealers we invested in last year, Renova, which have primarily been serving Palm Springs, Palm Desert area, that investment with them has allowed them to expand their operations into Arizona, interestingly enough, and they're really making terrific progress.

是的。嗯，首先，我們對這個計劃非常滿意。我認為經銷商是該計劃的一部分，如果我只是為您強調兩個例子的話。我們去年投資的經銷商之一 Renova，主要為棕櫚泉和棕櫚沙漠地區提供服務，與他們的投資使他們能夠將業務擴展到亞利桑那州，有趣的是，他們確實取得了巨大的進展。

We're quite excited to continue to work with them, and they have a real strong expertise in serving very hot desert climates, which really is a specialty, especially in this kind of climate and weather we're seeing this summer. And so you can imagine these guys being able to expand in Arizona and Nevada, and really doubling or tripling down in their business. So we're quite excited to work with Vincent and his team.

我們很高興繼續與他們合作，他們在服務非常炎熱的沙漠氣候方面擁有真正強大的專業知識，這確實是一個專業，特別是在我們今年夏天看到的這種氣候和天氣下。因此，你可以想像這些人能夠在亞利桑那州和內華達州擴張，並且將他們的業務真正增加一倍或三倍。因此，我們很高興與 Vincent 和他的團隊合作。

We also are quite excited about the investment we made earlier this year in Wolf River out of Minnesota. And as we talked about, they were a great candidate for us because all of their volume was 100% incremental to SunPower. They had previously not been part of the SunPower family, but they're also a company that shares our values for high standards for customer experience. You take a look at the ratings throughout that Upper Midwest area, they are the solar company to go to if you want to have a great customer experience.

我們對今年早些時候在明尼蘇達州沃爾夫河進行的投資也感到非常興奮。正如我們所討論的，他們對我們來說是一個很好的候選者，因為他們所有的銷量都是 SunPower 100% 的增量。他們以前並不屬於 SunPower 家族，但他們也是一家與我們分享高標準客戶體驗價值觀的公司。您看一下整個中西部地區的評級，如果您想獲得良好的客戶體驗，他們就是您應該去的太陽能公司。

So we're quite pleased. I think it's likely that our new investments will slow down, but I'll tell you that we're always looking for opportunities to work with new partners across the U.S. And so we don't have any particular investments that we're planning on at the moment, but we're always looking and scouring the U.S. for who would be the next best company for us to work with in that capacity. And if we find one, we'll certainly act on it.

所以我們很高興。我認為我們的新投資可能會放緩，但我會告訴你，我們一直在尋找與美國各地新合作夥伴合作的機會，因此我們沒有計劃進行任何特定投資目前，但我們一直在美國尋找和搜尋誰是下一個最適合我們合作的公司。如果我們找到了，我們一定會採取行動。

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

你的下一個問題來自高盛的布萊恩·李。

I know you alluded to this a couple of times throughout the prepared remarks, Peter. But could you maybe give us a bit more quantification? You mentioned California was sort of down in 2Q in line with plan. And then you've seen some modest improvement here in June, July, it sounds like. Can you kind of just give us a sense of what those numbers are looking like?

我知道你在準備好的發言中多次提到了這一點，彼得。但您能給我們更多的量化信息嗎？您提到加州第二季度的經濟下滑符合計劃。然後你會在六月、七月看到一些適度的改善，聽起來像是這樣。您能否讓我們了解一下這些數字是什麼樣的？

I guess what I'm trying to get at is, if I look at your guidance for the rest of the year, you've called out Southeast and Southwest. It seems like you're going to be down mid- to high teens year-on-year in terms of customer adds in the back half versus last year. How much of that is Southeast, Southwest versus California being down X percent? If you could just give us some context there.

我想我想表達的是，如果我看看你今年剩餘時間的指導，你會發現東南和西南地區。與去年相比，下半年的客戶增加量似乎將同比下降中到高位。其中東南部、西南部與加利福尼亞州相比下降了 X%？如果您能給我們一些背景信息。

Yes. Thank you, Brian. So yes, just to give color, I'm going to try to answer the end of your question first. It really is any slowdown in customer growth will really ironically not be California, even though we were all interested to see how California would turn out at the beginning of the year. It will really be more focused on the Southwest, Southeast areas.

是的。謝謝你，布萊恩。所以，是的，為了提供色彩，我將首先嘗試回答你問題的結尾。具有諷刺意味的是，客戶增長的任何放緩都不會發生在加利福尼亞州，儘管我們都很有興趣看看今年年初加利福尼亞州的情況會如何。確實會更加關注西南、東南地區。

California, I would say, for color, we talked about this on the last call. We actually did much better in Q1, and we had a pretty optimistic plan. But the rush of consumers that wanted to have SunPower products right before the NEM changes and qualify for NEM 2.0 was terrific. So we built up a very large business in Q1 with a big backlog.

我想說的是，加利福尼亞州，對於顏色，我們在上次通話中討論了這一點。事實上，我們在第一季度做得更好，而且我們有一個非常樂觀的計劃。但是，希望在 NEM 發生變化並有資格獲得 NEM 2.0 之前購買 SunPower 產品的消費者數量非常驚人。因此，我們在第一季度建立了一個非常龐大的業務，並且有大量積壓。

We certainly expect it as the year went on to have a very large drop-off in Q2. And I mentioned before, we took a look at what happened during the previous NEM change. So from the NEM 1.0 to NEM 2.0, this is exactly the behavior we saw,, a big buildup in the final quarter and then a huge drop-off in the quarter that follows.

我們當然預計隨著時間的推移，第二季度會出現大幅下降。我之前提到過，我們回顧了之前 NEM 變更期間發生的情況。因此，從 NEM 1.0 到 NEM 2.0，這正是我們看到的行為，最後一個季度出現大幅增長，然後在接下來的季度出現大幅下降。

So really, what's most interesting for us is what's going to happen now in Q3 and Q4, and what we baked into our guidance is, I would describe as a moderate improvement in sales rates for Q3 and Q4. So far, July is tracking in California for that. And outside of California is tracking at that or maybe a little bit better than that so far in July?

所以，實際上，對我們來說最有趣的是第三季度和第四季度將會發生什麼，我們將其納入我們的指導中，我將其描述為第三季度和第四季度銷售率的適度改善。到目前為止，July 正在加州追踪這一情況。加利福尼亞州以外的地區正在追踪這一情況，或者可能比 7 月份迄今為止的情況要好一些？

Okay. Fair enough. I appreciate that additional color. And then maybe one for Beth, welcome. There's been some questions around the balance sheet, and you made some comments around inventory and accounts receivables. So it looks like there's some working capital levers. But if I look at the model, I know the business has changed quite dramatically over the past several years and past cycle-and-a-half, but you really don't generate positive free cash flow in the back half of the year. I haven't seen it at least on a reported basis since like 2017. So I guess point -- my question would be, do you anticipate that free cash flow in 3Q, 4Q aggregate will be positive on the year? Or are we going to be looking more toward '24 to get to sort of more positive free cash flow run rate?

好的。很公平。我很欣賞這種額外的顏色。也許還有一個是給貝絲的，歡迎。關於資產負債表存在一些問題，您對庫存和應收賬款提出了一些評論。所以看起來有一些營運資金槓桿。但如果我看一下模型，我知道業務在過去幾年和過去一個半週期中發生了相當大的變化，但在下半年確實不會產生正的自由現金流。自 2017 年以來，我至少在報告的基礎上沒有看到過這種情況。所以我想，我的問題是，您預計今年第三季度、第四季度的自由現金流總量會是正數嗎？或者我們是否會更多地關注“24”，以獲得更積極的自由現金流運行率？

On a consistent basis, I would look more toward 2024. We have levers to pull, particularly as you highlight on working capital, but we've also got some work still to do to make sure that those are consistently done.

在一致的基礎上，我會更著眼於 2024 年。我們有槓桿可以拉動，特別是當你強調營運資本時，但我們還有一些工作要做，以確保這些工作得到一致完成。

Next question comes from the line of Colin Rusch of Oppenheimer.

下一個問題來自奧本海默的科林·魯施 (Colin Rusch)。

Can you talk a little bit about what you're seeing in terms of innovation around financial products? Have you seen any combinations of loan and lease, any other new approaches that we might start to see impact the market in the next, call it, 6 to 12 months?

您能談談您在金融產品創新方面看到的情況嗎？您是否看到過貸款和租賃的任何組合，以及我們可能開始看到的任何其他新方法，這些方法可能會在接下來的 6 到 12 個月內影響市場？

Well, I think there's still quite -- I guess my feedback on that question would be, there's still quite a bit to do, I guess, to transition to a world where not just SunPower, but all of our dealers and our ecosystem are indifferent to both lease and loans. So I think that is probably the primary thing we're focused on. So -- if I give you an example, we bought Blue Raven. Many of you know it's a terrific company. But that -- but Blue Raven has been traditionally leased -- sorry, loan only throughout its history. They did a few cash sales, but they've been 90-plus percent loan. And so we're working closely with Blue Raven to help them migrate to offer lease and loan throughout their whole business.

嗯，我認為仍然有很多 - 我想我對這個問題的反饋是，我想，要過渡到一個不僅是 SunPower，而且我們所有經銷商和我們的生態系統都漠不關心的世界，還有很多工作要做包括租賃和貸款。所以我認為這可能是我們關注的首要問題。所以——如果我給你舉個例子，我們買了 Blue Raven。你們很多人都知道這是一家了不起的公司。但是，Blue Raven 傳統上一直是租賃的，抱歉，僅在其歷史上出租。他們進行了一些現金銷售，但 90% 以上都是貸款。因此，我們正在與 Blue Raven 密切合作，幫助他們在整個業務中提供租賃和貸款。

So I think there's still -- maybe there'll be more innovations of the kind of financial products you'll see as you go forward. But I think right now, I would call it more of the meat and potatoes time, if you will. There's still a lot of basics to execute on and helping all of the entities that are part of the SunPower family be able to sell both lease and loan.

所以我認為，隨著您的前進，也許您會看到更多金融產品的創新。但我想現在，如果你願意的話，我更願意稱之為“肉和土豆時間”。仍有許多基礎知識需要執行，並幫助 SunPower 家族的所有實體能夠出售租賃和貸款。

That's super helpful. And then just in California, as you transition into the NEM 3.0, could you talk about what you're seeing in terms of system size and configuration? Are you seeing smaller batteries, smaller system sizes at all?

這非常有幫助。然後就在加利福尼亞州，當您過渡到 NEM 3.0 時，您能談談您在系統規模和配置方面看到的情況嗎？您是否看到更小的電池、更小的系統尺寸？

Yes. Well, it's interesting. It's early and sales are slow. So those are my 2 caveats. But system sizes are a little bit larger than they had been in the NEM 2.0 world and the battery attach rates we talked about earlier, but in our SunPower Direct channel, they were above 60% during July.

是的。嗯，這很有趣。時間還早，銷售也很慢。這是我的兩個警告。但係統尺寸比 NEM 2.0 世界中的系統尺寸要大一些，而且我們之前討論過的電池連接率，但在我們的 SunPower Direct 渠道中，7 月份的電池連接率超過了 60%。

So I would say, should that play out, again, we're quite excited about where the business in California goes. I think if it gets back to, I'll call it, even a moderate single-digit growth rate next year for customers, I think you'll see the revenue growth rate exceed that because you'll have system sizes that are larger than average and you'll have batteries attached and that will be a great opportunity for consumers to save money and great opportunity for us to continue to grow our business in California.

所以我想說，如果這種情況再次發生，我們對加州業務的發展方向感到非常興奮。我認為，如果它回到，我會稱之為，即使明年客戶的增長率是適度的個位數，我認為你會看到收入增長率超過這個數字，因為你的系統規模將大於平均，您將連接電池，這將是消費者省錢的絕佳機會，也是我們繼續在加州發展業務的絕佳機會。

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

您的下一個問題來自貝爾德的本·卡洛 (Ben Kallo)。

Welcome, Beth. Peter, just going to the 2025 targets that you laid out, I think, back at Analyst Day. And I know that there's a lot of uncertainty out there. But as you talk about reducing investment in the platform, how does that impact? And how should we think about those targets out there?

歡迎，貝絲。 Peter，我想談談您在分析師日制定的 2025 年目標。我知道那裡存在很多不確定性。但當您談到減少對平台的投資時，這會產生什麼影響？我們應該如何考慮這些目標？

Yes. Thanks, Ben. Our goal would be that slowing down our cost this year and in some cases, reducing our costs is exactly the lever that we need to pull to stay on track for 2024 or 2025, so that's our goal. We'll see how the second half of the year plays out.

是的。謝謝，本。我們的目標是今年降低成本，在某些情況下，降低成本正是我們在 2024 年或 2025 年保持正軌所需的槓桿，所以這就是我們的目標。下半年的情況如何，我們拭目以待。

Obviously, we'll give you guys more specific guidance for '24 as we close the year or we open up the year next year. But our current mindset is, this disruption from the macro environment and interest rates is exactly that. It's a disruption for this year. But we'll pivot, we'll moderate and do more with less, we'll prioritize, and we'll get the business on track for 2024 and 2025.

顯然，當我們年底或明年開始時，我們將為你們提供 24 世紀更具體的指導。但我們目前的心態是，宏觀環境和利率的干擾正是如此。這是今年的一個乾擾。但我們將進行調整，我們將進行調整，用更少的資源做更多的事情，我們將確定優先順序，我們將讓業務在 2024 年和 2025 年走上正軌。

My follow-up is just on the equipment side. You have this unique relationship with Maxeon and then with your own battery product. How do we think about that going forward? Do you think that you'll change any of that either regionally or the overall by allowing more -- I guess, being more technology-agnostic if that's the right way?

我的後續只是在設備方面。您與 Maxeon 以及您自己的電池產品都有這種獨特的關係。我們如何看待未來的發展？你認為你會通過允許更多——我想，如果這是正確的方式的話，更加與技術無關來改變任何一個區域或整體？

Yes. Thank you, Ben. I think if I were to take a step back, Maxeon and Enphase, those are the 2 longest-standing partners we've had, terrific companies, make great products. We're quite pleased with the products that they sell us, and the difference they make for our dealers and for our customers. .

是的。謝謝你，本。我想如果我退一步來說，Maxeon 和 Enphase，它們是我們擁有的兩個最長久的合作夥伴，很棒的公司，生產很棒的產品。我們對他們向我們銷售的產品以及它們為我們的經銷商和客戶帶來的變化感到非常滿意。 。

Really, the big change going forward is, I think if there's any signal that came out of the booking slowdown in Q2 is, it's a signal for all of us. We need to provide more value to the consumer, and we need to provide lower prices as we go forward. So really, our decisions are going to be impacted by the ability of our current suppliers or any new suppliers to not only build great products and differentiated products, but also build products to provide much more value for the consumer and for our dealers.

確實，未來的重大變化是，我認為如果第二季度的預訂放緩有任何信號的話，這對我們所有人來說都是一個信號。我們需要為消費者提供更多價值，並且隨著我們的發展，我們需要提供更低的價格。因此，實際上，我們的決策將受到當前供應商或任何新供應商的能力的影響，這些供應商不僅能夠打造出色的產品和差異化產品，而且能夠打造為消費者和經銷商提供更多價值的產品。

And our last question comes from the line of Vikram Bagri of Citigroup.

我們的最後一個問題來自花旗集團的 Vikram Bagri。

I wanted to follow up on questions about balance sheet and inventory. Wondering if you may need outside capital if demand reaccelerates and inventory reductions that you're working on have to be reversed and especially with higher battery attach rates, which is a big-ticket item and could result in a meaningful increase in inventories. I was wondering if you may need outside equity at that point or you can rule that out?

我想跟進有關資產負債表和庫存的問題。想知道如果需求重新加速並且您正在努力的庫存減少必須逆轉，特別是在電池附加率較高的情況下，您是否可能需要外部資金，這是一個大件物品，可能會導致庫存大幅增加。我想知道此時您是否可能需要外部股權，或者您可以排除這種情況嗎？

Well, our current plan is to be self-sufficient. From a capital perspective, as Beth mentioned, we want to deliver free cash flow, we want to be self-sufficient and be able to fund our needs within our own success of our business.

嗯，我們目前的計劃是自給自足。從資本角度來看，正如貝絲提到的，我們希望提供自由現金流，我們希望自給自足，並能夠在我們自己業務成功的情況下滿足我們的需求。

I think the other part of our business is SunPower Financial part of our business. As we mentioned in our comments, we have great capacity and great partners for both loans and leases, and we'll absolutely continue to grow our capital to expand those programs as we go forward.

我認為我們業務的另一部分是SunPower Financial 業務的一部分。正如我們在評論中提到的，我們在貸款和租賃方面擁有強大的能力和優秀的合作夥伴，並且隨著我們的前進，我們絕對會繼續增加資本以擴大這些計劃。

But from a corporate perspective, I think one of the wonderful things about having Beth on board is, Beth and I are working closely together, we really want to deliver terrific free cash flow for our shareholders and make us a self-sustaining company that doesn't require outside capital at the corporate level.

但從公司的角度來看，我認為貝絲加入的美妙之處在於，貝絲和我正在密切合作，我們真的希望為我們的股東提供出色的自由現金流，並使我們成為一家能夠自我維持的公司，公司層面不需要外部資本。

And as a follow-up, to the extent you can, can you talk about where the expenses are being reduced besides lower platform investments where the headcount reductions are happening and its impact on -- potential impact on market share? I also wanted to better understand the drivers behind the expense reduction. It appears that demand has slowed down this year meaningfully, profitability is weaker. But when you look out in 2024, the customer backlog you have in California will run through the end of this year and will no longer be a factor in 2024. So is the decision to reduce expenses primarily because of the conservative view you have on 2024 demand?

作為後續行動，您能否談談除了人員數量減少的平台投資減少之外，哪些方面的費用正在減少，以及它對市場份額的潛在影響？我還想更好地了解費用減少背後的驅動因素。看來今年需求明顯放緩，盈利能力也較弱。但當你展望 2024 年時，加州的客戶積壓將持續到今年年底，並且將不再成為 2024 年的一個因素。因此，主要因為你對 2024 年持保守觀點，所以決定減少開支要求？

The quick answer will be, yes. I think the -- Wood Mackenzie came out with a perspective for next year at minus 4% growth. They're often probably at the lower-end forecast for future years. But I think as any company would, we're being thoughtful and rational about how do we plan for various scenarios. And I think under the stress case of next year grows slower than we'd like, we'll certainly be prepared from a cost structure standpoint to be able to have a company that is strong and can deliver good results regardless of how the growth turns out at the industry level.

快速回答是，是的。我認為——Wood Mackenzie 對明年的增長率做出了負 4% 的預測。他們通常可能處於未來幾年的較低預測值。但我認為，就像任何公司一樣，我們正在深思熟慮和理性地思考如何針對各種情況進行規劃。我認為，在明年增長速度比我們希望的慢的壓力情況下，我們肯定會從成本結構的角度做好準備，以便能夠擁有一家強大的公司，無論增長如何變化，都能提供良好的業績在行業水平上。

Our cost reductions have been very thoughtful. So you're always looking for where our discretionary costs, how can you identify waste, how can you identify cost reductions that don't impact customers. And so that's why I talked about our priorities. Really, the #1 priority is the customer experience, #2 priority is profitable growth. And that's how we're thinking about our cost reductions now and any future cost reductions we do as we go forward.

我們的成本削減是非常周到的。因此，您總是在尋找我們的可自由支配成本在哪裡，如何識別浪費，如何識別不影響客戶的成本削減。這就是我談論我們的優先事項的原因。事實上，第一要務是客戶體驗，第二要務是利潤增長。這就是我們現在考慮的成本削減以及未來任何成本削減的方式。

Thank you very much for your questions. Yes, we look forward to seeing you all next quarter. Thank you.

非常感謝您的提問。是的，我們期待下個季度見到你們。謝謝。

Thank you, presenters, and thank you, ladies and gentlemen. This concludes today's conference call. You may now disconnect. Have a great day.

謝謝各位主持人，也謝謝各位女士們、先生們。今天的電話會議到此結束。您現在可以斷開連接。祝你有美好的一天。